Ask Stacy: Should I Become a Financial Advisor?

What's Hot

2 Types of Black Marks Might Vanish From Your Credit File SoonBorrow

6 Ways the Obamacare Overhaul Might Impact Your WalletInsurance

7 Dumb and Costly Moves Homebuyers MakeBorrow

This Free Software Brings Old Laptops Back to LifeMore

Obamacare Replacement Plan Gets ‘F’ Rating from Consumer ReportsFamily

Beware These 12 Common Money MistakesCredit & Debt

21 Restaurants Offering Free Food Right NowSaving Money

17 Ways to Have More Fun for Less MoneySave

House Hunters: Beware of These 6 Mortgage MistakesBorrow

30 Household Uses for Baby OilSave

25 Ways to Spend Less on FoodMore

Nearly Half of Heart-Related Deaths Linked to These 10 Foods and IngredientsFamily

5 Surprising Benefits of Exercising Outdoors in WinterFamily

10 Ways to Save When You’re Making Minimum WageSave

Boost Your Credit Score Fast With These 7 MovesCredit & Debt

7 Painless Ways to Pay Off Your Mortgage Years EarlierBorrow

The Most Sinful City in the U.S. Is … (Hint: It’s Not Vegas)Family

The True Cost of Bad CreditCredit & Debt

10 Companies With the Best 401(k) PlansGrow

This Scam Now Tops ID Theft as the No. 2 Consumer ComplaintFamily

6 Stores With Awesome Reward ProgramsFamily

6 Ways to Save More at Lowe’s and The Home DepotSave

6 Healthful Treats for Your DogFamily

New Study Ranks the Best States in the U.S.Family

Thousands of Millionaires Moving to 1 Country — and Leaving AnotherGrow

Strapped for College Costs? How to Get the Most From FAFSABorrow

6 Overlooked Ways to Save at Chick-fil-AFamily

Ask Stacy: What’s the Fastest Way to Pay Off My Mortgage?Borrow

Where to Sell Your Stuff for Top DollarAround The House

8 Ways to Get a Good Price on a Shiny New AutoCars

Ask Stacy: How Do I Start Over?Credit & Debt

Secret Cell Plans: Savings Verizon, AT&T, T-Mobile and Sprint Don’t Want You to Know AboutFamily

30 Awesome Things to Do in RetirementCollege

14 Super Smart Ways to Save on TravelSave

The Rich Prefer Modest Cars — Should You Join Them?Cars

You’ll Soon Pay More to Shop at CostcoSave

10 Ways to Save When Your Teen Starts DrivingFamily

This reader from halfway around the world is studying biology and medicine, but would rather pursue a degree in finance. What advice would you offer?

The vast majority of the traffic to this site comes from the United States, but not all. Today we’re fielding a question from a student in Australia. And even if you’re not interested in becoming a stockbroker, check it out anyway – in case you ever want to use one…

Hi Stacy:

I am a big fan of yours. I live in Australia. Therefore, some of the tips don’t work for me, but the majority are similar. I would like to thank you for all the tips and advice. They make my life easier. But Stacy, I need your advice.

Currently I am doing bachelor of Biomedicine at one of the most famous schools in Australia – Melbourne University. However, I find that a biology and medicine degree is not for me.

I am thinking of changing into finance, as I absolutely love reading financial news-  and most important, to be in control of my financial life.  The university that I want to enroll in offers 2 majors. I want to become a financial advisor, an independent investor in the stock market or a broker like you.  Therefore, I’d like your advice.  Apart from finance, I can choose between banking, accounting, business law, economics and marketing,

Please reply to my email, even a few words will help.


Here’s my advice, Luke!

Lesson 1: Life is short, and you already lose a third of it sleeping. Don’t lose another third doing something that isn’t you.

When I was about 14, I was sitting at the dinner table one night when my father casually mentioned that one of his friends, a CPA, was making money hand-over-fist. He went on to suggest that accounting would make a good career choice for me.

Fast forward five years, and I’m a junior in college on my way to a philosophy degree – two short years until reality would hit me like a cold slap in the face.  What to do? I had taken an accounting class as an elective and found it easy and kind of interesting. So for no reason other than that – plus a fear of starvation – I changed my major, took more accounting courses, and graduated two years later with a degree.

My dad was right about one thing: Finding a job wasn’t hard. What he neglected to mention (and I neglected to consider) was that I’d have to do accounting eight hours a day, five days a week, 50 weeks a year. I hated it.

So soon after I earned my CPA license, I bailed. The three years I spent as an accountant weren’t wasted, and I don’t regret them. But I learned a valuable lesson: Don’t ever choose a career because your dad thinks it’s a good idea or because it will be easy to find work.  If you possibly can, find something you love. Do that, and you’ll never “work” a day in your life.

Lesson 2: Before you take a leap, study what you’re jumping into.

After my brief stint as an accountant, I chose a much more exciting career – investment advisor for E.F. Hutton. The appeal for me was similar to Luke’s. I liked and understood money, and I assumed that becoming a stockbroker would enable me to help other people and successfully invest on my own.

Wrong on both counts.

While “investment advisors” do learn a lot about stocks, bonds, commodities, etc., their job is more selling than advising.  During my first  interview at E.F. Hutton, the manager literally said, “I’d rather have a used car salesman sitting across the desk from me right now than a CPA.” Something to keep in mind the next time you’re sitting across the desk from an “advisor.”

And as for making money for myself with my vast knowledge of the markets? Having instant information, being constantly bombarded with “hot tips” from colleagues, and thinking I knew what I was doing all combined to make me a bad trader rather than a good investor. It wasn’t until after I left that business 10 years later that I started consistently doing well in the stock market.

Again, being a stockbroker wasn’t a decision I regret. It taught me valuable sales skills and set the stage for what I’ve been doing now for more than 20 years: something I truly love. The point is that in both cases – accounting and stockbroking – I committed without understanding what the job was really about. I should have done something simple, like actually talking to as many people as possible who worked these jobs before I made the leap.

And of course, that’s what Luke just did. Smart!

Stacy Johnson

It's not the usual blah, blah, blah

I know... every site you visit wants you to subscribe to their newsletter. But our news and advice is actually worth reading! For 25 years, I've been making people richer without making their eyes glaze over. You'll be glad you did. I guarantee it!


Read Next: Considering a Fixer-Upper? 15 Ways to Avoid a Money Pit

Check Out Our Hottest Deals!

We're always adding new deals and coupons that'll save you big bucks. See the deals to the right and hundreds more in our Deals section.

Click here to explore 1,986 more deals!