Why Money Mag. is worthless

[Ed_The_Gypsy]

Quote:

Originally Posted by FinanceDude Money Magazine has destroyed more financial lives than any amount of Ameriprise reps..........

I think you may be right.

[ikubak]

Quote:

Originally Posted by travelover All they did for me was delay my beginning to invest. I couldn't figure out how to jump onto the merry-go-round until I realized that flavor of the month investing was not the way to go.

Unfortunately writing about understanding your risk tolerance, selecting low cost funds in conjunction with a well planned allocation of assets, and staying the course just isn't as sexy as the flavor of the month.

[FinanceDude]

Money always tries to get me to be a subscriber for $10 a year, I never get it. It is the magazine version of MSNBC, both are worthless about 99 percent of the time.........

[Orchidflower]

I know a guy who took Kiplinger's advice each month and became a millionaire in the process. Just sayin'...

[RonBoyd]

Quote:

Originally Posted by Orchidflower I know a guy who took Kiplinger's advice each month and became a millionaire in the process. Just sayin'...

Well, that's one.

[ERD50]

Quote:

Originally Posted by Orchidflower I know a guy who took Kiplinger's advice each month and became a millionaire in the process. Just sayin'...

Did he start out a billionaire? (sorry, had to beat someone else to it!)

-ERD50

[FinanceDude]

Kinda like the old FA joke: Client: "Can you help me become a millionaire"? FA: "Give me $2 million and I'll see what I can do".........

After a bad market: "My 401K is now a 201K"..........

[Tractor guy]

I take Money mag. As others have said, I find the articles about real families finances interesting. Mainly from the viewpoint of I'm glad I'm not that dumb.

My father used to take Kiplingers and Fortune and I remember them as being good reads when I visited their house (10 years ago). I just looked at Kiplingers web site & was turned off by their article on the "Retirement page" that recommended using variable annuities to lock in income. They interviewed several brokers who were all looking for ways to take advantage of client's fear of a market drop to sell them these things and get commissions.

[braumeister]

OK, since others have confessed, I will, too.
I read Money, Kiplinger's and SmartMoney. I have extremely low cost subscriptions to each, and if the price ever goes higher than about $15 a year, I'll drop them.

That said, I have to say that I find little nuggets of good information in all of them from time to time. At least a few times a year for each. I agree that 95% of what they print is useless, but I get enough benefit from those occasional nuggets that I keep the subscriptions going. I like Kiplinger's the best, Money the least.

[Rustward]

I used to read Money, and don't any more. Some of it was mildly interesting, and it does periodically hammer in things that some people need to be told over and over, for example, everybody needs an emergency fund.

Have any past or present forum members been featured in Money?

[mickj]

I just wish there was a rich dad poor dad magazine

[Sarah in SC]

Mathjak was featured in one of them, a few years ago, wasn't he?

[teejayevans]

Speaking of VAs:
Adam Bold (of the mutual fund store) has been blistering annuities lately.

Ray Lucia mention him specifically as somebody who doesn't know what he is talking about in his radio show. During which he mention that unless you are in a higher tax bracket when you are retired, there is no tax disadvantages for an annuity. I'm not a annuity expert, but doesn't annuity income get tax at your regular tax rate, instead of the preferred tax rates of equities?? I find it amusing that 1 financial expert is ripping another.
TJ

[FinanceDude]

Quote:

Originally Posted by teejayevans Speaking of VAs: Adam Bold (of the mutual fund store) has been blistering annuities lately.

Suze Orman looks like Warren Buffet in comparison to Adam Bold. Adam Bold is a weasel and a failed advisor.........

Quote:

Ray Lucia mention him specifically as somebody who doesn't know what he is talking about in his radio show. During which he mention that unless you are in a higher tax bracket when you are retired, there is no tax disadvantages for an annuity. I'm not a annuity expert, but doesn't annuity income get tax at your regular tax rate, instead of the preferred tax rates of equities?? I find it amusing that 1 financial expert is ripping another. TJ

If you annuitize a fixed annuity for example, you get the benefit of an "exclusion ratio", meaning that some of those payments are return of principal and some are at ordinary income rates, so it tends to be lower than marginal rates. Maybe that is what Ray is referring to........

[JanF]

I also have a soft spot for Money Magazine. 30 years ago when I was in my 20's my neighbor suggested I should subscribe to it, read every word and start buying stocks, which I did and it's worked out pretty well. Back then it gave me confidence to invest and I realized it wasn't just for "high rollers". Now there's a lot of info. out there, back then-not so much. JanF

[Ronnieboy]

Quote:

Originally Posted by Rustward Have any past or present forum members been featured in Money?

I think Nords was in one issue.

I read Money, Kilplingers, SmartMoney. Not renewing SmartMoney. I also get Consumer Reports, Readers Digest, Entertainment Weekly, and TV Guide. The last two are for the wife
Reading material for the throne room

[bbbamI]

Quote:

Originally Posted by FinanceDude After a bad market: "My 401K is now a 201K"..........

[Free To Canoe]

I got Money Mag annual subscription a couple of times free for airline miles.

Talking about Money Mag got me thinking of starting a thread for really dumb things that "financial professionals" said or did. Probably too many happening every day.
One that I recall from last week was a money manager on a radio show saying that owning an index fund is like being in a speeding car with no one at the wheel!

free to canoe

[Keim]

Quote:

Originally Posted by Free To Canoe I got Money Mag annual subscription a couple of times free for airline miles. Talking about Money Mag got me thinking of starting a thread for really dumb things that "financial professionals" said or did. Probably too many happening every day. One that I recall from last week was a money manager on a radio show saying that owning an index fund is like being in a speeding car with no one at the wheel! free to canoe

Conversely, owning an actively managed fund is like being in a speeding car with a drunk at the wheel.

[pb4uski]

I have been a Money subscriber for over 20 years. They do sometimes talk out of both sides of their mouth in that they sometimes preach about asset allocation, buy and hold, etc. and then come out with their hot shot stocks of the month or whatever. I've learned to just ignore the latter - after all, they need to sell magazines and articles on asset allocation or buy and hold wouldn't be very exciting. So you need to filter their advice a bit.

But as an example, years ago they had an article on value cost averaging (similar to dollar cost averaging but where you buy less shares when prices are high and more shares with prices are low) and that strategy alone has provided more benefits that what I have paid for the magazine the entire 20 years. I am actually considering reversing that strategy for my withdrawals in ER.

They also have interesting articles on saving money and finding deals. I think it is fair to say that it is informative and I probably save more from things I read in it than it costs me to buy the magazine, and I get a bit of entertainment along the way.