The richest life

Not too long ago, I wrote about the way I believe we get it wrong when it comes to financial advice. If you didn’t read that post, you can find it here.

Then, in last month’s issue, the Canadian version of More magazine included advice from some female financial experts — something along the lines of ‘what can we learn from the pros.’ It was a good example of this misapprehension that the pros know what it takes to build wealth, and it was interesting to learn that these ‘financial heavyweights’ made some of the most common mistakes — getting over their heads in debt and acting on inappropriate advice.

But if you need yet further evidence, here is an article from today’s Globe and Mail that I think speaks for itself.

These are turbulent times in financial markets. So now, more than ever, we should be putting our faith in analyst recommendations instead of trying to pick stocks ourselves, right?After all, analysts are paid generously to spend all day scanning company financial statements, so of course they’re in a better position to know which stocks will rise and which will sink.