Basic Wisdom Review, It Is Worth the Money For Passing the Series 7 Exam?

In this blog post, we’ll talk about my Basic Wisdom review, why it’s worth it if you need help passing your SIE, Series 7, or Series 66 exams, and why I would definitely recommend at least watching his Youtube videos if you don’t plan on spending the extra money for his courses, in that he definitely has some really good content on his website that can help you to bump up your study skills and knowledge about the exams. I believe the guys name is Brandon and he is kind of a test taking Guru that used to work in the Wealth Management industry. He mainly specializes on the SIE, Series 7 and Series 66, as well as I think the 65 and 63 exams, and is really good at breaking down certain things. For instance, and I’ll include the video in this blog post, there is one video that he has about the bond seesaw, and how you can use this to determine whether the coupon rate or current yield etc. is higher, and it got me through literally every single question like this on all of the tests. Subscribe for more details and information!

The main tests that this can help prepare you for include:

Series 7 ExamBasic Wisdom Review

Series 66

24

25

9

Series 10 exam

Series 63

Series 65 Exam

The SIE Exam

The Insurance 2-15 Exam

Your Notary Stamp

The Enrolled Agent Exam

And much more, read on or subscribe to our blog for additional details and information!

Basic Wisdom Review, My Most Highly Recommended Youtube Channel for Studying for the Series 7 Exam

So, as stated in the former, I think my most highly recommended Youtube video for this guys channel, would be his video on the Bond Seesaw, which I will include below. The gist of the bond seesaw, is that there is a lot of questions on all of the FINRA series license exams, and these all can be broken down into a simple mathematical chart that enables you to just bust through all of these questions and get them all right on the first attempt. A sample bond seesaw is shown below:

Basic Wisdom Review Bond Seesaw

So basically, on the triangle in the center of the line is the Nominal rate of the bond, also known as the current rate, followed by the current yield (which is the coupon rate in dollars divided by the current PV of the bond), followed by the YTM, the annualized interest rate of the bond, and the yield to call, which is the YTM adjusted into the time period for interest generated until the bond was called, including capital gains or losses on the sail of the bond plus the accrued interest posted thus far to your bond account. Basically, premium goes on the left side of the bond (price) with yield (discount) going on the right side of the bond. And whichever way it slants, tells you if it is a discount or a premium bond, pretty cool and simple to learn and it can mean 5%+ in additional points on each one of these FINRA exams if you can really nail this concept right here.

Some Random Tips for Passing the 7 and 66 on Your First Try

So, to keep this post short and sweet, I will give you a few tips that I’ve learned so far about passing these exams that you can take to the bank.

  1. Do not take the test until you are getting 80-85% on the practice exams consistently.
  2. Use whatever methods possible to get you to learn the concepts, caffeine, chewing gum, sleeping in, studying late, whatever it takes.
  3. Study Every Single day.
  4. Read the textbook and take all the quizzes in order. Then do nothing but practice test and only refer to the textbook for concepts that you are stuck on.
  5. Have fun with it and make it a challenge and it will go easier.
  6. Schedule these things about 6-8 weeks from when you start studying to put a fire under your ass and a clock on the exam!
  7. Make sure to get your big win, it really feels awesome when you pass all these license exams, bosses are impressed and you get an amazing raise and great licenses to put on a resume!

Final Thoughts on My Basic Wisdom Review, A Bit Pricey But a Fantastic Course Overall!

So, I’d actually recommend doing what I did and using the free videos here (might change my tune here if they offer me an affiliate link…we’ll see 🙂 But to stick with Kaplan for taking and passing all of your exams, these really worked wonders for me and I would highly recommend using them. For more info, be sure to comment and subscribe.

 

Cheers!

 

*Inflation Hedging.com

Sources:

https://www.bankrate.com/banking/cds/cd-rates/

https://money.cnn.com/data/markets/

 

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