Personal finances used to be simple. Use a check register to record your income and spending. Saving and investing was also rather simple. Open a savings account or buy a CD or bond at your local bank. Not many people were able to invest in the stock market because they had no idea how or in what to invest.
Along came the financial advisor who made it easy. Just give him or her your money and sit back until it’s time to count the profits. Of course, the assumption was the your advisor had your best interest at heart and that he or she had a crystal ball and that outside forces were not working against you. We need to share some of the blame as well because we are somewhat unsophisticated when it comes to investing. But then again, we don’t have the time and energy to learn all the ins and outs and to keep up with it on a daily basis…so we use an advisor.
We can’t ignore the issue if we need to save for our kids’ education or for our retirement. So where do we go from here?
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