Now, I want you to know, I have nothing against personal finance gurus. I think personal finance is a topic everyone should talk about and be a part of. But, I do think this discussion is important to have.
Here’s why you should stop listening to personal finance gurus.
Why You Should Stop Listening to Personal Finance Gurus
This post was written by our staff writer, Kimberly Studdard.
1) Personal Finance Is Personal
First, personal finance is personal, and it’s not a one size fits all equation.
- What worked for Dave Ramsey may not work for you.
- Suze Orman’s retirement plans may not be your retirement plans.
- Maybe you don’t want to invest in houses like Chris Hogan.
…And that’s OKAY. What works for others doesn’t automatically mean it will work for you and your lifestyle.
For example, did you know it’s okay if you’re not a homeowner? Did you know it’s okay if you want to pay off debt avalanche style vs. snowball style? For personal finance gurus, many have a “my way or the highway” mentality or believe that their method is the best method because it worked for them. But personal finance is, at the end of the day, a personal journey to your own financial prosperity, so sometimes you have to take what they say and still do what you feel is best.
2) Advice Can Be One-Sided
How many times have you seen a personal finance guru recommend something, and then find out that they’re getting paid for it? While that doesn’t necessarily mean that the product was bad, it can mean that the advice was a little bias.
Yes, I believe that people of all professions, including blogging, should get paid for the work that they do. However, sometimes, due to monetary compensation, their ideas and recommendations are one-sided.
It’s important for you to do your due diligence and make sure that you do your own research behind what they promote and talk about. Not all bloggers, influencers, and personal finance gurus lie or cheat, but it’s still up to you to take their advice and do your own research.
Again, this doesn’t mean that it’s wrong for a personal finance guru to share what they know. However, another reason why you should stop listening to personal finance gurus is that some of them aren’t professionals.
There are people who go to college for years, take multiple exams, and have to have more than just basic knowledge to share their expertise on finances, investing, and preparing your estate. If anything, those are the people that you need to look to first. They have the background that you may not find in a personal finance guru.
Now, some personal finance gurus are financial planners, lawyers, and more. And that’s totally cool. However, some are just looking to share their journey and motivate you to get your finances together, not have you copy everything they do and wonder if it will work for you or not.
4) Even The Experts Can Be Wrong
Even with the experts and professionals, sometimes they can be wrong too. It’s always best to get a second opinion and trust your gut at the end of the day. I’d rather you be upset that you missed out on an investment opportunity than for you to go broke listening to all of the investing advice that the experts share.
Even Dave Ramsey himself has given bad advice, once telling someone that they should buy a house, even though it was seemingly the wrong time to do so. This isn’t necessarily Dave Ramsey’s fault, as he gives advice based on what has worked for him and the people he has helped. However, he’s still human. He’s never going to be perfect, no matter how much great advice he gives. It all goes back to personal finance being personal.
Anyone, even the gurus and professionals who’ve been in business for years, can get things wrong.
5) They All Give The Same Basic Advice
The last reason why you should stop listening to personal finance gurus is that their advice is typically blanket advice. They have to advise a large audience. Which means, most likely, that they are going to give some general information.
- Save money,
- pay off debt,
- and invest.
You’ve seen it yourself. There are thousands of articles that tell you how to save $1,000. There are a hundred different ways to pay off debt, and which method is the best. The fact of the matter is, they all tell you the same thing.
If you want to get individual advice and help, you need to find someone you trust, that has a background in personal finance, and has testimonials of them focusing on specific areas. And even with that, you need to make sure you are always fully aware of what is going on.
…Your journey, and your money, is solely up to you.
Stop Listening to Personal Finance Gurus… Seriously.
There you have it. The five reasons why you should stop listening to personal finance gurus. This isn’t to say you have to stop reading blogs and following along, but it is to say that you need to make sure you’re taken care of above all.
At the end of the day, do what you believe is best for your family and your situation.
Will you stop listening to personal finance gurus? Start believing in yourself!
AUTHOR Kimberly Studdard
Kim Studdard is a strategy consultant, product launch expert, and mastermind behind the www.theentrepremomer.com. When she isn't spending time with her daughter and husband, or crying over This Is Us, you'll find her teaching other mompreneurs how to scale their business without scaling their workload.