No, this isn’t about your political persuasion.
Instead, I think you can can consider much of what is dispensed as financial advice in a pretty simple “either/or” set of choices.
None of these are mutually exclusive. Perhaps you want to pick and choose a few from both sides.
However, I believe, and my experience supports, that most people – and their financial advisors – generally subscribe to either a left- or right-leaning set of beliefs, philosophies and approaches.
So what differentiates “left” and “right” and how do you know which way you lean?
I’ve put together a simple table which you can see below.
The left column is characterized by transactions, tactics and, often, a lot of hope.
The right column, in my humble opinion, is indicative of relationships, strategy and an ongoing financial planning process backed by academic research and informed by your personal values, goals and priorities.
So which will you choose?
Do you lean left or lean right?
Think about it and choose carefully.
Your future will depend on it.
And if you’re not familiar with me, my work and my writing, I operate squarely in the right column above. Further, despite many financial advisors adopting a “do what I say, not what I do” approach to personal finance, I personally utilize the identical philosophies I recommend all the way down to the specific investments in my own finances.
I welcome your thoughts and comments below, and if you have any additional financial either/or choices I might have overlooked, please share those as well.