Millionaire HabitsMillionaire Habits
    Facebook Twitter Instagram YouTube
    Twitter Facebook Instagram YouTube
    Millionaire HabitsMillionaire Habits
    • Get Started
      • The FIRE Movement
      • Financial Automation
      • Your Emergency Fund
      • Investing for Beginners
        • ETFs
        • REITs
        • Roth IRAs
        • Mutual Funds
        • Traditional 401(k)s
      • Wealth Building Timeline
      • Why Financial Independence?
    • Topics
      1. Careers
      2. Lifestyle
      3. Debt Relief
      4. Retire Early
      5. Personal Finance
      6. View All

      I’ve Interviewed Hundreds: Here Are My 9 Top Interviewing Tips

      November 8, 2023

      Gain 2 Extra Hours Daily with These 4 Simple Micro Habits

      October 29, 2023

      Say Goodbye to Office Commutes Forever with These 10 Home Office Hacks

      October 28, 2023

      Don’t Make This Massive Mistake: Why You Should Reject That Job Offer ASAP

      October 28, 2023

      I Interviewed 150+ Millionaires – Here’s What You Can Learn From Them

      December 2, 2023

      From Nomad to Millionaire: 15 Travel Jobs You Can Do From Anywhere In The World

      November 28, 2023

      The Secret Millionaires’ Rituals: 12 Steps to Skyrocket Your Success

      October 26, 2023

      Morning Mistakes: 13 Daily Habits You Must Quit Now for an Amazing Day

      October 25, 2023

      Student Loans Repayments Start This Month – Here’s What To Do

      October 2, 2023

      6 Strategies to Expedite Student Loan Repayment

      August 13, 2023

      Early Retirement Could Ruin Your Life – Here’s Why You Shouldn’t Retire Early

      October 30, 2023

      CoastFIRE: Achieve Financial Freedom By Coasting

      August 29, 2023

      BaristaFIRE: Achieve Financial Independence by Working Part-Time

      August 28, 2023

      FatFIRE: Achieve Financial Independence In Style

      August 27, 2023

      15 Things You’re Almost Definitely Wasting Your Money On

      December 2, 2023

      15 Tricks Clever Marketers Use To Make You Spend More Money (They Work!)

      December 1, 2023

      12 Things You Should Never Buy With Cash (Use Credit Instead)

      November 12, 2023

      The Truth About Millionaires: Most Believe These 9 Lies About The Wealthy

      November 9, 2023

      Open Minds and Hearts: The 17 Top LGBTQ-Friendly U.S. Cities

      December 2, 2023

      I Interviewed 150+ Millionaires – Here’s What You Can Learn From Them

      December 2, 2023

      15 Things You’re Almost Definitely Wasting Your Money On

      December 2, 2023

      $100,000 in NYC

      December 2, 2023
    • Write For Us
    • About
    • Contact
    Subscribe
    Millionaire HabitsMillionaire Habits
    Home»Millionaire Habits»Why Most Financial Advice Sucks
    Millionaire Habits

    Why Most Financial Advice Sucks

    Steve AdcockBy Steve AdcockJuly 29, 2023Updated:August 12, 20233 Mins Read
    Share Facebook Twitter Pinterest LinkedIn Tumblr Reddit Telegram Email
    Share
    Facebook Twitter LinkedIn Pinterest Email

    First, let’s get one thing straight: This isn’t an “all advice sucks except for mine” type of email (sorta but not really!). I’ll be the first to admit that even my advice won’t apply to literally everyone.

    But still, most financial advice (heck, advice in general) sucks.

    Why? I’ll tell you.

    Why most financial advice sucks

    The problem with advice is simple: it’s often based on what worked for one person (the one dispensing the advice).

    And, what worked for one person has a deep seeded history in their own experiences in life. Their upbringing. Their mistakes and successes.

    As a result, most advice you hear is clouded in biases, assumptions, and personal experiences that won’t apply to everyone. It’s a one-size-fits-all approach when good advice is anything but that.

    This is why good advice is hard to come by. Harder than you probably think.

    For instance, I went to college. It’s the best decision I’ve ever made because it got my foot in the door in a high-paying career field.

    But I would never advise everyone to go to college.

    While I believe there is value in higher education, it’s not right for everyone. Frankly, the value of a college education is diminishing, and it’s never been easier to make a lot of money and lead a productive life without a degree.

    See what I’m getting at?

    The best advice you’ll get is advice seeded in objectivity, not simply what may have worked for one person.

    For example, take active vs. passive investing.

    I’m a passive investor. I never pick and choose my own stocks. Instead, I invest in index funds and ETFs and let them ride. I don’t time the market. In truth, I barely pay attention to my investments because, in time, they always go up.

    I advise that you do the same. Not because it worked for me but because the numbers uniformly prove that passive index fund investors outperform active investors who pick and choose their stocks and day trade.

    It’s been proven time and time again.

    This is objective advice because it works for the large majority of people.

    If anyone tells you differently, they’re either trying to sell you something or they are giving you advice based on personal bias, not objectivity.

    “Dude, you should tooootally day trade! I make $30,000 a month and follow this simple strategy I learned in this course…yada yada yada...”

    Here’s the truth:

    The best advice is often preceded by a question, such as one of these.

    • What are your goals?
    • What have you tried before?
    • How much time do you have?
    • What was your upbringing like?

    These are all questions meant to reveal context. That context should be coupled with personal experience and objective knowledge to package together a customized nugget of advice.

    This is when you know you’re getting the best advice.

    …not that one-size-fits-all crap you read in magazines and dispensed by content creators whose sole motivation is to sell you advice you don’t need.

    Until next time,

    – Steve

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Previous ArticleThe Road To 740
    Next Article Should I Give My Kids an Allowance?
    Steve Adcock
    • Website
    • Facebook
    • Twitter
    • Instagram

    Steve Adcock quit his job after achieving financial independence at 35 and writes about the habits millionaires use to build wealth and get into the best shape of their lives. As a regular contributor to The Ladders, CBS MarketWatch, and CNBC, Steve maintains a rare and exclusive voice as a career expert, consistently offering actionable counseling to thousands of readers who want to level up their lives, careers, and freedom. Steve lives in a 100% off-grid solar home in the middle of the Arizona desert and writes on his own website at MillionaireHabits.us.

    Related Posts

    Millionaire Habits

    $100,000 in NYC

    December 2, 2023
    Millionaire Habits

    I Feel 14 Again

    November 25, 2023
    Millionaire Habits

    You Gotta Fight For It

    November 18, 2023
    Add A Comment

    Comments are closed.

    The Latest
    Lifestyle

    I Interviewed 150+ Millionaires – Here’s What You Can Learn From Them

    Steve AdcockDecember 2, 2023

    Meeting millionaires can be an eye-opening experience. Each of them has a unique story, filled…

    15 Things You’re Almost Definitely Wasting Your Money On

    December 2, 2023

    $100,000 in NYC

    December 2, 2023

    15 Tricks Clever Marketers Use To Make You Spend More Money (They Work!)

    December 1, 2023

    • Facebook
    • Twitter
    • Instagram
    • YouTube
    FI/Accelerator
    Facebook Twitter Instagram Pinterest
    • Privacy Policy
    • Disclaimer
    • Sponsor
    • Contact
    • About
    © 2023 SAA Digital, LLC.

    Type above and press Enter to search. Press Esc to cancel.