Deadly Mistake #7: Trusting “Experts” Too Much
Every other person has an adverse interest in relation to your wealth. Only you and you alone have no adverse claim on your wealth. Financial institutions handle your money in order to make some money over it. Likewise, investment counselors sell financial products to earn commissions.
In like manner, the investment publications aim to increase advertising and subscription returns; leading them to observe slanted editorial practices that focus on sensational news rather than substantial information.
In short, you derive financial recommendations from purveyors whose goals serve their own interests rather than your interests.
Never trust your wealth to the experts. The best policy is to assume that the financial advice you get is meant to favor someone else other than you.
Here is Laurence J. Peter’s definition of a true economist: “An economist is an expert who will know tomorrow why the things he predicted yesterday dicontinue reading