Listening to the news is enough to cause many people a great deal of stress and anxiety, especially when it comes to your finances. The media is filled with people who claim they have the fix-all solution to your financial woes or those who purport that they can predict the future. In reality, you should pay less attention to financial news media and more attention to the people who have taken the time to listen to and understand your specific financial situation.
Why Not Trust the Media?
There are plenty of financial experts out there to choose from if you want to turn to popular media outlets for financial solutions. These individuals, however, might not have your best interests at heart. In fact, fake financial news is already relevant and it has the potential to cause serious problems for a number of Americans.
- Impulsive reactions based on headlines can cause big regrets down the road, especially if headlines turn out to be untrue or misleading.
- Social media, in particular, is a prime location for untrue “financial news”: companies may post false disclosures or other information that is designed to cause big reactions, but without the numbers to back up their claims.
- Media-based financial “experts” may have more interest in lining their own pockets than they do in ensuring that you get the best possible investment advice. This can include everything from recommending a specific company primarily because they get kickbacks from them to outright lies about financial results in an effort to boost their personal sales.
Due to the prevalence of erroneous financial news, many Americans find themselves struggling to make critical financial decisions. With so many fake sources out there, it’s difficult to determine who to trust. Fortunately, there are better solutions to help guide financial decisions than turning to media.
Who Do You Trust Instead?
If you can’t trust the media, who can you trust to help you make those vital financial decisions? For most people who are hoping to invest their wealth, prepare for retirement, or take care of other critical financial concerns, working with a fee-only CERTIFIED FINANCIAL PLANNERTM can be one of the best ways to proceed. Fee-only CFP®’s offer a number of advantages.
- A fee-only CFP® should take a holistic approach to your financials. They’ll look at the whole picture: your family and career situations, your personal and financial goals, your income and assets, the protections (various insurances like homeowners, auto, life and disability) you have or need, and your comfort level with risk, among other factors. Then, they’ll help create a comprehensive financial plan for achieving your goals, rather than giving you just a few pieces of the puzzle.
- A fee-only CFP® is compensated only by the client through the fees he or she charges, and not through commissions earned from the sale of financial products. This offers these professionals the freedom to provide advice that is truly in your best interest without having a significant portion of their income tied to selling you financial products.
- A fee-only CFP® can help you discern whether or not you’re currently on track with your savings. Do you have enough money to cover an emergency? That amount may differ drastically depending on your family size, your income, and your financial responsibilities. Are you on track to reach your other financial goals?
- A fee-only CFP® will work with you to help you learn how investment options can fit into your overall financial plan. How does your investment strategy fit into your retirement plan or college plan?
Sometimes it’s best to turn off the television, stop scrolling through social media, and ignore the way popular media tells you to manage your money. Instead, turn to a fee-only CFP® to help you determine a strategy that will work for you, taking a holistic approach to your financial situation and helping you determine how you can best manage your goals and investments. From the earliest steps of building your savings account to planning for retirement, hiring a CFP® can be a good way to get the advice you need for financial success.
