Introduction: A Friend in Need
The introductory quote can be found at: https://www.morningstar.com/views/blog/client-engagement/what-is-financial-empowerment.
The New York Times review of Smartest Investment: https://www.nytimes.com/2006/10/08/business/mutfund/a-bold-insistence-on-one-way-to-invest.html?searchResultPosition=1
Derek Sivers’ list of recommended books: https://www.readthistwice.com/person/derek-sivers
Kiplinger’s list of classic investment books: https://www.kiplinger.com/article/investing/t031-c000-s002-boost-your-iq-with-a-good-book.html
Style Rave’s must-read financial books: https://www.stylerave.com/best-must-read-financial-books/
About my on-air dispute with Jim Cramer: https://www.huffpost.com/entry/the-solin-cramer-smackdow_b_188535
Shift to index fund investing: https://www.cnbc.com/2024/01/18/passive-investing-rules-wall-street-now-topping-actively-managed-assets-in-stock-bond-and-other-funds.html#:~:text=Passive%20investment%20products%20have%20long,than%20their%20actively%20managed%20counterparts.
How millennials react to stock market volatility: https://www.ey.com/en_gl/wealth-asset-management/global-wealth-research-millennial-trends
Survey that discusses how millennials hold too much of their investments in cash: https://mybrand.schroders.com/m/425d7a1eb513d673/original/Schroders_2023_US_Retirement_Survey_Readiness_Rpt_FINAL.pdf
The allure of actively managed funds for millennials: https://www.ey.com/en_gl/wealth-asset-management/global-wealth-research-millennial-trends
The appeal of alternative investments to millennials: https://www.ey.com/en_gl/wealth-asset-management/global-wealth-research-millennial-trends
Retirement goals for millennials: https://www.bankrate.com/investing/millennials-investing-trends-and-stats/
The attitude of millennials toward traditional financial advisors: https://money.usnews.com/financial-advisors/articles/are-millennials-rejecting-financial-advisors#:~:text=It’d%20be%20more%20accurate,by%20millennials%2C%22%20he%20says
Chapter 1: Investing is Simple and Easy
The chapter quote is extracted from the book If You Can authored by William J. Bernstein.
Quote from Warren Buffett: https://quotefancy.com/quote/931531/Warren-Buffett-Investing-is-simple-but-not-easy
Quote from John Bogle: https://www.nytimes.com/2019/01/17/business/mutfund/john-bogle-vanguard-investment-advice.html#:~:text=%E2%80%9CIn%20investing%2C%20you%20get%20what,can%20consistently%20outsmart%20the%20market.%E2%80%9D
A list of peer-reviewed articles supporting Bogle’s views on the Index Fund Advisors’ website: https://www.ifa.com/academic-papers
The history of U.S. debt: https://www.theatlantic.com/business/archive/2012/11/the-long-story-of-us-debt-from-1790-to-2011-in-1-little-chart/265185/
The representative quotes:
Buffett quote: https://www.etmoney.com/learn/personal-finance/9-lessons-in-investing-by-warren-buffett/
Lynch quote: https://www.azquotes.com/quote/1259336
Malkiel quote: https://www.quotemaster.org/qbdecdfbeea12088700492644075e0658
The survey of economists can be found at: https://www.fraserinstitute.org/blogs/economists-unanimous-index-funds-are-investing-101#:~:text=Actually%2C%20not%20all%20economists%20say,he’s%20very%20sure%20of%20it
Historical annual returns of the the FTSE Global All Cap index: research.ftserussell.com
Information about VT: https://investor.vanguard.com/investment-products/etfs/profile/vt#performance-fees
Historical annual returns of the ICE Bofa Merrill Lynch 1-3 Year US Treasury index: https://curvo.eu/backtest/en/market-index/ice-us-treasury-1-3-year-bond?currency=eur
Information about SHY: https://www.ishares.com/us/products/239452/SHY?cid=ppc:ishares_us:google:fund-names-priorities&gclid=CjwKCAjwhdWkBhBZEiwA1ibLmIMefcHtZTo98k0cZ6Lc8ZpLwKfAVGyr-OWfaf-AFby0VvxG0N6T5hoCqcYQAvD_BwE&gclsrc=aw.ds
There are many alternatives to SHY, including the Schwab Short-Term U.S. Treasury ETF (SCHO). It tracks the total return of an index that measures the performance of the short-term U.S. Treasury bond market. Its inception date was August 5, 2010. It has a low expense ratio of 0.030%. As of January 29, 2024, it had more than $12 billion under management.
Information about SCHO: https://www.schwabassetmanagement.com/products/scho.
Arguments against foreign bond diversification: https://retirementresearcher.com/need-diversify-bonds/
Vanguard’s views on foreign bond diversification: https://investor.vanguard.com/investor-resources-education/understanding-investment-types/why-invest-internationally#:~:text=In%20general%2C%20Vanguard%20recommends%20that,bond%20allocation%20in%20international%20bonds
Information about IGOV: https://www.ishares.com/us/products/239830/
Historical returns of stocks and bonds: https://www.ishares.com/us/products/239830/
The difference between risk and volatility: https://www.morningstar.co.uk/uk/news/227398/whats-the-difference-between-risk-and-volatility.aspx
Vanguard’s asset allocation calculator: https://investor.vanguard.com/tools-calculators/investor-questionnaire#modal-start-quiz
iPers asset allocation calculator: https://ipers.org/members/calculators/asset
Similarities and differences between index mutual funds and ETFs: https://www.forbes.com/advisor/investing/etf-vs-index-fund/#:~:text=One%20of%20the%20most%20significant,day%2C%20after%20the%20markets%20close.
Academic papers supporting Bogle’s views can be found on the Index Fund Advisors’ website: https://www.ifa.com/academic-papers.
Chapter 2: The Factor Factor
The chapter quote can be found at: https://www.kitces.com/blog/review-fact-fiction-factor-investing-aghassi-asness-fattouche-moskowitz-swedroe-persistence-timing/.
Information about the Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF (GSLC): https://www.gsam.com/content/gsam/us/en/individual/products/etf-fund-finder/goldman-sachs-activebeta-u-s–large-cap-equity-etf.html#activeTab=overview
Dimensional Fund Advisors has been a leading fund family in the factor-based space for many years. Here’s a list of its mutual funds and ETFs: https://www.dimensional.com/us-en/funds
Chapter 3: Retirement Plan Investing
The chapter quote can be found at: https://americasbest401k.com/401k-study/.
The Morningstar quote can be found at: https://www.morningstar.co.uk/uk/news/149421/how-fund-fees-are-the-best-predictor-of-returns.aspx.
Study on the impact of high fees in retirement plans: https://www.demos.org/research/retirement-savings-drain-hidden-excessive-costs-401ks
Expense ratios for mutual funds in plans offered by the largest platforms: chrome-extension://mhnlakgilnojmhinhkckjpncpbhabphi/pages/pdf/web/viewer.html?file=https%3A%2F%2Famericasbest401k.com%2Fwp-content%2Fuploads%2F2017%2F12%2FABk_SmallBizFees_FINAL.pdf
Study on poor investment choices in small business retirement plans: https://americasbest401k.com/wp-content/uploads/2017/12/ABk_SmallBizFees_FINAL.pdf
Information about traditional IRAs: https://www.schwab.com/ira/traditional-ira
Information about Roth IRAs: https://www.schwab.com/ira/roth-vs-traditional-ira
Information about Solo 401(k)s: https://www.nerdwallet.com/article/investing/what-is-a-solo-401k
Information about SEP IRAs: https://www.irs.gov/retirement-plans/retirement-plans-faqs-regarding-simple-ira-plans#:~:text=A%20SIMPLE%20IRA%20plan%20provides,either%20matching%20or%20nonelective%20contributions.
Information about HSAs: https://www.healthcare.gov/glossary/health-savings-account-hsa/
Chapter 4: Socially Responsible Investing
The chapter quote can be found at: https://fortune.com/recommends/investing/what-is-esg-investing/.
Survey showing the interest of millennials in ESG investments: https://www.nasdaq.com/articles/how-millennials-and-gen-z-are-driving-growth-behind-esg
General information about socially responsible investing: https://www.investopedia.com/terms/s/sri.asp
Information about the number of ESG funds available to investors: https://www.nasdaq.com/articles/how-millennials-and-gen-z-are-driving-growth-behind-esg
The issue of greenwashing: https://www.nasdaq.com/articles/how-millennials-and-gen-z-are-driving-growth-behind-esg
The SEC’s new rule cracking down on greenwashing: https://www.sec.gov/files/rules/final/2023/33-11238.pdf
The quote attributed to Jon Hale can be found at: https://www.nerdwallet.com/article/investing/best-esg-funds.
SEC Bulletin for investors on ESG funds: https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-1
Information about the S&P 500 ESG index: https://www.spglobal.com/spdji/en/indices/esg/sp-500-esg-index/#overview
Factors that contribute to lower expected returns of ESG stocks: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3498354
Stanford University survey about the willingness of millennials to sacrifice returns for the greater good: https://www.gsb.stanford.edu/sites/default/files/publication/pdfs/cgri-closer-look-98-esg-investing.pdf
Information about Vanguard’s ESG U.S. Stock ETF: https://investor.vanguard.com/investment-products/etfs/profile/esgv
Information about iShares ESG Aware MSCI USA ETF: https://www.ishares.com/us/literature/fact-sheet/esgu-ishares-esg-aware-msci-usa-etf-fund-fact-sheet-en-us.pdf
Information about Vanguard’s ESG International Stock ETF: https://investor.vanguard.com/investment-products/etfs/profile/vsgx
Chapter 5: Alternative Investments
The chapter quote can be found at: https://www.evidenceinvestor.com/alternative-investments-have-been-useless-since-2007/.
Views of Goldman Sachs advocating for alternatives: https://www.gsam.com/content/gsam/us/en/institutions/market-insights/gsam-insights/2023/allocating-to-alternatives.html
Average allocation of high net worth investors to alternatives: https://www.gsam.com/content/gsam/us/en/institutions/market-insights/gsam-insights/2023/allocating-to-alternatives.html
The disappointing returns of alternative investments: https://www.evidenceinvestor.com/alternative-investments-have-been-useless-since-2007/
Information about NFTs: https://www.nytimes.com/interactive/2022/03/18/technology/nft-guide.html
Pros and cons of NFTs: https://cryptonews.com/news/pros-cons-of-nfts-everything-you-need-know.htm
Size of the fractional market for art: https://www.masterworks.com/?utm_source=google+brand&utm_medium=platform&utm_campaign=Brand_Masterworks&utm_content=masterworks&gad=1&gclid=CjwKCAiA6byqBhAWEiwAnGCA4I6Pw60uA2Ix10DC-yUl1nHwHpc1vgzDzUXqGJ34l3P7_IuNCihTdBoCDmoQAvD_BwE&utm_flag=original-mode
The quote attributed to Mariana Custodio website: https://marianacustodio.com/the-5-biggest-art-frauds-in-contemporary-art-history/.
Risks of investing in art and collectibles: https://www.investopedia.com/articles/personal-finance/061815/risks-investing-art-and-collectibles.asp#:~:text=They%20are%20more%20difficult%20to,of%20destruction%20of%20the%20assets.
Size of the fractional market for real estate: https://fundrise.com/acq-plus/start?gclsrc=aw.ds&utm_source=google&utm_medium=cpc&utm_campaign=brand-849327244-47015505727-g&utm_content=435576490559-fundrise-e-c&gad_source=1&gclid=Cj0KCQiAuqKqBhDxARIsAFZELmJQss3IgmDeB5drIhB424qFvrveIq6Uamed-QmNUT8_LkvWHTzCSHMaAs3VEALw_wcB
Pros and cons of investing in real estate: https://readwrite.com/real-estate-investing/
Fractional shares of stocks: https://robinhood.com/us/en/support/articles/fractional-shares/
Robinhood financial results for Q2 2023: https://investors.robinhood.com/news/news-details/2023/Robinhood-Reports-Second-Quarter-2023-Results/default.aspx
MusicSplit and ArtSplit: https://www.artsplit.com/musicsplit
Publica: https://publica.com/
Chapter 6: Lotto Luck
The chapter quote can be found at: https://finance.yahoo.com/news/swedroe-avoid-lotterylike-investments-100030033.html.
Paper on the role of the brain in financial decisions: https://www.redalyc.org/journal/5117/511766757004/html/#:~:text=Moreover%2C%20the%20effects%20of%20hormones,prevention%20of%20negative%20financial%20scenarios
The dopamine portfolio vs. the serotonin portfolio: https://financialpost.com/investing/investing-pro/the-dopamine-portfolio-vs-the-serotonin-portfolio-do-you-know-which-one-you-have
Loss aversion: https://thedecisionlab.com/biases/loss-aversion
Chapter 7: Cryptocurrency Confusion
The chapter quote can be found at: https://www.investors.com/news/warren-buffett-bashes-bitcoin-as-gambling-token-bitcoin-price-hovers-near-30000/.
General discussion of cryptocurrency: https://www.nerdwallet.com/article/investing/cryptocurrency
Pros and cons of investing in cryptocurrency: https://www.forbes.com/advisor/in/investing/cryptocurrency/advantages-of-cryptocurrency/
Information on the limited supply of cryptocurrency: https://www.blockchain-council.org/cryptocurrency/how-many-bitcoins-are-left/#:~:text=The%20maximum%20supply%20of%2021,the%20process%20of%20Bitcoin%20mining
Discussion of the FTX Exchange: https://www.investopedia.com/ftx-exchange-5200842
Regarding the conviction of Sam Bankman-Fried: https://www.cnbc.com/2023/11/02/sam-bankman-fried-found-guilty-on-all-seven-criminal-fraud-counts.html
Charges filed by the SEC against Binance: https://www.sec.gov/news/press-release/2023-101
The guilty plea of Changpeng Zhao and Binance’s agreement to pay $4 billion: https://finance.yahoo.com/news/crypto-chief-pleads-guilty-money-230648934.html
The environmental impact of cryptocurrency mining: https://earthjustice.org/feature/cryptocurrency-mining-environmental-impacts#:~:text=Top%2Ddown%20estimates%20of%20the,in%20the%20U.S.%20in%202021 and https://www.climate.gov/news-features/understanding-climate/climate-change-atmospheric-carbon-dioxide#:~:text=Without%20carbon%20dioxide%2C%20Earth’s%20natural,causing%20global%20temperature%20to%20rise
Schwab’s view of investing in cryptocurrencies: https://www.schwab.com/learn/story/are-cryptocurrency-investments-right-you#:~:text=Bitcoin%20and%20other%20cryptocurrencies%20are,their%20volatility%E2%80%94not%20intrinsic%20value
Chapter 8: Investing Myths
The chapter quote is extracted from Winning the Loser’s Game: Timeless Strategies for Successful Investing, by Charles D. Ellis.
The risks of excessive margin trading: https://insights.som.yale.edu/insights/study-margin-trading-causes-stock-prices-to-drop-in-concert
The risks of day trading: https://www.sciencedirect.com/science/article/abs/pii/S1386418113000190
The dismal track record of actively managed funds: https://www.spglobal.com/spdji/en/spiva/article/spiva-us/
The track record of technical analysis: https://jonathankinlay.com/2023/01/why-technical-analysis-doesnt-work/
The expected returns of high-quality stocks: https://bookdown.org/adam_aiken/advinv/factors.html
The study showing only 4% of stocks explain the net gain for the entire U.S. stock market: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2900447
The efficiency of the stock market: https://www.investopedia.com/terms/p/price-efficiency.asp#:~:text=Price%20efficiency%20is%20the%20belief,is%20in%20the%20public%20domain
The relationship of past performance to future returns: https://insights.som.yale.edu/insights/does-mutual-fund-s-past-performance-predict-its-future
Extracts from books authored by Suze Orman and Dave Ramsey: https://www.nytimes.com/2019/10/11/business/suze-orman-robert-kiyosaki-dave-ramsey-books.html
Quote from Fidelity investments: https://www.fidelity.com/viewpoints/retirement/how-long-will-savings-last#:~:text=We%20did%20the%20math%E2%80%94looking,the%20first%20year%20of%20retirement%2C
Article by James Choi: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4203061
Chapter 9: Terrible Consequences
The chapter quote can be found at: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3213334.
Article from Retirement Researcher: https://retirementresearcher.com/occams-ignore-the-financial-media/
Tragic story of Alex Kearns: https://www.cnbc.com/2020/06/18/young-trader-dies-by-suicide-after-thinking-he-racked-up-big-losses-on-robinhood.html
Study correlating suicide rates to declines in stock market returns: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3213334
Chapter 10: Something Needs to Change
The chapter quote can be found at: https://www.bankrate.com/banking/savings/emergency-savings-report/.
Sad state of retirement savings of American workers: https://www.ebri.org/docs/default-source/rcs/2022-rcs/rcs_22-fs-3_prep.pdf?sfvrsn=e5c83b2f_4
Inability of Americans to come up with emergency savings: https://www.bankrate.com/banking/savings/emergency-savings-report/
Savings challenges confronting millennials: https://www.napa-net.org/news-info/daily-news/what-are-401k-participation-and-savings-rates-generation#:~:text=They%20began%20saving%20at%20age,(median)%20in%20emergency%20savings
Student loan debt of millennials: https://crr.bc.edu/wp-content/uploads/2021/02/IB_21_3-1.pdf
Millennials behind older investors in retirement readiness: https://www.cnbc.com/select/millennials-behind-other-generations-retirement-savings/
Overreliance of Americans on Social Security: https://www.ssa.gov/news/press/factsheets/basicfact-alt.pdf
Projected healthcare costs for retirees: https://www.fidelity.com/viewpoints/personal-finance/plan-for-rising-health-care-costs
Credit card balances in the U.S.: https://www.newyorkfed.org/newsevents/news/research/2023/20230808
Financial struggles of older Americans: https://www.cbsnews.com/news/social-security-medicare-seniors-more-americans-struggling-to-pay-bills/
Chapter 11: A Rigged System
The chapter quote can be found at: https://hbr.org/2014/06/the-price-of-wall-streets-power.
The long-term performance of the stock market: https://www.officialdata.org/us/stocks/s-p-500/1928?amount=100&endYear=2022
Inflation concerns: https://www.forbes.com/advisor/investing/how-to-hedge-against-inflation/
Number of registered representatives in the U.S.: https://www.finra.org/media-center/statistics#key-industry-statistics
Gross revenues of broker-dealers: https://www.sifma.org/resources/research/fact-book/
Issues with self-regulation: https://scholars.law.unlv.edu/cgi/viewcontent.cgi?article=2141&context=facpub
FINRA’s responsibilities: https://www.finra.org/about/what-we-do
The quote attributed to Benjamin P. Edwards: https://scholars.law.unlv.edu/cgi/viewcontent.cgi?article=2141&context=facpub.
Anti-investor lobbying efforts of the securities industry: https://www.citizen.org/article/hypnotized-by-wall-street/
Issues with mandatory arbitration: https://www.nytimes.com/2016/06/04/business/dealbook/finra-arbitration-case-offers-a-peek-into-a-murky-world.html and https://www.nber.org/system/files/working_papers/w25150/revisions/w25150.rev1.pdf
Statistics showing the lack of diversity of FINRA arbitrators: https://www.finra.org/arbitration-mediation/diversity
My article on the position of consumer groups on mandatory arbitration: https://www.huffpost.com/entry/finra-a-wily-fox-guarding_b_403552
The behavior gap: https://www.thebalancemoney.com/what-is-the-behavior-gap-2388311 and https://www.morningstar.com/funds/are-you-leaving-money-table-your-funds-returns.
Chapter 12: Letting Go
The chapter quote can be found at: https://www.goodreads.com/quotes/7588248-we-cannot-choose-our-external-circumstances-but-we-can-always.
Stoicism: https://iep.utm.edu/stoicism/
View of stoicism on dealing with what we can control: https://medium.com/stoicism-philosophy-as-a-way-of-life/the-importance-of-understanding-dichotomy-of-control-1f7133210c0d#:~:text=The%20Stoics%20believed%20that%20things,ourselves%20within%20a%20given%20situation
Stoic principle of accepting fate: https://medium.com/stoicism-philosophy-as-a-way-of-life/the-importance-of-understanding-dichotomy-of-control-1f7133210c0d#:~:text=The%20Stoics%20believed%20that%20things,ourselves%20within%20a%20given%20situation
Four stoic virtues: https://dailystoic.com/4-stoic-virtues/
Emotional intelligence and stoicism: https://medium.com/stoicism-philosophy-as-a-way-of-life/emotional-intelligence-and-stoicism-9f75b91427ec#:~:text=Whether%20we’re%20raging%2C%20hurt,nutshell%2C%20it%20teaches%20Emotional%20Intelligence
Quote from Lucius Annaeus Seneca: https://dailystoic.com/time-management/#:~:text=The%20amount%20of%20time%20we,it’s%20our%20most%20valuable%20resource
Quote from Viktor Frankl: https://dailystoic.com/amor-fati/
Chapter 13: Perspective Power
The chapter quote can be found at: https://epgwealth.com.au/what-is-the-power-of-perspective-when-investing/#:~:text=Although%20it%20may%20be%20tempting,disciplined%20to%20your%20investment%20strategy.
Quote from Warren Buffett: https://www.trading212.com/learn/investing-101/active-vs-passive-investing
Survey of members of the Financial Planning Association: https://www.financialplanningassociation.org/sites/default/files/2021-03/AUG09%20The%20Changing%20Role%20of%20the%20Financial%20Planner%20Part%201%20From%20Financial%20Analytics%20to%20Coaching%20and%20Life%20Planning.pdf
Study on emotions: https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8228195/#:~:text=Emotions%20arise%20from%20activations%20of,nucleus%2C%20and%20ventral%20tegmental%20area.
Amygdala hijack: https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8228195/#:~:text=Emotions%20arise%20from%20activations%20of,nucleus%2C%20and%20ventral%20tegmental%20area.
Power of naming emotions: https://mindfulness.com/mindful-living/name-it-to-tame-it
Information about bull and bear markets: https://www.hartfordfunds.com/practice-management/client-conversations/managing-volatility/bear-markets.html#:~:text=A%20bear%20market%20doesn’t,15%20recessions%20during%20that%20time.&text=Bear%20markets%20often%20go%20hand,mean%20a%20recession%20is%20looming.
Historical returns of the S&P 500 index: https://awealthofcommonsense.com/2022/12/how-often-is-the-market-down-in-consecutive-years/#:~:text=Since%201928%2C%20the%20S%26P%20500,time%20following%20a%20down%20year.
Chapter 14: Don’t Look
The chapter quote can be found at: https://www.cnbc.com/select/how-often-should-you-check-your-investment-portfolio/.
Quotes attributed to Marcus Aurelius: https://donaldrobertson.name/2020/07/31/the-stoics-on-how-to-stop-doing-things/
Information bias: https://www.miraeassetmf.co.in/knowledge-center/information-bias#:~:text=Information%20bias%20is%20the%20tendency,did%20not%20have%20sufficient%20information
Harmful effects of too much cortisol: https://www.miraeassetmf.co.in/knowledge-center/information-bias#:~:text=Information%20bias%20is%20the%20tendency,did%20not%20have%20sufficient%20information
Chapter 15: Masterly Inactivity
The chapter quote can be found at: https://leomax89.medium.com/kindle-highlights-from-berkshire-hathaway-letters-to-shareholders-1965-2018-by-warren-buffet-8c1b86cbc00.
The focus of stoics on thoughts, beliefs, and actions: https://www.linkedin.com/pulse/from-fear-fearless-stoic-philosophy-managing-anxiety-goodman-ph-d-/
Bogle quote: https://www.forbes.com/sites/chrisbarth/2011/08/09/bogle-to-investors-dont-do-something-stand-there/?sh=79f734862b47
Peril of market timing: https://www.hartfordfunds.com/practice-management/client-conversations/managing-volatility/timing-the-market-is-impossible.html
2022 loss in value of VT: https://finance.yahoo.com/quote/VT/history/
2022 loss in value of SHY: https://finance.yahoo.com/quote/SHY/performance/
Recency bias: https://www.scribbr.com/research-bias/recency-bias/#:~:text=Recency%20bias%20is%20the%20tendency,how%20the%20future%20will%20unfold.
Herding behavior: https://www.ncbi.nlm.nih.gov/pmc/articles/PMC2827453/#:~:text=Herding%20can%20be%20defined%20as,of%20their%20own%2C%20private%20information.
Study on the impact of stress on London traders: https://www.reuters.com/article/uk-science-stress-markets/trader-stress-hormones-may-exacerbate-financial-market-crises-idUKLNEA1H00G20140218/
Confirmation bias: https://www.wallstreetmojo.com/confirmation-bias-examples/
Chapter 16: Don’t Be Intimidated
The chapter quote can be found at: https://thefinancebuff.com/tax-efficient-asset-placement-difference.html.
Views of Stoics concerning simplicity: https://dailystoic.com/4-stoic-virtues/#:~:text=The%20Stoics%20shun%20complexity%20and,temperance%2C%20wisdom%2C%20and%20justice.
Discussion about rebalancing: https://www.investopedia.com/investing/rebalance-your-portfolio-stay-on-track/#:~:text=Why%20is%20rebalancing%20your%20portfolio,risk%20profile%20of%20your%20portfolio.
Quote from John Bogle: https://www.morningstar.com/articles/615379/bogle-be-sensible-about-rebalancing
Discussion about tax loss harvesting: https://www.fidelity.com/viewpoints/personal-finance/tax-loss-harvesting#:~:text=Tax%2Dloss%20harvesting%20allows%20you,invested%20and%20working%20for%20you.
“Wash sale” rule: https://www.fidelity.com/learning-center/personal-finance/wash-sales-rules-tax.
Discussion of $3000 offset from taxable income: https://www.schwab.com/learn/story/how-to-cut-your-tax-bill-with-tax-loss-harvesting
Discussion of asset location: https://www.whitecoatinvestor.com/asset-location/
Chapter 17: Ignore Naked Pundits
The chapter quote can be found at: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4390165.
Quote attributed to Seneca: https://www.stoicsimple.com/stoic-quotes-on-uncertainty-the-best-stoicism-sayings-phrases/
Study about the accuracy of stock market forecasts: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4390165
2008 median forecast from Wall Street “experts”: https://www.nytimes.com/2019/12/23/business/retirement/index-fund-investing.html
Halo Effect: https://www.valuewalk.com/halo-effect-bias/
Tendency to ascribe positive traits to attractive people: https://link.springer.com/article/10.1007/s12144-022-03575-0#:~:text=Research%20has%20found%20that%20attractiveness,most%20research%20using%20western%20samples.
Availability heuristic: https://www.researchgate.net/publication/228419434_The_Availability_Heuristic_and_Investors’_Reaction_to_Company-Specific_Events
Impact of the availability heuristic on investing decisions: https://www.investopaper.com/news/availability-heuristic/
Chapter 18: Don’t Look For Patterns
The chapter quote can be found at: https://www.linkedin.com/pulse/life-mars-money-tricks-our-brains-play-mitch-tuchman/.
Views of Stoics on finding false patterns: https://dailystoic.com/self-sufficiency-the-ultimate-stoic-virtue/
Unpredictability of stock price movements: https://www.aaii.com/journal/article/stock-price-movements-are-unpredictable
Study on the evolutionary origins of pattern-seeking: https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4141622/
Study showing our subconscious effort to find patterns: https://www.ncbi.nlm.nih.gov/pmc/articles/PMC3749823/
How we are wired to find patterns: https://www.psychologytoday.com/us/blog/singular-perspective/202105/why-the-human-brain-is-so-good-detecting-patterns
Discussion of Apophenia: https://psychcentral.com/lib/patterns-the-need-for-order#examples
Impact on your brain of simply labeling something: https://www.wildpeace.org/name-it-to-tame-it-reframe#:~:text=Research%20has%20found%20that%20labeling,it%22%20to%20explain%20this%20phenomenon
Chapter 19: Real Love
The chapter quote can be found at: https://www.fidelity.com/viewpoints/financial-basics/financial-stability-and-love.
Discussion of the high rates of poverty of widows: https://www.ssa.gov/policy/docs/ssb/v65n3/v65n3p31.html#:~:text=Poverty%20rates%20of%20widows%20decline,once%20they%20reach%20their%2080s
Chapter 20: The Hype and the Reality
The chapter quote can be found at: https://www.tataaia.com/blogs/life-insurance/what-are-the-advantages-and-disadvantages-of-financial-planning.html.
SMART goals: https://www.atlassian.com/blog/productivity/how-to-write-smart-goals
Chapter 21: Monte Carlo Analysis Can Be Misused
The chapter quote can be found at: https://www.linkedin.com/posts/michaelkitces_why-i-advocate-the-use-of-monte-carlo-analysis-activity-7024814064639836160-AKJP/.
Origin of the Monte Carlo simulation name: https://www.ibm.com/topics/monte-carlo-simulation#:~:text=The%20Monte%20Carlo%20Method%20was,to%20a%20game%20of%20roulette
Monte Carlo simulation: https://corporatefinanceinstitute.com/resources/financial-modeling/monte-carlo-simulation/
Study about the performance of different Monte Carlo models: https://www.kitces.com/blog/monte-carlo-models-simulation-forecast-error-brier-score-retirement-planning/
Benefits of using a Monte Carlo simulation in financial modeling: https://finmodelslab.com/blogs/blog/monte-carlo-simulation-financial-modelling
Monte Carlo simulation tool provided by Portfolio Visualizer: https://www.portfoliovisualizer.com/monte-carlo-simulation
Chapter 22: Entrepreneurial Courage
The chapter quote can be found at: https://www.goodreads.com/quotes/451403-whenever-you-see-a-successful-business-someone-once-made-a.
Study on entrepreneurship and millennials: https://startupnation.com/start-your-business/state-entrepreneurship-millennials/
Chapter 23: How Much is Enough
The chapter quote can be found at: https://www.bankrate.com/retirement/how-much-to-save-for-retirement/#:~:text=save%20small%20amounts.-,Retirement’s%204%20percent%20rule,called%20the%204%20percent%20rule.
Story of Olive Swindells: https://www.latimes.com/archives/la-xpm-1995-12-28-mn-18717-story.html
Story of Ronald Read: https://finance.yahoo.com/news/janitor-vermont-amassed-8m-fortune-140000770.html#:~:text=Read%2C%20a%20retired%20gas%20station,much%20of%20Read’s%20local%20community
Fidelity’s guidelines for how much you should save for retirement: https://www.fidelity.com/viewpoints/retirement/how-much-do-i-need-to-retire
Fidelity’s guidelines for how much you will spend in retirement: https://www.fidelity.com/viewpoints/retirement/spending-in-retirement#:~:text=Expect%20to%20spend%2055%25%E2%80%9380,current%20income%20annually%20in%20retirement
Life expectancy calculator of the Social Security Administration: https://www.ssa.gov/oact/population/longevity.html
The New England Centenarian calculator: https://www.bumc.bu.edu/centenarian/
Inflation rates in the U.S from 1960-2022: https://www.worlddata.info/america/usa/inflation-rates.php#:~:text=During%20the%20observation%20period%20from,year%20inflation%20rate%20was%204.0%25
Inflation rates over the past decade: https://www.forbes.com/sites/qai/2023/01/02/is-inflation-high-compared-to-years-past-breaking-down-inflation-rates-by-year/?sh=1817f2d6d7a2
Healthcare and education as long-term drivers of inflation: https://thehill.com/opinion/finance/591995-health-care-and-higher-education-key-drivers-of-long-term-inflation/
Chapter 24: The Role of Gratitude
The chapter quote can be found at: https://www.wealth-mode.com/blog/how-gratitude-helps-you-retire-early.
Quote from Marcus Aurelius: https://dailystoic.com/gratitude/
Study on the relationship between gratitude and subjective well-being: https://www.wealth-mode.com/blog/how-gratitude-helps-you-retire-early
Quote from Robert A. Emmons: https://www.nytimes.com/2023/06/08/well/mind/gratitude-health-benefits.html
Health benefits of gratitude: https://news.umich.edu/be-grateful-it-may-improve-your-health/
Discussion of how gratitude can help our finances: https://www.ig.ca/en/insights/how-gratitude-can-help-your-finances
Hedonic Treadmill theory: https://positivepsychology.com/hedonic-treadmill/
Adaptation-Level theory: https://link.springer.com/referenceworkentry/10.1007/978-94-007-0753-5_25
Dopamine explanation: https://www.webmd.com/mental-health/what-is-dopamine
Role of dopamine in reward: https://www.sciencedirect.com/science/article/abs/pii/S0165017398000198
Social comparison theory: https://positivepsychology.com/social-comparison/#:~:text=Instead%20of%20the%20desired%20effect,subsequently%20develop%20low%20self%2Desteem
Harmful impact of social comparison: https://psycnet.apa.org/record/1993-16069-001
Chapter 25: A Trap for the Unwary
The chapter quote can be found at https://retirementresearcher.com/navigating-one-greatest-risks-retirement-income-planning/.
Sequence of returns risk, including the example provided: https://www.schwab.com/learn/story/timing-matters-understanding-sequence-returns-risk
Historical stock market returns: https://www.officialdata.org/us/stocks/s-p-500/1926#:~:text=Stock%20market%20returns%20since%201926&text=This%20is%20a%20return%20on,%2C%20or%206.96%25%20per%20year.
Yearly returns of the S&P 500 index: https://www.slickcharts.com/sp500/returns
Chapter 26: Smoothing Over Savings
The chapter quote can be found at: https://www.bls.gov/careeroutlook/2013/fall/art02.pdf.
Savings goals recommended by Fidelity: https://www.fidelity.com/viewpoints/retirement/how-much-do-i-need-to-retire
Grace Groner’s story: https://www.gronerfoundation.com/grace-s-story
The fable of the chessboard and the grain of rice: https://tanggram.medium.com/the-magic-of-compound-interest-7f4d6ca4583b#:~:text=%E2%80%9COh%20emperor%2C%20my%20wishes%20are,grains%20as%20the%20square%20before.%E2%80%9D
Life Cycle Hypothesis: https://www.richmondfed.org/publications/research/econ_focus/2016/q3-4/jargon_alert
Contrary view about consumption smoothing: https://www.whitecoatinvestor.com/consumption-smoothing-is-stupid/
Chapter 27: Modern Budgeting
The chapter quote can be found at: https://finlit.yale.edu/planning/budgeting-and-goal-setting.
You Need a Budget website: https://www.ynab.com/
PocketGuard website: https://pocketguard.com/
Health Savings Accounts: https://www.healthcare.gov/glossary/health-savings-account-hsa/
Flexible Spending Accounts: https://www.healthcare.gov/have-job-based-coverage/flexible-spending-accounts/
The debt snowball and avalanche methods for reducing debt: https://www.advantageccs.org/blog/which-debt-to-pay-off-first-debt-snowball-method-vs-debt-avalanche-method/?refppc=grant&kw=&creative=656463683405&gad_source=1&gclid=CjwKCAiA3aeqBhBzEiwAxFiOBs4MGvKnNeapdmhoHU98yJkcSwi7dMrB8PrXBzM7ymCdXWixiA0r4BoChiEQAvD_BwE
Chapter 28: Slay Student Loans
The chapter quote can be found at: https://dfpi.ca.gov/2023/02/13/student-loan-debt-a-disproportionate-burden-on-black-and-latino-borrowers/#:~:text=Millions%20of%20Americans%20are%20affected,highest%20consumer%20market%20after%20mortgages.
Average student loan debt: https://educationdata.org/average-student-loan-debt#:~:text=The%20average%20federal%20student%20loan,them%20have%20federal%20loan%20debt
Student loan interest rates: https://www.bankrate.com/loans/student-loans/current-interest-rates/
Federal Student Aid website: https://studentaid.gov/
SAVE repayment plan: https://studentaid.gov/announcements-events/save-plan
The Consolidated Appropriations Act of 2023 and how it impacts student loans: https://www.sequoia.com/2023/01/student-loan-legislation-what-employers-need-to-know/
SECURE 2.0 Act of 2022: https://www.bloomberglaw.com/external/document/XAUSB4C8000000/retirement-benefits-professional-perspective-secure-2-0-matching
Chapter 29: Tax Tricks
The chapter quote can be found at: https://www.nerdwallet.com/article/taxes/tax-planning.
Length of the U.S. tax code: https://www.vox.com/policy-and-politics/2017/3/29/15109214/tax-code-page-count-complexity-simplification-reform-ways-means
Basics of tax planning: https://www.nerdwallet.com/article/taxes/tax-planning
Importance of tax planning: https://www.bctax.com/blog/the-importance-of-tax-planning/#:~:text=With%20proper%20tax%20planning%2C%20you,you%20create%20your%20financial%20plan
Year-end tax planning strategies: https://www.abipcpa.com/year-end-tax-planning-strategies-for-individuals/#:~:text=General%20tax%20planning%20strategies%20for,charitable%20gifts%2C%20and%20retirement%20planning
Requirements for becoming a CPA: https://www.accounting.com/careers/cpa/how-to-become/
CPAverify website: https://cpaverify.org/
American Institute of CPAs website: https://www.aicpa-cima.com/home
Personal Financial Specialist credential: https://us.aicpa.org/membership/join/pathway-pfs-credential.html
Chapter 30: Shortfalls
The chapter quote can be found at: https://money.usnews.com/investing/investing-101/articles/2018-08-20/6-ways-to-fix-a-retirement-savings-shortfall.
Cost of tiny homes: https://www.rocketmortgage.com/learn/how-much-does-a-tiny-house-cost#:~:text=The%20average%20cost%20of%20a,caught%20up%20in%20the%20savings
Discussion of the cheapest places to retire abroad: https://money.usnews.com/money/retirement/baby-boomers/slideshows/the-cheapest-places-to-retire-abroad-on-1-000-per-month
Chapter 31: Insurable Risks
The chapter quote can be found at: https://www.cfainstitute.org/en/membership/professional-development/refresher-readings/risk-management-individuals.
Discussion of how much life insurance you need: https://www.investopedia.com/articles/pf/06/insureneeds.asp#:~:text=Most%20insurance%20companies%20say%20a,child%20above%20the%2010x%20amount
Long-term care statistics: https://www.aplaceformom.com/senior-living-data/articles/long-term-care-statistics
Discussion of insurance company ratings: https://trustlayer.io/resources/why-does-your-insurance-companys-rating-matter
Chapter 32: A Mind-Blowing Life Insurance Secret
The chapter quote can be found at: https://www.dfs.ny.gov/apps_and_licensing/insurance_companies/faqs/regulation_194.
List of fee-only insurance consultants: https://www.glenndaily.com/links.htm
Discussion of life insurance commissions: https://theinsuranceproblog.com/life-insurance-commission-a-great-evil-according-to-the-internet/
Insurance policy illustrations were provided by Chuck Hinners.
Chapter 33: Uninsurable Risks
The chapter quote can be found at: https://www.investopedia.com/terms/u/uninsurable-risk.asp#:~:text=Key%20Takeaways-,Uninsurable%20risk%20is%20a%20condition%20that%20poses%20an%20unknowable%20or,as%20coverage%20for%20criminal%20penalties.
Potential impact of artificial intelligence on jobs: https://www.bbc.com/news/technology-65102150
Fixed annuities at: https://www.forbes.com/advisor/retirement/fixed-vs-index-annuity/
Variable annuities: https://www.investor.gov/introduction-investing/investing-basics/investment-products/insurance-products/variable-annuities
Indexed annuities: https://www.fidelity.com/viewpoints/retirement/considering-indexed-annuities
FINRA quote: https://www.finra.org/investors/insights/complicated-risks-and-rewards-indexed-annuities
Annuity offerings of Massachusetts Mutual Life Insurance Company: https://www.finra.org/investors/insights/complicated-risks-and-rewards-indexed-annuities
Annuity offerings of USAA Life Insurance Company: https://www.usaa.com/inet/wc/insurance_annuities_main?SearchRanking=1&SearchLinkPhrase=annuities
Annuity offerings New York Life Insurance Company: https://www.newyorklife.com/products/investments/annuities
Annuity offerings of TIAA-CREF Life Insurance Company: https://www.tiaa.org/public/retire/financial-products/annuities/annuitization
Chapter 34: Buy or Rent?
The chapter quote can be found at: https://www.nar.realtor/newsroom/middle-income-homeowners-gained-more-than-120000-in-wealth-over-the-past-decade-from-home-appreciation.
Amount the real estate industry spends on lobbying: https://www.opensecrets.org/industries/lobbying.php?cycle=All&ind=f10
Price-to-rent ratio and its impact on the “buy or rent” decision: https://smartasset.com/data-studies/price-to-rent-ratio-in-the-50-largest-us-cities-2022
Views of experts on renting if you will be moving in 5 years or less: https://www.cnbc.com/2015/08/04/what-to-know-about-renting-versus-buying-a-home.html
Survey of Consumer Finances by the Federal Reserve: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3716339
Harvard University study on the impact of home ownership on wealth accumulation among lower-income families and minorities: https://www.researchgate.net/publication/290015954_Is_homeownership_still_an_effective_means_of_building_wealth_for_low-income_and_minority_households
Negative view of some wealth advisors toward home ownership: https://www.cnbc.com/2019/04/18/wealth-manager-buying-a-home-is-usually-a-terrible-investment.html
Comparison of stock market returns to appreciation in home ownership: https://www.investopedia.com/ask/answers/052015/which-has-performed-better-historically-stock-market-or-real-estate.asp
Index used to make interest rate adjustments to adjustable rate mortgages: https://journalistsresource.org/economics/adjustable-rate-mortgages-explainer/
Dominance of fixed-rate mortgages: https://www.nber.org/papers/w24446
Preference for a 30-year term for fixed-rate mortgages: https://www.debt.org/real-estate/mortgages/30-year-fixed/#:~:text=With%20all%20this%20boosting%20it,backed%20mortgage%2Dguarantor%20Freddie%20Mac
Pros and cons of adjustable and fixed-rate mortgages: https://www.bankrate.com/mortgages/arm-vs-fixed-rate/
Typical adjustment and lifetime caps of adjustable rate mortgages: https://mortgageequitypartners.com/mortgage-products/adjustable-rate-mortgage-arm/#:~:text=Most%20ARMs%20have%20caps%20of,the%20life%20of%20the%20loan
Complexity of choosing the right type of mortgage: https://www.nber.org/papers/w9759
Research indicating that adjustable rate mortgages tend on average to have lower interest rates than fixed-rate mortgages: https://www.businessinsider.com/should-i-get-adjustable-rate-mortgage-yale-economic-research-2022-11
Views of the Urban Institute about the risks posed by adjustable rate mortgages: https://www.urban.org/urban-wire/should-borrowers-be-afraid-adjustable-rate-mortgages
Chapter 35: To Prepay or Not to Prepay?
The chapter quote can be found at: https://knowledge.wharton.upenn.edu/article/should-i-pay-off-my-mortgage-early-in-this-economy/.
Liquidity: https://www.thebalancemoney.com/liquidity-definition-ratios-how-its-managed-3305939
Pros and cons of paying off your mortgage before retirement: https://www.forbes.com/sites/kristinmckenna/2022/09/26/should-you-pay-off-your-mortgage-before-retirement/?sh=4e7e000872ef and https://www.schwab.com/learn/story/should-you-pay-off-mortgage-before-you-retire and: https://www.kiplinger.com/retirement/604813/im-retired-should-i-pay-off-my-mortgage
Quote from Professor Michael R. Roberts: https://knowledge.wharton.upenn.edu/article/should-i-pay-off-my-mortgage-early-in-this-economy/
Quote from Kiplinger: https://www.kiplinger.com/retirement/604813/im-retired-should-i-pay-off-my-mortgage
Chapter 36: Will Power
The chapter quote can be found at: https://www.heritagelawwi.com/what-are-the-potential-consequences-of-not-having-an-estate-plan#:~:text=Without%20a%20comprehensive%20estate%20plan,would%20not%20have%20chosen%20yourself.
Percentage of Americans who don’t have a will: https://www.caring.com/caregivers/estate-planning/wills-survey/
Quote from Yair Dor-Ziderman: https://www.theguardian.com/science/2019/oct/19/doubting-death-how-our-brains-shield-us-from-mortal-truth
Study showing how the mind has an automatic tendency to avoid awareness of its mortality: https://www.sciencedirect.com/science/article/abs/pii/S1053811919306688
Percentage of women who become widows: https://www.bedelfinancial.com/75-of-women-become-widows
Average age of widows: https://www.9and10news.com/2019/09/30/healthy-living-modern-widow/#:~:text=When%20you%20think%20of%20someone,women%20become%20widowed%20every%20day.
Death rates of millennials: https://www.statista.com/statistics/241572/death-rate-by-age-and-sex-in-the-us/#:~:text=In%20the%20United%20States%20in,of%20the%20population%20for%20women
American College of Trust and Estate Counsel website: https://www.actec.org/
Chapter 37: Don’t Be A Stranger
The chapter quote can be found at: https://www.gobankingrates.com/money/financial-planning/how-often-you-should-review-your-financial-plan-advisor-advice/.
Financial plan updates: https://www.gobankingrates.com/money/financial-planning/how-often-you-should-review-your-financial-plan-advisor-advice/
What to include in an annual review of financial plans: https://www.investopedia.com/articles/financial-advisors/021016/top-tips-annual-client-financial-reviews.asp#:~:text=An%20annual%20review%20should%20go,planning%2C%20and%20life%20insurance%20policies.
Quote from Joseph Ferrari: https://www.washingtonpost.com/lifestyle/wellness/procrastinate-why-stop-advice/2021/07/09/13b7dc2c-e00e-11eb-9f54-7eee10b5fcd2_story.html
Percentage of those who procrastinate to some degree: https://www.mindtools.com/a5plzk8/how-to-stop-procrastinating
Causes of procrastination: https://psychcentral.com/lib/learn-about-procrastination#Procrastination-Has-Many-Causes
Adverse health consequences of procrastination: https://www.sciencedirect.com/science/article/abs/pii/S0191886906004454
Tips for how to stop procrastinating: https://www.mindtools.com/a5plzk8/how-to-stop-procrastinating
Utility of “cocaine” and “kale” phones: https://www.dailymail.co.uk/sciencetech/article-12324329/Why-experts-say-key-healthy-relationship-phone-cocaine-kale-cell-combination.html
List of apps to help overcome procrastination: https://www.developgoodhabits.com/procrastination-apps-mf1/
List of goal tracking apps: https://clickup.com/blog/goal-tracking-apps/
List of meditation and mindfulness apps: https://positivepsychology.com/mindfulness-apps/
Chapter 38: Brain Barriers
The chapter quote can be found at: https://slate.com/technology/2017/04/why-people-are-so-bad-at-thinking-about-the-future.html.
Temporal discounting: https://www.frontiersin.org/articles/10.3389/fpsyg.2017.01007/full
Quote from Hal Hershfield: https://www.frontiersin.org/articles/10.3389/fpsyg.2017.01007/full
Power of accountability: https://www.afcpe.org/news-and-publications/the-standard/2018-3/the-power-of-accountability/#:~:text=The%20researchers%20found%20that%20individuals,you%20will%20do%20it%3A%2040%25
Chapter 39: Decoding Fees
The chapter quote can be found at: https://larrybates.ca/.
Difference in the standard of care owed to clients by RIAs and broker-dealers: https://www.investopedia.com/articles/active-trading/100915/rias-and-independent-brokerdealers-comparison.asp#:~:text=RIAs%20have%20a%20fiduciary%20duty,to%20meet%20the%20suitability%20standard
Commission-based advice: https://rpc.cfainstitute.org/en/policy/positions/commission-based-advice#sort=%40pubbrowsedate%20descending
Hidden conflicts of interest of fee-only financial advisors: https://community.acplanners.org/browse/blogs/blogviewer?BlogKey=88c07a0e-bb37-40ef-8642-3172716b0884
Fee calculator created by Larry Bates: https://larrybates.ca/t-rex-score/
Flat-fee model: https://www.yahoo.com/now/much-flat-fee-financial-advisors-134720141.html
Hourly-rate model: https://www.investopedia.com/ask/answers/091815/what-fees-do-financial-advisors-charge.asp
Performance-based model: https://www.investopedia.com/terms/p/performance-fee.asp#:~:text=A%20performance%20fee%20is%20a,often%20both%20realized%20and%20unrealized
Financial advisor minimums: https://smartasset.com/financial-advisor/the-minimum-investment-for-a-financial-advisor
Chapter 40: Cutting Costs
The chapter quote can be found at: https://investor.vanguard.com/investor-resources-education#:~:text=In%20other%20words%2C%20you%20don,end%20up%20with%20about%20%24430%2C000.
Vanguard Digital Advisor website: https://investor.vanguard.com/advice/robo-advisor?cmpgn=RIG:PS:XXX:DA:10212021:GS:DM:BD_DA_Digital_Exact:NOTARG:NONE:DigitalAdvisor:Ad&gclid=Cj0KCQjwi7GnBhDXARIsAFLvH4kd31M5xJaKwhRKk3VO990FlLoA6Vv38dw9J6YH1dD81DDe-Zgayu0aAvl_EALw_wcB&gclsrc=aw.ds
Vanguard Personal Advisors website: https://investor.vanguard.com/advice/personal-hybrid-robo-advisor
Schwab Intelligent Portfolios Premium website: https://www.schwab.com/intelligent-portfolios-premium
Garrett Planning Network website: https://www.garrettplanningnetwork.com/
XY Planning Network website: https://www.xyplanningnetwork.com/
NAPFA website: https://www.napfa.org/
Chapter 41: Studies that Quantify Value
The chapter quote can be found at: https://www.kitces.com/blog/trust-research-advisor-planner-use-benefits-value-vanguard-alpha-morningstar-gamma/.
2023 Russell Investments study: https://russellinvestments.com/Publications/US/Document/Value_of_an_Advisor_Study.pdf
2022 Russell Investments study: https://russellinvestments.com/us/blog/value-of-an-advisor-2022
2022 Vanguard study: https://advisors.vanguard.com/insights/article/putting-a-value-on-your-value-quantifying-advisors-alpha
2013 Morningstar study: https://corporate.morningstar.com/ib/documents/PublishedResearch/AlphaBetaandNowGamma.pdf
Article authored by Derek Tharp, Ph.D.: https://www.kitces.com/blog/trust-research-advisor-planner-use-benefits-value-vanguard-alpha-morningstar-gamma/
Chapter 42: AI is Your New BFF
The chapter quote can be found at: https://www.investmentexecutive.com/news/industry-news/ai-could-make-financial-planning-more-accessible-suggest-some-in-the-sector/.
Discussion of the ways artificial intelligence will revolutionize the financial planning industry: https://www.forbes.com/sites/forbestechcouncil/2021/09/30/top-five-ways-ai-is-revolutionizing-the-financial-planning-industry/?sh=1423041c3f6d
PocketGuard website: https://pocketguard.com/
Cleo website: https://web.meetcleo.com/
Credit Karma website: https://www.creditkarma.com/
Experian website: https://www.experian.com/
Credit Sesame website: https://www.creditsesame.com/
Shoeboxed website: https://www.shoeboxed.com/
Insurify website: https://insurify.com/
Portfolio Visualizer website: https://www.portfoliovisualizer.com/
Stockal website: https://stockal.com/
Streaks website: https://streaksapp.com/#:~:text=Streaks%20is%20the%20to%2Ddo,floss%20your%20teeth
Empower website: https://www.empower.com/personal-investors/financial-tools
WealthTrace website: https://www.mywealthtrace.com/
ChatGPT: https://chat.openai.com/
Conclusion: Trust Yourself
The chapter quote can be found at: https://dailystoic.com/trust-yourself/