In no particular order, here’s a few interesting things I heard and read recently that I wanted to share.
Why Do So Few Individuals Seek Professional Financial Advice? (Maher Alyousif & Charlene Kalenkoski, Advisor Perspectives) – Every now and then, I try to come up with WHY most people do not seek financial advice from a professional. I do think most people need some help/advice, if for no other reason than most people have no plan. It’s like getting into a car and driving without any idea of where you are going. So I read the studies that are done, and it helps me understand – those who are frugal (whether they need help or not) tend to NOT pay for advice. Families without any means to save or invest also wouldn’t seek help, the situation is probably too simple to justify it anyways. Those who lack self-confidence also shy away from help. But what I find most interesting about this article is those who are more financially literate tend to realize the importance of seeking a professional….which at first was thinking that it kind of contradicts itself. If you have more knowledge, wouldn’t you tend to do it yourself? The opposite is true, for a number of reasons I suppose (they are also knowledgable in other areas and are busy making money in those areas, they realize how complex the financial world really is, etc.). Regardless, all the research I see says the numbers are astounding: roughly 3/4 of all people studied are unhappy with their current financial situation – yet most of them chose to do nothing about it. I guess I will continue my plan of educating people and hope to get that number up!
Robocalls Flooding Your Cellphone?… (Christopher Mele, NY Times) – OK, I thought it was just me…but I am not the only one receiving an uptick in robocalls about “we can lower your credit card interest rate”, blah blah blah. As technology has gotten better, so have these pesky calls… they call me from local numbers too – and sometimes trick me! I don’t have time for these calls (who does?), so this is a great article that shares some of the things you can do to minimize them (I downloaded an app on my phone just tonight!). Be sure to listen to some of the “Jolly Roger” calls, it’s pretty funny.
6 Truths About Money That Are Tripping You Up (Jane Hwangbo, Medium.com) – Finally, this quick 5 minute read from Jane Hwangbo “Truths About Money that are Tripping you Up” breaks down some mental hurdles that often get in the way. Making money is often a slow and boring process that requires you to say “NO” to other activities, but once you establish a plan and surround yourself with the a solid environment…you will be in a much better place. Short reads like this help provide me talking points with clients.