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Questions on financial advise

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  • Avatar rdo 
    Participant
    Status: Physician
    Posts: 175
    Joined: 03/12/2017

    I have to say Wci, thank you for your effort to create this website.

    1. I noted in one of your lectures shared to us- one of the worst places to get financial advise- your #9 is Internet forums. I have seen a lot of financial bloggers and it gets too confusing. I also have found some gems of physician financial bloggers to follow. My personal rule since networth of the financial bloggers came up few weeks ago, I only check the ones who have more than I do.

    2. Same concept, is it reasonable to ask an advisor what is their networth? If I have more than they do, why should I change my plans and listen to this person?

    #40497 Reply
    Rogue Dad, M.D. Rogue Dad, M.D. 
    Participant
    Status: Physician
    Posts: 972
    Joined: 03/07/2016

    I have no idea what your net worth it, but that number is meaningless without context and shouldn’t be a sole determinant on who you read.

    Amanda Liu was a great blogger who gave wisdom to many and who didn’t have a ginormous net worth at the time of her passing.

    If someone started residency off at neg $500k and is at zero at the end of residency, that person has something to teach you (hypothetically speaking).

    Donald Trump has a net worth way above anyone in the blogosphere. Can’t say he’s the best guy to give you personal financial advice.

    http://www.RogueDadMD.com

    An alt-brown look at medicine, money, faith, and family

    #40499 Reply
    Liked by Zaphod
    Avatar rdo 
    Participant
    Status: Physician
    Posts: 175
    Joined: 03/12/2017

    Amanda Liu is definitely an exception. Until now, I look at her posts and keep reviewing her posts.

    #40510 Reply
    The White Coat Investor The White Coat Investor 
    Keymaster
    Status: Physician
    Posts: 4482
    Joined: 05/13/2011

    I think it’s a reasonable question for a financial advisor. But I expect a lot more from a 40 year old advisor than a 30 year old advisor.

    I don’t think someone with less net worth is necessarily someone who cannot help you, but there is a certain value in getting advice from someone with more. At least you know they’ve been there and done that.

    Site/Forum Owner, Emergency Physician, Blogger, and author of The White Coat Investor: A Doctor's Guide to Personal Finance and Investing
    Helping Those Who Wear The White Coat Get A "Fair Shake" on Wall Street since 2011

    #40540 Reply
    Zaphod Zaphod 
    Participant
    Status: Physician, Small Business Owner
    Posts: 6097
    Joined: 01/12/2016

    Problem with net worth is that it is a snapshot in time and without context. Someone with a net worth of -200k could be far better off from their age til retirement than someone with 10M right now. We dont know age, assets, or how they came into their money. Just because someone has a trust fund doesnt mean they know whats best for anyone else, in fact it’d likely be less since they dont have to (they still could) worry about it as much. I wouldnt take advice from a lottery winner or newly minted professional athlete, celebrity, etc….just makes no sense.

    What does a net worth of 0 mean? For one person they could have just finished paying down their student loans and will start building retirement accounts and a house down payment. For another it could mean they have 7 figures of assets balanced with liabilities at that exact snapshot in time. These are obvious real world examples that im sure describes several people on this forum in fact that would give you no clue as to their advising capabilities or experience.

    I have a slightly negative net worth (should hit zero this year!), and have been asked about finances and moving money around by people with 8 figures of net worth and a trust fund. Dont arbitrarily cut off sources, but unfortunately that means working to see if a source will help you at all and is time intensive.

    #40548 Reply
    Liked by hatton1
    Avatar rdo 
    Participant
    Status: Physician
    Posts: 175
    Joined: 03/12/2017

    Zaphod, Do you have blog too? I see you are active here.  I’ll be curious to see your posts.  I do understand net worth how inaccurate it is for someone who had loans vs someone who had trust.  All the reason I am in awe of dr. Amanda Liu.  I saw her post even before I followed WCI.

    I really don’t plan seek financial advise from athletes or Donald Trump.

    #40585 Reply
    Zaphod Zaphod 
    Participant
    Status: Physician, Small Business Owner
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    Joined: 01/12/2016
    Splash Refinancing Bonus

    Zaphod, Do you have blog too? I see you are active here.  I’ll be curious to see your posts.  I do understand net worth how inaccurate it is for someone who had loans vs someone who had trust.  All the reason I am in awe of dr. Amanda Liu.  I saw her post even before I followed WCI.

    I really don’t plan seek financial advise from athletes or Donald Trump.

    Click to expand…

    No I wish I did, but I am a hopefully zero net worther (though do have assets and that should flip rapidly). I have been thinking about a book/blog combo but its not finance related and more my practice niche related, which seems to have very little competition (maybe zero). However, I dont see as lucrative affiliate deals as with finance without selling my integrity. If finance related, I’d probably end up talking about things that interest me that are maybe fringe good behavior, which Id be very afraid of anyone following. I wouldnt want to feel responsible for anyone blowing up their play money.

    Just am always reminded about those guys on american greed that basically prey on that signaling theory by looking like theyre living large and doing all the outward things that look successful, it seems to work every time. Show always gets me, almost everything is a Ponzi scheme, there arent many creative criminals anymore, sad!

    #40608 Reply

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