The #1 Mistake People Make When They Use a Financial Advisor
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When it comes to managing your finances, seeking the guidance of a financial advisor can be a wise decision. Financial advisors can help you set goals, create a plan to reach those goals, and manage your money more effectively. However, it’s essential to choose the right financial advisor and avoid common mistakes that could ultimately harm your financial future.
The number one mistake people make when working with a financial advisor is failing to properly vet them. Many individuals may assume that any advisor has their best interests at heart, but this is not always the case. When choosing a financial advisor, it’s important to seek out professionals who are reputable, trustworthy, and experienced.
This means doing your research. Before selecting an advisor, check their credentials and ensure that they are fully licensed and regulated by appropriate governing bodies. It’s also crucial to read reviews and testimonials from previous clients to ensure that the advisor has a positive track record.
Another common mistake is failing to establish clear communication with their advisor. Communication is key when working with a financial advisor, and it’s essential to have regular check-ins to review your financial goals and progress. If you fail to communicate regularly with your advisor, you may miss important opportunities for growth or fail to acknowledge potential risks to your portfolio.
Additionally, many individuals make the mistake of blindly trusting their advisor’s recommendations, without fully understanding why certain strategies are being employed. A good financial advisor should be able to explain complex financial principles in a way that is easy to understand, so you are aware of the risks and benefits of different investment strategies.
Finally, it’s crucial to stay involved in the management of your finances. While a financial advisor can help you manage and grow your wealth, ultimately, the responsibility for your financial future falls on you. Set clear goals, review your portfolio regularly, and ensure that you are comfortable with the investment strategies being employed.
In conclusion, the number one mistake individuals make when working with a financial advisor is failing to properly vet them. Financial advisors should be reputable, experienced, and licensed. Additionally, clear communication, understanding of investment strategies, and taking an active role in managing your finances are all critical components to ensuring your financial success. By avoiding these common mistakes, you can establish a healthy and effective relationship with your advisor, leading to a brighter financial future.
My mentor is a Fa I’m a F.A in training the first thing he thought me was it’s not about making money , it’s about helping people live better lives . I took that lesson to heart coming from a poor country all I want I to do is help people become their best selves .
The quickest way to make your first millions is to invest directly with an expert that is trustworthy and has made a name and individual billionaires
got me a ((man))
We (investors) are supposed to educate ourselves so we understand investments and which ones are right for us. The problem with that is most of us are busy trying to make a living at our chosen profession and we cannot possibly compete with someone who is a professional broker/ advisor who has 20+ years of daily experience. And if we do possess such knowledge……why do we need an advisor? We can and should do our due diligence but it seems to me at the end of the day we are left with having to pay someone to tell us what to invest in, and of course they will recommend one of the products that THEY sell !
Year-over-year inflation stood at 6.5% in December 2022—the lowest that figure has been in more than a year. Inflation was in line with what economists expected and gave many of them a reason to believe that the peak of inflation may be behind us. I have approximately $150k stagnant in my port_folio that needs growth. What is the best way to take advantage of this downturn?
Great video Dave, one that folks really need to watch. I’m 50, retired a while at 45. I have 35% of my capital invstments in an IRA, 25% in index funds, and the balance spread across other investment accts, in cumulative of over $ 5M. I receive income from my rental properties too. Zero debt and all is going accordingly .
Thank you. Thank you. Thank you!
Great advice!
Great video very explanatory, I want to start my retirement and other investments, but I am new here and really do not know much. How do I begin? who do I need to talk to?
I am considering Fisher Investment to help manage my retirement savings. What are your thoughts on this? Do you have alternate suggestions?
i like your video thx
if my annually income 50-70k and my brother income 35k
and we want to buy house worth 200k
we sold our family land back home overseas and we can receive the money here so we can buy the house all cash , or we can borrow other 100k from friends and family to buy a 200k house
what you think in this case how IRS would do since it showed only we making around 100k annually income ,
we still can purchase the house in cash without issues with IRS?
Great insight, I'm a 40 years old single mom with her mind full of investments. I'm working to retire at 50 if things keep going well for me. I live in my own house, completely paid for by me and I can't be prouder than I am right now. I'm so glad made great decisions that changed my life forever.
My father advised against any adviser he said they take your money. when he died he had 2.5 million in assets with no adviser. I manage my own money and am doing very well without an adviser.
Best lesson I ever learned was to happily admit my own ignorance and be receptive to learning from everyone.
Two years ago i received an inheritance of 150k. My wife suggested we bank it. So we agreed to keep back €30k savings. Put €45k in an index linked fund and the remaining €75k we secured a business loan (already have a separate services business). We also took in two investors for funds but also for strategic planning as they have built large businesses before. As it currently stands the new business is set to turnover in excess of €1.6m this year. Yes the loans could be repaid, but that is not the goal. The ultimate goal is to sell the business, but its not ready for that yet.
Its hard to make the leap, the doubting oneself. What if i fail, and i have failed before. Think getting the right people around you, having a vision of what it could be and bringing everyone into that dream is what counts.
Half this video is Dave ranting about shame. Dude, that wasn't the question. Just answer the question.
*Dont get robbed playing with these “financial professionals”. They put on a suit, a smile, and you won’t see the wolf in sheep clothing. Be very careful kids.
This is the exact question I had today, Thank you for your insight Mr. Ramsey.
Hay quá
I invested in computershare I was contacted by them a while after my partner passed to tell me I had a substantial investment and can i supply a new address as I moved after she passed and lost all my paperwork I asked for the funds to pay for the funeral and they said no as I couldn't tell them where and what business I had them invest my money in..
Hay quá
In the famous words of Michael Irvin, “I don’t know anything about anything… “
This was so good to see!!! Much needed.
Hay quá
This clown is an obnoxious snake oil salesman pest. Fast talker for slow thinking suckers