20 something investment advisor advises 20 something homeowner to refinance their mortgage as a line of credit and use any extra equity they can get to invest. Homeowner blindly follows the advice, not realizing that 20 something investment advisor gets paid based on how much money is invested. The advisor has a vested interest in getting the homeowner to leverage their property, he fails to advise the client on the risks of leverage. There is a good chance he is going to lose a fairly significant amount of their money.

40 something real estate agent advises 40 something investor to take his money out of his investments and put it all into real estate. 40 something investor has seen very little return on his investment in the last 20 years so he takes the real estate agents advice.  Real estate agent sells investor a shitty property in a shitty part of town with shitty tenants and the investor’s hair goes gray inside 24 months. He ages likes POTUS after his first term in office.

So who do you go to for financial advice? Anyone who deals in any kind of investment will try to sell you what? What they are selling. Their advice is biased and meaningless. So who do you go to? Yourself.

The only person who is going to be responsible with your money is you. Which means you have an obligation to be your own financial planner. Here are the ground rules:

  1. If you don’t understand it, don’t invest in it.
  2. It is your job to learn about money and investing. Try books by Anthony Robbins, Robert Kiyosaki, Tim Ferriss, and David Chilton.
  3. Listen to the books you find on audible if you don’t like to read.
  4. The best investment a person can make is a single family home.
  5. Invest in what interests you. Stock, sure. Real Estate, absolutely. Classic Cars, fantastic. I have seen car collectors outperform the stock market. It is possible.
  6. Don’t lose money. If you can avoid losing, you will always be winning.
  7. You’re in charge of your money, your money isn’t in charge of you.
  8. Always seek a second opinion.