Some of my friends and colleagues are bankers. Are they knowledgeable and operate with integrity? Absolutely. But first and foremost, they’re human too.
Bankers should be more knowledgeable about their business than the average bear. However, they have money emotion and needs like the rest of us, which means they may not be putting you first – and they may not even know it. Regardless of what they say or offer, we need to do our due diligence and be sure what they offer is right for us. Blindly believing them makes us complicit in our own demise.
Here are 3 Things to Keep in Mind:
1. They need to eat. Employees in mortgage, credit card, and lending companies have client, product or profit targets to keep their jobs and earn bonuses if they can. This usually means they are encouraged to grow their customer base, and then upsell or cross-sell to you. If they are successful, they can take care of their families and pursue their own dreams that are probably similar to yours.
2. They want to feel valued in their organization. Most of us want to feel valued by our friends, family, and employers. Whether it means getting an “A” rating on a performance review, being a team player, or winning a sales campaign, they want to feel valued at work. So they tow the company line and try to do what is asked of them.
3. They want to be appreciated by you. Most people dislike confrontation, and saying no to someone in need is really tough. So when employees behind desks were qualifying people on 0% to 5% down for mortgages, and increasing credit card limits so we would spend more, nobody was thinking about the house of cards being built. They were just happy to make you happy while earning a profit.
Related: Why It’s So Very Hard to Save Money
They Make the Same Mistakes We Do
At the end of the day companies are nothing more than fallible humans who have created frameworks and rules on how to qualify customers. These rules are focused on maximizing profit while minimizing loss – to the company. Employees are just everyday folk with their own emotions, needs and dreams trying hard to make a living. Talking money and blindly accepting what they have to offer makes us complicit in our own money woes.
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