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Investing Advice
I had some friends recently ask me about how to start stock market investing. I told them to read, do research and get on the Internet. They pooh-poohed me and wanted a shorter answer. Sadly I had nothing more to give. I hate giving anyone advice.
There's no upside to advising anyone on their finances and it can destroy relationships. But even ignoring that, people should be informed on their own. I make my decisions with my own counsel. Even if I had a money manager I'd have to be able to understand his advice. There's simply no way around learning something about managing your money.
I'm also never clear on why people think they should be able to learn nothing about managing their finances and still expect above average returns. You need to start investing your own money. Even if you have help, you have to be the decisino maker.
There's no upside to advising anyone on their finances and it can destroy relationships. But even ignoring that, people should be informed on their own. I make my decisions with my own counsel. Even if I had a money manager I'd have to be able to understand his advice. There's simply no way around learning something about managing your money.
I'm also never clear on why people think they should be able to learn nothing about managing their finances and still expect above average returns. You need to start investing your own money. Even if you have help, you have to be the decisino maker.
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Comment by James Scott on March 25, 2010 at 3:37pm -
The same is true when people ask me to help them make a website. The truth is that they just want me to make a website for them. They want to be online, but they have no interest in learning about how to make a website or how to get traffic.
That is one problem with the markets. There are a lot of investors who have no idea what they are doing. Even some of the major money market managers have no idea what they are doing. I guess we need some of these people to push stocks higher when they are already overvalued so we can cash out.
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Comment by Vitaly Indinko on March 25, 2010 at 7:04pm -
Even worse -- The only way to tell if your money manager knows what he's doing...is to know a little bit about what you're doing!
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