When I saw the headline, I was thinking that probably most of the “reasons” would apply to me. Turns out none of them do. And, while not rich, I’m doing better than probably 98% of my coworkers who’ve had the same career for the past 25-30 years.
Part of my strategy has been to, at times, use others (our fearless leader, Mr. Toscano) to manage some of my money. But I didn’t “rely exclusively on their judgment when deciding where you should invest your money.” I listened to his ideas, his overall strategy, his philosophies, his willingness not to go along with the crowd (surprisingly, this last one seems to be an exceedingly rare trait), and they all made sense to me. I’m not knowledgeable enough of the markets/tactics/details to manage that part of my portfolio myself. So I had someone manage them who had more knowledge than me, and who has great strategies, but who also is extremely trustworthy and who I knew had my best interests at heart. Rich did quite well by me, and, the next time in a position to put some of my money in that type of investment again, I will absolutely use Rich again.
“Your Social Security money taken from your pay was not put into an investment using dollar cost averaging. Instead it was given to welfare recipients and used as a government slush fund.”
