 |
|
More on "friend who wants to sell IUL to me"
07-07-2015, 01:45 PM
|
#1
|
|
Thinks s/he gets paid by the post
Join Date: Apr 2011
Location: Madison
Posts: 1,337
|
More on "friend who wants to sell IUL to me"
Now its a sell for a 14% REIT bond. What a hoot! Must be for Greek holdings. I'll give him credit for keep trying to sucker me into this stuff.
Blog | Innovative Retirement Strategies, Inc.
__________________
Wild Bill shoulda taken more out of his IRA when he could have. . . .
|
|
|
 |
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!
Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!
You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!
|
|
07-07-2015, 01:51 PM
|
#2
|
|
Administrator
Join Date: Jan 2008
Location: Chicagoland
Posts: 40,710
|
 Quote:
Originally Posted by dtbach
|
This is a friend?
|
|
|
|
07-07-2015, 02:01 PM
|
#3
|
|
Thinks s/he gets paid by the post
Join Date: Apr 2011
Location: Madison
Posts: 1,337
|
Is he a friend? Well, I guess. My wife and his wife are great friends. Him and I had many a margarita when he was a "Corporate" sales guy and things were OK. But then somehow he became an Insurance(?) sales guy after they moved to Florida. Must be doing OK as he has a nice sail boat, etc.
But when I saw 14% REITs as if these were somehow "safe" investments I didn't know whether to laugh or harbor disgust for him. I don't know how he can in good conscience sell this crap to people. Maybe he doesn't have a conscience. . . .
__________________
Wild Bill shoulda taken more out of his IRA when he could have. . . .
|
|
|
|
|
07-07-2015, 02:08 PM
|
#4
|
|
Moderator
Join Date: Jul 2010
Posts: 7,940
|
With friends like this...
__________________
"One of the funny things about the stock market is that every time one person buys, another sells, and both think they are astute." William Feather
----------------------------------
ER'd Oct. 2010 at 53. Life is good.
|
|
|
|
|
07-07-2015, 02:12 PM
|
#5
|
|
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: May 2013
Location: Les Bois
Posts: 5,761
|
1) how much do they charge for the hedging to ensure a 0% floor?
2) how much LI do you need to buy?
__________________
You can't be a retirement plan actuary without a retirement plan, otherwise you lose all credibility...
|
|
|
|
|
07-07-2015, 02:15 PM
|
#6
|
|
Thinks s/he gets paid by the post
Join Date: Apr 2011
Location: Madison
Posts: 1,337
|
Quote:
Originally Posted by Big_Hitter
1) how much do they charge for the hedging to ensure a 0% floor?
2) how much LI do you need to buy?
|
I have no idea as I won't go near any of that with a 100 foot pole. I'm sure they are loaded with fees, etc.
And he has a yacht "but where are the customers yachts??"
__________________
Wild Bill shoulda taken more out of his IRA when he could have. . . .
|
|
|
|
|
07-07-2015, 02:15 PM
|
#7
|
|
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: May 2013
Location: Les Bois
Posts: 5,761
|
oops never mind, they have a 13% cap on the upside, that's how they do it
__________________
You can't be a retirement plan actuary without a retirement plan, otherwise you lose all credibility...
|
|
|
|
|
07-07-2015, 02:18 PM
|
#8
|
|
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: May 2013
Location: Les Bois
Posts: 5,761
|
it's probably not a bad product if you need the LI...
but there are soooo many options with LI
__________________
You can't be a retirement plan actuary without a retirement plan, otherwise you lose all credibility...
|
|
|
|
|
07-07-2015, 02:25 PM
|
#9
|
|
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jun 2008
Posts: 13,143
|
Might be time to evaluate the definition of a "friend"  .
__________________
Have you ever seen a headstone with these words
"If only I had spent more time at work" ... from "Busy Man" sung by Billy Ray Cyrus
|
|
|
|
|
07-07-2015, 02:33 PM
|
#10
|
|
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: May 2013
Location: Les Bois
Posts: 5,761
|
looks like some of these strategies are predicated on making a big LI investment then borrowing against it to invest in the "market"
isn't that sort of like taking out a HELOC and investing it in the "market"?
kinda scary (to me anyway)
__________________
You can't be a retirement plan actuary without a retirement plan, otherwise you lose all credibility...
|
|
|
|
|
07-07-2015, 03:18 PM
|
#11
|
|
Thinks s/he gets paid by the post
Join Date: Feb 2012
Posts: 1,495
|
Sorta related....
Got the invite for the free Ruth Chris dinner for two in the mail today. Guy's initials post name are ChFEBC; some sort of advisor for federal employees? We're at the beach that week, might have gone just to screw with him. Looked on linked in and he sells insurance. Anyway, what I'm missing:
-Tax free retirement
-Strategies to NEVER lose money in the stock market again
-Stop paying taxes - LEGALLY!
Oh well, guess I'll just have to miss out on this fantastic opportunity. I'll just live off my big fat Greek Bonds. 
|
|
|
|
|
07-07-2015, 03:31 PM
|
#12
|
|
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: May 2004
Location: SW Ohio
Posts: 14,404
|
Maybe it's time to fight fire with fire. Every time he mentions this crap, let him know about the great opportunity you have for him in your Amway network. Or Herbalife. Or whatever. Pitch it long and pitch it with gusto, complete with brochures, follow-up emails, invitations to motivational meetings, etc. Let him know that is where you've invested your own money
"Sorry, the stock market is for losers. I'm in control of my own destiny now! I just need 3 more people in my downstream and for each of them to recruit three more people and I'm set. These are the best (soaps, vitamins, cell phone plans, seed packets, whatever) you can buy. Get onboard! I'll call you tomorrow with more info. Hey, what was your brother's email address? Great guy, I met him at your house 5 years ago. "
|
|
|
|
|
07-07-2015, 04:18 PM
|
#13
|
|
Thinks s/he gets paid by the post
Join Date: Jan 2014
Posts: 1,770
|
So this guy isn't a "friend"; this is an acquaintance. Is there a problem saying "no" or do you string him along for the stories. I'm pretty firm with friends that sell product/services. Unless I ask, don't try to sell.
|
|
|
|
|
07-07-2015, 05:16 PM
|
#14
|
|
Thinks s/he gets paid by the post
Join Date: Apr 2011
Location: Madison
Posts: 1,337
|
Hey, don't get me wrong here, I'm not letting him bug me anymore than him sending me solicitations from his LinkedIn account. I usually give him one word answers like "OK" or "Sure" when he asks if I've looked at his stuff. And I might spend all of 85 seconds looking at it before I laugh and log off. So it's not like a really hard sell. I think he knows I'm not buying any of this crap. I thought I'd share his excellent financial advice in case some of you are interested. . . . :-)
__________________
Wild Bill shoulda taken more out of his IRA when he could have. . . .
|
|
|
|
|
07-07-2015, 06:53 PM
|
#15
|
|
Thinks s/he gets paid by the post
Join Date: Jan 2014
Posts: 1,770
|
Ah! I thought he was bugging you about buying. I can't even imagine asking family or friends to invest their money.
|
|
|
|
|
07-07-2015, 07:22 PM
|
#16
|
|
Recycles dryer sheets
Join Date: Aug 2014
Location: Western Canada
Posts: 393
|
Quote:
Originally Posted by Big_Hitter
it's probably not a bad product if you need the LI...
|
Care to expand on that? Why not term?
__________________
I'm not crazy. Honest, the judge had me tested.
|
|
|
|
|
07-07-2015, 08:42 PM
|
#17
|
|
Thinks s/he gets paid by the post
Join Date: Sep 2007
Posts: 1,214
|
Quote:
Originally Posted by dtbach
|
I get totally different number than he does for the IUL vs. S&P500 than he shows. So I twiddled the parameters in my IUL comparison spreadsheet https://www.dropbox.com/s/cbzvg74iye...d-IUL-test.xls , and finally got the same thing he showed.
He's is using an IUL with only 0.5% annual fees. Which is way too low--something like 1.5% is more like it. And he is showing the S&P500 investment WITHOUT dividends.
With these two things corrected, for the period 1996 to 2015, the IUL has cash value of $3,130 and the S&P500 is $4,555. Unless maybe his insurance company gives away the life insurance for free.
Not to mention that claim of a 14% note. Must be Puerto Rico and Greece bonds. Junk bonds aren't even paying that much.
But OTOH, he says you can borrow $100K against your $100K IRA, so there's that. Wonder if the IRS knows about that.
|
|
|
|
|
07-07-2015, 09:56 PM
|
#18
|
|
Recycles dryer sheets
Join Date: Jun 2014
Posts: 440
|
I guess I'd contemplate going further. I think most people on this forum know that anything offering 14% low/no risk is dishonest and the people who sell it make money by tricking their customers. I would find it personally unethical to knowingly do this and I would ask how any of my friends (or acquaintances) can do it in good conscience. I'd be super happy to have THAT conversation after which they probably wouldn't want to send me anything anymore.
Sent from my HTC One_M8 using Early Retirement Forum mobile app
|
|
|
|
More on "friend who wants to sell IUL to me"
|
07-08-2015, 04:42 AM
|
#19
|
|
Thinks s/he gets paid by the post
Join Date: May 2014
Posts: 1,867
|
More on "friend who wants to sell IUL to me"
Quote:
Originally Posted by dtbach
Must be doing OK as he has a nice sailboat etc. . . .
|
Just because someone has a sailboat and toys doesn't mean they aren't up to their ears in debt. I see it all the time. Funny thing but the guy w/o the sail boat who drives sensible cars is more than likely doing better than ok. Read the millionaire next door.
People like your friend feed off greed
1) if his deal was so great would he have to sell it?
2) you want life insurance - buy some term and invest the savings
Tell him get lost...
Sent from my iPad using Early Retirement Forum.
|
|
|
|
|
07-08-2015, 05:21 AM
|
#20
|
|
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Feb 2008
Location: East Nowhere, 43N Latitude, NY
Posts: 9,037
|
Quote:
Originally Posted by dtbach
I have no idea as I won't go near any of that with a 100 foot pole. I'm sure they are loaded with fees, etc.
And he has a yacht "but where are the customers yachts??"
|
Tell him to deed you 50% ownership in his yacht, right now, as in today, as a trusted full partner, and then you'll be happy to take his sales pitch seriously. 
Then enjoy this cartoon starring you as the Roadrunner. Beep Beep !
__________________
"All our dreams can come true, if we have the courage to pursue them." - Walt Disney
|
|
|
|
|
|
|
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
|
|
|
| Thread Tools |
|
|
| Display Modes |
 Linear Mode
|
Posting Rules
|
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is Off
|
|
|
|
» Recent Threads
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
» Quick Links
|
|
|
