I have previously gone out on a limb to say that it’s very difficult (actually, I said impossible) to pay to get good commercial / investing advice.
Unlike a doctor, accountant, or attorney who can only give themselves so much self-help [AJC: unless the doctor’s a hypochondriac; the accountant’s an embezzler; or, the attorney’s a criminal] …
… any “investment / business advisor” really worth listening to is probably making too much money for themselves to waste their time advising you on how to make money.
On the other hand, on rare occasions, you can find such high-quality advice:
– You can find a mentor; somebody who’s been there / done that and is willing to counsel you one-on-one
– You can buy stock in a company owned by such a person e.g. Berkshire Hathaway; by investing in BH (for example) you are ‘paying’ Warren Buffett to look after your wealth as a by-product of looking after his own.
WARNING: if you ever receive a bill from either of these types of people … run for the hills! They are not whom they seem 😉
But, there is a time when you DO need to seek – and, pay for – financial advice; to illustrate, here is an e-mail that I recently received:
Heh Adrian, do you think you can help and ole lady, who has been swindled more time that you can count, now unemployed (forced retirement), drowning in debt with but 1.1 million in property assets and 80K in bank that I am using to live off but it will only last 11 months with what I am paying out? I am 66 my husband (also retired) is 68.
It was our two financial advisors that got us into some of this trouble. We Lost our retirement investment through their recommendations. Even our other real estate investment (2 raw land and 1 condo) are now worth less than the remaining mortgages.
[My last] $80k is not just spending money; it is also supporting those mortgages, which I can’t sell due to the market.
You see, the time to pay for GOOD financial advice is when you think you might be in financial trouble (even if it was BAD financial advice that got you there, in the first place).
That’s why I don’t like to seek advice about WHERE to put my money.
But, this reader DEFINITELY needs to seek urgent professional financial advice!
She should get a recommendation from a friend to a fee-based advisor and/or accountant and just ask them to help her make some immediate decisions about her current structure: e.g. should she (can she) walk away from her mortgages? How much can she budget for the next 12 months in living expenses, and so on?
Then she’ll need to start learning (reading this blog is a good start) how to make real money, all over again …
What would you do in her situation?