Most Germans still blindly trust their bank advisors when making investments. This is a mistake. It would be better if they would occupy themselves with their own money.
Admit it, you too have felt fooled by your financial advisor. Whether talking at your living room table or in the bank branch: There is someone sitting across from you who claims to understand a lot about your money – and of course a lot more than you do.
Many technical terms fly through the room at such meetings. There is talk of “risk preferences”, of “savings rates”, “pension funds” and still far too often of the Germans’ favorite old-age provision, life insurance.
Not understanding everything is not a shame. On the contrary. At first glance, financial issues are anything but easy. And part of the truth is that in most cases your advisor is not interested in making things easy for you. After all, why would you need them?
Learn the language of finance
Too often, and you also know that secretly, you find yourself in a sales talk rather than in a consultation. In the vast majority of cases, your counterpart is only marginally concerned with finding the best investment for your needs. Rather, the focus is on the seller’s profit. It’s about the commission for an insurance company or about the fees that you have to pay to the bank when signing the contract.
That’s insolence, you curse, meanness? Not really. This is awkwardness. That is too much. That is ignorance. With you.
The only good thing about it: You can – and should! – to do something about it. Make a virtue of your need. Fox yourself into the matter. Find out about possible investments. Learn the language of finance. Don’t let yourself be ripped off any longer!
Money can be fun
Even if the beginning may be difficult, it is worthwhile in the end. Those who are masters of their finances, who have an idea of their money, literally have more of it. You save horrendous fees. Ideally, you are making your money work for you much more productively.
Most importantly, you free yourself from addiction. You finally gain an overview and come a lot closer to your own financial freedom. And by the way, let us reveal: Money is not that complicated, it can even be great fun. Promised.