The Financial Advice Scam. Are You Falling for It, too?

From where are you getting your financial advice? Your next door neighbor that lives in the same neighborhood as you? The girl in the cubicle next to you that holds the same pay grade as you? Your broke brother-in-law that you see once a year at Christmas who on his way out the door hits you up for a loan? Or, are you getting financial advice from a Liberal Arts major fresh off of a month of sales training?

You wouldn’t throw your money away that easy would you? You’re too smart for that, right? But, what if the guy you ask for financial advice and trust with your financial future came highly recommended by a family friend? And what if he works for a highly-regarded financial institution? I mean you’re absolutely sure you are receiving the kind of guidance you need to achieve financial freedom, right?

Who are you taking your financial advice from?Let’s get real. You might think your financial advisor has the education and know-how to help you achieve financial independence. But in all honesty, you and I both know he likely does not. The guy still works 10-hour days trying to make enough money to pay his bills. How is he ever going to give you the kind of financial advice you need to become wealthy and financially independent?

I’m not trying to get a rise out of you and make you angry. What I’m really trying to do is to wake you up from the slumber that has 97% of today’s population in dire financial straits. You are not the only one who has fallen to this scam. Much like the bad advice shared generation after generation that tells us we must get an education, a steady job and to save everything so we can to finally retire “someday;” we have been duped into thinking that these financial advisors have what it takes to make us wealthy… and that they have our best interests at heart.

The scary truth is that you are likely receiving financial advice from a Liberal Arts major who has a hard time making ends meet each month of which “financial planning” is their Plan B. Most of these expert advisors are not financially trained. Instead, they are sales trained. They are incentivized to promote financial products (i.e. insurance products) that frequently offer the lowest returns while paying them the highest commissions. This keeps them in a job and makes their bosses happy. It’s a scam.

“Listen to the financial advice from someone who’s already achieved your financial goal.” -Robert Kiyosaki

My best advice for you is to take a step back and assess the situation honestly and reflect on the following questions. Does the person who you trust to provide you with financial guidance have what you want to have? Does he or she have financial independence and wealth? Does this advisor understand how to create automatic streams of income and how to use that income to invest in other cash-flowing assets? At the very least, does he or she actually put this strategy into action rather than just talking about it?

If you want financial advice you can trust, then you need to choose someone who doesn’t just discuss theories. If you ever expect to experience financial independence, you better start seeking the advice from someone who has achieved your goals. Not someone who sits behind a desk all day working their leads to pay the bills and keep a job. The person that deserves your attention for financial advice will already be living the life you aspire to live. And I’m willing to bet that you don’t aspire to work 10 hour days making someone else wealthy.

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