do you give advice in person

[Smallsteps]

Sharing information in the online world is one thing but do you offer advice to others in real life/ in person?

I have a co- worker who is doing part time moonlighting at HR block for tax time she has approached many in our workplace trying to get them to let her do their taxes.
What I found shocking was the openness of some to share their personal information not only with her but openly in office as to how much they made / how they have no deductions such as retirement savings/ mortgage interest etc.
When she approached me (I had been avoiding her) I simply said I had not gotten all my info together yet and was debating on adding more to my IRA as a 2016 contribution and waiting on a mutual fund statement.
I thought she would just leave me alone instead she now wants me to give her advice. I used to try to suggest to some how to get started but found many just do not have the discipline to save or want only no risk investments since they are not ready to take ANY risk.

Do I suggest she meet with a CFP or tell her what company I use to invest with ? or Do I just steer her to books/ Dave Ramsey media types ?

I honestly am very concerned about the amount of people (in this office) who are living paycheck to paycheck and have NO plans for future although I would say the average age is 40 plus. We have one gentleman who just turned 75 but does not think he can retire for at least 2 more years.
If that does not WAKE up those in the office what will????

[97guns]

Yep I've seen your scenario many times over and have tried intervention myself with no results. your coworker is at least showing interest in investing and is working more to get ahead, she could be a willing recipient of your knowledge

[Smallsteps]

I have in the past had other co-workers ask for suggestions since I seemed to be doing more with the same amount of income....... but too many times it fell on deaf ears if I tried to give advice too. I was also doing less going out and spending lol.
Knowing her I am more concerned she is just fishing for more info on my money situation then she is on starting saving/ investing. I am more willing to steer her somewhere then tell her what to do.
She has stated previously her emergency fund is $300 in coins in a desk at home so it sounds like she might need much more direction then I could help her with.

[kork13]

In general terms, I'm happy to give advice to anyone, whether it's in person, over the phone, or by email/online. I've come from having basically nothing to my name to what I see as a fairly comfortable situation, and that's in large part due to me receiving advice & assistance from a variety of people over time, so I feel it's only right for me to offer the same to others.

With that said, I typically will only offer specific advice to someone if they ask me for it, unless something comes up in conversation & I can offer a useful tidbit. I know that I'm in a better position than many of my peers/subordinates, so I don't want to give the impression of being condescending or a braggart.

But I've definitely had a few people ask for my advice, and I happily offer it. Both of my brothers and some of my in-laws have asked for my help. A couple co-workers, and a few subordinates have as well. Retirement planning & budgeting is mostly what they ask about.

[rennigade]

I no longer give advice. Giving financial advice to someone is usually about as useful as giving relationship advice. No one ever listens. Its a waste of time.

[Jluke]

Do I suggest she meet with a CFP or tell her what company I use to invest with ? or Do I just steer her to books/ Dave Ramsey media types ?

What company do you invest with? Specifically are you paying someone to help invest your money or are you investing on your own to avoid excessive fees?

I know that isn't the subject of your post but that stood out.

For the post itself I am a beneficiary of a co-worker giving me advice several years ago to refinance my mortgage from 30 to 15 years. If not for him who knows where I'd be in my mortgage (it is paid off). So yes it can work but it's probably rare.

Another example is a discussion that I had with my neighbor. He was able to retire early so I took a chance one day and asked if he had any advice. He told me to invest often and save. He had success with berkshire stock and also recommended Wellesley and Wellington funds.

[Like2Plan]

I am guilty of taking advice from co-workers. (I am thankful for the help I received over the years. )

[disneysteve]

Do I suggest she meet with a CFP or tell her what company I use to invest with ?

Recommending a CFP would be awful advice in my opinion.

Mentioning the company you use is harmless but not of any value if she doesn't know what she's doing. Sure, I can tell someone that the bulk of our assets are with Vanguard but in no way would that be helpful to another person.

I think recommending some basic books is never a bad idea. The Millionaire Next Door, The Wealthy Barber, stuff by Suze Orman or Jean Chatzky or Dave Ramsey (especially if they have a lot of debt) can be great starting points for someone with no plan at all.

[snafu]

I only offer suggestions if directly asked. I think it's a waste of time because they seem to think I have a magic formula to make money stretch further. Lately I've suggested that the individual 'snowball' debt and that goes over well, easily understood, easy to do.

[Singuy]

I teach a basic free financial class to our rotation students about taxes, mortgages, compounding interest, student loans, and basic budgeting. These students are about to take on over 100k worth of student loans but also make 120k+year. I get 3-5 students/month.

So far it's blowing their minds and I have received many raves about my powerpoint lecture...but who knows how many will listen....

[Smallsteps]

Thanks to all who responded.
I will just hope she forgets....... she was really pestering me yesterday about it. I do not think she is truly ready to start changing her money habits.
It is not that I can not appreciate that I might be able to help I just think in my past attempts with other co-workers, most times I tried to suggest tips it fell on deaf ears.

I am also glad to hear some people had good experience in either giving or receiving suggestions/ tips.
Some of the financial books are very dry and when they discuss items that people are no where near in achieving .....many starting out may seem like it does not apply to them.
I have had previous success that I am happy with talking with a planner and using a company to manage investments ( very little if any fees), but am well aware that some charge a great deal.

[scfr]

Some of the financial books are very dry and when they discuss items that people are no where near in achieving .....many starting out may seem like it does not apply to them.

Have you ever read the book "Millionaire Teacher: The Nine Rules Of Wealth You Should Have Learned At School"? I would be interested to hear what you think of it. I found the information very good, basic, straightforward, and written in a nice (not overly dry) tone. It is one I would recommend to someone who had expressed an interest in learning about personal finance and investing.

Personally, I only offer "serious" financial advice to my immediate family members, and usually only when asked, although I have on occasion reached when it was not solicited to share concerns (probably not as much as some may say I should, but I'm big on maintaining family harmony).

There are several people in my life, including co-workers, with whom I am happy to both give and receive "light money-saving tips." I'm talking about things like how to save $3 on something, or how to get a %15 off coupon or which restaurant is having a grand opening and giving away free food.

[bjl584]

I give advice if someone asks me. But it's usually in one ear and out the other.

[TexasHusker]

No one truly wants advice. What they prefer is rationalization of decisions already made.

[thestrongprofessional]

Taking and giving advice

Hey everyone,

I've taken advice and given advice in the past. However, when ever I take advice from someone I usually do some research on my own to validate it first. Most of the time advice is given with good intentions but it's always good to make sure that you are doing what's best for you and your situation. As for giving advice, I gladly give advice to people who want it. I've noticed in the past that some people take your advice and run with it, while others don't give your advice a second thought. Although the first group tends to be quite small, I feel its still worth giving the advice because it really can make an impact in those people's lives.

Raphael