Often at Equinum, we hear people saying they don’t need professional financial advice because “you can find all the information you need on the Internet!”
And they’re right. The age we live in is pretty remarkable. All the information you could ever need – from the most basic of facts to the most complex and debated topics – is housed online.
But raw information isn’t everything. While Google can spit back all the differences between term and permanent life insurance, it can’t advise you in your personal situation. “What is a Roth conversion?” – Google can tell you. “Does a Roth conversion make sense for me?” – now, even Google has it’s limits.
The Internet does try and advise us, but sometimes, that advise can be poor, and other times, cringeworthy. Here are 2 of the many pieces of advice we’ve seen tossed around by influences, bloggers, and clickbait fishers:
“Don’t try to make more money – you’ll be pushed into the next bracket and pay more in taxes.”
Sure, making more money means paying more in taxes, but of course it’s still worthwhile. The U.S. tax code works at a marginal tax rate, where even the richest Americans have their first dollars taxed at 10%. So you’d only be paying a higher tax rate on the ‘extra’ income.
“Invest in the riskiest things, since the higher the risk, the higher the reward.”
What these promoters are missing is that higher risk doesn’t guarantee higher returns – just potential for higher returns!
Can we agree that advice is best through a dynamic conversation with a qualified human being?
Especially if 1 of these 3 people sounds like you:
- You’re not the DIY type. You prefer to focus on what you want to focus on – say, family and career – and delegate the rest to people you trust.
- You have a complex financial situation, and the cost of an advisor is chump change compared to the cost of making a mistake in investment losses, taxes or legal fees.
- You’re financially lonely. You’re not comfortable talking money with your friends or family, so you don’t have anyone to verify that you’re doing what’s financially best for you. The stress of trying to figure it all out on your own is taking quite a toll.
If you could use a second financial opinion (or a first for that matter), reach out to info@equinum.com. Oh, what a pair of professional eyes could do for you…
This material has been prepared for informational purposes only, and is not intended to provide, nor should it be relied upon for, legal or tax advice. If you have any specific legal or tax questions regarding this content or related issues, please consult with your professional legal or tax advisor.
