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Post by badbrad on Jun 6, 2017 8:58:16 GMT -6
Lots of old farts with lots of life experience on here. How do you guys suggest finding a financial advisor you can trust? Someone to set up a plan and help you meet your goals. How to invest and where. I want to get to the semi-retired status as soon as I can and need help to make sure I am setting myself up for success. I don't trust that industry and also don't know jack shit about it. Bad combination for me so I need someone I can trust.
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Post by Bwoods11 on Jun 6, 2017 9:18:40 GMT -6
Ironic that you posted this after I saw a story of another Ponzi Scheme in the the twin cities last night. They gave money to their neighbor operating out of his house, and he bought fancy cars and took trips with their money instead of investing it.
As part of my business in little Starbuck, MN...we sell mutual funds, annuities, 401k, 403b plans. Best advice I can give you is find a trusted company (American Funds, Vanquard, Franklin Templeton, Fidelity to name a few) either buy one of their top funds...check past performance....or....buy individual stocks, you may need help there.
Maybe a referral from someone that has a trusted advisor, but either way, make sure you have heard of the company, see legit statements etc...
I'll give you one example of a mutual fund that has performed well American Funds Fundamental Investors Fund. 12.46 average return over the life of the fund, and 7.57% in the past 10 years, which included the 2008 crash. The top equity holdings are: Microsoft, Amazon, Phillip Morris, Apple, Boeing, and JPMorgan Chase.
I think most investors would be happy with somewhere between 7.5% and 12%??
Good luck!
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Post by kl9 on Jun 6, 2017 9:40:44 GMT -6
Past performance is not always a good indicator of future performance. ^^
No one can control what the capital markets will do, but you can control the amount of fees you pay for investment advice. Fund managers with large assets under management can charge smaller management fees for their service, given their scale, as compared to smaller managers, such as Northwestern Mutual reps (which I would steer 100% clear from; no offense to anyone). Look at fee structure and performance measures NET of fees. Get referrals from people.
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Post by MoBuckChaser on Jun 6, 2017 10:44:00 GMT -6
I will give you some of the best advice you will get!
Stay the fuck out of something you know nothing about! TRUST NO ONE!
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Post by sd51555 on Jun 6, 2017 11:06:36 GMT -6
I agree with KL9 and Mo. I'd get a referral from someone u trust, but make sure they know what they're actually getting. It all boils down to matching your desired level of risk and involvement, and whether or not your guy will take the time to understand you and what u want.
I ain't much help beyond that.
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Post by mnfish on Jun 6, 2017 11:14:58 GMT -6
I will give you some of the best advice you will get! Stay the fuck out of something you know nothing about! TRUST NO ONE! I sure could have used this advice about 30 years ago John.... I got into pussy as a teenager knowing nothing about it and my life has been a living hell ever since!
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Post by biglakebass on Jun 6, 2017 11:18:58 GMT -6
I dont have much advise, but here is where I am at. I started with Ameriprise 20 years ago. My friends parents had used them and retired after many years of working with an advisor. I started up with that same advisor. About 6 years ago, I transferred to a younger advisor within Ameriprise that a couple of my coworkers had worked with for several years. My only reason for changing is that my first advisor was into his mid 60's and I just felt I wanted someone more my age to work with. So I have had 2 advisors in 20 years, both of which came with solid referrals from people I knew that had been with them. I cant imagine trying to find someone trustworthy to give my life savings to.... Some people are incredible salesman, and its been seen many times(as Bwoods pointed out with yesterdays latest Ponzi) I went to High School with this guy. He is locked up until he is old and grey. www.startribune.com/scam-artists-get-57-years-in-prison-for-195-million-scheme/185577842/
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Post by Bwoods11 on Jun 6, 2017 11:30:08 GMT -6
You can set up an online account for next to nothing. I use Ameritrade. I'm beating the market right now, but I also take some risks.🤑
Berkshire Hathaway B stock... have Warren Buffett invest your money for you. He's second richest man in the world.
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Post by biglakebass on Jun 6, 2017 11:31:27 GMT -6
I couldnt do it myself. I know absolutely nothing about the financial markets.
Sucks paying fees for certain things, but I wouldnt want to try and guess my way to success all alone.
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Post by badbrad on Jun 6, 2017 12:10:41 GMT -6
I will give you some of the best advice you will get! Stay the fuck out of something you know nothing about! TRUST NO ONE!
This is part of life though Mo not just talking investments. Kinda hard to stay out of life. I'm talking about when to start doing things such as living on Dividend as income or how to get where my goals are and when I'm safe to do so. I need a professional to get me there.
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Post by biglakebass on Jun 6, 2017 12:24:41 GMT -6
Too bad you arent closer Brad.
My guy now, as it turns out has hunting land a few miles from ours. His parents live on West Battle Lake, my parents are on East Battle Lake. My Dad put an addition on his Dads house.
Talk about a small world. First time I met with him, he had a picture of a muskie behind his desk.... I said, "Hey thats in front of Battleview Resort".
From there, all of a sudden we had all kinds of similarities. Needless to say, I am VERY comfortable with him and the services his office provides.
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Post by mnfish on Jun 6, 2017 12:44:24 GMT -6
FWIW.....A mentor makes all the difference in the world (a proven/ wealthy guy or gal not someone starting out with little net worth!). Get next to him/her and follow to the T, without question, what he/she does. This person is NOT nor ever will be your financial planner. Independent sounding board with zero conflicts of interest. IME, this is the person I sot out long before I thought about a financial planner. This concept isn't taught much but I think it is imperative for minimizing risk while maximizing your chance of success.
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Post by MoBuckChaser on Jun 6, 2017 13:23:23 GMT -6
I can assure brad and all of you. Most people's wealth, mine included does not come from the stock markets. Markets are no different than gambling, with a long term theme to it. Everyone has their grubby fingers in your market money. Before you ever get to reap any benefits from it.
Work 2 jobs for 20 years more. Sock away the one salary, and live off the other. That's how you will get to live off your wealth, not a stock market.
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Post by badbrad on Jun 6, 2017 14:06:50 GMT -6
I can assure brad and all of you. Most people's wealth, mine included does not come from the stock markets. Markets are no different than gambling, with a long term theme to it. Everyone has their grubby fingers in your market money. Before you ever get to reap any benefits from it. Work 2 jobs for 20 years more. Sock away the one salary, and live off the other. That's how you will get to live off your wealth, not a stock market.
I'm not trying to get rich on the stock market. But I'm not going to stick it in the bank and 0.5% interest either.
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Post by sd51555 on Jun 6, 2017 14:09:29 GMT -6
I will give you some of the best advice you will get! Stay the fuck out of something you know nothing about! TRUST NO ONE! I sure could have used this advice about 30 years ago John.... I got into pussy as a teenager knowing nothing about it and my life has been a living hell ever since! Your sacrifices were not wasted. Many of my generation were at your generation's weddings as kids. A few of us were able to learn by example, and we forever owe you guys. Where's McLovin? He'd give a guy a like on this.
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