Investing for dummies

Amarante

Tue, Sep 03 2019, 11:53 am

baby12x wrote:

The style. The content was spot on.

This particular sentence: "Can you really not understand the basic principles of money? "

I think that when there is such a lack of financial literacy, especially in the frum world, when it comes across as mocking or condescending to people who may in fact not understand basic concepts, then it turns them away from asking questions- especially the simplest ones. I try, personally, to be very mindful of making sure that people feel comfortable to ask even the most basic questions and about the most simple concepts.

I do think that in a lot of cases a financial planner is a good idea (yes, fee based) as opposed to either doing nothing, investing on a neighbor's recommendation, or many other mistakes that people make.

Actually I was asking that question in all seriousness to ascertain the level of knowledge OP had.

If OP had basic understanding of the basics, then a visit to a Certified Financial Planner would be helpful at this point.

If OP lacks that knowledge, OP is not equipped to understand the most basic advice the Financial Planner would be offering. In my experience, it is not the wisest use of expensive professional hourly help to learn stuff that is easily learned on one's own. A good certified planner is going to charge an amount per hour that is high versus getting a book and learning the "lingo" on one's own.

A CFP will either charge by the hour or if they manage your portfolio, they charge a percentage of the assets under management. Given that OP's assets aren't large, she will be paying for someone hourly and that's a lot of money to spend to get a private tutorial that one can easily learn for free before meeting.

baby12x

Tue, Sep 03 2019, 11:58 am

Amarante wrote:

Sorry! I read it as sarcastic.
My bad

Amarante

Tue, Sep 03 2019, 12:03 pm

baby12x wrote:

Sorry! I read it as sarcastic.
My bad

No problem - In re-reading I realize it might have come off as brusque but it wasn't intended to be in a mean spirited way. If I were talking face to face with OP, I would have tried to find out her level of knowledge in order to provide the same advice.

As I explained, there are very simple to understand books on Personal Finance. I am no expert and I do rely on financial advice from my accountant and my financial advisor but did self educate myself on basics so that I could have the most productive relationship with them.