The Value of Good Advice

[?] Subscribe To This Site

The Value of Good Advice

Knowing the value of good advice is like the difference between staying poor or becoming rich. It takes some learning before you can tell the difference between good advice and bad advice.

Today, we are in the information age. The amount of information out there is doubling every few months. It is impossible for any one person to know everything. This forces the issue that successful investing must be a team sport.

The richest people in the world build networks, and it is impossible to build a successful network following bad advice. At some point you need to begin making decisions about the people you surround yourself with.

The Quality of Your Decisions

Understanding the three cash flow patterns, the three forms of income, and how they relate to each other is the first key to making good decisions.

Use this understanding to help you select the people you associate with, whether they are accountants, lawyers, or employees. For example, a banker that works for an earned income and understands little about investing is likely to give you advice that will keep you working for earned income.

You should try to surround yourself with advisors that share your understanding and vision, but which exceed your capability. Do not be intimidated by this situation. If you try to know as much about accounting as your accountant, you will end up being an accountant! So always remember why you are here and what you are trying to accomplish.

This leads to one final point to ponder. The quality of the decisions you make are directly dependent on your current level of understanding. Increase your understanding and you will increase your success.

Custom Search

Leave The Value of Good Advice Page
and Let's Compare Savings vs. Investing

footer for good advice page