Why Financial Experts Don’t Work
posted in Financial Literacy |~ David Shafer ~
The hardest thing for some folks to understand is why taking advice from or turning your money over to experts doesn’t work. After all, that is what we have been trained to do, listen to experts!
There are two problems with this strategy.
First, is the problem of our own emotional/mental structures.
Taking advice from experts doesn’t change our own mental structures. If we don’t change the way we think about money, if we don’t change our understanding about money, if we don’t create a wealth creating environment in our lives, then we will fail to create wealth. It is as simple as that.
By going to a “financial expert” we are demonstrating an unwillingness to take control of our own lives and that is what needs to be done in order to create wealth. Study after study demonstrates this. We can not outsource control and expect to have above average results.
Secondly, the masses of “financial experts” out there are mostly folks just like you, that haven’t taken control of their own finances, or turn themselves into active participants in their own financial lives.
What, you say? Yes, that’s right how many folks in the financial expert category are actually wealthy? How many have made their wealth through investing? Most, if they have acquired any wealth, do it by having superior sales abilities that turns into superior income.
But as a class, they are wealth underachievers, meaning they have less wealth given their income, than the average. I read that the average “financial expert” has an income of $80,000, in which they aren’t very good, at least below average, at turning into wealth.
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