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How NOT Using a Financial Advisor Made Us Millionaires financial advice



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Books that have helped us on our Financial Independence Journey
—–
The Bogleheads’ Guide to Investing:
The Intelligent Investor:
A Random Walk Down Wall Street:
The Book on Rental Property Investing:
Building Wealth One House at a Time:
Rich Dad Poor Dad:
The Total Money Makeover:
The $100 Startup:
Freakonomics:

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Our Rich Journey: How Not Using a Financial Advisor Made Us Self-Made Millionaires – If you’ve watched our videos, you know we’re all about encouraging everyone to achieve financial literacy – mostly because nobody cares about your money as much as you do. And, if you want to achieve financial independence, one of the best ways to achieve it is through financial literacy. We retired at 39 and 41 – but, on the road to FIRE (financial independence retire early), we became financially literate. We did this so that we could make our own financial decisions and so that we wouldn’t have to rely on a financial advisor to make financial decisions for us. In this video, we talk about the top ten reasons why we never used a financial advisor and why, by not using a financial advisor, we achieved millionaire status. Thanks for watching!

▸▸▸Check out some of our other videos!

How We Made $400,000 in Real Estate Profit – See Our Properties & Numbers:

Best Vanguard ETFs (Exchange Traded Funds) for Financial Independence:

How We Buy Real Estate In Up & Coming Neighborhoods | Financial Independence With Real Estate:

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Stock Market Buy & Sell Strategies For Financial Independence | Is It Time To Sell?:

Habits That Made Us Millionaires in Less Than Ten Years:

Want To Retire Early? – Do These 9 Things | FIRE Movement:

How We Became Millionaires with Index Funds | Vanguard, Schwab, & Fidelity :

How to Invest a Large Sum of Money for Financial Independence:

OUR STOCK PORTFOLIO UPDATE | Our Dividend Income In Early Retirement (Ep. 9 – October 2019):

Retirement Account Investing | What NOT to Do to Retire Early :

Top Ten Reasons Why We Retired In Portugal:

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We are not financial advisors. Our videos are for educational purposes only and merely cite our own personal opinions. In order to make the best financial decision that suits your own needs, you must conduct your own research and seek the advice of a licensed financial advisor if necessary. Know that all investments involve some form of risk and there is no guarantee that you will be successful in making, saving, or investing money; nor is there any guarantee that you won’t experience any loss when investing. Always remember to make smart decisions and do your own research!

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30 thoughts on “How NOT Using a Financial Advisor Made Us Millionaires financial advice”

  1. I couldn't agree more! Too many people believe that an advisor's expertise will allow them to make more money when the reality is that the fees you pay to an advisor will almost certainly reduce your portfolio growth by thousands of dollars. As I have discovered in my own life, anyone can learn to effectively manage money. You just have to be willing to put in the time to learn the basics and apply them yourself. Even if you have no interest in learning about investing, employing a simple index investing strategy is all you need to do to match the performance of the overall stock market. Great information!

  2. I consulted with a very respectable fee-only financial planner with fiduciary duty. I think he and his team are very reasonable people but I just cannot see what they would do to boost my portfolio or protect it. I just can't see the benefit as I don't have a very complex business or estate situation.

  3. Yes, you can absolutely educate yourself and do your planning. If you got financial sophistication, why not, go for it. But one thing – the networks of financial professionals – it's a good idea to have that, like any other professions. If a financial planner (in this case, a CFP) wants to work on a client's estate planning, often time the planner needs an attorney to draft a will since a CFP without a JD is not even authorize to draft a will. CPA is the same way. You can't fault them here.
    As for so called "financial advisors", I cannot agree more with you. I'd avoid them for the most reasons you cited.

  4. Thank you for this video! I have a financial advisor which I am pleased with, however I have been contemplating taking over my investments that I have with the brokerage firm. I am fairly savvy regarding investments, my career had me so tied up for years and I decided not to tackle it until I was close to retirement. Now that I have retired twice, I need to jump in the game! I also retired earlier than usual during my first career. I have always invested a portion of my finances myself and have did well. I am beyond the FIRE portion, however I would like more information on investing in index funds and stocks directly myself. Do you have any material such as workbooks etc that I can purchase? Thanks again for all of the information the both of you share. I love your presentation you keep it simple and precise!

  5. So true thats exactly what my Financial advisor said to me that you don’t tell a doctor how to do his job. I'm so sick of him and don't want to use him anymore

  6. Questions. Lord forbid something happens to both of you. But what happens if you can no longer manage your money due to incapacity or death? Do you have someone you both trust that would manage your personal finances for you? Also what advisors charge 2% in fees? Really seems like you picked an extreme case in terms of an outlier advisor that charges that much. Average is 1% or less. .

  7. I love your video! And if people are smart they must listen to you! My husband and I started to invest in Mutual Funds when we were in our twenties. At age 50 we both retired, and have been retired for over 25 years. We NEVER used a financial advisor. We checked out Mutual Funds that met our needs, and stayed with them. The reason we never wanted a financial advisor is …. We had a friend whose husband had died and she received close to a million dollars in life insurance. She hired a financial advisor, who churned and churned her portfolio to make himself rich. When she died twenty years later, her portfolio was worth less than Two Hundred thousand dollars after being with this financial advisor who came to see her every 90 days. He would bring her little gifts, praise her on how good she looked and how smart she was, while he was fleecing her portfolio the entire time. She had no children. I tried to warn her several times, but she would not listen. We still have advisors calling us, wanting to manage our portfolios, lol.

  8. You guys are the exception, too many people don’t have the discipline to understand how the markets work. I work with a financial advisor who has his MBA and also obtain his CFP. Too many advisors are in for themselves and even if you do use a financial advisor you still need to understand what is going on with your money. I have worked in the financial sector for over 20 yrs and I still don’t know it all. That is why using a financial advisor can be important and when you do find one you must interview them. Most advisors have moved away from daily trading to an advisory accounts that meet the investment objective of the client.

  9. What about Vanguard's advisors? I was told that if I have 50K in my Vanguard Account, they'll provide an advisor for $150 a year. I was considering it. I learned about investing from your channel, would love to hear you guys' thoughts on that.

  10. Honestly you have to be lazy or a little bit stupid to pay a fee for someone else to handle your assets instead doing the research yourself. Always check the underlying funds in every mutual fund or ETF or retirement plan. Pull the winners from those funds, and buy those stocks of that. Then carefully monitor your positions yourself. YOU decide if your long term plan is working daily. ITS NOT HARD!!!!!!

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