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Top financial adviser: Just working hard will not make you wealthy

2stepz_ahead2stepz_ahead Who I am is Complex, What i am, simply put. I'm a Threatwalking out the lions denPosts: 32,188 ✭✭✭✭✭
https://finance.yahoo.com/news/top-financial-adviser-just-working-120700190.html

Ric Edelman is the founder and executive chairman of Edelman Financial Services, one of the nation's leading financial advising firms, and author of the new book "The Truth About Your Future: The Money Guide You Need Now, Later, and Much Later." In this video, he explains why there's such a strong emphasis on working hard but it's just one component to building wealth. Following is a transcript of the video.

If all you do in life is work really hard you're never going to get wealthy.

A lot of people have a misconception about creating wealth and this is foisted on us by the American education system and it creates a fallacy and here's what it is: the American education system is designed for one purpose. To give you knowledge and so that you can take that knowledge and apply it to a career so that you can get a job and earn money.

In other words, we teach people to work hard. And we’re really good at rewarding that, by giving you a salary. Well that's all well good, and I don't dispute, I don’t disagree with any of that, but it's only half the story.

What you must equally do is work smart, not merely hard. And here's why I say that. If you take some of your hard-earned money and set it aside as savings and you only put it in a bank account where you’re earning, well you tell me, what are you earning in bank accounts these days? 0.1%? Or you put it in a bank CD at 1% or 2%. If you leave it alone and let it grow for decades, at 1 or 2%, it's never going to grow very much in value.

You have to get the money growing at a rate of return where compound growth works and that means you need to earn 6%, 7%, 8%, 9%. You’ve got to get into the high single digits. Forget about 10, 20, 30, 40%. Those are scams. Nobody’s capable of making 10, 20, 30% a year over many years. Forget about that.

All you need to do is build diversified mix of investments using low cost, exchange-traded funds or mutual funds, and you can build a diversified portfolio on a global basis. It’s really easy to do. You can get the rates of return that you need over decades in order to achieve your financial goals.




https://community.allhiphop.com/discussion/246886/sions-how-to-invest-thread-everything-you-need-to-invest-properly-and-much-more#latest

https://community.allhiphop.com/discussion/552647/dividend-growth-investing/p1

https://community.allhiphop.com/discussion/514416/sions-guide-to-real-estate-investing-ask-a-question-learn-everything-you-need-to-know-and-more#latest
you have the dude who is naturally thorough -Alpha
you have the dude that wants to be thorough so he pretend to be Alpha -Beta
then you have the nigga who wants to hang with the first two to be seen and grab any dropped crumbs.- Omega

I am still struggling between blocks to get from the have nots to the have yachts and I won't be stopped.



http://www.youtube.com/watch?feature=player_embedded&v=HhTZZdVbjio


Ajackson17T. SanfordValentinez A. KaiserFosheezydasmooth1deadeye$ineedmoney$ThatDamnJayLurkristocrat LEMZIMUS_RAMSEYFocal PointCinco

Replies

  • b'mer...b'mer... Posts: 1,119 ✭✭✭✭✭
    That's life and business. The person at the top usually does very little in exerting energy and time. Instead, they out think the person putting in work and man power to accomplish goals or project deadlines...work start, not hard...
    warren98
  • BigBallsNoWorriesBigBallsNoWorries Posts: 5,454 ✭✭✭✭✭
    Duh

    It's about working hard at working smart

    Finesse the system

    Cut the shit you can go without

    And wrk for yourself
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  • dwade206dwade206 Posts: 11,547 ✭✭✭✭✭
    Boyce.....Watkins
    Bustin a new nut on @R.D's moms collarbone everyday.
    jetlifebihb'mer...Focal Point
  •   Colin$mackabi$h Colin$mackabi$h Smartass Snatch Money ave.Posts: 16,564 ✭✭✭✭✭
    But they dont hear you though
    Powered by 9(0)'s sun.
    b'mer...
  • rickmogulrickmogul IFNOTYNOT Posts: 1,955 ✭✭✭✭✭
    edited July 15
    Zack Lee!!! They just gonna instruct U2 pay all ya bills of until ya broke.
  • T. SanfordT. Sanford Trill Doggy Dogg (Legion Of Trill) Posts: 25,264 ✭✭✭✭✭
    I learned this concept a couple of years ago. Also, working hard doesn't result to a rewarded raise either. Sure, you'll get gratified for it but gratification doesn't pay bills
    giphy.gif

    Me: Have you ever heard of T. Sanford

    Karla: Yeah

    Me: This is T. Sanford, Come on down here and let me tap that ass
  • blakfyahkingblakfyahking The IC's Resident Father Figure Posts: 15,778 ✭✭✭✭✭
    I'm always skeptical of someone in the finance industry selling me something that tells me to invest in financial instruments "because it's easy"

    and this is coming from someone who works in the financial industry haha


    if the shit was simple there wouldn't be mofos writing books about it :(
    tumblr_maj8y0LU9Y1qimbeto1_500.jpg
    OnnaThursdayLurkristocrat MallyG
  • OnnaThursdayOnnaThursday Posts: 236 ✭✭
    I'm always skeptical of someone in the finance industry selling me something that tells me to invest in financial instruments "because it's easy"

    and this is coming from someone who works in the financial industry haha


    if the shit was simple there wouldn't be mofos writing books about it :(

    I was thinking this while reading. I'm always apprehensive to listening to how to get wealthy from wealthy people just cause I don't see them just giving away the game for free. Like they know we live a in a capitalist society so of course people will flock to get the knowledge you have. My concern is are they running game or do they really care

    blakfyahking
  • AZTGAZTG Posts: 7,539 ✭✭✭✭✭
    edited July 17
    Lazy motherfuckers took this the wrong way.

    Dude didnt say dont work, all he said was make sure that your money is working as hard as you.

    Cant make $400 a week and save enough to invest and get them high digit returns.

    First you gotta word hard and make the capital. This working hard could be working 80 hours to save, or, working hard as fuck in school and getting a good degree in a growing field and make 6 figs, or starting a business and putting in crazy hours. Either way, this dudes advice is what to do with the money after you worked hard and made it.
    Valentinez A. KaiserLurkristocrat ThatDamnJay
  • LEMZIMUS_RAMSEYLEMZIMUS_RAMSEY SHAPE YOUR REALITY INSIDE WHICH YOU THRIVE Posts: 17,649 ✭✭✭✭✭
    Its hard to achieve NOWADAYS because before thinkinh and having the effort to INVEST you will

    By more shoes and clothes than you need
    Buy more drinks
    Overspend on 'deserved' vacations
    Changing TV each year
    Oversimping women
    Making it rain in the clubs
    Get high on your credit CARDS.


    apocalyse-xmen-2016.jpg
    mohamedCinco
  • CincoCinco Real Nigga Minerals Posts: 5,090 ✭✭✭✭✭
    Good article.

    Takeaway is u don't have to hit a 'home run'
    Just be consistent
    2stepz_ahead
  • JokerzWyldJokerzWyld Fazer o que você gosta é liberdade. Gostar do que você faz é felicidade Chocolate CityPosts: 5,483 ✭✭✭✭✭
    It's called CAPITALism because wealth isn't gained by how much labor you contribute but the amount of capital you have invested in an enterprise. A sad truth indeed.
    "Our mistake, the mistake we Africans made, was to have forgotten that the enemy never withdraws sincerely. He never understands. He capitulates, but he does not become converted

    Our mistake is to have believed that the enemy had lost his combativeness and his harmfulness" Frantz Fanon


    31-drapetomania.jpg
  • konceptjoneskonceptjones Old School Playa Posts: 13,109 ✭✭✭✭✭
    Its hard to achieve NOWADAYS because before thinkinh and having the effort to INVEST you will

    By more shoes and clothes than you need
    Buy more drinks
    Overspend on 'deserved' vacations
    Changing TV each year
    Oversimping women
    Making it rain in the clubs
    Get high on your credit CARDS.


    I don't understand none of that shit.

    We still have tube TV's at the crib 'cause they still work. We have two big screens, one was given to us as a part of a house purchase (it was in the husband's "man cave"), the other we bought back in 2005. The joint from 2005 is the only HD TV in the house but even then it's limited to 1080i, not even 1080p. Rear projection Hitachi joint but it does have HDMI on it. The other one is an old 4:3 rear projection Mitsubishi joint. What's the point in changing out TV's so often when the old one still works???

    Clothes and shoes are bought when we need them. I personally five a fuck less about what's fashionable so I never really spend a lot on my clothes. Shoes, on the other hand, I might spend a lil bit on because I have flat feet and they underpronate. I have to make absolute certain that the shoes I buy are just right. Case in point, I just copped a pair of Saucony running shoes for $90 a few weeks ago because they fit all the criteria.

    Making it rain in clubs is plain stupid.

    Simping hoes is stupid.

    Leasing a car is stupid. Buying an older car outright makes more sense in the long term. Unless you're a commercial lending broker, there's no real need to have the latest whip.

    Maxing out your CC's is stupid as fuck too. You'll never pay them shits down and it affects your credit score as well.
    i'm not sure which entity leaves people more abused and lost; the Porn Industry or Bad Boy Records.
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