I need to send a clarification from last week,
where I mentioned a startup founder who made a life changing sum of money, and A/B tested two investment strategies: a wealth management firm versus managing it himself.
I think many people, especially moderate- to high-income / net worth individuals, would greatly benefit from a good wealth management firm.
The problem is, like
most things, the variance between what you pay for and what you get can be immense. Some firms will give you "basic diversification" and high fees, while others will tailor a risk/reward strategy to you and your goals. The latter is often complex and where good firms shine.
Choosing the right firm isn't easy (that's why I linked my brother because I wouldn't trust anyone to do this for me besides him).
For those managing their own investments, I like the idea from Warren Buffett: his favorite holding period is "forever," meaning if you don't think the business/asset you're considering will outlast you (and outpace monetary debasement), pass.
For me, I can count on one hand the things I’d feel comfortable buying and leaving untouched for 50 years.
The most important thing here is that in today's world of rapid monetary debasement everyone has to be an investor, either educating themselves or leveraging the knowledge of others, or both.