Manage your own money

Recently I did my own analysis of my insurance and investment portfolio. Over-insured and under-invested.

Over-insured because:

1. Listening to financial advisers. These people don't want to advise you on how to make money, they are advising you to put money into their pockets via commission.  They are not taking care of you. 

2. No one talks about the front loading (aka, the percentage commission that they will take from your account. ) i.e. the percentage of your money that is going to them. 

3. You need insurance, just not insurance that is expensive. How much do you need? Enough to cover your liabilities. 

4. Your future children will eventually stand on their own feet, but at least cover your own debts. A person doesn't need debt saddled on them before they even start working. 

Under-invested because:

1. NOT reading up and finding out more. BE INQUISITIVE. Seek knowledge on subjects that will matter. Politics, Federal USA interest rates, debt cycles. Listen to established names like Peter Lynch, Ray Dalio, Ben Graham and Warren Bufffett. There are many imposters and wannabes, don't listen to them. IF you do, at least have their portfolios show some results. 

2. You don't need much to start, if you start early. With your first paycheck. Rule of 72 for compounding of money.  72 / (% interest) = number of years it will take to double your money

3. Meet the right people, join the right talk groups. When I mean the right people, I mean focus on the groups that will discuss things about financial stability and financial investment. You don't have to make them your friends, but at least join in the discussion. Forums dealing with FIRE (financially independent, retire early) concepts are good, like r/singaporefi for instance. 

4. Do not pay for financial advice or pay for portfolios. DO NOT. If their portfolios are making so much money, they WOULD NOT NEED TO SELL ANYTHING. Lost so much money paying for shit like Motley Fool.

5. There is no get rich quick scheme nor get rich easy (easy is subjective). READ THE FINANCIAL STATEMENTS, learn to do it. STUDY AND COMPARE THE BUSINESS MODELs. FIND OUT HOW INVESTED THE MANAGEMENT OF A COMPANY ARE IN THEIR OWN COMPANY. i.e. INSIDER trading and US Govt officials trading. If they're buying when everyone is selling... something's going on. 

6. Decide for yourself whether a company is worth investing into and become a part owner. 

That's all for now. Love you guys.