Would you buy a two door car when you are a family of 5 or more just because some guy on the TV or radio told you that it was the “best” vehicle? Probably not. Then why would you follow the financial advice of someone on the TV or radio telling you the “best” way to retirement? Isn’t your financial future and well being more important to you than buying a car, and yet so many people accept advice from so called guru’s on a daily basis.
Maybe financial advice is too personal for most people to actually discuss. Finances have become a taboo topic of many families. Perhaps that is why someone on the TV or radio giving you 30 seconds to steer you in the right direction has become so main stream. You don’t have to sit face to face, eye to eye, with someone who could hold you accountable and that makes a lot of people feel better. You will listen to their ideas on how to get out of debt and because they’ve helped so many other people, they must also know what they are talking about when it comes to retirement planning, college funding, and the like.
I’m here to say that 30 seconds of time is not advice. I’m here to say that some 13 week coarse on DVD isn’t a plan of action. I’m here to say that 7 “baby steps”, may not be the steps you should be taking in any given direction. Would you take advice from a car salesman trying to sell you another car right after he sold you the last car? That is what these financial guru’s are doing. They are all about selling you their products, and the sad part is, you are buying them.
Yes, there are some nuggets of advice, or pearls of wisdom. On a whole, however, a broad brush may put paint on a canvas, but that doesn’t mean it is a good painting for you to hang on the wall in your house. Sometimes it just makes sense to sit down with a professional to plan for your future. If you knew very little about plumbing, would you replace the plumbing in your house by yourself, or by following the advice from some guy on TV? Probably not, so why take financial advice from someone on TV?
Dave Ramsey, and Suze Orman are fantastic marketers of their materials. Does some of their advice make sense? Of course, but again that 2 door car may be great…just not for you, or your family of 5.