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Old 06-27-2008, 09:13 AM   #81
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Originally Posted by 2B View Post

Unfortunately, their are many people that "can't be bothered" or believe it's "too complicated." For them to get anywhere, paying people in your occupation a few grand a year is probably in their best interest.


I've seen too many of my friends just hand their money over and not have a clue what is happening . That kind of blind faith to me is pure stupidity . At least learn the basics . It's not rocket science .

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Old 06-27-2008, 09:24 AM   #82
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Originally Posted by ziggy29 View Post
You and I may feel comfortable managing our money, and indeed we may be appalled at the thought of anyone else doing it for us. But it takes all kinds...
We do feel comfortable because we've taken the time to learn. I believe everyone can learn and become comfortable. I really think that that is one of the prime purposes of this forum. You'll notice that there aren't any threads for "Do you know a really great FA?"

The people that don't take the time to learn to do this are paying at least the basic annual fee for a decent FA (which I have presumed FinanceDude to be) which I'm thinking is around $4,000. Feel free to pop in here FD.

Unfortunately, it's easy to get in with someone that charges a much higher fee for a plan that recommends high cost annuities and high expense funds sold through the "FA's" company. Here a middle income investor can be out $20,000 or more per year.

The object of life is not to be on the side of the majority, but to escape finding oneself in the ranks of the insane -- Marcus Aurelius
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Old 06-27-2008, 01:16 PM   #83
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Very often it is the same people who will fix their plumbing systems, install their new cable system, fix their car's radiator, but when it comes to finance they will just pay large fees for an underinformed FA...
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Old 06-27-2008, 01:37 PM   #84
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I help several friends and relatives with their finances. My recommendations, in order of preference:

1. Learn and do it yourself.
2. Call Vanguard.
3. Hire an FA.

One conclusion I've reached based on personal and life experience is that the average individual is NOT going to be successful managing their own money. It takes a combination of some intelligence, discipline, judgment, moderation, and study that does not occur in the majority of the population. (Political schemes that involve shifting more responsibility for retirement planning onto individuals will be a disaster, in my opinion -- resulting in more government bailouts, and higher taxes for the rest of us, down the road.)
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Old 06-27-2008, 01:56 PM   #85
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1. Develop faith:

'God Looks After Drunkards, Fools And The Untied States of America.'

2. Fund to the max allowable your 401k, Roth or any other tax deferred plans availible through auto deduction(no see um) as early and as long as possible. Pick your age in Vanguard's Target Retirement Series or as close/low expenses as you can.

3. Don't look, don't think, and for heaven sake don't read books. Concentrate on your day job and keep it till you retire.

Of course in forty plus years I didn't follow that advice - my er ah education was more expensive and serendipitous.

heh heh heh -

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