One other reason to pay a CFP or firm to manage your money - if you know you will sell when the market tanks and need someone to convince you (or intimidate you) to stay invested, then it makes sense. That is the case with all of my siblings, who previously sold out in either 2001 or 2009.
16:10 thanks for taking my question Rob. Good perspective. Being a 59yo dyslexic, the learning curve on all these programs is dramatic. Your teaching style is extremely helpful and appreciated.
Imagine this: you’re sipping coffee on a balcony overlooking a city skyline or lounging on a pristine beach, all while your investments are working their magic. With copytrading, you can finally pursue your passions, travel the world, and create unforgettable memories with your loved ones. It’s all thanks to the power of copytrading and the life you’ve always dreamed of!
Can't share much here, I take guidance from ‘Sophia E Haney’ a renowned figure in her industry with over two decades of work experience. I'd suggest you research her further on the web.
I find it deceptive to say an advisor will take only a 1% or 2% fee. Granted the fee is based on AUM, but they are really taking a large proportion of your returns. If they are taking 1% of an 8% return, their fee is really 12.5% of your income, a larger proportion if the return is lower, and even worse is the return is negative. Add inflation into the mix, and federal taxes, and you are likely to realize minimal or negative returns.
So you retire early, just to work on a Friday? The best lesson for retirement here is that to be happy you still want to do something to provide value...no matter how much you have.
Same, I met Elizabeth stark last year for the first time at a conference in Wilshire, after then my Life has changed for good.God bless Elizabeth stark
12:30 I'm selling my home at the outset of my retirement, and allocating the proceeds to fixed income. This will make me overweight fixed income, which I will whittle down as I do Roth conversions in my 401k (the conversion will also switch fixed income to stock). At the end of about 7 years, I'll be back at my target allocation without having to withdraw from my stock allocation during that period.
Fqf is awesome! Thank you for covering how you decide on rates for Boldin. I have been very stressed by whether I'm using good rates or not. (I know; ultimately it's guessing.) Helpful to have an idea of how to do this.
Hi Rob Love your TH-cam channel. Just wanted to add my 2 cents worth re question 4 from today's presentation "How should I invest if I don't need the money in retirement?". For people invested in a non-Roth 401k or IRA, I think it makes sense to have some short-term funds available for paying Required Minimum Distributions. For me (already retired) RMDs will kick in when I turn 73. Here are the initial age requirements for taking RMDs (according to ChatGPT): When to Start Taking RMDs 1. For Individuals Born on or Before June 30, 1949: • You must start taking RMDs at age 70½. 2. For Individuals Born After June 30, 1949, and Before January 1, 1951: • You must start taking RMDs at age 72. 3. For Individuals Born on or After January 1, 1951: • Due to recent changes in the law (SECURE 2.0 Act), the starting age for RMDs has been extended: • Born from 1951 to 1959: 73 • Born in 1960 or later: 75
Reason #3 to have your money managed for a fee - to protect you from yourself! I pay a UBS wealth management firm to run the bulk of our investments cost is 1% AUM, I did a great job at accumulation but I follow the market very closely and still make mistakes - for example, I went 100% to cash in 2008 and completely avoided the 2009 crash - but i didnt re-enter the mkt until 2016-17 and stayed short way way way too long and torpedoed one of our roth accts, its not enough to be right once when calling a crash - you have to be right BOTH times and know when to get back in - cost me a lot of $.
Another option is to pay a non-investment house CFP a flat fee each year to perform the same function an AUM CFP would provide. Aside from getting essentially the same advice for a lot less money, it eliminates the concern of a brokerage firm churning the account into different investments.
@Rob, Warren Buffet has underperformed the market in the last 10 years. So if you paid him 2%, you would be way worse off. Thus, I wouldn't pay Warren Buffet 2% to manage my money.
One other reason to pay a CFP or firm to manage your money - if you know you will sell when the market tanks and need someone to convince you (or intimidate you) to stay invested, then it makes sense. That is the case with all of my siblings, who previously sold out in either 2001 or 2009.
16:10 thanks for taking my question Rob. Good perspective.
Being a 59yo dyslexic, the learning curve on all these programs is dramatic. Your teaching style is extremely helpful and appreciated.
Great question BiggMo
Imagine this: you’re sipping coffee on a balcony overlooking a city skyline or lounging on a pristine beach, all while your investments are working their magic. With copytrading, you can finally pursue your passions, travel the world, and create unforgettable memories with your loved ones. It’s all thanks to the power of copytrading and the life you’ve always dreamed of!
I’m curious, do you have a professional broker who helps you with your investments? If so, I’d love to learn more about how you work with them.
Can't share much here, I take guidance from ‘Sophia E Haney’ a renowned figure in her industry with over two decades of work experience. I'd suggest you research her further on the web.
Use her name to quickly conduct an internet search.
SHE’S MOSTLY ON TELEGRAMS APPS WITH HER NAME.
Sophiahaney she’s verified
I find it deceptive to say an advisor will take only a 1% or 2% fee. Granted the fee is based on AUM, but they are really taking a large proportion of your returns. If they are taking 1% of an 8% return, their fee is really 12.5% of your income, a larger proportion if the return is lower, and even worse is the return is negative. Add inflation into the mix, and federal taxes, and you are likely to realize minimal or negative returns.
Love 5 question Friday!
Was that a "trick question.." ⁉ I have a bridge to sell you too ⁉ I thought the MS investment advisors were my "best friends..." 🤣
So you retire early, just to work on a Friday? The best lesson for retirement here is that to be happy you still want to do something to provide value...no matter how much you have.
For those familiar with the Thrift Savings Plan (401k for feds) is it fair to say the G fund (govt securities) essentially functions like a TIPS fund?
No, they are special bonds issued just for the G Fund. Not inflation protected, more similar to series EE Savings bonds then TIPS
Direct indexing sounds like it should be renamed "Financial Planner Full Employment Program."
Thank you Lord Jesus for the gift of life and blessings to me and my family $14,120.47 weekly profit Our lord Jesus have lifted up my Life!!!🙏❤️❤️
I'm 37 and have been looking for ways to be successful, please how??
Sure, the investment-advisor that guides me is..
Elizabeth stark
Same, I met Elizabeth stark last year for the first time at a conference in Wilshire, after then my Life has changed for good.God bless Elizabeth stark
Her services is the best, I got a brand new Lambo last week and paid off my mortgage loan thanks to her wonderful services!
12:30 I'm selling my home at the outset of my retirement, and allocating the proceeds to fixed income. This will make me overweight fixed income, which I will whittle down as I do Roth conversions in my 401k (the conversion will also switch fixed income to stock). At the end of about 7 years, I'll be back at my target allocation without having to withdraw from my stock allocation during that period.
Great job! Enjoyed the content. 👊
Great job
Fqf is awesome! Thank you for covering how you decide on rates for Boldin. I have been very stressed by whether I'm using good rates or not. (I know; ultimately it's guessing.) Helpful to have an idea of how to do this.
Hi Rob Love your TH-cam channel.
Just wanted to add my 2 cents worth re question 4 from today's presentation "How should I invest if I don't need the money in retirement?". For people invested in a non-Roth 401k or IRA, I think it makes sense to have some short-term funds available for paying Required Minimum Distributions. For me (already retired) RMDs will kick in when I turn 73.
Here are the initial age requirements for taking RMDs (according to ChatGPT):
When to Start Taking RMDs
1. For Individuals Born on or Before June 30, 1949:
• You must start taking RMDs at age 70½.
2. For Individuals Born After June 30, 1949, and Before January 1, 1951:
• You must start taking RMDs at age 72.
3. For Individuals Born on or After January 1, 1951:
• Due to recent changes in the law (SECURE 2.0 Act), the starting age for RMDs has been extended:
• Born from 1951 to 1959: 73
• Born in 1960 or later: 75
Thanks….good luck on tonight’s game….
Reason #3 to have your money managed for a fee - to protect you from yourself! I pay a UBS wealth management firm to run the bulk of our investments cost is 1% AUM, I did a great job at accumulation but I follow the market very closely and still make mistakes - for example, I went 100% to cash in 2008 and completely avoided the 2009 crash - but i didnt re-enter the mkt until 2016-17 and stayed short way way way too long and torpedoed one of our roth accts, its not enough to be right once when calling a crash - you have to be right BOTH times and know when to get back in - cost me a lot of $.
Another option is to pay a non-investment house CFP a flat fee each year to perform the same function an AUM CFP would provide. Aside from getting essentially the same advice for a lot less money, it eliminates the concern of a brokerage firm churning the account into different investments.
I have an SMA (direct indexing) with Fidelity. I have literally over 600 different positions. It's crazy
Haven’t minded paying 39bp for Contrafund. That’s my splurge.
@Rob, Warren Buffet has underperformed the market in the last 10 years. So if you paid him 2%, you would be way worse off. Thus, I wouldn't pay Warren Buffet 2% to manage my money.
Olde dude still wearing same damn shirt and rambling same olde boring stuff.