Monday, October 24, 2011

Financial FICTION #12: If a Particular Financial Product is Good, Most People Should (and Would) Know About It

Financial FICTION #12: If a Particular Financial Product is Good, Most People Should (and Would) Know About It – and Own It, Too.

Many people are under the erroneous impression that if a given financial product is good, then everyone should be using it. While a part of me understands the reasoning behind this belief, to some extent, that line of thinking should not be any serious person’s litmus test.

Not all financial products – even of the same kind – are equal

Unlike other stuff we acquire in life, personal finance should be and must be custom made for each individual – sort of like fingerprints. What that means is that a product that might work perfectly well for you could end up being terrible for your friend. I have seen several cases where a particular product (and we’re talking the same product by the same company) worked very well for one individual but turned out to be a complete disaster for another.

You should view personal finance just as you view your doctor-patient relationship, in the sense that your prescribed medications must be based on your symptoms, test results, allergies, and the other unique personal circumstances that doctors take into consideration. 

Additionally, just because a financial product is popular does not mean it’s the right solution for you. As basic as that statement may sound, many in this country guided by so-called financial advisors or gurus are doing just that – jumping on a trend because it’s popular, without doing the necessary research to determine whether it really is the right thing for their circumstances.

Here’s an important observation, though. Have you noticed the biggest trend of all: unfortunately, the majority of American retirees wind up in an inadvertent cycle of poverty, rather than being able to live their golden years in complete financial security? The interesting fact that seems to be escaping the notice of far too many is that the few who end up financially secure during their retirements tend to take an atypical approach with their investments (which means they’re not so trendy at all).
Contact a financial professional at Laser Financial Group TODAY to schedule your complimentary session. Have them evaluate your current financial plan – and learn what might really work for you, specifically, even if it's not the most popular idea in your neighborhood. 877.656.9111

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