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Ralph Nelson

Voices of Reason: Who I Turn To When I Need Financial Advice

For many, the question of who to turn to is for advice about their money is quite obvious: they call their financial advisor, they email their accountant, or they sit down with someone in their family who knows about money. These people are wealthy, lucky, or both. I hold nothing against them—I just acknowledge that many who are investing have certain institutional advantages many of us don’t.

For the rest of us, we need to find our own advice givers. Because, even when things are going as well as they possibly can, there will always be moments of doubt, of loss, and of total confusion.

As I've written about before, there are a near-infinite amount of ways to get investing information from the internet. The problem being that internet information is usually one of two things: 1) absolute foolishness or 2) well-worded drivel meant to separate you from your money.

Finding those diamonds in the rough that actually help you is a difficult process. Finding a true gem that acts as active advice? Well, that takes hours and hours of digging.

Fortunately for you, I’ve done the digging.

These are the experts I turn to when I need actual advice.

1) Warren Buffett

Buffett’s record is almost impossible to argue with at this point. The “Oracle of Omaha” is known for his incredible returns and, above all, his patience. I think there’s a lot to learn from his steadfastness, especially in a world where it seems that news is generated faster than the eye can read.

While he’s not always one hundred percent correct, it’s a wise move to follow Buffett’s money. Buffett isn't quite as forthcoming as some on this list with his information, but his fund, Berkshire Hathaway, has a thousand eyes on it at all times. Remember, imitation is the sincerest form of flattery.

2) Marc Chaikin

Marc Chaikin has an impressive investing record, but the reason I put him on here over other investors-to-watch is because of the way he shares his information and insights.

Many investors keep their advice obscured or in-house. Marc Chaikin is forthcoming—he has an entire website dedicated to helping you get educated. His site, Chaikin Analytics, is like having a suite of personal advisors on hand. From newsletters to articles to webinars and beyond, Chaikin Analytics is so good at keeping me informed it sometimes feels like a go-to advisor.

3) Jim Cramer

Just kidding. His show is entertainment, not advisory.

4) Bill Gross

What I like about Bill Gross is his focus on the long term. With the ease of trading online leading to a desire for instant gratification, it can be tempting to focus on fast money. Gross encourages me to think 3-5 years ahead. Sometimes you need a stern figure to remind you to rein in your lesser impulses.

Who do you like to turn to for advice?

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