On this week’s episode of THE FINANCIAL COMMUTE, host Chris Galeski invites Wealth Advisor Beau Wirick to discuss the potential dangers of following generic financial advice on the Internet.
Here are some key takeaways from their conversation:
- Beau stresses that financial advice online cannot be personalized the way a financial advisor can tailor their guidance to your individual situation and needs.
- Many social media wealth “gurus” make content about financial decisions that can significantly impact one’s life, like social security, real estate investing, and health savings accounts. Influencers or gurus may simplify complex topics or even exploit emotions linked to these decisions, which may lead to misunderstanding and misinformation. Chris and Beau dive into their opinions on these individual topics.
- Chris and Beau also critique the concept of infinite banking and indexed universal life insurance as being oversold on social media, explaining it’s usually more about wealth protection than creation; IUL policies can also be costly and complex with high fees and long-term commitment requirements.
- It is critical to sift through financial advice thoughtfully before making rash decisions solely based on Internet content that is not personalized to you and may be overpromising.
Disclosure: Information presented herein is for discussion and illustrative purposes only. The views and opinions expressed by the speakers are as of the date of the recording and are subject to change. These views are not intended as a recommendation to buy or sell any securities, and should not be relied on as financial, tax or legal advice. You should consult with your financial, legal, and tax professionals before implementing any transactions and/or strategies concerning your finances.
On this week’s episode of THE FINANCIAL COMMUTE, host Chris Galeski invites Wealth Advisor Beau Wirick to discuss the potential dangers of following generic financial advice on the Internet.
Here are some key takeaways from their conversation:
- Beau stresses that financial advice online cannot be personalized the way a financial advisor can tailor their guidance to your individual situation and needs.
- Many social media wealth “gurus” make content about financial decisions that can significantly impact one’s life, like social security, real estate investing, and health savings accounts. Influencers or gurus may simplify complex topics or even exploit emotions linked to these decisions, which may lead to misunderstanding and misinformation. Chris and Beau dive into their opinions on these individual topics.
- Chris and Beau also critique the concept of infinite banking and indexed universal life insurance as being oversold on social media, explaining it’s usually more about wealth protection than creation; IUL policies can also be costly and complex with high fees and long-term commitment requirements.
- It is critical to sift through financial advice thoughtfully before making rash decisions solely based on Internet content that is not personalized to you and may be overpromising.
Disclosure: Information presented herein is for discussion and illustrative purposes only. The views and opinions expressed by the speakers are as of the date of the recording and are subject to change. These views are not intended as a recommendation to buy or sell any securities, and should not be relied on as financial, tax or legal advice. You should consult with your financial, legal, and tax professionals before implementing any transactions and/or strategies concerning your finances.