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re: Should I be "concerned" about my Roth IRA? - update page 2
Posted on 5/22/15 at 7:41 am to Lawyers_Guns_Money
Posted on 5/22/15 at 7:41 am to Lawyers_Guns_Money
quote:
Why haven't you started with his book?
At the time I was on him mailing list and seeing what he had to offer, practically nothing he advised applied to me at that time. A lot of what he talks about is automating payments, trying to get out of debt, big wins, etc. I already automate payments and have no debt, so it was just kind of pointless to me during that time period.
quote:
I would encourage you to start with reading his book, it would help you I promise.
I will probably do that now that I have more of a stable foundation, certain more so compared to about 3 years ago.
quote:
How about I PayPal you $10 and you buy/read his book by next week? If it sucks, we will call it even. If it helps you (which it will) shoot me the $10 bucks back and I've got Chipotle for lunch next Friday.
Just trying to help you brother.
Wow...I am truly touched by your kindness. That is extremely thoughtful of you and I certainly appreciate it, but I'm going to decline and here's why. If I do like the book, I'm out $10 and have the book (which would happen if I bought it myself anyway). If I hate the book, I would never actually tell you that, because in my mind I'd think that you think I'm lying just to snag a free $10 from you. Even if I loathed it, I would say that I cherished it
Like I said, I've putting together a little list of some very basic, elementary books on this type of stuff, so I'll add IWTYTBR to the list. I just looked on amazon and a used paperback is like 6 bucks. I can afford to take a risk on that
1
Posted on 5/22/15 at 8:13 am to That's BS
quote:
If it makes you feel any better, I was with EJ for about 6 1/2 years. I set up my accounts with Vanguard yesterday and put in the request for a transfer online on Vanguard's site. Guess who I got a phone call from this morning! It was almost like breaking up with a girl you've been in a long-term relationship that you decided just isn't gonna work out. He tried his sales pitch again to get me to reconsider.
I like the guy personally (he even tried to set me up with his daughter several years back ) but as I educated myself this past year or so I realized how much I was getting screwed by account fees, higher fund expense ratios, and most of all the damn front-load fees! But you live and you learn. And I'm in a better position today than where I was 6 1/2 years ago when I walked into his office.
Now that you're on the right track, just keep plowing away and you'll be an OT baller in no time.
So you started investing with someone during the biggest bull market in history, made some money, and decided you could do it yourself? Good for you, but it can be a ton of work. An advisor is most important when things are not going well. I think most of the people who are setting their "portfolio" (one mutual fund is not really a portfoio) to track the S&P would have been pissed off in 2008/09, and made allocation mistakes. You would not believe how many people have a 30-40 year time horizon that pulled all of their money out of the market when things were not going well. Those are the people you hear say "I lost everything". A good advisor keeps you from making that mistake.
Now off my soapbox, if you decide to do it yourself, do tons of research before you make any moves. What's good for the goose is not always good for the gander in investing. If you're not a risky person, don't buy risky investments. On the other hand, if you're in your 20's and aggressive, you don't want 80% of your money in a bond fund earning 3%.
Posted on 5/22/15 at 9:23 am to WG_Dawg
quote:
At the time I was on him mailing list and seeing what he had to offer, practically nothing he advised applied to me at that time. A lot of what he talks about is automating payments, trying to get out of debt, big wins, etc. I already automate payments and have no debt, so it was just kind of pointless to me during that time period.
That is definitely fair. A lot of his focus is on the automation and big wins, but I bet you still get something out of it. His definition of "big wins" would be automatically funding the Roth IRA and using an S&P Index, which would have yielded a 23% return in that 2 year timeframe.
Let me know what other books you are looking into, as I am always trying to build my reading list as well.
Posted on 5/22/15 at 9:50 am to Lawyers_Guns_Money
quote:
Let me know what other books you are looking into
I read this short piece yesterday and it seemed like a good starting point. For each point he makes he gives some reading suggestions. I was also doing some casual browsing of other sites for similar type books, and the millionare next door, one of the books by john bogle (he has 2 about common sense and investing, and IWTYTBR all seem to come up pretty often.
Posted on 5/22/15 at 10:02 am to WG_Dawg
Excellent link..Definitely reading this on my flight this afternoon.
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