Whilst I love podcasts I was left - what's the right word... exasperated would probably fit well... I was left exasperated when listening to a podcast during the week.
I won't name who was on this particular episode but I would like to clarify that the two presenters consider themselves "wealth coaches". That means they advise their paying clients on how to become wealthy.
That's fine, I have no issue with that although I'd suggest that they would definitely be better served to advise people on the topic of building wealth if they were wealthy themselves. From what I can gather, both of them are around 60 years old and appear to be poor as church mice.
Nevertheless, I'd still not have any issue with these ladies being completely potless and giving wealth advice if only their advice was sound!
In the space of 10 minutes of their chatter we got these gems:
(1) If you die without a will, your sisters and brothers may inherit your assets over your children (hmmm, I'm no legal expert but as a blanket statement it seems like bollocks)
(2) If you die before you retire, your heirs would inherit anything in a SIPP, but all other pensions would die with you (errr... no - check this with your pension provider as I have previous experience of the entire pension value being paid out to the benefactors)
(3) A good stock market tactic, should you wish to follow lady number 2, is to invest everything in your SIPP in one single share because you have a "feeling" about the share. It worked for her - up "nearly 100% in one week" - and it's not overtrading but a great idea because there is not much in the SIPP (it isn't, it definitely isn't)
(4) "Warren Buffett is actually one of the least successful investors, year on year" (What?!)
(5) "[Warren Buffett] has everything he owns at the moment in cash" (This podcast is from February 2020, and obviously these two don't have a clue what they are talking about)
If you were thinking about getting advice from someone like this I would suggest you instead go to your local pub (if you could, bloody lockdown), buy the loud regular at the bar a pint and ask for his advice about investing, business, pensions etc. The advice you get from the skint drunkard in the pub will be cheaper than hiring either of these "wealth coaches" and, sadly, just as unsound.
Moral of the story - don't listen to anyone, at all, unless you can reliably determine they know what they are talking about.
And in the case of a wealth coach you should expect them to be wealthy or what's the point?
Speaking of which - let's see how wealthy I am this week, as of market close on 12th June 2020:
| Code | Sector | Date Bought | Cost | Value | Gain/Loss |
|---|---|---|---|---|---|
| LM009 LM009-2 |
Gas, Water & Multiutilities | 05/02/2019 04/02/2020 |
£2020 | £1990 | (1.89%) |
| LM012 LM012-2 |
Real Estate Investment Trusts | 20/05/2019 28/11/2019 |
£2030 | £2380 | 17.03% |
| LM023 | ETF | 19/05/2020 | £1020 | £970 | (4.79%) |
| LM024 | ETC | 01/06/2020 | £1010 | £1020 | 0.90% |
I'm still subscribed to this particular podcast as I enjoy the chatty nature of it but there doesn't appear to be much in the way of good advice in it.
It becomes increasingly obvious the more I listen why these two are completely potless. Perhaps if I do the opposite of what they say I will strike it rich!