January 26, 2017
Are You Being Educated or Sold?
A fiduciary is defined as a “person or organization that is responsible for managing the assets of another person, or group of people. “When managing another’s assets in good faith “asset managers, bankers, accountants, executors, board members, and corporate officers can all be considered fiduciaries.”
If someone is trying to sell you something they will only tell you the good news – the upside. They focus on the positive aspects in order to convince you to buy, and leave out the negative facets that might scare you off.
If someone is trying to educate you they will tell you the good and the bad, because they want you to have all the information you need to make an intelligent decision for yourself, based on what is truly in your best interest.
This is important to keep in mind not only when talking with brokers, investors, and the like in your financial dealings, but throughout life’s activities. If a broker is only telling you about the upsides of an investment, you know you’re being sold. If a political candidate only tells you about the upside of his/her proposed initiative, you know you’re being sold. Often times what people don’t tell you can be as informative as what they do tell you. Keeping this in mind will help you avoid being duped.
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