Why You Should NEVER Ask a Rich Person for Advice (Do THIS Instead)

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0:30 You’re getting advice from people all the time. And you’re probably wondering which friends should you take advice from? And what I bet is, you probably take advice from the ones who are the most successful financially.

0:45 But here’s the thing, that’s the last thing you want to do because if the person is rich and they’re giving you real estate advice when they’re a doctor and they’ve never done any real estate other than the home they live in, you’re gonna get some terrible advice. You can come look at me and be like, oh Neil’s successful. I’m gonna get advice from him on how to be, you know, health conscious and live a healthy life. I’m like, what do I know about health? Yes I’m skinny, but a lot of that’s genetics and I work out 15 minutes a day. I kid you not, I get my workout done for 15 minutes.

1:10 Go ask the person who’s a fitness or certified in nutrition, nutrition information. Go ask me marketing information. Look at who you’re getting advice from. The person needs to be in your field before you take their advice seriously. I’m not saying you shouldn’t hear ’em out. I’m just saying, double think or double, you should question at least the advice that they’re giving and go ask someone who’s in the industry the same question to see what they say. And if they say the same thing, cool. Now you have two people giving you advice and you should go and execute on it.

1:45 But, if the person in the industry says something totally different, go follow the person who has industry experience. Ignore the person who doesn’t have industry experience. That’s the biggest mistake you’ll make is asking rich people advice when they’re not familiar with something. Just because someone inherited a lot of money, doesn’t mean that they’re smart. Or just because someone’s successful in construction doesn’t mean they know anything about technology.

2:10 For example, during Warren Buffet’s annual meeting, a lot of people asked him questions about cryptocurrencies and technology and dotcom companies. Warren’s smart, much smarter than me. I would be lucky if I’m 100th as smart or as successful as him but when people ask him questions about tech companies, Warren’s made a lot of mistakes. Didn’t get into Microsoft, didn’t get into Google, didn’t get into Amazon, right? He’s finally getting into companies like Apple.

2:35 Now, it doesn’t mean Warren’s not great at what he’s doing. His background isn’t in technology. Doesn’t mean Warren can’t give you good advice. But he can give you better advice about technology, or standard companies like in the auto insurance space where he has a lot of experience. Or railroad companies ’cause he has a lot of traditional companies. So, instead of asking him tech related questions, which yeah, he still may know more than most people, he’s nowhere near as a expert compared to let’s say insurance ’cause Berkshire Hathaway has been in the insurance business for as long as I can remember.

3:10 So when you’re asking people questions, ask industry experts relevant questions. Don’t ask random rich people questions. So if you like this video, like, comment, share. I do appreciate it and if I can ever do anything to help you out, genuinely, even it’s you know giving you some advice, I don’t care for the money. Just leave a comment below and I will do my best to try to help you out and answer all your questions. Thank you for watching.


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