Questions on financial advise

[Dr.V. Investor]

I have to say Wci, thank you for your effort to create this website.

1. I noted in one of your lectures shared to us- one of the worst places to get financial advise- your #9 is Internet forums. I have seen a lot of financial bloggers and it gets too confusing. I also have found some gems of physician financial bloggers to follow. My personal rule since networth of the financial bloggers came up few weeks ago, I only check the ones who have more than I do.

2. Same concept, is it reasonable to ask an advisor what is their networth? If I have more than they do, why should I change my plans and listen to this person?

[RogueDadMD]

I have no idea what your net worth it, but that number is meaningless without context and shouldn't be a sole determinant on who you read.

Amanda Liu was a great blogger who gave wisdom to many and who didn't have a ginormous net worth at the time of her passing.

If someone started residency off at neg $500k and is at zero at the end of residency, that person has something to teach you (hypothetically speaking).

Donald Trump has a net worth way above anyone in the blogosphere. Can't say he's the best guy to give you personal financial advice.

[Dr.V. Investor]

Amanda Liu is definitely an exception. Until now, I look at her posts and keep reviewing her posts.

[The White Coat Investor]

I think it's a reasonable question for a financial advisor. But I expect a lot more from a 40 year old advisor than a 30 year old advisor.

I don't think someone with less net worth is necessarily someone who cannot help you, but there is a certain value in getting advice from someone with more. At least you know they've been there and done that.

[Zaphod]

Problem with net worth is that it is a snapshot in time and without context. Someone with a net worth of -200k could be far better off from their age til retirement than someone with 10M right now. We dont know age, assets, or how they came into their money. Just because someone has a trust fund doesnt mean they know whats best for anyone else, in fact it'd likely be less since they dont have to (they still could) worry about it as much. I wouldnt take advice from a lottery winner or newly minted professional athlete, celebrity, etc....just makes no sense.

What does a net worth of 0 mean? For one person they could have just finished paying down their student loans and will start building retirement accounts and a house down payment. For another it could mean they have 7 figures of assets balanced with liabilities at that exact snapshot in time. These are obvious real world examples that im sure describes several people on this forum in fact that would give you no clue as to their advising capabilities or experience.

I have a slightly negative net worth (should hit zero this year!), and have been asked about finances and moving money around by people with 8 figures of net worth and a trust fund. Dont arbitrarily cut off sources, but unfortunately that means working to see if a source will help you at all and is time intensive.

[Dr.V. Investor]

Zaphod, Do you have blog too? I see you are active here.  I'll be curious to see your posts.  I do understand net worth how inaccurate it is for someone who had loans vs someone who had trust.  All the reason I am in awe of dr. Amanda Liu.  I saw her post even before I followed WCI.

I really don't plan seek financial advise from athletes or Donald Trump.

[Zaphod]

Dr.V. Investor wrote:

Zaphod, Do you have blog too? I see you are active here.  I’ll be curious to see your posts.  I do understand net worth how inaccurate it is for someone who had loans vs someone who had trust.  All the reason I am in awe of dr. Amanda Liu.  I saw her post even before I followed WCI.

I really don’t plan seek financial advise from athletes or Donald Trump.

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No I wish I did, but I am a hopefully zero net worther (though do have assets and that should flip rapidly). I have been thinking about a book/blog combo but its not finance related and more my practice niche related, which seems to have very little competition (maybe zero). However, I dont see as lucrative affiliate deals as with finance without selling my integrity. If finance related, I'd probably end up talking about things that interest me that are maybe fringe good behavior, which Id be very afraid of anyone following. I wouldnt want to feel responsible for anyone blowing up their play money.

Just am always reminded about those guys on american greed that basically prey on that signaling theory by looking like theyre living large and doing all the outward things that look successful, it seems to work every time. Show always gets me, almost everything is a Ponzi scheme, there arent many creative criminals anymore, sad!