Updated: August 9, 2020
Are you thinking of getting a financial advisor? If so, how do you choose the right one?
Personally, I’ve already found the best personal financial advisor and if you would like to find yours too, then let me tell you where and how to find him or her.
Simply look into the mirror and you’ll see the best personal financial advisor for you.
Yes, you are your own best personal financial advisor.
The mere fact that you’re reading this article means that you probably already know a lot about personal finance than you give yourself credit for.
You manage your budget, you monitor your cash flow, you look for extra income and investment opportunities, and you do know the value of saving.
You may not know everything, you may sometimes feel you’re financially illiterate, and you still make financial mistakes, but at the most basic level – you do have the basic financial skills.
I know, you might be asking yourself now, “If I’m the best personal financial advisor for myself, then how come I’m not rich or I’m so deep in debt?”
Well, that’s probably because you’re not following your own advice .
“Watch your spending.”
“Start saving money.”
“Find a way to earn extra income.”
“Learn how to invest.”
Have you ever thought about or said these things to yourself? If so, what did you do about it?
This is my point here. More often than not, you already know what you need to do but you lack advanced knowledge, self-discipline, and the personal commitment to achieving your financial goals.
Again that’s knowledge, discipline and commitment.
You want to invest in mutual funds but don’t know how? Then do some research.
You want to lessen your expenses? Then learn how to control impulsive buying.
You want to start a business? Then write a business plan and follow through.
Of course, this doesn’t mean that you will never need help from others, especially from professionals, mentors, and experts. But hopefully, it will be for reasons already beyond what you can afford to learn, such as getting tax advice or preparing an estate plan.
However, I suggest that if ever you need to, you would have already done your homework so you’ll understand your financial planner when he or she gives you financial jargon and legal terms.
And more importantly, you’ll be able to effectively differentiate sound financial advice from profit-motivated suggestions.
So that’s it!
Always remember, you are your best personal financial advisor.
Photo credit: bradhammonds