5 Money Experts Reveal the Best Financial Advice They Have Ever Received
When it comes to money matters, financial advisors are your best bet. It says so in their title, doesn’t it? These experts bear more than one title though; they’re also known as wealth managers or financial planners. Whatever name you want to call them, they earn their living by offering advice that helps you manage your money along with other valuable assets.
But have you ever thought that they might need advice themselves? It’s akin to the barber paradox, where the barber cannot himself a haircut. Similarly, financial advisors also need to consult their counterparts on matters finance, just as a doctor sees another doctor when they are feeling ill.
Sometimes, they get this advice from the most unexpected of places, probably even from their clients. Often unsolicited, some of the words of wisdom these experts have gotten has stuck with them for years, and in some cases, even changed their lives.
The media outlet CNBC has had a particular interest in where financial advisors get their financial counsel from, interviewing several experts on what piece of advice they’d say was the best to ever come their way.
Louis Barajas has created a niche for himself in the industry and runs Wealth Management LAB as both its CEO and founder. For him, the best piece of advice he’s ever received is that he should spend considerably less than what he earns and regularly invest what he saves in a diverse portfolio.
Gen Y Planning’s Sophia Bera is widely known as the “Financial Planner for Millennials.” As she told CNBC, she was advised to concentrate more on building her own business and creating a career out of it.
In the same breath, she was told that it would be in her best interest if she became an expert in one very specific area as this is what would lead her to her financial goals. She did exactly this in 2013 when she quit her job to establish her company, and look how far she has come.
Douglas Boneparth, the president and founder of Bona Fide Wealth, says that his advice works both in financial circles and in life in general. It came from his best friend when they were in business school, and his mate would always ask him to do what was right. He has stuck with this all his life, and whenever he’s in a financial dilemma, he chooses what he considers to be right.
Curtis Financial Planning is a firm located in Oakland, California. Founded by Cathy Curtis who is also the organization’s CEO, she says that a realtor once told her that in California, real estate is an infinite cycle.
She had planned to sell a condo she owned during a real estate down cycle, but the realtor advised her to rent it out instead. Four years down the line, the market had picked up, and she managed to sell the condo for a handsome profit.
Rianka Dorsainvil, founder of Your Greatest Contribution says that for her, the advice she received was all about self-preservation. Upon making some considerable wealth, most people feel inclined to help their loved ones and the community at large.
While there’s nothing wrong with this, YGC’s founder was advised that she must always make sure that her financial needs are met first before she focuses on others.
More in financial advisor
Man With Down Syndrome Is Making Millions With Crazy Socks
21-year-old John from Long Island is a man gifted with the unusual talent of making socks. He can’t be seen fully...January 21, 2020
Tourist Destinations In Europe Worth Standing In A Queue For
Every country throughout the world has tourist destinations which are crowded but are favored by tourists who don’t mind standing in...January 20, 2020
What is the World’s Wealthiest Man’s Secret to Success? The Answer Might Surprise You!
They said change is the only permanent thing in this world. It is inevitable, and we have to adapt to...January 19, 2020
Tricks To Be Cleverer Than Your Credit Card Company
Due to the seemingly never-ending global economic recession, people have been increasingly annoyed with the way their banks have dealt with...January 18, 2020
What Do You Need Before You Retire?
Working for a certain number of years is fulfilling when retirement comes. The joy of being instrumental in the advancement and...January 17, 2020
These Are the Habits of Money Savvy People You Need to Follow to Become Smarter With Your Finances
Everyone can be good with money. And those who currently don’t consider themselves to be can learn plenty of things from...January 17, 2020
Raising Future Millionaires: Things You Can Do to Get Your Kids Thinking Like Entrepreneurs
Perhaps because of their fresh way of seeing the world, children are able to come up with some excellent ideas. In...January 17, 2020
Experts Say Looking for Happiness Can Make You Unhappy
Most people believe that happiness can always be found in times and places that you don’t look for it, that it...January 16, 2020
Everything You Need To Know About Shopping Detox
Almost everyone loves to shop, that is why there is just nothing easier than spending money, which can be a huge...January 15, 2020