The Investing Advice That Came Right Before the 1929 Crash | The Money Alchemist Podcast Ep. 63
Learn More / Submit Questions: https://info.moneyalchemistshow.com/SubmitQuestion-Contact-AC?test=true What can investing advice published just before one of the worst stock market crashes in history teach us about building wealth today? In Episode 63 of The Money Alchemist Podcast, Brent Gargano, CFP® and Ben Jones, CFP® look back at John Raskob’s famous 1929 article, Everybody Ought to Be Rich. Published just weeks before the market peaked, Raskob encouraged people to consistently save and invest in diversified baskets of high-quality companies. The timing could hardly have been worse. But was the underlying advice actually wrong? Brent and Ben use the story to explore the behaviors that can help or hurt investors across bull markets, bear markets, bubbles, and crashes. They discuss the fearful saver who never gets invested, the speculator constantly searching for the next big winner, and the investor who eventually gets frustrated and throws in the towel. The conversation also takes Brent to New York City and the floor of the New York Stock Exchange, with stories about Wall Street, Peter Tuchman, the Empire State Building, and what history can teach us about markets that feel unstoppable right before they change. Before the main discussion, Brent and Ben cover several current market and economic stories, including recent S&P 500 earnings, the Federal Reserve holding rates steady, the K-shaped economy, and SpaceX moving back above its IPO price. They finish with a practical Tip of the Week for anyone preparing to buy a car: shop financing before you ever walk into the dealership. - John Raskob and "Everybody Ought to Be Rich" - Investing immediately before the 1929 stock market crash - The fearful saver, wildcat speculator, and towel thrower - Dollar-cost averaging and long-term investing - Why emotions can become an investor's biggest enemy - Bull markets, bear markets, and stock market bubbles - Brent's visit to the New York Stock Exchange - The Empire State Building and lessons from financial history - S&P 500 earnings and the current market - The Federal Reserve's latest interest rate decision - The K-shaped economy - SpaceX moving back above its IPO price - Why investors can become emotionally attached to individual stocks - How starting to save earlier changes the amount you need to contribute - Shopping credit unions and auto loan rates before buying a car Submit Your Questions Have a financial, investing, retirement, or market question you'd like Brent and Ben to discuss on a future episode? Submit your question through the link in our show bio. Your question could be featured in an upcoming episode of The Money Alchemist Podcast. About Your Hosts Ben Jones, CFP® Managing Director, National Wealth Management Group www.nwmgadvisors.com Sign up for Ben’s newsletter at www.karatstick.com Follow him on X @thekaratstick https://www.linkedin.com/in/ben-nwmg/ Brent Gargano, CFP® Founder & Advisor, Infinite Wealth Planning www.infinitewealthplanning.com linkedin.com/in/brent-gargano-cfp®-2067b573 Join Brent's Newsletter: https://forms.infinitewealthplanning.com/join-brents-newsletter Subscribe to The Money Alchemist Podcast for more conversations about investing, financial planning, retirement, markets, and building wealth consistently over time. 00:00 "I Never Make Money When I Invest" 01:15 Welcome to Episode 63 03:00 Brent's Trip to New York 07:00 The New York Stock Exchange & Wall Street 13:00 Current Market & Economic Updates 18:00 The K-Shaped Economy 21:30 S&P 500 Earnings 24:30 The Federal Reserve Holds Rates Steady 27:00 SpaceX Moves Back Above Its IPO Price 31:30 John Raskob & "Everybody Ought to Be Rich" 33:00 The Fearful Saver 37:45 The Wildcat Speculator 40:30 Getting Emotionally Attached to Stocks 42:20 "I Never Make Money When I Invest" 44:40 Affordability vs. Expectations 46:55 Why Starting to Save Earlier Matters 48:40 Investing Advice Right Before the 1929 Crash 50:35 What If You Invested Before the Great Depression? 55:00 Bull Markets, Bear Markets & Bubbles 59:00 The Empire State Building & Lessons From Market History 1:05:35 Tip of the Week: Shop Your Auto Loan Before Buying a Car Disclosure: The information provided on this podcast is for educational and informational purposes only and should not be construed as personalized investment, financial, tax, or legal advice. The views expressed here are those of the hosts and guests and do not necessarily reflect the views of National Wealth Management Group, LLC or its affiliates. Investing involves risk, including the potential loss of principal. There is no guarantee that any investment strategy discussed will be successful or profitable. Past performance is not indicative of future results. Economic discussions are based on current data and opinions, which are subject to change and may not accurately predict future events. We encourage listeners to conduct their own research and seek guidance from a certified financial advisor before making any decisions. Advisory services are offered through National Wealth Management Group, LLC. For more information about National Wealth Management Group including our Forms ADV and CRS, please visit our website www.nwmgadvisors.com or contact us directly. To connect with Ben Jones or Brent Gargano directly, email us at comments@themoneyaltchemistshow.com.
