Today will be the first of many #moneymonologues I’ll share here on the blog [as I’ve written several already].
Before I get started, what exactly is a Money Monologue?
These are my *tough love* posts – topics I discuss in #MM posts are topics I’m more than willing to discuss with others one-on-one and help guide individuals on where to find additional information in order to make more informed money decisions.
Now, on to today’s topic …
McDonald’s warns you that their coffee is hot [because someone sued them over it]. Hairdryers and other electronics advise you not to use them in bathtubs or near water.
Many financial bloggers and news sites – whether they are written by licensed professionals or not – advise you that the information you find on their site is not to be considered advice for your personal situation, among other disclaimers.
… and that’s what I’m advising today: take what you find on the interwebs from sources that seem solid in their information and use it with caution.
Money advice is a dime a dozen on the internet.
I see information all the time in the DFC [Debt Free Community] and FIRE [Financial Independence/Retire Early] communities – whether it’s someone’s personal journey or general in nature – shared by thousands that I would take a moment to check, double-check, and triple-check before I would act on it.
Just because a person with thousands of followers [or book sales] says you must do something does not mean that YOU should do that exact same thing.
Their situation most likely is quite different than yours. They may make more money than you. They may have little to no consumer debt. They may have more time to make up losses in the stock market. Or their advice may very well be decades old – and not modified for current financial times – and therefore is not practical for your situation or be the best route for you to take.
Are they dispensing tax advice? If they are not a CPA or a licensed professional in tax filing AND you’re not sitting down with them one-on-one, hesitate before you follow their example. Talk with a tax professional with your documentation in hand and explain your situation before you presume that this is the best course of action.
Are they dispensing investment advice? If they are showing off what they buy and they do not have the licensing to actually sell those investments … pause. Before you throw your hard-earned money into something, research it. Make an appointment with a professional if you have questions that you cannot find an understandable explanation for online that satisfies you. You don’t have to end up using that professional to buy said investments, but at least talk with someone who does this for a living and doesn’t have a vested interest in your money.
Are they encouraging you to buy a product because it’s what they use – or claim that they do? Again, PAUSE! Think it through, research, and ask questions first.
Remember what you see should always be a recommendation, not a commandment.
The one thing you will not see blogged about here is recommendations for specific situations. I will share general information that can be taken further to fit your situation. I will share resources to help educate yourself on how to spend, save, and invest wisely for your present and future needs. I will encourage you to ask questions and to pause before acting. I will encourage you to seek professional advice where needed from those in a fiduciary role – not one that is about making themselves a commission.
Next year I hope to launch personalized coaching sessions for non-investment matters; in those sessions, I will delve into making personalized recommendations for clients that they can then evaluate and put into action. But – anything that is public – that is not specific advice, just a starting point for you to take off from to achieve your future money goals.
*there will also be posts related to mindset in regard to money matters, but again, these are always recommendations for starting points, not commandments that you must follow to achieve X, Y, or Z.