Key Takeaways
- A recent survey found that 50% of Millennials said that if they were given $1,000, they would consult their parents on what to do with it.
- If you have a big financial decision to make, you want to be sure to consult someone to ensure your emotions don’t cloud your judgement.
- When you pick a financial mentor, be sure they can actually give you good financial advice, and not actually having lots of money issues of their own.
If I need advice or a second opinion on my own financial planning, I go to my partner. You might think that’s strange because I’ve been doing financial planning myself for others for such a long time. However, the reason I do it is because I’m my own worst enemy, and really, we all are. So, it makes it a lot easier for me to make sure I’m not making a bad emotional decision.
A recent survey done by the marketing firm Element Three, found that, if given $1,000, about 50% of Millennials say they’d consult their parents for advice on what to do with it. These Millennials are using their parents as a second opinion or a touchstone to help them make decisions with their money.
What are the other 50% doing? I’m not sure, but I would suggest considering someone you can go to, to be a mentor. It could be a colleague, a professional advisor, or some other person, just as long as you are consulting someone else. When we try to make our own decisions, we can get clouded with emotions because we are too close to the situation to see clearly.
However, you need to also be sure the person you choose to be your financial touchstone is someone who can actually give you good advice! You don’t want to choose someone who is drowning in debt, or constantly having financial problems of their own. It then becomes more of a blind-leading-the-blind situation, and you could end up worse off and perhaps heading down the same path as them.
So, just remember, always consult someone else to help you work through decisions you are going to make with your money, but make sure they have already made good money decisions themselves!
Until next time, enjoy!
Gary
