If you want to build wealth, or create a successful business, or be a prosperous investor, where should you get your advice?
Many people in the United States seek the advice of people like those listed below:
- CPA (Certified Public Accountant)
- CFP® (Certified Financial Planner®)
- CFA® (Chartered Financial Analyst®)
- ChFC (Chartered Financial Consultant)
- RIA (Registered Investment Advisor)
- Stock Broker or Business Broker
- Insurance Agent
- Business Consultant
- Banker or Lender
Unfortunately, when trying to choose who to see you can go to Google and look up the terms listed above, and your head might explode.
Regarding financial planners, their services can overlap and the following can be some differences:
- Some sell products to help your reach your goals. It could be stocks, bonds, mutual funds, insurance, annuities, limited partnerships, oil and gas investments, and more. They earn their income from commissions
- Some planners only charge fees for consulting
- Some planners might charge for an in-depth written financial plan that covers everything from tax savings and investments to estate planning and wealth transfer suggestions AND then might offer commission products in addition
- Licenses and certifications can be state-sanctioned or federal registrations
- A stockbroker might also be a CFP® or have another designation
- Some occupations require various federal filing requirements and licenses like series 7 to sell registered securities or a Series 65 that allows someone to advise prospects/clients on investing and general financial concepts.
What all of these have in common is that the “professional” supposedly has the knowledge that the prospect lacks, whether it’s about building a business, investments, life insurance, or mutual funds.
The difficulty is that if you want to create wealth, even massive wealth, you don’t need to speak to any of the people with the credentials I listed above. You can speak to them, or you can do that on your own with the right psychology or mindset, education, and connecting with the right people who are in the field where you want to learn.
Wealth creation is a team sport, but you do not have to involve a credentialed professional. That’s how it works when you’re dealing with money.
However, if you want to perform heart surgery, you need to have years of education, training, supervision, and experience. Little of that is needed to create wealth.
And the funny part to me is that you’re led to believe you need all sorts of math skills when it’s the soft skills or mindset skills that make all the difference. I failed high school math and still created wealth. I had the right mindset AND I did not do it alone.
Getting back to the issue of who do you seek out when you want advice on creating wealth, building a successful business, or becoming a prosperous investor.
First talk to someone who is where you want to be. If you have a neighbor, co-worker, or family member who has arrived at where you plan to be ask them some questions. See if they are open to sharing their journey with you. Like Tony Robbins says, “Model what works.” Ask if they are willing to share their lessons, resources, or contacts with you.
To learn what to do (and what NOT to do):
- Speak to someone who owns apartment buildings if you want to own apartment buildings.
- Speak to someone who has a large stock portfolio if that is what you want.
- Speak to a successful business owner if that’s what you want to build.
- Speak to a successful online marketer if that’s what you want to create.
- Or, join a mastermind where you can contribute and has the people in it you can learn from.
What will you choose to do?
To Your Prosperity,