The best financial advice I ever got…

The WSJ asked top wealth experts a powerful question...

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 my employer's chief investment officer my first year out of college. Unfortunately, I didn't heed 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 high profile fund manager or someone they know in the investment profession. It's easy to feel informed after listening to such people 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. What I Am Reading Here's a look at what has been on my digital desk recently... Gold, Bitcoin, and Markets (Investor Amnesia) How to Be Successful (Sam Altman) Framing Your Investments for Context and Clarity (Barry Ritholtz) America's Job Looked Almost Normal, But Virus Could Be Distorting Data (Barron's) Long Read: Public to Private Equity in the United States (Michael Mauboussin) How the World's Largest Garbage Dump Evolved Into a Green Oasis (NY Times) The Beatle's Breakup and Why Their Music Matters 50 Years Later (Rolling Stone) To making money simple, Peter

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