This week, DD’s Finance columnist Shona Chambers from John McColgan Financial Services explains how there is no quick-fix to making a fortune, and to be wary of ‘get rich quick schemes’…
I am sorry, folks, but you will not make money in the markets if you treat investing like backing a horse. As I have written many times before, there are no quick fixes to making money, unless you are lucky enough to win the Lotto!
By Shona Chambers QFA RPA on behalf of John McColgan Financial Services”
If any of you has seen the recent movie ‘Money Monster’, which hit cinema screens earlier this year, you will know that George Clooney plays gregarious financial TV host Lee Gates, who ‘reviews’ the markets and doles out stock tips. Without giving too much away, a young man, who lost all his savings after one of Gates’s stock tips went wrong, takes the TV host hostage on air and forces him to wear an explosive vest until Gates can explain why that stock crashed.
The premise for ‘Money Monster’ is based on the CNBC show ‘Mad Money’, which, according to my good friend Google, ‘helps viewers navigate the treacherous labyrinth of Wall Street trading, helping them to recognize opportunities and avoid pitfalls along the way.’
Although the TV show within the movie is highly sensational, it struck me again that most people are still looking for that ‘tip’ or quick fix to make some money.
Numerous times in the last few weeks, blog posts and articles from so-called ‘experts’ looking to make a quick buck from unsuspecting consumers have cropped up on my social media accounts, with taglines like ‘Five reasons why diversification is not a good idea if you want to make money‘ and ‘If you want to make money now, this is what you need to do!’
These kinds of sensational articles and blog posts concern me because they try to get naive and unsuspecting readers to sign up to expensive seminars and buy into dubious get-rich- quick products, all in the hope of making a lot of money.
Let me tell you now, there are no get-rich-quick schemes. If you do see or read something like this, ‘Run, Forest, run!’ springs to mind. The only winners here are the people running the seminars or peddling the products.
No part of the financial planning process should be looked at in insolation, and that includes investing. There are no ‘tips’. It is never a good idea to make changes to your financial plan without consulting an independent financial advisor like me.
If you do, you could end up totally derailing your financial future. It is also a good idea to have just one advisor who can help you set you financial plan, and who understands your vision for the future, rather than acting on conflicting advice from multiple sources.
Following the advice of an established qualified professional will help keep your money safe and your future secure.
For more advice you can contact 074 9124366Tags: