Funny thing about advice, there is no one size fits all answers to some of life’s most pressing questions. In fact, the guidance you receive can sometimes fall into the trap of conventional wisdom. For example, “this is the way we have always done it immediately comes to mind. Or the “everyone else is doing it this way, so it must be right” mindset.
The problem with conventional wisdom beyond known universal truths i.e. the yellow snow warning you received as a kid, is that it is often more “conventional” than it is wise. When it comes from someone we trust, and who has our best interests at heart, this is especially so.
Warren Buffet’s father once told him that he shouldn’t go into the securities business because it wasn’t the right timing? Of course, Buffet didn’t listen to his father and became an incredibly successful investor. His personal net worth today is $67.4 billion.
Beyond the world of finance, you have Rhonda Rousey. The once “dominant” ultimate fighter, was given terrible advice from her coach. Instead of ending her career on top with a bang, she departed the cage with a faint whimper, a shadow of her former self.
Reading about these advice nightmare stories, I wonder how the ones who guided these individuals felt about the outcome.
A Different Path
In my world as a financial adviser, I have always operated on the premise that a year of bad advice can set you back ten years . . . Or longer. Operating within the shadow of this awesome responsibility, doing what everyone else does will never cut it. After all, does it matter if you are the first or the last lemming over the cliff?
So rather than ask you, what is the worst advice you have ever received, I would like to ask you about the worst advice you have ever given?
A-HA . . . an unexpected turn of the table loaded question that is rife with “what was I thinking,” and “show me the door to the nearest exit” regrets.
When the left-hand doesn’t know what the right hand is doing, trouble usually follows.
When it comes to your advisers i.e. accountant, lawyer, etc., this kind of disconnect can be costly.