Trending By: tex_admin August 20, 2018 @ 12:21pm

6 Reasons Why You Won’t Get Rich By Reading About Personal Finance

This is a personal finance article.

It’s also a personal finance article telling you why personal finance articles aren’t very effective in helping people.

You might think this is strange, coming from a person who writes about money all the time. But I can only tell you the truth: you won’t get rich from reading personal finance.

Here are six reasons why:

1. We Actually Can’t Give You Financial Advice

Scroll to the bottom of most personal finance websites, and you’ll see some common, though strange disclaimers: “not financial advice,” “for education purposes only.”

Well, if this isn’t advice, then why tf am I spending my time reading this?

Because the Internet is a great (and cheap) place to share information with lots of people. On the other hand, there are laws preventing non-qualified people from giving financial/investment advice to normal people. To show the difference:

A. Sharing information: “This is how unit trusts work”

B. Financial advice: “Next month, I recommend you invest RM 1,000 into Aaron Equity Fund because…”

This is generally a good thing. It’s meant to protect people from scammers and con men. But it also means that you’ll read a lot of articles without strong opinions or recommendations. And a lot of surface-level crap which isn’t practical at all.

Boringgggg…

 

2. Personal Finance Is Supposed To Be Personal

The second reason personal finance articles suck is they’re mostly too general.

It’s like buying clothes at Tesco vs. having a personal tailor. At Tesco, the clothes are designed for the mass-market average person. You’re basically screwed if you have an uncommon body shape — like if your chest is large, but your arms are small. You might get something that kinda fits, but will never look as good as if a great tailor crafted something.

Likewise, an article on the Internet has to be broad enough for maximum impact. “How to manage your money” is probably too broad. “How should young graduates manage their money?” is nice. But “How to manage your money if you’re good-looking, have three girlfriends and a Honda Civic, but no college degree” is only gonna be useful to maybe one person — so no one writes shit like that.

And yet, that might be the person who needs financial advice the most.

It’s the same thing with “rules” and “systems” that online marketers promise will help make you rich (just sign up here for ONLY RMxxxx!). They’re nice and convenient on paper — but they don’t apply to everyone, all the time.

Broad information can be a nice introduction to a subject. But because everyone’s situation is different — it stops getting useful past a certain point.

Click here to read full story

Source: Says

| Live TV

| ARTIKEL Xtra

Trending Thu, 6 Feb 2020

情人节DIY心形美味餐点!让另一半感受你满满的爱意

除了在外吃情人套餐,在家动动手准备一份情人特餐,更添浪漫气氛喔!

Featured Sun, 5 Sep 2021

Cara Semak & Kaedah Bayaran BKC Fasa 1 Bermula 6 September

Umum maklum, orang ramai bakal menerima bayaran Bantuan Khas COVID – 19 (BKC) yang akan dikreditkan secara berperingkat bermula hari esok. Justeru, Bank Simpanan Nasional (BSN) telah mengeluarkan sebuah notis rasmi berhubung status bayaran BKC […]

Trending Wed, 3 Jun 2020

Berita Baik Buat Peminat Esports Di Malaysia

Wah tak sabarnya nak tengok!

Trending Wed, 21 Aug 2019

Here are 6 Must-Go Western Eateries in Shah Alam that Promise You Good Food

Now you no longer need to break the bank to get good food.

Trending Wed, 14 Aug 2019

Pencarian Berakhir…Mayat Sah Milik Nora Anne!

Ditemui kira-kira 2.5 kilometer dari resort.

Trending Fri, 11 Sep 2020

Kenakan Sekatan Perjalanan Ke Atas Negara Berisiko – MKN

Ingat, jangan ikut suka hati je okay!

Trending Fri, 1 Oct 2021

Halaqah Musim Baharu Kini Lebih Padat & Menarik

Lihat, dengar dan hayati. Itulah kekuatan program Halaqah yang sering mendapat maklum balas positif daripada penonton setiap kali bersiaran! Kini, program bual bicara terbaik Anugerah Skrin 2016 dan 2018 kembali dengan kupasan topik yang lebih […]

Trending Tue, 28 Jul 2020

| Live TV