The premise of this activity is that people should never invest in something they don’t understand. For example, should people invest in a machine that prevented people from aging? Such an invention could be very lucrative. Everyone on the planet could use it, and would likely pay handsomely for such a machine. However, would it be a good idea to invest in the machine without understanding how it worked? Probably not.
First, it sounds like the type of machine wherein much could go wrong, so it would be a good idea to familiarize oneself with the risks of using the machine. Second, a machine that sounds too good to be true likely is. People should understand the details of the machine so they don’t get scammed. Lastly, what are the opportunity costs of using the machine? If we live forever, are we going to miss out on some unbelievably great after-life?
Through his fee only financial planning practice, Lon Jefferies realized that many of the commonly used terms in the financial world are not clearly understood by people outside the profession (and in many cases, even by “financial experts”). There are the abbreviations:
"I hope to provide some valuable education to the online community," said Mr. Jefferies, a financial planner at Net Worth Advisory Group in Salt Lake City, Utah. "People often invest in an IRA without knowing what an IRA is. In some cases, they think the IRA itself is the investment, and don't realize that a commission-based financial planner has them invested in inferior products that pay the advisor ridiculous fees. My goal is to provide investors with the tools to level the playing field with their financial advisors." Once the blog is completed, Mr. Jefferies intends to make an e-book out of the postings, and make the book available online for free.
Mr. Jefferies is asking for help with this task. "If there are any items or issues people would like defined, please drop me a note. If you are unclear on something, there are many people who would benefit from information relating to your concern."
People can follow the daily blog by visiting http://www.utahfiancialadvisor.blogspot.com. People can leave comments or opinions about what they would like defined on the blog or by emailing Mr. Jefferies at lon@networthadvice.com.
Learn more about Net Worth Advisory Group at http://www.networthadvice.com, and learn more about Lon Jefferiesby visiting http://www.utahfinancialadvisor.blogspot.com
About Lon
Lon Jefferies is an investment advisor representative with Net Worth Advisory Group, a fee-only financial planning firm. He is a member of the National Association of Personal Financial Advisors (NAPFA) and a candidate for CFP™ certification. He possesses an MBA and bachelor's degrees in Finance and Marketing from the University of Utah. Lon has written articles for local magazines such as Business Connect and Utah CEO and has been quoted nationally in publications such as the NY Times and Investment News.
Contact
801.566.0740
lon@networthadvice.com
