Occasionally those who do not know what I do when I mention that I am in financial services ask me,”So, what is the hot stock tip?” This typically leads me to explain to them that I do not deal in hot stock tips. I do not even sell any product. I try to help people make sense of their financial situation by putting together a plan that addresses their goals and desires.
Often this is a fairly intensive process of getting to know the client, their goals and dreams, and then going through the grunt work of trying to assist them making it a reality by looking at their budget and spending habits and trying to put the proper pieces in place as indicated by a custom-tailored plan.
One thing that I have tended to notice regarding the “hot stock tips” that I have received is that they tend to be fairly risky, and quite probably a good way to lose money for the person who has received it. Rarely have I heard from get rich quick scenarios the caveat… “lose money quicker…” It simply does not tend to sound as good from a sales perspective, I guess.
Budgeting is not sexy to most people. However, it can assist people with being able to put aside money to help them achieve their long term hopes and dreams. But for those of you that are still itching for a hot stock tip, here it is… Be careful with “hot stock tips”… the reason why they are so hot, is that you just might get burned.
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