Seek Financial Advice Wisely

Another sure way of minimizing mistakes is by educating yourself. Learn more about financial management and perhaps even the different investments.

You can pick up information from many sources. Among the common ones are books, tapes, videos, seminars, or even attending classes. By doing this, you will know more and understand the subject matter better. You will make better investment decisions because you do not have to rely on others or believe what they tell you wholeheartedly.

And friends, if you ask anybody selling financial packages about their products, they will tell you nothing but good things. They will tell you what you want to hear. If you want roses to be blue, then blue they are. if you prefer polka dots, then polka dots they will be. And you are expecting too much if you expect the salesman to be objective about the whole thing. If you don’t buy, there’s no commission. No commission equals no money to feed their families. Now, how can anyone be objective when such a situation is at stake?

Furthermore, it may not even be the salesman’s fault. A significant number of sales personnel only know what the company wants them to know. The only thing is that the company does not tell them everything, only what they need to know. Just like spies out on a dangerous mission, information is distributed on a need-to-know basis only. Just enough to sell the products.

This is not to say or even suggest that salesmen are crooks. They are not. Many of my friends are involved in the financial industry and I know all of them as decent human beings, just like you and me, and have interests at heart. The problem is, the system makes it difficult for them to be objective.

And also, which industry does not have its share of liars and cheaters? Even among architects, doctors, engineers, lawyers, and beekeepers, there are liars and cheaters among them. The cold truth is that disciples of the devil are everywhere, in every nook and in every industry. Now, if that is the case with the rest of the world, how can we expect things to be different in financial circles?

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So, if you know nothing or very little about an investment, you will probably believe almost everything that the guy tells you. And I can tell you that some of them can be very convincing. They can persuade a monk to buy not only a comb but buy a spare one in case the first one gets stolen. And, actually, you have little choice. You have to take the salesman's word for it because you know nothing about the subject matter. But the moment you do this, you are toast.

And personally, I think one of our biggest weaknesses among Asians is that we accept what is being said all too readily. No one questions the teachers in school, no one queries the lecturers and no one says no to what the elders say. All in the name of showing respect. While they may be right, they may also be wrong, they may not know or they may be ill-informed themselves. In short, the elders, the teachers, and the leaders can be wrong.

At the other end of the spectrum, occasionally, there are people making snide comments during talks and seminars. And usually, the guy making the comments is always broke or in worse shape than Fat Albert. “These are all just theories,” he would comment. I realize that one of the ways to recognize a “poor man” is if the person keeps repeating the words “these are all theories,” whenever anyone shares an idea.

So, don’t question simply for the sake of being heard. Don’t try to show that you are smart and certainly don’t try to embarrass anyone. It’s very likely that the speaker knows more than you. So keep quiet and you will learn more. That’s why God gave us one mouth and two ears. So we will listen twice as much as we speak. Interestingly, where money is concerned, hearing other people’s voices is often sweeter than your own.

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That’s all for now, my friends. See you all in my next article.

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