This is an extract from The Poor Man’s Guide to Financial Freedom: A Realistic, 10-Step Manual to Building Liberating Wealth on a Small to Medium Budget.
Bad Reasons for Changing Your Investments
There are two really, really bad reasons for changing your investments. They are: (a) panic, and (b) greed.
The most common is panic.
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When I was a kid, the suburbs on a Sunday were peaceful and still. The only noise would be children playing, hoses spraying, an occasional radio or lawnmower in the distance, warbling magpies and the wind through the leaves.
The one sound noticeably missing was the usual, steady drone of traffic common in every major city.
This was a perfect time to play cricket or kick-to-kick on the street. Kids would only have to pause every half hour or so to let a car pass, if that. Every back street became a playground.
This idyllic day of rest had a singular cause: Sunday was trading was illegal.
Read MoreThis is an extract from The Poor Man’s Guide to Financial Freedom: A Realistic, 10-Step Manual to Building Liberating Wealth on a Small to Medium Budget.
Reevaluate
How often should you review your investments and consider whether you need to make alterations?
Once a year, or when your circumstances change, i.e. you have quintuplets or you lose both your legs in a lion-taming accident. Fiddling with it any more frequently than that will probably be a waste of time and effort, and might be counterproductive. A watched pot and all that. Feel free to examine your investments frequently, but if you change them more than once or twice a year, you’re playing with them. Hands off!
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This is an extract from The Poor Man’s Guide to Financial Freedom: A Realistic, 10-Step Manual to Building Liberating Wealth on a Small to Medium Budget.
Robo-Advisors
While it’s cute to imagine a robo-advisor as an actual, 1970s sci-fi style robot sitting in an office, wearing an adorable tie around its thick, metallic neck, and giving you financial advice in a camp C-3PO voice, disappointingly it is just a glorified financial calculator. You plug in your data through a survey and an algorithm spits out suggestions based on your circumstances. These are sometimes called ‘automated investment advisors’ or ‘digital advice platforms’, but ‘robo-advisor’ sounds much cooler, so let’s stick with that.
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This is an extract from The Poor Man’s Guide to Financial Freedom: A Realistic, 10-Step Manual to Building Liberating Wealth on a Small to Medium Income.
“If something seems too good to be true, it probably is.”
The easiest way to spot a scam is to understand what returns are reasonable, and what returns are not. Here is a quick recap:
Cash: A term deposit or high interest account might provide a safe return of about 2-3% return in normal times, or 6% in special cases such as shortly after the Great Recession began. [Edit: cash rates now extremely low, often less than 1%.]
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The greatest moment in Manosphere history was when prolific MGTOW commenter Mark Minter suddenly announced that he was getting married to a female commenter. After years of being the internet’s most strident anti-marriage voice, this attracted some blowback. He responded by pointing out how young his bride was and proclaiming, ‘Top that motherf*ckers.’
Wonder what happened to them. I wish them all the best.
Reading through old manosphere blogs is like dusting off relics from a distant past.
A lot of them are gone or have moved on. Chateau Heartiste got nuked and now reserves his snark for a small Gab following. Roosh realized he wasn’t going to be picking up Poles for a living into his sixties and found a new path. The Rational Male has largely monetized his esoteric hobby.
Remember The Spearhead? Go check out what happened to that domain. Actually I’d better translate: it’s now a site recruiting Japanese women for part-time ‘night work’ as entertainers in hostess clubs and that sort of thing.
Like The Spearhead, Dalrock suddenly ended under mysterious circumstances. So did The New Modern Man. His site has also been sold to an interesting new proprietor. HT to whoever sent me that, I can’t remember.
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This is an extract from The Poor Man’s Guide to Financial Freedom: A Realistic, 10-Step Manual to Building Liberating Wealth on a Small to Medium Budget.
Continued from last week:
I’ve hopefully convinced you that it is not a good idea to wander into the office of your nearest financial advisor, turn your brain off and do whatever they say, any more than you would tell a new barber, ‘Do whatever you like!’ But now you may instead be thinking, financial planners are scary! They’ll take all my money! I’d better stay as far away from them as possible!
Relax. Some financial advisors are excellent, most are satisfactory and only a few are downright dodgy. Here is a step-by-step guide for finding a good advisor and for getting the most from their services:
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