Join Early Retirement Today
Reply
 
Thread Tools Display Modes
Simple Wealth, Inevitable Wealth
Old 02-25-2019, 05:07 AM   #1
Thinks s/he gets paid by the post
 
Join Date: Jan 2016
Posts: 1,234
Simple Wealth, Inevitable Wealth

Anyone read this book and if so what do you think of it? Some "financial planners' give it to prospective clients.
meleana is offline   Reply With Quote
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!

Old 02-25-2019, 05:43 AM   #2
Moderator
braumeister's Avatar
 
Join Date: Feb 2010
Location: Flyover country
Posts: 25,199
20 years old and out of print. Not something most would consider valuable. I guess your planner had a crate of 'em in the back room?
__________________
I thought growing old would take longer.
braumeister is offline   Reply With Quote
Old 02-25-2019, 05:45 AM   #3
Thinks s/he gets paid by the post
flintnational's Avatar
 
Join Date: Mar 2008
Location: Atlanta Suburb
Posts: 1,499
I am not familiar with the author or the title. But, a quick internet search indicates he also wrote a book about "Prospecting for Financial Advisers". And the first chapter of the book you mention has the title, "Finding Your Coach". So, yes, I suspect it would be distributed widely by FAs. I suspect it advocates a FA model of investing. I would recommend you read books from the Bogleheads reading list.
__________________
"Oh, twice as much ain't twice as good
And can't sustain like one half could
It's wanting more that's gonna send me to my knees" - John Mayer
flintnational is offline   Reply With Quote
Old 02-25-2019, 05:55 AM   #4
Thinks s/he gets paid by the post
VanWinkle's Avatar
 
Join Date: Oct 2017
Location: Tellico Village
Posts: 2,607
Quote:
Originally Posted by flintnational View Post
I am not familiar with the author or the title. But, a quick internet search indicates he also wrote a book about "Prospecting for Financial Advisers". And the first chapter of the book you mention has the title, "Finding Your Coach". So, yes, I suspect it would be distributed widely by FAs. I suspect it advocates a FA model of investing. I would recommend you read books from the Bogleheads reading list.
I "second" this recommendation!!!
__________________
Retired May 13th(Friday) 2016 at age 61.
VanWinkle is offline   Reply With Quote
Old 02-25-2019, 06:05 AM   #5
Thinks s/he gets paid by the post
 
Join Date: Jan 2016
Posts: 1,234
Quote:
Originally Posted by braumeister View Post
20 years old and out of print. Not something most would consider valuable. I guess your planner had a crate of 'em in the back room?

Actually the one he sent me was updated in 2013 it says. The whole book advocates using a Financial Advisor and investing all your money in stocks. ALL OF IT for the most part.




We are 62 and 64, with hubby retiring next year at 66. And- we need to sell our home and move out of state.


The guy I met with says we should have 95% in equities and 5% cash. He was on the Dave Ramsey list. He also would want to take "custody" of our assets and put everything in Wisdom Tree ETF's through Pershing.



Said I could keep our money with T Rowe Price - "for now".



Said he is a Fiduciary and considered fee only- no commissions. All semantics I say.



The whole thing scared me.


I am going to go with a Garret Planning Group, fee only FA instead. I want to leave my money with T Rowe Price and just get advice.
meleana is offline   Reply With Quote
Old 02-25-2019, 06:26 AM   #6
Moderator
braumeister's Avatar
 
Join Date: Feb 2010
Location: Flyover country
Posts: 25,199
Quote:
Originally Posted by meleana View Post
The whole book advocates using a Financial Advisor .
From the Preface to the first edition (according to Amazon):
Quote:
Over the course of the last three decades, I've been an advisor to individual investors, and now - for want of a better description - an advisor to other financial advisors.
The reviews seem to be mainly from other FAs or from people who were given a copy by their FA. All of which may be irrelevant, but a point of concern.

Sounds as if the OP is savvy enough to recognize the inherent bias.
__________________
I thought growing old would take longer.
braumeister is offline   Reply With Quote
Old 02-25-2019, 06:29 AM   #7
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
pb4uski's Avatar
 
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,266
Quote:
Originally Posted by meleana View Post
Actually the one he sent me was updated in 2013 it says. The whole book advocates using a Financial Advisor and investing all your money in stocks. ALL OF IT for the most part. ...
Ok, so isn't just investing all your money in a US total stock fund (or world total stock fund) even simpler and equally inevitable?
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.

Retired Jan 2012 at age 56
pb4uski is offline   Reply With Quote
Old 02-25-2019, 06:46 AM   #8
Thinks s/he gets paid by the post
VanWinkle's Avatar
 
Join Date: Oct 2017
Location: Tellico Village
Posts: 2,607
Quote:
Originally Posted by meleana View Post
Actually the one he sent me was updated in 2013 it says. The whole book advocates using a Financial Advisor and investing all your money in stocks. ALL OF IT for the most part.




We are 62 and 64, with hubby retiring next year at 66. And- we need to sell our home and move out of state.


The guy I met with says we should have 95% in equities and 5% cash. He was on the Dave Ramsey list. He also would want to take "custody" of our assets and put everything in Wisdom Tree ETF's through Pershing.



Said I could keep our money with T Rowe Price - "for now".



Said he is a Fiduciary and considered fee only- no commissions. All semantics I say.



The whole thing scared me.


I am going to go with a Garret Planning Group, fee only FA instead. I want to leave my money with T Rowe Price and just get advice.
That sounds like a reasonable plan to me, good choice!! I assume you
are paying an hourly fee only?
__________________
Retired May 13th(Friday) 2016 at age 61.
VanWinkle is offline   Reply With Quote
Old 02-25-2019, 08:07 AM   #9
Thinks s/he gets paid by the post
 
Join Date: Jan 2016
Posts: 1,234
Quote:
Originally Posted by VanWinkle View Post
That sounds like a reasonable plan to me, good choice!! I assume you
are paying an hourly fee only?

It is $1500 for the plan and he works with us over several months until it is implemented and working. Then going forward he has different way of working with you. He can go on retainer for $1200 per year or more depending on what is involved as determined in the planning process. Or he also can charge $200 per hour.


He was the ONLY guy I met with who had this type of business structure and I like it.
meleana is offline   Reply With Quote
Old 02-25-2019, 08:11 AM   #10
Thinks s/he gets paid by the post
 
Join Date: Jan 2016
Posts: 1,234
Quote:
Originally Posted by pb4uski View Post
Ok, so isn't just investing all your money in a US total stock fund (or world total stock fund) even simpler and equally inevitable?



In terms of asset management- EXACTLY! I mean- you could even put your money in a Target date retirement fund - which is much more diversified and call it a day. Why would I want to pay someone 1-1.75 % yearly?


I can see that maybe we need more equities in our portfolio- which the guy did not look at as this was our first meeting, so he doesn't even know our asset allocation- but to say everyone blanket should have 95% in stocks- uh- I don't think so.


But then again, I am not an expert obviously.
meleana is offline   Reply With Quote
Old 02-25-2019, 08:16 AM   #11
Thinks s/he gets paid by the post
VanWinkle's Avatar
 
Join Date: Oct 2017
Location: Tellico Village
Posts: 2,607
Quote:
Originally Posted by meleana View Post
It is $1500 for the plan and he works with us over several months until it is implemented and working. Then going forward he has different way of working with you. He can go on retainer for $1200 per year or more depending on what is involved as determined in the planning process. Or he also can charge $200 per hour.


He was the ONLY guy I met with who had this type of business structure and I like it.
If this guy is a good planner, it will be a bargain compared to Assets Under Management fees used by some FAs.

I will be interested to hear more of your results with Garrett Planning.

VW
__________________
Retired May 13th(Friday) 2016 at age 61.
VanWinkle is offline   Reply With Quote
Old 02-25-2019, 08:19 AM   #12
Thinks s/he gets paid by the post
flintnational's Avatar
 
Join Date: Mar 2008
Location: Atlanta Suburb
Posts: 1,499
Quote:
Originally Posted by meleana View Post
It is $1500 for the plan and he works with us over several months until it is implemented and working. Then going forward he has different way of working with you. He can go on retainer for $1200 per year or more depending on what is involved as determined in the planning process. Or he also can charge $200 per hour.


He was the ONLY guy I met with who had this type of business structure and I like it.
This sounds like a good plan. As you have realized, I think it is impossible to completely outsource investing decisions. You need to know enough to make sure your adviser is competent and looking out for your best interest.
__________________
"Oh, twice as much ain't twice as good
And can't sustain like one half could
It's wanting more that's gonna send me to my knees" - John Mayer
flintnational is offline   Reply With Quote
Old 02-25-2019, 08:27 AM   #13
Recycles dryer sheets
 
Join Date: Jul 2014
Posts: 153
Quote:
Originally Posted by flintnational View Post
This sounds like a good plan. As you have realized, I think it is impossible to completely outsource investing decisions. You need to know enough to make sure your adviser is competent and looking out for your best interest.
...And once you are that level of education, you can do it for yourself if you choose and pay nothing to outside parties of this type.
timemoveson is offline   Reply With Quote
Old 02-25-2019, 06:18 PM   #14
Thinks s/he gets paid by the post
 
Join Date: Jan 2016
Posts: 1,234
Quote:
Originally Posted by timemoveson View Post
...And once you are that level of education, you can do it for yourself if you choose and pay nothing to outside parties of this type.



I have always done everything myself. Just now at this transition to retirement I feel we need more expert guidance on how to live off our investments, taxes, when to take SS, relocating, health insurance, especially because we have no pensions. I need the objective perspective of how we can live going forward from a holistic standpoint. Someone to bring it all together. The whole thing is very scary to me


If we had pensions that covered our basic living expenses I wouldn't think too much about it but we don't.


I am really hoping this will help us now at this point in our lives.
meleana is offline   Reply With Quote
Old 02-27-2019, 04:13 AM   #15
Thinks s/he gets paid by the post
DrRoy's Avatar
 
Join Date: Dec 2015
Location: Michigan
Posts: 4,962
Quote:
The whole book advocates using a Financial Advisor and investing all your money in stocks. ALL OF IT for the most part.
PUNT!!
__________________
"The mountains are calling, and I must go." John Muir
DrRoy is offline   Reply With Quote
Old 02-27-2019, 07:29 PM   #16
Thinks s/he gets paid by the post
Scrapr's Avatar
 
Join Date: May 2005
Location: Portland
Posts: 1,708
I think you are on the right track @meleana. Use a fee only planner for help at your inflection points.

95% equities at the edge of retirement is nuts. I also wonder if there is reimbursement (kickbacks) from the FA trading your funds. Or putting your money in high fee funds..with advisor perks for reaching various AUM levels.

I don't know this for a fact. But it would not surprise me that Dave Ramsey advisors took advantage of unsophisticated clients. I'm sure the FA is paying DR to be in the program. That might be an interesting conversation
Scrapr is offline   Reply With Quote
Old 02-27-2019, 08:07 PM   #17
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
youbet's Avatar
 
Join Date: Mar 2005
Location: Chicago
Posts: 13,151
Quote:
Originally Posted by Scrapr View Post

I don't know this for a fact.
Well... that’s a fact!
__________________
"I wasn't born blue blood. I was born blue-collar." John Wort Hannam
youbet is offline   Reply With Quote
Old 02-28-2019, 08:37 AM   #18
Thinks s/he gets paid by the post
 
Join Date: Aug 2013
Location: North
Posts: 4,031
Didn't read the book, but I know someone with 100% Income Replacement in retirement via Cash, Pension, SS, Hard Money Loans and Real Estate Income.

In that situation the risk of having 100% stocks is irrelevant. If you have achieved 100% income replacement with 4 essentially passive income streams the risk of running out is essentially close to 0% and the risk of dieing is much greater lol.
__________________
Time > $$$ ~ 100% equities ~ FIRE @2031
kgtest is offline   Reply With Quote
Old 02-28-2019, 08:50 AM   #19
Thinks s/he gets paid by the post
 
Join Date: Jan 2016
Posts: 1,234
Quote:
Originally Posted by kgtest View Post
Didn't read the book, but I know someone with 100% Income Replacement in retirement via Cash, Pension, SS, Hard Money Loans and Real Estate Income.

In that situation the risk of having 100% stocks is irrelevant. If you have achieved 100% income replacement with 4 essentially passive income streams the risk of running out is essentially close to 0% and the risk of dieing is much greater lol.

Yeah-well to us it is, because we only have SS (in the future) and our cash and investments. No pensions, real estate income and I don't know what Money Loans are.


So having 100% in the stock market is pretty scary to me.
meleana is offline   Reply With Quote
Old 02-28-2019, 09:13 AM   #20
Thinks s/he gets paid by the post
Huston55's Avatar
 
Join Date: Jul 2011
Location: The Bay Area
Posts: 2,736
Quote:
Originally Posted by meleana View Post
I have always done everything myself. Just now at this transition to retirement I feel we need more expert guidance on how to live off our investments, taxes, when to take SS, relocating, health insurance, especially because we have no pensions. I need the objective perspective of how we can live going forward from a holistic standpoint. Someone to bring it all together. The whole thing is very scary to me


If we had pensions that covered our basic living expenses I wouldn't think too much about it but we don't.


I am really hoping this will help us now at this point in our lives.
Meleana-

You may want to consider a ‘Floor & Upside’ approach. Dirk Cotton’s blog is an excellent source of advice. Here’s a relevant post.

The Retirement Café: Unraveling Retirement Strategies: Floor-and-Upside (An Update)
__________________
You may be whatever you resolve to be.
100% x 10% > 10% x 100%
Small pensions & SS cover essentials
Huston55 is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
E-file a simple Tax return - best simple software/SS? ERD50 FIRE and Money 16 04-10-2016 11:22 AM
Oil - Simple question, Simple answer? imoldernu FIRE and Money 14 12-18-2014 02:31 PM
The bunny-pocalypse is inevitable. HFWR Other topics 9 04-23-2008 08:07 PM

» Quick Links

 
All times are GMT -6. The time now is 10:42 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2024, vBulletin Solutions, Inc.