Josh Brown is the co-founder and CEO of Ritholtz Wealth Management. Before that, he was a stockbroker. As a stockbroker, he learned how to sell, how to handle rejection, and everything not to do with your money.
When he realized that everything he’d done in his 10 years as a stockbroker wasn’t helping his clients (nor doing anything for his career), it was an epiphany. He changed his profession so he could help clients. So he shifted from being a commission-based broker to a fee-based financial advisor.
He met Barry Ritholtz through his financial blog, “The Reformed Broker.” Eventually, they partnered and formed Ritholtz Wealth Management. They started with $60 million in AUM in September 2013 and they’ve grown to over $4.3 billion with 65 employees in 15 cities.
Listen in for some great takeaways from Josh’s journey within financial services and how he’s used content creation to grow his brand.
You will want to hear this episode if you are interested in…
- Learn more about Josh Brown and Ritholtz Wealth Management [2:45]
- Learn about Josh’s first movie, “This Is Not Financial Advice” [6:20]
- Why Josh transition to a fee-based financial advisor [8:14]
- Josh’s goal when he became the “Reformed Broker” on Twitter [12:03]
- How Josh’s blog post “How I Invest My Money” became a book [16:30]
- Get your copy of “Financial Planning Made Personal” today! [21:28]
- Why it’s important that what you invest in brings you JOY [22:10]
- Learning more about the “FutureProof” Festival and it’s goal [26:45]
- The power of walking away and stepping into the next thing [30:46]
- Why Josh is investing his time in content creation on YouTube [34:40]
- What Josh did today that put him in the right mindset for success [37:21]
Josh’s goal when he became the “Reformed Broker” on Twitter
Josh started blogging in 2008 because his idol—Barry Ritholz—was blogging. Barry was ahead of his time, talking about what seemed obvious in hindsight. He was one of the few people who predicted that home prices would get cut by 20% and a domino effect would unfold.
Josh decided to start writing to tell his own story. At that time, when you published a blog post, you could share the post to Facebook, LinkedIn, and Twitter. He created a Twitter account to share links to his posts. Those posts exploded. He had a talent for mixing information with comedy.
He became influential on Twitter, after which he was invited to a blogging conference where he met Barry. He was an early user who stuck with it. He quit Twitter four years ago and is investing his time in YouTube. Find out why by listening!
How Josh’s blog post “How I Invest My Money” became a book
Josh became a contributor to CNBC and was on 5+ days a week for years. He was constantly asked what he thought about stocks, the market, and the economy. No one ever asked him what his own portfolio looked like. But regular everyday people always asked.
So he wrote the blog post “How I Invest My Money” that covered how he made decisions. Everyone has different reasons for doing things, including sentimental reasons. Brian Portnoy called and told him he had to turn his post into a book.
So they got their friends in the industry to write about what they did with their money and collected them into chapters. It became a hit. When the book came out in the Fall of 2000, they did a virtual book tour. People mailed him a book (for his signature) along with a check to his local food bank, “Long Island Cares.” They raised tens of thousands of dollars.
Why it’s important that what you invest in brings you JOY
Many people enjoy the “recreational” side of investing. They follow along with the companies they own, what they’re reporting, innovation, etc. It’s fascinating and is a large part of Josh’s career. But when people come to Josh for help, he asks them what matters to them. He helps them focus on what they really need.
They need someone to tell them what to do with their taxes, insurance, and estate planning. They need someone who helps them do what the money actually needs to do. Whether or not you beat the S&P, what international stocks you own, or invest in gold are only derivatives of the bigger question: Why am I taking the risk in the first place?
“This Is Not Financial Advice”
A group of documentary filmmakers followed retail traders during the pandemic. Three people hit upon some trading activity that made them overnight millionaires—and in most cases, cost them everything.
“This is Not Financial Advice” covers the ups and downs of Bitcoin, Dogecoin, and the NASDAQ. It captures the behavioral experiences of instant riches and losses and the real-life stories of the people caught up in it.
Josh is one of the commentators featured in the documentary along with Morgan Housel and several other well-known financial market commentators. It’s now been released and is available on Amazon, Apple, and other streaming services.
Resources & People Mentioned
- Get your copy of “Financial Planning Made Personal” today!
- “This is Not Financial Advice” on Apple TV
- Josh’s book: “How I Invest my Money”
- Long Island Cares
- The FutureProof Festival
- Ritholtz Wealth
- Subscribe to Josh’s blog
Connect with Josh Brown
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