33 min
Why Did I Quit Financial Advising | 551 Money Ripples Podcast
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- Investing
I always say that I am an anti-financial advisor, but I used to be a financial advisor. I didn’t leave because I wasn’t making money, I was at the height of my practice when I left. It wasn’t because it was stressing me out either, it was out of pure integrity.
Key Talking Points of the Episode
[01:10] Why did I break out of the traditional mold of financial advising?
[02:48] How I got started as a financial advisor
[03:15] Who trains financial advisors?
[09:05] Dave Ramsey’s mistake
[13:40] Real rates of return vs Average rates of return
[16:15] Using different inflation rates in the computations
[17:00] The truth about inflation rates
[20:40] Figuring out how I could make it work
[27:35] Realizing that I had to leave
Quotables
“I couldn’t keep living a lie. I would never teach you anything that I’m not doing myself.”
“There’s a lot of assumptions that ruin everything and it is what poked little holes of doubt in my financial planning, and I had to leave.”
“When the market is going up, don’t put money in. It’s too expensive.”
“Figures won’t lie, but liars will figure.”
Links
Youtube: Money Ripples with Chris Miles
https://www.youtube.com/channel/UCJS6bPY8sm53pkjiCSuBKMA
Book: Who Took My Money
https://www.amazon.com/Rich-Dads-Who-Took-Money/dp/1612680453
I always say that I am an anti-financial advisor, but I used to be a financial advisor. I didn’t leave because I wasn’t making money, I was at the height of my practice when I left. It wasn’t because it was stressing me out either, it was out of pure integrity.
Key Talking Points of the Episode
[01:10] Why did I break out of the traditional mold of financial advising?
[02:48] How I got started as a financial advisor
[03:15] Who trains financial advisors?
[09:05] Dave Ramsey’s mistake
[13:40] Real rates of return vs Average rates of return
[16:15] Using different inflation rates in the computations
[17:00] The truth about inflation rates
[20:40] Figuring out how I could make it work
[27:35] Realizing that I had to leave
Quotables
“I couldn’t keep living a lie. I would never teach you anything that I’m not doing myself.”
“There’s a lot of assumptions that ruin everything and it is what poked little holes of doubt in my financial planning, and I had to leave.”
“When the market is going up, don’t put money in. It’s too expensive.”
“Figures won’t lie, but liars will figure.”
Links
Youtube: Money Ripples with Chris Miles
https://www.youtube.com/channel/UCJS6bPY8sm53pkjiCSuBKMA
Book: Who Took My Money
https://www.amazon.com/Rich-Dads-Who-Took-Money/dp/1612680453
33 min