Personal Finance Roundup

This Is Your Brain on Money [Yahoo Finance] “Here are five ways your brain can trick you into making financial blunders, and how to avoid them.”

Understanding the Seven Habits of Wealth [Get Rich Slowly] “In the words of Aristotle, [habits] teach us that who we are and what we have is a result of what we repeatedly do. Wealth then, is not the result of an act, but the result of our habits.”

Your 5-minute guide to estate planning [MSN Money] “Use these 23 tips to help carry out your wishes, whether you’re rich or just hanging on.”

I Can Get Your Kid into an Ivy [Business Week] “Michele Hernandez boasts that 95% of her teenage clients are accepted by their first-choice school. Her price: As much as $40,000 a student.”

How to Check Out an Adviser [Kiplinger] “I am considering hiring an investment adviser to handle a portion of my portfolio. Is there a way to check on whether any complaints have been filed against the adviser?”

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  1. If you (or the parents) can afford to pay $40,000 on an admissions coach you probably went to very good schools and did better than average on your SATs.

    She hints that among them have been the progeny of chief executives, financiers, billionaires.

    So, she makes sure that the people she’s helping probably don’t need it and then crows about how good she is at her job.

    It’s like a personal trainer who only takes on clients in peak physical condition.

  2. letoofdune says:

    Yeah, I went to Dartmouth, and I’m a friend of a friend of one of the peoeple featured in the article.

    Basically, college admission is a craps shoot – if you’re competitive amongst the top tier, it’s up in the air as to who will accept you and who won’t.

  3. MCShortbus says:

    “How to Check an Adviser” seems to deal more with Broker/Dealers rather than Investment Advisers.

    Some extra info people should check out:

    An important tool is the Adviser’s ADV Part II and Schedule F. This is a required document that is updated at a bare minimum annually and contains a wealth of information, from the firm’s/adviser’s fee schedule to their education (after High School) and their buisness background. By SEC law the adviser is REQUIRED to offer this to you and you should absolutely take it. To a large degree it can represent how committed to compliance they are. If they half ass it and haven’t updated the thing or are using out of date forms, it can be a good indication that they may not have your best interests at heart.

    An even more potent tool at your disposal is the Adviser’s DRP. It is available at [www.adviserinfo.sec.gov]

    This is a Criminal Disclosure document that lists prior charges filed by and/or against the firm/adviser. If you see a pattern of charges you should avoid them like the plague. I am amazed these two documents were not included in that article. Hopefully, this information will help people out.