PAYDAY LOAN AUSTRALIA

Sometimes we hate talking about money for the sole reason that we know we are going to get unwanted advice. If you mention to your mother that you almost didn’t have enough to pay your mortgage this month you’ll get an earful about how to save money or not to buy what you can’t afford. If you mention to a friend that you have some extra money that you want to put in a mutual fund and a stock enthusiast overhears, you’ll hear all about the new company you MUST buy stock in.

Financial advice comes from all around, but we often don’t want to hear it. Why don’t we want to hear it? First of all, no one wants money advice from someone who knows nothing a finance, let alone someone who mismanages their money and is constantly in debt. If someone doesn’t have the knowledge or experience, we don’t listen to them. We also might not listen to them if we feel we know better or just honestly dislike the person. Our pride may get in the way of good advice or save us for bad advice.

Sometimes we fall into the opposite situation. We hear of someone else’s financial shortcomings and feel we can help by giving them some advice. Can we do this? Are we any better than the others trying to give us advice?

There are plenty of good reasons for you to give someone else financial advice, but you must keep in mind it isn’t always appropriate. First, if you are a finance or accounting professional, your advice on stocks or taxes may have much more behind them than someone who isn’t a financial professional. People will listen to you, maybe even ask you for advice. Make sure that when you give them advice you are neither selling yourself short by giving excessive free financial advice, and that you are giving correct advice without an ulterior motive. Never tell someone to buy something because you’ll get a commission, and only do so if you are 100% sure of yourself.

If you have been in a similar situation as a friend in trouble, you might be the right person to talk to. Maybe they have kids going to college and need some help finding financial aid and you just went through the same with your own children. This gives you credibility and an honest opinion.

No matter what you give advice on and no matter what your circumstances are make sure there is an understanding between the person you are speaking with and yourself that you are only giving your opinion. You don’t want to end up with any lawsuits or trouble. If you are worried that your advice might be a little sour, don’t give it, and if you are worried that the person you are talking to doesn’t always understand you, don’t try to persuade them. It’s always nice to help someone out, but keep your own well being in mind.

by Samantha Asher

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