Save Your Retirement From Financial Advisors

Almost all of us — to some degree — have bought into the myth that financial planners know what they’re doing and that we should follow their advice because they’re — well — experts. They’re not. It’s not really their fault, either. You see, they’ve bought into the myth as well. Maybe now is the time for you to save your retirement from financial advisors.

Take the time now to learn about investing and save your retirement from financial planners.

Save your retirement from financial advisors

When it comes to saving for your retirement here’s all the specific advice I’d ever share:

  1. Start saving young and save as much as you can.
  2. Live within your means.
  3. Don’t touch the principal.
  4. Diversify to mitigate the effects of inevitable market swings — the more diverse, the better.

Everything else is just smoke and mirrors because — as all financial planners will tell you — past performance is no guarantee of future results. We cannot — and they cannot — predict the future. Yet we persist in believing the myth. The problem, according to Ms. Helaine Olen, a freelance journalist and author of “Pound Foolish: Exposing the Dark Side of the Personal Finance Industry” is this:

…“most of the financial advice published and dished out by the truckload is useless” — that it is simply “oblivious to the messiness of the human condition.”

And that “human condition” makes us our own worst enemies.

Ms. Olen writes that the “financial therapy movement,” for all of its flaws, “has hit on one universal truth: When it comes to money, the vast majority of us are nuts. Bonkers.” She counts some of the ways: “We don’t open our 401(k) statements. We ‘forget’ to pay our bills or file our taxes until the last minute.” Financial literacy is alarmingly low. Many of us don’t budget at all.

Our own lack of experience and understanding about investing and finance make us easy targets for those unscrupulous individuals who know they’re blowing smoke, but do it anyway.

A 2009 AARP survey found that nearly one in 10 people over 55, or about 5.9 million Americans, had attended a free financial seminar in the last three years.

At the World MoneyShow, an annual event in Orlando, 80 percent of attendees were over 55. The author [Ms. Olen] writes that “a panicked baby boomer is their best customer.”

Knowledge is power — even just a little bit of knowledge. Learn about investing. Like anything else, it’s scary and incomprehensible at first, but before long, you’ll know at least as much as most professionals and you may be able to save your retirement from financial planners.

Click here to read more about how you can save your retirement from financial planners.

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