The Setup:

Seeking out financial advice is something we all do at some point but is the source of that information always providing good advice? Let’s explore four common outlets we use for guidance and why, despite having the best intentions, the advice might ultimately be ill-suited for you.

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The Combination and Key Points: 

More now than ever, people are in search of financial advice. With the coronavirus pandemic directly impacting the economy and millions of Americans, all of us are processing the uncertainty that’s all around us.

As we look for answers to our financial questions, who are we turning to?

That’s what we want to discuss on this episode of Unlocking Your Financial Future. Each of us has people in our lives that we trust and turn to for guidance. The problem that arises, however, is that despite having the best intentions, these people don’t always have the best advice.

Today we’re going to focus on four common places we turn for financial help: our family, our friends, our CPA, and financial experts in the media. Whether we’re looking for an investment suggestion or have a question about a part of our retirement plan, these people are very accessible and full of valuable information. But for many different reasons, their advice doesn’t work for your needs and your goals.

We’ll look to Ben Schrock to help explain why that might be and what you need to consider before taking any advice. That’s not to say that the advice won’t benefit you but the best way to know is to bounce it off a financial advisor and get a second opinion. Someone that is taking your entire picture into account and not just giving you one-off advice.

Feel free to reach out to our team if you want feedback on an investment idea and we’d be happy to provide help.

2:45 – What’s the one thing you want to do again when everything opens back up.

4:17 – Getting advice from family. What could be the problem?

5:43 – What about when we reach out to friends for advice?

7:58 – When you talk to us, you’re looking at the full picture.

9:00 – How about your CPA?

10:48 – The relationship with CPAs

11:50 – The final place we get advice from is the media and financial experts. 

Thanks for listening to another episode of Unlocking Your Financial Future. We’ll talk to you again next week!


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