Ian introduces Min/Maxing Money, a new series that we’ll be diving into on this channel over the next few months. What financial product do you want to see broken down into a 3 stat format?
TRANSCRIPT:
What’s up, internet? My name’s Ian Bloom. Welcome to a new video series. We’re going to be calling this series Min-Maxing Money. So let me introduce you to the basic premise.
In Min-Maxing Money, we are going to be talking about a singular financial product, whether that is an investment account, a type of investment, an insurance product, or anything else that we might study in the world of financial planning. I’m going to be giving you some basic stats for that thing. We’ll talk about the complexity or the knowledge required to use the product properly. We’ll talk about the cost. How much money will this cost you, or what is the opportunity cost of using this product? Then we are going to talk about the time required to monitor or get the product or utilize it correctly because those are the three elements that you’ll want to know.
If it has a high complexity, you’re going to have to spend a lot of time and energy researching this or get a professional involved, which will increase your cost. The cost is important because this is financial planning, and we want to utilize our dollars properly. We want to min-max them just like min-maxing stats in D&D.
In the time category, it is important because your time is valuable. It is the one thing that I cannot get you more of as a financial planner. So if we are going to be giving up time on something, it better have a pretty huge financial payoff for you.
So those are the three stats that we’ll be covering. I will also talk about the relative payoff of each product when it’s being used properly within the financial plan. Now, I want to put a little asterisk here and say properly is important because just because you’re utilizing an annuity or a certain type of investment, doesn’t mean you’re getting the most out of it. You may need to do some of that complexity research or get a professional involved to make sure that you’re utilizing the product properly. So that is the rundown on this series.
I wanted to go back and redo some of the old school web cam grainy Ian recording for the first time on YouTube videos, because I thought that some of the topics were really important and the content really wasn’t as good as it could be. So over the next two weeks or three weeks, you will get two of these videos per week. Then following that, we’ll be back on a regular weekly release schedule. I wanted to get a few of these out so that I could remove some of the older videos on the channel, or at least usurp their throne, so to speak.
If you have any topics that you definitely want to see covered, make sure to let me know. I would love to cover the topic that is on your mind, whether that’s anything from buying a house to some specific financial instrument, to something that may not even have a direct financial product, but might be a financial concept that you want to see covered. So just let me know about that. If you’re a viewer, then I’m way more interested in covering something you’re interested in than something I’m interested in.
I hope that you enjoy this series. The stats graphics will hopefully be very eye-pleasing, and the videos will be short, sweet, and to the point to make them easier to consume and to make the products easy to understand. Anyway, thank you so much for watching. I look forward to bringing you a lot of content over the next three weeks, and have a wonderful day.
