EQ Bank Savings Plus Account

Free Advice: Worth Every Penny

in Case Study, Family

Best Things in Life are Free?

What was the best advice you ever received for free? Let’s not include the important facts of life taught to us by our parents as we grow up, no, let’s concentrate on the advice from others, where they thought they were helping us out? Better still, advice from the media, how did it work out for you?

Free advice is easily given out and is worth every penny, you paid for it.

As I have mentioned sometimes Free Advice is not really Free either, someone is making money on the advice, so you should be always on your guard when it comes to financial (or finance related) advice. Sometimes your advisor is just really misguided:

  • A relative who thinks they are helping you out by giving you a “hot tip”.
  • A friend who doesn’t really know much about the advice being given but wants to help.

Advice is a dangerous thing, as I have written about before I gave advice and it caused a dear friend to make a terrible mistake.

Steer clear of free advice, and question all other advice as well (yes, look the gift horse in the mouth (and check its legs too)), when it comes to your money (or things to do with your money).

{ 5 comments }

  • Randy Cox The Penny Capitalist December 4, 2011, 9:42 PM

    The only thing worse than free advice would be advice I had to pay for. I’ve paid for plenty and little of it was worth the price.

    The best advice is good advice, but it is hard to know the good from the bad until the end of the story.

    Reply
  • Keynote Property Investments November 17, 2011, 2:36 PM

    You should always question people’s advice. Always conduct your own due diligence!

    Reply
  • Rob G November 16, 2011, 5:43 PM

    I have received a lot of advice in the past few years. I find the older I get, less and less people are seeking to provide me with advice but instead want mine.

    Some of the best advice I received from complete strangers thru reading their blogs or books. I guess it might not technically be free as in some way or form the person is being paid but ultimately “due diligence” is always required.

    Thanks for the post!

    Reply
  • krantcents November 16, 2011, 3:39 PM

    40+ years ago, my finance professor gave us the acronym TINSTAAFL which means There is no such thing as a free lunch. I think it is true now and always.

    Reply

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