Question of the Day

There will be a financial literacy question posted every day of the month. Answer it and share what you "know." It could be the money question.

The question of the day:

It is critical to seek out independent sources when learning about the world of money? Why? Who?

Posted 10.30.14 | Answer the question | 3 Comments

Answers

  1. Comment by Garrett Haag on 10.30.14 at 7:18 am

    You do not want to learn from someone who has a conflict of interest. A sales person will want to sell you the products and services that make them the most money and are not best for you. If a sales person sold the cheapest products to you, the sales person would not make any money, and they want to make money. You need to learn from people who are teachers. People that set out to help inform people about the world or money like, John Bogal, Warren Buffet, Mike Finley, Burton Mackel, and those names are likely spelled wrong. You need to learn from the best and avoid the rest.

  2. Comment by Daniel Yehieli on 10.30.14 at 8:32 am

    I did want to add that 99% of the people that will attempt to inform you on the world of money have a conflict of interest despite the appearance on the outside that they have YOUR best interests in mind. We all must look for that very slim 1% to inform us such as the names Garett mentioned. It’s an individualistic world with everyone trying to gain a dollar out of you, so be on the lookout and be informed for your best interests.

  3. Comment by Mike Finley on 10.30.14 at 9:46 am

    Well said, gentlemen. Let’s review.

    Picking up a financial education is critical as you reach for financial freedom, but it must be done using independent sources who lack that conflict of interest. DO NOT educate yourself on money from commissioned based salespeople. This includes most of the financial industry. Here I am talking about your local financial advisor, investment broker, and life insurance agent.

    Independent sources? Here are a list of people I trust and I believe you can as well. Seek these people out, listen to them, read their books, and then take ACTION. Here are my experts: John Bogle, Eric Tyson, Jane Bryant Quinn, Burton Malkiel, William Bernstein, Charles Ellis, Jonathon Clements, and a guy named Warren Buffett.