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Old 08-09-2010, 03:52 PM   #21
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Thanks for the pep talk Ziggy.

I just finished sending an email to our advisor stopping the automatic monthly withdrawals. The education begins in earnest!
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Old 08-09-2010, 03:59 PM   #22
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Thanks for the pep talk Ziggy.

I just finished sending an email to our advisor stopping the automatic monthly withdrawals. The education begins in earnest!
Don't be shocked if you become the target of heavy-handed retention efforts. After all, one of their prized milch cows is starting to high tail it out of the back 40...
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Old 08-09-2010, 04:01 PM   #23
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I just finished sending an email to our advisor stopping the automatic monthly withdrawals. The education begins in earnest!
Good for you. I'd follow up on this regularly to make sure it happened -- whether you get something in writing to the effect, you see the usual transfers out of your bank account being stopped, something on their web site indicating there are no scheduled transfers -- and not merely assume the advisor is going to act on it.
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Old 08-09-2010, 04:08 PM   #24
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exactly my next step. I just got an OOO message that my advisor is on vacation until August 16. I'm calling his assistant so make sure the message was received.
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Next Question - Which books MUST I buy rather than check out
Old 08-09-2010, 04:23 PM   #25
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Next Question - Which books MUST I buy rather than check out

I am frugal in some areas...books is one of those. I really don't like to buy if I can check them out from the library. However, my education is at stake, so which books from the list below are a MUST BUY? Note: I have no interest in buying individual stock and really don't care at this point how Wall Street works (or doesn't work). I need a solid education in how to achieve FIRE.

"The Intelligent Investor"
"The Four Pillars of Investing
"The Intelligent Asset Allocator"
"Triumph of the Optimists"
"Why Smart People Make Big Money Mistakes"
"The Retirement Savings Time Bomb"
"Parlay Your IRA into a Family Fortune"
"Are You a Stock or a Bond"
"A Random Walk Down Wall Street"
"All About Asset Allocation"
"The Only Guide to a Winning Investment Strategy You'll Ever Need"
"Stocks for the Long Run"
"The Coffeehouse Investor"
"The Boglehead's Guide to Investing"
"Common Sense on Mutual Funds"
"The Little Book of Common Sense"
"J.K. Lasser's Your Winning Retirement Plan"
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Old 08-09-2010, 04:29 PM   #26
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I am frugal in some areas...books is one of those. I really don't like to buy if I can check them out from the library. However, my education is at stake, so which books from the list below are a MUST BUY? Note: I have no interest in buying individual stock and really don't care at this point how Wall Street works (or doesn't work). I need a solid education in how to achieve FIRE.

"The Intelligent Investor"
"The Four Pillars of Investing
"The Intelligent Asset Allocator"
"Triumph of the Optimists"
"Why Smart People Make Big Money Mistakes"
"The Retirement Savings Time Bomb"
"Parlay Your IRA into a Family Fortune"
"Are You a Stock or a Bond"
"A Random Walk Down Wall Street"
"All About Asset Allocation"
"The Only Guide to a Winning Investment Strategy You'll Ever Need"
"Stocks for the Long Run"
"The Coffeehouse Investor"
"The Boglehead's Guide to Investing"
"Common Sense on Mutual Funds"
"The Little Book of Common Sense"
"J.K. Lasser's Your Winning Retirement Plan"
We each have our favorites but mine are "the four pillars of investing", "the only guide to a winning investment strategy you'll ever need", and "the Boglehead's guide to investing".
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Old 08-09-2010, 04:30 PM   #27
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Originally Posted by Lisa99 View Post
I am frugal in some areas...books is one of those. I really don't like to buy if I can check them out from the library. However, my education is at stake, so which books from the list below are a MUST BUY? Note: I have no interest in buying individual stock and really don't care at this point how Wall Street works (or doesn't work). I need a solid education in how to achieve FIRE.

"The Intelligent Investor"
"The Four Pillars of Investing
"The Intelligent Asset Allocator"
"Triumph of the Optimists"
"Why Smart People Make Big Money Mistakes"
"The Retirement Savings Time Bomb"
"Parlay Your IRA into a Family Fortune"
"Are You a Stock or a Bond"
"A Random Walk Down Wall Street"
"All About Asset Allocation"
"The Only Guide to a Winning Investment Strategy You'll Ever Need"
"Stocks for the Long Run"
"The Coffeehouse Investor"
"The Boglehead's Guide to Investing"
"Common Sense on Mutual Funds"
"The Little Book of Common Sense"
"J.K. Lasser's Your Winning Retirement Plan"
Read a William Bernstein book first. He does an excellent job building an investing framework that you use and then expand as you need. His latest is The Investor's manifesto.


From his website
Quote:
When I wrote The Intelligent Asset Allocator, I thought I was producing a volume for the average investor. Turns out I was wrong: the book's audience was closer to the average electrical engineer. So I tried a little harder and produced The Four Pillars of Investing. Close, but no cigar: still lots of complaints about all the math and graphs. This time around, the approach is even more down-to-earth. I think that most of my old readers, and perhaps some new ones as well, will find the contents of this work even more readable than the last two.
More to the point, the investment landscape has been so altered that I believe investors will find a fresh perspective useful. The first few chapters are available online, compliments of the good folks at Wiley. And if you just can't help yourself and want to order it online at Amazon.com, then please go ahead, make my day! (Amazon does occasionally run short; in that case, you can order the book at either Barnes and Noble or Borders.)
As always, those of you who do buy the book are hereby deputized into The Investor's Manifesto Typo Police; any one reporting bona fide specimens to tim "at" efficientfrontier.com will receive a metaphorical pat on the back from the author.
The Investor's Manifesto





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Old 08-09-2010, 04:41 PM   #28
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Welcome to the forums, Lisa. The most important thing you've done is accumulate an impressive nest egg--you are much more financially savvy that some of us (okay, me) when we started reading the forum.

Don't sweat the Ameriprise stuff. Getting out of it to me is like deciding to sell a poor-performing stock on the low side but then putting the proceeds into something that will grow to your advantage vs. leaving them somewhere where they will languish (or feather the Ameriprise advisor's nest). I like that you consider the fees a sunk cost not to worry about.
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Old 08-09-2010, 07:57 PM   #29
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Lisa, 5 years ago I felt just as you do today. Stick around here, you're going to do fine.

The first book I read was the Four Pillars but it turned out to be over my head for a first read. I recommend the Bogleheads Guide to Investing to start out with.

Good luck to you, you're on the right track.
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Old 08-09-2010, 08:30 PM   #30
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Lisa, 5 years ago I felt just as you do today. Stick around here, you're going to do fine.

The first book I read was the Four Pillars but it turned out to be over my head for a first read. I recommend the Bogleheads Guide to Investing to start out with.

Good luck to you, you're on the right track.
i agree. the boglehead's guide to investing is simple and excellent. although i just checked out some bernstein books from the library today. check them all out first, figure out which ones you like and then buy the ones you want on your book shelf. i walk into half price books about once a month looking for the ones i want (who knows, maybe some saavy person kicked the bucket and their kids are only interested in the greenbacks?).

welcome lisa.
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Old 08-09-2010, 08:33 PM   #31
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Wonderful idea Ron. I hadn't thought of half-price books!
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Old 08-09-2010, 08:35 PM   #32
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You can 1035 the cash value from the VUL to an annuity with no tax consequence. However, a surrender charge may apply, most VUL's have LONG surrender charges, up to 15 years or more.

You CAN NOT 1035 from an annuity to a VUL, though.......

DO NOT listen to the Ameriprise rep's suggestion he will likely have to "just leave it do its thing", and "let the cash value or dividend pay the premiums for now"...........
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Old 08-09-2010, 08:40 PM   #33
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DO NOT listen to the Ameriprise rep's suggestion he will likely have to "just leave it do its thing", and "let the cash value or dividend pay the premiums for now"...........
Uh oh, someone heard the typical Ameriprise spiel before...

Also, I would encourage you to secure a term life insurance policy before canceling the VUL especially if your health history has changed since you opened the VUL.
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Old 08-09-2010, 08:47 PM   #34
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I'm a healthy 48 year old female non-smoker. No advisor can convince me that I need to pay $250/month for an insurance policy that has a death benefit of $500k!

and when he starts talking about the tax-free withdrawals that I'll be missing out on....well, he can just talk to the hand cause I'm no longer buying it.
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Old 08-09-2010, 08:48 PM   #35
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and thanks for the advice Fire. I have a policy with my company and another one with my husband's. Between the two policies hubby is about $1 million richer if I kick the bucket (even without the VUL).
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Old 08-09-2010, 08:53 PM   #36
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I'm a healthy 48 year old female non-smoker. No advisor can convince me that I need to pay $250/month for an insurance policy that has a death benefit of $500k!

and when he starts talking about the tax-free withdrawals that I'll be missing out on....well, he can just talk to the hand cause I'm no longer buying it.
"But, but, but.......we'll give you the AWESOME option of being able to borrow your own cash value on a policy loan for only 4%, and you won't pay taxes on getting your own money back, how cool is that"??
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Old 08-09-2010, 08:53 PM   #37
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Uh oh, someone heard the typical Ameriprise spiel before...
A couple a times.........
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Old 08-09-2010, 08:54 PM   #38
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You can 1035 the cash value from the VUL to an annuity with no tax consequence. However, a surrender charge may apply, most VUL's have LONG surrender charges, up to 15 years or more.

You CAN NOT 1035 from an annuity to a VUL, though.......
Yep, that's what I thought I gleaned from a quick review of this situation. But in this case, the cash value is less than the premiums paid in so there's no tax consequences for taking the cash value (and thus *in this case* no point to doing a 1035), only the surrender charges -- but it may help others who may search the forum in the future with a similar question in a different situation. If the cash value were significantly higher than the premiums paid in, a tax-free 1035 exchange into a low cost annuity (such as a Vanguard variable annuity) would likely be an option worth considering since other options would trigger taxes and (if under 59 1/2) penalties.
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"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)

RIP to Reemy, my avatar dog (2003 - 9/16/2017)
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Old 08-09-2010, 09:23 PM   #39
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Through ILL (interlibrary loan) you can borrow pretty much any book you want, probably including all of the ones on the FIRE reading list. After you borrow it and read it, you can still buy it somewhere (I'd recommend someplace like the used copies on Amazon.com -- they are usually very cheap there.)

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Old 08-09-2010, 09:39 PM   #40
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I've never heard of interlibrary loan. I'll have to check into that because my local Las Vegas library has only 3 of the books on the list....which is shocking since there are so many retirees here!
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