Quote:
Originally Posted by jerome len
I agree with you but what do you tell the individual with no financial knowledge and no desire to learn?.......they want someone else to do it for them or it won't get done. I suggest Vanguard because it's the cheapest.....me? I manage my own money and do very well......but I know others that just won't!
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I feel the same way. It's a gift, really- I happen to have an interest in investing (was fascinated by charts when my Dad started investing when I was a pre-teen) and I'm a retired actuary, so it's sort of in my blood. Doctors, lawyers and small business owners don't necessarily have the skills or the interest. Right now I can think of 2 financial advisors I could recommend for someone who doesn't want to manage their own investments, and plenty I wouldn't recommend to my worst enemy. There's a place for the good ones, though. The alternatives for non-investing types include not saving, putting it all in CDs, or making costly investment mistakes. A friend who's married to a doctor found out AFTER the dot-com bust that her husband had been buying stocks on margin and had lost half their retirement savings. They were in their 40s at the time.
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