When I started this site, I wasn’t sure how to approach advice to readers. I was really tired of the way most financial advice is given either in magazines, web sites or books. Most of it comes with a large helping of ifs-ands-or buts advising readers to seek professional counsel before proceeding.
One of the aspects of modern life that irks me is unnecessary complexity. In my day job (as a software developer) I’m constantly fighting a battle with complexity. My motto is “keep it simple.” That’s how I feel about personal finance, if it’s not simple (or at least as simple as possible) many people won’t be able to either understand it or follow through with it.
Many of my earlier articles contained recommendations for my readers. I’m now reconsidering if this is a good idea or not. On the plus side, I like straight talk. I like clear answers to problems. However, much of life isn’t black and white. Especially when it has to do with the government, taxes, finance, etc.
Any endeavor humans involve themselves in they quickly make as complex as possible. In my opinion this behavior occurs because people are trying to cover their a** (CYA) as much as possible. If a person can disguise or hide their mistakes, you can bet ninety percent of the time they will.
I think in my future articles I will take an approach similar to Dr Graham. I will present my information and illustrate who may be able to benefit from it without making a blanket recommendation in either direction. I think that’s best for all involved. Besides, you need to read many sources for information before making important financial decisions. As always I still advise you to seek professional financial advice when necessary. However, you should be armed with your own information and as much understanding of the situation as you can assemble before consulting a professional. You will make much more efficient use of your time and ask more intelligent questions if you do your own research.
We are fortunate to have a wealth of information available to us today. Between public libraries, the intranet and television we have access to more data than any previous generation. Best of all this access doesn’t cost us much if anything. There is no excuse not to become educated.
Now for my last point, I do not give unsolicited advice (financial or otherwise) to relatives. This is part of the reason I’m reconsidering giving advice to readers. I want a consistent policy as inconsistencies drive me crazy. So I’ll do for you what I do for my family and friends. I’ll point you to the information, give you my (hopefully educated) opinion but leave the decision to you. I don’t feel right telling others what to do. That’s part of my personality type and part of my personal philosophy. I value autonomy in myself and others. If others come to lean on you then you are not helping them to help themselves.
My goal here on Wealthy Reader is to make available resources for financial self education. I will point you in the direction of books, web sites and magazines I find useful. I will continue to make available more calculators to assist your planning efforts. In the end as you grow you’ll probably need less and less basic financial advice as your own knowledge of the subject grows.
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