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I am dumbfounded by this guy...
Old 05-26-2018, 05:27 PM   #1
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I am dumbfounded by this guy...

I know I am not perfect, so I try not to judge... but are people really this clueless? Am I clueless and missing something here? Is this a sister publication to the Onion? The article seems genuine.

For those that don't want to click: Cab driver who is also a financial blogger changed jobs to become a financial adviser for high net worth individuals and at age 56 and with virtually no savings of his own says, "At the moment, I have got £13,000 in my pension. If I achieve my £300,000 target, my plan is to withdraw £80,000 to £100,000 as a lump sum and buy a 50-foot yacht. I know I may have to pay tax on such a large withdrawal but it will be worth it. The other £200,000 I will use to live on while I sail around the Med with my wife."

What high net worth individual hired this guy to be a financial adviser?

https://www.theguardian.com/money/20...iling-holidays
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Old 05-26-2018, 05:38 PM   #2
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I liked this part:

Quote:
It will be easy to live frugally on a yacht that’s at sea – there is no council tax or mooring fees to pay.
Clearly, this guy has never owned so much as a rowboat.
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Old 05-26-2018, 05:42 PM   #3
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In my opinion, there's a grammar error in the title. "I've been stupid" should be "I am stupid."
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Old 05-26-2018, 06:14 PM   #4
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In 10 yrs will he not have the UK version of Social Security? Maybe that plus his 300,000 pounds ....?

Other than that "bright spot" yeah, Loony Toons!
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Old 05-26-2018, 06:14 PM   #5
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I have heard once or twice that "all publicity is good publicity."
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Old 05-26-2018, 06:15 PM   #6
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Quote:
Originally Posted by Walt34 View Post
I liked this part:



Clearly, this guy has never owned so much as a rowboat.
Everyone knows that boat is an acronym for Break Out Another Thousand. Keeping the boat at sea exposed to marine conditions on a sustained basis is going to escalate those cost even further. Not to mention fuel cost. His best bet would be to make it a floating condo, if he can find an inexpensive slip. I know someone who did this; he has shore power so none of the engines on the boat are maintained. $300 a month waterfront.
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Old 05-26-2018, 06:21 PM   #7
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I think you missed the most important part of this article....



My salary now is commission-based. I havenít earned any commission yet,




Maybe there are not stupid people hiring him...
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Old 05-26-2018, 06:31 PM   #8
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What high net worth individual hired this guy to be a financial adviser?
DS settles claims for people who have totaled their cars. One real PITA he dealt with was a guy whose $75,000 Cadillac Escalade went up in smoke as a result of a fire at the place where it was being detailed. The guy was outraged that the offer wasn't enough to pay off his loan and kept reminding DS every chance he got, "I am a Certified Financial Planner".

DS said he'd never hire a CFP who was upside down on a car loan.
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Old 05-26-2018, 06:35 PM   #9
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DS settles claims for people who have totaled their cars. One real PITA he dealt with was a guy whose $775,000 Cadillac Escalade went up in smoke as a result of a fire at the place where it was being detailed. The guy was outraged that the offer wasn't enough to pay off his loan and kept reminding DS every chance he got, "I am a Certified Financial Planner".

DS said he'd never hire a CFP who was upside down on a car loan.
$775,000 Cad?
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Old 05-26-2018, 06:40 PM   #10
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$775,000 Cad?
Oops. Had time to fix it. Thanks.
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Old 05-26-2018, 07:05 PM   #11
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I was disappointed to see this article in the Guardian, which I have trusted as a reliable source of information. Lesson learned!
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Old 05-26-2018, 07:09 PM   #12
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I have heard once or twice that "all publicity is good publicity."
This reminds me of hearing from relative of a friend who is a high placed Hilton executive, on the Paris Hilton sex video, 'You can't buy that kind of publicity.'
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Old 05-26-2018, 08:00 PM   #13
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Who needs stardom if you can be FA to the stars?

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Originally Posted by BreathFree View Post

What high net worth individual hired this guy to be a financial adviser?

Any number of professional athletes and famous musicians have engaged financial advisors with qualifications similar to this guy's. Not that it worked out all that well for them, but there is plenty of precedent.
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Old 05-27-2018, 05:23 AM   #14
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Originally Posted by BreathFree View Post
I know I am not perfect, so I try not to judge... but are people really this clueless? Am I clueless and missing something here? Is this a sister publication to the Onion? The article seems genuine.

For those that don't want to click: Cab driver who is also a financial blogger changed jobs to become a financial adviser for high net worth individuals and at age 56 and with virtually no savings of his own says, "At the moment, I have got £13,000 in my pension. If I achieve my £300,000 target, my plan is to withdraw £80,000 to £100,000 as a lump sum and buy a 50-foot yacht. I know I may have to pay tax on such a large withdrawal but it will be worth it. The other £200,000 I will use to live on while I sail around the Med with my wife."

What high net worth individual hired this guy to be a financial adviser?

https://www.theguardian.com/money/20...iling-holidays

I understand what you are saying. But what would dumbfound me would be anyone actually hiring this guy. But I am sure some will.


Just like some TV commercials. Remember the chia pet? I used to think...Noooooo....no one would actually BUY that! then I did a little research. The chia pet has been around since 1982. And since 2007, 500,000 are sold around the holidays at an average cost of $20. That's $10,000,000 a year. Someone is getting rich! Selling terracotta figurines growing grass like herbs!!!


Which reminds me. In reference to high net worth individuals. Now granted, some may have inherited wealth and not earned it but what has always amazed me is when supposedly "educated" individuals .....doctors, lawyers, professors, etc. will just hand over their life savings to one independent financial adviser and be part of a Ponzi scheme. You see this all the time on CNBC's series.....American Greed.....greed on the part of the investor and greed on the part of financial adviser.
If it sounds too good to be true............
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Old 05-27-2018, 07:48 AM   #15
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On our trip to Europe we met a nice older couple on the fast train out of Rome. He was surprised we were retired and on a 6 week trip. Said he could only afford 1 week since he was so in debt he had to get back to the office. Yep, he was a FA!
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Old 05-27-2018, 08:56 AM   #16
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Which reminds me. In reference to high net worth individuals. Now granted, some may have inherited wealth and not earned it but what has always amazed me is when supposedly "educated" individuals .....doctors, lawyers, professors, etc. will just hand over their life savings to one independent financial adviser and be part of a Ponzi scheme. You see this all the time on CNBC's series.....American Greed.....greed on the part of the investor and greed on the part of financial adviser.
If it sounds too good to be true............
Ah, I miss that CNBC show since I dropped cable and got Netflix- but not enough to pay for cable again!

I remember seeing one show on the Madoff scam; an investor who was a former financial advisor had lost tons of money. I wonder if, while she understood that "high return, no risk" was an impossibility, she figured someone else was getting the short end of the stick so she was OK with investing her money with him.
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Old 05-27-2018, 09:26 AM   #17
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Any number of professional athletes and famous musicians have engaged financial advisors with qualifications similar to this guy's. Not that it worked out all that well for them, but there is plenty of precedent.
I w*rked with two guys who had to carry maps to find their cubes every day. Both are now FAs and pulling in 6 figures. I'm sure they still need maps.
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Old 05-27-2018, 10:29 AM   #18
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On our trip to Europe we met a nice older couple on the fast train out of Rome. He was surprised we were retired and on a 6 week trip. Said he could only afford 1 week since he was so in debt he had to get back to the office. Yep, he was a FA!
First cruise DW and I took we met an FA and were quite impressed and took his business card hoping we could start working with a pro.
Second day we met him again and he was telling us how he bought a time share on St. Thomas that day.
Third day her told us about the time share he bought on St. Croix that day and how they were great real estate and rental investments.
I tore his card up at that point and sadly went back to overfilling my 401k and it's boring MFs.
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Old 05-27-2018, 10:35 AM   #19
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This guy reminds me of a person i know who loudly brags her financial smarts have made here 'debt free!!!" and never mentions her recent bankruptcy.
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Old 05-27-2018, 11:05 AM   #20
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This guy reminds me of a person i know who loudly brags her financial smarts have made here 'debt free!!!" and never mentions her recent bankruptcy.
Bankruptcy is often the smartest financial move for people in certain situations.
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