Getting free advice from a professional might seem like a good idea. I mean, you know the guy works for a top legal firm and you bump him at the gym. Why pay those exorbitant fees when a quick discussion between sets could do the trick?
But be cautious – down the line it could be a massive and costly mistake.
Your job will be on the line.
“Free advice is worth every cent you pay for it” is profound statement with a hard-hitting message.
Be very cautious in taking advice from professionals who just might not have all the facts. Grabbing someone at the gym and picking their brains might look clever but you could be taking a huge risk.
Usually when the professional reverts with a detailed proposal they include the assumptions on which their opinion is based and you can then effectively assess whether they are advising you correctly.
This is especially relevant on income tax issues. If you don’t present the exact information, the advice could be wrong.
So be cautious and do not cut corners especially when the amounts involved are material.