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Open letter to Journalists, bloggers, and anyone trying to keep a financial resolution.

“Everything Works, but everything does not work for everyone” – Gary Vaynerchuk

My new year’s resolution in 2018 is to become a better writer and blogger. My father, Michael R. Dinich, a man who has dedicated his life not, only to serve his clients, but also pursuing education and research, recruited me into the financial services industry. When I get into the office each morning, I am typically greeted with a book, newsletter, or research paper on the latest developments in taxes, finance, social security and estate planning. I am blessed that he instilled in me a love for reading. It is my love of reading and desire to improve my writing that led me to create this post.

Recently, I was extended an offer to guest contribute on another blog. I felt that I have great advice to give and unique perspective. However, I am uneasy about my writing skills, so I used my holiday downtime to head over to Barnes and Nobles. I asked the friendly lady at customer service where I could find books about blogging. Sure enough, she leads me to the business section; I immediately grabbed the three most interesting books. I was heading to the register, and then I saw it; a shiny new book about Social Security benefits. Even better the book had a sticker on the jacket claiming it was recently updated with the most recent rules changes, plus it was written by individuals that I have followed for years and respect, Score!

I expected to learn some updated information to help my clients, what I received was something entirely different. That book on Social Security is the real reason for this post. Don’t worry; I am not about to bore you with Social Security facts. I will save that for a future post. Rather, it was while reading that book that I finally solidified a concept in my mind that I have struggled to explain to clients, journalist and bloggers for some years.

The Authors of the book made a well researched and passionate case for their premise. Having followed them for some years, I know them to be intelligent and well-intended with no ulterior motives. I cannot disagree with any of their facts, source material, or calculations. Despite that, I know their conclusions will not work for a large portion of my clientele. That brings me to the quote by Gary Vaynerchuck,

“Everything Works, but everything does not work for everyone.”

Thinking back to the bookstore, there is a whole aisle dedicated to diets. Aikens, South beach, intermitted fastening, paleo, weight watchers, etc., all of these diets if you follow them barring some unforeseen exception will work. Myself personally, I tried Aikens a few years back. After two weeks I got to the point that I felt life wasn’t worth living if I could not eat fruit, as you can imagine I didn’t stick with the plan long. It’s a great plan for some individuals, just not Michael Dinich.

Financials plans and resolutions are similar to diets; they only work if you follow them and you’re much more likely to follow a plan if you enjoy it. The section in the bookstore detailing investing, saving and building wealth is a nearly as large as the diet section. Much of the advice is contradictory, which would lead someone who has read many of the books to think, “how can all of this be right?”

The reality is most of the information will work; we don’t need to debate or tear apart the theories, outside of understanding the risks, pros, and cons. The question is will the advice work for you or your readers. Some people enjoy flipping real estate, some like rental properties; others still get great satisfaction out of trading stocks, bonds or futures. I have met people who have had great success with precious metals, or even cryptocurrencies. Some people like the stock market, and don’t get me started on the debates between passive vs. managed, mutual funds vs. ETF, and technical vs. fundamental analysis.

In 2018 as you set about writing you financial blogs or New Years resolutions consider that the most successful plans and the ones followed, follow your passions, do your research and you will be successful.