These days it seems like everybody and his brother wants to tell you what you should be doing with your money. Save it? Spend it? Invest it? Put it under your mattress? Sign on with a financial advisor and just let him worry about it? (I guess you can include me in that everybody as well.) 😀 Someone asked me the question recently about which financial experts they should listen to (besides me, of course 😏), and I realized that I never did a blog on that subject so here goes: First of all, I would tell you that it is not imperative that you sign up with an advisor and let her or him handle all your money for you. He/she will be taking a fee for that service, of course, and if you do not want to pay that fee, it is very much possible, in this era of easy discount brokerage firms, for you to invest and manage your own money. I used to pay a financial advisor myself, but once I started to read up on the subject, I gained confidence to do it on my own. I would tell you to read as much as you can on the subject. There are many, many books out there on the subject of personal finance and investing. You don’t even have to buy them, you can get them from the library. There are also websites and podcasts galore on the subject. Read and listen to a variety of them. These writers have nothing to gain personally from you unless they are trying to get you to buy a particular product. If so, steer clear of that kind of advice. There are high commissions to be had for “advisors” to sell you such things as whole life policies, annuities, etc. Once you start researching the subject, you will find that although there are some differences between the advice that the “experts” give you will also notice many lessons repeated over and over. Pay attention to these pearls of common wisdom. Your best bet is to keep it as simple as possible. Choose some steady stable investments and stick to them. Buy some mutual funds such as S&P 500’s and just hold onto them. The less you can be tempted to keep moving your money around, the better you will be taking advantage of the compound interest they will afford you through the years. (Oops, I guess I just gave you some advice of my own… well that’s a “freebee”) After a while, you will begin to feel some confidence that you know what to do and you can do this! For no one has your best interest and bottom line at heart better than you do. Once you are armed with the knowledge, YOU are the person that you can trust the most Best of luck to you for a happy and prosperous bright future!
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