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Personal Finance Tips
Financial Fallacies: Telling a Mother Her Baby is Ugly
by Michael Chadwick (Write for us!)
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There is no easy way to tell a mom that their child is not beautiful. I believe all babies are beautiful. This is exactly the dilemma some peopleface when
it comes to their finances. Many people are very happy about some of the things they are doing financially. When I ask people "what is your past experience with financial planning and financial planners" what usually follows is a list of things they are very happy and proud of. If the things they feel good about, are proud of and believe in are in fact not the best, what should be done? My challenge is to somehow communicate to them that the things they are doing may in fact not be in their best interests. That is the equivalent of telling a mother her baby is ugly. The best way I have found to do this is the following statement: If what you believe to be true about your money turned out not be true, when would you like to find out about that.
There are many things that people believe to be true that are not, here are a few examples that I see daily:
If you or anyone you care for believes in any of these statements, its likely time to have a conversation with a financial professional. Maybe there is a way to find beauty in the baby when you have a clearer lens to look through.
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