Early this year, I got a call from my bank account officer.
Funny thing is, I have actively operated this bank account for over a year and I have never received a call from any account officer.
He said he called to introduce himself to me and also mentioned he noticed one of the treasury bills I invested in, a few months ago, just got liquidated into my bank account. (I guess this was the real reason why he called..Lol)
I told him I was aware of the liquidation and I had a plan to re-invest the money in treasury bills again.
Next thing he said was, he wanted me to offer me financial advice. I replied, ‘Sure, please go ahead’. (I’m always ready to learn)
He told to me invest in fixed deposits instead of treasury bills. When I asked why, he said if I invested in treasury bills, I would be taking the money out of the bank, however investing in fixed deposits will keep the money in the bank. (Really?!!)
I couldn’t believe my ears and I responded immediately saying, he was obviously advising me with the bank’s interest in mind and absolutely didn’t have my interest in mind because treasury bills offer higher rates than his bank’s fixed deposit product. (He obviously picked the wrong person to give financial advice, right?..Lol)
He eventually admitted he was wrong and we laughed over it. He has become very helpful for other issues I’ve had with my bank account but if anything, this incident proves you need to know your financial options yourself. You cannot afford to outsource it as your financial adviser might not be acting in your interest.
This week on the millennial investor series, I’m comparing two investment options; Mutual funds and Treasury bills. I share 6 factors you should consider before you decide which investment option to invest in.
Click on the image to watch and dont forget to leave a comment or question when you’re done. Feel free to share as well. Don’t keep all this great financial education to yourself.