I cut my ties with my financial advisor a year or so back. I had another friend really really want my business. Of course, eh?
So like a lot of people my portfolio took a dive. I'm only 33 but there's about $350K in there. It's going to be a while before I retire I suppose so when it takes a dive it doesn't really hurt me too bad.
I am the type that will hang on through the thick and thin. I know the market will recover when it goes down hard.
This financial advisor called me last week and asked how it was doing. He probably knew I took a hit. He said his analysists advised him in June to convert people to cash equities. He said several got out at the peak and bought back in at 10,000.
So I was thinking.... if finanical advisors are really on top of things like this with analysts are they really worth writing off? On the other hand... I am an index fund guy and LOVE vanguard. I am in the Target 2030 Index fund. I don't ever plan to change it until I get closer to retirement. If the market takes a hard hit, I am going with it because in my mind it will always recover.
Is this the right mindset to have? Is a financial advisor worth it if they are trying to time the market? By the way I used the term time the market and he didn't like it too much.. He said he was going by his analysists.
Thanks everybody.
So like a lot of people my portfolio took a dive. I'm only 33 but there's about $350K in there. It's going to be a while before I retire I suppose so when it takes a dive it doesn't really hurt me too bad.
I am the type that will hang on through the thick and thin. I know the market will recover when it goes down hard.
This financial advisor called me last week and asked how it was doing. He probably knew I took a hit. He said his analysists advised him in June to convert people to cash equities. He said several got out at the peak and bought back in at 10,000.
So I was thinking.... if finanical advisors are really on top of things like this with analysts are they really worth writing off? On the other hand... I am an index fund guy and LOVE vanguard. I am in the Target 2030 Index fund. I don't ever plan to change it until I get closer to retirement. If the market takes a hard hit, I am going with it because in my mind it will always recover.
Is this the right mindset to have? Is a financial advisor worth it if they are trying to time the market? By the way I used the term time the market and he didn't like it too much.. He said he was going by his analysists.
Thanks everybody.