Unfortunately, in today’s world, there’s no shortage of so-called experts offering advice on quite frankly, everything…

Woman: So, I see you drink a lot of coffee?

Man: Yes

Woman: How many coffees a day, you think?

Man: Usually about 3

Woman: How much do you pay per coffee?

Man: $5.00, including tip

Woman: And how long have you been drinking?

Man: About 20 years, I suppose.

Woman: So a coffee costs $5 and you have 3 coffees a day, which puts your spending each month at $450, or $5400 annually. Not accounting for inflation, you have spent $108,000 in the last 20 years! That money could ‘ve been put into an investment account and, after accounting for compound interest for the past 20 years, you would now have enough money to buy a Ferrari.

Man: I see you in here often. Do you drink coffee?

Woman: Not really.

Man: Where’s your Ferrari?

This humorous exchange highlights a fundamental truth: it’s easy to dispense advice, but far harder to follow it oneself. In the realm of finance, there are countless “talking heads” who offer advice on real estate, mortgages, and financial planning without the basic knowledge or experience. Your uncle Larry, who last got a mortgage 15 years ago, or your real estate agent aunt Bessy, who hasn’t been active in real estate for 10 years, might mean well, but their advice could be outdated or based on limited experience.

When seeking financial advice, it’s crucial to consider the source. Look for professionals with a proven track record of success in their field. Prioritize those who have demonstrated expertise and a history of helping clients or other family members achieve their goals.

Moreover, don’t just listen to advice—evaluate it critically. Consider whether the person offering advice has a vested interest in the outcome. Analyze their recommendations and seek multiple opinions before making any major financial decisions.

Additionally, remember that financial advice should be tailored to your individual circumstances. What works for one person may not be suitable for another. A cookie-cutter approach to financial planning rarely yields optimal results. Instead, seek personalized advice that takes into account your goals, risk tolerance, and short term and long term ambitions.

Ultimately, the best financial advice often comes from those who have “walked the walk” themselves. Seek out mentors and advisors who have achieved the financial success you aspire and learn from their experiences. When being guided by experienced experts, you can avoid costly mistakes and set yourself on the path to true financial well-being.

New segment: Would you rather get $5,000 this minute, or $100,000 in ten years from now? Please email or message me to let me know your choice! If you have a good “Would you rather” question, please let me know and we will highlight your submission.


Shmuel Shayowitz (NMLS#19871) is President and Chief Lending Officer at Approved Funding, a privately held local mortgage banker and direct lender. Approved Funding is a mortgage company offering competitive interest rates as well as specialty niche programs on all types of Residential and Commercial properties. Shmuel has over 20 years of industry experience, including licenses and certifications as a certified mortgage underwriter, residential review appraiser, licensed real estate agent, and direct FHA specialized underwriter. He can be reached via email at Shmuel@approvedfunding.com.

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