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RE: Financial Tip of the Day #5 - Don't be the Sucker!
Imho, everyone should worry about their own finances. Advisors do not know any better than the investor and if they do, then why do the people they are "advising" typically more wealthy than them. I been in the financial services industry 20 years, and as Warren Buffet has said, far more many people on Wall Street have made money as salesman than as investors.
I agree with you that they should definitely watch their own finances, and that most people on wall street are salesman. I think that the benefit advisors can bring to individuals is the psychological aspect of someone watching over their money. I also think that unfortunately there are a lot of misinformed people who do need someone helping guide them in the right direction. In general though, yes if people want to get the most out of their money they should certainly learn some personal finance and make their own decisions.
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Soooo true. It's like a government mandated funnel, making it rain on Wall Street.