The Incomplete Idiot's Guide to "This is Not Financial Advice"

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Avatar for Just1dood
2 years ago

30 August 2021, Somewhere in the Metaverse - UplandDood (@Just1Dood)

Written on 29 August 2021

(Please DO NOT take this seriously. Or maybe you should. It is a light-hearted look at what we are all so familiar with.)

I've been working on my trading portfolio all day. I think my mind is going bonkers looking at the figures. In fact, I think it has affected my sanity because just now when I typed the above "Written on" date, I'd put 2019 as the year before I quickly deleted and thought for a second and corrected it to 2021! LOL.

Since there's a derivative "Finance" word in the title and later, "Cryptocurrency" related words in this article, I'm obligated to start with a disclaimer. But before I do that, I'm sure when you see someone write about cryptocurrencies (See? It's that word already. I don't disappoint) and investment (See? Another of those words that needs a disclaimer) and recommendations (Oh, this is a biggie that definitely needs a disclaimer), etc, you'll instantly know that those are not "Financial Advice", correct?

The thing I can't figure out is if that was the case, then why the need for a disclaimer? Any person not under the influence of FOMO (Fear of Mission Out) or FUD (Fear, Uncertainty, and Doubt), would know that none of the articles they read online are financial advice. If you want to have financial advice, would you get it from text messages or from Facebook or from articles you searched from Google results? That was a rhetorical question.

It shouldn't surprise you then that in a recent article on cnbc.com, "26% of Americans say their most trusted source for financial advice this year is a financial advisor"?

The second highest percentage comes from those choosing themselves as the most trusted source (if there ever was a blind leading the idiot, this is it). That stands at 20% as compared to 30% from last year according to this same article.

I wonder why the drastic drop from 30% to 20%. Do you want to take a guess? Maybe it's the same reason why articles I mentioned earlier need to keep blasting the "NOT FINANCIAL ADVICE" statement on these kinds of articles.

People tend to follow them despite the warning and end up getting burned and then become next year's cnbc.com statistics.

One year is plenty of time to get burned in the fast-moving cryptocurrency trading universe. Actually, you don't need a year. Just a few minutes is enough to add to next year's statistics.

The First Kind of Idiots

I know one is born every minute but you don't have to be that one people talk about. (though I hate to admit it, I have been one). Even if the article does not state very clearly "Not Financial Advice", please don't be that idiot to take it as such. Geez, spend some money and get a proper Financial Advisor. If anything goes wrong, at least it has been explained very clearly to you before you sign on the dotted line, right? If what you sign doesn't tally with what was promised, then you know at least you have a chance next door. Yup, the law firm.

The Second type of Idiots

Alright, let's flip the coin and talk about the other kinds of idiots. If you present your article in such a way that it sounds and looks like a piece of investment advice with all the colorful charts and trading history with recommendations...hey, my point is that if it looks like a duck, quacks like a duck, there is only one conclusion. It is a duck, even if it denies that it is one.

Then do you think that "Not a Financial Advice" holds any water? Maybe it does. I don't know. I guess only a court of law can determine that.

Again, if you are not under the influence of FOMO or FUD, then you know better than to trust an unlicensed and certified duck!

Be smart and know your ducks. It'll save you a lot of heartache and money down the road.

Don't be the First type of Idiots

I don't know about you but I don't scour the internet for financial advice. That's a sure recipe for a major disaster. I hope you don't either.

I do, however, do research. If it were left to me, it'll be analysis paralysis. I analyze it to death and in the end, still can't make any investment decision. Welcome to my world.

To me, it's really simple. The moment I've made a purchase, I'll have a 50/50 chance in the investment. It'll either go up, or it'll go down. If I hold it longer, then those upwards and downwards journeys are dragged out. Can be days, months, or years. I'll get a final answer once I decide to liquidate. (I hate the word liquidate. It sounds like it's all melted and gone.)

If I'm an el-cheapo by doing self advise, then I bear the full risk. No one else to blame but myself.

If you must know, yes, I do 'invest' in a few different cryptocurrencies.

Have I been successful? I can't say. But I have not lost everything. Sometimes analysis paralysis helps. I research a cryptocurrency to death and I'll know it well enough to determine whether it's a good long-term hold or if it's a gamble. If it's a gamble, then I'm prepared to lose it all.

You'll always hear this - never invest more than you can afford to lose. I think that's pure nonsense. I can't afford to lose anything. Can you? But IF it's a gamble, then though I can't afford to, I'm prepared to.

Look, if let's say I spend $30 per month on Starbucks and Junk Food. I can afford to NOT have $30 spent on Starbucks and Junk Food for a month in order to put that in a cryptocurrency. I still can't afford to lose it but I'm willing to consider having my 'imaginary' Starbucks and Junk Food for that month if I do lose that $30. Get it?

If I'm no el-cheapo and am willing to pay to get good financial advice, then I should get a Financial Advisor with a proven track record. Problem solved.

Don't be the Second type of Idiots

Do I write about cryptocurrency? I'm not well-versed in the subject. But as you can read from the above few paragraphs, I do dabble in them a bit.

Does that make me an expert? Nope. Does it give me enough of an idea to write about it? Sure, since they'll be my opinion.

If I do write, I'm not gonna write like I'm doing a full-blown technical analysis with a clear indication of where I think the cryptocurrency price will be in the future. I don't have the crystal ball nor the technical expertise to do so. Some of you may.

I will surely NOT give my recommendation to buy or not. Even so, I can share about my dream of it shooting to the moon, can't I? I mean, we can all dream, can't we?

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Thank God, we are all Wise

Since you are reading this and I'm writing this, I guess we all know our own capacity. We are all wise enough to make our own choices and decisions.

I hope that you, as have I, learned to be vigilant and careful in the crypto-verse. Logic should prevail over emotion. Paying a Financial Advisor should prevail over risky free articles on the Internet, especially if you are thinking of investing your life savings.

Thank you for reading and please kindly take note that...

  1. THIS IS NOT FINANCIAL ADVICE

  2. DO YOUR OWN RESEARCH

I'm not done

I know many of us are stubborn and take disclaimers for granted. I really think that "Not Financial Advice" does not deter anyone from taking them as such.

Let me put things in perspective.

Imagine this ridiculous analogy. Let's say you're comfortably seated in an airplane excited for it to take off and take you to your destination. And you can hear over the inflight PA system the following announcement:

"Welcome aboard. This is UplandDood speaking from the cockpit. I am still doing some preflight checks but here is an update on the destination weather. It is warm and comfortable (huh?). But temperature may go up or down depending on where the cool front blows. The flight should take us around 3 hours but due to a possible thunderstorm, it may delay us 30 minutes. Meanwhile, please sit back and enjoy the specially prepared airline music. By the way, I'll be flying this thingamajig and I'm not a Pilot!"

Thank you for reading...and I'm NOT A FINANCIAL ADVISOR.

Note: This is an incomplete guide because you need to DYOR (Do Your Own Research).

Sources:

Photo by Sammy Williams on Unsplash

All Rights Reserved ©2021 UplandDood | #ClubBrokeBCH

Thank you again for dropping by. Have fun with English. Remember to share your experience in the comment section.

Do drop by to say hi at my following addresses. I promise I'll be at home :)

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Publish0x: UplandDood (link takes you to site. You'll have to search for UplandDood to find me)

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2 years ago

Comments

I am yet to catch up with the idiots you listed. Because even if i start trying to not take the "not a financial advice" my brain gets tired of accepting incoming blockchain information already ahhaa.

At best, I'd get morsels and work from there. I have known no FA's yet.

$ 0.03
2 years ago

I'm always looking for and am drawn to "Not Financial Advice" warnings! LOL.

$ 0.00
2 years ago

Well, the truth is that sometimes I've been the first type of idiot, and what can I say.

I don't believe too much in Financial Advisors. There are too many with such a "proven track record" that end being smoke sellers.

And people, no matter how many times you tell them this is not financial advice, for the most part, will take it as such. I think it's human nature.

But this all is too serious. ;) May I ask you for financial advice? LOL

$ 0.05
2 years ago

Yes, you may but I'll state that it's not financial advice. Gonna beat this horse until it's burger patty. LOL.

In truth, I've been both types of idiots. Otherwise, I won't dare write. It's more of laughing at myself than anything else.

To prove my point - I love touching things that had the sign "Wet Paint. Do Not Touch." It's my uncontrollable desire to prove that they'd erroneously put the sign there. It doesn't belong. The desire is almost as strong as seeing Wet Cement. LOL.

$ 0.05
2 years ago

Haha! Well, touching where there is a wet paint sign has its charm. I also tend to feel tempted to check if it is true when I see one. And it seems to me that this is a good thing. It's a show of curiosity, and I like that. And also is a statement of I don't believe until I try. haha ;)

$ 0.05
2 years ago

I bet you psychologists would have a field day studying this behavior. They probably have and there's probably a word to describe it. hahaha..

$ 0.03
2 years ago

I am one of those "idiots" in the league of that 20% who go for, as you put it, the "el cheapo" route. BUT, there is a caveat here. I choose this route because I understand economics. I understand how the stock market works—I know we are talking mainly about crypto here, leave me alone, I am a stock market guy! I understand fundamentals and how to value them. I can read balance sheets and can read and understand an 8K and a 10Q.

A preliminary assessment of any company takes about 10 minutes. IF that 10 minute analysis tells you to look further, you dig into the deeper analysis which takes much more time.

The underlying point here is that this is all me. I am not going to seek out the help of a financial advisor because if he was good at what he did he wouldn't be punching a time clock working for a firm. He'd be a billionaire hedge fund manager or something like that. And beyond that, NO ONE cares about my money more than me. So if my money is important to me, at no time do I want to just "set it and forget it" as the famous seller of gadgets, Ron Popeil used to say when he was trying to sell his Showtime Rotisserie.

Besides. Making money is obviously more complicated than cooking a chicken!

As for anything anyone says on the Internet, on TV, in a financial publication, or anywhere else including from the brilliant money mind who lives in a shed in someone's backyard telling you about the next big thing—you can make it a PART of your own full analysis. But it should never be followed as though it were the gospel.

I don't know why they have to make it such a point to put disclaimers out there either. But then again, when you open the box and set up your TV and it doesn't work, and the first suggestion in the troubleshooting guide is asking if you have plugged it into the wall socket, this just tells you that some people need a little more help getting to the obvious than others.

It is the world we live in.

That all aside, as always, a fantastic commentary from you that has left me long winded in my response. But your articles have a way of bringing that out in me, so my apologies in advance.

Onward and upward, and just as reminder—nothing in my comment is financial advice either.

$ 0.05
2 years ago

I'm an el-cheapo in the truest sense. But what I don't get is that the phrase has been used to death. If the sign says, "Wet Paint" (i.e. any article that's written like financial advice that isn't from a certified professional), then "Do Not Touch" (Not Financial Advice) is really not necessary.

But you are right. People will still touch it. Myself included (Many times & especially if it says "Do Not Touch). But, not having the "Do Not Touch" gives them an added avenue to vent their frustration. The reason being why wasn't the "Do Not Touch" sign not displayed.

You have a very good point and I wish I had thought of that when I was writing the article. It is that if these certified Financial Advisors were so good, he wouldn't be punching time clocks. But then again companies spend beaucoup bucks on training consultants on team building that they themselves do not necessarily practice. Just observe how they treat their assistants and servers in the ballroom.

I do enjoy your comment(aries). They always make me think. I like that. Stimulates my noggin.

Oh, yes! Onward and upward. The above isn't financial advice either.

$ 0.01
2 years ago

I would really be good to ask reliable people if we cant afford a financial adviser and at the same time do your own research.. 👍.... Its me Jaytee

$ 0.03
2 years ago

Hey Jaytee! Yea, but if we do that we need to be very certain that we are not getting financial advice and be extra careful. Yes, and do lots of your own research. Btw, how did you change your profile name from Jaytee to MommyJaytee?

$ 0.00
2 years ago

Lost my log in details, my bad.. Now i saved all and every details hahaha

$ 0.00
2 years ago

It is possible to change profile name then? Or you have started a new account?

$ 0.00
2 years ago

Its a new one

$ 0.00
2 years ago

Hahahaha. Entertaining and also reprimanding hahaha. Thank you for reminding everyone to Do Our Own Research and see a Financial Adviser.

$ 0.05
2 years ago

Hahahah...you're very astute. Thank you!

$ 0.00
2 years ago

Overall my thought is that I don't believe much in Passive income return hahaha, I'm kind of realistic man that could expect thing for the next month or years. I admit I am Indio too hahaha... never yet those mentioned things LOL

$ 0.03
2 years ago

I do believe in Passive Income but it's never passive initially. You may even need to work harder than normal compared to others. I have a 3 articles series on this but have yet to post. Been sitting in my article bank for ages now. hahaha..

$ 0.00
2 years ago

Shoot, I am about to write about my crypto journey. This gives me an idea of what title I should use, "This is not a financial advice".

$ 0.03
2 years ago

Make sure it's BIG and RED cause people tend to ignore it.

$ 0.00
2 years ago

Since you cant color the fonts in the title, I'll just say, "BIG AND RED, Not a financial advice".

$ 0.00
2 years ago

Yeah. I think that might work. BIG AND RED, Good luck!

$ 0.00
2 years ago

If you make $$$, you have to give credit to your advisers. If you lose, they would say, "I warned you - This is not a financial advice. Please DYOR" :D

$ 0.03
2 years ago

Yeah but no credits since it wasn't financial advice. It was self-advice after reading the not financial advice.

$ 0.00
2 years ago