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Why Financial Experts Don’t Work August 5, 2008

Posted by shaferfinancial in Uncategorized.
Tags: , , , ,

The hardest thing for some folks to understand is why taking advice from or turning your money over to experts doesn’t work.  After all, that is what we have been trained to do, listen to experts! There are two problems with this strategy.

First, is the problem of our own emotional/mental structures.  Taking advice from experts doesn’t change our own mental structures.  If we don’t change the way we think about money, if we don’t change our understanding about money, if we don’t create a wealth creating environment in our lives, then we will fail to create wealth.  It is as simple as that.  By going to a “financial expert” we are demonstrating an unwillingness to take control of our own lives and that is what needs to be done in order to create wealth.  Study after study demonstrates this. We can not outsource control and expect to have above average results.

Secondly, the masses of “financial experts” out there are mostly folks just like you, that haven’t taken control of their own finances, or turn themselves into active participants in their own financial lives.  What, you say?  Yes, that’s right how many folks in the financial expert category are actually wealthy?  How many have made their wealth through investing?  Most, if they have acquired any wealth, do it by having superior sales abilities that turns into superior income.  But as a class, they are wealth underachievers, meaning they have less wealth given their income, than the average.  I read that the average “financial expert” has an income of $80,000, in which they aren’t very good, at least below average, at turning into wealth.

If you want to create wealth you have to create the mental environment in which wealth creation can prosper.  If you want to create wealth you need to learn to do it yourself.  If you want to create wealth you can do it faster, more efficiently with a wealth coach from the Shafer Wealth Academy www.shaferwealthacademy.com.  The alternative is to make no changes, which will get you where? 



1. Liza Othman - November 2, 2008

You should never just give you money to another person to invest – expert or no expert. At the end of they day, you financial success (or lack thereof) is your responsibility. Before investing in anything, you should understand how the investment work. If you don’t understand it, don’t invest in it.

I don’t remember who said this, but it was a prominent figure in finances: “When it comes to money, it’s better to do nothing than to do something you don’t understand.”

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