$ Great VALUE information, love ❤your video Energy and entrepreneurial story, would love to do a collaboration video in the near future and both benefit from this YT entrepreneurship. Thank you. Dan Belsky
I'm not sure I need a financial advisor although I thought seriously about it. I probably have far more assets than the typical financial advisor has anyway. Watching You Tube videos is a great self-education on finances that schools don't even teach.
So true! I’ve built a multi-million dollar NW with simple index funds, rental real estate, and a healthy dose of book reading, YT watching and podcast listening! Always be learning Sound budgeting Increase your income High savings rate Frugal habits Minimize fees and taxes Define goals, measure progress Date/marry a likeminded person Solid friends/colleagues group Find a mentor if you can Any counsel you use should be fixed fee only, not AUM-based. A great accountant is much more important than a financial advisor. 👍🏻
When you’re #5 came up you stopped me in my tracks. Because that’s absolutely exactly how I feel. I have talk to enough financial planners that sitting on the other side of their desk I’m thinking I have more money than you. Plus I’ve been debt free since 1988. I’ve been paying myself first before you were born. I’m 68 and never had a financial planer. Yes I have had a mentor but it was still my decision. Multi is a very nice word. And it’s easier and faster as we go.
Thank you for the info! I have always managed my own investments and done very well. I was looking into an financial advisor and spoke with a few. It bothered me that when we discussed the returns I was getting they were shocked. I always beat the market by a large margin and they all had a problem believing me tell I showed them the historic performance charts on my trading account. All of them said they could not do anywhere near that good. I really just want to find a financial advisor that I can call from time to time to ask questions.
Warren Buffet says that most money managers with expenses underperform the market. He says that he knows some who do but very few. Money managers are good for those who are either too busy or too lazy to look at their own money. Some people find it scary and hard to understand. I think Investing in the indexes is always a good idea over the long haul.
The easiest route for people to learn and a set it and forget it mentality is known as bogleheads. Big community out there to help you on your journey. Also the FIRE movement (Financial Independent Retire Early). These helped me when starting out, hopefully I helps someone else.
You make some great points. I've watched a lot of UA-cam videos from people who are CFPs, and they all seem to subtly suggest everyone should have an advisor. While a lot of the videos by these CFPs have great content, I don't personally see the need for an advisor if you are interested in learning about investing for yourself. Thanks for sharing your point of view on this!
The best proof that advisors don't add value is they won't work on commissions. I would pay 10-20% of realized gains without hesitation if they got the gains they promised. But no advisor will agree to this. I most industry this is unacceptable. I'm a mechanic and I guarantee all my repairs. If a customer pays for fixing a problem it's fixed or it's free.
Great points Tiffany! Additionally, I wouldn't likely use a financial adviser or money manager because I have a certain degree of suspicion regarding their claims of being a fiduciary for clients while at the same time receiving their annual commissions, fees, and other expenses based on asset amounts. However, on the other hand, I'm also somewhat leery of the expense ratios when dealing with brokerage's etfs and mutual funds investments (albeit they tend to be lower)... Is there another alternative?
Thanks Ronald! Finding ETFs/funds that have a 0% expense ratio, buying individual stocks or investing in something outside the stock market, like real estate. :)
Nope, made 26% and 25% on another fund over the last year with .01 of a percent and .04 of a percent in fees. No way a financial advisor would have beat that with their fees.
Now for a video for why you might need one. :) Most people I know seem to have no interest in finances. For those people, it would seem that having an advisor is way better than not having one.
Thanks for watching! 😘 Comment below, are you going to use a financial advisor??👇👇
►Work With Me bit.ly/7FigureNetWorthStrategy
$ Great VALUE information, love ❤your video Energy and entrepreneurial story, would love to do a collaboration video in the near future and both benefit from this YT entrepreneurship. Thank you. Dan Belsky
I'm not sure I need a financial advisor although I thought seriously about it. I probably have far more assets than the typical financial advisor has anyway. Watching You Tube videos is a great self-education on finances that schools don't even teach.
Way to go Richard. Very true!
So true! I’ve built a multi-million dollar NW with simple index funds, rental real estate, and a healthy dose of book reading, YT watching and podcast listening!
Always be learning
Sound budgeting
Increase your income
High savings rate
Frugal habits
Minimize fees and taxes
Define goals, measure progress
Date/marry a likeminded person
Solid friends/colleagues group
Find a mentor if you can
Any counsel you use should be fixed fee only, not AUM-based. A great accountant is much more important than a financial advisor. 👍🏻
So good! 💎 💎
When you’re #5 came up you stopped me in my tracks. Because that’s absolutely exactly how I feel. I have talk to enough financial planners that sitting on the other side of their desk I’m thinking I have more money than you.
Plus I’ve been debt free since 1988. I’ve been paying myself first before you were born. I’m 68 and never had a financial planer. Yes I have had a mentor but it was still my decision. Multi is a very nice word. And it’s easier and faster as we go.
Way to go!! Great work. :)
Switching investments all the time is definitely a red flag, indicating that someone might be trying to generate fees for themselves.
Right!? :)
Thank you for the info! I have always managed my own investments and done very well. I was looking into an financial advisor and spoke with a few. It bothered me that when we discussed the returns I was getting they were shocked. I always beat the market by a large margin and they all had a problem believing me tell I showed them the historic performance charts on my trading account. All of them said they could not do anywhere near that good.
I really just want to find a financial advisor that I can call from time to time to ask questions.
Well done on your investing journey!
Warren Buffet says that most money managers with expenses underperform the market. He says that he knows some who do but very few.
Money managers are good for those who are either too busy or too lazy to look at their own money. Some people find it scary and hard to understand. I think Investing in the indexes is always a good idea over the long haul.
I do like indexes - it keeps it simple for people.
The easiest route for people to learn and a set it and forget it mentality is known as bogleheads. Big community out there to help you on your journey. Also the FIRE movement (Financial Independent Retire Early). These helped me when starting out, hopefully I helps someone else.
👍
You make some great points. I've watched a lot of UA-cam videos from people who are CFPs, and they all seem to subtly suggest everyone should have an advisor. While a lot of the videos by these CFPs have great content, I don't personally see the need for an advisor if you are interested in learning about investing for yourself. Thanks for sharing your point of view on this!
Agreed. You’re welcome. 🙂
Yep, it's like travel agents - if you're willing to do the research and work yourself you probably don't need one.
thank you for honesty
You’re welcome, Tina
Great video, thanks for posting.
You’re welcome!
The best proof that advisors don't add value is they won't work on commissions. I would pay 10-20% of realized gains without hesitation if they got the gains they promised. But no advisor will agree to this. I most industry this is unacceptable. I'm a mechanic and I guarantee all my repairs. If a customer pays for fixing a problem it's fixed or it's free.
Interesting point!
Fantastic video! Great information!
Thank you Sandy!
Great points Tiffany! Additionally, I wouldn't likely use a financial adviser or money manager because I have a certain degree of suspicion regarding their claims of being a fiduciary for clients while at the same time receiving their annual commissions, fees, and other expenses based on asset amounts. However, on the other hand, I'm also somewhat leery of the expense ratios when dealing with brokerage's etfs and mutual funds investments (albeit they tend to be lower)... Is there another alternative?
Thanks Ronald! Finding ETFs/funds that have a 0% expense ratio, buying individual stocks or investing in something outside the stock market, like real estate. :)
@@WealthyTiffany Thanks!
Nope, made 26% and 25% on another fund over the last year with .01 of a percent and .04 of a percent in fees. No way a financial advisor would have beat that with their fees.
Never really understood why I needed a financial advisor
😁
Now for a video for why you might need one. :) Most people I know seem to have no interest in finances. For those people, it would seem that having an advisor is way better than not having one.
👍👍
Amateur. No credentials necessary on the internet. Please do something else with your time. This is not only awful but possibly harmful.
Feel free to do something else with your time. :)