If you've been reading ESI Money for more than 15 seconds you know that I'm not a big fan of financial advisors.It's not that I don't like them at all, just that most of them are either not very knowledgeable about money management or are simply glorified salesmen -- neither of which you want managing your money.A couple months ago I posted Financial Locker Room Talk … [Read more...]
Financial Locker Room Talk
If you've been reading ESI Money for more than 15 seconds you know that I am not a big fan of financial advisors.This stems from a couple issues.First, I'm a big believer in DIY finances. The concepts that will make you rich are not that hard to learn, so anyone can do it.And there really aren't that many things you need to master to become wealthy, so it doesn't … [Read more...]
More Proof that Financial Journalists are Not Money Experts
I'm starting to create a collection of stories about financial journalists who are not money experts.It's not difficult to find examples.Oh, they are experts alright, but not at managing money. They are experts at writing, radio broadcasting, or TV broadcasting -- whatever their specific, journalistic specialty.So far I've written Mainstream Financial Experts Are … [Read more...]
What Makes Someone a Financial Expert?
As you know, I'm a big fan of pointing out people who claim to be financial experts but aren't really.But doing that several times got me to thinking: Just what is an expert? What defines one? How would I know an expert when I saw one?So I thought I'd do a little research and put down some thoughts. Then you can add your two cents and we'll chat about it. With all the … [Read more...]
Is the Cost of a Financial Advisor Worth It?
A couple months ago I was having lunch with a friend. He's a financial advisor/planner and we talked about his job since he just started with a new company.He told me that their intro financial planning product was a "comprehensive financial plan" that they did for clients to see where they were financially and what help they might need.He said his company offers a … [Read more...]
More Evidence that Financial Advisors and TV Personalities are Not Experts
The more I write about various so-called financial "experts" (who are not really experts) the more it seems I run into additional examples of their non-expertise.In the latest example, I was listening to the Masters of Money podcast (I enjoy and recommend it!) interview with Joe Saul-Sehy from the Stacking Benjamins podcast Joe spilled the beans on both financial advisors … [Read more...]
Why Don’t They Publish the Net Worths of Financial “Experts”?
In my post Not Experts: Financial Advisors. I had a reader ask (in part) the following: So let me ask you, if you ruled the world, how would you change the system? My answer (in part) was as follows: If I ruled the world the world would be in a lot of trouble! Theoretically, financial advisors would: 1. Not only know what they were talking about intellectually but also be … [Read more...]
Mainstream Financial Experts Are Experts at Creating the Illusion of Competence
Do you feel another ESI Money rant coming on? Me too. :)I've noted previously how many "financial experts" (or at least people who hold themselves out to know something about money) in the media really know very little about it. If you want to see my thoughts on the subject, see Why Another Financial Website? and Buying in Bulk is Always Cheaper.This has been my … [Read more...]
Blue Apron and Other Meal Prep Kits Cost a Fortune
Summary: This post provides a Blue Apron cost analysis and recommends a cost-effective alternative.In late November I went back to my hometown to attend my Aunt's funeral.I stayed with my parents and while there my mom informed me that she had just ordered a package of three meals from Blue Apron.Upon hearing the details I was immediately skeptical (especially … [Read more...]
Not Experts: Financial Advisors
I started my Not Experts category so I would have a common location for my ramblings about the mainstream financial media and how they know little about managing money.But it appears that the category may have broader applications than I first anticipated.As exhibit #1 of that, let me take you to a recent conversation I had. A Long Path to Financial Advisor Several … [Read more...]
