The best financial advice I ever got…

Recently, the WSJ asked top wealth experts a powerful question...

Recently, The Wall Street Journal reached out to several top wealth experts and asked... "What is the best financial advice you ever received?" There are many excellent pieces of advice I've received, but one stands out... Don't mimic the investments of others just because they appear to know something. You don't know their own situation—and they don't know yours. I received this advice from the chief investment officer of the employer I had my first year out of college. Unfortunately, I didn't heed to his advice during the financial crisis as several senior employees bought into a few financial companies. Without doing any personal analysis, I bought in my own accounts because those employees seemed to have such high conviction that it was a good idea. Lesson learned. This advice doesn't just apply to financial pros. People often want to make an investment based on a recommendation from a famous investor or fund manager. It's easy to feel informed after listening to a manger make a convincing argument in support of a recent investment. It's important to remember their objectives are not your objectives. And while it's common for fund managers to share their most recent ideas, it's unlikely you will know when a manager changes his or her mind about a position. For those of you who have a Wall Street Journal subscription, you can see all the responses from all the wealth experts including mine, here. And if you need a trained professional to look at your finances and investments to make sure you're on track to hit all your goals, let's chat about working together. Other news happening in finance this week... The next time you get a financial checkup or make an investment, there will be new rules about what you can expect from your investment professional. The Securities and Exchange Commission said new rules would help ensure investors get the advice they can count on. Advocates are skeptical. What are these new rules? Check out this N.Y Times article for what investors need to know. To making money simple, Peter

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Peter Lazaroff, P.O. Box 440113, Saint Louis, MO 63144, United States