Finding a financial advisor you can trust is the key to your long-term financial success. However, as we’ve often talked about, finding someone you can trust, someone who is on your side, can be challenging. Regardless of the challenge, you risk much if you refuse to act.
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One of the reasons the financial planning industry has gotten such a bad reputation is that much of what you hear about relates to products. Financial planning, when done correctly, is about a process, the plan. How we populate the plan is the last step. We don’t start with finding good mutual funds.
One of the concepts bouncing around in my head for years is that many of the most important things in life are simple but not easy.
Why does the financial services industry feel like complexity is some sort of intellectual gift (or at least a way to sell more stuff). They have spent so much time with complex models, spreadsheets, and charts that they actually fear simplicity. When you have spent your entire career thinking that your value is in complex models, simplicity is not only scary, it is a threat to your way of life.
Unfortunately, it looks like many investors are making what I think will be one of the biggest financial mistakes of their lifetime! In just the first month of 2009 there has been a net inflow in bond mutual funds of $14 billion.
While moving to the perceived safety of bonds/CDs/annuities might feel like the right thing to do, investing based on what feels right is generally a terrible idea.
If you have a globally diversified portfolio, what would it take for everything to go to zero? What would have to happen for 12,000 companies to go out of business?
No one can argue that we have faced some volatility in the market. During such periods investors emotions are tested and they often seek a “product” solution which will help protect their principal or “magically” make those loses reappear.
Well, the Insurance industry has the product for you, and during these times they send out their army of salesmen who feed off your fear to sell you an Equity Indexed Annuity.
This video will educate you on an alternative solution that will accomplish similar results with more flexibility and no COMMISSION to the salesman.
Make sure to get my book The Dirty Filthy Lies My Broker Taught Me and 101 Truths About Money and Investing by linking here.
“The sky is falling, the sky is falling” cried Chicken Little. Some investors may agree. What should you do If you find the stock market plummeting.
Right now is one of the most lucrative times to buy slices of American businesses at vast discounts. Don’t forgo the opportunity by running away.
Today Richard talks about one of the first steps towards building wealth: Paying Yourself First! It sounds easy, but in practice proves to be quite difficult. The bottom line? You’ll never build wealth if you can’t pay yourself first.
Additional videos talked about;
What type of investor are you? A common question often confused for “What type of risk rolerance do you have?” Most often the question is answered as; I am aggressive, conservative or balanced. However, today Richard and Warren Buffet introduce all the three types of investors and emphasizes how there is really only one investment approach which is the best investment approach for the majority of investors.
Want Richard’s book titled The Dirty Filthy Lies My Broker Taught me and 101 Truths about Money and Investing? Then make sure to link here.
In this episode Richard is joined by his co-host Albert Einstein to introduce to you the last of the 3 basic principals on investing and creating wealth; TIME, INFLATION, and COMPOUND INTEREST
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