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Almost out of Ameriprise clutches
08-16-2010, 02:25 PM
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#1
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Thinks s/he gets paid by the post
Join Date: Aug 2010
Posts: 1,440
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Almost out of Ameriprise clutches
Thank you SO MUCH for putting us realistically on the road to FIRE. We have a decent amount of money invested but it was with Ameriprise and if it would have stayed with them our chance of FIRE was nill.
Less than 10 days ago I found this site and the often referenced Boglehead's forum. In my investing naivete I had no idea that a front end load fee of 5% and an expense ratio of +1% was bad!! Even worse, Amerprise had sold us a VUL which we absolutely don't need.
In the last week I've read 'The Four Pillars of Investing' and 'Bogleheads' Guide to Investing'. I've contacted Ameriprise to liquidate our entire account and have already opened our new Vanguard account. I know our asset allocation and which funds we'll be moving into....and since we're making this so simple I can start doing our taxes again which will save another $400/year!!
I had an initial goal of having this all done by December 31. But this is a no-brainer and so simple to do that it will take less than a month.
THANK YOU, THANK YOU, THANK YOU!!!
You are all my heroes
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08-16-2010, 02:33 PM
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#2
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Oct 2005
Location: North Oregon Coast
Posts: 16,483
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Always happy to see these folks and others like them kicked to the curb.
__________________
"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)
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08-16-2010, 02:36 PM
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#3
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Moderator Emeritus
Join Date: May 2007
Posts: 12,901
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Awesome Lisa, I'm so proud of you!
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08-16-2010, 02:37 PM
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#4
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Thinks s/he gets paid by the post
Join Date: Oct 2004
Location: LaLa Land
Posts: 4,698
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Lisa, 6 years ago I had the same awakening. I was with AG Edwards for many years and always wondered why my broker sent me pictures of his kids at Christmas. A little late but better late than never.
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08-16-2010, 02:38 PM
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#5
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Oct 2005
Location: North Oregon Coast
Posts: 16,483
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Quote:
Originally Posted by 73ss454
Lisa, 6 years ago I had the same awakening. I was with AG Edwards for many years and always wondered why my broker sent me pictures of his kids at Christmas.
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It was because he wanted you to see the faces of those you were sending to college!
__________________
"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)
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08-16-2010, 02:40 PM
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#6
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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 Lisa99
I had an initial goal of having this all done by December 31. But this is a no-brainer and so simple to do that it will take less than a month.
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Really happy for you that you saw the way out of the jungle so quickly. Once the curtain is drawn back to expose Ameriprise et al it becomes pretty obvious there are much better options when it comes to investing.
__________________
Numbers is hard
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08-16-2010, 02:40 PM
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#7
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Recycles dryer sheets
Join Date: Jun 2010
Posts: 456
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Congratulations. You'll look back on this as a turning point in your life.
Well done.
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08-16-2010, 02:46 PM
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#8
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Thinks s/he gets paid by the post
Join Date: Aug 2010
Posts: 1,440
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Thank you everyone for your wonderful validations.
Avalon - you can't be more right. I feel so good about myself and my ability to help us achieve FIRE...the financial fog has lifted. Up until I started down this road I had always thought I didn't understand finance, it was too complicated, blah, blah. The truth is that I just didn't know where to find the information I needed to learn about the subject (in a way that I understood) or mentors that could help.
Thank you for being wonderful mentors.
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08-16-2010, 02:53 PM
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#9
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Oct 2005
Location: North Oregon Coast
Posts: 16,483
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Quote:
Originally Posted by Lisa99
I feel so good about myself and my ability to help us achieve FIRE...the financial fog has lifted.
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Let there be light...
__________________
"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)
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08-16-2010, 02:54 PM
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#10
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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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Zig, you're busted!
Edit: I see you figured it out.
You were much more fortunate than another member way back when. The site owner despised hotlinking so much he (?) subbed in a gay porn image...
__________________
Numbers is hard
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08-16-2010, 03:22 PM
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#11
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Feb 2007
Posts: 5,072
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08-17-2010, 06:39 AM
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#12
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gone traveling
Join Date: Feb 2008
Posts: 510
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Lisa, Kudos to you. I followed your story and what other people advised to you on the other thread (I'm not as competent to share my wisdom yet ). Seeing/reading your determination and the speed at which you've achieved everything proves that you won't have a problem to manage your own investments at Vanguard . Not that many people in your shoes (meaning who have financial advisors) would jump to reading "The 4 Pillars of Investing" and other books....
Once in a while a thought strikes my mind that maybe I'm not doing a right thing overlooking/managing our investments and I should hire at least a fee paid advisor to check out, but the more I hear stories from other people on different boards, I'm not sure I can trust any of them (fee or commission paid).
Good luck.
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08-17-2010, 08:31 AM
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#13
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Thinks s/he gets paid by the post
Join Date: Aug 2010
Posts: 1,440
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Thank you aida for your kind words. I'm an action kinda gal, so when the light bulb went off I felt the need educate myself as quickly as possible and take positive steps in getting our money in a position to work for us.
I'm ok with making mistakes. Every mistake is a learning opportunity, so on this new road I'm positive I'll make some mistakes, but they're all fixable...unless of course I do something stupid like buying a million shares of pork bellies...which if I did that I'd just need to be shot
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08-17-2010, 08:37 AM
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#14
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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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If you bought within the last few months you might have dodged the bullet.
Looks to be a very good investment at the moment: http://www.early-retirement.org/foru...can-51625.html
__________________
Numbers is hard
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