Serious Help

[paulk63]

I have reviewed many of the postings, and there seems to be one common thread. EVERYONE needs Serious Help!! I mean this in a postive manner. I am a Financial Planner and I would be happy to answer any questions, however, my first statement is,... go talk to a local financial planner. Talk with a few of them! Every person (and their financial viewpoint) is different. Not earth shattering news, I'm sure, but basic beginning point! If there was one product, or one way, it would be easy to be a planner. There is no one single solution, nor is there one book, or concept that can fit perfectly into all plans.

[REWahoo]

Quote:

Originally Posted by paulk63 I am a Financial Planner and I would be happy to answer any questions, however, my first statement is,... go talk to a local financial planner.

[paulk63]

well stated

[retire@40]

You can talk the talk, now let's see if you can walk the walk.

If you can make it to about 100 serious postings without getting frustrated at any criticisms here, then maybe you can earn a "financial planner" seat.

To my knowledge, only one, maybe two people have able able to accomplish that here.

[paulk63]

I am simply here to help, if asked. Not interested in "EARNING A SEAT", as you mention.

[Fireup2020]

LOL - met yet another CFP yesterday who just seemed totally clueless (and not very financially secure - very house poor) Not sure "who" these folks are certified to financially plan...certainly not their own selves...please tell me we have some FIREd CFP's here...please...

[JPatrick]

What REW said......................

[twaddle]

Quote:

Originally Posted by paulk63 I am simply here to help, if asked. Not interested in "EARNING A SEAT", as you mention.

Help at last! Where shall we start?

I retired at 40. How do I hedge health care inflation for the next 25 years? Thanks in advance for your help.

[bbbamI]

We can be a pretty serious group...especially when it comes to bacon flowcharts. I for one, am always interested in anything that is free.

We're a frugal bunch here, doncha know.

[Gumby]

Paul:

What is your net worth and liquid net worth? The answers to those questions will go a long way to determining whether any of us will listen to you. As I have told many eager young men and women seeking a position as my financial planner: "You'll have to prove that you're smarter than me before I'll pay for your advice"

[REWahoo]

Quote:

Originally Posted by Gumby Paul: What is your net worth and liquid net worth? The answers to those questions will go a long way to determining whether any of us will listen to you.

Yep. At age 44 and a professional at Financial Planning your net worth should be substantial. You do follow your own advice, right?

[samclem]

Hey, enough of the naysaying!

What I'm looking for is some way to get gauranteed returns on my money for as long as I live. If there were only some type of product or something that would do this for me. Wow, and if it had tax advantages--how cool would that be! I would be willing to pay big fees for something like that ! Anyway, maybe some day . . .

[paulk63]

From all the reply's I get the feeling most of you are simply trying to feel better about yourselfs, by mocking what you do not understand. 1st REWahoo,Gumby, and JPatrick; my net worth is substantial, but your question brings this to mind,... Why are most Doctors FAT?,...does it matter? 2nd samclem; there is product which has everything you requested, Banks use it, Large Corp's use it, High Net Worth Individuals use it, it is Whole Life Ins. I know, not the answer you would think, but based on your question, that is the answer. 3rd TWaddle; how do you hedge against inflation, taxes, new inventions, living longer, Long term care needs (and list goes on), should also be inculed in your question. 4th Fireup2025; you just met the wrong planner, check your local listing, and interview potential advisors. Don't you have any friends, that can recommend someone to you? 5th bbbamI; it does seem to be a surley group, I look forward to the future. As I said previously, not here to do battle, just trying to assist where I can! Everyone have a great week!

[bbbamI]

Surley?

[M Paquette]

Quote:

Originally Posted by paulk63 there is product which has everything you requested..., it is Whole Life Ins.

Paul, I surely do hope you're not about to pitch whole life insurance as an investment vehicle. As a self-proclaimed financial planner, that may have a negative effect on the perceptions of others around here. They might mistake you for an insurance salesman or other such varmint.

Ladies and Gentlemen, the Firing Range is now open.

[FIREd]

Thanks Paul for your wonderful advice. I have myself once seeked the advice of a CFP and he too pushed Life Insurance products pretty hard. Seven years later, I can tell you one thing. It has been a wonderful investment... for him. He has made a lot more money than I did with that "investment", believe me.

[Texas Proud]

PaulK....

You must NOT have read a single thread on this forum.... and the daggers coming your way will be deserved since you did not...

There is NOTHING in whole life that makes it a good investment... you are trying to make a product that just can not be made... if you want life insurance, buy it... but that is term for when you need it...




I will predict a life span of two weeks... any takers

[M Paquette]

Quote:

Originally Posted by Texas Proud There is NOTHING in whole life that makes it a good investment...

Oh, come on. Whole life is a great investment. Why, it can return 90-95% commissions in the first year of a sale, and averages 6% per year for subsequent years.

Oh, for the CUSTOMER?

Paul probably will mention that great 6-7% return for the customer (Sample return rate for example purposes only), and might forget to mention the undisclosed administration commission, and other fees that might leave 1% for the first several years, growing to maybe 3% after 20 years.

[Ronstar]

I did go to a financial planner. And I got a 1.6% return in 2007 on the annuity he recommended. I think I'll take my chances on my own decisions from now on.

[FIREd]

Quote:

Originally Posted by M Paquette Paul ... might forget to mention the undisclosed administration commission, and other fees that might leave 1% for the first several years, growing to maybe 3% after 20 years.

How much did my life insurance "investment" return over the last 7 years? A whopping 0.9% average annual return after fees and commissions but before taxes (which I would have to pay if I ever surrendered the policy). For this calculation, I use as my basis the amount of money that was actually invested. But if I include the other policy costs (like policy fees and premium expense charges, which I usually but wrongly consider an insurance expense and not an investment expense), then my average annual return would easly be negative... In the mean time my advisor made thousands of dollar on the policy. Like I said, good investment for the advisor not so much for the customer... By comparison, our self-managed portfolio has returned 4.9% annually on average over the same period (again, that's after fees and commissions, but before taxes).