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Question Everything You've Been Told

If you’ve read through even just a handful of my articles, you’ve realized I’m very skeptical of nearly everything that goes on in the so-called “mainstream” of markets and finance.

For starters, read this article I recently wrote about why you should be managing your own money, instead of having a broker do it.

Or this one, about why you should hate and avoid the investments most investors buy, and which Wall Street recommends.

Or this one, about why you’ll likely never make any real money as an investor, unless you make the changes I wrote about.

I’m going to try to hammer this point home again today. I beg you not to give up on me. I’m just giving you the advice I would want if I were you.

In the first article I mentioned above, I pointed out the agency dilemma that investors face when handing their money over to someone else to manage. Besides BernieMadoff-type Ponzi scams, and lack of investing discipline, I see this dilemma as the biggest threat to your success as an investor. And, it goes hand-in-hand with the topic of the day, which is, “question everything.”

If you follow my advice today and dedicate yourself to it, you can strike this problem from your list of “ways I’ll fail as an investor.” You’ll vastly increase your chances for success.

Because of these Madoff-type scams and others like it, “well-intentioned” liberal economists, federal legislators, and our own dear congressman and senators sponsor legislation that is designed to “protect” investors from “scams.”

All they’re really doing is pitting you, the unknowing public, against their rival interest groups.

The Deck is Stacked Against You Financially

But most of the public doesn’t realize this. The result is that the government spends millions to regulate the crap out of the financial industry to the point where it’s harder than ever for banks to make money. As a result, it’s more expensive for you to do business with them.

That’s right. The harder and more expensive it is for banks (and all businesses for that matter) to make money, the more expensive it is for you to do business with them. Ever wanted to get a home, business, or auto loan? Why are the fees so high? Do you have a checking account? Why are your fees getting higher when it’s easier and cheaper than ever for banks to borrow money from the Federal Reserve?

Ever heard of the Dodd-Frank legislation? It’s the biggest boondoggle of financial sludge to ever ooze from the chasms of our Capitol. It’s shuttered hundreds of banks and financial institutions because of higher costs, which has resulted even more in the concentration of power within the bigger “banks of evil” that our friendly politicians on both sides of the aisle are constantly deriding. You can learn more about how it has crippled, rather than helped, the financial industry and the economy over all, here.

The government doesn’t realize that the average investor doesn’t need protection from scammers—he needs protection from himself. You can’t cure ignorance or stupidity with legislation.

The biggest investment scams in history all occurred with laws already in place designed to protect consumers. And they happened because investors didn’t know enough about the businesses they were investing in to ask questions or seek understanding… because they didn’t question the strategies being used by their “advisors” to generate unrealistic returns… and because they didn’t have enough financial skills to see through the charade and question it.

Look, let me be honest—investing takes hard work. If you aren’t willing to do some hard work, you’re bound to fail. But let me remind you: the rewards of successful investing—independence, personal growth, self-reliance, good judgment, and expertise—are worth every penny you spend and every minute you take. These are skills you can teach and pass on to others, to make a difference in their lives.

Like I mentioned in the agency dilemma article—everyone in the financial industry is working for themselves. Count me in—the only difference with me is that I have no conflict of interest tied to your wealth. In fact, in many cases I give you advice that drives you away from my services—am I wrong? I hope that serves as at least one giant indicator that I’m looking out for you. But don’t take it for granted…

Why is everyone a snake?

Here’s the bottom line. The deck is stacked against you in the finance industry.

Most of the experts you know aren't really working for you--they're working or themselves. That means you’re basically on your own—so you better pony up, learn all you can, and manage as much of your own affairs as possible. It's easier than you think.

If you trust your broker, that’s awesome. There are plenty of reputable people working in the industry. But it still makes sense to question things… all fees, transactions, and all products flowing in and out of your account. Question your broker’s relationships to the businesses it recommends.

Question me, your friendly neighborhood investment writer / soapboxer, and whether there is any way I the advice I’m recommending could be biased or tainted to be in my own best interest instead of yours. And feel free to reach out to me personally.

So, question everything, and take control of your investments. In the end, if you aren’t looking out for your own money, no one is.

Live long and invest,

Jeremiah

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