Why So Much Financial Advice is Wrong

Why so much financial advice is wrong
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10 Responses

  1. I agree that being the right place at the right time is half of financial success. That said, people do make their own luck too. You were hired by the law firm because of your education, experiences, and that fact that you pursued the job. It may have seemed like dumb luck but a series of decisions that you made got you there.

    • Lisa says:

      Sure I should get some kudos for my result. It never would have happened without my hard work, but it also wouldn’t happen without some luck. You need some of both. You can’t negate personal responsibility or the role of luck. Thanks for reading!

  2. EFI says:

    You capture well why I never appreciate the “do it this way!” type of advice. I love reading the different stories and paths people take to get there so I can learn and apply anything relevant. I try to write from that same spirit. I appreciate your acknowledgement of what worked for you and isn’t easily replicable. Oh, and the opening just made me laugh “…And others are just idiots.” Yep – important that we acknowledge that too.

    Here’s to making decisions that we can be happy with!

    • Lisa says:

      Yep others just are! I think we all gain when we’re a bit humble in our advice, and just offer stories. People can make their own insights. Thanks for reading!

  3. Steveark says:

    Thought provoking. Success indeed has a large luck component. But it also has a large skill component. I picked a lucrative STEM career when I was still in junior high school as my goal. I worked smarter than my competition and became the head Fred. I had a lot of fun, made a lot of money and retired early. Luck definitely played a big role, but I also had some mad skills that separated me from my competition. I think the biggest part of luck is how well the talent fairy blessed you and how well you identify and can monetize your particular greatest skills.

    • Lisa says:

      Well, having skill, talent, and smarts is luck. Giving advice dependent on the person having those any or all of those traits makes the advice flawed. People are so unique and their talents so varied.

  1. November 10, 2020

    […] just read this morning a post called Why So Much Financial Advice is Wrong on A Lawyer and Her Money blog.  For me it enforces what I have said here about people writing […]

  2. November 29, 2020

    […] I can’t blame anyone else, but it’s true that there is a lot of bad advice out there. Even if the advice is good, it may not apply to you; I encounter this frequently with advice for the masses that makes little sense for physicians (and lawyers and other high-income professionals). A Lawyer and Her Money on Why So Much Financial Advice is Wrong. […]

  3. December 2, 2020

    […] Why so much financial advice is wrong. [A Lawyer and Her Money] — “Even good-hearted people trying to impart knowledge can only speak from their own experience. The decisions they made were ‘good decisions’ because they worked out. That, however, doesn’t mean you can or should make the same decisions now that they made in the past. […]

  4. January 19, 2021

    […] so much bad personal finance advice out there – so much clutter. It’s time you all learned how to KonMari your finances. […]

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