Parents financial philosophy
I don't know if it's the same for everyone else but do any of you have an urge to make money and got into investing/finance by looking at your parents' financial decisions? I love my parents to death and I'm eternally grateful for what they've done for me however it doesn't stop me from recognizing their lack of financial literacy. They're excellent at Saving money however they just look at the money they have and let inflation eat it up. It's a bit annoying because sometimes when they hit hard times 99% of their financial problems could've easily been avoided with proper planning and a bit of reading on the topic.
Anyone relate to this?
PS: My opinion and advice goes through one ear and instantly leaves by the other so to me talking won't help.
Most of the population is that way. I find it funny how people spend so much time working and earning capital but refuse to spend any time learning how to manage it. IE anyone that trusts a financial advisor selling commission products.
I'm not Einstein but from reading a couple books and understanding a bit of the market it's pretty understandable that if you don't know what you're doing just putting money in a market pegged ETF like the SPY would be good enough. Basic real estate is also not rocket science. But for some reason people refuse to apply to this stuff always keep my mouth open in awe.
i've had an internship for the past 5 months at a firm with financial advisers and they actually do great things for clients. They're not wharton/oxbridge grads but they don't sell products that people dont need. The company's portfolios have been beating benchmarks consistently for the past 5 years and the firm pays a lot for investment advice from well-known research firms (reducing risk, asset allocation changes etc). The point I'm trying to make is that they're not all con-men who will do anything for a buck.
Yes, you can learn how to manage your own money but you'll still need advice on pension planning. And don't forget that people who seek such advice are not in finance. They have no clue how things work, and it is not worth being obsessed with managing their personal portfolios. Most people do not have the self discipline to create a portfolio with adequate risk and stick to it over the years.
Disclaimer: I'm speaking about smaller private firms(
I have no idea why we don’t have a financial literacy class in high school that is mandatory for everyone.... every single person could benefit from that class in significant ways.
My high school actually mandated it for freshman and I graduated in 2015.... so classes like those do exist. However you know what I noticed? Many still think this "stuff" is way over their head.
I guess it is a maturity thing, no one realizes how valuable the financial literacy class could be until they just had their house foreclosed on and they are sitting on piles of debt/they are 45 and no where near the dreams they had in highschool/they are trying to retire and realize they should have been planning a lot better for retirement beginning in their late 20's ... I guess that is life, you can lead a horse to water but ...
Then ib'ers would be out of a job lol
I can relate personally buddy, my only other asset class is a rolex sea-dweller
You can't make them learn how to manage their own money, they can't really do anything unless they have the money in their hand. I had to take over the family real estate business when my dad passed when I was 15, so I developed skill quickly. Most of them not going to be knowledgeable until they fuck up financially for the first time.
Family real estate biz? Those first world problems brah
Absolutely. My parents are prolific savers (Dad more so than Mom), but still. Which is great, since they've been able to pay alot of things off. But I definitely have started to focus on investing since leaving school (saving less so) so I'll have a bigger nest egg when I retire.
Ask them for permission to put their money in $NUGT
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