The Financial Industry Is Not Trustworthy

Paul wants to make it clear: you can’t trust the financial industry. It’s their job to sell products, and they do it by telling you something you want to hear and giving you part of the truth about their products. It’s your job to be an informed investor and not fall for these sales pitches. Today, Paul walks through a few products being sold that he saw in the news this week and talks about investors he knows who have gotten hurt from falling for these kinds of headlines. Paul urges investors to get smart and get involved in the process. Later in the episode, Paul talks about how it was hard to convince people to diversify in the 90s because of a huge run with large US stocks and why investors usually aren’t able to make a wise decision until after they’ve made a costly mistake. 

 

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