Financial Experts Aren’t Always Right

When Should You Ignore the Financial Experts?

No matter what day it is, any time you turn on the television you’ll undoubtedly find a few channels with so-called “experts” telling you everything from how to pick a private school to how to travel. While his or her advice is often well-intended, it’s not always applicable to every consumer. Before you listen to the financial experts, heed our expert advice.

Travel Time

The most frequent travel advice offered is whether it’s best to fly or drive. Well, there definitely might be a way for the experts to quantify this. They usually consider the cost of gas needed to get you to your destination and back home versus the cost of a round-trip airline ticket. What they fail to take into consideration is that no matter how low airfare goes, some people enjoy the wide-open roadway.

Family vacations are about fun, and the up-close-and-personal aspect of driving to your destination is something that you can’t duplicate at 10,000 feet. If a financial expert tells you it’s better to fly than it is to drive, consider the motives behind the advice.

Public versus Private College

This one isn’t always as clear-cut as it seems. Sure, the price of community college when you live at home is going to be substantially less than when you study at an exclusive private school halfway across the country, but number crunching doesn’t take into consideration what will make you’re aspiring college student the happiest.

If money is an issue, community college is fine for the first year or two. Just make sure those credits are transferable and the education can be finished up at a more sophisticated institution.

New Car versus Used Car

The financial experts definitely think they have this dilemma solved. You’ll hear the same standard explanation about how new cars depreciate the second you drive them off the lot. What they don’t consider is how you’ve been driving used cars your entire life, and how you’re tired of breaking down at 10 a.m. on a deserted road in freezing cold temperatures (yes, we’ve all been there).

If you’ve had too many bad experiences with your car breaking down and you’d feel safe and secure in a new car, then go ahead and splurge on a new car. After all, you’ve got to consider that car repairs are free when under warranty and some dealerships offer free car washes and oil changes with your purchase. When that’s all taken into consideration, new can sometimes make sense.

You’re the Expert

So, go ahead and listen to the financial experts. Just make sure you evaluate how their advice applies to your own unique circumstances and lifestyle. When it comes to your own life, you’re the only one who is the real expert, and sometimes you just have to listen to yourself no matter what anyone says — including the financial experts.