How we were raised plays a huge role in how we see the world and how we think about money.
We watched our parent's financial decisions as we grew up, even if we didn't understand the finer details of it. We saw their lifestyles and spending habits and learned accordingly.
The capitalistic society we live in means we are constantly a consumer of a product, whether we are aware of it or not. When we seek out financial information about our money, usually we are speaking to a representative of a bank, such as a teller or a meeting with the branch's Financial Advisor.
They answer our questions about our bank account, how much to pay down on our line of credit, or tips on how to improve your credit score and approved for a better mortgage rate. The problem is those bank representatives are not always compensated to look out for your best interests, and may not give you the best advice. Maybe they mean well, but they were trained by an institution that wanted to sell a product, so the education for the role is flawed. Other times, their compensation model is based on bringing in new business, not on existing clients' accounts. The conversation ends up earning them a bonus because they signed you up for another bank account with monthly fees and signed you up for a new credit card.
Wait, didn't you drop in for a quick question? You just got upsold at the bank.
Then take a look at the people you are surrounded by. You are looking at your own reflection, and their lifestyle and mentality around money impact you. The people you hang out with today is the person you will become.
It is hard to find good financial advice, but a good place to start is to know who pays the salary of the person giving you advice. If there is a clear conflict of interest in their compensation, you may not have all your options.
Ask lots of questions, learn about your financial interests, and find someone you trust to give the right advice. Reach out to email@example.com if you have any questions or tips to share!