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Episode 2627:
In "Rich As I Say, Not As I Do," Nick Maggiulli explores the paradox of personal finance experts who amass wealth not through their own advice but through marketing their wisdom to others. Maggiulli delves into the issue of credibility in the financial advice industry, questioning the authenticity and effectiveness of advice from those who haven't applied it to their own financial growth.
Read along with the original article(s) here: https://ofdollarsanddata.com/rich-as-i-say-not-as-i-do/
Quotes to ponder:
"Just invest properly and enjoy your life."
"The mental havoc of 'you should always be grinding' isn’t worth it."
Episode references:
The EconoMe Conference: https://economeconference.com/
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[00:00:26] Savings may vary by state. Restrictuli of dollarsanddata.com. There's a bit of an issue I've noticed among personal finance experts.
[00:01:43] Many of them have gotten wealthy by selling advice to others rather than by using their
[00:01:48] own advice. steroids for bodybuilders will have to put in work to see results. But when it comes to money, this isn't true, because you can get money in so many different ways. For example, you can get it by being a good salesperson, a good marketer, or just by being lucky from family or the lottery, etc. However, you can claim that you got it for a completely different reason and then use
[00:03:03] that reason as proof of your skill.
[00:03:06] Because no one's going to have access to tell you something, I don't know what will. What I really would like from a course, book, etc. is some honesty. Just tell me that the way to get rich is to sell a bunch of products to other people, and then show me how to do that.
[00:04:21] This is probably why Jack Butcher's visualized value brand has taken off.
[00:04:25] He's created a product and how to create products. folio theory, not use it. If we should invest in index funds and ETFs, what does it say when Michael Kitches, one of the most knowledgeable financial advisors in the industry, invests most of his money in his own businesses? Of course, Markowitz and Kitches would say that what works for them probably won't work for other people.
[00:05:41] This is a fair point.
[00:05:42] You and I aren't Harry Markowitz or Michael Kitches,
[00:05:45] but it's not a
[00:07:00] core part of the of dollars and data ethos.
[00:07:03] I don't want to be the you're saving for a down payment.
[00:08:20] A wedding?
[00:08:21] A dream vacation?
[00:08:23] Your kids college?
[00:08:24] I've found that Monarch makes it so easy to help you reach your financial goals, whatever
[00:08:28] they are. This is a funny thing, because you don't necessarily need to have experienced the thing you're an expert on. There are plenty of male doctors who assist women in delivering babies, even though they haven't experienced delivering a baby themselves. They went to school for years to gain knowledge, and it's very helpful. But many women also seek out wisdom when it comes to childbirth.
[00:09:43] They may also enlist the help of a birth doula, for example, who in many cases may speak from