tag:blogger.com,1999:blog-7366878066073177705.post6010057061708915293..comments2024-02-09T18:16:45.614+00:00Comments on The Psy-Fi Blog: Freedom Of Financial Choice Is A Mythtimarrhttp://www.blogger.com/profile/06254802085744425067noreply@blogger.comBlogger9125tag:blogger.com,1999:blog-7366878066073177705.post-23355284103182926412012-03-07T10:15:48.022+00:002012-03-07T10:15:48.022+00:00@anonymous
Is this Rob Bennett the "Passion ...@anonymous<br /><br />Is this Rob Bennett the "Passion Saving" Rob Bennett? It smells like it could be...Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7366878066073177705.post-32182498768020772872012-03-01T02:04:17.265+00:002012-03-01T02:04:17.265+00:00@Rob Bennett
Disclosure: Rob Bennett makes money...@Rob Bennett<br /><br />Disclosure: Rob Bennett makes money by selling financial advice. But that unfortunately won't make you any less likely to listen to him.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7366878066073177705.post-85686615946198423762010-01-26T17:45:11.357+00:002010-01-26T17:45:11.357+00:00I wrote a recent commentary on my own site that pr...I wrote a recent commentary on my own site that pretty well comes to the same conclusions: see Financial literacy programs: more savings, not better investing? at the following link http://independentinvestor.info/content/view/804/236/. <br /><br />In a nutshell, financial education programs are contaminated by the excessive influence of the financial services industry.<br /><br />Marc Ryan,<br />IndependentInvestor.infoIndependentInvestor.infohttps://www.blogger.com/profile/05694821758632351787noreply@blogger.comtag:blogger.com,1999:blog-7366878066073177705.post-74765694321489407442010-01-26T11:01:43.401+00:002010-01-26T11:01:43.401+00:00"Buy-and-Hold appeals to the Get Rich Quick&q..."Buy-and-Hold appeals to the Get Rich Quick"<br /><br />What? Buy and hold only works over a sufficiently long time frame. In no way is it a get rich quick scheme. It's also not a myth: our system of living is geared towards increasing its inherent value. The only thing I'm ever sure about when I look at the FTSE is that the long term trend is up.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7366878066073177705.post-63361535331392282142010-01-25T17:56:17.469+00:002010-01-25T17:56:17.469+00:00To follow up on Rob Bennett's post, Better Inv...To follow up on Rob Bennett's post, Better Investing:<br />http://www.betterinvesting.org/public/default.htm<br /><br />provides an easy way for a HS-educated person to successfully value stocks, including higher level concepts such as sector/capitailzation allocation, portfolio management, etc.<br /><br />While I don't dispute the findings of the study, the authors seem to have begged the question. For example, one could make a decision to avoid debt. While that stance would entail a greatly different lifestyle, it eliminates a whole class of decisions that don't have to be made. The same could be said for savings, investing, real estate, taxes, etc.<br /><br />I am very confident that basic core principles on saving, debt, investing, insurance, legal can be taught to, and applied by, the average person. In fact, I've helped a number of friends self-learn over the past 20 years (I'm in my early 40s), and now I'm teaching my children. The key is for the instruction to come from someone whose livelihood doesn't depend on the actions of those being taught.Vinyl Slidernoreply@blogger.comtag:blogger.com,1999:blog-7366878066073177705.post-53634734237530774002010-01-25T15:27:25.594+00:002010-01-25T15:27:25.594+00:00I think you are very much on the right track in re...I think you are very much on the right track in rejecting the idea of financial "education." Tim. I do not at all share your sense of hopelessness, however.<br /><br />Investing is NOT complicated. With index funds now available to us, we can all invest in a simple and highly profitable way.<br /><br />The only thing standing in our way is The Stock Selling Industry's tireless promotion of Buy-and-Hold. Telling investors that price does not matter when buying stocks teaches precisely the wrong lesson. Buy-and-Hold appeals to the Get Rich Quick impulse that lives within all of us and that makes stock investing a bad choice for most middle-class people in the long term.<br /><br />The answer is to teach precisely the OPPOSITE lessons of what we have been teaching for the past 30 years. Instead of telling people to ignore price when buying stocks, we should be telling people to ALWAYS take price into consideration. When we do that, all of the confusion now associated with stock investing goes "Poof!"<br /><br />We should be buying stocks in the way that we buy everything else. When stocks offer a strong long-term value proposition, we should buy heavily. When stocks offer a poor long-term value proposition, we should sell heavily. When stock investing begins to make sense, all of these behavioral issues will be a thing of the past. People want to invest effectively. They just have a hard time believing that so many who are thought of as being "expert" have managed to get it all so horribly wrong.<br /><br />RobRob Bennetthttp://arichlife.passionsaving.comnoreply@blogger.comtag:blogger.com,1999:blog-7366878066073177705.post-22483631649478088892010-01-24T23:34:10.046+00:002010-01-24T23:34:10.046+00:00Even the simplest and most important decisions are...Even the simplest and most important decisions are unbelievably complex.<br /><br />Financial training to buy a house at the right price and time?<br /><br />If even Jamie Dimon can't see falling house prices coming and the entire universe of investment banks themselves, then what hope mankind?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7366878066073177705.post-60648410283308687312010-01-23T12:23:07.505+00:002010-01-23T12:23:07.505+00:00I suspect there's some sort of arm's race ...I suspect there's some sort of arm's race going on - so if you educate people then the financial companies simply up their game again.<br /><br />1950s financial choices were pretty straightforward, with a paternal state and the same attitude from monolithic employers. Was debt etc less of a problem then, or were people still conned and scammed? I genuinely don't know.<br /><br />Rob, I sort of agree but the people who invented many of those products did very well out of them and moved on. Even the likes of Chuck Prince left with their mega-millions. In the financial mindset of many of these people, they played a good hand - all reward, and little risk if the reward isn't recoupable.Monevatorhttp://monevator.comnoreply@blogger.comtag:blogger.com,1999:blog-7366878066073177705.post-41712922027303938412010-01-23T12:17:15.553+00:002010-01-23T12:17:15.553+00:00But was it not the most financially sophisticated ...But was it not the most financially sophisticated investors and traders at the banks that caused the problems? It was their CDOs, derivatives and risk arbitraging that caused the crash. As they designed them they understood them, or at least thought they did.<br /><br />Where Joe Public went wrong was with very simple debt products like credit cards and mortgages.<br /><br />The best education would be a small recession every five years or so.Rob Davieshttp://www.themunrofund.comnoreply@blogger.com