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MANAGE YOUR OWN MONEY

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This is contrary to what financial experts advise. They tell you to get a financial advisor to help you
invest your money. And why wouldn’t they? That’s the way they make money—by investing your
money and taking a small portion of it.
Most financial advisors make money on fees charged to you. They’re not bad people, and many of
them are very smart when it comes to investments. Without getting too deeply into it (because this
isn’t an investment book), not many financial advisors “beat the market.” Therefore, you’re basically
paying for nothing and putting your trust/faith in an individual.
The trust part is difficult—even if your advisor is a family member or a friend. Remember, it’s your
money, and no one will care about it as much as you. While I’m sure 98 percent of all money
managers are trustworthy, I worry about the 2 percent who aren’t.
Admittedly, I’m biased here. My ex-brother-in-law was my one and only money manager. When I
needed the down payment for my first home, I asked him to sell my investments. Lo and behold, he
had stolen my money. While he was with a top ten brokerage, he had been sending me fraudulent
monthly updates for the previous few years (using the company’s letterhead and forms). I had my own
mini-Madoff in my family (I say mini because I didn’t have much money at the time).
My personal opinion is that you should open your own investment account with a firm such as Charles
Schwab and buy no-load (no sales fee) and low-expense mutual funds.

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