As you’ve no doubt experienced firsthand, the path to success doesn’t always run in a nice straight line. In fact, it’s more likely to be a squiggly mess with setbacks and failures along with the wins and epic leaps. There are often speed bumps, pot holes, twists and turns and forks in the road. But a bit of good financial advice can be brilliant in helping you find your way.
Listen to those you trust
In fact, many of the most successful leaders we currently have, are where they are today because they took good advice from people they trusted.
All you need to do is search the internet for tips and there’s leaders everywhere happy to share the best advice they’ve ever been given and how it’s impacted their path. Can you remember the best piece of advice you’ve ever been given? Was it something your parents always told you? A favourite teacher? An early boss who took an interest in your career?
In a 2010 interview with Yahoo! Warren Buffet shared the best advice he’d been given by Thomas Murphy, a fellow board member at Berkshire Hathaway: “Never forget Warren, you can tell a guy to go to hell tomorrow—you don’t give up the right. So just keep your mouth shut today, and see if you feel the same way tomorrow.” Wise words we could all live by!
Advice can take many forms, it can be personal, career-related, about relationships, your personal and business goals and achievements, leadership, financial issues and how to deal with setbacks.
The really good, even great advice we get (and actually follow) is what will ensure our success.
Smart people actively seek out those who can assist them with their financial decisions and point them in the right direction. There are now many careers that also fit in the advice space, in fact there are entire industries purporting to offer great strategic ideas to large firms, CEOs and their teams—for thousands of dollars. Many, however, are resistant to seek advice in certain areas of their lives.
Busy executives are often incredibly time poor. If we’re sick, we consult Google before considering a trip to the GP. We go online for legal information and templates to see if we can solve our own problems and trust our friends, family and taxi drivers with our investment needs. Instead of seeking counselling for big issues, a drink with friends can suffice. Yet we all probably know someone who didn’t get the professional help required, and it ended with disastrous consequences.
There are times in our lives when good advice is worth paying for and, despite an initial cost, can end up savings thousands, both personally and professionally. Instead of thinking ‘cost’ start thinking ‘investment.’ Good advice is a great investment.
Financial advice falls firmly into the ‘great investment’ category. That is, a strategic plan being set in place, a strategy that’s tailored to your needs or your firms, to meet your goals. Paying for good advice is likely to be one of the best investments you’ll ever make.
Just like you would with a healthcare provider, lawyer or any expert, ensure your adviser is professional, well educated, ethical and doesn’t sell you on returns. Be very be wary of individuals who are overly confident of achieving great results without correctly highlighting risks.
Advisers don’t know where the economy or the markets are likely to be at the end of the month, let alone year, but do have an intensive research process that is more likely to ensure long-term interests are met. It’s much better to be vaguely right rather than precisely wrong.