All The Financial Advice You’ll Ever Need Can Fit On A Single Index Card? | Harold Pollack
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I can hear Lance losing his mind listening to point 9. Honestly, it blows my mind that the US doesn't have universal health care. The richest nation in the world yet guaranteed health care and keeping medical assistance costs in check … somehow fell by the wayside.
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Great guest,I think we all get lost in technicalities when simplicity covers most aspects well.
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i like these low key guests periodically. nice change of pace from all the type a types
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Where to hold your retirement wealth? CAUTION
ROTH is the best opportunity most people will ever have to maximize your financial situation. Regular IRA's are useful, but only for a portion of your portfolio, the fixed income portion. Their biggest drawback is that they convert capital gains that could be taxed at low capital gains rates into high income tax rates. The conclusion I reached after retirement was that in retirement the most effecient wealth, estate and tax planning arrangement would be one third of the portfolio taxable, one third IRA and one third ROTH, with the emphasis on maximizing the ROTH, especially early in your career and perhaps a regular IRA later when the tax deductions are more important at higher incomes. I have not seen this aspect of retirement planning covered in any other investing advice book or video series and it can make a huge difference to your tax and estate planning. -
Good, solid and practical advice from Professor Pollack! I appreciated being reminded about asking an advisor if he/she is a fiduciary in all their investment dealings with me.
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My index card is quite small. It has 4 words on it. “BUY GOLD BUY SILVER”
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I mean you can DCA into index funds AAAND buy crypto.
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47:51 Debit cards have no protection if used unlawfully, whereas, if you use a credit card, and pay off every month, you are both protected and build your credit score.
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Good advice for young people, but credit cards have much better fraud protection than debit cards. Pay in full monthly and build a good credit rating for when you need a mortgage.
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When a client asks whether to fund college savings or retirement…I always tell them you can finance your child's education but you can't finance your retirement. Save for retirement first.
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Most people are dollar cost averaging by default because they are contributing from their earned income into investments. Such people first need to have an emergency fund in money markets or AAA floating bonds or AAA fixed income, to cover 6 mo to a year of expenses so that if the market does go down they dont have to liquidated depressed stocks. Most of the time the market is going up. This means that its likely that as they invest they will get apprecation after they get in which helps pad them against a downturn in the future. Really where there is a little more problems is when there is a lot of money to manage all of a sudden due to windfall but a DCA can be used there just gradually moving from money market to stocks. A strategy most people can handle if they want a little more strategy is buy the dip. which can be scary because you might not hit the bottom perfect but if you are planning to invest anyway, why not get it on sale. Most years have a 5% dip at least.
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Who is this guy? Is Adam short guests now? This guy literally didn’t say anything Warren Buffet hasn’t said… and by the way, he basically promoted the giant, mindless index robot! This interview/guest was off-brand for this channel imo.
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and there you have it,Professor Pollack just gave the beginning investment course you talked about the other day. Great show for the person who is not sure where to start.
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Good guest!Thank You
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57:40 "Avoid actively managed funds"
Ten minutes of word salad, I think because Adam was trying to thread the needle between his current guest advice, running somewhat counter to a good many of other guests suggesting this becoming a poor time to be in index funds.It's ok, and expected for people to have different perspectives.
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I watch your channel a lot. And appreciate you have a lot of good comments to make yourself. But please try to inceease the time the guests speak, ask good questions but get to the questions quicker and cut down the percentage of time you speak and increase the % time the guests speak. Then the average videos could be shorter too. But again, I listen to your channel a lot. For a good reason.
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Adam sees you nodding. Perma Bear will eventually be correct.
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11:49 when people say buying low cost index fund outperforms active stock picking, what are they defining as active stock picking? Over what time frame? Are you assuming no profit taking?
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Adam can you change the your background please. That thing looks like a snake and i have a snake phobic. Very hard for me to watch
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Watched the whole ting. Not impressed to say the least. Perhaps, it's the least impressive one on this channel so far. Please don't bring him back. There are tons of assumptions, some of which may not be true under certain circumstances. For everything this eloquent MIT/Princeton/Stanford educated or brainwashed guy said, there are counter-arguments that can refute his assertions. Forget about 401K, IRA, and etc because they're there for the masses that don't have any desires to become wealthy. Instead, the best long-term investment is your own business, in which you can control nearly all the inputs and compound your ability to extract money from others all the time
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"I'm a college professor, so I don't have to earn respect." 😂 Yup, that pretty much sums it up.
Btw, the way the Uni-party works is:
(1) Obama brings in Roths and scares people (via threats of super high future tax rates) into converting all their 401ks and paying ALL THAT TAX to the government NOW!!!
(2) Trump comes in and converts the entire US back to a tariff only system leaving future income tax rates for BOTH Roth AND Traditional 401ks at 0%… by leaving Roth holders as total suckers.
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Rule #5: Buy low cost, index funds. Mr. Taggart, you have mentioned that the market is moving to benefit active funds or actively managed portfolios? How can this rule be modified or is it obsolete as the market changes?
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What about the effects of demographics. A lot of people invest into US stock market not only from US but outside of it as well. World is getting older VERY little children are born. As people will get older they will sell stocks to actually live their retirement. Won't this collapse the whole damn thing (by collapse I mean prices will never recover in real, inflation adjusted terms, until next baby boom)? If that's true then is it a good idea to put any money into stocks at all? Seems to me like a sure way to lose a lot of cash in the long term.
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Index card at 4:19
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Why does it look like there’s an anaconda behind you?
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Thanks so much Adam. I am a late in life investor with little savings. I struggled like Harold with financial headwinds, external and internal. His advice is spot on, and so useful for young and older investors. So much of what we hear is geared toward high worth investors. I hope more of this content will be featured on the channel like the weekly round-up with Lance asked of viewers.
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Basic, but apropos for many. Financial success boils down to two basic fundamentals: self-discipline and foresight. Self-discipline to be frugal and defer instant gratification (just like with food and diet and exercise) and foresight to manage unforeseen risks (savings is one). I suspect those who lack financial foresight are probably poor chess players – one must think many moves ahead and consider managing all downside risks. Dr. Pollack's rules are very basic but are largely risk-avoidance. But minimizing risks also minimizes returns. I don't think non-professional seek to compete with professionals in finance – I think they seek to ride on their coattails. But personally, I don't believe anyone living in a free society should avoid learning all they can about money and finance – these are the proxies for freedom, time, and energy. And financial advisors often command high fees without guarantees. Thoughtful Money offers an excellent, free education. Kudos for that.
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Absolutely great show today, wise voices thankyou
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Very good
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I was a stay at Home mom with no money in my IRA or any savings of my own, which was scary at 53 years of age. Three years ago I got a part time job and save everything I make. After 3 years, I am 56 yo and have put $9,000 in an IRA and $40,000 in my portfolio with CFA, Evelyn Infurna. Since the goal of getting a job was to invest for retirement and NOT up my lifestyle, I was able to scale this quickly to $150,000. If I can do this in a year, anyone can.
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Number 1 "must embrace" financial advice is: ensure that at least with your money, don't do stupid sh*t (e.g., curb your greed.).
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The young generation you all are referring to they cannot afford a house doesn’t want a house because the house is responsibility and it’s hard work to earn. This young generation is opportunistic they want easy money, good life luxury stuff, travel the world and they are extremely lazy.
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Long time lister of Adam Taggart, great show. One thing though, the number of interruptions by advertising is getting annoying.
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Trump calls BS on all this index card stuff, just remember this advice….Grift Baby Grift
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"All The Financial Advice You’ll Ever Need Can Fit On A Single Index Card?" but it takes over an hour video to explain.
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Our Federal Reserve is comprised largely from PhD's from ivy league schools. Never seen a government institution that has been so consistently wrong. These are unelected people accountable to adbolutely noboy and responsbile to the greatest decisions in our US economy.
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LEST GOO.
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For the average Joe, it's a start. But there's so much more that can be done.
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Try honesty. Dow was 18 ounces of gold in 1929 and 18 ounces of gold in 2024. Use honest measures, not shit hole IOUs that lie to us. Debt notes, IOUs, credit, crypto, pixels, bitcoin, digits, all bullshit to promote the IOU Hoax. IOUs are NOT honest measures. In honest silver money wages are down 50% from 1966 to today. Houses are down from 1,000 ounces in 1970 to 210 ounces today. Stocks are down 42 ounces of gold in 1999 to 15 ounces of gold today, down 64%. Get it?
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Me thinketh John and Mike are great., Mike especially always seems to have 'the iceberg' in the back of his mind for………very good reason!@!?😉
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He is talking up passive investing after the passive investing boom. The population is already 'all in', and I very much doubt the success of passive investing over the next 20-30 years.
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