15 Lessons from the book titled:

\"The Lies About Money\" 📚📚📚

Why You Need to Own the Portfolio of the Future by Ric Edelman:

1. The world of finance is full of deception and manipulation. Edelman argues that the financial industry is designed to keep people in debt and make it difficult for them to achieve financial freedom. He says that there are many myths and misconceptions about money that are perpetuated by the industry in order to keep people from making informed decisions about their finances.

2. You don\'t need to be a wealthy or sophisticated investor to make sound financial decisions. Edelman believes that everyone can learn to invest wisely and achieve their financial goals. He provides a roadmap for how to build a portfolio of low-cost, globally diversified index funds that can help you reach your retirement goals.

3. Actively managed funds are a waste of money. Edelman argues that actively managed funds are expensive and underperform index funds over the long term. He says that the vast majority of investors are better off investing in low-cost index funds instead of trying to pick winning stocks or mutual funds.

4. Market timing is impossible. Edelman says that it is impossible to consistently time the market and that trying to do so will only hurt your returns. He argues that the best way to invest is to buy and hold a diversified portfolio of index funds for the long term.

5. You don\'t need a financial advisor. Edelman believes that most people can manage their own investments if they are willing to educate themselves and make informed decisions. He provides a number of resources for people who want to learn more about investing.

6. Don\'t be afraid of debt. Edelman says that debt can be a useful tool when used responsibly. He argues that debt can be used to finance education, buy a home, or start a business. However, he also warns against using debt to finance depreciating assets, such as cars and vacations.

7. Save as much as you can. Edelman says that the most important thing you can do to reach your financial goals is to save as much money as you can. He recommends that people save at least 10% of their income, but ideally more.

8. Invest early and often. The earlier you start investing, the more time your money has to grow. Edelman recommends that people start investing as soon as they start earning a paycheck.

9. Don\'t panic when the market goes down. The stock market will go up and down in the short term. Edelman says that the important thing is to stay focused on your long-term goals and not panic when the market goes down.

10. Seek professional help if you need it. Edelman says that there are times when it may be helpful to seek professional financial advice. He recommends that people seek professional help if they are feeling overwhelmed or if they have a complex financial situation.

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