Financial Advice is Akin to Medical Advice on the Internet

I like to think of myself as someone who does not google medical questions. 

That is absolutely not true. 

When I’m feeling sick or one of the kids has something going on, my Google search history turns into a cornucopia of hypochondriac questions -- things like…

Rash on stomach

Rash on stomach and arms

Rash on stomach and arms pregnant?

Early pregnancy symptoms

Pregnancy rash 

And you know what? I never find helpful answers. At best, I find information that helps me narrow down the possibilities, or that helps me better understand something that I already have basic information on (for example, one of my kids has a lot of allergies and Google has helped me understand how allergies work, what antihistamines are, and how different longer-term treatments might go). That is all incredibly helpful, but it didn’t help me diagnose the allergies to begin with or even to narrow down whether or not the symptoms were allergy based. 

I have found that many folks use Google for their financial questions the same way I use it for health questions. Once you know enough to know what specific questions you need answers (i.e. “How does the debt snowball method work?”; “What are expense ratios?”) then you can get some pretty helpful information. On the other hand, more general queries often put you in the internet wild west (i.e. “how to get out of debt”; “how to invest”). 

As I’m sure most of you (maybe all of you?) know from personal experience, the internet wild west is a terrifying, terrifying place. It is full of mis-information, confusing explanations, half-truths, and outdated facts. I’m not saying folks are necessarily being malicious, but they don’t actually know you, your personality, your values, or your particular financial needs. Without those inputs, it is more likely than not that the results are going to be really unhelpful.

For example, if someone has $18,000 of credit card debt, both of the following solutions technically work, but neither would work for everyone. In fact, neither work for MOST people! 

DEBT ELIMINATION SCENARIO 1

  • Stop using credit cards today

  • Pay $800 extra on your credit card each month until you’ve paid off your cards 

DEBT ELIMINATION SCENARIO 2

  • Stop using credit cards today

  • Ask your parents for a family loan and set up a 0% interest rate payback schedule with them 

  • Potentially do this again if/when you go into debt in the future 


That’s why getting personalized advice can be so life changing -- either from a medical professional or a financial professional (shuts down most recent set of google search tabs).

As always, I’m rooting for you!


XOXO,

 
 


P.S. Check out what a past client said about their experience with Individual Financial Coaching: 

Caroline has a knack for making me feel relief and self-compassion around my finances, while also giving me the confidence to make the practical improvements I need to. Speaking with Caroline feels like having the perfect balance between a non-judgmental, uplifting friend and a financial expert who seriously knows her stuff. Money can be an incredibly emotional topic and Caroline gets it!

- Emily

Caroline SnyderBudgeting, Debt