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[The following is a partial transcript of this episode of The Scott Alan Turner Show. Listen to the full episode to hear this story, listener questions, money hacks, and inspiring stories of people that are changing their financial lives. Subscribe to the free podcast on iTunes or Google Play]
In This Episode
- Beware of the investing divas and how easy it is to make money.
- Payday lenders busted for paying for research to show payday lending is a good thing!
- If you need to max out your credit cards is it better to spread charges over several cards or put them all on one (Lara)
- Is it better to pay off credit card debt in a lump sum or over time (Jessica, Georgia)
- Is 3% an appropriate fee for a financial advisor (Gandolf, New York)
- I have $245,000 in my 401(k), should I put more in or get an IRA (Christina)
- What are the differences between mutual funds and index funds (Megan)
- I’m age 70 and have no savings (Sheila, North Carolina)
Today let’s talk about your Spidey sense, yes – you have this superpower but you don’t always use it! Your sixth sense. Your gut reaction.
You know this already, but there is no shortage of people who are going to tell you what to do with your money. Save it this way, you should buy this, you should invest in this.
- Your co-worker has an opinion
- Your friends have an opinion
- Your family, financial pied pipers on the radio and TV, advertisers, adLIEsers,
But have you thought about what’s going to happen if you follow bad advice? If you ignore your own instincts?
- Whose money gets lost, yours or theirs?
- Whose retirement gets torpedoed, yours or theirs?
- Whose quality of life suffers, yours or theirs?
Let me ask a different question. Who’s more important, you, or them? You got that right, you! Time to be selfish baby, in a good way.
The larger the amount of money, the more your gut will let you know something ain’t quite right. You’ve been listening to The Scott Alan Turner show for so long, you know.
- Hang on, I know what’s coming next
- Hold up, I remember hearing something like this before, I need to hit the pause button
- Have patience, I guess I better double check this first
Hang on, hold up, have patience. You should listen to your inner voice when it’s yelling at you. Listen to that angel on your shoulder. They are the good guy! But Scott, you think, this little red devil on my right shoulder, his arguments sound pretty good. You think if I don’t do what they are telling me, they might get upset.
- The relative might get mad. Because you say I don’t want to buy your whole life insurance policy.
- The friend might not like you. Because you say I’m on a spending plan I don’t want to attend another of your parties where you’re always selling us stuff
- The financial advisor might get upset. Because you say this product isn’t right for me.
After owning my first house for a year, the Termite bond company came to renew a contract that was included when I bought the house. The guy is at my kitchen table telling me I need to renew my termite protection for $1,500. And he shoves the paperwork in front of me. I didn’t know if I needed it or not, all I knew was $1,500! That’s a lot of money! I showed him the door.
You’re a Moneyac. You’re in the band. So you’re already a rebel. Use your rebel yell, and say No. Listen to that inner voice, it’s going to protect you. We don’t care what other people think about us and what we do with our money. Because it’s your money not theirs. What you should care about is doing is seeing what’s best for you, your family, your career, your future.
Your feelings are the priority. How you think of yourself is the priority.
Never in my nearly five years of doing this, and for the 15 years I’ve studied personal finance, where you get that sense of ‘this sounds too good to be true’, it turned out to be legit, to work out, to live up to the promises and hype. What’s good is the good shape your finances will be in when you believe in yourself.
Please, take it from me – listen to your Spidey sense, your gut, your sixth sense, you’ll keep more of your hard earned money.
Most of you know this already – Spidey sense is one of Spiderman’s superpowers. It’s one of his superpowers to sense danger. OH, now that all makes sense. You have this sense. Isn’t it cool to have superhero powers?