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How NOT Using a Financial Advisor Made Us Millionaires financial consultant

by myyachtguardian123

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Books that have helped us on our Financial Independence Journey
The Bogleheads’ Guide to Investing:
The Intelligent Investor:
A Random Walk Down Wall Street:
The Book on Rental Property Investing:
Building Wealth One House at a Time:
Rich Dad Poor Dad:
The Total Money Makeover:
The $100 Startup:

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Our Rich Journey: How Not Using a Financial Advisor Made Us Self-Made Millionaires – If you’ve watched our videos, you know we’re all about encouraging everyone to achieve financial literacy – mostly because nobody cares about your money as much as you do. And, if you want to achieve financial independence, one of the best ways to achieve it is through financial literacy. We retired at 39 and 41 – but, on the road to FIRE (financial independence retire early), we became financially literate. We did this so that we could make our own financial decisions and so that we wouldn’t have to rely on a financial advisor to make financial decisions for us. In this video, we talk about the top ten reasons why we never used a financial advisor and why, by not using a financial advisor, we achieved millionaire status. Thanks for watching!

▸▸▸Check out some of our other videos!

How We Made $400,000 in Real Estate Profit – See Our Properties & Numbers:

Best Vanguard ETFs (Exchange Traded Funds) for Financial Independence:

How We Buy Real Estate In Up & Coming Neighborhoods | Financial Independence With Real Estate:

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Stock Market Buy & Sell Strategies For Financial Independence | Is It Time To Sell?:

Habits That Made Us Millionaires in Less Than Ten Years:

Want To Retire Early? – Do These 9 Things | FIRE Movement:

How We Became Millionaires with Index Funds | Vanguard, Schwab, & Fidelity :

How to Invest a Large Sum of Money for Financial Independence:

OUR STOCK PORTFOLIO UPDATE | Our Dividend Income In Early Retirement (Ep. 9 – October 2019):

Retirement Account Investing | What NOT to Do to Retire Early :

Top Ten Reasons Why We Retired In Portugal:

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We are not financial advisors. Our videos are for educational purposes only and merely cite our own personal opinions. In order to make the best financial decision that suits your own needs, you must conduct your own research and seek the advice of a licensed financial advisor if necessary. Know that all investments involve some form of risk and there is no guarantee that you will be successful in making, saving, or investing money; nor is there any guarantee that you won’t experience any loss when investing. Always remember to make smart decisions and do your own research!

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Our Rich Journey 17/09/2021 - 2:17 PM

📈Looking to learn how to invest? Enroll in our Stock Market Investing Course: https://ourrichjourney.thinkific.com/courses/InvestingforFIRE

🔥Learn more about financial independence and retiring early: Enroll in our F.I.R.E. Master Class: https://ourrichjourney.thinkific.com/courses/FIRE-master-class

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Moni Marbel 17/09/2021 - 2:17 PM

I totally agree with you. We should educate ourselves. That's why we look for your videos. Thanks.

D LG 17/09/2021 - 2:17 PM

I couldn't agree more! Too many people believe that an advisor's expertise will allow them to make more money when the reality is that the fees you pay to an advisor will almost certainly reduce your portfolio growth by thousands of dollars. As I have discovered in my own life, anyone can learn to effectively manage money. You just have to be willing to put in the time to learn the basics and apply them yourself. Even if you have no interest in learning about investing, employing a simple index investing strategy is all you need to do to match the performance of the overall stock market. Great information!

Michael Damian 17/09/2021 - 2:17 PM

I consulted with a very respectable fee-only financial planner with fiduciary duty. I think he and his team are very reasonable people but I just cannot see what they would do to boost my portfolio or protect it. I just can't see the benefit as I don't have a very complex business or estate situation.

P P 17/09/2021 - 2:17 PM

Yes, you can absolutely educate yourself and do your planning. If you got financial sophistication, why not, go for it. But one thing – the networks of financial professionals – it's a good idea to have that, like any other professions. If a financial planner (in this case, a CFP) wants to work on a client's estate planning, often time the planner needs an attorney to draft a will since a CFP without a JD is not even authorize to draft a will. CPA is the same way. You can't fault them here.
As for so called "financial advisors", I cannot agree more with you. I'd avoid them for the most reasons you cited.

Renita Sanders 17/09/2021 - 2:17 PM

Thank you for this video! I have a financial advisor which I am pleased with, however I have been contemplating taking over my investments that I have with the brokerage firm. I am fairly savvy regarding investments, my career had me so tied up for years and I decided not to tackle it until I was close to retirement. Now that I have retired twice, I need to jump in the game! I also retired earlier than usual during my first career. I have always invested a portion of my finances myself and have did well. I am beyond the FIRE portion, however I would like more information on investing in index funds and stocks directly myself. Do you have any material such as workbooks etc that I can purchase? Thanks again for all of the information the both of you share. I love your presentation you keep it simple and precise!

Jen Kech 17/09/2021 - 2:17 PM

So true thats exactly what my Financial advisor said to me that you don’t tell a doctor how to do his job. I'm so sick of him and don't want to use him anymore

Oasisfullfilled 17/09/2021 - 2:17 PM

Financial Advisors love selling Insurance

Joseph Christopher Lewis 17/09/2021 - 2:17 PM

Question, can you take out a loan against your portfolio ?

Teri Tran 17/09/2021 - 2:17 PM

You guys are so kind to share your knowledge –😍

EveryDAY is a GIFT 17/09/2021 - 2:17 PM

Questions. Lord forbid something happens to both of you. But what happens if you can no longer manage your money due to incapacity or death? Do you have someone you both trust that would manage your personal finances for you? Also what advisors charge 2% in fees? Really seems like you picked an extreme case in terms of an outlier advisor that charges that much. Average is 1% or less. .

am t 17/09/2021 - 2:17 PM

Most financial advisors are not even millionaires, so no I will not trust a random person with my money

Steven Baumgartner 17/09/2021 - 2:17 PM

most of what's said is false by financial advisors or lies. their goal is to make your money thers. they will have 1/3 of you're money in 30 years!

Sophie Solis 17/09/2021 - 2:17 PM

I agree with everythibg you guys say. The guy who opened my 1st 401k didnt didnt even know how to answer basic questions. Total fraud.

Theresia Riggs 17/09/2021 - 2:17 PM

I love your video! And if people are smart they must listen to you! My husband and I started to invest in Mutual Funds when we were in our twenties. At age 50 we both retired, and have been retired for over 25 years. We NEVER used a financial advisor. We checked out Mutual Funds that met our needs, and stayed with them. The reason we never wanted a financial advisor is …. We had a friend whose husband had died and she received close to a million dollars in life insurance. She hired a financial advisor, who churned and churned her portfolio to make himself rich. When she died twenty years later, her portfolio was worth less than Two Hundred thousand dollars after being with this financial advisor who came to see her every 90 days. He would bring her little gifts, praise her on how good she looked and how smart she was, while he was fleecing her portfolio the entire time. She had no children. I tried to warn her several times, but she would not listen. We still have advisors calling us, wanting to manage our portfolios, lol.

HerrPoopschitz 17/09/2021 - 2:17 PM

Anyone have an opinion of vanguard advisory services? 0.3% isnt much…and from what Ive read they are paid a salary, no commissions…

clara massa 17/09/2021 - 2:17 PM

You guys are the exception, too many people don’t have the discipline to understand how the markets work. I work with a financial advisor who has his MBA and also obtain his CFP. Too many advisors are in for themselves and even if you do use a financial advisor you still need to understand what is going on with your money. I have worked in the financial sector for over 20 yrs and I still don’t know it all. That is why using a financial advisor can be important and when you do find one you must interview them. Most advisors have moved away from daily trading to an advisory accounts that meet the investment objective of the client.

Derek Jelinski 17/09/2021 - 2:17 PM

Change our your engine and transmission then

Derek Jelinski 17/09/2021 - 2:17 PM

Do you know about fixing cars too?? Or do you go to greedy mechanics?? I thought so

H T 17/09/2021 - 2:17 PM

What about Vanguard's advisors? I was told that if I have 50K in my Vanguard Account, they'll provide an advisor for $150 a year. I was considering it. I learned about investing from your channel, would love to hear you guys' thoughts on that.

Christian H. Oslapas 17/09/2021 - 2:17 PM

Love yalls videos! You two are such a perfect couple. Have you ever had a financial disagreement? If so, how did you overcome it as a couple?

967tree4 17/09/2021 - 2:17 PM

They’re not advisors, they’re sales people 😤

Cindy Maravilla 17/09/2021 - 2:17 PM


Puff Themagicdragon 17/09/2021 - 2:17 PM

I just found your channel yesterday. I nearly fell for a financial advisor but something just did not feel right. I am glad I followed by instinct.

Jus Rarsh 17/09/2021 - 2:17 PM

Honestly you have to be lazy or a little bit stupid to pay a fee for someone else to handle your assets instead doing the research yourself. Always check the underlying funds in every mutual fund or ETF or retirement plan. Pull the winners from those funds, and buy those stocks of that. Then carefully monitor your positions yourself. YOU decide if your long term plan is working daily. ITS NOT HARD!!!!!!

Anthony Schifano 17/09/2021 - 2:17 PM

The sad fact of FIRE is that when you do it you can't afford a financial advisor…

Melody Remedies 17/09/2021 - 2:17 PM

How do I fire my current financial advisor?

Ali a 17/09/2021 - 2:17 PM

those fear tactics are manipulative and they try and guilt you into sticking with them

Heather Neves 17/09/2021 - 2:17 PM

Honest to goodness advice! Thank you!!

D Walker 17/09/2021 - 2:17 PM

You did the work 👍 Go power Family.

M Tucker 17/09/2021 - 2:17 PM

Just get a Financial Advisor that is fee based. It's worth it. The remaining 98% of financial advisors are garbage.

misfit 17/09/2021 - 2:17 PM

Yeah I choose my own funds and platform so never used a financial advisor

Cathy G 17/09/2021 - 2:17 PM

I made the mistake of using a financial advisor thinking they could do better then me. Seven years later, an annuity, horrible returns, and high fees, and I’m left trying to dig myself out of a terrible financial hole. If I had stayed the course on my own I’d be close to FIRE. Now I only have 8 years till retirement and a very small portfolio. I am so angry with them and myself.

ivanxyz 17/09/2021 - 2:17 PM

Very well said!

CLUTCH_AND STICK 17/09/2021 - 2:17 PM

It's SO FUNNY (as in hilarious) People that are getting subpar results want to argue with those that are getting stellar ones.😂😂😂
I started my Roth IRA with Vanguard because Graham Stephan said they're a good idea. Did I want to use the $2,000 to do that? Not really, but there was no downside because the money was sitting in the bank and inflation was gnawing on it like termites. That $2,000 has turned into $6,000 and 20%+ of that is growth.
I now regret spending money on extra cars, paint jobs, interiors, rims and stereo systems for 20 year old cars that constantly need more money and time to remain on the road. Off the top of my head that's like another $20,000 I could've invested. I sold all those cars for very little money by way of comparison.
SO MANY people would benefit from simply paying you a certain amount of money to formulate a spreadsheet just so they could start to find money to invest in the first place 😂😂😂.

Chris R. 17/09/2021 - 2:17 PM

Biggest mistake I made, investing with an ex- coworker who was now a "financial advisor" eerrrrr….salesman for Edward Jones. I trusted him and my portfolio did nothing for 10 years!
Do not deal with EJ!!

jem amo 17/09/2021 - 2:17 PM

Please do not listen to them! You are mine financial advisor. You live what you preach.
Preach keep on doing what you are doing . The world needs you

Marilou Cunanan 17/09/2021 - 2:17 PM

I am a new subscriber and so happy that I stumbled into your videos. I actually quit work 5 years ago and started to roll over my 401K into traditional IRA then to Roth IRA last year and plan to do an annual rollover. I have a financial manager with Vanguard but like you said, I am afraid of when and how to rebalance when market goes sour. Can you give me your strategy when the stock market goes belly up. Thank you and look forward to watching more of your videos .

Julia Gaas 17/09/2021 - 2:17 PM

Any tips for how to dump my financial advisor? Ours charged us in fees half of what we gained in 2020. I’m dreading the discussion and potential awkward last ditch sales pitch to keep us as clients, but it needs to happen. 😬

Toni B/Fit 17/09/2021 - 2:17 PM

Omg! I’m So glad that this video was in my feed! Just when I didn’t think that I could love your channel anymore! 🥰 I was Exactly that way in my mid 20’s when I started my career! My financial planner was a college that became a good friend and did financial planning on the side And because he was so intelligent I hired him and he sold me life insurance some mutual funds with my back pay also he recommended his cousin and her husband who were realtors to sell me my condo (I trusted him with all thinks financial 😂) and the craziest thing is that it turned out in my favor! I did earlier retirement after 22 years of service at our job while he left the job to do financial planning full time! To this date he’s still working 12-14 hour days and I achieved F.I..R.E. 🔥 in my 40’s on 08/23/11 Lastly! This channel is the Best thing that has happened in my life during the year of (2020 🎉) Financial Literacy is Everything! I thank you both so very much for all that you do! 🤗😍

Adam Hawley 17/09/2021 - 2:17 PM

I run a small financial advisor firm, and I think this video is really good and has a lot of truth! FAs are not for everyone, that's for sure. And, seriously, every time I go to some sort of event for FAs, I think "who are these booger pickers?" 🙂

AV Gholson 17/09/2021 - 2:17 PM

I fired my FA and closed my northwestern mutual accounts. He was a friend of a friend. Whole life Insurance scam. After that experience, I've educated myself and quadrupled my networth. Step 1: Invest in yourself.

Michelle T 17/09/2021 - 2:17 PM

Independence and self sufficiency for the win! Btw you guys are glowing and look wayyyy younger than what your real age is (whatever that may be). Your health, wealth and longevity may as well be interchangeable terms 🙂

Ronnie Adrian 17/09/2021 - 2:17 PM

Great advise

Orange Block 17/09/2021 - 2:17 PM

I loves me some y'all! 😁

Tonya Dallas 17/09/2021 - 2:17 PM

Since signing up for your FIRE course, I have been going back over many of your videos. I am not sure if I commented before, but since covid-19 has exploded all over the world, financial advisors have pretty much (I hope) all but disappeared! Those who do have money to invest should be leery…as you mentioned because they are looking for work a well as other people. Your family are my financial advisors, to include your daughters as I have learned much from them! People, do not let their daughters' ages fool you…their daughters are really savvy investors!

james D 17/09/2021 - 2:17 PM

Great video!

Darshi An 17/09/2021 - 2:17 PM

I am an engineer from Canada and I want to join the Fire club. I have zero knowledge of finances, where do I start from. I recently broke up with my sister who is my current FA because I figured she has her interests above mine. How to quit a FA if I already have one?

J 17/09/2021 - 2:17 PM

This is fantastic ! Totally agree 👍

Krishna Krishna 17/09/2021 - 2:17 PM

What about using services like financial engines for managing only 401k?


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