Why Everything We Are Taught About Finance is Wrong
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- Опубликовано: 15 июл 2024
- If you want to get serious about building wealth and have a shot at achieving financial freedom early in life, it's time to reassess how you think about finances. A lot of conventional wisdom about investing is wrong.
Most of what we are taught in school and what has been ingrained in us by our parents is actually not how wealthy people invest their money. It's time to stop following outdated thinking and start paying attention to how smart investors build wealth.
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The information provided in this video is owned by Winsmith Tax LLC and is solely for informational and educational purposes. It is not intended as investment, legal, or financial advice. Always consult with a professional familiar with your unique situation, or conduct your own research before making any decisions. We might receive commissions for recommending certain products or services.
lol, yeah, my wife asked about an emergency fund early in our marriage. i asked her what unforeseen spending cant be immediately handled by my credit cards or selling some investments unless a ransom note and the fbi were involved? she didn't think i was funny.
Wow!!! This is the second video I’ve watched of yours and I shall watch every one! You are whip smart. I thank the good Lord for showing this video to me. You have a new devotee.
Thanks Sharon for the awesome video! 1-3 really messed up about 10 years of my career. Trying to save cash for a down payment but houses went up faster than I could save. Putting money in my 401k but learning I don't want that money trapped for 25+ more years. #3 was a huge one, I got a job at a massive defense contractor while I was working on my engineering degree hoping to work my way up. It was 3% raise after 3% raise and the managers were kingdom builders. After leaving there I have job hopped a few times and drastically increased my income.
Thanks for sharing your experience! I too wasted a good bit of my career on many of these money myths.
Thank you, Sharon, for such educational and useful information. Happy New Year!
Thank you so much! Happy New Year!
Great video Sharon! I’m going to have my daughter listen to this. She’s 10. I’ll probably have her listen to it every couple of months.
@@aldofiore2895This channel definitely speaks the truth.
I love this! 😁
I love your analysis of investments. I too hate bonds. But you have given me new ideas. Thank you. A retiree. Do you have specific advise for retirees in their late sixties?
Your channel is going blow up. Be honest, let them decide, and don't coddle the audience. Keep giving great advice. 😊😊
Thank you - appreciate your kind words. 😀
Why not invest in roth ira?
If I'm not an accredited investor I don't have the capital to get an investment >10%.
Also I can get a loan from my 401k orSBLOC from my IRA.
Enjoying your straightforward wisdom. Could you possibly address how you take care of medical insurance? The main concerns in in peoples lives is working to have insurance or not retiring because of insurance. Thank you.
Health insurance was one of the main things that delayed me from quitting my W-2 job and starting my own business. I pay for it through the company and it is my 2nd largest expense. The issue is even more complicated for business owners in New York if you want a decent policy. There isn't a great solution here other than to just have your business pay for it to get the tax deduction. I've been exploring setting up a captive insurance company for all my insurance needs, including health, but haven't implemented this yet for myself personally.
Great info, especially for the “young” crowd! But I have a quick question about a twist to an item on your list (#2)…. What would be better for building wealth, maxing out contributions to a Roth 457b (not a 401k or traditional IRA, investing in a S&P 500 index fund in the account) or taking that money and putting it into a taxable brokerage account (investing in S&P 500 ETFs and stocks, etc.)? The biggest advantage I can see going to the taxable account is for access to cash via a SBLOC as the account grows in value. Otherwise, the funds in the 457b can be rolled over into a Roth IRA when I leave the that job (via the back door method) and grow tax free in the interim….. Or do you consider all retirement account types, specifically the Roth versions (i.e. Roth 401k, Roth 403b, Roth 457b, etc.), to not be good investment vehicles?
This is a really smart question. I think the answer is somewhere in the middle. I like to have some money in a Roth-IRA account but I don't necessarily think using a Roth to invest 100% in the stock market always makes a lot of sense. I like to use my Roth mostly for assets that I personally think will appreciate a lot in my lifetime. Examples include things like Pre-IPO companies (especially because you are going to want to sell these shares at some point) or crypto. Having some stocks in a taxable account is also good because of the ability to use SBLOCs, as you mentioned. You can manage your taxable stock account in a way that you are never really paying any tax. I have some stocks in a Roth but the vast majority of my stocks are in a taxable account but I never pay tax on those stocks because of interest deductions from my SBLOC, the fact that I never sell shares, and other tax planning strategies that create tax losses. I will say I think it is a really bad idea to have most of your savings in a Roth.
❤❤ happy new year coach!!
Happy New Year!
Kids in high school should watch this because I am one of those people who worked 60 hours a week and looked at the world and realize it’s a big scam, tell us wage workers to work our buns off until retirement. The question is…how do we figure out what kind of business to invest in where we find companies to invest in?
You seem very serious with your statements but I laughed a lot watching the video! x"D
❤excellent advice
Glad it was helpful! Thank you and Happy New Year!
Hello. I wanted to know if you buy your voo directly from vanguard or through etrade?
I buy through E*TRADE because they don't charge commission. I don't have a Vanguard account.
I like to know more about what financial services you provide.
I don't do any work with clients but have a few courses if you want to take a deeper dive into some of these topics sharonwinsmith.com/courses/
I think this is great advice, but only for people over net worth $1M. This video should be blocked for everyone else lol