Getting the Best Financial Advice – Who Influences You?

financial advice

We all have influences and we all want to make sure we get the best financial advice. Other people often shape who we become, what we believe, and how we act. So, who influences me from a financial standpoint? I have had several influences. I’ll share a few of them with you.

Family Influences Can Be Important

My Stepfather has been a huge influence on my financial life. He is very successful from a career and a financial standpoint. I credit him with my interest in finances and investing. He taught me how to create a budget, how to analyze stocks, and how to get set up with a brokerage account and a ROTH IRA.

I don’t know how much he has, but I do know he is a self-made millionaire and became a millionaire at a fairly young age. I try to emulate his approach toward money as much as I can.

We often bounce ideas off one other for stock picks and investing strategies. I am blessed to have a close family member who can help me navigate the waters of finances. If you have someone in your family who is financially savvy, I’d highly recommend spending some time talking with them and learning from them. They can be an invaluable resource as you learn and grow financially.

Financial Advice From Internet and Print Publications

Another source of valuable information is the internet and print. There are literally countless websites and publications that you can go to. Some are valuable, and some not so much. However, a few I personally use include the following:

  • CNBC
  • Yahoo Finance
  • MarketWatch
  • Morningstar
  • Barron’s

All three have quality stories related to finance, saving, investing, and the stock market. If you are looking to analyze a stock or bond I’ve found that Morningstar is an excellent resource. There is a paid version of the site, but the free one works just fine.

If you like printed publications, Barron’s is an excellent weekly paper. They also have a website which mirrors the printed version. You will gain access to it if you subscribe. It’s a bit pricey but well worth it if you are looking to do in-depth analysis. Be aware that it is a rather advanced publication and isn’t for the novice investor.

Bad Influences Can Teach What Not to Do

I’ve also had some influences in my life who have taught me what not to do financially. Most people you encounter in your daily life will fall into this category on some level. There is a good chance that many of your co-workers, friends, and family members will not be financially astute. Some will be worse off than others, but the reality is that in most instances financially successful individuals will be more of a rarity than the norm.

It’s important to take a step back and observe what others around you are doing and how they are acting. I often notice my co-workers buying new cars every couple of years, going out to eat for lunch daily, and walking into work with all the latest tech gadgets. Sometimes it’s easy to fall into the herd mentality and give into the temptation to keep up with your peers, but it can also be a recipe for financial hardship. Stay true to your beliefs and your goals.

So, who and what influences you?  I’d love to hear some of your personal influences, how they’ve shaped your financial perspectives, and who inspires you. Comment below and share your story. 

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