The theme this week on the One Minute Retirement Tip podcast is: the problem with financial experts.

One of the main problems with financial experts that I haven’t yet discussed this week is that there is no accountability for their bad advice. What do they care if you sold your entire 401k to buy GameStop stock at the top? There is no connection between their bad advice and the consequences of that advice. They’ll never even know that you took their bad advice and blew up your future with it. 

So the best place to get your financial advice then is where there is accountability. And that’s what I’m talking about in today’s episode - the best place to get your financial advice. 

And that’s me! 

You can take advice and recommendations for someone who doesn’t know you and isn’t accountable to their bad advice, but only after you run it through the filter of another trusted person. 

This could be your actual financial advisor. If you have one who is competent, who knows you, and who you trust, that should be your first phone call or email when you want to take action on any harebrained ideas you got while watching late night TV.

If you don’t have a financial advisor, maybe you have someone else in your life who is qualified and competent and who knows you. Maybe your friends with an advisor or your best friend is pretty savvy with these kinds of things. Taking financial advice from other people is not recommended, because most people are clueless of all the unintended consequences of their advice, but they’re happy to give it out anyways. But, most of us have at least one people in our lives who is competent, trustworthy, and accountable to the advice they give to you. 

That’s it for today. Tomorrow, we’re going to recap the week and I’m going to give you a little preview of next week’s theme. 

My name is Ashley Micciche and this is the One Minute Retirement Tip.

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Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance