Never Say Never, and Always Avoid Always!- Season 3: Episode 8

If you’ve ever read an article about finance or listened to a financial podcast (other than this one), you probably heard someone say that you should “never” buy a certain financial product. Or, conversely, you’ve heard that “everyone should buy XYZ financial product, no matter who they are!” These are both plainly wrong, on so many levels.

The real truth is that everyone’s needs and goals are different; where one financial tool may work very well for a certain individual, it’s likely that exact same product is completely wrong for another person.  That’s why it’s important to be financially knowledgeable about what someone is recommending you should have – or shouldn’t have – in your portfolio.

Financial products are much like the tools you have in your garage: each has a specific purpose, something it was designed to do.  What tools you should have will always depend on what your individual goals are.  Find out more about this compelling metaphor on our latest episode of Managing Your Financial Future with Johnny Dean, And “Professor” Rick Plum, CFP®!