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Discuss Latest POF Blog Post: 5 Myths Surrounding Teaching Others About Money

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  • Discuss Latest POF Blog Post: 5 Myths Surrounding Teaching Others About Money

    When you’ve had that lightbulb moment, and once-foreign finance topics start to make sense, do you feel the urge to ... Read more

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    Helping those who wear the white coat get a fair shake on Wall Street since 2011

  • #2
    Regarding Myth #2 (I don’t know enough), I think for most of us the biggest challenge is we know too much. I find it hard to distill everything down to the most important things a beginner needs to know, and also to keep things simple enough so as not to overwhelm people. The other challenge is accepting that not everyone takes personal finance very seriously, and it’s better to meet them where they are than persuade them to change their mindset.

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    • #3
      Originally posted by Lithium View Post
      Regarding Myth #2 (I don’t know enough), I think for most of us the biggest challenge is we know too much. I find it hard to distill everything down to the most important things a beginner needs to know, and also to keep things simple enough so as not to overwhelm people. The other challenge is accepting that not everyone takes personal finance very seriously, and it’s better to meet them where they are than persuade them to change their mindset.
      This is so true. I think sometimes here people give “the hard truth” or “tough love” and when I see that if the OP is pretty new I suspect they run for the hills. It’s a disservice. We don’t need to endorse or be so gentle that we praise bad financial behavior but sticking to some basic fundamentals I think we’ll be much more successful

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      • #4
        Originally posted by Lithium View Post
        Regarding Myth #2 (I don’t know enough), I think for most of us the biggest challenge is we know too much. I find it hard to distill everything down to the most important things a beginner needs to know, and also to keep things simple enough so as not to overwhelm people. The other challenge is accepting that not everyone takes personal finance very seriously, and it’s better to meet them where they are than persuade them to change their mindset.
        BC of this I learned to start with handing someone the book "Simple Path to Wealth". Those who read and engage afterwards step up to the 101/201/301 level financial education talks. Those who dont read it dont get any help. Those who read and stay quiet will get their questions answered whenever they want. Its actually a good tool to gauge real interest. And simple/short enough for anyone to read unlike some other finance books. But at the very least I do tell all to save at least 20% for retirement, whether they put it in stocks, bonds, RE, crypto, CDs whatever.

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        • #5
          Originally posted by billy View Post

          BC of this I learned to start with handing someone the book "Simple Path to Wealth". Those who read and engage afterwards step up to the 101/201/301 level financial education talks. Those who dont read it dont get any help. Those who read and stay quiet will get their questions answered whenever they want. Its actually a good tool to gauge real interest. And simple/short enough for anyone to read unlike some other finance books. But at the very least I do tell all to save at least 20% for retirement, whether they put it in stocks, bonds, RE, crypto, CDs whatever.
          Interesting. I haven’t read that book, as it was published well after I became pretty financially literate. I’ve given a few family members copies of “If You Can” and a few docs copies of WCI’s book. Honestly I’m not sure if any of them have been read.

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          • #6
            Originally posted by Lithium View Post

            Interesting. I haven’t read that book, as it was published well after I became pretty financially literate. I’ve given a few family members copies of “If You Can” and a few docs copies of WCI’s book. Honestly I’m not sure if any of them have been read.
            After attempting gifting/ lending a lot of books, I find this the simplest and best for beginners. Ive tried WCI, Bersteins, Bogleheads guide to, Andrew tobias (a lil too outdated, but second simplest), millionaire next door, the couples finish rich series (tooo simplistic, not worht it) etc.

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            • #7
              Originally posted by JBME View Post

              This is so true. I think sometimes here people give “the hard truth” or “tough love” and when I see that if the OP is pretty new I suspect they run for the hills. It’s a disservice. We don’t need to endorse or be so gentle that we praise bad financial behavior but sticking to some basic fundamentals I think we’ll be much more successful
              Awesomeness! I love that book and buy it for folks or give them a link to the audiobook.
              I have given out that book and WCI books.
              At least 100 books given.
              Had a young attending last year ask: “ what stock should i buy”
              I said: let me buy you a book.

              The book recommends VTSAX and explains why.

              She said: “I don’t have the time or desire to read a book, don’t you think Apple and Tesla are good?”

              I said: “before you pick stocks you better read hundreds of books, reports, etc. and realize you are competing with experts who work in teams with super computers 24/7 and who have access to info difficult to obtain and understand. If you won’t read a simple book written for a 19 year old you better just buy VTSAX and concentrate on being a good doc.”

              I said there is another book called “winning the losers game” that explains why single stocks are hard to pick and often/always a bad idea for amateurs.

              She did not want the free book, nor did she ask me for “advice” ever again.

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              • #8
                It all starts with the X Factor.

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