Not about greed. It’s about what actually constitutes successful investing. Your personal inflation rate is a specious, tangential discussion.
You could really use a financial advisor.
Financial Advisor
- Thread starter Donald
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You could really use a financial advisor.
I'm fine with keeping my money in bank accounts where it's insured and I can see interest payments posted every month. Not interested in gambling the money I worked for and have saved by putting in investments that all have fine print saying, May lose value.
No one. No one should trust anyone else with their money. Period. Stop. Do not pass go.
She's 42. Still working? Put some in the market next dive coming up. Be patient. Make a CD ladder or just buy 3 month rolling CD's. Pay around 5%. I assume in the $1million + range? Next market retreat put $100K in VTI and don't look at it.
She's 42. Still working? Put some in the market next dive coming up. Be patient. Make a CD ladder or just buy 3 month rolling CD's. Pay around 5%. I assume in the $1million + range? Next market retreat put $100K in VTI and don't look at it.
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Losing your ass to inflation and not growing your money IS A REAL PROBLEM THAT ABSOLUTELY SHOULD CAUSE YOU TO NOT SLEEP AT NIGHT.
I'm not joking.
That will leave A LOT on the table over time...
Between interest earned and income deposited, my total bank balances have consistently increased year after year. That's really all that counts, at least to me.
I got an appointment with an Edward Jones financial advisor and never regretted it . That was 24 years ago. What I liked was a site down to plan out my goals and the agent showed the path to get there. If the agent get outside of the company guide-lines we will be notified. If I insist on a particular stock NOT approved buy upper management then I must sign a document stating EdJone recommended against this purchase. I like the safety of the advisor being watched. They did brush the line years ago with Annuity recommendations.
How much do you really need? You can only eat one steak at a time. There comes a point where you have enough that you don't have to worry about money too much. While I'm probably not there yet and don't exactly know what that figure is, but think somewhere around $1M cash is my ballpark.
Edward Jones fees are really high...AUM fees eats more and more up as your account grows and they charge advisory fees and transactions fees.
$1M will get me nowhere close to where I need to be...
Back and forth these discussions go. The bottom line is that every single person has a unique financial situation and the anecdotal recommendations here should be taken in a general sense. I simply cannot navigate the investment arena without an advisor to guide me through the basics. I had buyers remorse type thoughts about 5 years ago with my TIAA investments. I studied and met with about a half dozen different financial investor options. I didn't like the independent advisor's ideas. I ended up staying with what I have. Maybe I could do better, some that I know did worse changing course. It takes a bit of self advocacy to stay somewhat on course. Life is too short to fret about the unknown too much.
Need or want? Sometimes we conflate the two… I know I want a few mil so I can live the lifestyle I have, plus a bit more (in retirement I’m hoping everyday is a Saturday, and now I can really get into hobbies). But what will I need to get by, especially if I make the hard decisions and strip down to essentials?
But I hear you, a mil is not what it used to be. I don’t think it’s enough either, need or want. My goal is much past a mil—put differently, growing up in the 80’s and 90’s, the adults talked about retiring when they hit a million. Their million, after inflation, has to be 2 or even 3 for me, just to adjust for inflation.
I don't work as hard as I do and I didn't spend 13 years in higher education to just end up at the end of my work life with the bare minimum of what I need to survive. I need what I want and that is true financial independence to live my final decades as I wish.
Not aimed at you personally (you have a rewarding career) , but my lifestyle and goals are based on different principles. I see some people that live their entire careers in misery due to the life goal of retirement in an imaginary "life of Riley". Their entire career revolves on the future dream of retiring from the tread mill, not living for the day. My goals are not wealth accumulation and 10 -15 years of bliss in old age. My needs are basic and my wants are dialed down. I.E., few here would be satisfied driving a Jeep Patriot (10 years problem free). I've been living the dream for decades through my career and life choices. I value my life experiences, my relationships with family, friends, co-workers, the many students I interact with, the magical things available to experience on earth. I've recently stepped up my efforts to mentor college age associates with the hope of passing on a bit of my wisdom, both the good and the bad.
My life has not been without heartache and formidable challenges. That IS life. Lots of bumps and bruises along the way.
Hey, that's enough from me.
Oh I make sure I’m living right now too! No stranger to travel, vacation, sporting events, concerts, hanging with and going out with my family, etc. I just want that all and then some to continue into retirement.
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I must say it's always interesting to eavesdrop on financial discussions.
Whooo boy. Edward Jones, Charles Schwab, Fidelity.....
Shop local folks. That's all I can say.
Whooo boy. Edward Jones, Charles Schwab, Fidelity.....
Shop local folks. That's all I can say.
I was homeless and worse. Got my 1st degree at 40. Now I get to help my family, friends and others when the opportunity arises. I have committed to putting several younger family members through college, should they choose to go. These opportunities make me far happier than a Tesla Model 3 Performance all day long.
Money may not be the most important thing in life, but it sure can fix a lot of problems.
I have been on both sides of money, and I never wanna go back.
Money may not be the most important thing in life, but it sure can fix a lot of problems.
I have been on both sides of money, and I never wanna go back.
I don't know if you follow my losses with a few financial firms I have used. Once changing due to near-fraudulent practices (Ameriprise).
1) Ameriprise did not do what I asked and instead invested my funds in exactly what I requested they NOT do. I chose a program with low annual interest, but principal not at risk. What I got was nothing of the sort. Lost a lot.
2) Saloman Smith Barney/Morgan Stanley was a cousin, who paid no attention to my account, let companies go bankrupt without ever selling the stock before they were worthless. (GM) Oh, sorry, I know you asked to sell, but I was busy with real customers....
3) UBS is currently churning my account. Lost 40% recently, yet had to pay $8K in unexpected taxes this year due to dividends and the sale of profitable stock. So 40% loss plus taxes, a double whammy.
I only "invest" money I'm willing to risk. Other money needed for retirement is in conventional and insured banks, earning modest rates.
