fi nancialforum Buyer’s Remorse W
What’s the best way to save for this? What’s the best way to invest for that? Should I go with an insurance product or mutual funds or CDs or bonds or something else? Because fi nancial decisions aren’t as
cut-and-dried as buying groceries, it’s tough to be a savvy consumer. Here are some insights to consider. There are many ways to accomplish
your mission. Generally, whomever you talk to will only off er a solution based on his or her personal knowledge or what his or her company sells. Go to an insur- ance company, and you’ll typically get an insurance solution, for instance. There are always other options. Unfortunately, you have to decide how many other op- tions you are willing to look for and learn about or fi nd the right person to work with in the fi rst place. Buyer’s remorse is preventable. You
Additional Advice For more tips and re- sources from finance experts, visit MOAA’s Financial Frontlines blog at
www.moaa.org/ financialfrontlines.
make a decision to go with a specifi c per- son and his or her option. What if you regret your choice down the road? Do you still have avenues available if you later learn of a better option? Prevent the root cause of buyer’s remorse by hashing out all the issues before you make the decision to go in a certain direction. A company isn’t the answer to your situation; a person is. Every company has its share of “salespeople” and those who truly place a client’s best interest above all else. You want someone committed to you and to a long-term relationship.
46 MILITARY OFFICER AUGUST 2012
Financial decisions can be challenging. Lt. Col. Shane Ostrom, USAF-Ret., CFP®, off ers tips to prevent buyer’s remorse and help you become a savvy consumer.
Seek someone who wants to know your issues up front, discusses the options, educates on the pros and cons, and wants you to make an informed decision. The right person might be an indepen- dent practitioner. Don’t be pitched a product. Salespeople
pitch products. You have options, so a person pitching one idea should be a red fl ag. How can anyone be expected to know what works best for you if they haven’t taken the time to get to know you and your needs? If you meet with someone who pitches a hot tip or the perfect product and he or she doesn’t know you, run in the opposite direction. You want to under- stand your choices. Don’t be sucked into the latest hot item.
What’s hot now is only hot because it is currently newsworthy and it feeds your greed or fear. The time to invest in the latest hot item was when it wasn’t a hot item. Notice how all the hucksters come out after something makes the news? Don’t fall for it. It would be nice to have tangible in-
structions to follow for success. Financial services and products by their nature are nuanced. Finding the right person to help is the best alternative.
MO
— Lt. Col. Shane Ostrom, USAF-Ret., is a CFP® in MOAA’s Benefi ts Information and Fi- nancial Education Department. To speak with a fi nancial planner, contact USAA at (877) 913- 6622 or
www.usaa.com/moaa, or visit www
.moaa.org/fi nancialcenter for other resources.
PHOTO: SEAN SHANAHAN
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