Essence Magazine asked readers to share the best financial advice they've received and how they used it to build wealth. Here's today's tip:
"I was burned by my first financial adviser because I wasn't as knowledgeable as I should have been and allowed him to invest in what he thought was best for me. In the end his choices benefited him more than me and I lost money. When my income increased, friends steered me to another adviser who challenged me to own what's mine and to become knowledgeable about my investments, even though I was stomping on unfamiliar territory. Now I ask questions and make people explain things I don't understand. It's your money. Make it work for you, not for them."
The issue here was that she needed a money adviser, not a salesperson and got taken. This is one reason I'm leery of financial "experts" (and many readers are with me). I recommend you be very careful when selecting a financial advisor. Do your homework and check references beforehand. Also, learn about financial principles yourself, so you know when and if someone's trying to pull a fast one on you.
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