Nobody Cares About Your Finances As Much As You Do

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Transcript

Highly productive people ultimately don't trust anyone else to protect their own money because they realize it's their money, it doesn't really matter to anyone else. So, yes, you can have financial advisors, you may hire a hedge fund, you may engage mutual fund managers. But I'm constantly amazed by how many really successful people you you dig a little deeper and find out what their investment strategy is, quite often, they put the bulk of their disposable investment income in low cost index funds. Because ultimately, they don't trust other people. They don't want to pay extra fees, they trust themselves more, and that's why they'd rather pay themselves instead of paying Investment Advisors. Am I telling you, you can't have an investment advisor or it's awful to use a mutual fund or hedge?

No. But I just want to toss out there many, many highly successful productive people manage their own money, as I don't mean they're sitting there picking stocks day in and day out, they put their money in index funds, some in savings. They may own a home or property or two. And they keep things relatively simple unless their main sphere of creativity and service is in financial services. If you're in financial services, and you're trying to do better than than any, anyone else in the world, you've come up with new innovative finance strategies, and you now have a $250 billion dollar hedge fund. That's different.

But if your core area of expertise where you want to be productive is not in the financial realm. In general, you're better off keeping things simple. You don't invest all your money in your brother in law's startup, you only invest money in startups, that is playing money that you can afford to lose and it won't even bother you next Thanksgiving when you see your brother in law. You don't invest 100 percent of your money and the absolute biggest house you can get into, because that's risky look to reduce risk and to increase your overall portfolio, because there may be times when you want to quit your current gig because you're more productive over here are you want to try something because it's a new passion. And you may need money to sustain yourself for months, even years, maybe for the rest of your life. And that's why it's so important to have strong financial fundamentals.

If you want to be a productive person. You don't have to be wealthy, you don't have to be a billionaire. But you do need to be able to sleep well at night and you do need enough money to pay for the things you need to be happy and productive. And that's what it all adds up to

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