Donald M Fink’s Top 5 Money Tips to Ignore
With over 40 years in the financial industry, I have shared many ideas with my clients that have truly helped them over the years. If you were to talk to most “Financial Advisors”, you would get the same ordinary cookie cutter advice. These tips will help you filter through the advice that you may hear generally and suggest that you simply ignore them. That said, I am going to share with you the Donald M Fink Top 5 Money Tips that you really need to ignore, especially if it is coming from an “Unseasoned Advisor”.
A Home is always a Good Investment
Typically, the American dream is to buy a house with a white picket fence and a nice front yard. That dream is awesome; however, did you know that your house is also a major liability? Not to discourage you from owning a home, but there is no shame in renting, especially if you had a specific financial goal in mind. I have always said that you should lease your lifestyle and invest your money.
Don’t Create Long Term Debt
Celebrity “Financial Advisors” such as Suze Orman or Dave Ramsey, also suggest to not ever go into long term debt or at the most live completely debt free. The key is not to over extend yourself, rather try to take care of your obligations and leverage your debt. At The Advisory Co, we’ve got some fool proof strategies on how to leverage your debt and accumulate wealth. If you are inclined to know more, feel free to give us a call and schedule an appointment.
Buying Bonds to generate Short-Term Income
Bonds are not a good strategy if you are trying to generate income. On a scale of 1 to 10, bonds are the least risky investments and should only be used as savings instruments in your portfolio. To generate income, you may want to think of stocks… however, they are aggressive and risky. The Advisory Co has strategies based on your short and long-term financial goals. If you are inclined to know more, feel free to give us a call and schedule an appointment1 with one of our advisors.
“Higher Education” provides Opportunities in making an Amazing Living
It may have been true back in the day that a college degree can lead to an amazing living. Although there is much truth to this in this present day; however, Donald M Fink’s words of wisdom to you or your children is: “If you know your heart is not set for traditional educational schools, then don’t waste the years in college and use your funds to leverage your long-term future or laden yourself with unnecessary debt .”
There is much risk in Purchasing and Owning Stocks
You may have heard this from a family member: “Buying Stocks is Risky”. The simple answer is there is risk in everything you do. Granted, lack of research in stocks can lead to higher risks; however, you do require some level of risk to create adequate funds for your retirement. As they say…..no risk, no reward. At The Advisory Co, we have an impeccable record of providing sound financial advice to our clients. Call us today at 702-869-1919 and let us provide you an appointment with a retirement expert.
Donald M Fink has been advising and helping individuals and business owners with strategies for over 40 years. He continues to consult with private clients in the areas of estate planning, wealth management and asset preservation and to this day maintains Life & Qualifying membership and Honor Roll status in the Million Dollar Round Table (MDRT).