Are They Qualified to Advise?

  • Here's a topic that's near and dear to my heart. How do you know that the people who are giving you financial advice are qualified?


    That's a very important question to answer. Things are so complicated now that you can't just take advice from anyone and expect things to turn out well. Some so-called advisors are simply in it to make money for themselves. They don't care how things turn out for you. Others simply don't know what they're talking about. Many financial decisions require an expert to sort out all the options.


    This article from Forbes caught my attention. It lists "6 Signs That You Need to Fire Your Financial Advisor. I wholeheartedly agree with the author.


    You might also want to read 5 Secrets to a Good Financial Advisor>/a> that we published a short time ago.


    The same advice is true of your financial reading. I get to visit a lot of financial sites and blogs. Many are excellent. And we're happy to let you know about them and even include guest posts from them.


    But others can be dangerous to your finances. Someone who owes $40k in student loans and is gradually paying them back is not an expert. On the other hand Steve Rhode (who often contributes to TDS) has been in the field for about 20 years and knows student loans inside and out. That's why we feature him. You can find his contributions here.


    Please understand that I'm not saying that anyone who wants to shouldn't be able to blog. Read them. Enjoy them. Many have great insights and I enjoy them. But be aware that your combination of finances, your tax situation, state laws where you live and your life situation are probably different than their's. What's working for them may not be the best answer for you.


    Enough soapbox. I just hate to see people get into financial trouble that could be avoided.


    Keep on Stretching those Dollars!

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