Stop taking advice from people that offer it for free.
We’re all guilty of it at some stage in our lives.
As we grow up, land our first job and receive our first pay check, friends, family and colleagues will all chip in to give you their pearls of wisdom.
“Put that in the bank and don’t touch it!”
“I heard that oil price is about to skyrocket, better buy some shares”
“Get a fixed rate loan and lock it in!”
Now you need to take a step back and look at where this advice is coming from. Was it your neighbour, Bob the plumber? Or maybe your Uncle Lewie, the doctor?
Yes, Bob’s a straight up guy who know a thing or two and you can always count on Uncle Lewie for advice because, well he’s a doctor!
But where does their education around managing money come from? The answer is their friends, family and colleagues.
So what we find is generations of advice being handed down from people who have never been educated on how to properly manage money.
The advice handed down is very often not the best solution for your particular situation, but without the proper guidance from somebody with the necessary training and expertise, you’ll never know any different.
So in actual fact, it’s often the free advice that ends up costing you the most.