Money problems aren't exclusive to people who have little knowledge of finance. Even those who recommend or advise others with certain money troubles have a hard time managing their finances. When a financial advisor experiences a personal bankruptcy or trouble with taxes, the news usually isn't publicly broadcast - unless the advisor is on the radio.
Over the radio, credibility is everything. When a financial crisis shakes an expert's world, it scares the people who have invested in their words. But bad financial judgments can be made by anybody, on or off the radio. Out of a recent survey of over a dozen financial radio show hosts, only two have escaped any serious money problems.
The advisors who sell their products and themselves can mess up, even more than once. One expert, an insurance salesman, logged one personal bankruptcy and one $49,000 IRS bill for back-taxes. According to the host, his financial woes were caused by an employee who embezzled from him. Another radio money advisor, with his own financial consulting firm, once worked for a company that folded in an SEC investigation, leaving him jobless.
Even nationally syndicated show hosts aren't immune. The host of "America's Wealth Management Show," heard on several dozen radio stations throughout the country, has had financial difficulties with listeners unhappy with the products he has promoted. He has paid thousands of dollars to settle complaints, with another case currently pending.
Radio money experts are as vulnerable to the same financial pitfalls as regular, hard-working people. But what options are there? Several people who listened to some of these radio shows found themselves in worse financial situations after taking the radio show hosts' advice.
For some individuals, filing for bankruptcy is a viable option. It is important to understand the bankruptcy process and what expectations to have. But under certain circumstances, filing for bankruptcy can help individuals get back on their feet financially.
Source: Denver Post online, "Hosts of some financial-advice radio shows have had issues themselves," David Migoya, 22 May 2011
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