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Start Here: “The Ultimate Guide to Personal Finance”

“I’ll just pay someone to manage my money”

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pay.jpg

It’s one thing to pay people to wash your car and mow your lawn. But paying to have your money managed exposes you to a field rife with people who make money off commissions, not off your success. Plus, you adopt a hands-off approach that’s just dumb when it comes to your own money. Oh yeah, and it costs tens of thousands of dollars (or more) over the lifetime of a typical investment.

It’s not that hard: Sensible buy-and-hold investing means you win. Learn about it.

To post this on your blog, MySpace, etc:

See Part 1 of this series.

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22 Comments

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  1. I really like this series. It kind of rings of PSA to me, but the sensical text accompanying the pictures is a lot better than any government sponsored crap. And while I’m a fan of bold investing, I think you mean “buy-and-hold” :)

    Thanks for improving personal finance awareness.

  2. Thanks for the compliment! Also, thanks for the pointer about the typo. It’s fixed now.

  3. Just to fix another typo, you’ve got “But paying to have your your money…”

    I enjoy the pictural series, particularly the text over the eyes.

  4. Having a trained person to manage your accounts is a normal thing, not cheap, but at least you will know how to invest your money in the future.

  5. So do you consider lawyers and accountants a waste of money too?

    A good financial advisor (and I have one of those) is not a glorified salesperson, just like a good accountant is not simply a sub for a tax prep program.

    Of course, the advisor is just that an advisor but advisors can be a valuable part of an investing team.

  6. Actually, yes, I do consider a financial advisor a waste of money for young people (unless they have extraordinary circumstances like a huge inheritance).

    This is stuff we can learn ourselves. And paying someone to do it isn’t like paying a gardener. It costs much, much more, both in money and in our lack of developing the right habits for the long term.

    Let me add that I consider commission-based advisors a waste no matter what point you are in life.

  7. Ramit, I could learn about investing aggressively for the rest of my life (I plan to) and not know everything there is.

    That’s what I pay my financial advisor for. To come up with different ideas. (That and to give me a second opinion, oh and to save me from the dual demons fear and greed).

    One single investing idea that I would have missed has paid for about 10 years of fees.

    I’ve had this financial advisor since graduating. He took me on as a client not based on my huge dollars (I was investing $25 a month at the time) but because of my passion for investing. I wanted to build a relationship with an advisor (test him out, etc) before the numbers got too big.

  8. Love the series!

    Im one of the ‘young ppl’ and its proving to be quite helpful… i was thinking about getting a mutual fund.. but now im thinking of re’thinking my strategy

  9. Ramit,

    Have you had one before? If so, why is 1% such a big deal (that is pretty much the norm)? I think it’s more than worth the wonderful job they do (that mine does).

    Data to back this up would be nice. (That is said with complete sincerity.)

    I think most young people don’t have the time nor the intrigue to actually manage their money successfully.

    Delegating someone to perform crucial money-related tasks is difficult, but finding the right financial advisor that you trust and that delivers the goods is priceless.

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