The process of wealth building can be confusing and misleading. On the Rise Up and Live and Live Free podcast we aim to empower you with the information to choosing the right financial advisor that will help you reach your goals. We do this by providing educational content that encourages you to think for yourself and not rely on the status quo.
Today’s episode covers the number one thing that is probably holding you back in your financial plan. And it’s probably something that you haven’t even considered. We are talking about traditional advice.
You’re probably very familiar with this equation. Go to school, get a job, and put your money in a well diversified portfolio. You may have even heard this advice from the people you trust most. We aren’t saying that those who offer this guidance are deliberately trying to deceive you. We are arguing that they are misinformed.
Keep reading to find out why the traditional advice you’ve been given is steering you in the wrong direction. We’re giving you the tools to immediately discern what advice you should be taking. And the ability to shut out the voices that are keeping you from financial freedom.
“Every solution that is given to you by a financial planner is a wall street solution.”- Ryan D. Lee
What Is Goldfish Advice
On the podcast, you’ll often hear us using terminology that you may not be familiar with. We don’t do this to confuse you. Our goal is to use our language to paint a visual image in your mind that sticks!
So what exactly is Goldfish Advice? It is essentially the financial advice you’ve been hearing your entire life. The notion that every financial solution should be evaluated through the lens of Wall Street.
“ You will never be financially free in 10 years or less as long as you use goldfish advice.” – Ryan D. Lee
The Goldfish Advisor is especially dangerous because it is seemingly harmless. It can come from the most well-meaning and intelligent people. But that doesn’t mean it works. In fact, this advice will keep you from your goals because it doesn’t adhere to a sustainable business model.
It keeps you completely reliant on Wall Street for your wealth. It doesn’t work and it keeps people in a state of anxiety. And that is not the foundation you want to be building on.
The Goldfish Analogy And Why It Matters
Let’s first breakdown the three most common types of financial advisors you may come across.
“The Wolf of Wall Street”
This is the advisor that will take blatant advantage of you. They are typically easy to spot and avoid.
“The Used Car Salesman”
They can be just as easy to recognize as the first. Actually, they might be more obvious. This type of advisor is just looking to make a sale and a quick buck. Most people avoid them at all cost.
The Goldfish Advisor”
This person is the hardest to spot and they’re often creating the most damage because it goes unseen.
This analogy helps us identify the third type of advisor and get over their dangerous advice.
You have two new goldfish who get put in a fishbowl with an older fish. This older fish has been there for a while and swims by the new additions and proceeds to ask them, “How is the water?”. The two new fish look puzzled for a moment and then go on to ask, “What the heck is water?”
What does this have to do with finance? Well the goldfish here is your run of the mill financial planner and Wall Street is their water. Their advice will always be given through the lens that Wall Street has all the solutions for your investment issues.
The problem is they will always give you a solution that will never get you what you want.
Why Choosing The Right Financial Advisor Matters
The majority of financial advice is given through Wall Street knowledge. Going back to our Goldfish Analogy, if you don’t know anything outside of the fishbowl then you can’t advise on it. If it doesn’t fit into the neatly wrapped package of Wall Street then it is deemed risky.
This is dangerous because people assume Wall Street advisors have their best interest in mind. Except their solution is always a hope and wait approach! As long as you use Goldfish Advice you will never be financially free in ten years or less.
How To Know You’re Talking To A Goldfish Advisor
“If it’s a product based solution, the reality is that you’re stuck.” – Ryan D. Lee
The first question you should ask any advisor is, “Are you financially free?”. You can’t get the right formula for success from someone who isn’t doing it themselves.
Does the person you’re taking advice from have specific and measurable outcomes that you want to see in your own life? What does financial freedom mean to them? How do I measure my own success if I follow your strategy?
These pointed questions will guide you in the right direction. At the end of the day, the most successful strategies are systems based. They are reliant on the individual rising up. Not on the success of any product.
No one will care more about your financial freedom than yourself. So if you’re looking to Rise Up and take control of your finances then we encourage you to check out our Cash Flow Coaches. They’ll show you the difference between Goldfish Advice and true financial empowerment.