We started this blog as a way to continue exploring a hobby of ours: DIY Wealth Management, specifically within the context of a maximalist lifestyle for high-income earners, and because the state of financial education in this country is mostly abysmal.
The vast majority of Americans receive little to no personal finance education. You can easily graduate High School and/or College and never take a single personal finance class, or even basic related coursework like economics, accounting, or finance.
Our hope is that eventually, this content stands on its own, we won’t have to rely on a pedigree, and we can delete the section below.
4 Main Ways people learn about personal finance and they are all terrible:
|Type of Financial Education||Huge Problem(s)|
|Traditional Education System (K-12, College)||– Non-existent or generally terrible advice from usually un-qualified people. |
– If society has determined that someone is only qualified to teach high school students and only values that at ~$50K/year, you should take that as a signal for what their opinion and teachings might be worth (harsh, I know, income is not always a good measure of ones value to society, others in our society are compensated far below their value: firefighters, police, nurses, etc.).
|FIRE Movement||– Advocates a minimalist lifestyle and retreating from the world. We want to lead or influence important organizations, not retire early and do nothing with my one precious life. |
– This is especially bad since they usually tell people to live an absurdly minimal lifestyle during what should be some of their best years. Having a few extra bucks at 75 will not matter to you, not going on that once-in-a-lifetime trip at 30 will.
– This site is for people who want to own a business empire at 45, not sit on their couch in their underwear bragging to other losers online about how they’re “financially independent,” while secretly still having to sweat every penny.
|“Pop” Personal Finance (Dave Ramsay, Suze Orzman, etc.)||– Targeted to the lowest common denominator, their target audience makes $50K/yr and has $50K in bad debt.|
– Same recycled, generic advice over and over.
– Never gets into real wealth creation/management. Nothing actionable for people making $100K+.
|Personal Finance Gurus, Bloggers, YouTubers, and influencers||– Some are actually ok.|
– The biggest problem here is that most are actually making most of their money from being a personal finance guru, which is not relevant for 99.9% of their audience.
– Many can’t point to any real success before becoming an influencer (yes some exceptions, those exceptions are usually among the best).
– Favorite recent example was a YouTuber who made a video about “hacking” your way to a “free” Tesla … by using the income from making a YouTube video about “hacking” your way to a “free” Tesla …
– Some are insanely bad and it is incredible that they have managed to gain any kind of following. My current favorite I’m following for entertainment (and to understand why anyone would listen to this person) is a purple-haired woman who has “retired” at 35 with only $500K.
Even better would be for this site to generate a discussion which leads to us learning and updating our views (and content).