Oh, hell yes!!!Next time he calls, tell him you'd like to have his plan reviewed by a few of your investing buddies and have him post it here.
I like the way you think, Nords.
Oh, hell yes!!!Next time he calls, tell him you'd like to have his plan reviewed by a few of your investing buddies and have him post it here.
Want2, don't sell yourself short. Just by the fact that you're a member of this board puts you ahead of 99% of the rest of the country as regards investing, polishing, and caring for your nest egg. You have a PLAN. Most don't, and that's what your caller was banking on. He had the misfortune to hit on someone who had a plan and the moxie to stick to it.
Listening to him and investing with him would have probably been a good way to reduce your net worth......
My frustration with the telemarketers who apparently have a 'they will buy if you simply talk long enough first' mandate eventually overcame my innate politeness. Now I say once, "Thank you, I'm not interested" IF I can get this in in the first five seconds. If not, the receiver goes down on the desk. If they continue talking after the "I'm not interested", the receiver goes down on the desk.DH taught me a foolproof method for getting rid of these parasites--although I first thought it was rather cruel... When it becomes obvious the caller is trying to sell you something over the phone, just lay the phone down gently and leave the room. You'll be surprised how long they will continue to talk, even with no feedback.
[Blues Brothers]I made the mistake of going to a "free lunch seminar" with a friend once. Had to listen to a lame presentation by an Ameriprise (yikes!) sales guy. Unfortunately, I didn't think to make up fake info when they asked for our contact info.
W2R ... ease up on yourself. Your past posts show that you are fairly level headed and have a plan (that's the important part).LOL!!! You are all making me feel a lot better. I am probably a prime target because I am so inexperienced with investing and timid, as well as green. But maybe I know more than I realize. I know enough not to want any of those from my bank, not even the pen (I have plenty from other vendors).
With an inheritance comes all sorts of baggage that is making me feel more timid at the moment. I feel a responsibility not to let it slip through my fingers, since my family worked so hard for it. If I let my own money slip through my fingers, I'd just tighten the belt and I would never feel this timid in the first place. Also increasing one's net worth by several times is a different dynamic. Nice, but a little edgy.
They go for the ego with men. Eons ago, I was called by a boiler room commodities vampire(ss). In my youth, I was more polite (I have overcome this character flaw when it comes to dealing with parasites) and tried to ease out of it by saying '... I have to discuss this with my wife'... LOL the vampiress retort was something I had heard when I was in high school, she said '... who wears the pants in your family?' ... I hung up.I think a man would be pressured differently, but no less hard.
Investment guy: "Who is your financial advisor, if I may ask?"
Good point; salesfolk are trained to overcome objections.
If I want to go past, "No, thank you, bye", I say, "It just doesn't feel right." How the heck can you argue with a feeling?
LOL!!! You are all making me feel a lot better. I am probably a prime target because I am so inexperienced with investing and timid, as well as green. But maybe I know more than I realize.
oooohhhh someone needs a hugC'mon W2R, I'm not going to be as nice as everyone else
You need to SUCK IT UP, YOU have an engineering degree and a Ph.D. for gosh sakes. You're probably smarter than 99% of these bank bozos
After reading a couple of books you probably know more about investing than most of them
However there is one thing that I think that you would really suck at and that is selling investment products
With my sincere apologies
MB
Always assume that everyone at any financial institution you do business with has access to everything, including the details of your credit report. Didn't you read that tiny little annual privacy disclosure doc they sent with your statement?
Banks do not have undeserved snooping access to the details of my credit reports, because all three of mine are frozen!
ROFL! You're right. I have always been loathe to claim expertise outside of my engineering/science background, but hey - - I'm working pretty hard at gaining some (even if I don't have the paper or track record yet to prove it).C'mon W2R, I'm not going to be as nice as everyone else
You need to SUCK IT UP, YOU have an engineering degree and a Ph.D. for gosh sakes. You're probably smarter than 99% of these bank bozos
After reading a couple of books you probably know more about investing than most of them
However there is one thing that I think that you would really suck at and that is selling investment products
With my sincere apologies
MB
W2R ... ease up on yourself. Your past posts show that you are fairly level headed and have a plan (that's the important part).
I think you're right, ... the 'new found money' seems to be what is throwing you off your game. Treat it as part of your existing portfolio. Same plan (well, maybe now you can get the orchastra seats instead of balcony ). But essentially you should do what you've been doing.
About being timid, I would subsitute the word careful. Careful is ok.
Also agree with poster on being a member of this board is a good indicator. We are all trying to learn, refine our strategies, and help each other.
Hang in there.
These bank guys really do prey on people, men or women, who look like they don't know what they are doing.
Awfully trusting, aren't you?
Remember the story that came out a few years ago that Alan Greenspan was turned down for a credit card? The automated underwriting engine/idiot credit officer pulled his credit report and saw hundreds of inquiries and denied the application. How many of those peeks do you think he authorized?
I think a man would be pressured differently, but no less hard.
"C'mon, dude, a real man would be all over this no-brainer! LeBron is in for 20%, how 'bout you?"They go for the ego with men. she said '... who wears the pants in your family?' ... I hung up.
I'm not even gonna touch that bathroom comment, but have you read Thayer Cheatham-Willis' "Navigating the Dark Side of Wealth" or looked at SuddenMoney.com? Both have a wealth of resources and methods for dealing with the changes that you may not have even seen coming.You're right about the 'new found money' throwing me off. It's not every day that I have several times as much in my checking account, as I ever expected my total net worth to be. It's enough to make my want to yell a few choice explosive expletives and race off to the bathroom, shall we say.
Honestly, so far I don't have any additional plans for spending it. I know I don't want to get into the principal. I just want to get it in place, and then as I get some feel of what I can expect as income from it (in the real world, as opposed to theoretical projections), I'll think about what to do with it. On Friday I'm going to my insurance agent to get more liability insurance and an umbrella policy.
You're right about the 'new found money' throwing me off. It's not every day that I have several times as much in my checking account, as I ever expected my total net worth to be..
I know this is a forum focused on finances, but I don't really think there's any news here. "Investment peddlers prey on uninformed" is not a shocking headline, any more than "Car salesman pushes unnecessary extras" or "Stereo salesman doesn't understand impedance" are newsflashes.
Every
industry takes advantage of peoples' naivete. And quite often, sales people don't actually know very much about their products. When I shop for a car, it's not uncommon for me to know more about the vehicle I'm interested in than the salesman. I don't really think that's necessarily horrible, though. Is it really reasonable to expect a car salesman to be able to explain the technical intricacies of VTEC, or have a thorough understanding of how a catalytic converter works? I don't think so. If he were really that passionate about automobiles, he'd be designing them instead of selling them (and probably making a lot more money, too).
Many of these mutual fund peddlers are doing this as a second career. They take a couple 2-week certification courses and think that makes them experts. But of course anybody with an interest in money (like, oh, say virtually everyone on this board) who is truly passionate about this stuff and spends their spare time reading about it is going to be better informed than the fund salesman.
Guess you're right ... I'm giving her the pants, with the belt and the suspenders."C'mon, dude, a real man would be all over this no-brainer! LeBron is in for 20%, how 'bout you?"
What 2-week certification course do you take to sell funds? I've never heard of one..........
The one Primerica offers?
When my wife and I got sucked into one of their "job interviews" (*snicker*), they said that all we had to do was pay $300 to take a short certification course, and we'd be licensed to sell insurance and mutual funds in Ontario.
have you read Thayer Cheatham-Willis' "Navigating the Dark Side of Wealth" or looked at SuddenMoney.com? Both have a wealth of resources and methods for dealing with the changes that you may not have even seen coming.
Later on, when things have settled and decisions have been made and you're ready for some voyeuristic schadenfreude entertainment, try "The Stewardship of Private Wealth" by Sally Kleberg of Texas' "King Ranch" family.
W2R, if your windfall is truly substantial (and it now sounds like it is - congratulations!), one of the popular books - Diehard's guide, Motley Fool guide or similar - has a brief chapter on what to do with a windfall. Check it out next time at the bookstore.
Don't know what I'd do, but it probably would be just what I'm doing now, only with the decimal point moved to the right . Maybe a more aggressive basic allocation.
Nice dilemma to have, and I wish you well. So, how does this affect your timetable?