What You Thought You Heard
After you've had a chance to watch the video, head back over here for a little game I like to call - What You Thought You Heard
What I Said: Everyone doesn’t need a financial planner or advisor
What You Thought You Heard: You don’t need a financial advisor
What I Meant: You may need a financial advisor. But in the “earning years”, there are very simple ways to plan and invest for yourself, without the use of a financial advisor. The earning years are also the growth years, and financial decisions in these years don’t have to be complicated. You may choose to have someone guide you through those decisions, but that is a choice based on ease, not complexity.
What I Said: A Financial Advisor is no more knowledgeable about what is going to happen in the stock market than you are.
What You Thought You Heard: A Financial Advisor doesn’t know anything about the stock market.
What I Meant: Past performance is no guarantee of future results. This means that while a financial advisor can tell you what happened in the past, and what they think will happen in the future, there is literally no way to guarantee future returns. If a financial advisor guarantees you a particular return based on the stock market, you should run. On the other hand, if you’re seeking a financial advisor to explain the risks or past returns associated with an investment, or how it might fit into your long term goals - maybe a financial advisor is right for you. But they don’t have a crystal ball and they aren’t stock wizards.
What I Said: Fee based advisors are a better way to preserve your money.
What You Thought You Heard: Fee based advisors are better than commission based advisors.
What I Meant: Commission based advisors are trying to sell you something. That’s literally their job. (I said what I said).
I know that telling people to be careful when using financial advisors is like telling someone that you don’t like their church …they’ve got their reasons for going and it makes sense to them. The point is, we can discuss this stuff, ask questions, research and figure out what’s right for each of us. I love that Empower allows us to have these conversations and make informed decisions. It means we’re thinking about our finances and talking about our money - that's the whole point! I'm not here to make the decisions, I'm here to help you ask the questions #missionaccomplished.
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