The first step in creating a Child Millionaire is to ignore the advice of so-called financial experts, such as mutual fund sales people, and take ownership, control and responsibility for your own success. Financial experts project the image of knowing about the markets and where they are headed but they don’t. In fact nobody knows what the market is going to do. If they did they wouldn’t be selling mutual funds to unsuspecting parents, they’d be relaxing on a beach sipping mojitos with a very fat investment portfolio.
When you deal with financial industry ‘experts’ always ask yourself: ‘where’s the money?’ If the person selling you something is driving an old beat-up car then they probably know very little. If they are driving a Mercedes then chances are they know a great deal about separating clients from their money through lucrative commissions and fees, but not necessarily how to manage your or anyone else’s money.
I’m not saying you should dismiss wholesale what financial ‘experts’ are saying. However, whatever financial experts, advisors or alleged gurus say needs to be considered in the light of the reality that the financial services industry exists to serve itself and to make huge profits and bonuses funded out of your money in the form of fees, commissions and annual management charges. As such, the whole industry is underpinned by self-interest that is often at odds with your interests and as such it should be avoided except when absolutely necessary.
The person with the greatest interest in your, and your child’s, financial success is you. Put yourself in control.