Beating S&P500 is not the solely goal for wealth management.You don't want to put your $$ in the market forever. We make $$ to serve our purposes (living expenses, kids, enjoy life....); with different purpose, you'll have different product; some in short term CD makes 1% and we are happy because it serves the purpose.
Everyone should spend sometime study (A Mao has suggested several nice websites) so you won't be completely knowing nothing. A good FA always try hard to educate their clients not mis lead them. Yes, everyone here can be FA after studing/training; alike PM, you can be your PM, but do you want to be your PM for your rental? Do you enjoy being PM? What is the "opportunity cost" of being PM? You may save the 10% but lost time to spend with kids or something else you enjoy or something else you are good at and you can make more $$ with the time. .....Every weekend I spend $50 go to theater with my kids; my friend whose kids are in univ needs to spend $800 (air tickets) and may not make it since their kids have their agendas.
We don't want this happens on us -
1)Lose $$ and run out of it before passing awy;
2) May get lucky making lots of $$ (with all hard work in rental or luck/worries in stock market); then die before enjoying them then Uncle Sam takes away 50% of them.......
Need to go to movie with my kids. Later!
