Is Financial Advice A Disservice?

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In many of my articles, and those of other writers, a common theme can be found. Most financial writers, myself included, tell people that they have to choose what to do with their money. We advocate choosing between life experiences like travel and the accumulation of stuff and gadgets. We tell people to choose between the small meal out today or saving for the larger goal later. We tell people that if they want to do or own certain things that they must give up others. We advocate a trade-off system where the things you need and want most get priority and the things you want less take a backseat or get forgotten altogether.

We tell people to make these choices because most people have a f


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6 Responses to Is Financial Advice A Disservice?

  1. Nika says:

    Sometimes people forget that time is not worthless.
    It is in effect what your life consists of and it also has value and is a finite resource.

    So there is always a trade off involved. You are trading off time with your family, time for yourself, time to see this world for money. There is a fine balance in how much more of it you should trade than you have to and if it is worth it.

  2. Julie says:

    I know some people that think the same way. They are the same people that thought I was foolish for not mortgaging my home to invest in the stock market about 6 years ago. Many people that make a lot of money also lose a lot of money…but they often don’t tell you that side of the story.

    I have worked both sides of the equation. I have taken steps to increase my salary, but not just so I can buy more stuff. Most wise people realize, at least over time, that more suff often leads to greater disattisfaction with life. At some point you need to learn to be content with what you have. If you don’t, you will never be truly happy.

  3. Barbara says:

    Great post. My husband and I were “having it all” in 1994, when heath matters struck me and i could not work and with no health insurance we fell into debt by $65000. We went bankrupt as my DH only was making about $30,000 gross that year! Now, all these years later things have improved, but we are still tackling medical expenses, yet our lives are very rich and we have fun and enjoy what we have. Asking him to work more than he already does would be insane, and I would rather make frugal choices and enjoy my husband then never see him except to see him exhausted. We are well taken care of and “having it all” isn’t about stuff & travel, to us it’s about relationships and we have that fully.

  4. Anne says:

    I think it involves a balance of saving more and earning more. If you give up all your time and energy to earn more money, there is little left of you to actually enjoy it.

    On the other hand, doing a side job or working part-time to achieve a goal can help you get something you really want. It’s all about balance.

  5. Patrick says:

    Funny how things that seemed so important lose their importance as one ages. Also concepts like retirement which were so clear in ones 30’s become very hazy in ones 60’s.

    Life is constantly changing and we just have to make our choices and compromises based on our current circumstances. Balancing health, wealth or happiness

  6. slinky says:

    I immediately thought of the story about the rich business man and the fisherman when I read this. Its not about having everything, its about having enough and you define what enough is.

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