This post was posted in 2023 and is important to be revisited. With the high levels of uncertainty we face with the economic chaos brought on by Trump and his administration of seemingly bumbling idiots. Some people will tell you they know what's happening and how it'll play out. These folks fall into one of two buckets:
They are foolish and aren't paying attention to the reality of the situation.
They are selling something and are a plague upon your financial well-being.
Regardless of which one they are, avoid them like the plague.
This post is 369 words, about a 2-minute read. Enjoy!
Few things are as valuable in the modern world as a good bullshit detector
-Morgan Housel
With the recent bank failure of SVB, we all need to be wary of seemingly helpful and friendly salesmen.
They will come from nowhere with the solution to a problem you did not realize you had until SVB happened.
They will speak words that ignite fear in your heart by sharing doomsday scenarios you never thought possible.
However, they will tell you, "You are in good hands". They will share tales about all the others they just saved.
They will speak seemingly wise and comforting words to you.
They will mesmerize you with numbers and fancy language that make them appear smart.
They will endear themselves to you by getting you to share seemingly innocuous stories with them.
They will build repour with you by using the stories you just shared.
They will appear as the beacon of light in the darkness you never realized you were surrounded by.
These are not your friends.
These are snakes whose heads need to be smashed immediately. Do not listen to their words. Do not ponder on the things they say. Do not wonder about the disaster they predict.
These are here for one reason and one reason alone, to make your money their money.
So stay alert, turn your Bullshit Detector to 11.
No one knows what will happen.
If you have a good plan in place, stay the course!
If anything appears too good to be true, TRUST YOUR INSTINCTS!
I wish you all the best!
Generosity>greed
✌🏾
Recommendation Section
Jack Raines in 28% Loaded talks about the beauty of the mid-20s and growing older. A key quote of life:
I think the key to actively “living life” is to continually optimize for what’s fun, while accepting that your definition of “fun” changes as you age. Having a good feel for what excites you at different stages of life is how to decide where to go all-in. Misunderstanding what actually excites you now and instead optimizing for what “should be” or what “used to be” fun is how we screw up.
Scott Galloway in "Earners vs Owners” perfectly explains how I think about taxes. It's not about Rich vs Poor but rather those who own things and those who don't.
Nick Maggiulli in "The Price of Peace: Why Diversification is Difficult, but Necessary" challenges the popular saying, “Concentrate to get rich, diversify to stay rich.”
Doug and Heather Boneparth in "Invest For Kids" provide the ultimate breakdown of the best investment to make for your kids, or in my case, future kids.
There are hidden costs in almost everything we choose to purchase. Doug and Heather Boneparth have a series covering many of them. The latest topic is on Tariffs
🎙️Podcasts Episode I love:
50Fires. It is by Carl Richards, a recovering Financial Planner and Advisor. He could help other people with their finances, but had a difficult time talking about money with his wife and children. It has quickly become one of my most anticipated podcasts to listen to every week.
Money For Couples by Ramit Sethi. Ramit is no stranger to the world of money and personal finance. In his podcast, he talks with couples about their finances and helps them better enjoy their money or better get aligned. This is a very important podcast for me as I enter a new stage of life.