A Recap of the Basics for Even a Child to Make Money Investing
A Recap of the Basics for Even a Child to Make Money Investing
5 Lessons to Never Overpay for Financial Advice Again
One of my best friends (not the one in the picture) works in the financial sector, advising individuals with high net worth and helping them generate greater profits. His bonus varies based on the amount of money he manages throughout the year.
At first glance, it may seem that the interests are similar, but in reality, they rarely are. This is because the bank is most interested in selling products that generate higher management fees. However, the higher the management fee, the lower the interest the client will receive.
Therefore, the number one lesson of the day is: don't blindly trust financial advisors, as they may be biased. As Tony Robbins clearly states in his book "Money," if you go to a butcher shop and ask for dinner recommendations, they will always suggest meat.
Similarly, every time we visit a financial advisor, they will offer their own products.
Obviously, I have had this discussion many times with my friend, where we raise the ethical conflicts that can arise in this profession.
In the end, the debate always ends the same way: "Where do you have your money invested?" I ask.
To which he responds: "In the S&P 500."
It's truly astonishing...
Today, I want to provide a simple reminder of many lessons that we should teach our children and loved ones if we want them to achieve financial success.