BEN CARLSON money tips

[Cnon20]

https://awealthofcommonsense.com/2024/03/20-lessons-from-20-years-of-managing-money/

[disneysteve]

I'm not clicking on some random link and I have no idea who Ben Carlson is. How about sharing the info here instead of just posting the link?

[myrdale]

I'm not clicking on some random link and I have no idea who Ben Carlson is. How about sharing the info here instead of just posting the link?

Is link posting a feature that could be tied to post count? 25? 50?

I'm sure there are plenty of members with <5 post that have submitted amazing links. There are probably users with +100 that link to garbage.

In the case of this link, googling awealthofcommonsense, google autofills the search and it appears to be legitimate. I'm still not clicking on it either, even from google.

Also it'd be useful to be able to see all of a user's post history. I see 7 post count, but when I click on the user name it only displays 2 messages. This post and one reply to another thread. Who knows what the other 5 post are? That information can be useful for putting together replies to folks who might post different parts of their story across multiple parts of the forum.

[ua_guy]

I thought there used to be a 10-post minimum before posting links. I know there are requirements like that on other forums. Unfortunately, it leads to 10 more meaningless/jibberish posts just to satisfy the count, usually dredging really old stuff and creating a headache for mods in the process.

[myrdale]

I thought there used to be a 10-post minimum before posting links. I know there are requirements like that on other forums. Unfortunately, it leads to 10 more meaningless/jibberish posts just to satisfy the count, usually dredging really old stuff and creating a headache for mods in the process.

No silver bullets.

Looking at the website on my phone from a google search, it looks legit. It is fishy that the link is dated 2024/03/20 and today is 3/18, but it matches on the article which was published on 3/10. I guess he future dates his stuff? I am always suspicious of the possibility of scammers editing links after the fact.

Anyway the article is 20 Lessons From 20 Years of Managing Money.
1 Experiences shape your perception of risk
2 Intelligence doesn't guarantee investment success
3 No one lives life in the long-term
4 The only client question that matters is: Am I going to be OK?
5 Its never been easier or harder to set it and forget it.
6 Rich people hate paying taxes more than they like making more money
7 Getting rich overnight is a curse, not a blessing
8 Investing is hard
9 The biggest risk are always the same yet different
10 The market doesn't care how clever you are.
11 A product is not a portfolio and a portfolio is not a plan.
12 Overthinking can be just as debilitating as not thinking at all.
13 Career risk explains most irrational decisions in the investment business.
14 There is no such thing as a perfect portfolio.
15 Our emotions are rigged, not the stock market.
16 Experience is no the same as expertise.
17 Being right all the time is overrated.
18 There is a big difference between rich and wealthy.
19 Optimism should be your default.
20 Less is more

[disneysteve]

I certainly disagree with #8. Investing is easier than it has ever been.

[Fishindude77]

I certainly disagree with #8. Investing is easier than it has ever been.

I don't disagree, but this group is not the norm.
Most folks don't invest much of anything, so it's probably much more difficult than you/we realize.

The "forced savings" plan via 401k withdrawals is what got many of us on the right track.
Had we not had that opportunity, who knows?

[ua_guy]

The site is for a financial advisor offering generic tips with links to buy books or have him help you invest. "A Wealth of Common Sense" is what the website is called. Well, if investing was "common sense" a lot more people would be doing it.

[disneysteve]

I don't disagree, but this group is not the norm.
Most folks don't invest much of anything, so it's probably much more difficult than you/we realize.

Knowing what to do might not be in some people's skill set but the actual investing process is phenomenally easier today than it was years ago.

I'm old enough to remember when buying stock meant making an appointment with a full service broker like Merrill Lynch, sitting down with a human, filling out all of the paperwork to open an account, and writing a check to fund it. Then when you actually wanted to make a transaction, you had to call the broker, or go to the office in person, to initiate the trade.

Today, you can pull out your phone, download one of many apps, open an account quickly, transfer funds from your bank electronically, and trade whatever you'd like. Add to that the predominance of mutual funds and ETFs that didn't exist 30-40 years ago and you can have a broadly diversified portfolio instantly with just a few dollars invested. No longer do you face minimum investments of thousands of dollars or commissions of $50 or $75 or $100 or more on every trade. Investing has very much become something virtually anyone can do quickly and easily. That wasn't the case years ago.

[myrdale]

Well, if investing was "common sense" a lot more people would be doing it.

"Common sense isn't so common"

I know Dave talks a lot about "advice your grandmother would give you". "Save for a rainy day" "Live off less than you earn"

So much of it is less about knowledge, and more about behavior. It's no different than me needing to loose 40 pounds. I know what I have to do, I just make excuses of why those tacos are worth it right now!

[disneysteve]

"Common sense isn't so common"

I know Dave talks a lot about "advice your grandmother would give you". "Save for a rainy day" "Live off less than you earn"

So much of it is less about knowledge, and more about behavior. It's no different than me needing to loose 40 pounds. I know what I have to do, I just make excuses of why those tacos are worth it right now!

Totally. That's why Dave Ramsey focuses so much on behavior and less on math. Sure paying debt by highest interest first is "better" but paying off smallest balances first is much more motivating and in the end, the difference between the two really isn't that big. What matters is that you've paid it off. So what if it took a couple of extra months to get there?

And I'm with you on the tacos, and the cookies, and the pizza. I only need to drop 15 but same problem.

[myrdale]

Cnon20 which of the 20 do you most relate with?

[bjl584]

I thought there used to be a 10-post minimum before posting links. I know there are requirements like that on other forums. Unfortunately, it leads to 10 more meaningless/jibberish posts just to satisfy the count, usually dredging really old stuff and creating a headache for mods in the process.

there should be, and yes, it causes nonsense posts that we have to delete.

[Cnon20]

Cnon20 which of the 20 do you most relate with?

#1