Do You Know Where to Look For the Best Financial Advice?

If you spend any time trying to learn about the stock market, you know that there is a lot of advice out there. Turn on the financial news networks, read the books and articles, or talk to investing friends and you know that one thing is for sure: Even though financial advice is abundant, good financial advice is hard to find. Let’s look at how you can sift through this advice to find something that is useful. Who are Portafina

First, don’t try to become an expert in all areas of investing. Unless you’re a full time investment professional, you probably have other responsibilities during your day. Pick areas that interest you and take some risk in those. For the rest, safe, dividend paying stocks held for the long term will be where big money is made.

Maybe you’re a technology junkie. You read all the magazines and once Apple puts out a new iPhone, it’s no surprise to you because you have read about it for 6 months. If that’s you, find a higher risk stock that could make you tons of money in the short term. If you know nothing about oil, let somebody that you trust and who has a consistent track record of success guide you in your diversification efforts.

Next, remember that while much of the media is committed to providing accurate information, they are first committed to gaining readers, watchers, and followers. Stories are geared towards holding your attention and for that reason, they are often over sensationalized. Listen and evaluate the financial media but be very careful about making investment choices solely based on these stories. Some media personalities will show a proven track record over time. If that is the case, stick with them. Read their blogs and focus on what they say. You don’t, and probably shouldn’t, read everything.

If you don’t believe you can sift through all of the financial advice coming your way, consider subscribing to a service like Action Alerts Plus where an expert like best selling author and CNBC commentator Jim Cramer is doing your research for you and all you have to do is buy and sell when he tells you to execute the trade. My secret is that I don’t have enough time to do all of my research so I let Action Alert Plus do it for me.