No, I Won’t Advise You. Here’s Why, and What I Will Do

This is kind of a weird post. I recognize that. However, it’s come up a lot lately so I thought I’d put my thoughts out there.

Over the last few months, a bunch of people have asked me if I am a financial advisor. No, I’ve never been formally trained in personal finance. Nor have I ever been formally trained in any other kind of finance. I just really like it. It’s a hobby to me, and luckily it’s a hobby that has some tangible effect on my life. I can look at my bank account and net worth and know that what I’ve been spending my time on has done some good. That’s pretty cool.

At least a dozen people have asked if I would help them with their financial planning. THAT IS INCREDIBLY FLATTERING. Seriously, it’s very cool that somebody would ask. You guys are too kind. I totally do not deserve it though, so the answer is no.

Here is why.

I have strong feelings on financial advisors. Not, like, “this is what you should do 100% of the time with no possibility for extenuating circumstances” kind of strong. But strong.

First of all, I think you should find a fiduciary (more on that a bit later). I am not a fiduciary. I have no intention of becoming a fiduciary anytime soon. Maybe in the distant future (like 7+ years from now) but right now…no.

Secondly, I think you should pick an advisor with some training. And you can’t just assume all financial advisors have training in a field that matches your needs. It’s a pretty broad name that can apply to a lot of different people. Insurance agents, bankers, tax preparers (not just accountants) – all of these can be labeled financial advisors. So make sure that you are picking somebody who is trained in the field you need advice in.

Finally, I’m just not at the point yet where I feel comfortable doing any sort of financial planning for another person. That’s a lot of pressure! I’m more than happy to answer individual questions, but anything more…no thanks. I’ve put a lot of thought into my financial plan. A LOT of thought. I don’t know anybody else well enough to feel comfortable doing that for them.

What I’m doing now

For most of the blog posts I write, I spend 2-5 hours researching it. That means I am rapidly gaining a lot of knowledge on personal finance. And I read a couple dozen articles and listen to about 5 hours worth of finance podcasts each week. So I’m immersing myself pretty deeply into this field.

Additionally, I recently signed up for several online courses in personal finance. I’ll tell you more about these when I finish them – I plan to write reviews. If I find any good ones, I’ll definitely recommend them so you can take advantage too.

Maybe, maybe, I will offer some sort of financial coaching service in a year or two. We’ll see. It’s something some financial bloggers do, and I can see why it would be appealing. I can guarantee my rates would be lower than a financial advisor, hahaha! But for now, thank you but no thank you. But make sure you read the bottom section!

The Future

I haven’t yet used my GI Bill benefits. My plan is to use them after I FIRE to study whatever my heart desires. Maybe I will get a degree in finance. To be honest, I haven’t decided and probably won’t decide until I’m halfway through spending the money. I know I don’t want a second career as a financial advisor. If I did it at all, it would only be to provide better advice when people ask questions or when writing posts.

I don’t have any desire to earn a living from financial advising. Like I said, this is a hobby. And if everything goes at least somewhat according to plan, I won’t need the money once I FIRE. So yes, I might become a real, live financial advisor, but I still probably won’t take clients in the way a normal financial advisor would. Maybe one or two to keep my skills sharp, or if there is some sort of requirement to keep your certifications. I don’t know. That’s years down the road.

What I Will Offer Now

If you want to talk to a financial advisor I recommend you find a fee-based planner who abides by a fiduciary standard. You may have caught my post a few weeks ago about the Fiduciary Rule but that only applies to retirement advice. If you want to talk to a planner about anything else, make sure you find someone who will act in your best interests for all financial planning.

If you want to talk specifically to me, though, reach out over email! You can reach me at militarydollar@militarydollar.com. If you are in my area, maybe we can meet up for a burrito and a chat about retirement plans or college savings. I love talking about this stuff! You don’t have to hire me to get me talking about smart financial choices, I promise.

One thing to keep in mind: I’m not going to recommend a specific investment to you. I might recommend a Traditional account over a Roth based on your specific situation. Or I might say stock market investing is easier than real estate. But I’m not going to say “You should put $5000 into Stock A and $3000 into Bond B.” No no no no no. I’m not knowledgeable enough to do that and also I don’t want to be sued.

For you military folk, I’m also happy to speak at unit events such as Enlisted or Commander’s Calls or training days. I’ve done a few of these over the years and I really enjoy them. If this is something you are interested in, email me to talk specifics. I’d be happy to help, whether it’s in my local area or while I’m TDY or on leave. And if I’m not going to be in your area, I can try to reach out to one of the other military personal finance gurus and see if they can help out.

I hope that explains my thought process and what I am and am not willing and able to provide. Like I said, please email me if you have any questions. You can also reach me on Facebook, Twitter, or Pinterest using the buttons at the very top of the page.