Financial Advice
- Started
- Last post
- 53 Responses
- 20021
Hire a pro when markets are down. When markets are up (like right now), ride it up on your own.
- <monospaced
- Yeah, positioning for a downturn is a more difficult strategy (at least for me)formed
- focus on fixed income when things are heading downward.2002
- studderine0
Yeah, I think I got a little bit fucked with some bullshit policies I have with Northwestern Mutual.
- I did it when I was young and didn't truly understand what I was doing :/studderine
- capn_ron0
I need to hear how you got screwed. I'm with Northwestern Mutual now and have a few different things going on with them.
- He might have sold you the same thing I have man. I recently "wised up" and took a closer look and the literature I have read says what I'm doing is "bad".studderine
- 20020
https://intelligent.schwab.com/
Charles Schwab's automated investing tool
- bklyndroobeki0
Anyone know how a 403(b) different from a 401(k), would it be a detriment to make the switch? I've always invested in 401.
- A 403(b) plan, also known as a tax-sheltered annuity plan, is a retirement plan for certain employees of public schools, employees of certain Code Section 501(c2002
- you have to have certain type of job2002
- ah, it was for a design gig at an educational institution.bklyndroobeki
- dirtydesign0
If you have money to play with look into Robinhood, user friendly investment app.
- cbass990
my dad lost all his money in the market. now he's 73 and doesn't have a cent for retirement..i asked him the other day what he's gonna do when he can't work anymore, and he said, "I don't know." :(
he was a day trader, wrote a few books..but lost his ass on a couple deals.
- damn, that's not easy to domonospaced
- I wonder how much he lostpinkfloyd
- pinkfloyd, not sure..but all of it.cbass99
- He just went under at 73 while day trading or back in the day in some deals?monospaced
- about 10 years ago, lost it all.cbass99
- pinkfloyd0
I heard the market is crashing sometime next year?
- Oh yeah. Got a link to Forbes or something?studderine
- Heard it from a coworker who also said the CEO is making preparations for it next year.pinkfloyd
- Damn. Wish there was more concrete evidence (I just started searching the web).studderine
- lol at this 3 years latersarahfailin
- capn_ron0
i think I'm getting screwed also studderine. I have been paying attention to my accounts and realizing that the charges are by far outnumbering the gains. And I have a healthy amount in there. I am at the point where I am going to call up my guy and tell him i want to stop. I am doing better at work with the matching and feel like i'm wasting money at NW.
- Yeah, I just cashed out. It's a long story but we should chat.studderine
- formed0
Anyone have a self-directed IRA? Like if you want to invest in companies that aren't public or real estate.
- cbass990
in the past year, betterment has given me a total earnings on $217.32..and I'm paying an advisor fee...hmmmmmmmmmm....something seems a little goofy here.
- 20020
^ how much did you invest?
I had $100k in it and did pretty well but others who didnt have that much (under $40k) didnt do so well.
- bklyndroobeki1
- Not doable in NYC (housing requires some payment records and score)bklyndroobeki
- martinadolfsson0
I'm curious if anyone had experience working with a non-fee financial advisor?
Is it worth the high fees?- I lost a lot of money because my "financial advisor" sold me life insurance as an investment. Why? Commision.studderine
- Sorry to hear thatmartinadolfsson
- Long story short: hire someone who doesn't work for the big mutual fund companies. Fee-based.studderine
- It's an old model - selling policies for percentages. I am not sure how they find enough business, honestly.formed
- bklyndroobeki1
- this is my life right now. Went all in with the plan and should be debt free by the end of the year. Makes way more sense to me than anything else.capn_ron
- capn_ron I haven't invested in any of his products. I'm doing OK but which would you recommend? Everything is pretty good, almost done w student loanbklyndroobeki
- Tho no real plan and I need itbklyndroobeki
- The Total Money Makeover is the book where he explains his plan. 7 Baby steps he calls them. I've never felt so in control of my finances.capn_ron
- The biggest takeaway is having a monthly budget. And adjusting it accordingly each month. But the baby steps are super easy to understand. I'm on #2.capn_ron
- Why can't 2 and 3 go hand in hand I wonder...bklyndroobeki
- robotinc0
This book: www.amazon.com/Simple-Path-Wealt…...
or read the blog version for free
http://jlcollinsnh.com/stock-ser…- Basically save as much as you can in index funds (VTSAX for the win) until you can live on a 4% withdrawal a year. Then stop workingrobotinc
- https://www.amazon.c…moldero
- capn_ron2
- is this legit or posting because of the funny book cover lolstudderine
- I think it is a funny book cover, but I am also following the steps and I am finding that my finances are the best they have ever been.capn_ron
- I have the book if you want to give it a read. I highly recommend it.capn_ron
- yeah, man. i need to be an adult and shit ha!studderine
- Going to see if there's an audio book. Had an interview with Dave's company years back, it was intense.bklyndroobeki
- bklyndroobeki0
Does anyone know where I can find a good excel spreadsheet to calculate my payments of my loans to make sure the bank is not dicking me around. The interest rate is at 3.75 but my loan isn't moving and I'm paying back way over the minimum payments.
I found one, but want to be totally sure the algorithm is correct.
- monNom1
That's common. You hardly touch the principle in the early years of paying it off. If you want to know how much it costs a year just for the interest. Just multiply your principle (loan amount), by your interest rate.
For example. 100k would cost you. $100,000 x 0.0375 = $3,750/year or $312.5/mo.
Even if you are paying $500/mo. That's only $188 off of 100k. So it's not going to move much at first, but eventually it gets smaller and more of your payment goes toward the principle.
It's a curve rather than linear so the later years you're paying much more into principle than interest.
- Yeah. The balance ultimately shifts toward the principal but it takes sooooo long. Keep up with the big payments if you can. It does help.monospaced
- https://www.finder.c…Gnash
- ^
http://blog.sbequiti…monNom
- notype0
- Anyone know about Mutual funds? Better to invest 1K there?notype
- Most will require 2500 to start, I believe (at least the ones I own). Look into ETF's.formed
- Good return formed?notype
- some have good returns faster than others, but most are designed for steady, long-term returnsmonospaced
- LON:FRCL - 150 years of paying out dividends, SP continuously going up. Reinvest dividends. Forget about it for 20 years. Compound interest = win.shapesalad
- dividends ≠ interestmonospaced
- still don't know much about this stuff 5 months laternotype
- Revisiting this. Learned so much over the course of 1 year. Thanks all.notype