The Asset Allocator: What Millionaires And Millennials Have In Common (Podcast)

by: SA For FAs
Summary

An organization that mines the investment wisdom of millionaires reveals that they are not immune from the common misunderstandings about investing.

At the same time, a separate study of millennials reflects an honest appraisal of that group’s investment hindrances.

The two groups are alike in lacking key qualities needed for long-term investing success, a problem aided and abetted by investment “experts” but ameliorated by financial advisors.

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Data Points, an organization that mines the investment wisdom of millionaires, reveals that they are not immune from the common misunderstandings about investing. At the same time, a separate study of millennials by GoBankingRates reflects an honest appraisal of that group’s investment hindrances.

This podcast (5:27) suggests that more than a specific educational curriculum, investment success takes a desire to succeed, and persistence, a rare quality for which an advisor can be a valuable resource.