We all have cringe moments. Maybe its something we taste, see, or feel. However, let me tell you what my cringe moment is … when someone says, “my neighbor says ……….” You can obviously fill in the dots from there. Whether its dealing with your investments, Medicare, or whatever else it could be.
I’m not saying that every issue you seek counsel from a neighbor or friend may be wrong, but more often than not, financial advice from your neighbor, friend, brother-in-law, barber, or whoever else is wrong. Why? Because its usually information that does not pertain to you. It does not pertain to what you are trying to accomplish, and it may not fit your own financial puzzle.
I’ve also been part of situations, multiple times, where someone is receiving advice about something that can NEVER happen and the information is totally incorrect. I’ve heard some real good ones folks.
Here’s my advice.
There is nothing wrong with listening to your co-workers and friends’ ideas. You can hear them out, especially if they are going through a similar issue. However, on issues about money, your neighbors likely don’t know anything about your life goals, your family finances or financial planning objectives. In addition, many times, life events differ. Health and other dynamics are very different.
There is nothing wrong with listening but make sure you take advice from a pro to make sure its appropriate for your individual situation.