Don’t Believe Everything you Read when it comes to Financial Advice
2 Timothy 3:13(NLT) “But evil people and impostors will flourish. They will deceive others and will themselves be deceived.”
Most people are extremely trusting and that can get them into a heap of trouble. There is an old saying that goes: don’t believe everything you hear and only ½ what you see. For some reason if people read something on the Internet or their favorite social media site, they trust that information and act on it as prudent advice. When it comes to financial information, the Internet can be a great resource but it should not be your only resource. Here are a few things to consider before taking financial, or any other type of advice for that matter, from the internet or your favorite social media site.
1. Most people can spell
If you can spell “Christian” or “Finance Expert” you can call yourself one. Just because someone has a blog, website, Facebook page, etc., don’t assume they are truly an expert or that they have your best interests at heart. Take the time to verify the information and keep in mind that all credentials (the little letters at the end of their name) are not created equal.
2. If it sounds too good to be true…. RUN
There are no secrets or short cuts to being financially secure. If someone promises overnight riches or the next sure thing, RUN! People tend to make decisions with their emotions, especially when it comes to money. Two strong emotions are fear and greed. Many times financial decisions are based on those two emotions and you can find yourself making short-term decisions that might make you feel good now only to regret them further down the road.
3. Your BFF on Facebook
We usually trust our family and friends the most. That is not a bad thing but the problem is when we trust the advice they may post. It could be a stock tip they overheard from their dentist or something they read while they were searching the internet. Don’t assume information that comes from a family member or friend is good, reliable or relevant. There is nothing wrong with trusting the people you love, just make sure you take time to verify the information before you take any action.
4. One size does not fit all
A great example is when you read about how much you should save for retirement. The general rule is you need to save enough to replace 75% of your pre-retirement income adjusted for inflation. But that amount can change for each person based on their age now, their age when they retire, how long they might need the money to last, how much debt they have, pensions, security, etc. You can use information as a guide, and hopefully it can provide you with a little direction, but it might make better sense to sit down with a professional than can provide you with information and guidance that will be more specific to your situation.
Always remember the following truths about financial advice: there are no free rides, everybody wants your money and don’t believe everything you read unless of course you are reading your Bible. The internet and social media can be entertaining and there is a ton of information out there, but just because it glitters doesn’t mean it’s gold. It is ok to trust, but always verify the organization, the information, the person, etc. before making any decisions when it comes to your finances or anything else that might be important in your life!
via @ http://nicoleodell.com/2014/07/dont-b...
Most people are extremely trusting and that can get them into a heap of trouble. There is an old saying that goes: don’t believe everything you hear and only ½ what you see. For some reason if people read something on the Internet or their favorite social media site, they trust that information and act on it as prudent advice. When it comes to financial information, the Internet can be a great resource but it should not be your only resource. Here are a few things to consider before taking financial, or any other type of advice for that matter, from the internet or your favorite social media site.
1. Most people can spell
If you can spell “Christian” or “Finance Expert” you can call yourself one. Just because someone has a blog, website, Facebook page, etc., don’t assume they are truly an expert or that they have your best interests at heart. Take the time to verify the information and keep in mind that all credentials (the little letters at the end of their name) are not created equal.
2. If it sounds too good to be true…. RUN
There are no secrets or short cuts to being financially secure. If someone promises overnight riches or the next sure thing, RUN! People tend to make decisions with their emotions, especially when it comes to money. Two strong emotions are fear and greed. Many times financial decisions are based on those two emotions and you can find yourself making short-term decisions that might make you feel good now only to regret them further down the road.
3. Your BFF on Facebook
We usually trust our family and friends the most. That is not a bad thing but the problem is when we trust the advice they may post. It could be a stock tip they overheard from their dentist or something they read while they were searching the internet. Don’t assume information that comes from a family member or friend is good, reliable or relevant. There is nothing wrong with trusting the people you love, just make sure you take time to verify the information before you take any action.
4. One size does not fit all
A great example is when you read about how much you should save for retirement. The general rule is you need to save enough to replace 75% of your pre-retirement income adjusted for inflation. But that amount can change for each person based on their age now, their age when they retire, how long they might need the money to last, how much debt they have, pensions, security, etc. You can use information as a guide, and hopefully it can provide you with a little direction, but it might make better sense to sit down with a professional than can provide you with information and guidance that will be more specific to your situation.
Always remember the following truths about financial advice: there are no free rides, everybody wants your money and don’t believe everything you read unless of course you are reading your Bible. The internet and social media can be entertaining and there is a ton of information out there, but just because it glitters doesn’t mean it’s gold. It is ok to trust, but always verify the organization, the information, the person, etc. before making any decisions when it comes to your finances or anything else that might be important in your life!
via @ http://nicoleodell.com/2014/07/dont-b...
No comments have been added yet.
