Be Careful with Financial Advice
As I gather information for putting together a formal financial plan I am wary of the advice and pitches that seem to be everywhere. I want information. I want impartial information. I don’t want to just make something happen, but want to understand what it is that I am doing and why I am doing it. This article gets it right. It’s good to read up on personal finance, to ask questions, and to pull in information. Sometimes it is good to get advice or work with a “real” planner. It is always, no matter what it is you are doing with your finances, good to stop and think before you act.
I am considering several financial moves where I need a bit more information and thought before I take action. We are considering taking a home equity loan. We are planning the timing of our retirement contributions and charitable donations for the year. I have been watching Zecco to see if an account there makes sense. I have new options in my retirement plan at work this year. We are reviewing our insurance needs and might change our coverage this year.
All of these things take time, thought, and planning. I have tons of information available on each of those. I have crunched numbers, compared options, considered risks, and balanced tradeoffs. That is the planner part of the decision. Now we are looking at the family part. We are reviewing our options and sleeping on them. I am also a bit of a perfectionist, and by giving it a bit of time I might come up with some “better” ideas to consider.
I’m trying to do the same with this site. I have information I could throw at the site. I could dump postings up many times a day. I could comment on all kinds of stuff I read, respond to other blogs, and spew opinions and advice. Instead I will be taking my time and trying to make sense, to build up a bit of order, and keep information here reasonable. I want to get a feel for how this will grow. I want you to get a feel for how I present information. Take some time with me. Understand what is going on. Use what you can, when you can, and hopefully we can all learn and get something out of this.