The world is awash in personal finance advice and commentary. There is no shortage of free (and paid) advice out there. While at the same time we are in the midst of what can best be described as a period of gross financial illiteracy. Part of the problem is that consumers have a difficult time distinguishing between good and bad advice.
The bad advice is often a function of a writer or financial advisor simply talking their book. This is the if you all have is a hammer everything looks like a nail problem. That is why investors need enough education so that in the very least they can tell the difference between self-serving advice and more fair-minded advice. Fortunately this weekend there were a couple of piece of financial advice that are worthy of your time and attention.
The first is short, nearly free e-book from author William Bernstein, If You Can: How Millennials Can Get Rich Slowly, that provides younger investors with a primer on how to get started investing. Bernstein notes five things that all investors need to do including focusing on saving and avoiding the “monsters that populate the financial industry.” Getting started in investing is often one of the biggest hurdles. So there really is no excuse not to spend $1 and the time to read a short booklet to help get you started financially on the right foot.
The other resource worth noting was the most recent episode of Wealthtrack with Consuelo Mack. She interviews two WSJ columnists, Jason Zweig and Jonathan Clements who do a great job of taking an independent look at the world of money and finance. For example Zweig’s latest column highlights the importance of keeping your retirement account beneficiary designations up-to-date. Not exactly hot stock tips but important nevertheless. Clements in his return to the WSJ notes that truth that good financial advice is not particularly time-specific. Good financial advice six months is likely still relevant today.
You can check out their entire discussion below. It is well worth your time.