You Probably Don’t Need an Advisor

Good morning,

10 weeks in and I’m having a blast. Check out the two lessons I’ve taken away from writing this newsletter for a few months.

Without further ado, your Thursday newsletter.

“I helped put two children through Harvard – my broker’s children.”

Top Reads  📰

The $42 Billion Question: Why Aren’t Americans Ditching Big Banks? (WSJ)Prosecutors Say FTX Was Engaged in a ‘Massive, Years-long Fraud’ (NYT)U.S. lawmakers scramble to regulate crypto (Reuters)Fed Raises Rate by 0.5%, Signals More Increases Likely (WSJ)Intensified housing market correction has homebuilders offering sweetheart deals to Wall Street (Yahoo)There’s nothing noble in taking unnecessary risks (Darius Foroux)Zero-fee rent payments: A review of the Bilt Mastercard (The Points Guy)Who really benefits from 529 plans? (NYT)Millions of Americans set to get surprise tax forms in 2023 (Axios)

BS You Should Ignore 🙅🏼‍♂️

Core holding Honeywell is a recession-resilient industrial for 2023, Bank of America Says (CNBC)3 Dividend Stocks to Buy When 98% of CEOs Predict a Recession (Seeking Alpha)

Markets  📈

As you may have noticed on Tuesday, I’ll be removing market conditions from all future newsletters. You can easily find this on your own, but I encourage you not to be overly concerned with daily movements. Ideally, you check your portfolio 1-4 times per year.

“If owning stocks is a long-term prospect for you, following their prices daily is a very, very bad idea. The more you watch your investments go up and down, the more likely you are to trade in the short term and the less likely you are to earn a return over the long term.”

Tip  💎

“Paying 1% per year for a financial advisor over 30 years could cost you hundreds of thousands of dollars in unnecessary fees. That doesn’t even include commissions. If you truly need a financial advisor, opt for a fee-only advisor instead of one who charges by assets under management.”

You may need a financial advisor if:

You have $1M in investable assetsYou own a business or multiple propertiesYou have a complex financial situation (divorce, stepchildren, alimony, etc.)

If you’re simply saving for retirement, you’re likely paying excessive fees for something you could easily do by yourself.

Read the Full Article: You Probably Don’t Need a Financial Advisor

Announcements 🔈

I’m doubling my reward for referrals. Use your referral link below to sign up 5 friends and I’ll send you a $10 Amazon gift card!In honor of the holiday season, I got you something. Is there someone in your life constantly giving you bad financial advice? Send them this.

Deals 🤝

Wealthfront Savings Account Now Offering 3.8% APY (Wealthfront)Give $25 to Your Favorite Charity for Free (Daffy)Get a $200 welcome bonus – my favorite credit card for everyday spending (Chase Freedom Unlimited)Get a one year supply of Vitamin D3+K2 & 5 free travel packs of Athletic Greens (AG1)

Have an excellent weekend.



PS: Remember that market declines are “fees” not “fines.” Stay the course!

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Disclaimer: This newsletter is strictly informational. It is not investment advice, tax advice, financial advice, or a solicitation to buy/sell any assets. Please do your own research. This newsletter may contain affiliate links, meaning I get a commission if you decide to make a purchase through my links (at no cost to you).