Get your financial advice from rich men, not salesmen

One thing about opinions is that good or bad, everyone has one. Everyone can tell you how to do what they have never done.  This blog is about learning how to vet the advice you get.  This is because all advice sounds good, even crappy advice.  I haven’t yet figured out why this is but one thing is for certain, the results don’t care about your intentions or how GOOD that advice sounded at the time.  If you follow a path of bad advice you could end up in a not so good place and that robs of you the money and time wasted in the process.  Don’t be that guy.

Where should you get your advice?

It is important to get advice from successful people not people who profit when you take their advice.  I see this all the time even from people I know and respect.  An example is the guy who tells you that education is the key, and he just so happens to have the perfect educational program for you. Or the person that tells you that real estate always goes up in value, and they just so happen to be brokering your deal and selling you that real estate.

It’s all sales

This is also seen in areas where people don’t even realize they are being sold.  Your mortgage broker, is a salesmen.  Your 401k plan administrator is a salesman.  The guy changing your oil and finding all the other problems with your car, is a salesmen. The key to being broke is spending all your time listening to “smart” people who have the solutions to your problem at a small fee or monthly subscription.

A big reason why the subprime issue happened is because people listened to salespeople who they believe knew more than them.  The sales people made millions while the owners got stuck holding the bag. The key is that those people are just like you. They are no smart or better educated.  You have to do the work and due diligence on your end to make sure you are getting a good deal not a deal that helps them meet their sales quota.

Actions are louder than words

After you vet through all this advice you get to the people who have actually won in life.  When you meet those people you still might not want to take their advice.  The key instead is to watch. Watch what they do, what they have done and what they are planning to do.  You can take their advice but you still have to be careful because wealthy  people have an agenda as well.  Usually that agenda is to keep you being their employee.

Still the advice you get from actual wealthy people will take you further than advice from wannabes.  There are a lot of wannabes.  Don’t get caught following the actions of wannabes.  It won’t end well.  No one person is the end all be all buy you have to at the very least get around real players and vet out all the talkers and dreamers.

Your friends cant tell you

Your friends, can’t tell you how to get rich.  Your parents can’t even tell you how to get rich.  And that broker, who is broker than you, can’t tell you how to get rich.  The only person who can tell you how to get rich is a rich person, period.

So get around them.  Go to where rich people hang out and eat.  Talk to the big shot at the real estate meeting. Talk to and follow the moves of the CEO.  Employees can only teach you how to be an employee.  If you want to be the boss you have to hang with the boss.  This is why you will always see me keying in on what the CEO says and less to what other employees are saying.  They don’t even know that they are lost.

Be smart

I wrote this blog because as the economy improves people are going to be looking for homes and buying cars and they are going to be bombarded with salesmen who have all the “answers”.  Answers that lead to you buying their products.  We can’t afford to leave our financial future up to other people’s agendas.  Successful people don’t leave their success up to others and neither should you.  Get educated, learn how to win, and execute on your truths. Average people lack the ability to validate what can and cannot create excellence or things no one else has seen before.

Be great, invest well,

Todd Millionaire

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