You can find part 9 of the Stock Series by JL Collins here.
MP notes
I can only agree with what JL says: no one will take better care of your money than you.
Rereading this article, I also had the following thoughts:
Pillar 3a linked to life insurance: the Swiss legal scam…
I laughed a lot when JL talked about life insurance. The funny thing is that he asks himself exactly the same question as me: “How can such fraud be legal?!?”
Whatever happens, if you’ve ever been duped by an insurance “advisor”, I have two things to say to you:
- Welcome to the club… I made that mistake… twice! So don’t beat yourself up too much…
- Read this article to understand how and why you should close your pillar 3a linked to life insurance as soon as possible
Pay for your advice by the hour
If you get any advice “for free”, you’re paying for it elsewhere… in exorbitant fees that are hidden.
An example? When a so-called mortgage “advisor” suggests you stop by their office at 7:30 p.m. and then drive you home because they feel like it… at 8:45 p.m.! Think twice… especially when you consider the two (!!) pillar 3a life insurance policies they’re trying to sell you as “the best solution to protect your family”…
The only time I paid for financial advice (or rather financial planning, I should say) was at VZ. It was expensive per hour (which is normal, all work deserves to be paid)! But above all: it wasn’t free!
Where to start for a Swiss investor?
If you’re new to the blog and want to start investing in the stock market, you may be asking:
“This article by JL Collins is cool, but what do you recommend I do, MP, if I shouldn’t listen to my banker or my insurance ‘advisor’?”
I’ve been asked this question so many times that I’ve answered it in a dedicated article: “How I would invest CHF 10'000 in the stock market if I were starting today (stock market crash or not!)”
Photo credit: jlcollinsnh.com