No one you know would go to a mechanic or plumber for medical advice. However, when it comes to the really important aspect of finding solid financial advice, that is exactly what we do.
A popular but true scenario is that people end up talking to their golfing buddies, or the friend at the book club or parents’ group. It’s always someone who seems to be the “Right Sort” and appears to have their financial ducks in a row.
This is often a deceptive situation and can lead us down a path that won’t end well.
Why This Happens?
A lot of financial misadventures start when we are younger. Many people do not have family or friends who can provide solid support and education on financial dealings that provide a foundation for financial success.
Some parents don’t even discuss financial issues, challenges, or concerns with their children. Unfortunately, this kind of open discussion can lead to better decision-making frameworks for children when they are adults.
The other great cause of financial uncertainty for many is simply not knowing who to turn to. With many today simply relying on the internet or supposed “influencers” to guide them.
This can equally be a big error, as these people and digital sources are very often only there to promote their own products and services. When they don’t provide a proper assessment and offer appropriate solutions, it can make things worse rather than better.
So, where should we be finding advice when life happens and we need proper financial advice?
Absolute Certainty Not Likely
There is a path for better financial success when we start to understand that everything shifts. Economies grow and shrink, share prices often dip and rebound, seemingly without cause. Markets get dragged down by unexpected turns or skyrocket due to the unexpected advances of science and technology.
A great example of this was the bankruptcy of Lehman Brothers on September 15, 2008, which triggered a global financial meltdown. This was completely unexpected, as many investors assumed major banks were “too big to fail” and would be bailed out.
The crisis had been brewing away in a falsely driven housing bubble fuelled by subprime mortgages, bundled into complex securities sold globally, with inadequate risk oversight by banks and rating agencies.
It takes a lot to be able to stay on top of all the aspects that affect financial markets, and almost impossible to do for people who have lives to live and families to look after.
Courage and Level-Headed Decisions
It takes courage for us to acknowledge that we are not as clued up as we would like to be and that we need to seek help. However, this is a must for people who either have financial challenges or who want to avoid financial headaches down the road and be able to deal with life’s unknowns when they happen.
It takes a level-headed approach that removes emotion from the equation to provide a proper evaluation and way forward that is not tainted with our own biases or misperceptions.
This is where finding a financial adviser who has the proper acumen, tools, and understanding of your unique context plays a big role in securing tailored financial solution.
Expert financial advice that is founded on a wide-ranging and deep level of experience in the movement of markets and building resilience to various life situations, can save you a lifetime of financial pain. Getting advice for success should no longer be left to your golfing outings or social gatherings. Rather, reach out to a Momentum accredited financial adviser and get financial advice that meets your life’s context.