Good-Bye, Financial Advisor: When it’s Better to DIY Your Finances

Monday, October 16, 2017, 6:00 AM | Leave Comment

Are you smart, good-looking, and skilled at taking long walks along the beach at sunset? Then, you too can manage your own finances.

Nowadays, financial knowledge is more abundant and smart individuals can say “Good-bye, financial advisor!” Learn when it’s better to DIY your finances.

Good-Bye, Financial Advisor: When it's Better to DIY Your Finances

  • The Dirty Little Secret of Insurance

    The world has changed so much due to technology — you can learn anything on the World Wide Web.

    • Do you want to read the Quran? Go ahead.

    • Do you want to view the latest prices for rice in Japan? Go ahead.

    • Do you want to learn how to become a financial advisor? Go ahead.

    What tools do financial advisors, bankers or insurance analysts have, that you don’t have? Maybe actuarial tables that calculate how many people die from falling off step ladders.

    The dirty little secret of insurance is … they take your money and invest it in the stock market to make more money.

    So, why don’t you do the same?

  • Are you smarter than a sixth grader?

    Can you find a chart on gold prices and stock market capitalization? Yes. Can you review stock analyst picks for the year? Yes.

    The time is now. You have all of the same information at your disposal, why should you pay someone else, unnecessary fees? Cut out the middleman and save on management fees.

  • Are you smarter than a dart board?

    If you have financial knowledge, solid real-time decision making skills and low returns on your portfolio presently, then you might want to DIY your finances. Do you want to learn another dirty little secret of insurance?

    Some states don’t require certain types of insurance.

    It varies by state. Car insurance is based on your ability to pay certain damages. In some states, you can take out a bond, showing that you are wealthy enough to pay for personal injury, property, and other types of damage.

    Life insurance is not a requirement. It is a financial advisor relationship. If you can increase your wealth more than the financial advisor can, then why not try selling your life insurance policy?

    You get money in your pockets. Invest the money you would have spent on premiums into stocks. Control your destiny.

If you have the financial understanding, then you can save money with DIY finance. It all depends: Are you smarter than a financial advisor?

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