CNBC's Bob Pisani reports on Josh Brown's new book "How I Invest My Money" where he posed the question to financial advisors, including Lazetta Rainey Braxton, of how they invest their own money
In my 23 years as on-air stocks correspondent for CNBC, I’ve been asked many questions by strangers, but most of them boil down to some variant of “What do you think is going to happen to the markets?”
Remarkably, almost no one (OK, maybe one in a hundred) ever ask what I would consider to be the most relevant question: “What do YOU own, Bob?”
Josh Brown has had the same problem. A successful money manager, chief executive officer of Ritholtz Wealth Management, and on-air contributor to CNBC, Brown notes in the introduction of his new book “How I Invest My Money: Financial Experts Reveal How They Save, Spend, and Invest” that he too has been on TV a long time (9 1/2 years), “and in all of that time, not one person has ever asked me what I do with my money. Not one.”
Wow. That’s even worse than one in a hundred.
After writing a post entitled “How I Invest My Own Money” at The Reformed Broker blog, his friend Brian Portnoy, founder of financial wellness platform Shaping Wealth, approached him and a simple idea was formed: Let’s approach financial advisers that we respect and ask them the same question.
Genius. And thus “How I Invest My Money” was born.
Over and over, there are common themes in every person’s account of their wealth: low debt, frugality, aversion to buying luxury goods, index investing, college 529 plans, Roth and Simple IRAs, charitable giving, regular contribution to retirement savings (most contribute 10% or more of their income).