I was reading an article yesterday written by a financial planner and she was talking about who people (particularly women) get their financial advice from. The answer she heard most was “Dad”. While I love dads and think that the vast majority of them are awesome, unless they work in finance or are actively investing or buying property, they’re not the best person to be getting your financial advice from.
When it comes to home loans, it might be years since they’ve had a home loan, let alone gone out and got one. Things change, rates are different, features and options are different, some lenders suit your circumstances better than others. Unless you work in this field, you won’t know who’s offering what.
When it comes to managing money, if you’ve got a good job, you may be earning more than your dad ever did. And regardless of how much you’re earning, you’ve probably got a different lifestyle and priorities than your dad has. You’ve probably got more access to credit and different opportunities than he had.
Financial planning is all about planning for your future – which is what YOU want – and making sure you have the money to live the way you want. Your dad probably won’t have the same dreams, desires and aspirations that you do.
When you’re looking for someone to give you financial advice or home loan advice – or pretty much any kind of advice at all, seek out a professional who has up to date expertise, excellent customer focus, and industry knowledge. It’s even better if they’re referred by a friend.
By all means, use your dad as a sounding board when you’ve collected all the information. He may give you great advice on which option to choose once you know what’s on offer. He may just reassure you that you’re the best person to make the decision now that you’ve gathered the facts. He may try to convince you that he knows best.
Go to Dad for advice on the things he’s great at. Leave the rest to the professionals.
The best news is that a mortgage broker charges the same amount for their service that dad usually does. Nothing! Better still, we don’t even expect a Christmas gift (although they are a nice surprise).