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Re: Do your family members listen to your financial advice?
Old 02-06-2007, 07:41 AM   #21
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Re: Do your family members listen to your financial advice?

If my daughter asks I'll help her or push her in the right direction .My sister is a nun ,so none advise to her and my other sister is a Live way above our means type .
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Re: Do your family members listen to your financial advice?
Old 02-06-2007, 07:51 AM   #22
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Re: Do your family members listen to your financial advice?

Not so much. A few friends wait until they are in (bad) debt up to their eyeballs before asking, then are surprised when the answer is LBYM and pay it off. Sister and BIL do okay, I think, so I don't bother them. Brother, hopeless.

Parents: I try to get them to save money, but it is an uphill struggle. I will be responsible for their care when Dad can't work, so I'm trying to get as much cash put away as possible each year. They let me buy the funds. Have a few friends that I buy funds for, but I don't encourage it.

Who wants to hear about saving money for retirement---there's a sale at the outlet mall! ...and then, when we FIRE, all I am sure we will hear is "Sarah & Donald are so lucky that they don't have kids, and were able to save all that money!". :P
Sarah
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Re: Do your family members listen to your financial advice?
Old 02-06-2007, 08:19 AM   #23
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Re: Do your family members listen to your financial advice?

I have told everyone who will listen: "Save 10% of every dollar you earn." Put it in index funds. To date I have a huge following: None.

I think it's because I do not flaunt my wealth (such as it is). If I had the big house, new car, etc., they'd believe.
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Re: Do your family members listen to your financial advice?
Old 02-06-2007, 08:50 AM   #24
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Re: Do your family members listen to your financial advice?

I should hope not - - they all know more about financial matters than I do!!

But I listen very closely to financial advice from my brother. He is very careful to couch his advice in tactful language ("Some people might find it advantageous to do xyz", or "One suggestion might be to consider lmnop").

I haven't done EVERYTHING he suggests. However, I have done about 90% of what he suggests.

He's an early-retired CPA/CFO, and he's an absolute wizard with money.
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Re: Do your family members listen to your financial advice?
Old 02-06-2007, 09:11 AM   #25
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Re: Do your family members listen to your financial advice?

In general, yes, mainly with regards to keeping a diversified portfolio
instead of all aggressive growth portfolio in one case, or an all MMF
portfolio in another. I have also managed to encourage several people
to start 401k contributons (they were passing up matching contributions!)

I managed to score several credibility points when I checked out 2
HRBlock tax returns and found numerous errors.

My general advice of LBYM and putting savings first have pretty much
always been ignored, however.
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Re: Do your family members listen to your financial advice?
Old 02-06-2007, 09:36 AM   #26
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Re: Do your family members listen to your financial advice?

They sometimes ask, but don't like the message - LBYM and save. They also comment on our not having kids, saying that's the reason we can travel and have so much fun... I just keep quiet usually.
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Re: Do your family members listen to your financial advice?
Old 02-06-2007, 09:39 AM   #27
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Re: Do your family members listen to your financial advice?

Quote:
Originally Posted by Eagle43
I have told everyone who will listen: "Save 10% of every dollar you earn." Put it in index funds. To date I have a huge following: None.
I am sure that it is because everyone is saving 20% and don't want to cut back. Right?
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Re: Do your family members listen to your financial advice?
Old 02-06-2007, 09:42 AM   #28
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Re: Do your family members listen to your financial advice?

Quote:
Originally Posted by SamIam
They also comment on our not having kids, saying that's the reason we can travel and have so much fun... I just keep quiet usually.
Hey, c'mon. Kids are expensive pets.

So far, they're worth it. I'd rather hear pitter-patter of little feet than go to Mexico for a week or two a year.

Five years ago, if you'd have told me this, I'd have said you were out of your mind.

Don't get me wrong, I've still gone on several short fishing trips. It's not an all-or-nothing proposition.

[Edit: back on topic]

I spread info. I get on here, like the 6.25% Penfed thing to relatives, but I don't know of anyone that takes advantage. As far as the BILs, they already know it all. They buy $42k campers and $10k+ fish houses, etc.

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Re: Do your family members listen to your financial advice?
Old 02-06-2007, 09:43 AM   #29
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Re: Do your family members listen to your financial advice?

Parents, siblings, in-laws -- They don't ask for it and I don't volunteer it.

As between me and the young wife -- she doesn't know and doesn't care. She doesn't even know how much she gets paid. She just trusts that I will ensure we always have enough money. The fact that she is naturally frugal is quite helpful.
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Re: Do your family members listen to your financial advice?
Old 02-06-2007, 10:14 AM   #30
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Re: Do your family members listen to your financial advice?

The only financial advice I'm qualified to give is "Save the maximum in your ROTH IRA!" which I regularly remind my two sons about. The daughter is still in college and doesn't earn much yet but she is a spender so will be a hard sell.
Son #1 lives hand to mouth and can't save a dime, and is regularly in debt. So my advice is worthless to him. Son #2 is open to hear it and last year did put away half of what he could in his ROTH. I'm dribbling little bits of advice to my daughter so she'll at least have a clue once she becomes employed.
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Re: Do your family members listen to your financial advice?
Old 02-06-2007, 10:39 AM   #31
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Re: Do your family members listen to your financial advice?

Quote:
Originally Posted by Jarhead*
Up to a couple years ago, everytime I got together with them, I tried to give them "unsolicited advice". Not good. Loads of tension.

My game plan since that time has been to mind my own business.

We now get along a helluva lot better.

Jarhead, you are right on target! Been there, done that, couldn't agree with you more!
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Re: Do your family members listen to your financial advice?
Old 02-06-2007, 10:55 AM   #32
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Re: Do your family members listen to your financial advice?

My Dad and I often discuss financial matters. Occasionally, I have something smart to add but most of the time I'm just learning from him or running my own ideas past him.

-----

Peaceful Warrior's words mirror my own experience. Mom lets Dad handle the finances.

Occasionally my aunt asks me a question. I am the executor for both my parents and my aunt.

I "run" my sister's and BIL's portfolio. Once a year she sends me all her info, and I help her with rebalancing, finding new funds if needed, and tell her how to invest throughout the year (to DCA). This year, she wants a retirement plan spreadsheet and some help with saving for college (they are trying to adopt this year, so this is a whole new part of their financial plan).

I also help a friend and her husband with finances, and in return, he does my taxes (he's a CPA).

Karen

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Re: Do your family members listen to your financial advice?
Old 02-06-2007, 10:56 AM   #33
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Re: Do your family members listen to your financial advice?

I no longer waste my breath trying to impart any words of financial wisdom to family members. AFter all the reason family believe we are financially so well off is all due to "luck" rather than our actions.
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Re: Do your family members listen to your financial advice?
Old 02-06-2007, 11:01 AM   #34
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Re: Do your family members listen to your financial advice?

Isnt it interesting that we're collectively better-than-average in investing knowledge and likely success, yet even those closest to us arent looking to us for advice and wont take it when its proffered?

Wonder what causes that

About 18 months ago my MIL announced that she was moving all her pension/403b money out of her equity funds and into long term bond funds. On the face of it, at 60 years old SOME movement from equities to bonds would make sense. Except she was already at about a 50/50 allocation.

I suggested she not do that, and if she were taking something out of equities to consider some other options than long term bond funds. Like cash or short bonds. Or maybe slow down on the contributions a little and pay off part of the two homes and giant new motorhome she owns? My BIL is squatting in one of the homes and paying her below market rent...

She did it anyhow. Without looking at the performance of the funds I know she has access to (same ones as my wifes pension/403b) I'm pretty sure she's taken a drubbing.
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Re: Do your family members listen to your financial advice?
Old 02-06-2007, 11:04 AM   #35
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Re: Do your family members listen to your financial advice?

Most of my family asks questions and listens, except for dear old dad. Perhaps if I wasn't such a screw up after high school, he'd listen, but my mom listens and she's the one who really makes the decisions anyway. My FIL makes my MIL ask me questions and then gets on the phone.

I've noticed that married and single women of my age group [25-40] seem to be much more receptive to the principles of simple, low-cost, portfolio management, than men. Of course, these are the same guys with the ego/narcicism/denial/small member problems, so I shouldn't be surprised.

- Alec
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Re: Do your family members listen to your financial advice?
Old 02-06-2007, 12:38 PM   #36
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Re: Do your family members listen to your financial advice?

Quote:
Originally Posted by Cute Fuzzy Bunny

She did it anyhow. Without looking at the performance of the funds I know she has access to (same ones as my wifes pension/403b) I'm pretty sure she's taken a drubbing.


If she would've left it alone, boy would you eat crow if/when the market tanked. No? Unfortunately she won't know it's too late until 20-30 years (maybe) when inflation eats her nest egg in a fried egg sandwich.

-CC

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Re: Do your family members listen to your financial advice?
Old 02-06-2007, 12:44 PM   #37
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Re: Do your family members listen to your financial advice?

Most people I know don't know that I'm retired. When the conversation turns to finances, almost all don't want to take any risks. They want a guaranteed high return on let's say a GIC. Any type of risk is something they're afraid of.
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Re: Do your family members listen to your financial advice?
Old 02-06-2007, 01:09 PM   #38
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Re: Do your family members listen to your financial advice?

Quote:
Originally Posted by My Dream
Most people I know don't know that I'm retired. When the conversation turns to finances, almost all don't want to take any risks. They want a guaranteed high return on let's say a GIC. Any type of risk is something they're afraid of.
Yes, Yes, Yes...... this is one of my sisters.....

She loves it when she is making money in the stock funds, but let the fund drop a penny and she goes nuts.... by BIL tells her to shut up as she doen't know what she is talking about... very risk adverse
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Re: Do your family members listen to your financial advice?
Old 02-06-2007, 01:11 PM   #39
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Re: Do your family members listen to your financial advice?

DH - over 20 years ago recognized I was better suited for financial planning. Has learned a lot over 20 years. (as have I) He could probably handle it on own now - if so inclined.

Son - barely out of college - no debt , several years of ROTH savings , 401k building - self supporting. Has learned the basics of index investing and runs annual portfolio rebalancing by me before he does it. Last tweeking was fine. I envy his ability to manuver excell spreadsheets. My goal- to get him proficent to handle my finances when I get too old .

Daughter - last year of bachlor's- catching on to LBYM (YES!) Its been tough as those Jonses have really nice clothes. The ROTH idea- second year now. (We match & I invest it ) will tech her how to when she is ready- am going over concepts with her now. (Kinda like exposing kids to sex ed - slowly in growing detail over years.....she did not want to hear that either.....)

MIL - has proficent Financial advisor does not need much oversight now.

My parents - use me mostly for 96 year old Aunt's affairs - Dad had POA and often needs some guidance or reassurance . Only considers CD's for investing. Not too inappropriate given age (Late 70's ) adequate pension , SS and very low risk tollerence.

Friends - a few asking for advice considering retirement preperation - reciently gave two couples general guidance and reading to do . Waiting to find out if they are in shock or digesting advice. (The wives are more open and not affraid to ask questions )

Co-workers- higher ups already upset that we LBYM. (Makes us less indebted to megacorp ). Others too busy stressing over debts - LBYM a tough concept to sell.

Siblings & other relatives - view us as lucky more than smart or part of the evil rich . LBYM , several degrees, full time employment , long term marriage = lucky or evil in their eyes. One sibbling is exception - their income is multiples above ours they do LBYM and don't need our financial guidance. Good thing as their tax/ international property issues are over my head.
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Re: Do your family members listen to your financial advice?
Old 02-06-2007, 01:16 PM   #40
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Re: Do your family members listen to your financial advice?

Quote:
Originally Posted by Want2retire
I should hope not - - they all know more about financial matters than I do!!

But I listen very closely to financial advice from my brother. He is very careful to couch his advice in tactful language ("Some people might find it advantageous to do xyz", or "One suggestion might be to consider lmnop").

I haven't done EVERYTHING he suggests. However, I have done about 90% of what he suggests.

He's an early-retired CPA/CFO, and he's an absolute wizard with money.
That explains my situation pretty closely. Family lived well, but not excessively. I remember we had a completely empty living room for years until my parents saved enough for cash purchase of furniture.

My brother is also a CPA, and a great with funds, but I don't think he has any interest in RE. He seems to enjoy the work and long hours with no family, no significant hobbies and no high flying expensive behavior. He doesn't offer guidance unless I ask and then I generally listen or run an alternative past him.

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