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  • Rachael Ooi

Why you should stop comparing your financial situation to your friends?

Too often we hear from clients “I heard from my friend at a BBQ that…..” and what usually follows is doubt and uncertainty around their own portfolio based on the unsolicited advice from a friend.


What sort of advice are we talking about? The sort of advice that only applies to that one person. Why do we discourage this? Every single person’s financial portfolio is tailored and suited to them. Our clients plans are specific to their circumstances, their needs, their objectives and their personal situations. That means it would not be suited to the next person.


Chances are, the advice you received from that friend, we’ve already considered it! We have eyes all over the financial world and there would be little we didn’t already know. We also keep our ears out for changes and your Adviser Rachael frequents Professional Development Days keeping in the loop with what’s new, what’s changing and what may affect you. We invite our clients to review their portfolio once a year because we know how frequently this industry changes. We know too that your personal circumstances change and what we implemented a year ago may no longer be beneficial to you.

Unsplash - Anna Spratt


Business Insider listed some additional insight into why you shouldn’t compare:


1. Your friends could be making poor choices

What makes your friends financial advice more substantial and important than what you’ve already got in place? Does your friend have a Financial Planner? Also consider their job, income, assets, liabilities. Not the same right?


2. You’ll end up living someone else’s life

Listening to your friends is okay and we’re not expecting you to stop having chats about financial matters. Just be open that your portfolio is yours and yours only.


3. Everyone has different priorities

What stage of life are you at? Is your friend at that same level as you? This can make a huge difference to the portfolio and plans in place.


We’re not completely disregarding what your friend has heard or the information they’re offering, we’re just saying it might not be for you. We encourage you to always ring us and check but to not be discouraged or nervous about thinking you’ve missed out on something.


If you've heard something from a friend that you're unsure is relevant to you, or you just want to chat about your financial situation, please give us a call (07 3211 8600) or send us an email (stacey@yourwc.com.au).

General Advice Warning: 

The information contained on this website has been provided as general advice only. The contents have been prepared without taking account of your objectives, financial situation or needs. You should, before you make any decision regarding any information, strategies or products mentioned on this website, consult your own financial advisor to consider whether that is appropriate having regard to your own objectives, financial situation and needs.

 

Disclaimer: 

Whilst Your Wealth Consultants is of the view the contents of this website is based on information which is believed to be reliable, its accuracy and completeness are not guaranteed and no warranty of accuracy or reliability is given or implied and no responsibility for any loss or damage arising in any way for any representation, act or omission is accepted by Your Wealth Consultants or GPS Wealth Ltd or any officer, agent or employee of Your Wealth Consultant or GPS Wealth Ltd.

Your WC Group Pty Ltd, trading as ‘Your Wealth Consultants’ & ‘McMaster Heathfield Wealth Advisers’, is a Corporate Authorised Representative (#1260416) of GPS Wealth Ltd | AFSL 254 544 | ABN 17 005 482 726 | www.gpswealth.com.au

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