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No Debt Makes You A Financial Expert?

Just a short while ago I was hearing how financial experts seem to be getting swarmed with questions from people hoping to fix their money situations. As a result, being a financial expert is a great skill to have at this point during this much needed time. Along with this, I heard a comment on how a financial expert is at minimum someone that has no debt and that if you are looking to get some tips and advice that should be the thing to look for in the person.

I was just thinking how the bar level is a little too low in that case to create an “expert” don’t you think? If that was the case then that means even people like myself should start labeling ourselves as financial experts as well on our resumes. In my opinion, going to zero debt is more about discipline to not spend more than you make as oppose to requiring some kind of in-depth knowledge to know how to do that.

When I think of a “Financial Expert” I personally think more along the lines of a person that knows things like taxes inside out, is thoroughly up to date with investment opportunities and has unique/creative advice to both save and make money based on personalities and lifestyles.

One thing that I thought would be interesting is that if people with zero debt are financial experts then maybe I should just find others who have zero debt as well and people with financial dilemmas can throw us a scenario where we would give our opinions on what we would do personally. That would be a fun community service type of activity.

2 Comments to No Debt Makes You A Financial Expert?

  • I think a group effort to offer our “amateur professional” opinions would be fascinating. I see it as a number of debt-free folks submitting their solution to the same problem without seeing what others have written (because you know we can be lazy!). If you decide to do this, I’d be happy to participate.

    MoneyMateKate 11/2/2008 8:05 am
  • Okay. Probably would be fun too if there was a broad range of people from different backgrounds. Mainly just have to think how it would work logistically.

    Oh, noticed a ping back as you blogged about it. Here is MoneyMateKate’s for everyone to read:

    Alan Yu 11/2/2008 6:39 pm

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