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Seriously folks, when you hear a so-called financial expert on the radio or TV promoting their wisdom on investing and you need to buy their book, investment game or system. Think about it for a minute. If their investment system was so great why do they need to sell it if it makes them so much money?
Why are they spending hours, weeks, months hawking (selling) their greatest system on earth instead of enjoying their wealth, or spending it on their next great project. If you believe it’s from the goodness of their heart they are giving you this great opportunity……….wake-up!
Think about the successful wealthy people, are they on the radio, TV, or giving seminars or classes on how to invest or make money from their great system. Are they on radio, TV everyday selling their books, or system? No, they are not.
Suzi Orman, Dave Ramsey, Robert Kiyosaki and many others are not wealthy from investing, or even using their own advice, they are wealthy from selling their books, speaking engagements and seminars about investing or saving. When was the last time Warren Buffett or Bill Gates was on the Radio or TV trying to convince you to invest in their latest book or system?
Our last economic crash was a prime example. For thousands it was a hard lesson as many lost everything. The Real Estate market crashed along with thousands of over leveraged investors. Many were following the advice or system from the so-called Real Estate gurus.
We’re not saying these books, seminars, classes or systems have no value. Most of them do to a point. That’s how we learn, from each other by reading and inspecting all financial materials. Most of the motivational materials offered by the finance industry is great. Much of the financial basics offered are sound. It’s when they get into the investment details of products to use is where most fail. Most have a financial motive of why you should use their product recommendations or local approved provider. The finance industry brings in billions from educational systems, classes, books and seminars.
We remember in the early 2000’s, Donald Trump teamed with Robert Kiyosaki. They were promoting their Real Estate seminars across the country. Thousands attended their seminars. We attended one of their seminars to see what they were about. They were promoting (selling) their Real Estate investing system. They were promoting their special inside scoops to get foreclosure homes faster than others. You paid for their special sheets of inside scoops (Fee Public Information) on foreclosures. They had an entire system and network you could buy into. We’ll let you to fill in the blanks of what we thought of their expensive system.
When someone is telling you how great their system is and how much money they are making, stop and think about it. If you had a goose that laid 24 karat gold eggs would you tell everyone about your goose? Where you keep it, what you feed it and what the eggs look like. Would you go on the radio, TV and tell everyone where you found this goose and you would be willing to sell your goose for a minimal fee. We didn’t think so.
The industry of finance always comes out with new products that are the latest and greatest. Stay clear of them, without a proven track record let the other guy lose money. Listen to your gut feelings. Because if you just heard a guy on radio and TV about oil in Texas and you can get the inside scoop on an oil well, but you must act fast because they are making 14% returns annually. What this so-called expert doesn’t know is the price for oil is about to be cut in half and the entire industry is about to go bankrupt, he has never heard of OPEC, because last year he was selling used cars.
If it sounds too good to be true it usually is. We recommend reading everything available and listening to everyone. Do your own research. Find things that fit you, not what works for your friends. There are a few very good financial educators on radio and TV. It’s up to you to decide who too trust and take advice from. Find the financial experts with gray hair and years of financial knowledge. Double check their ratings and reviews. Make sure they are regulated or certified by an independent organization. You can always check www.finra.org.
Phillip Day, President
Academy of Financial Literacy, Inc
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