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07-17-2014, 04:03 PM
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#21
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Recycles dryer sheets
Join Date: May 2014
Location: Yuma AZ
Posts: 274
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To anyone considering something like $1 million In life insurance, such as to fund care for a family member:
I would do term policies, with multiple companies.
Remember the company "Executive Life"? It went bankrupt.
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07-17-2014, 04:17 PM
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#22
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Moderator
Join Date: Jul 2010
Posts: 7,941
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Welcome and thanks for your honest story. Congratulations for figuring it out on your own. You got lots of good advice already - keep reading and ask more questions, most folks here are very nice and helpful as well as knowledgeable.
__________________
"One of the funny things about the stock market is that every time one person buys, another sells, and both think they are astute." William Feather
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ER'd Oct. 2010 at 53. Life is good.
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07-17-2014, 04:51 PM
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#23
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2014
Posts: 7,373
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Quote:
Originally Posted by rodi
My husband's 401k used American Funds. All of the equity funds had a 5.75% load, the bond fund and the MM fund at 3.75%. I posted about it at the time - about what crappy fees they had. We're happy to be free of them.
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Yeah, "craptastic" was a good adjective for that plan. I've never been in one that limited the company contribution to $1,000, so I'm guessing they didn't negotiate a very good deal for their employees. Companies with more clout can usually offer classes of the major fund groups with a lower fee structure. Whatta deal for the employer. Get rid of the cost of funding a DB pension plan and replace it with a max of $1K per employee (but only for those who contribute that much themselves), and roll out a plan sold by a relative of someone in HR.
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07-17-2014, 04:57 PM
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#24
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2011
Location: West of the Mississippi
Posts: 17,263
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Since you brought up Alice going down the rabbit hole you might read the book Alice in Quantum Land.
Quantum physics is weird, difficult to understand and often defies logic. Niels Bohr said "if quantum physics does not profoundly shock you, you don't understand it." This is also true of the advice from most investment advisers. When you finally understand what has happened to your money, you are profoundly shocked.
Investing one's money for a descent return should not be as difficult as quantum physics.
A few days here or in the Bogleheads group will teach one 95% of what's needed to wisely invest one's assets.
__________________
Comparison is the thief of joy
The worst decisions are usually made in times of anger and impatience.
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07-17-2014, 05:00 PM
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#25
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2011
Location: West of the Mississippi
Posts: 17,263
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Quote:
Originally Posted by rodi
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Seriously?!?!?! A load charge on a money market fund? Surely you jest.
__________________
Comparison is the thief of joy
The worst decisions are usually made in times of anger and impatience.
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07-17-2014, 05:05 PM
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#26
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Administrator
Join Date: Apr 2006
Posts: 23,037
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Quote:
Originally Posted by lwm31
After being trapped in their offices for almost three hours with them assuring me they were good Catholics who went to church every single day (I'm not kidding). . .
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Jesus had a few words for them.
"Beware of practicing your piety before others in order to be seen by them; for then you will have no reward from your Father in heaven. . . . And whenever you pray, do not be like the hypocrites; for they love to stand and pray in the synagogues and at the street corners, so that they may be seen by others." Matthew 6:1 and 6:6 (NRSV)
__________________
Living an analog life in the Digital Age.
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07-18-2014, 06:08 AM
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#27
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Confused about dryer sheets
Join Date: Jul 2014
Location: Mantua
Posts: 3
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Many, many thanks to all who posted. Every single post was helpful and now I don't feel so bad. I'm just going through the anger phase. There's a piece of the pie out there for everyone and I don't get why some people just never have enough. To quote something else from the Bible, "The love of money is the root of all evil." I sure do get that now. Planning to educate myself more, do it myself and hopefully I will be an asset to the forum someday!
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07-18-2014, 06:14 AM
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#28
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,021
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Quote:
Originally Posted by lwm31
...hopefully I will be an asset to the forum someday!
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You already are.
Readers of the forum can benefit from your experience which you were kind (and brave) enough to share. Far too many people are unwilling/unable to reveal their financial mistakes (and we ALL have them) so others may learn from them. Thank you.
__________________
Numbers is hard
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07-18-2014, 06:17 AM
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#29
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Thinks s/he gets paid by the post
Join Date: Mar 2006
Location: Houston
Posts: 4,337
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Quote:
Originally Posted by lwm31
Planning to educate myself more, do it myself and hopefully I will be an asset to the forum someday!
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You already are an asset to the forum.
People have learned a lot less after paying a much higher price than you have. I've given up with arguing with people I run into (not on this forum where I will argue) about avoiding load funds and FAs. They will sing the praises of what I think are horrible rip offs. I'll now only bring up the concept of managing their own money using index funds. I'll suggest Millionaire Teacher and leave it at that. I tried to salvage my own brother who moved his significant 401k to a full service FA at a bank! That's one step above EJ but still way down the list of good service for reasonable fees.
__________________
The object of life is not to be on the side of the majority, but to escape finding oneself in the ranks of the insane -- Marcus Aurelius
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07-18-2014, 03:00 PM
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#30
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Recycles dryer sheets
Join Date: Apr 2013
Posts: 55
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I was in your shoes last year. Decided to dump EJ and jump to Vanguard. The move was very simple although EJ did attempt to block the transfer. Just took one irate call to the home office to let them know I meant business, and they backed off. I sleep better knowing that my Ed Jones guy isn't vacationing on my dime ;-) The great folks here steered me in the right direction - the advice here is priceless.
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07-18-2014, 03:57 PM
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#31
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Dec 2008
Location: On a hill in the Pine Barrens
Posts: 9,720
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Quote:
Originally Posted by lwm31
Many, many thanks to all who posted. Every single post was helpful and now I don't feel so bad. I'm just going through the anger phase. There's a piece of the pie out there for everyone and I don't get why some people just never have enough. To quote something else from the Bible, "The love of money is the root of all evil." I sure do get that now. Planning to educate myself more, do it myself and hopefully I will be an asset to the forum someday!
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There is a lot of love in South Jersey. Coincidence : we had dinner courtesy of an EJ last night. Such a load of crap spewing about. But we had a nice meal. The lesson I am reinforcing is that spouse should never fall into the trap. Gather all the data and get peer review how to proceed.
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07-18-2014, 07:26 PM
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#32
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2014
Posts: 7,373
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Quote:
Originally Posted by target2019
Coincidence : we had dinner courtesy of an EJ last night. Such a load of crap spewing about. But we had a nice meal.
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I've been joking that I want to start attending those "free gourmet dinners" so I can ask impertinent questions. We get enough of those invitations. Some even have the nerve to start out noting that this might be for you if you have $500K or more to invest.
Then again, it might not. ;-)
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07-18-2014, 07:53 PM
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#33
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Recycles dryer sheets
Join Date: Apr 2013
Posts: 252
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Grew up in Jersey, still think every beach should be like Cape May. You can't change the past but you can change the future. Would you buy American funds today? If the answer is no you should move, of course the front end loading is gone but again that's true regardless. I like fidelity, do all my own moves online including buying some vanguard index funds. I'm index and ETF guy and as my signon suggests just love Roths, tax free growth forever!
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