Serious Help

[paulk63]

Walt34, your life sounds great, truly sounds like you are happy. That is the ultimate goal.

Haha, I am not looking for leads or to sell anything. Hard to believe, I know, I am truly learing alot here. I was short sighted thinking the only advantage to this was to help someone. I will continue to learn from everyone here! Oh, almost forgot, I work on refferal basis only, cold calling sucks!

[paulk63]

man this is becoming adictive already,...

[Fireup2020]

Quote:

Originally Posted by paulk63 Do you have a PERSONAL BALANCE SHEET? I would say maybe ONE percent of individuals have a Personal Balance SHeet

Welcome to the "One percent" segment of our society! This crowd knows pretty much where each PENNY "in" goes, and what their balance sheet reads, and how to make the black numbers grow!

[travelover]

Paul, you might be interested to know that the Firefox browser has an automatic spell check feature.

[M Paquette]

Quote:

Originally Posted by paulk63 retire48in2008, Whole Life is includable in a complete financial plan. Breifly, as a begining to your question, here are 16 reason which WL provides, and NO other vehilce completely provides; (some are obvious) Premature Death Benefit, Disabilty Payout, Protection from Creditors, Increasing Death Benefit, Builds Net Worth, Generates a Conservative Rate of Return, Minimal Risk, Liquidity, Tax Advantage accumulation, Alternate Credit Source, Tax Advantage Withdrawals, Income Tax Free at Death, Form of Saving, Systematic, Flexible Funding Options, Flexible Distribution Options. Make NO mistake, I am not stating to use WL as your only planning tool. It is used to provide peace of mind, while contributing to your entire portfolio on a limited percentage of your entire portfolio, while avoiding an irrevocable transfer of wealth, which Term insurance clearly can not accomplish.

Let's see here. Can I do that thing?

Premature Death Benefit - Somebody Else's Problem
Disabilty Payout - Compensation for inability to earn wages; I already earn no wages...
Protection from Creditors - What creditors?
Increasing Death Benefit - Somebody Else's Problem
Builds Net Worth - I can already do that; with lower expenses and a higher return rate.
Generates a Conservative Rate of Return - I can already do that; with lower expenses and a higher return rate.
Minimal Risk - I can already do that; Diversified portfolio across a broad range of investments with low correlation. (E-Z fix, Wellington/Wellesley...)
Liquidity - Yup, not a problem.
Tax Advantage accumulation - Yup.
Alternate Credit Source - Yup
Tax Advantage Withdrawals - Yup; Long term capital gains rate for taxable/Roth IRA
Income Tax Free at Death - Somebody Else's Problem, but proper estate planning addresses this. Taxable accounts get that nice basis step-up. Roth IRAs have additional nice behaviors.
Form of Saving - *Snort* So is a passbook savings account, with lower fees and better real world returns.
Systematic - As am I...
Flexible Funding Options - Check...
Flexible Distribution Options - Oh, yeah...

It's good to be a Boglehead... I believe I'm covered pretty well here.

Peace of mind? Check.
Avoid irrevocable transfer of wealth? Check (until death anyway. That'll give ya an irrevocable transfer of wealth...)

In general there are only three kinds of insurance I can see for a Financially Independant Retired Early person:

Medical - Individual medical insurance is pretty much a necessity, unless the FIREd person is lucky enough to be under some sort of lifetime plan courtesy of their last employer. Either way, they need coverage until Medicare eligible, and will probably want a supplement then.

Long Term Care - The FIREd person should consider this one carefully. Unless their financial independence is so solid that they can self-insure, that is, cough up years of long term care cash without endangering retirement funding for themselves or others.

Term Insurance - MIGHT be a good idea if a significant slice of retirement income is coming from a pension or similar cash stream that ends at death with a poor to no survivor benefit. Figure enough to open a single payment fixed annuity to replace the lost income. (See, you could sell an annuity! Not a very profitable one, but it's an annuity!)

[oma]

This is the wrong message board to try to sell Financial Planning services. Most in this forum have been successful in their careers and in their investments/savings - enough to allow FIRE.

Would recommend any financial planner seeking clients to visit another board such as
www.HelpImuptomyneckindebt.com,

or

www.I'mgoingtoworkallofmylifebecauseIcan'taffordre tirement.com

[FIREd]

Quote:

Originally Posted by paulk63 I am not above it all, I do not feel superior to anyone.

Maybe your problem is that on your first post you clearly stated that you were superior to everyone on this board. Read again your original post and the title of this thread... When I first read the title, I thought YOU were the one needing the help. As it turned out, it was me who supposedly needed the help and I didn't even know it! You basically insulted everyone implying we were just a bunch of amateurs who did not know what we were doing. When you say that to a group of people who have done so well for themselves as to be able to retire early, it's bound to raise a few eyebrows and to receive a pretty stark response. It is no easy crowd, believe me. But, you seem to mellow out with each new post, so I'll give you a second chance (but not my money). Please don't blow it by suggesting everyone should put their money in annuities...

[eridanus]

I call troll. No way this poster is genuine.

[aida2003]

Quote:

Originally Posted by paulk63 I have reviewed many of the postings, and there seems to be one common thread. EVERYONE needs Serious Help!! I mean this in a postive manner. I am a Financial Planner and I would be happy to answer any questions, however, my first statement is,... go talk to a local financial planner. Talk with a few of them! Every person (and their financial viewpoint) is different. Not earth shattering news, I'm sure, but basic beginning point! If there was one product, or one way, it would be easy to be a planner. There is no one single solution, nor is there one book, or concept that can fit perfectly into all plans.

First, I'd like to welcome to this board. I'm pretty new here myself and I haven't introduced myself with a separate thread yet, but one day I'll do when I have something to say about our finances in articulate manner .

Second, I see that you got off a bad foot on this board and even as a newbie I think I know where the problem is:
1) I think you confused this forum with some other forum, e.g. creditcarddebt.com, debt.com, etc, etc.
2) Why do I think I am right about my above statement? Because in the OP you said you reviewed many postings and EVERYONE needs Serious Help!! Really, EVERYONE? Are all members in such dire situation financially? That's a VERY BOLD statement from your side, IMO. I doubt you read plenty of threads if any because if you did you'd have noticed that people share their experiences and try to help each other and quite a few of them either comfortably FIRE'd or getting close. I'm very sure they wouldn't have FIRE'd so early if they needed SERIOUS help.
3) Business of Personal Finance Planners is unregulated (I believe, it's unregulated, right?) and we hear so many stories every day, how one or another felt cheated by a FP. My DH and I also met two planners and I lost confidence in them as well just because they advised us to use very expensive funds. However, I did appreciate their honesty. When asked why won't they advise to invest with Vanguard or T.RowePrice, the answer was "then I won't get paid." I realized that we deal with commission based planners. Maybe (ONLY maybe) we'll venture to meet a fee-based FP 10-15 years later. Anyway, because FP's are regarded with suspicion, you should have presented yourself in a more humble manner, particularty on this board.

Let me continue a bit more, OK?
You just came and proclaimed that everyone needs help, you're a FP and you can help.
Sorry, based on such introduction nobody can believe you and think that you're a cocky guy (gal??).
I'd be more interested in learning more about your credibility as the FP:

- How old are you? What's your experience in FP business?
- How many LT clients do you have?
- How specifically have your helped them? (what was their financial state when they met you and what's their current state?)
- What's your net worth (excluding home equity)? Someone asked this question but you couldn't put in numbers :confused:. You said "Substantial" and then you preached that people have no clue about a Personal Bal.Sheet. Well, tell me where do you put "SUBSTANTIAL" on the Bal.Sh. so that numbers balance? Hence, we need NUMBERS!!!

So, good luck on this forum because personally I think quite a few members could educate YOU about Personal Finance , not vice versa.

[FinanceDude]

Quote:

Originally Posted by paulk63 All very good points about the Life insurance. I was merely answer a question based on the the information in the question. Although, I would venture to say, the individuals who realized such a small return were not in DIVIDEND PAYING, WHOLE LIFE Insurance form a Mutual Company (not a Stock Company). I provide my clients with documentation

You have GOT to be kidding..........what Kool-Aid did you drink??

Plus, you need to learn how to spell,or NOONE on here will think of you as a CFP or anything else..........

[FinanceDude]

Quote:

Originally Posted by paulk63 REWahoo, my spelling, grammer and punctuation, do fall short and it is something I work on. I would say the shortest thing on this thread is you!

You just told me all I need to know..........

[FUEGO]

Quote:

Originally Posted by FIREdreamer How much did my life insurance "investment" return over the last 7 years? A whopping 0.9% average annual return after fees and commissions but before taxes... By comparison, our self-managed portfolio has returned 4.9% annually on average over the same period (again, that's after fees and commissions, but before taxes).

Quote:

Originally Posted by paulk63 If you are as smart as you think (or present to the world), you would not have implemented such a policy to earn 9 basis points, nor would you be able to factor in commission as a cost to the policy holder, as the commission is not taken directly from the plolicy performance. Also 4.9% return before taxes put you behind inflation, I hope you feel good about that.

Paulk,

Just a quick addition to this interesting little informational exchange. 0.9% doesn't equal 9 basis points. It is 90 basis points.

And a 4.9% investment return per annum has actually beaten inflation by a couple hundred basis points per annum over the last 7 years. From Feb 2001 to Feb 2008, the BLS reports CPI-U increasing by 2.69% per annum. Do you use a different measure of inflation other than the commonly cited CPI-U?

[DJRR]

Quote:

Originally Posted by paulk63 retire48in2008, Whole Life is includable in a complete financial plan. Breifly, as a begining to your question, here are 16 reason which WL provides, and NO other vehilce completely provides; (some are obvious) Premature Death Benefit, Disabilty Payout, Protection from Creditors, Increasing Death Benefit, Builds Net Worth, Generates a Conservative Rate of Return, Minimal Risk, Liquidity, Tax Advantage accumulation, Alternate Credit Source, Tax Advantage Withdrawals, Income Tax Free at Death, Form of Saving, Systematic, Flexible Funding Options, Flexible Distribution Options. Make NO mistake, I am not stating to use WL as your only planning tool. It is used to provide peace of mind, while contributing to your entire portfolio on a limited percentage of your entire portfolio, while avoiding an irrevocable transfer of wealth, which Term insurance clearly can not accomplish.

Don't forget the best one. 17. Your cash value disappears when you die and your heirs only get the death benefit - talk about transfer of wealth

But seriously, the general consensus is that you can safely withdraw ~ 4% of your portfolio each year. I assume you take about 2% for your "advice" since you are probably weighted towards insurance and/or load funds.

What makes you worth the extra money?

[Khan]

Quote:

Originally Posted by paulk63 retire48in2008, Whole Life is includable in a complete financial plan. Breifly, as a begining to your question, here are 16 reason which WL provides, and NO other vehilce completely provides; (some are obvious) Premature Death Benefit, Disabilty Payout, Protection from Creditors, Increasing Death Benefit, Builds Net Worth, Generates a Conservative Rate of Return, Minimal Risk, Liquidity, Tax Advantage accumulation, Alternate Credit Source, Tax Advantage Withdrawals, Income Tax Free at Death, Form of Saving, Systematic, Flexible Funding Options, Flexible Distribution Options. Make NO mistake, I am not stating to use WL as your only planning tool. It is used to provide peace of mind, while contributing to your entire portfolio on a limited percentage of your entire portfolio, while avoiding an irrevocable transfer of wealth, which Term insurance clearly can not accomplish.

Does it also prevent waxy yellow buildup?
And prevent the heartbreak of psoriasis?

[frayne]

FP=fricking parasite.

[FinanceDude]

Quote:

Originally Posted by DJRR What makes you worth the extra money?

[TromboneAl]

Quote:

I call troll. No way this poster is genuine.

I think he's like those American Idol singers who are really, really terrible, but think they are world class singers. This guy is disconnected from reality, and all hopped up from his recent H&R Block class on financial planning.

A little knowledge is a dangerous thing.

[Bryan Barnfellow]

I just posted on a theoretical physics listserv and told them that they really needed some SERIOUS HELP in their search for the Higgs Bosun. I suggested that they should abandon the hadron collider approach and look into a whole life policy. For some reason, they were hostile to me. Go figure....

- BB

[REWahoo]

Quote:

Originally Posted by paulk63 I will never spell grammer with an "e" again...

Whoopsie! Don't look now, but I think you've already broken your promise. ;)

Quote:

Originally Posted by paulk63 man this is becoming adictive already,...

Did you mean addictive? Are you sure you want to use that term to describe this train wreck? :)

I was going to post the above but we've pounded this guy so deeply into the dust that it no longer seems sporting. What's the fun in beating a dead FP.

[bbbamI]

I wonder where mmnd is?.....oh, nm...my bad.