TALKING FINANCE with Michelle Higgerson of Baiocchi Griffin Private Wealth GOLD MEDAL MANAGEMENT Ouvrons grand les Jeux! Or in English, 'Games wide open', the official motto for the Paris 2024 Olympics, which are now underway. For the next two weeks we will be glued to our television screens at all hours of the day and night, soaking up the winning moments of victory and competition galore. If the celebration of culture, diversity and life, the awe of witnessing great feats of athletic achievement, and the unity of people from all nations doesn't warm the cockles of your heart, then nothing will. The beauty of the Olympics is the inclusion of not widely known or understood sports in the competition, including handball, kayak cross, breaking (a competitive form of break-dancing) and sport-climbing; the last two making their Games debuts this year. And while some sports feature an obvious judging system, think the fastest swimmer who touches the wall first or the high-jumper who clears the highest distance, other sports have a point-scoring system that is less clear, synchronised swimming, gymnastics and diving to name a few. For these sports, the judges need to have a deep and thorough understanding of what action translates into a fair score, something the common person does not possess. However, that doesn't stop us common people from becoming armchair experts for the two weeks of Olympic competition. With just a minimal amount of viewing under our belts, we are transformed into experts in each field, aptly qualified to judge the athlete's abilities and debate the official judges' scores against our own developed system which strangely always involves the Australian competitor achieving the highest score or points. Perhaps the most irritating aspect of being in the company of an armchair expert is their willingness to express their opinion, despite having no grounds to actually do so. The same can be said for investing, there are many self-declared experts who are only so willing to share their self-developed knowledge and skill with both those who seek it and those who don't. And while the opinion of the armchair expert has no actual bearing on the outcome of the Olympics competition, unfortunately the risks of taking unsolicited financial advice from a self-qualified expert are much higher. Despite the armchair expert having your best interests at heart, and often meaning well (unless they are recommending a product to you and stand to benefit from your purchase), the outcome of following their advice is often financial loss, incurred through taking on a speculative investment or an incorrect application of taxation or superannuation laws, to name just two. There is a reason the International Olympics Committee appoints qualified experts to act as judges in each sport, and applying the same approach to your personal finances should result in your own podium finish. BAIOCCHI GRIFFIN PRIVATE WEALTH Level 1, 462-464 Peel St, Tamworth NSW 2340 6766 9000 AFSL No 424658 This article is general in nature and does not take your individual situation into account. You are advised not to act on anything contained herein, or discussed as a consequence of the contents of this document, without receiving financial advice from a suitably qualified person such as a financial planner, lawyer or accountant. Follow us on Twitter @BaiocchiGriffin Find us on Facebook facebook.com/BaiocchiGriffinPrivate Wealth www.bgprivatewealth.com.au AW7403932 TALKING FINANCE with Michelle Higgerson of Baiocchi Griffin Private Wealth GOLD MEDAL MANAGEMENT Ouvrons grand les Jeux ! Or in English , ' Games wide open ' , the official motto for the Paris 2024 Olympics , which are now underway . For the next two weeks we will be glued to our television screens at all hours of the day and night , soaking up the winning moments of victory and competition galore . If the celebration of culture , diversity and life , the awe of witnessing great feats of athletic achievement , and the unity of people from all nations doesn't warm the cockles of your heart , then nothing will . The beauty of the Olympics is the inclusion of not widely known or understood sports in the competition , including handball , kayak cross , breaking ( a competitive form of break - dancing ) and sport - climbing ; the last two making their Games debuts this year . And while some sports feature an obvious judging system , think the fastest swimmer who touches the wall first or the high - jumper who clears the highest distance , other sports have a point - scoring system that is less clear , synchronised swimming , gymnastics and diving to name a few . For these sports , the judges need to have a deep and thorough understanding of what action translates into a fair score , something the common person does not possess . However , that doesn't stop us common people from becoming armchair experts for the two weeks of Olympic competition . With just a minimal amount of viewing under our belts , we are transformed into experts in each field , aptly qualified to judge the athlete's abilities and debate the official judges ' scores against our own developed system which strangely always involves the Australian competitor achieving the highest score or points . Perhaps the most irritating aspect of being in the company of an armchair expert is their willingness to express their opinion , despite having no grounds to actually do so . The same can be said for investing , there are many self - declared experts who are only so willing to share their self - developed knowledge and skill with both those who seek it and those who don't . And while the opinion of the armchair expert has no actual bearing on the outcome of the Olympics competition , unfortunately the risks of taking unsolicited financial advice from a self - qualified expert are much higher . Despite the armchair expert having your best interests at heart , and often meaning well ( unless they are recommending a product to you and stand to benefit from your purchase ) , the outcome of following their advice is often financial loss , incurred through taking on a speculative investment or an incorrect application of taxation or superannuation laws , to name just two . There is a reason the International Olympics Committee appoints qualified experts to act as judges in each sport , and applying the same approach to your personal finances should result in your own podium finish . BAIOCCHI GRIFFIN PRIVATE WEALTH Level 1 , 462-464 Peel St , Tamworth NSW 2340 6766 9000 AFSL No 424658 This article is general in nature and does not take your individual situation into account . You are advised not to act on anything contained herein , or discussed as a consequence of the contents of this document , without receiving financial advice from a suitably qualified person such as a financial planner , lawyer or accountant . Follow us on Twitter @BaiocchiGriffin Find us on Facebook facebook.com/BaiocchiGriffinPrivate Wealth www.bgprivatewealth.com.au AW7403932