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re: firing my financial advisor and doing it myself
Posted on 12/6/24 at 7:10 pm to BCreed1
Posted on 12/6/24 at 7:10 pm to BCreed1
Eh who knows lol.
Anyways, I've found having a method that makes sense to you and then sticking to it (until something different makes better sense and you understand why) helps a lot.
To fill those buckets, I generally will buy what's down at that time. So, those ratios are very flexible. I am not a huge risk-taker but I do know you have to risk to make money. Just how it goes.
I honestly knowing where I've come from (abject poverty growing up) to where I am now, I am so grateful. I really shouldn't be doing so well. But dang, I've got so much to learn. Best of luck to you. I'd like to hear how it goes for you.
Anyways, I've found having a method that makes sense to you and then sticking to it (until something different makes better sense and you understand why) helps a lot.
To fill those buckets, I generally will buy what's down at that time. So, those ratios are very flexible. I am not a huge risk-taker but I do know you have to risk to make money. Just how it goes.
I honestly knowing where I've come from (abject poverty growing up) to where I am now, I am so grateful. I really shouldn't be doing so well. But dang, I've got so much to learn. Best of luck to you. I'd like to hear how it goes for you.
This post was edited on 12/6/24 at 7:15 pm
1
Posted on 12/6/24 at 7:12 pm to Harry Rex Vonner
quote:
Rolled all that into JP Morgan JGASX and Vanguard VHIAX and VFIAX
I have some similar ones and they have been doing solidly well. Any small term losses have been pretty small and not unexpected. But the gains have been pretty damn good.
Posted on 12/6/24 at 8:44 pm to DaBeerz
quote:
It’s not that hard. You’d have to be a moron to only make 5% in this market
Probably more than 5 percent in loads, commissions, and fees depending on what they steered him into.
Posted on 12/6/24 at 9:02 pm to theballguy
quote:
35% dividends
15% bonds
@theballguy you might be better off tax wise holding those in retirement accounts. They are casting off yield that generates tax drag if held in brokerage.
Posted on 12/6/24 at 9:02 pm to theballguy
Posted on 12/6/24 at 9:08 pm to TorchtheFlyingTiger
quote:
@theballguy you might be better off tax wise holding those in retirement accounts. They are casting off yield that generates tax drag if held in brokerage.
Thanks for the heads up man. I'll look into that.
Posted on 12/6/24 at 9:19 pm to Raygun
quote:
And then after the fact I can hopefully just liquidate everything they have me set up in
Careful w liquidating all at once in a taxable brokerage. You probably dont want to realize all your capital gains in one tax year (unless gains are minimal) You might want to spread it out and take some before end of year and more in 2025. Develop a strategy that will get you closer to desired allocation while avoiding an excessive tax burden. You may even have some space to harvest a bit of LTCG at zero % rate if your income is low enough (<~$123k MFJ I think)
This post was edited on 12/6/24 at 9:30 pm
Posted on 12/6/24 at 9:32 pm to GravelLotinCanada
Unless you are nearing retirement in the next 10 years, there is no reason anyone under 50 should have a financial advisor. If you don't know what you are doing, set your automatic distributions to buy the SP500 and it will beat 99 out of 100 financial advisors out there. All you are doing is throwing away money to fees and likely losing out on gains
Posted on 12/6/24 at 9:44 pm to TigerTatorTots
One thing a FA can be good for is to dissuade panic selling in a down market, irrational exuberance or FOMO. Before ditching the advisor make sure you are committed to your strategy/allocation and know what would warrant an adjustment. Write it down and commit. Review the plan before making changes/reallocating. I've heard an investor policy statement is a good format. Studies sponsored by the big firms (so take w grain of salt) have indicated many if not most individual investors underperform due to lack of discipline and emotional reallocation decisions.
Posted on 12/6/24 at 9:47 pm to TorchtheFlyingTiger
quote:Oh agreed with this. THis is all assuming the individual treats the automatic distributions as a set it and forget it. Don't touch anything, don't time anything. That is how you beat a FA performance bc humans always frick it up compared to the market
One thing a FA can be good for is to dissuade panic selling in a down market, irrational exuberance or FOMO.
Posted on 12/6/24 at 10:58 pm to Fat Bastard
quote:
yes, by all means fire slackster.
Posted on 12/6/24 at 11:01 pm to GravelLotinCanada
quote:
My return for the last 6 months is 5.5%. And they charge me 1% so basically that's 4.5% net.
If your return is 5.5% then that’s almost assuredly net of fees.
Fire your FA if you’d like - if all you’re looking for and getting is asset allocation you can definitely do it cheaper.
My suspicion is your FA has you much more conservative than 100% in stocks. If you want all stocks, then tell him/her. Or fire him.
Posted on 12/6/24 at 11:02 pm to SDVTiger
quote:
Yes immediately. Dudes always wrong
Link?
Posted on 12/6/24 at 11:14 pm to GravelLotinCanada
Only time you should hire a CFP if he is also your CPA and you intend to stay with him him for the long haul …meaning he is relatively the same age as you.
Posted on 12/7/24 at 3:58 am to oneg8rh8r
quote:damn, that has to be some LSD shite
The next 4 years are going to be pretty good.
Posted on 12/7/24 at 8:41 am to theballguy
quote:so jelly
That and I also get a 10% match 1-1.
Posted on 12/7/24 at 8:41 am to TorchtheFlyingTiger
quote:
One thing a FA can be good for is to dissuade panic selling in a down market, irrational exuberance or FOMO. Before ditching the advisor make sure you are committed to your strategy/allocation
this. my FA also doubles as my therapist
This post was edited on 12/7/24 at 8:42 am
Posted on 12/7/24 at 8:45 am to Fat Bastard
There are definitely some posters on here that are bad! Slackster is not one of them.
Posted on 12/7/24 at 8:53 am to GravelLotinCanada
So you said 5.5% for 6 months, with a 1% fee. I am sure the 1% is an annual fee. I doubt the 4.5% net you mention is accurate. Are you mixing time periods?
Don't listen to anyone acting like they know what you should do based on the little info you gave. They are idiots to act so certain.
What goals and risk tolerance did you discuss with your advisor? Is he doing what you asked?
Don't listen to anyone acting like they know what you should do based on the little info you gave. They are idiots to act so certain.
What goals and risk tolerance did you discuss with your advisor? Is he doing what you asked?
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