Nah! I'm not saying to stop listening to your friends totally, but there are certain topics where listening to your friends may not always be the wisest decision to make. Here's why...
Friends are great companions. They have your best interest at heart. A true friend is loyal, devoted, cariing, honest and the list can go on. We wouldn't want to trade our close friends for the world. Right? I mean, I'm sure we would want to trust that our friends will always give us good advice. The unfortunate thing is though, especially when it comes to financial decision making, our friends have the potential to encourage poor decisions and we follow them.
Nearly 80 percent of young people noted that they look to the financial methods of their friends to decide what to do for themselves, according to a report completed jointly between the Ad Council and the American Institute of CPAs. Close to two-thirds explained that they also try to move to the same places their friends do, while 64 percent noted that they do this regarding clothing, as well. Another 66 percent noted that it is hard to not feel pressure regarding doing the same things their friends do. “As the old saying goes: Be careful about the company you keep,” said Ernie Almonte, chair of the AICPA’s National Financial Literacy Commission. “Many young adults are building financial foundations with the wrong blueprints. They need to make sure they’re modeling the best behavior for their long-term financial stability.”
We can't blame anyone as to why we do what we do. People only know what they know. It's just ironic, when it comes to financial decisions are financial planning, instead of speaking to an expert in the field, someone who is qualified, someone who is licensed, we tend to listen and follow others who generally have the same income, drive similar cars, they see the world like us, they have the same weaknesses and are prone to the same blind spots. Yeah I understand that some of you tend to have the fear of being taken advantage of when going to some of these financial experts around. And yes, there are some out there. This is why most people end up seeking their friend's advice. A good financial professional is one that has built and will build relationship with you. You want one you can trust. Right? It's even better when you know a financial professional personally. It should bring peace of mind knowing that this person will genuinely help you. You never know, it is possible to meet one for the first time and do get a sense the person is a genuine person. The key is really to have peace of mind.
The truth is folks, for various reasons far too many haven’t taken the time to draft a detailed financial plan to help them achieve their goals over the short, medium and long terms. It's time to make a change.
My hope is, you'll consider doing just that.
Be Blessed Everyone
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