From The Desk of Peter Grandich
With the release of the “Third Edition” of my book just a few days away, I like to discuss a few points of interest regarding it:
- The single most important point IMHO, is the addition of the word “Former” to the title. While it would seem no one loses money in the financial services industry based on their marketing and advertising, yours truly felt being called a “Whiz Kid” (originally called that by ABC’s Good Morning America Business Reporter Steve Crowley back in the ancient 1980s) after making and losing millions twice – is “false advertising” (so to speak). Even more important to me – it’s an insult to my faith and my Lord & Savior to think I, or anyone can see and plan our futures with any certainty (which is clearly told in the Book of James).
- Whatever invitations I may have received to any financial services firms Christmas parties shall be destroyed after this book release.
In Chapter 16, I speak to how dishonesty still runs rampant throughout Wall Street. I note how the industry tries to imply it’s a forgone conclusion their way is your road to riches without actually committing to asserting that in writing (and all those fantasies are destroyed if one would only read and understand their legal disclaimers). Ironically, this ad I just seen on TV fits my belief by implying your dreams shall come true if only you deal with them. I wonder how this person who did engage their services feels now?
I speak to the “too many to count” criminal acts that led to the last financial crisis and how few guilty parties paid any real price. If only how the good people of Iceland handled their end to this crisis was practiced here, U.S. investors would be better off (but they’re not and shall be victims again).
- Chapter 17 is entitled “The Seven Deadly Sins of Finance”. They are:
Believing you can predict future market movements
Utilizing traditional financial planning methods which are doomed to fail
Assuming financial “advice” is unbiased and objective
Believing more money equals more happiness
Participating in mental anguish
I’m guilty of all of them and only now as I approach my 32nd year in and around the financial arena can I finally say as God as my witness, “I’m qualified to speak on matters of finance” (but many paid, including my own family, for the first few decades I was less than advertised!).
- If there’s one animosity I can’t let go of other than this photo, it’s my distaste for what I coined the “Don’t Worry, Be Happy” crowd that seemingly makes up much of those who work in the financial services industry (who like many realtors, always preach it’s nothing but a good thing). The poster child for this IMHO is the king of “Boo-Yah”, who IMHO does a tremendous “disservice” to the general public.
While we’re told it shall be available for purchase next week on Amazon, I invite anyone to read it for free online here and to feel free to email it to others. I truly believe it’s not anything like the run of the mill financial books that purposely leave out what I boldly put in print. I can tell you it’s brutality honest to the point that it actually creates less personal income from potential clients who may otherwise have chosen to use my services if I was more like the run of the mills. But what may be loss in income, is hopefully more than made up for when I stand before my Maker and give an account of those first 31 years. Here’s to a merciful Creator!