Advice is like falling snow.
...the softer it falls the longer it dwells upon and the deeper it sinks into the mind...
Hi, guys. The quote is from a Forbes magazine article (but I later found out it was written by poet Samuel Taylor Coleridge back in the 1700Âs). In a prior post here, we discussed how unsolicited financial advice generally goes unheeded. (and tends to make enemies) So I began wondering - when does one actually heed financial advice?
Sure, if you go to a financial planner, and pay for the advice, youÂre probably going to willingly receive the advice, so letÂs rule out those occasions. I want to hear about the times that unsolicited financial wisdom has Âfallen like snowÂ upon you.
IÂve mentioned that I am a recovering shopaholic. I had a coworker/friend on my first job who told me Âpay yourself firstÂ, but I didnÂt heed that. In the late 1980Âs I called a radio financial planner and asked him to recommend a place where I could turn my paycheck over and the place would manage my money. He said ÂDo you know who the best manager of YOUR money is?Â I said with incredulity ÂYou mean ME?Â I did not act on his advice Â did not do a thing to learn about managing money. In the mid 1990Âs another coworker was shocked that I hadnÂt joined the company 403B. ÂYou should be doing that.Â, he said. But again I did nothing.
On the other hand, I was talking about paying my mortgage when a coworker/friend said to me ÂWe (she and hubby) donÂt have a mortgageÂ. They had paid off early with an unexpected inheritance. I was stunned by the realization that mortgages can end early. I made paying off my mortgage a goal. Another time, I was talking about credit card rates when a coworker said ÂI never carry a balanceÂ. I made zero credit card balances a goal and I now avoid paying any CC interest.
So it seems that advice Âfalls like snowÂ on me when I hear about another personÂs successful self-management more so than when told what ÂIÂ should do. Or maybe IÂm more receptive when financial wisdom is not given as advice from someoneÂs lips, but obtained from personal observation. What about you?