Six Ways to Tell the Difference Between Real and Pretend Investors

The Magic of Incremental Change

Podcast Episode – Dr. Daniel Crosby

Bank It

Laura Vanderkam – The Boss of Time Management

Category: A piece we love

Five Steps to Taking the Long View

Finance author and TLV podcast guest Morgan Housel recently wrote a five-step guide on “How to Do Long Term.”  In Housel’s words…

Long term thinking is easier to believe in than accomplish.
Most people know it’s the right strategy in investing, careers, relationships – anything that compounds. But saying “I’m in it for the long run” is a bit like standing at the base of Mt. Everest, pointing to the top, and saying, “That’s where I’m heading.” Well, that’s nice. Now comes the test.
Long term is harder than most people imagine, which is why it’s more lucrative than many people assume. Everything worthwhile has a price, and the prices aren’t always obvious. The real price of long term – the skills required, the mentality needed – is easy to minimize, often summarized with simple phrases like “be more patient,” as if that explains why so many people can’t.
To do long-term effectively you have to come to terms with a few points.

Read his rules to live by here.

A Quote We Love

Our favorite WSJ Columnist, Jason Zweig, recently told a story, warning of trying to get rich quickly. We had to share our favorite quote from the piece:

‘I can’t tell you how to get rich quickly,’ the Hungarian stockbroker and trader André Kostolany liked to say. ‘I can only tell you how to get poor quickly: by trying to get rich quickly.’

Read the full piece here.

Fiduciary or Broker? The Glaring (and costly) Difference.

Sometimes you can’t shake a story because it keeps getting replayed in different forms. You might remember a piece in the NYT written a couple of years ago about a woman who stumbled upon gross misuse of her parent’s retirement money. Her parents’ brokers were mishandling the money for years, to their benefit – one stock had even been sold eight times in the same day, racking up enormous trading fees. It sounds shocking, but unfortunately, it’s an old story that bears repeating. Why? Sometimes we need reminding – employing a fiduciary advisor matters. “Fiduciary” means your advisor is legally bound to work in your best interest. Ask if your broker, or your parent’s broker, is held to this standard. Do you have a fiduciary advisor like Hill Investment Group?

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