I'm hoping to get my sister-in-law, nieces and nephews into investing. They are interested and luckily don't have a ton of debt, BUT, they're starting with basically zero knowledge.

So I'd have to explain mutual funds, index funds, the S&P 500, the difference between traditional and Roth IRA, etc. I just don't know if I'm up to it.

I'm tempted to tell them to just go with a financial advisor. I had one years ago and I hated it. I'm a hands-on type of guy, and this guy had me invested in a lot of stuff I didn't want (bond funds, fixed income). I finally got rid of him after he trailed the S&P two years in a row.

But for someone who works a 9-5 job and doesn't have time to learn all this stuff, maybe a financial advisor is a decent option. I don't know.

[–] [email protected] 3 points 3 months ago (1 children)

Would they be interested in learning about those things from someone other than you? JL Collins's stock series was enormously helpful for my understanding of investing when I started out. You could give them the book the "Simple Path to Wealth" (the edited/published version of the series) and it would be zero effort on your part. Bonus: he started writing it to teach his teenage daughter about investing, so the target audience would be perfect for your nieces (making some assumptions re: ages).

[–] [email protected] 2 points 3 months ago

Thanks. That looks really good.

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