A friend's financial adviser is offering a financial instrument--turning $90K into $360K in 14 years. Also with the deal, if any money is lost, 15% of losses will be refunded.
I asked my friend what company is offering this deal but haven't heard back on that.
My recommendation would be to ask how much does the FA get for selling this instrument. I believe $90K turning into $360K is 10%/year compounded annually.
Here's one more question concerning my friend:
He's a professional gambler who's amassed a nest egg of $400K. He's in his late 40s, to my knowledge never had a regular job. While he's a professional gambler, he doesn't know anything about saving money and investing.
Besides the typical LBYM, save and invest in index funds, my recommendation would be to get a regular job for 10 years to become eligible for social security and medicare.
Any advice is much appreciated. Please be gentle in your remarks, I'll be texting the link to him. Hopefully, if this post gets a few responses, he can come in and fill in some of your questions.
I asked my friend what company is offering this deal but haven't heard back on that.
My recommendation would be to ask how much does the FA get for selling this instrument. I believe $90K turning into $360K is 10%/year compounded annually.
Here's one more question concerning my friend:
He's a professional gambler who's amassed a nest egg of $400K. He's in his late 40s, to my knowledge never had a regular job. While he's a professional gambler, he doesn't know anything about saving money and investing.
Besides the typical LBYM, save and invest in index funds, my recommendation would be to get a regular job for 10 years to become eligible for social security and medicare.
Any advice is much appreciated. Please be gentle in your remarks, I'll be texting the link to him. Hopefully, if this post gets a few responses, he can come in and fill in some of your questions.
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