A Personal Finance Blog for Malaysian: Free Advice Has A Price

Monday, September 27, 2010

Free Advice Has A Price

Simple rule:-
  • “don’t ask a brick maker to buy jewels for you”.
  • “don’t ask a stock broker for real estate advice”.
In modern day, advice are free and plentiful (over the internet). The price we pay though is who to listen to and who to tune out. Most people in the world listen to the people closest to them such as their parents and friends. It is no wonder that the rich stay rich and the poor stay poor. The advice that we get determines the road that we take to the future. If you want to get lucky, find a person that is where you want to be in life and ask him for advice.

Lots of people can give advice without obligation. Although they may be sincere and a nice person, they may not be the professional as above example.

Even they are the professional, an advice given may be subjected to unique consideration based on one's unique situation. Since you didn't disclose all information and the person giving advice didn't have the obligation to ask all the question, many "assumption" whether implied or express will be used as a basis in giving the "free advice".

Even the advice given is right, at that point of time, time change and things change. But he or she is not obliged to "update" you, right?

Price is what you pay for; Value is what you get.

Price for Free advice is RM NIL.
Value for Free advice can be positive return or even negative return.

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