Finicky Financial Advice

money blogI’ve signed up for many blogs and Facebook groups about money, business & investing in the last 5 years. Suze Orman, the Budgetnista, my banks’ newsletters…

I’ve saturated my brain space with such things at this point and I’ve learned a lot along the way. What’s challenging, however, is the fact that I’ve hit a wall. Some of this may just be lil’ ole’ me having zero willpower to implement new financial patterns, but I’ve brain stormed what’s not right (saying “wrong” sounds wrong) about the advice I’m seeing populate my many newsfeeds, pages and inboxes.

1 – The rags to riches story is tired.  A lot of advice starts from the assumption that you’re poor. Setting aside all the debates that argue that many poor people actually think they’re middle class, these “she used to have $12 in her bank account and now she has $1 Million” stories have grown old. I don’t want to be a millionaire and I definitely don’t have $12 in my bank account. I’m looking for tips on how to improve from okay to great, not how to save myself from destitution. The lessons aren’t the same, so the inspirational story loses impact, because the practical steps to make a change aren’t replicable.  

2 – Entrepreneurship is hard.  I appreciate the messaging around being a business owner and acting as one’s own boss, but actually doing it is not easy. Dare I say, it’s less fun than showing up at a “day job,” which could be totally boring, but not nerve wracking. Investing your savings in a business venture that’s supposed to grant financial freedom is a pipe dream. If it’s really yours, as a successful business will be, you are duty bound to making that business succeed, keeping up its reputation and growing its reach. To my mind, that’s the exact opposite of freedom, if you’re doing it right. It’s a huge emotional and time commitment that I don’t think many people are truly prepared for.

IMG_20160220_0811343 – Save money when you spend. Coupon clipping, deal seeking, promotion pimping shoppers still spend money. Yet, I find that many blogs don’t promote less consumption, just lower costs of consumption. And while I’m a good capitalist like the next woman with ten fingers and ten toes, I have to say that this is exactly the type of mind set that keeps sweatshops in business. If you don’t want to spend money, don’t shop. But, if you need/want to, I think it should be done with a conscience and awareness about the supply chain the purchase comes from. Even if we can’t afford to get out of the trap of supporting cheap(er) labor, we should be aware that we’re doing it and make efforts to ensure that our financial situation improves such that we can lessen the habit.

4 – Why do I have homework? Many blogs and books give you lessons, but I’ve found that many newsletters and groups are dishing out homework too. I’ve seen everything from accountability partners to daily tasks for financial wellness. I have the attention span of a fly when it comes to things that aren’t about work, school or family, so these reminders convert to spam and spam into trash. And there’s a vicious cycle of mass deletions.

5 – Everything on stocks sucks. I haven’t read anything good about stocks yet. I suppose it’s pretty plain that there’s no good “how to” guide for stock market and bond investing, but it just feels like all the books and blogs seem to say 1) keep your money in for at least 10 years, 2) don’t pull out when everyone else is and don’t invest when/where everyone else is, 3) invest in what you use and 4) only invest money you can afford to lose. Anything else?… If not, let’s not keep printing big books and articles that add other fancy pants words around these basic lessons.

6 – The charity and tax nexus are non-starters. Last but not least, there are 2 issues that very rarely show up in these advice columns. How to manage income and taxes to net more AND how to integrate philanthropy into a budget. Better yet, if I can find anything on how charitable spending can help lower taxable income, I’ll be sure to send the author home made chocolate chip cookies. Sure, maybe we all should hire a financial planner to figure this out for our individual situation… maybe… but can I just get some basic principles? just one article? one book? or one measly little blog post? Or nahh…

That said, for those of you who want to troll the wealth of financial baggage I’ve accumulated over the years, please check out the list below. It’s chocked full of useful info, but it’s not what I’m looking for anymore. To help me get past this money advice rut, share resources that worked for you in the comments section.

Sharing (even sharing frustrations) is caring!

Suze Orman’s book

The Live Richer Challenge

Girls Just Wanna Have Funds

Modest Money

My Wife Quit Her Job

Shortguide to Sifting through Advice

Advice you probably don't need - http://twaddle101.blogspot.com

Advice you probably don’t need – http://twaddle101.blogspot.com

As of late, I have been the victim of unsolicited career advice. At first I was flattered by the abundance, because frankly it means someone cares enough about me to think about my future. Then, I became overwhelmed by all the possibilities that came my way by hearing all these inspiring words of wisdom. Finally I became paralyzed, because much of this advice is contradictory and seems totally irrelevant to my current ambitions or track record thus far. So, what to do?

Just as I was coming out of my advice coma, a long lost cousin contacted me to learn more about a career in international relations. I had been wracking my brain about what to tell her when we finally connect, because I’m still reeling from my week of mismatched mentorship. At least my advice will be solicited, which absolves me of only half of my problems. What about the rest of my advice? How relevant will it be for her when she starts her career? Why would she ever trust me and why would my advice be particularly useful? These are the questions that passed through my mind until I remembered that these are her problems, not mine. She asked me for advice. She will need to put on her big girl boots and sift out the good, the bad and the useful for herself and simply know that my intentions were good.

In thinking through this cycle of advice, mentorship, professional development, supervising, managing and being a cog in a wheel for the next 35 years, here are a few things that I would offer (unsolicited) to help strike a healthy balance between listening and unlistening to the bits of ‘knowledge’ that will come your way, no matter what field you specialize in. Consider this a short guide to sifting through career advice.

Broke Life – http://bit.ly/1Jws94I

1 – Money advice rarely ever changes. Career advice and money advice aren’t the same thing. – In my field, there are particular positions that are coveted for the political cache they yield. You hear that people come out with powerful networks and transform into semi-Gods. Ok, fair enough. But, these positions are often low paid, high powered, and stressful. Your spouse will probably hate you. The credit card companies will love you. Your gas guzzling car will enjoy being fed every 3 days for your 1 hour commute to & fro. But, your co-workers will know your name! There is a price to pay for power and I consider it very steep. So, you’ll need to decide for yourself what drives you. If you want to be the talk of the office, maybe it’s worth it. If not, you’ll want to think long and hard about what’s important to you, because you may be taking a pay cut to chase someone else’s dream.

2 – Thinking of your day job as your second stream of income is transformative. – There are some people who enjoy going to their offices because the work is fulfilling and they are passionate about the organization. I know very few of these people who live with this reality every day. There are days when you’re going to want to stab someone with a pencil, no matter what office you work in. But, sometimes it’s important to realize that your day job allows you to have expensive hobbies or lucrative independent businesses or priceless experiences that you can only float with your day job money. For me, that’s been going to school. For others, it can be jewelry making, art collecting, import/export, teaching, photography, and a whole slew of other opportunities. Sometimes it just takes remembering that you’re not a slave to your day job; in fact, your day job allows you to be free in other areas of your life. So, switch around job #1 and job #2 in your head and it can change your whole mindset.

Back in my Day

Back in my Day

3 – The industry you’re in likely changes every 10-15 years. So, know which generation of professional you’re talking to and balance well.  – Like I said, this has been a rough few weeks because very successful individuals in my field have been inclined to share with me what they think is best for me. Yet, I’ve found much of their advice to be dated, because when they entered the field the rules were different. Does this mean that I throw out all their well-intentioned advice? Well, of course not. Some nuggets of it are worth listening to simply because these people are at the top and, right now, I have to know the lens they’re using to define success when they view me. Why? Their minority point of view, since it’s at the top of the hierarchy, still rules the game. Their views prevail when it comes to promotions and hiring. So, while I don’t agree with everything they may believe, I need to know WHAT they believe so I can play to my strengths and moderate expectations when dealing with these career power brokers.

Get Like Me

4 – When most people say ‘success,’ you should hear ‘be like me.’ – When offering unsolicited advice to a colleague over sangrias recently, it dawned on me that the reference for ‘success’ is rarely ever Oprah or Warren Buffet. In those terms, people mean ‘rich.’ Or when people say Gwen Stefani or Jay-Z, they mean ‘famous.’ You have to read between the lines to know if their vocabulary really defines ‘success,’ because what I’ve found is that most people are just talking about themselves. Sometimes that’s great, esp. if you’re talking to a mentor whose excellence you want to emulate. The greatness is that most people are just telling you how they would have lived their lives or made professional choices differently if they had the chance to do it again; you can avoid their missteps. Other times, you will have to agree to hear, but not to listen because some of the circumstances of your advisor’s life or interests just don’t apply to you or yours.

5 – Everything people say about others is true (to some degree). – My workplace is an institution built on talking shit about co-workers. Workplace gossip isn’t new, but I was shocked to the degree that it was codified and perpetuated in my industry. People believe that hearing how others have worked with a person will help them decide to bring that colleague onto a new team. While this can be altruistic, it also sucks because there are probably 2-3 dozen people who like you (good), thousands who don’t know you (neutral), and about 3-10 dozen who have personal or professional misgivings about you (bad). The nice people in the latter category just don’t say anything, but there’s a small minority who will rip you a new one at the first opportunity. You probably don’t even know that they hate your guts, but your future boss now does! But, understand that smack talking works 2 ways. It’s highly likely that if they don’t like you, you don’t like them – so your time will come.

http://blogs.longwood.edu/jazminehurteportfolio/work-samples/research/

Workplace Gossip – http://bit.ly/1NUHL8m jazminehurteportfolio

The true revelation is that pretty much everything you hear about colleagues is true to some extent. The question is just how relevant is Jack Smith’s dreaded experience with Jane Doe in Honduras on a marine life conservation project to my projected experience partnering with Jane on a microcredit project in the Mali three years from now. It’s anyone’s guess! If Jane and I work well together, it isn’t to say that Jack was lying. It is to say that we have different angles & needs from Jane as a colleague. And Jane is not one dimensional. The reality is that Jane might not have liked marine life, she may have been going through a bad break up, she probably doesn’t speak Spanish and it’s highly likely that she thinks Jack was a total douche bag. And all of that, too, could be true… so what now?

In giving and receiving advice in your work place keep these thoughts in mind (or don’t), so that you can hear the wisdom through all the noise!