senior Scoops

This blog started with the premise that not every retiree has a million-dollar portfolio. I turned to retirement pages on Reddit and Facebook to explore whether there was an appetite for discussions on financial literacy and basic retirement planning. Indeed, there was. Many readers shared their reluctance to participate in on-line forums because most discussions catered to high-net-worth individuals. With this in mind, I’m returning to Senior Scoops’ original mission—at least for this post.

Social media “experts”

Social media platforms like YouTube, Medium, and Substack are flooded with amateur financial advisors. These self-proclaimed experts promise quick riches and easy wealth-building schemes. Their advice typically relies on oversimplified concepts and inflated claims instead of sound financial principles. They entice with fantastic claims–I built a $500K portfolio from $100 in 12 weeks—you know what I mean.

Though their content may seem appealing, an abundant dose of skepticism is advised. Trusting these amateurs often leads to poor investment choices and financial setbacks. While some do offer useful information, following them blindly is a dangerous game.

However, for those with modest nest eggs, hiring a professional financial advisor or retirement planner may be beyond their means. So, seeking out sound, free advice is worthwhile. In this article, I’ll share three YouTube channels that I’ve found helpful and are well intended.

Each has a different focus:

Diamond Nest Egg

The Diamond Nest Egg, hosted by Jennifer Lammer, focuses on fixed income and bond investing. With over 177K subscribers, the channel offers content ranging from beginner guides to advanced strategies. Lammer’s videos cover topics like building bond ladders, T-Bill auctions, and I-Bonds, helping viewers understand the complexities of bond investments.

Jennifer also explores various Certificate of Deposit (CD) strategies, including callable CDs and secondary market CDs.

For those seeking ultra-safe fixed income options, Diamond Nest Egg is an excellent place to start.

Rob Berger

The Rob Berger YouTube channel is dedicated to helping viewers achieve financial freedom. With over 246K subscribers, Berger covers a wide range of topics, including debt management, investment strategies, and retirement planning. Unlike Diamond Nest Egg’s focused approach, Berger takes a broader view that includes stock market investing. His videos provide practical advice on topics like creating a three-fund portfolio, index funds, and exchange-traded funds (ETFs). He also evaluates the strengths and weaknesses of various investment brokers. While the topics he discusses carry more risk than the fixed-income selections of Diamond Nest Egg, his advice maintains a conservative approach.

Holy Schmidt

The Holy Schmidt YouTube channel, hosted by Geoffrey Schmidt, CPA, MBA, focuses on retirement planning and financial independence. With over 317K subscribers, Schmidt takes an even broader view than the two previous recommendations. The channel explores Social Security, Medicare, retirement savings, and lifestyle choices for retirees. Schmidt offers practical advice on managing retirement finances, including strategies for maximizing Social Security benefits and minimizing taxes. He discusses retirement account withdrawal strategies and recommends cost-effective locations for retirees to live. Of my three suggestions Holy Schmidt offers the widest range of advice.

Conclusion

YouTube channels like Diamond Nest Egg, Rob Berger, and Holy Schmidt provide valuable financial advice and insights on topics such as bond investing, financial freedom, and retirement planning. While these channels offer valuable information, they should be considered just one source of advice. Remember: this is your money—guard it vigilantly. The world is full of unscrupulous people who aim to separate you from your hard-earned savings.

I have no relationship with any of these channels beyond being a subscriber.

If you have thoughts on this content let me know in the comments, also consider sharing it with your community. You can have my stories delivered directly to your email, just go to my homepage and sign up.