This chapter explores the pros and cons of seeking expert guidance in investment decisions, with a focus on engaging retired professionals and accessing free resources like the Small Business Association. It discusses the balance between high-stakes expert consultations and affordable alternatives, while emphasizing the importance of practical insights and mentorship in business. The chapter also highlights evolving platforms that connect users with experts and considers opportunities for individuals to become advisors themselves.
When you're trying to learn about an unfamiliar industry as part of your investing process, expert networks can be an incredibly helpful tool for getting started. These networks offer the opportunity to connect with people who have deep knowledge and experience in the industry, providing valuable insights into market trends and key players.
However, you're not guaranteed to get completely reliable or unbiased information, so it's important to stay prudent and do your own research to make well-informed investment decisions. The knowledge and advice coming from the person you speak to can depend on the caliber of vetting taking place or the hourly rate you’ll be asked to pay, so the value of these networks will change depending on the specifics of your own investing goals.
Listen in as Phil and Danielle discuss the merits and drawbacks of these networks, who they might be best suited to help, and where they’ll be taking this conversation in the weeks to come.
To get some expert help directly from Rule #1, make sure to grab your free copy of How to Pick Stocks: The 5-Step Checklist: https://bit.ly/3ros8mU
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