Becoming a wealth rounded individual

There's $400,000 in our checking account. What should we do with it?

This is a question a family member asked me the other day.

When you get asked a question like this, your DTNFTU (Desire To Not Fuck This Up) levels are bound to spike.

What if I give bad advice, and I ruin their chances at retirement?

And yet, I can't just say, "Go get a financial advisor." That's one of the absolute worst things you can do, as the likelihood of getting pushed into overpriced mutual funds is super high.

Well, I could say, "Go get a fiduciary." That's a little better, as Tony Robbins attests in his book, Money. At least then the advisor won't be motivated by commissions.

That doesn't, however, mean that they'll know what you should do with your money. Many will probably tell you something like, "I recommend a balanced portfolio of stocks and bonds, adjusted according to your risk preferences."

Bleh.

I think this is terrible advice. And yet, I can't succinctly explain to family member why I think it's terrible advice, especially because they don't have the requisite knowledge of money and investing to know what I'm talking about.

So how do I get better at (1) explaining investment concepts and (2) giving good investment advice. Let's also add (3) improve my own financial situation, which is pretty dismal to be honest.

Enter: new side project idea.

A blog/newsletter where I track my family's financial progress and also help other people improve their own financial situations, where I help people go from a negative net worth to a positive one, where I help them set up positive cash flow that moves them toward financial freedom.

A place where I could write about all the financial education deep dives I take. From the common, surface-level questions:

  • What's the big deal with Bitcoin and other cryptocurrencies?
  • What's the best way to save the money I make?
  • How can I pay little to no taxes, like wealthy people do?
  • How can I get into real estate investing?

...to the not-so-common, often-complex questions:

  • Is passing my savings through a high-cash-value whole life insurance plan more efficient for decreasing my debt than simply paying off the cards/loans as soon as I can?
  • Is a government bond safer and/or more lucrative than a precious-metal-backed peer-to-peer loan?
  • If I only have $20,000, does it make more sense for my first home purchase to be a house in the continental US obtained with an FHA loan (which I can house hack) or a tiny home in the tropical highlands of Panama (which I can rent out)?

By writing the blog, I'd also have to do a better job of tracking my family's finances so that I could accurately portray our current state in the articles.

As I bonus, this could be a nice opportunity to test out a paid newsletter. It could grow into a high-income side hustle. The posts about my personal journey to financial freedom would be free. The educational deep dives would require a cheap monthly subscription.

Sounds fun, so I think I'm gonna do it.

Accordingly, I've fully embraced my chronic SNS and purchased the domain wealthrounded.com.

Time to find out what it means to be a wealth rounded individual!