How to Build Wealth in Today's World with Colin Overweg

Colin Overweg is the founder of Advise Wealth, an Investopedia Top 100 Advisor, and member of the Board for the Financial Planning Association. He’s also been featured in publications like Barron’s, CNBC and The New York Times and a frequent lecturer at various universities.

In this episode, we talk about how building wealth today is radically different than it used to be, pensions, misconceptions about home ownership, how to get started with investing, whole life insurance, Nancy Pelosi’s portfolio and more.

Please enjoy our conversation with Colin Overweg.

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The Investipal Podcast is produced by ⁠⁠⁠www.investipal.co⁠⁠⁠. Past guests include ⁠Peter Lazaroff⁠, ⁠Douglas Boneparth⁠, ⁠Jamie Hopkins⁠, ⁠Tyrone Ross⁠ and many more.

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⁠www.twitter.com/colinoverweg⁠

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⁠www.youtube.com/@colinoverweg⁠

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⁠www.advizewealth.com/⁠ ----

Key Takeaways:

1. Building wealth today is significantly different than in previous generations, especially due to the disappearance of pensions and decreased equity compensation options in companies.
2. Younger generations often face confusion and misconceptions about investment strategies, such as the notion of needing to be wealthy to start investing or the overemphasis on home ownership as a wealth-building decision.
3. Low-cost index funds, which allow investors to own shares in multiple companies, are recommended for long-term investment. These have shown to outperform around 90% of professional hedge fund managers and traders.
4. The trend in the financial industry is leaning towards more DIY investing, facilitated by FinTech tools. However, seeking advice from financial advisors still remains relevant.

---- Timestamps:

00:00 Introduction and Background

01:00 Common Pitfalls for Young Investors

03:02 The Importance of Starting to Invest Early

06:11 The Shift in Retirement Planning

08:37 The Lack of Retirement Savings

13:18 Investing in Index Funds

17:31 The Role of Financial Advisors

20:38 The Rise of DIY Investing

24:49 The Dangers of Whole Life Insurance

31:09 Conclusion and Contact Information