MEN & MONEY – Ask for financial directions

Jokes about men refusing to ask for directions may well contain some truth. A survey in Britain of 1000 motorists a few years ago revealed that 12% of men flatly refused to ask for help when lost while 26% of men might drive for 30 minutes before asking for directions. In fact, the research showed that men drive about 444 extra kilometres a year trying to figure out where they are! However, it is also interesting that while 74% of women said they would ask for directions, 26% of women don’t ask for direction – and just 37% said they pulled over immediately when they realised they were lost.

Jokes aside, the survey reveals an important fact: many men and many women hesitate to ask for directions. While driving, this may have only limited consequences, like lost time and wasted petrol. But, in real life – especially when it comes to important financial decisions such as how to best earn, spend, save and invest your money – not asking for directions can have dire consequences.

When to Ask for Financial Directions

Unless you have some formal financial training or education, or you have invested significant time and effort into educating yourself about financial matters, it would be in your best interest to ask for financial directions.

The world of finance is littered with jargon and technical terms such as risk tolerance, asset allocation, securitisation, hedging, offshoring, intrinsic values, liquidity, price-earnings ratios, return targets, risk premiums, bulls, bears and bubbles. And even if you understood all these terms, the intricacies of assembling all these pieces of the financial puzzle into a coherent and successful investment strategy in the current economic climate may be more complex than most of us can get to grips with.

Who to Ask for Financial Directions

A recent US survey by Varo Money revealed that when it comes to seeking financial advice, 23% of Americans turn to their moms rather than a professional financial advisor, or even their fathers.

While it is certainly wise to turn to a person you trust to have your best interests at heart for advice, you may want to also include other factors into your decision-making criteria, such as financial credentials or qualifications, expertise in the financial matters you need assistance with and experience in providing the right solutions.

How to Ask for Financial Directions

Remember, your financial coach is ready to help! You can simply click here for confidential and professional assistance, whether telephonic, electronic or face-to-face financial coaching and support.

Your financial coach will meet with you once a month or on an ad-hoc basis to provide financial directions you can trust, from drawing up a budget and consolidating debt to buying a home or planning for your retirement.

Your financial coach for directions that will lead you straight and faster to the financial destination you are looking for. Simply click here