Serious Help

[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.

 

[REWahoo]

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.

 

[paulk63]

well stated

 

[retire@40]

You can talk the talk, now let's see if you can walk the walk.

If you can make it to about 100 serious postings without getting frustrated at any criticisms here, then maybe you can earn a "financial planner" seat.

To my knowledge, only one, maybe two people have able able to accomplish that here.

 

[paulk63]

I am simply here to help, if asked. Not interested in "EARNING A SEAT", as you mention.

 

[Fireup2020]

LOL - met yet another CFP yesterday who just seemed totally clueless (and not very financially secure - very house poor) Not sure "who" these folks are certified to financially plan...certainly not their own selves...please tell me we have some FIREd CFP's here...please...

 

[JPatrick]

What REW said......................

 

[twaddle]

I am simply here to help, if asked. Not interested in "EARNING A SEAT", as you mention.

Help at last! Where shall we start?

I retired at 40. How do I hedge health care inflation for the next 25 years? Thanks in advance for your help.

 

[bbbamI]

We can be a pretty serious group...especially when it comes to bacon flowcharts. I for one, am always interested in anything that is free.

We're a frugal bunch here, doncha know.

 

[Gumby]

Paul:

What is your net worth and liquid net worth? The answers to those questions will go a long way to determining whether any of us will listen to you. As I have told many eager young men and women seeking a position as my financial planner: "You'll have to prove that you're smarter than me before I'll pay for your advice"

 

[REWahoo]

Paul:
What is your net worth and liquid net worth? The answers to those questions will go a long way to determining whether any of us will listen to you.

Yep. At age 44 and a professional at Financial Planning your net worth should be substantial. You do follow your own advice, right?

 

[samclem]

Hey, enough of the naysaying!

What I'm looking for is some way to get gauranteed returns on my money for as long as I live. If there were only some type of product or something that would do this for me. Wow, and if it had tax advantages--how cool would that be! I would be willing to pay big fees for something like that ! Anyway, maybe some day . . .

 

[paulk63]

From all the reply's I get the feeling most of you are simply trying to feel better about yourselfs, by mocking what you do not understand. 1st REWahoo,Gumby, and JPatrick; my net worth is substantial, but your question brings this to mind,... Why are most Doctors FAT?,...does it matter? 2nd samclem; there is product which has everything you requested, Banks use it, Large Corp's use it, High Net Worth Individuals use it, it is Whole Life Ins. I know, not the answer you would think, but based on your question, that is the answer. 3rd TWaddle; how do you hedge against inflation, taxes, new inventions, living longer, Long term care needs (and list goes on), should also be inculed in your question. 4th Fireup2025; you just met the wrong planner, check your local listing, and interview potential advisors. Don't you have any friends, that can recommend someone to you? 5th bbbamI; it does seem to be a surley group, I look forward to the future. As I said previously, not here to do battle, just trying to assist where I can! Everyone have a great week!

 

[bbbamI]

Surley?

 

[M Paquette]

there is product which has everything you requested..., it is Whole Life Ins.

Paul, I surely do hope you're not about to pitch whole life insurance as an investment vehicle. As a self-proclaimed financial planner, that may have a negative effect on the perceptions of others around here. They might mistake you for an insurance salesman or other such varmint.

Ladies and Gentlemen, the Firing Range is now open.

 

[FIREd]

Thanks Paul for your wonderful advice. I have myself once seeked the advice of a CFP and he too pushed Life Insurance products pretty hard. Seven years later, I can tell you one thing. It has been a wonderful investment... for him. He has made a lot more money than I did with that "investment", believe me.

 

[Texas Proud]

PaulK....

You must NOT have read a single thread on this forum.... and the daggers coming your way will be deserved since you did not...

There is NOTHING in whole life that makes it a good investment... you are trying to make a product that just can not be made... if you want life insurance, buy it... but that is term for when you need it...




I will predict a life span of two weeks... any takers

 

[M Paquette]

There is NOTHING in whole life that makes it a good investment...

Oh, come on. Whole life is a great investment. Why, it can return 90-95% commissions in the first year of a sale, and averages 6% per year for subsequent years.

Oh, for the CUSTOMER?

Paul probably will mention that great 6-7% return for the customer (Sample return rate for example purposes only), and might forget to mention the undisclosed administration commission, and other fees that might leave 1% for the first several years, growing to maybe 3% after 20 years.

 

[Ronstar]

I did go to a financial planner. And I got a 1.6% return in 2007 on the annuity he recommended. I think I'll take my chances on my own decisions from now on.

 

[FIREd]

Paul ... might forget to mention the undisclosed administration commission, and other fees that might leave 1% for the first several years, growing to maybe 3% after 20 years.

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 (which I would have to pay if I ever surrendered the policy). For this calculation, I use as my basis the amount of money that was actually invested. But if I include the other policy costs (like policy fees and premium expense charges, which I usually but wrongly consider an insurance expense and not an investment expense), then my average annual return would easly be negative... In the mean time my advisor made thousands of dollar on the policy. Like I said, good investment for the advisor not so much for the customer... 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).

 

[kumquat]

my net worth is substantial,

We were hoping a planner could handle numbers. What is substantial? 10K or 6M?

 

[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

 

[paulk63]

I would venture to say those of you who realized such small returns in your policies will never understand how to competely formulate a true finacial plan. I would also make the statement, you probably did not read the question that was asked to me. I answered the question based on the information provided. Those of you who stated the negatives are not talking about true DIVIDEND PAYING WHOLE LIFE INSURANCE from a MUTUAL COMPANY, sounds to me as though you were not in a whole life policy. I do not beleive in life insurance as the star of a financial plan, you all made that assumption on your own. I use a Macro Economic approach in my planning, which incorporates the basic economic principals of always get more back than the dollar you put forth, and always try to avoid irrevocable transfers of wealth. 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. I manage money first and foremost for my clients, I have taken the time to understand how life insurance IS AN ASSET ON YOUR PERSONAL BALANCE SHEET. Do you have a PERSONAL BALANCE SHEET? I would say maybe ONE percent of individuals have a Personal Balance SHeet, if you do not, there is no way you can understand how all the financial decision you are faced with are highly correlated. If you can not understand these basic points you have a great deal of work to do. If you are not in the business of Financial Planner, then you are exaclty like a wine expert,... you just have an opinion. I submit that Opinion Based Planning is not in any persons best interest. If this site is opinion based, no one will acheive anythng. As far the 2 week bet goes, I will take you up on that, what kind of planner would I be if I gave up on educating everyone that needs helps, or has a question.

 

[jambo101]

paulk63
Welcome to the forum and thanks for your offer of possible financial assistance.,You may be noticing that people take their money very seriously around here which may account for the baptism of fire, cynicism and sarcasm instead of the normal polite welcome.I admire your coolness under pressure.Lets hope some good advice will be upcoming in the future because people here really take their money very very seriously.

 

[travelover]

One week max.