If a person makes a living giving investment advice, can you assume?
Posted by admin on May 30, 2009 · 2 Comments
alfie asked:
that the advice is bad?
that the advice is bad?
Reason: If he knew anything about investing, he would not need to sell his advice. He would be rich from his investments.
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I would assume they just started and want to get rich enough to start investing. Many get commissions so will get a percentage of what they sell you.
You have to earn the money before you start making money investing.
If you invest $100 and make 20% you still would need years to get rich so you must keep adding more money which means holding a job.
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This is, sadly, a VERY fair statement. Though in practice, most good financial advisors do give good and appropriate advice to people because MOST people are clueless; if they weren’t, the market would rise a smooth & steady 10% a year instead of rising in a “sawtooth” pattern of abrupt ups & tempered downs (as it has for hundreds of years).
The very best advisors ARE “rich”, and will manage your money for a percentage of the gain on their recommendations…