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02-25-2012, 11:20 AM
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#1
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Recycles dryer sheets
Join Date: Feb 2011
Posts: 141
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Investment Training
Hi, a recent thread concerning financial adviser fees brought a question to mind. I apologize in advance if this has already been addressed.
What kind of investment training would you recommend for someone who wants to manage their investments themselves instead of using a financial adviser?
I am not retired yet but getting there. My wife and I have a couple of million in 401K/IRA and tax accounts to manage. I have an MBA and I am pretty comfortable with spreadsheets. I am currently using an adviser for my IRA and it is 1% fee.
Thanks in advance.
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02-25-2012, 11:45 AM
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#2
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Moderator Emeritus
Join Date: Jan 2007
Location: New Orleans
Posts: 47,501
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What I did was to read a half dozen or so books from the Bogleheads' list:
Investment Books
This worked quite well for me. YMMV
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities. - - H. Melville, 1851.
Happily retired since 2009, at age 61. Best years of my life by far!
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02-25-2012, 11:45 AM
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#3
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2005
Posts: 10,252
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Training? All one needs is the knowledge of +, -, *, and / then you are good to go.
For more help, you may wish to read some of the books on the Bogleheads reading list. I would recommend books by Larry Swedroe. He also has a number of short YouTube videos.
This stuff is not hard to understand, but may be emotionally difficult to implement which no training other than experience can give you.
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02-25-2012, 11:48 AM
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#4
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2011
Location: West of the Mississippi
Posts: 17,266
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Read.
All About Index Funds
Richard A. Ferri
All the Devils Are Here
Bethany McLean, Joe Nocera
Asset Allocation: Balancing Financial Risk
by Roger C. Gibson
Bogle on Mutual funds: New Perspectives for the Intelligent Investor
by John C. Bogle
Devil Take the Hindmost: A History of Financial Speculation
by Edward Chancellor
Extraordinary Popular Delusions and the Madness of Crowds
by Charles Mackay
The Four Pillars of Investing: Lessons for Building a Winning Portfolio
Willaim J. Bernstein
__________________
Comparison is the thief of joy
The worst decisions are usually made in times of anger and impatience.
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02-25-2012, 12:04 PM
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#5
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2008
Location: NC
Posts: 21,305
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Quote:
Originally Posted by W2R
What I did was to read a half dozen or so books from the Bogleheads' list:
Investment Books
This worked quite well for me. YMMV
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+1. There is no better reading list IMO. The Four Pillars of Investing is almost exactly how I invest. But every one of the books on the list is among the best in category.
You can do this, the mechanics aren't that difficult. And when you really understand how it all works, the mental discipline gets much easier too. Once you have both, you are on your way!
__________________
No one agrees with other people's opinions; they merely agree with their own opinions -- expressed by somebody else. Sydney Tremayne
Retired Jun 2011 at age 57
Target AA: 50% equity funds / 45% bonds / 5% cash
Target WR: Approx 1.5% Approx 20% SI (secure income, SS only)
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02-25-2012, 12:46 PM
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#6
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gone traveling
Join Date: Apr 2009
Location: Eastern PA
Posts: 3,851
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Quote:
Originally Posted by LOL!
This stuff is not hard to understand, but may be emotionally difficult to implement which no training other than experience can give you.
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Agreed!
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02-25-2012, 12:56 PM
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#7
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2004
Location: SW Ohio
Posts: 14,404
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Quote:
Originally Posted by Midpack
You can do this, the mechanics aren't that difficult. And when you really understand how it all works, the mental discipline gets much easier too. Once you have both, you are on your way!
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So true. And, conversely, if you don't understand how it works you're easy prey for every high-commissioned broker, advisor, and fund-pedlar out there, and every bit of "next hot sector" financial pornography.
A knock on the door yesterday turned out to be a Raymond James "advisor" going house-to-house looking for marks customers. I don't live in a ritzy neighborhood, and have never seen these guys before. I guess they are getting more desperate.
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02-25-2012, 05:41 PM
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#8
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2003
Posts: 18,085
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If you want to do it proper, order all the textbooks required for CFA level 1.
__________________
"All animals are equal, but some animals are more equal than others."
- George Orwell
Ezekiel 23:20
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02-25-2012, 06:35 PM
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#9
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Oct 2006
Posts: 7,733
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I'd also recommend reading forum like this and Bogleheads and some of the Motley fool forums are also pretty good.
Make sure you ask a lot of questions.
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02-26-2012, 07:22 AM
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#10
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Recycles dryer sheets
Join Date: Feb 2011
Location: columbus
Posts: 112
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Even low cost/free trading sites like scottrade have learning centers. Morningstar is a popular site with good info
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02-26-2012, 07:48 AM
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#11
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Recycles dryer sheets
Join Date: Oct 2011
Posts: 122
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I've been going through the Investools training (fundamentals, technical analysis, and options) and it has helped me replace more than my old take home pay since I left my job.
Recommend the book Trading for a Living to understand the psychological aspect of investing.
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02-26-2012, 08:21 AM
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#12
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Dec 2008
Location: On a hill in the Pine Barrens
Posts: 9,724
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I use Morningstar forums quite a bit. And I usually have a finance-theme book nearby. For example, I just finished "The Ivy Portfolio."
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02-26-2012, 08:25 AM
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#13
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2003
Posts: 18,085
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Quote:
Originally Posted by KiraC
Recommend the book Trading for a Living to understand the psychological aspect of investing.
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Trading is most definitely NOT the same thing as investing.
__________________
"All animals are equal, but some animals are more equal than others."
- George Orwell
Ezekiel 23:20
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02-26-2012, 09:23 AM
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#14
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2004
Location: SW Ohio
Posts: 14,404
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Quote:
Originally Posted by KiraC
I've been going through the Investools training (fundamentals, technical analysis, and options) and it has helped me replace more than my old take home pay since I left my job.
Recommend the book Trading for a Living to understand the psychological aspect of investing.
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KiraC: Good luck to you. I would suggest that you keep your resume up to date and maintain contact with those in your field. . .just in case.
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02-26-2012, 09:42 AM
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#15
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Moderator Emeritus
Join Date: Dec 2002
Location: Oahu
Posts: 26,860
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Quote:
Originally Posted by samclem
A knock on the door yesterday turned out to be a Raymond James "advisor" going house-to-house looking for marks customers. I don't live in a ritzy neighborhood, and have never seen these guys before. I guess they are getting more desperate.
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Doesn't one of those brokerages require their brokers to knock on something like 1000 neighborhood doors to introduce themselves before the grand opening of their branch office?
Quote:
Originally Posted by KiraC
Recommend the book Trading for a Living to understand the psychological aspect of investing.
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I read Gary Smith's "How I Trade For A Living" to understand that I didn't want to live my life that way...
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Author of the book written on E-R.org: "The Military Guide to Financial Independence and Retirement."
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02-26-2012, 09:53 AM
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#16
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Thinks s/he gets paid by the post
Join Date: Apr 2008
Posts: 1,251
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I've considered taking the CFP prep courses offered by a local university. There are six that they offer: Principles of Financial Planning, Retirement Planning, Income Tax Planning, Estate Planning, Investment Planning and Insurance Planning. I think they meet every other week for 2-3 hours and last one quarter.
__________________
"Don't you draw the queen of diamonds, boy, she'll beat you if she's able.
You know the queen of hearts is always your best bet" -- The Eagles, Desperado
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