In Your Money

One size fits all financial strategies don't work


In the last few years there has been an increase of self titled financial experts emerging everywhere. The problem with these so called "experts" is that they often do a disservice by giving blanket financial advice. Their investment advice is generic and is sold as a one size-fits all approach.
While this follow-the-leader attitude is easy, the generic and one-size-fits-all approach is destined to produce an unhappy, dissatisfied investor.

This is because, despite the attractive slogans, tips and techniques, one size never does fit all.
For many people living paycheck to paycheck, these financial experts share what is perceived to be good advice. But many people do not have an understanding of basic financial principles and without that basic solid foundation of knowledge they can often believe that an idea or tip suggested by these experts will always work for them. But sadly many people run into trouble.

If you’ve ever had something custom-made – like clothes, art, jewelry – you know that special feeling you get from wearing that item because it was made especially for you. It feels awesome because it fits you – literally and/or figuratively - and chances are you won't see anyone wearing it.
And this is how you should also feel about your financial strategies. You should feel that your strategy is based on your individual needs and objectives.

Real experts will tell you the truth and this is the truth: most financial information is more subtle and complex, and over-simplifying it with sound-bite investment advice will get you in trouble.
And it is not good to rely on someone else to take the responsibility of your entire financial well being - only you can do this better.

So, instead of falling into a trap that has you just doing what the "coach" or "expert" says, break from the pack by educating yourself. This will help you to consider every aspect of your personal finance strategies. Learn how to be in charge of your money and be able to make decision on where it must be invested. Start the process by deciding on your goals, and then build a plan around those goals. Yes, use the information you are given as a gauge, but not as thee plan.

Remember there are many ways to make money honestly as an investor. Find your niche.  Until then beware the concept (or advice from others) that one size fits all.

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