Beware of the grifters

Finance attracts a lot of grifters. They’ll sell you books, courses, newsletters, and anything else that looks like insight. Their tactic is simple: turn basic ideas into something that feels complex.

The actual fundamentals are straightforward. Compound interest works, time is your ally, and no one can predict the future.

Most traders don’t outperform the market over time. Retail traders lose money so reliably that roughly 97 percent would have done better putting their money into a diversified index fund and leaving it alone.

Professionals don’t fare much better. A large share of active money managers fail to beat their benchmarks over a 10-year period, even with research teams and full-time focus.

So before buying another book or paying for a course, remember that selling the dream of getting rich is far easier than delivering it.

The good news is that most of the information needed to become financially aware is already out there and it's free.