The #1 Mistake People Make When They Use a Financial Advisor

This clown is an obnoxious snake oil salesman pest. Fast talker for slow thinking suckers

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This was so good to see!!! Much needed.

In the famous words of Michael Irvin, “I don’t know anything about anything… “

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I invested in computershare I was contacted by them a while after my partner passed to tell me I had a substantial investment and can i supply a new address as I moved after she passed and lost all my paperwork I asked for the funds to pay for the funeral and they said no as I couldn't tell them where and what business I had them invest my money in..

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This is the exact question I had today, Thank you for your insight Mr. Ramsey.

It's my money 🤑💰🤑

*Dont get robbed playing with these “financial professionals”. They put on a suit, a smile, and you won’t see the wolf in sheep clothing. Be very careful kids.

Half this video is Dave ranting about shame. Dude, that wasn't the question. Just answer the question.

Two years ago i received an inheritance of 150k. My wife suggested we bank it. So we agreed to keep back €30k savings. Put €45k in an index linked fund and the remaining €75k we secured a business loan (already have a separate services business). We also took in two investors for funds but also for strategic planning as they have built large businesses before. As it currently stands the new business is set to turnover in excess of €1.6m this year. Yes the loans could be repaid, but that is not the goal. The ultimate goal is to sell the business, but its not ready for that yet.
Its hard to make the leap, the doubting oneself. What if i fail, and i have failed before. Think getting the right people around you, having a vision of what it could be and bringing everyone into that dream is what counts.

Best lesson I ever learned was to happily admit my own ignorance and be receptive to learning from everyone.

My father advised against any adviser he said they take your money. when he died he had 2.5 million in assets with no adviser. I manage my own money and am doing very well without an adviser.

i like your video thx
if my annually income 50-70k and my brother income 35k
and we want to buy house worth 200k
we sold our family land back home overseas and we can receive the money here so we can buy the house all cash , or we can borrow other 100k from friends and family to buy a 200k house
what you think in this case how IRS would do since it showed only we making around 100k annually income ,
we still can purchase the house in cash without issues with IRS?

I am considering Fisher Investment to help manage my retirement savings. What are your thoughts on this? Do you have alternate suggestions?

Great advice!

Thank you. Thank you. Thank you!

We (investors) are supposed to educate ourselves so we understand investments and which ones are right for us. The problem with that is most of us are busy trying to make a living at our chosen profession and we cannot possibly compete with someone who is a professional broker/ advisor who has 20+ years of daily experience. And if we do possess such knowledge……why do we need an advisor? We can and should do our due diligence but it seems to me at the end of the day we are left with having to pay someone to tell us what to invest in, and of course they will recommend one of the products that THEY sell !

got me a ((man))

The quickest way to make your first millions is to invest directly with an expert that is trustworthy and has made a name and individual billionaires

I went for a face to face meeting with a fin adv. After the meeting i felt like a number. 😢

My mentor is a Fa I’m a F.A in training the first thing he thought me was it’s not about making money , it’s about helping people live better lives . I took that lesson to heart coming from a poor country all I want I to do is help people become their best selves .

What great advice and I don't know that you'd ever hear this take anywhere else.

The pandemic has shown us just how quickly decades of planning, investing and saving can be completely upended. This could mean your current financial plan might leave you without enough money to last your retirement. A recent Vanguard study found that, on average, a hypothetical $500K investment would grow to over $3.4 million under the care of an advisor over 25 years, whereas the expected value from self-management would be $1.69 million, or 50% less.

Fu

VTI and chill.

I don't know if learning a little about finance is enough to keep you from being swindelled.

Ask how the advisor is paid & how much MER's are.

Comment

Your videos are very useful and provide lots of information. I have received lots of help after watching this post, please continue to share this kind of information. Thank you.

Your money....Good idea.

A good broker will save you time. If a broker is honest and transparent with you, then keep them.

A classic book too is The Only Investment Guide You’ll Ever Need.

The understanding here is quite profound. A book with akin insights provided a fresh viewpoint. "Mastering Money Mindfulness" by Benjamin Hawk

The biggest mistake is using a financial advisor. They are all crooks.

What to do if my financial advisor is not answering when you are now wanting to take money and its not possible

It’s my money!

How about whole life insurance Dave?

Note that he did reach the point where he said “basic knowledge”. Don’t expect your advisor is going to re-create a college level investments class or help you pass the CFP exam. To have “a bit more knowledge” is fine. Don’t expect a chance to earn your MBA. That’s not their job.

The problem we have is because Most people always taught that " you only need a good job to become rich. These billionaires are operating on a whole other playbook that many don't even know exists.

Give us some more advice programs like this Dave. I like your advice.

I recently went through 3.5 hours of financial advisor meetings. My only request was not to upsell other services before completing the task I was prepared to hire them for, they could not help themselves and put pressure on, three investors on the call and me, I know very little about investments but I do know this is my money and if I do not trust you to follow my rules, my comfort level then I will not be trusting you to build my wealth, very simple. They told me, in a professional passive-aggressive way, that I wasted their time but my time was of equal value and that solidified I made the right decision. Under pressure, my rule is to simply say no and move on. I have children to build for not adults to please. Other tactics to watch for are fake flattery, time limits, singing remote docs in real-time - NEVER do this, read everything very carefully or get someone to help with this if there is language you don't understand, and countless emails pressuring you to sign on, you tell them what to do and when to send the docs not the other way around. Let the e-sign time cap run out, they often fill out the form for you and then send over the form to sign, you can do this entirely on your own, focus on questions, and utilize your meeting time wisely, no one has the right to give you a time limit on signing your money over, especially on the spot. You can take all the time you want, ask dumb questions, get other advice, and research until you fully understand where your money is going and how they make theirs, what percentage they are taking, etc. You do not want to sign something and have regrets or be locked in. You're the boss, they're hired to help.

Love it, wish I watched this video yrs ago ❤😢

It's your money...Yeah okay, I came here to learn what metrics you use to judge and get lectured on not being stupid. Sheesh.

Losing your funds to a deceptive high-yield investment program can be demoralizing. With *Grind techiei * assistance, I not only recovered my investments but also became a vocal advocate for investor education and protection.

Find a fiduciary. Stay away from chain operations like Edward Jones. Finding a good financial advisor is almost a matter of luck. Many are mediocre. At my age the financial advisor at a bank I went should have suggested annuities to me. Instead she gave me to very bad advice on stocks. Same with Edward Jones- they should have told me I might consider annuities. Instead I ended up with a "diversified portfolio" that lost money when the stock market was doing great. Now I have put my money into New York Life annuities.

Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got to talking about investment and money. I started investing with $150k and in the first 2 months, my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and get more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family

Biggest mistake is they don't give you a cut and use your platform because you have their best interest at heart right Dave?

#1 mistake. Paying 1% of your portfolio in fees