Crazy Financial Comments

Crazy Financial Comments

If the title wasn’t obvious enough, this series will be about the crazy financial comments we hear in conversation and we hope it will be interactive where you, our readers, can supply some of your own stories in the comment section.

“I’m not that interested in that finance crap. I’d rather hire someone.”

Are you kidding me?!?!?

Look, we totally get not wanted to track your expenses like we do. It’s a lot of work taking a few hours to generate the reports and make sure we’ve captured all of the income, taxes, and expenses. But you NEED to be interested in your money!!!

There is no one who cares more about you money than you. No financial advisor, no banker, no one. Period.

We aren’t saying that you need to be a wiz-bang investor who reads the prospectus for every mutual fund or stock that you invest in. But you do need to make sure that you are watching your money. It’s YOUR MONEY!

What can you do?

If you’re the type that’s not really interested in finance that is perfectly fine. Today’s comment is from a friend that is primarily just ignorant about what all the different finance terms are and is afraid to learn what they don’t know. So they’d rather just pay someone to take care of it so they don’t have to think about it.

That is understandable but the key here is that they should educate themselves by asking their financial advisor a TON of questions. As it is right now, they are putting their entire financial picture into someone else’s hands and just trusting that everything will be alright. Not all financial planners are good…

Would you just give someone the keys to your entire future and retirement and HOPE that it will be okay?

If you’re the type that doesn’t care to learn the difference between a Roth and Traditional IRA or know exactly what the contribution limits are for HSAs this year it is okay. But you should be working towards having a basic understanding of what your financial advisor is doing for you. They should be teaching you why they’re doing the things they’re doing with your money and you should be researching whether what they’re doing is the best thing for you.

PLEASE do some casual research so you at least have a basic understanding of the different options available to you and please question the hell out of your financial advisor. You should know exactly why certain things are being done and why.

 

 

 

Discussion

We’d really like to hear what some of you have to share about Crazy Financial Comments so please leave us a comment below, we’d love to hear from you.

4 thoughts on “Crazy Financial Comments”

  1. I hear this one from certain friends and family a lot! It’s really frustrating, because if your mechanic or your doctor isn’t doing well you can just go to a new one. But with your entire financial picture, you likely won’t know until you’re retired and out of money. And I don’t know about you, my friends/family, but I don’t want to be eating cat food in retirement.
    One of my relatives is getting ready to retire and wants to buy a big RV to travel around the country, but they don’t have enough money for it. I asked them if they have a fee-only or a commission-based advisor, and they have a commission-based one. I thought in my head, “Well, there’s your RV!”

    1. Absolutely.

      At least this comment was from a person who is using someone that seems trustworthy. They charge a percentage of assets managed but there’s a modifier based on performance. They claim that they reduce their rates based upon their performance with your accounts.

      We’ll wait to pass full judgement on their adviser but just their lack of concern about their finances blew our collective minds…

  2. Oh noooo. It’s amazing the things people say about personal topics, like finance, parenting, health, etc. I’ve gotten tons of comments from people about my choice to buy used cars and clothes–like it’s a very odd thing to do to save money. Sigh.

    1. Mr. Joe gets made fun of all the time for his “work” car. It’s 20 years old, missing door handles, and hasn’t been washed in years. But’s it’s a beater commuter car for his long drive to keep the miles away from the newer car.

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