Monday, August 6, 2012

Celebrity Advice: Is It Really Worth ALL the Hype?

Celebrity Advice: Is It Really Worth ALL the Hype?

In this day and age, financial advice is pretty easy to come by. One could therefore make the assumption – at least logically – that retirement investors should see an uptick in their success ratios, as far as hitting their financial targets. Yeah, I know. That’s not even close, in reality.


Of course, many reasons may account for this sad phenomenon, but in my humble opinion, one of the main culprits is that many Americans confuse what I call “celebrity stuff” for  solid advice that actually works. What do I mean by that?

So-and-So has their own radio/TV show or has written several finance books/articles. So by implication, he/she must therefore be top notch, in terms of giving advice that will actually deliver the tangible results you desire, right? Of course, that’s not necessarily the case. But let’s face it, how do most of us compare – and rate – two different sources of financial advice (or just about any kind of advice, for that matter)? Well, they’re on TV/radio or writes for such-and-such magazine, so whatever they say must supersede the advisor who doesn’t have such a gig.

By the way, don’t get me wrong. I’m not saying that these “celebrity advisors” always offer bogus advice, per se – or that those who’re not celebrities are always better. I’m simply suggesting that you might want to stick with professionals who have real-life clients (not fantastical hypothetical clients, but folks just like you) who followed their advice and are actually enjoying the kind of lifestyle you envision. Doesn’t that just make sense?

The thing we all need to grasp is that anyone (and I mean ANYONE) can present theory very well. But as far as I know, theory hasn’t delivered a single retirement check just yet. In other words, you’d be better off focusing on the guy/gal whose feet are at the pedals, actually delivering tangible results, instead of someone who just looks on from afar and tells you what they think might work – or what they get paid to tell you they think might work.

Just so you’re aware, I’ve authored a few personal financial books and reports. I also write regularly for quite a few magazines, newspapers, and online platforms as well as regularly appearing on radio shows and TV, too. Actually, I’ve recently been exploring the possibility of hosting my own financial radio show in the DC area – so I couldn’t be possibly against those who do such things.

At the end of the day, however, do you want to manage your hard-earned money based on the views of someone who’s just really good at talking the talk or someone who’s actually walking the walk? I think you get my point. Does your advisor have tangible results you can really count on?
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