If you don’t know exactly how much your financial adviser is making don’t take their course or advice.
Financial advice is something that most people seek out at some point in their lives. Whether it’s advice on how to save money, invest in the stock market, or start a business, there are countless sources of financial advice available. However, one common mistake that many people make is taking financial advice from people who are broke or have a poor track record of managing their own finances.
It may seem counterintuitive to not take advice from someone who is struggling financially, but the reality is that financial advice is only useful if it comes from someone who has experience and success in managing their own finances. Here are a few reasons why you should stop taking financial advice from broke people:
They may not understand your financial goals
Everyone has different financial goals, whether it’s buying a house, paying off debt, or saving for retirement. However, if someone is broke, they may not have a clear understanding of your financial goals or what it takes to achieve them. They may offer advice that is not relevant to your situation or that doesn’t align with your goals.
They may not have a good understanding of financial principles
Managing your finances requires a certain level of financial literacy and understanding of basic financial principles. If someone is broke, it may be because they lack this knowledge or have not applied it effectively in their own lives. This means that their advice may not be based on sound financial principles, and could potentially do more harm than good.
They may have a negative mindset about money
It’s not uncommon for people who struggle with money to have a negative mindset about it. They may see money as something that is scarce or difficult to obtain, and this mindset can be limiting when it comes to making financial decisions. If you take advice from someone with a negative mindset about money, you may adopt these same limiting beliefs and make decisions that are not in your best interest.
They may not be financially responsible
Lastly, if someone is broke or has a poor track record of managing their finances, it may be because they are not financially responsible. This means that they may not have the discipline or self-control needed to make good financial decisions, and their advice may not be rooted in responsible financial behavior.
In conclusion, it’s important to seek out financial advice from people who have experience and success in managing their own finances. This may include financial advisors, successful business owners, or other professionals who have a proven track record of financial success. By taking advice from those who have achieved financial success, you can better align your financial goals with sound financial principles and avoid making decisions that could negatively impact your financial future. Remember, just because someone is willing to offer advice doesn’t mean that it’s good advice, so be selective about who you take financial advice from.
If you don’t know exactly how much your financial adviser is making don’t take their course or advice.
