This is close to the opposite of the advice I'd give smart people (but it's almost certainly a mistake to write that advice down)
Really good advice is often a dangerous gift, for both parties.
Really good advice is often a dangerous gift, for both parties.
https://twitter.com/eugenehwang/status/1307335665554731009
What's wrong: Early on one must cultivate sense, experience, and money, this advice attempts to gain the third at the expense of the first two. It's 💯% defensive advice and assumes no upside to risk, so following it means you forgo all asymmetric upsides
https://twitter.com/ankitshah/status/1307356385743523846
Maxing out 401Ks and IRAs supposes you have no idea what else to do with the money (which may be true) but step 1 is to look for what else your money could be doing.
Index funds are 'safe' and guarantee you will learn nothing. Many of them are pseudo actively managed (eg if you own an S&P index fund you now own ETSY because some people decided it should be in the S&P a few days ago). Someone *is* picking stocks, just not you!
"The person on the other side of the table knows more than you" is not itself a reason why you should not buy individual securities, after all when you buy an index fund there's someone else on the other side of the table too. Their reasoning is poorly articulated.
"Pay attention to fees" and then talks about having a financial advisor. The people this kind of advice applies to definitely do not need to be paying a financial advisor.
(this is just what I think is wrong with the card's framing, not trying to offer my own advice here, but broadly speaking more people should take more financial risks for both possible financial or experience gain while young, and this thinking goes in the opposite direction)
• • •
Missing some Tweet in this thread? You can try to
force a refresh
