As more and more readers came into this blog, I received a lot of questions if I am a financial advisor. And for the record, I AM NOT. At least for now. Do you really need to become a financial advisor to give financial advice?
When I started this blog, the idea is to document my financial freedom journey and to share personal finance tips and financial literacy to people WHO RESONATES with it. I didn’t aim to give financial advice for everyone. I just want to share what I’ve learn and my thoughts about something personal finance related.
And again with a disclaimer that I am not an expert and not a registered financial advisor.
Over time, people started asking advice left and right about their investments or about their financial status. My answer has always been the same, it depends on your financial goal.
Why did you invest on that? Or why did you bought that stocks? What’s your goal or what’s your plan before you get into this? Go back and follow those plans.
In short, I played safe. Haha. No just kidding.
The truth is, there is no sound financial advice you can give to everyone. It is always been a personal and case-to-case basis.
Because everyone has different goals in life. Everyone has different situations. Everyone has different character and personality. Everyone has different backgrounds, source of income, age, risk appetite and more.
Without knowing a person’s financial and personal background, there is no way you can give him/her a practical financial advice that’s really suits his/her needs. Again, it is always been a personal and case-to-case basis.
And that’s the job of financial advisor.
To give you sound and practical financial advise that suits your needs and personality. Financial advise that fits in your situation and in your goals in life.
How can they do that? By studying your personal and financial situation. Your budget, your spending habits and more. In short, they MUST know you first!
With that, they can create a very sound and practical plan that is customized for your needs. Don’t trust those “financial guru” who offer you something left and right without even asking and knowing your financial status and situation or your financial goals in life. They might just after your money. Ching!
And hey before I forgot, most of them are not FREE!
Yes, they might have to charge you. In order to have a customized financial advice or financial plan from a professional and registered financial advisor you might have to pay certain fees. And I think that’s ok, since it is their job and they have to earn to bring food to their family. Right?
But again, make sure they study your financial and personal situation first. Make sure you’re talking to a trusted and reputable financial advisor. Gotcha?
But how about those people giving financial advise but not a financial advisor? Like me. Or like any other personal finance blogger. Or like any other people tells you something related to personal finance. Should you trust them?
Again it depends. And I cannot represent them all. As I’ve told earlier, my answer has always been the same. Go back and check your financial goals why you get into this and that.
You might learn something from them or from me but again it will boil down to your own personal and financial goals. Personal finance is personal, mine is different from yours.
You can agree and resonate with what you read, saw or watched but make sure you act with due diligence before jumping on the ship. What I mean is, take time to study and learn if what you’ve read and heard is true. Or at least might do something good for you or applicable in your situation.
So to repeat the question, do you really need to become a financial advisor to give financial advice?
If someone needs customized, well detailed and professional advice, talk and look for a registered and professional advisor.
If you’re looking for inspiration and want to learn something from people who have the same stories like you, just talk to them. They might give you something useful.
In my own opinion, we don’t need to be a professional or registered financial advisor to give and share financial advice, everyone can. Sharing our own experiences and stories can teach something to someone. But again, due diligence is always a reminder.
How about you? Do you think we really need to become a financial advisor to give financial advice? Let me know your thoughts on the comment section below.
I hope this has been informative. Have a great week ahead. Cheers!