Choose your financial advice wisely
The beauty of the Internet is that anyone can start a blog. The ugly truth about the Internet is that anyone can start a blog. And no, that’s no typo.
There’s a lot of content floating out there about how to manage your money and build long-term wealth, but not all of it is good. When finding financial advice on the internet, consider these four tidbits of information before making any important decisions.
Ignore advice that is shameful in nature
If you’re on a diet, you don’t necessarily want someone shaming you for eating a piece of candy. It doesn’t accomplish anything and probably makes you want to eat even more candy. Same with financial advice. If you follow a blogger who makes you feel like you have to take an all-or-nothing approach to your spending strategy, it’s probably not very good advice and may not help you reach your goals.
Choose your advice wisely and practically
There’s a blogger out there whose tagline is literally, “Hoard Your Cash.” That may not be the best advice for everyone. To build wealth, you need to invest wisely. Automatically routing money to savings and investment accounts from your paycheck may make saving easier. Any “financial guru” who tells you to keep everything in cash may not have a thorough understanding of investing.
Ignore anyone who calls themselves a guru…
Look for investment professionals who are professionally licensed. You can search for licensed brokers, investment professionals and financial advisors on BrokerCheck.
“Go ahead, just spend!”
A lot of bloggers get affiliate income from pushing certain products. It’s not wrong, but sometimes, big banks have big pockets to influence pushing different financial products, like high-interest credit cards. If it seems spammy, it probably is. A lot of bloggers also make good money from their blogs, but it’s hard to get authentic advice from someone in a different financial situation. Be sure to look out for #spon or #ad tags.
Need professional financial advice? We can help.
Meet David Weis, our knowledgeable CFS* financial advisor.
For over 11 years David has concentrated on developing, implementing, and monitoring personalized financial plans for his clients. He specializes in retirement strategies and IRA rollover options for 401(k)’s, 403(b)’s, 457’s, Profit Sharing, and TSP’s.
Whether it’s developing sound solutions for your retirement, generating income, or protecting your assets through insurance, David is here to:
- Listen to your financial needs.
- Provide impartial advice to help you make informed decisions.
- Be dependable and responsive.
If you would like to learn more about David and his services, feel free to contact him at 314.919.1058.
*Non-deposit investment products and services are offered through CUSO Financial Services, L.P. (“CFS”), a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. The Credit Union has contracted with CFS to make non-deposit investment products and services available to credit union members.