This is a collaborative post.
When you have a problem, you turn to others for advice. It’s a tried and tested method of clearing your head and fixing your approach. Money is a topic people talk about all the time – unless you’re American – because there’s always something to worry about. Unless you’re Jeff Bezos, it will be an issue!
Still, there’s a delicate balance between seeking advice and following the leader. The latter might seem like a good idea, yet it often makes situations worse. The worse it gets, the more you’ll fret about money.
Here are the reasons why listening to others about money isn’t wise, and how going your way can be helpful.
Everyone Is Different
Horror stories are scary, and there are lots of tales of financial woes. One minute your friend has everything they dreamed of, and the next, they lost it all. However, their circumstances don’t apply to you as you don’t live the same life. Your lifestyle might be different, as might your personality traits. As a result, payday loans could be a realistic way to pay the bills when you’re short of cash. Sure, others might have fallen foul of the system, yet you won’t automatically go the same way.
They Aren’t Experts
There are people you should listen to when it comes to money – accountants, solicitors, bank managers, and anyone with experience handling finances successfully. Sadly, most of your friends and family don’t fall into these categories. Not to be harsh, but their expertise comes down to past experiences, which are great learning curves but not always applicable. After all, the banking system could have changed since they had a loan or applied for a mortgage. Instead, you’re better off listening to the experts and ignoring your coworkers or random people at parties who dole out guidance. They might not have a clue!
People Can Be Pessimists
Sometimes, when you don’t do things a certain way, people will question your process and scoff at your beliefs. Even if it doesn’t concern them, they’ll want to point out how and why you’re going wrong. It’s peer pressure, and it can prevent you from making potentially lucrative moves, such as investing at an early age or opting for a portfolio instead of a private pension. To listen to the pessimists, you would think you don’t have enough resources or will haemorrhage cash. In reality, you could enhance your wealth by a significant sum.
It’s Your Life
When all is said and done, you’re the one who has to live with the decisions. If the bank seizes your home, you can’t fob them off by saying you received bad advice and it wasn’t your fault. And, it’s not as if the person who guided you will pay off your debts and take the blame. What will happen is you’ll regret the day you listened to other people rather than making your own decisions. At least if they go wrong, you can sleep at night knowing you are in control!
Being financially independent is about being in charge. That’s why you should keep your own counsel.