Neil Faulkner takes a look at The Fool's new tool which taps the knowledge of the community for answers to our money questions.
When you need information on finance, you can read guides and articles from sites such as The Fool, but sometimes you need tips that are more specific to your situation.
Rather than going straight to a financial advisor, your next step should be to consult your peers. The Fool has thousands of extremely knowledgeable users that can help you by providing their suggestions and debating between them the merits of various ideas until you have your solution. You've always been able to do this through The Fool's excellent and ever-valuable discussion boards, but...
It's got even easier to tap the knowledge of fellow Fools!
We've just launched a new tool. It's kind of like Yahoo! Answers, but it's all finance questions. We call it Q and A, and it's better than mass hypnosis on all the banks' CEOs to get them to say what they really think of their products: `Actually, it's over-priced, but we've made it so complicated that no one can understand it, including me. All I know is that our deals sound much more fantastic than they really are. Damn! Someone stop me talking!'
Of course, you must use your common sense; your peers are not always right, but nor are financial advisors. If you don't like or trust what you're reading, you can then seek further guidance by reading the work of experts on The Fool or, if necessary, seek paid-for advice.
How it works
You can ask or answer questions. You can change the view to see the most recent questions or the most popular questions only. (The most popular means the ones with the most answers.) You can also sort the view so that you see questions you have asked or answered only.
When posting or answering a question, you use a username, so you can be totally anonymous. (By the way, employees of The Motley Fool have usernames prefaced with TMF - I'm TMFVertigo, for example.)
Topics covered so far have included selling private pensions, whether offset mortgages are riskier at present, whether we can get out of our mobile-phone contracts, and alternative ways to sell a house.
I've read through many of the questions we've had so far to see if it's working. Considering the average Fool is smart with money, I'm not surprised to find some excellent suggestions. Here are some examples:
Some of the most popular questions so far:
I know I'm under-investing in my pension, but given the state of the money markets, I'm reluctant to put any more money into it. What can anyone recommend as a realistic alternative?
As I write this, there have been seven responses to this question. Together, the collective advice is exceptional and well-rounded, just as I've come to expect from Fools, who also use our discussion boards to share information.
Read the answers.
(You can also read my fellow Fool Jane Baker's article on the topic - and see how the expert advice compares to the peer-to-peer advice.)
How do you get a loan at a reasonable level of interest?
Read the answers.
The Fool who asked this question also added that the loan was to consolidate £15,000 of debt. We've had three answers so far, all good: one user suggested that we try Zopa.com, another to compare unsecured loans and, finally, we had the excellent guidance (as ever) from manzanilla that debt consolidation is rarely the answer. She points debtors in the right direction for further guidance specific for their situation.
I am thinking of buying a used car, I am looking at a PCP type arrangement, the dealer is trying to convince me that a small deposit is best while my figures show that over a 3 year period a larger figure is best. Comments please?
Read the answers.
Without having the actual figures involved in the finance agreement, you'd think Fools would have trouble giving a meaningful answer to this question. But no! Five excellent answers, including one from veteran Fool clariman, and another bonus tip from Foolish veteran, manzanilla.
So what are you waiting for?
Stop reading this and go and ask some questions... You never know, you might just find an answer you've been looking for!
> Go to Q and A.
> Compare personal loans through The Fool.