Ep 35: Best Intentions Sometimes End in Bad Advice
We turn to many different people and resources to get financial advice, but how much can you depend on the information you’re getting? Today we’ll talk about four common people we go to that might have the best intentions but why their advice isn’t always beneficial to you.
The Reality of the Matter:
Are you using this current economic downturn as a chance to do more research and evaluate your financial positions?
If so, you’re like a lot of other people.
Many of us have felt the effects of this financial crisis and are open to any information and advice we can find from trusted sources. The easiest thing to do is turn to the people that we’re closest to. It’s something we’ve all done at some point.
On this episode of the Retirement Reality Podcast, we’ll explain why the best intentions sometimes lead to bad advice. We’re going to focus on these four people that we most commonly turn to for financial guidance: family, friends, our CPA, and financial experts in the media.
Each has varying its own reason for needing to exercise caution, but the main thing to understand is that what works for one person isn’t going to work for everyone. So when it comes to family and friends, there will be times where their advice might actually hurt your situation even though they have your best interests in mind.
Mike Kojonen will explain each in more detail and give you some things to keep in mind when looking for advice. You’re always encouraged to take any advice you’ve received and bounce it off your advisor to get a second opinion. That’s the best way to have complete confidence in any investment decision you plan to make.
We’ll also dip into the mailbag for this episode and get to two questions from listeners. The first asks about other retirement saving options if an IRA and Roth isn’t available. The second wonders whether working with an older advisor will be a detriment to your retirement when they step away from work.
1:55 – How is Mike handling the quarantine time?
2:37 – What we’re talking about on this episode.
3:10 – Get advice from our family.
5:05 – Next on the list is friends
7:21 – The third is a CPA
8:53 – Mike shares as story about a continuing education event he held.
10:01 – The final one is financial experts in the media.
13:35 – Mailbag question #1: I make too much money to contribute to an IRA or Roth. What’s the best way to contribute towards retirement?
16:26 – Mailbag question #2: My financial advisor is older than me. Should I move to someone else that won’t retire before I do?
Thanks for checking out the Retirement Reality Podcast. We’ll talk to you again next week.