The No. 1 registered investment advisor in America, RicEdelman, is annoyed about the state of investment advice in this country. BobPisani explains: investinyou (in partnership with acorns)
The No. 1 registered investment advisor in America is annoyed about the state of investment advice in this country.
But that thinking is wrong: Edelman said he understands that many people have medical issues or other personal problems, but "If things stink in your life financially, maybe you should make some changes about how you're managing your personal finances. ... To argue that the economy stinks and use that as a reason for 'I don't want to save, I don't want to buy mutual funds, or invest in the markets,' you're just delusional. You're kidding yourself.
Still, millennials have watched the mistakes their baby boomer parents have made — particularly the lack of savings: "It's causing them to make smarter financial decisions. Not just about how they spend versus save, but saying, 'I don't think I want to splurge on a huge wedding, I don't think I want to spend a lot of money on a wedding ring, I don't think I want to buy a fancy car.' They're actually being more prudent.
b) Misplaced expectations. "The average graduate thinks they are going to earn $15,000 more than they actually are earning." Average salary expected: $55,000. Actual salary: $40,000."It's the fault of the colleges. Colleges are in the business of recruiting students to pay these high tuition rates. Colleges are creating college degrees without regard to the financial impact.
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