Thursday, November 11, 2010

Advice (need to pay a fee) vs. Opinion (free to talk, no responsibility)

When I research for the topic of Advice vs Opinion, one of the write up I like as follow:
It was at this point that Judy suggested that one critical thing to do was to not ask people for "advise" but rather to seek their "opinion." It was one of those moments when you slap yourself on the forehead and say "why the hell couldn't I have thought of it that way?" It is such an important distinction, and as she went on to explain asking for advice creates pressure because there is an implicit risk of "what if my advice is wrong," whereas if you ask me for my opinion, the risk feels much, much less. Hell, as Judy said, "we all have opinions, and actually like to express them."

Every time I go to any event, or listen to any speaker, it is always my hope to walk away with a "take home." Something I can use in my job that will hopefully help to make me better at what I do. Judy does coaching for a living, I don't, but I do get "networked with" a fair amount, and while I have never objected to it, I vividly recall the discomfort I have felt as people would ask me for advice.

From here on out, I don't plan to offer as much advice as I will offer an opinion.
Thanks Judy. (Source: http://execunet.blogspot.com/2006/05/advice-vs-opinions.html)

When we go to clinic and visit the doctor, we pay FEE for advice. When we have a legal problem and go to legal firm to see a lawyer, we pay FEE for advice (and service, if any). Anyhow, advice from family member and friend usually is free because of the relationship.

However, when come to money issue, we look for FREE advice from anywhere and anyone. Isn't it not so right?

There goes a saying: FREE advice can be very costly. Example, Income tax department shows no mercy if you make a mistake based upon faulty advice, a fine is a fine regardless whatsoever excuses you give.


More reading: 
http://moneywatch.bnet.com/retirement-planning/blog/money-life/dont-pay-too-much-for-financial-advice/851/

http://louisville.bbb.org/post/seeking-financial-advice-a-free-lunch-or-dinner-could-be-costly-4043

http://www.nytimes.com/2010/03/04/business/retirementspecial/04LUNCH.html