What is (Good) Financial Advice?

Before I describe what constitutes good financial advice, let me start with what doesn’t. When I say that investing has been solved, I am, of course, talking about low-cost index funds beating most other investing strategies over most time periods. Academic literature going back to the 1960s has consistently found that trying to beat the market index is a losing game on average. Most investors are best-served owning the market and keeping their costs low.

Timestamps:
0:00 "Ben, why do you still have a job?"
1:00 What isn't Financial Advice?
3:08 What is Financial Advice?
10:36 Should you get Professional Financial Advice?
12:19 Reasons to Seek Expert Advice
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[coffeeandlifting]

This guy gives away so much information for free, and he's not even trying to sell a class or any of that nonsense. This is probably the only finance channel to which I would refer someone I cared about. A diamond in a ocean of BS. Thanks, Ben Felix.

[TerryJLaRue]

I am comfortably retired and near 75 years old. If I had had the opportunity to listen to Ben starting in my 20's, I would have been MUCH wealthier than I am today.

Then again, as Ben notes, I would not have been any happier.

[simpleandfree]

I used to say my financial advisors are warren buffet à jack bogle. I now can say ben felix is my third personal adivor. Great job ben ☺

[jasonbright]

As a financial advisor myself, Ben Felix's advice is SPOT ON. This video is a perfect demonstration of where paying an advisor for advice, even if you are a DIY "Boggle head, " can bring tremendous value.

[marcelmir]

I never comment on videos but just wanted to let you know - your videos are of extreme value!

[jasonmaguire]

I've literally been thinking that question myself since I started watching you

[jellovendigar]

I have never seen this level of high quality and objective financial advice, that’s also freely available to everyone.

Thank you so so much Ben

[mirandalegg]

Really interesting episode. Thanks Ben. The missing part though is HOW to choose a good advisor. It would have been good if you had gone into issues like whether a financial advisor is a fiduciary or not.

[bitcoinlife]

Ben, it astonishes me how well you describe my situation. I own around 2, 7 mio in index funds and around 2 mio in rented out real estate....and I am still scared of going back into poverty. So I make my wife feel bad for paying 10€ more than I do for groceries, we used to drive a shitty car and now don't have one at all and we both work jobs that we don't really enjoy. Knowing more about index funds (or other investment vehicles) will absolutely not help me live a happier life. Thank you so much for your videos. This one especially made me think about why I am investing in the first place.

[ermenejildo]

Not many financial advisors discuss the psychology of money and the implications of human adaptation to change. Great content Ben! Thank you.

Just great content, over and over again.
Thank you so much Ben.

Best regards from Germany

[Quickonomics]

This study about lottery winners and accident victims beautifully illustrates that happiness is relative and not necessarily tied to financial success.

[pnkrckmom]

The only problem I have with this video is that I can only like it once. Your videos are supremely enlightening, educational, motivational, Sorry, couldn't resist. You're looking lean and mean these days!

[Ryan-wfsh]

He doesn’t post often. But when he does.... Such great advice. No bullshit, no clickbait, just real life, sound advice on wealth creation/management. Keep up the great work Ben.

[save]

I don't know what I have done good in the world to come across this guy. Thank you Ben for all your hard work. Greetings from Italy

[charlesshipman]

Loved the discussion of 'Enough' vs chasing 'More'. AWESOME!

[makemoneynotfriends]

I will forever appreciate you Ben Felix.
You’ve helped my family a lot, since the pandemic till now your advice and lessons are inspirational and helpful to us.
My Wife and I have been able to be minimal, conscious in spending, saving and investing wisely. We have been able to earn on a weekly basis and it helps the family a lot. You’re such a blessing to this generation. We all Love ❤️

[TheDhammaHub]

Each piece of advice has a right time and a right level of progress to be beneficial.

[Chris-jtvy]

Absolutely fantastic video. I have met so many financial advisors over the years who all started with the investments. No one mentioned goals! This is the first time I have heard how financial advice should be delivered and how it adds value. Thankfully I stayed clear of those advisors, documented my own goals and plan, and got on with it myself. However, I can attest that it is time consuming and it is difficult to get out of the 'inside view'. Doing it alone takes significant commitment and awareness of your own biases.

[georgesanchez]

“Who wants to watch a CSI video at 7 in the morning anyway”

Me at 7am: