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July 2003 - Your expertise in one area doesn't make you a...

Your expertise in one area doesn't make you a...

☳ by Adam Aspilla

With the explosion of knowledge in our present world, it is impossible for anyone to be a master of all. You need an expert on the specific field to insure that a certain job is professionally done.


If you have a heart condition, you consult a doctor who is spe-cialized in heart illness. If you are buying a house you need a lawyer who is expert in real estate transac-tions. Similarly, if you have a fi-nancial problem you will not consult an auto mechanic but a debt counselor or a financial consultant.


Many simple problems be-came complex because of failure to seek help from the right expert or listen to an advice of a profes-sional. An example is a caller who asked for advice concerning his financial problem.


He told me that his total unsecured debts is about $25,000.00. His credit was already bad for he already defaulted on most of his creditors.


He owned a house with a healthy equity. He told me that a bank declined his application for a loan consolidation because his credit rating was bad.


He wanted me to help him in consolidating his debts. Consider-ing that he had an unsatisfactory with a big equity on his house, I advised him to get a second mort-gage from a bank or a finance company to consolidate his debts.


Instead of asking more infor-mation about my suggestion, he was mad at me for giving him a “wrong” advice, for according to him, he had 30 years of experience in the field of insurance; because of his long years of experience in the field of insurance he concluded that my advice was nonsense to him.
As a result, he hung up the phone and never talked to me again.


Knowing the caller’s financial circumstances, his best option was to get a second mortgage to con-solidate his debts. Otherwise, I would not be surprised that his creditors would sue him and ulti-mately, he will be forced to sell his house to satisfy court judgments.


The foregoing scenario is a demonstration of the caller that, because he had a long years of experience in a certain field, he presumed that he also knew what is good and bad advice in other fields. If his action was motivated by pride. It was a false pride.


To get the most of the advice of experts, do not play a role of being “all-knowing,” the best thing to do is to listen, ask questions and when you are still in doubt ask for 2nd or 3rd opinions until you are comfortable to do what is best to solve your problem. 


Adam Aspilla is a Senior Financial Counselor of the Debt Clinic of Canada Inc. and the author of the book, You Can Negotiate All Your Debts. He also writes a biweekly column, “What Matters In Life” in “Taliba Newspaper. For free initial, professional and confidential consultation, please call 905-306-7572.