Life Kit Should You Pay For Financial Advice?
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Apr 29, 2019 Thinking of hiring a financial advisor? Many don't need one, and choosing the right type is crucial. Fee-only advisors are recommended over fee-based ones for transparency. Emotional challenges during market downturns can lead to panic selling, so guidance is key. Consider low-cost options like robo-advisors for cost-effective management. And if it’s time to part ways with an advisor, be prepared for the emotional ups and downs, but remember to prioritize your financial well-being.
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DIY Investing
- You might not need paid financial advice, especially if your finances are relatively straightforward.
- Learn about index funds, ETFs, low fees, diversification, and retirement plans.
Ahn's Market Crash Mistake
- Ahn Sang panicked and sold his stocks at the bottom of the market during the 2008 crash, losing half his savings.
- He hesitated to reinvest even when the market recovered, highlighting the dangers of emotional investing.
Benefits of a Good Advisor
- A good advisor helps you avoid big mistakes like panic selling and chasing hot stock tips.
- They encourage consistent, automated savings and long-term investment strategies.
