When it comes to handling personal finances, the first place a majority of people turn is to the internet, television, magazines and/or the radio. Why? Well, because it’s easy and because it’s everywhere!
One personality that is the poster child for this type of media based advice is Suze Orman. The media has dubbed her to be the “expert” in her field. So why is it so dangerous to take the advice that NBC, CBS, and cable news allows her to provide?
Well, in a recent segment on “Talking Numbers – Yahoo,” Orman orders you to not follow the financial advice of using bond mutual funds (which I agree with for right now). In fact, she lists it as one of her top three worst investment ideas. Although this may be great advice in theory, Orman not only fails to provide the proof behind her reasoning, but she also contradicts herself. How? Well when you take a look back at her bestseller “The Courage to Be Rich” she dedicates an entire chapter; some forty pages worth, to “Seeking Safety in Bonds” and how they are beneficial to you. She encourages the idea of investing in bonds by saying, “I want you to read about bonds in any case, because one day slow and steady income and stability is what you want to feel safest and most secure.” Talk about confusing, right?
I don’t mean to single out Suze, but it is important to know which advice is quality verses that which is garbage. I understand that the media is always looking for the next great personality that can buy air time and help in the selling of advertisements. For example, Suze’s latest product that she is pushing on consumers is a pre-paid credit card with high fees for folks with bad credit.
Moving on, let’s take a second to reflect on the material that the media is permitting these “media anointed experts” to deliver to you. The concept of allowing someone to deliver the same specific advice to millions of people without having reviewed their personal and individual needs is only the first step of many in the wrong direction. Simply put, what may work for John Smith, may not work for Joe Person.
It is important to remember that one of the most essential ingredients needed to successfully plan your financial future is to consider taking advice from someone who has physically sat down with you one-on-one and has taken the time to get to know who you are as a person. What you want your money to do for you and your family. I urge you to take the time to do this, because I know it is something you will not regret.
When it comes to investing your hard earned money, take the time to become familiar with the values of your advisor. This will allow you to establish a relationship and have confidence in the advice being presented to you.
If you would like to schedule a meeting so we can personally discuss your financial situation, concerns and goals, please give me a call at 215-968-1755 or fill out the contact form on the site and I will get back to you shortly.