Making money is one thing. Managing and keeping is another! I worked
in the financial service industry for 5 years. What a place loaded with
deliberate misinformation! Often times the commission structure or the
normal mode of operations mean the customers are sold products but never
educated, nor do they have or are proposed a real plan.
Would you go build a house without first having a plan? Would you simply go to a hardware store and start buying planks, windows, nails and pluming? Without knowing what your house is supposed to look like at the end? I don’t think so. Well, why is different in your personal finances? If you don’t know what you want and where you’re going, you’ll end somewhere but most probably not where you’d wanted to. It’s exactly as if you’d let somebody else buy your house with your money.
The financial problems plaguing today’s majority, like being debt stricken, bankruptcies, lack of retirement money, lack of money period, are brought on in my opinion by a voluntary lack of education. Hey, I certainly believe in personal responsibility, but have you even seen a real financial education course in school? Very few have, and most often those are at the initiative of dedicated teachers, they’re not in the program! Who benefits from so few of us knowing the basics of managing our money that affects all of us?
Before working in the field, I myself knew nothing about finances, I’d say probably even less than on average. And seeing clients, I quickly grasped that it didn’t matter what income bracket they were in, what education level they had, most of them barely had a clue either. It’s not a lack of intelligence, it’s simply a lack of knowledge. We all think it’s way complicated. Well that’s before we find out how simple it really can be. Would you work 10 extra hours every week for free? Then why show no interest on how to manage the money you’re working hard for to keep more in your pockets?
People usually go get their advice from advisors, often disguise insurance salesmen, or from their banks. Well, do they really have your interest at heart? That’s what was so shocking to me, to see how the financial industry is built in a way the clients don’t get a fair deal, and everything’s perfectly legal! Again, it’s quite evident to me, lobbyists have made sure the masses don’t get access to real education.
Most employees working in the banks know almost nothing themselves about financial planning. It’s at the same time amazing to me, and quite a reflection on how top level deciders in the financial industry don’t care much about basic information going mainstream. And all the scandals of late has certainly shown that ethics are not exactly the same at the high levels of Wall Street as it is general accepted elsewhere.
Many times, the first line bank employees, those that deal directly with the public, have minimums to meet, and/or are paid bonuses to sell low yielding deposit certificates, to sell high interest credit cards, worthless insurance on loans and all that crap.
While financial advisors are paid twice as much commissions to sell certain products than others for the same price. All forms of whole life insurance for example pay them way more than a term insurance with the same premium.
Some point that often times advisors in the banks are paid salaries, not commissions, so that makes them better. Oh really? They usually have quotas to meet and bonuses to sell in house products, but most importantly, they’ll sell bland, ineffective but inoffensive looking products so that people don’t bug them, call or harass them when times are tough. Why would they bother with all this nagging (also called giving customer service…) when they’re paid the same every 2 weeks anyway?
No systems are perfect nor will they ever be. But at the present time it’s really bad. Bottom line, to make your bottom line grow, you need to take matters in your hands, educate yourself on the ABCs of personal finance, and find solid, competent advisors to give you the right tweaks and their expertise. If you make yourself a sheep, the wolves will come…
Don’t worry, it’s much easier than it sounds. You can opt in at MoneyMaking-Guide.com website for free video tips about managing AND about making more money. There are great classic books like The Wealthy Barber, Automatic Millionaire, the ABCs of Making Money. A few hours of financial education will be worth thousands and
thousands to you. That’s a nice return on your investment.
Would you go build a house without first having a plan? Would you simply go to a hardware store and start buying planks, windows, nails and pluming? Without knowing what your house is supposed to look like at the end? I don’t think so. Well, why is different in your personal finances? If you don’t know what you want and where you’re going, you’ll end somewhere but most probably not where you’d wanted to. It’s exactly as if you’d let somebody else buy your house with your money.
The financial problems plaguing today’s majority, like being debt stricken, bankruptcies, lack of retirement money, lack of money period, are brought on in my opinion by a voluntary lack of education. Hey, I certainly believe in personal responsibility, but have you even seen a real financial education course in school? Very few have, and most often those are at the initiative of dedicated teachers, they’re not in the program! Who benefits from so few of us knowing the basics of managing our money that affects all of us?
Before working in the field, I myself knew nothing about finances, I’d say probably even less than on average. And seeing clients, I quickly grasped that it didn’t matter what income bracket they were in, what education level they had, most of them barely had a clue either. It’s not a lack of intelligence, it’s simply a lack of knowledge. We all think it’s way complicated. Well that’s before we find out how simple it really can be. Would you work 10 extra hours every week for free? Then why show no interest on how to manage the money you’re working hard for to keep more in your pockets?
People usually go get their advice from advisors, often disguise insurance salesmen, or from their banks. Well, do they really have your interest at heart? That’s what was so shocking to me, to see how the financial industry is built in a way the clients don’t get a fair deal, and everything’s perfectly legal! Again, it’s quite evident to me, lobbyists have made sure the masses don’t get access to real education.
Most employees working in the banks know almost nothing themselves about financial planning. It’s at the same time amazing to me, and quite a reflection on how top level deciders in the financial industry don’t care much about basic information going mainstream. And all the scandals of late has certainly shown that ethics are not exactly the same at the high levels of Wall Street as it is general accepted elsewhere.
Many times, the first line bank employees, those that deal directly with the public, have minimums to meet, and/or are paid bonuses to sell low yielding deposit certificates, to sell high interest credit cards, worthless insurance on loans and all that crap.
While financial advisors are paid twice as much commissions to sell certain products than others for the same price. All forms of whole life insurance for example pay them way more than a term insurance with the same premium.
Some point that often times advisors in the banks are paid salaries, not commissions, so that makes them better. Oh really? They usually have quotas to meet and bonuses to sell in house products, but most importantly, they’ll sell bland, ineffective but inoffensive looking products so that people don’t bug them, call or harass them when times are tough. Why would they bother with all this nagging (also called giving customer service…) when they’re paid the same every 2 weeks anyway?
No systems are perfect nor will they ever be. But at the present time it’s really bad. Bottom line, to make your bottom line grow, you need to take matters in your hands, educate yourself on the ABCs of personal finance, and find solid, competent advisors to give you the right tweaks and their expertise. If you make yourself a sheep, the wolves will come…
Don’t worry, it’s much easier than it sounds. You can opt in at MoneyMaking-Guide.com website for free video tips about managing AND about making more money. There are great classic books like The Wealthy Barber, Automatic Millionaire, the ABCs of Making Money. A few hours of financial education will be worth thousands and
thousands to you. That’s a nice return on your investment.
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