3179: Financial Locker Room Talk by ESI Money on How to Find A Financial Advisor

Optimal Finance Daily - Financial Independence and Money Advice

Optimal Living Daily LLC

Investing, Business, Education, Self-improvement

4.4 • 1.3K Ratings

🗓️ 15 June 2025

⏱️ 12 minutes

🔗️ Recording | iTunes | RSS

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Summary

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 3179: ESI reveals the unsettling truth behind many so-called financial advisors, showing how little expertise some bring to the table, and how much it could cost you. With real-world locker room eavesdropping and a compelling breakdown of AUM fees, this piece empowers you to take charge of your own finances and avoid being sold instead of served. Read along with the original article(s) here: https://esimoney.com/financial-locker-room-talk/ Quotes to ponder: "It’s really a sales job more than anything." "They call me a financial advisor because it sounds better but I’m really mostly an insurance salesman." "There’s no reason you can’t be your own money manager and be quite good at it." Episode references: Morningstar on Actively Managed Funds vs. Index Funds: https://www.morningstar.com/lp/active-vs-passive Vanguard Total Stock Market Index Fund (VTSAX): https://investor.vanguard.com/investment-products/mutual-funds/profile/vtsax Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:57.7	this is optimal finance daily
1:03.5	financial locker room talk by esi of esi money.com
1:09.1	if you've been listening to ESI Money for more than 15 seconds, you know that I'm not a big fan
1:16.7	of financial advisors.
1:18.8	This stems from a couple of issues.
1:21.9	First, I'm a big believer in DIY finances.
1:26.0	The concepts that will make you rich are not that hard to learn,
1:29.7	so anyone can do it. And there really aren't that many things you need to master to become
1:35.3	wealthy, so it doesn't take a lot of time. In fact, if you just read five books and apply what
1:42.5	they say, you'll be ahead of at least 90% of the population.
1:47.4	In other words, there's no reason you can't be your own money manager and be quite good at it.
1:53.6	Second, many or most financial advisors aren't really money experts.
	...

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