Here's why I love my wife... I mention that I heard the market was down. She says well, that's fine, it might go back up. I say that I heard it might not... could be down forever, just like in the 70's. She says well, if we keep putting as much in as we are, and it does turn around in 10 years, we'll be really rich. I told her that sounded like a good deal to me.
Stock Market Seems to Be Taking A Dive While ER.ORG Has Been On Other Assignments
- Thread starter haha
- Start date
TargaDave
Full time employment: Posting here.
- Joined
- Jul 22, 2005
- Messages
- 588
No, you need to get the heck away from looking at your portfolio 5 times a week (over even once a month), get away from surfing this forum 3 hours a day, and just enjoy living your life!!! This board as a whole has lots of great attributes. Unfortunately it has a few bad ones.
kumquat
Thinks s/he gets paid by the post
The majority of my clients are down 3-4%, while the indexes are down 10%. And they are NOT selling, I had 5 guys buy heavy today alone...........l
On your recommendation or their own volition? What about your other clients
No, I am expected to offer sound advice for free on this forum.......
Really, who told you that?
You can do what you want here.
No, I am expected to offer sound advice for free on this forum.......
That sounds familiar.
I'm down 5.01% as of the close on Thursday. I'm 60% in equities with 1/3 of that in foreign index funds. They've been getting hit pretty hard lately.
My comment on guys like you being unnecessary is based on my belief that most people have, or should have, very simple financial lives and that a little self education can equip anyone with average mental capacity to live below their means and create a diversified index portfolio on their own.
Unfortunately, their are many people that "can't be bothered" or believe it's "too complicated." For them to get anywhere, paying people in your occupation a few grand a year is probably in their best interest.
From what I've heard from you, you're in a fee only practice and don't seem to be a big annuity salesman. That puts you in the top tier of people I'd personally never employ but won't grit my teeth if someone does go to you. Unfortunately, their are many people that call themselves "financial advisers" that could be better described as "financial predators."
ziggy29
Moderator Emeritus
Is it unfortunate? If people don't want to do it, they don't want to do it. When I lived in Houston, I knew how to mow the lawn and maintain the landscaping, but I didn't WANT to do it and I made a decision to pay someone $30 every week or two to do it for me. It was worth it to me.
Now if it's only a matter of people being intimidated about it and don't think they can learn how to manage their own money, maybe it's a matter of education.
Then again, if they are nervous nellies who would either keep everything in CDs for 30 years or sell into bear markets, these are also people who would likely be better off listening to a fee-only planner with no conflicts of interest who can help talk them off the ledge.
You and I may feel comfortable managing our money, and indeed we may be appalled at the thought of anyone else doing it for us. But it takes all kinds...
Moemg
Gone but not forgotten
I've seen too many of my friends just hand their money over and not have a clue what is happening . That kind of blind faith to me is pure stupidity . At least learn the basics . It's not rocket science .
We do feel comfortable because we've taken the time to learn. I believe everyone can learn and become comfortable. I really think that that is one of the prime purposes of this forum. You'll notice that there aren't any threads for "Do you know a really great FA?"
The people that don't take the time to learn to do this are paying at least the basic annual fee for a decent FA (which I have presumed FinanceDude to be) which I'm thinking is around $4,000. Feel free to pop in here FD.
Unfortunately, it's easy to get in with someone that charges a much higher fee for a plan that recommends high cost annuities and high expense funds sold through the "FA's" company. Here a middle income investor can be out $20,000 or more per year.
CitricAcid
Full time employment: Posting here.
- Joined
- May 12, 2008
- Messages
- 546
Very often it is the same people who will fix their plumbing systems, install their new cable system, fix their car's radiator, but when it comes to finance they will just pay large fees for an underinformed FA...
headingout
Recycles dryer sheets
- Joined
- Feb 18, 2008
- Messages
- 147
I help several friends and relatives with their finances. My recommendations, in order of preference:
1. Learn and do it yourself.
2. Call Vanguard.
3. Hire an FA.
One conclusion I've reached based on personal and life experience is that the average individual is NOT going to be successful managing their own money. It takes a combination of some intelligence, discipline, judgment, moderation, and study that does not occur in the majority of the population. (Political schemes that involve shifting more responsibility for retirement planning onto individuals will be a disaster, in my opinion -- resulting in more government bailouts, and higher taxes for the rest of us, down the road.)
1. Learn and do it yourself.
2. Call Vanguard.
3. Hire an FA.
One conclusion I've reached based on personal and life experience is that the average individual is NOT going to be successful managing their own money. It takes a combination of some intelligence, discipline, judgment, moderation, and study that does not occur in the majority of the population. (Political schemes that involve shifting more responsibility for retirement planning onto individuals will be a disaster, in my opinion -- resulting in more government bailouts, and higher taxes for the rest of us, down the road.)
unclemick
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
1. Develop faith:
'God Looks After Drunkards, Fools And The Untied States of America.'
2. Fund to the max allowable your 401k, Roth or any other tax deferred plans availible through auto deduction(no see um) as early and as long as possible. Pick your age in Vanguard's Target Retirement Series or as close/low expenses as you can.
3. Don't look, don't think, and for heaven sake don't read books. Concentrate on your day job and keep it till you retire.
Of course in forty plus years I didn't follow that advice - my er ah education was more expensive and serendipitous.
heh heh heh -
'God Looks After Drunkards, Fools And The Untied States of America.'
2. Fund to the max allowable your 401k, Roth or any other tax deferred plans availible through auto deduction(no see um) as early and as long as possible. Pick your age in Vanguard's Target Retirement Series or as close/low expenses as you can.
3. Don't look, don't think, and for heaven sake don't read books. Concentrate on your day job and keep it till you retire.
Of course in forty plus years I didn't follow that advice - my er ah education was more expensive and serendipitous.
heh heh heh -
