6 Lessons to Help You Be Your Own Financial Guru

by Gina Blitstein · 0 comments

Money management can be a daunting task. Spending, saving, investing responsibly – it’s enough to make your head spin! It’s no wonder, then, that people look to experts to help them navigate through often murky financial waters. Financial advice abounds from a wide variety of sources and appears in a myriad of forms. Where is a person to turn for advice that will significantly benefit her financial circumstances?

More and more common is the “financial guru” who promises to help you whip your finances into shape and grow personal wealth with a supercharged “system.” They offer advice and often products (books, videos, software, seminars…) to help you follow their plan to manage your money. By appealing to our sense of powerlessness over finances, these very persuasive “marketers” capture our attention with promises of financial empowerment.

There are countless gurus, each with a unique spin on money management. With so many opinions, there’s bound to be some that resonate with you. While there’s nothing wrong with heeding sound advice from a guru, make certain you realize that they’re business people whose product is that advice. Be wary of spending money on their offerings; instead, try to glean the essence of their message and apply it your own circumstances. True financial empowerment will come when you inform and enlighten yourself through copious research, then make your own best decisions.

Some of what can be gleaned from financial gurus in general include:

  1. Money is a resource to be managed – Your money is the fuel that powers your life and the financial stability thereof; it’s incumbent upon you to take charge of it and make the most of what you have. Remember, money management isn’t only about earning; sometimes the best way to manage your money is to enjoy the fact that you can spend some of it to enrich your life.
  2. DO have a financial plan – but not necessarily theirs’ – your own – By educating yourself in financial matters (which includes exposing yourself to a wide variety of information and opinion) you’ll become equipped to pick and choose among strategies to devise your own, individualized money management plan. Keep your plan agile by repeating what works and swapping out that which doesn’t for an alternate approach.
  3. Be both conservative – and bold – Diversify your strategies to provide greater experience with investing, spending and saving methods that are beneficial for you. Make reasonable goals and strive enthusiastically to meet them – that’s the best anyone can do.
  4. There are no guarantees – Whether you follow your own strategy or someone else’s there are no guarantees that you’ll reach your financial goals. When the plan is your own, you’ll know you’re doing what’s best for your circumstances.
  5. There’s no “one right path” to financial success – If there were only one way to achieve your financial goals, there would only be the need for one guru. Since opinions vary, select those that feel right, based upon what you know to be true.
  6. Employ your common sense – When a guru’s message resonates with you, it’s because it’s appealing to your own common sense. Tap into and trust that inner voice to guide you in making your own plan.

There’s no magic bullet to finances; only trial and error. The best thing you can do toward financial success is to educate yourself. Like everyone, you’ll experience successes and failures; gains and setbacks. The important thing is to vigorously take hold of the reigns, don’t get discouraged and realize that no one knows it all – even those who refer to themselves as gurus.

What have you learned from financial gurus?

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