Want to Become a Millionaire? Become an Idiot First

 

You want to be wealthy? A multimillionaire?

Then read on…

 

Become an idiot

 

I love watching movies. I’m sure you too watch movies to entertain yourself.

How about watching a movie which entertains and educates?

A few weeks back, I watched a short movie, ‘One Idiot’. The movie entertained and educated me at the same time.

The movie has a simple but strong message and I’m sure you will get that message after watching this 30-minute movie.

Here’s the short movie – One Idiot.

 

 

Watch the movie and share your thoughts with me.

What Does a Financial Advisor Do? Read this Secret

 

We believe that according the name ‘investors’ to institutions that trade actively is like calling someone who repeatedly engages in one-night stands a ‘romantic.’
- Warren Buffett

What does a financial advisor do?

How many of you really want to be a successful financial adviser?

I’ve good news for you.

No. I’m not offering you any job. In fact, once you learn this secret, you will be in high demand in the market.

 

 

1x1.trans What Does a Financial Advisor Do? Read this Secret

What Does a Financial Advisor Do

 

What’s the secret?

 

Before I tell you the secret to become a good and successful financial advisor, let me tell you a story.

This happened a few weeks back.

I got a call from Ritesh, Mumbai,India (Name and City changed). He was interested to learn fundamental analysis and stock valuation.

He said he was a technical analyst and sometimes used financial ratios like P/E (Price to Earnings ratio)  and P/B (Price to Book Value ratio) to give stock recommendations.

He also said some of the stocks that he recommended doubled in 6 months.

I was surprised. I was curious as why someone like him, who gave stock recommendations that doubled investment in 6 months, would like to learn fundamental analysis and stock valuation after such a grand success?

Then I asked him—“Whether you only recommend stocks or also invest your own money in these stocks?”

His answer stunned me. He said, “ No. I haven’t invested a single rupee in these stocks. This is my job and I only recommend stocks based on my analysis.”

Then I asked him—“ How many stocks you recommended in last 1 year and how are they doing now?”

He said, “ I recommended total 20 stocks, 3 stocks doubled its value in 6 months, 3 stocks went up by 10%, 10 stocks reduced in value by 40%, and 4 stocks are almost at the same level.”

I said okay. Here’s my calculation sheet of his stock recommendation performance.

Now I had got first hand experience about mis-selling that happens in financial services industry.

 

But… what’s the secret?

 

Well, did you notice that in the above story, the analyst didn’t invest single rupee out of his pocket.

Did you realize the carelessness of stock market analysts when they recommend stocks to you?

Why would they worry if your stocks become dud after a few months or years as they get their salary and incentives. After all, they’re not investing single rupee in the stocks they recommended to you.

So, think from investor’s point of view.

Be an investor first and if you succeed, then you can become a successful financial advisor.

So, the secret is—first manage your own finances, gain experience and then you can become first class financial advisor.

Initially, you might need to invest time and attention to do this on your own, but believe me, the whole exercise of managing your own finances is worth it.

So, take a minute to think and ask yourself—“ Am I managing my own finances well?”

If not, complete that task first. You will be glad and feel empowered.

I’m sure now you got an answer to the question – What does a financial advisor do?

Now tell me, do you manage your own finances?