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Joined: Feb 2011
Posts: 5,856
Campfire Tracker
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Campfire Tracker
Joined: Feb 2011
Posts: 5,856 |
Lousy. With the OP's amount of money, do what others have said and get Vanguard of Fidelity index funds. If you're smart enough to figure out guns, scopes, calibers, etc., you can figure out the basics of investing very quickly.
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Joined: Dec 2014
Posts: 1,879
Campfire Regular
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OP
Campfire Regular
Joined: Dec 2014
Posts: 1,879 |
Looks like I'll be doing some research. Also need to figure out how to transfer the Roth account. I can sell off everything in the individual account and cash that out easily.
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Joined: Mar 2008
Posts: 15,638
Campfire Ranger
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Campfire Ranger
Joined: Mar 2008
Posts: 15,638 |
First, use a fiduciary only. They are required to serve you first, not their own bottom line. They do not sell on commission, and truly tailor an investment package based on your needs.
If you were military, I heartily recommend First Command. I've been with them for almost half a century. Indeed! And, get this book and read it until you understand it. https://www.amazon.com/Guide-Winning-Investment-Strategy-Youll/dp/0312339879
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Joined: Sep 2017
Posts: 2,795
Campfire Regular
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Campfire Regular
Joined: Sep 2017
Posts: 2,795 |
I think that I'll look for a motor oil thread, information is about the same level.
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Joined: Mar 2008
Posts: 15,638
Campfire Ranger
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Campfire Ranger
Joined: Mar 2008
Posts: 15,638 |
i have been investing since 1987. i have been screwed one way or the other by every financial advisor i ever used. i started learning all the ins and outs (its not that hard) of investing 25 years ago. when i got a 6 figure portfolio on my own, i got nervous and got help. he was a rip off insurance salesmen, selling me a whole life policy. when i did my research i dumped him and got another guy who also was the only one who made money between the two of us. i went my own way for the next 10 years or so and then used one of dave ramseys ELP's. another screwing. he made me some money but he sold me into an "executive" plan that had him making more than me. i complained to dave ramsey and they were no help. i dumped his ass and just went with straight vanguard index and target date funds. razor thin costs and i have more than doubled my money since.
bottom line, learn how the stuff works and don't try to squeeze every last dime out of it. index funds make it easy. vanguard makes it cheap. YES, YES, YES!
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Joined: Mar 2008
Posts: 15,638
Campfire Ranger
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Campfire Ranger
Joined: Mar 2008
Posts: 15,638 |
I think that I'll look for a motor oil thread, information is about the same level. Then enlighten us all.
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Joined: Jan 2009
Posts: 23,319
Campfire Ranger
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Campfire Ranger
Joined: Jan 2009
Posts: 23,319 |
I am currently using Edward Jones but I'm less than impressed with my advisor. Currently have an individual account and a Roth account. I have a rough idea about investments, but I'm definitely still learning. What are some recommendations? I would recommend you start here with a Dave Ramsey Entrusted Local Provider. His ELP's are specially trained to have the "heart of a teacher" rather than being a pushy salesman. They will help you learn about investing and how to develop an investing plan that meets your coals.
"All that the South has ever desired was that the Union, as established by our forefathers, should be preserved, and that the government, as originally organized, should be administered in purity and truth." – Robert E. Lee
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Joined: May 2010
Posts: 7,345
Campfire Tracker
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Campfire Tracker
Joined: May 2010
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I was my own financial adviser and put my money in the appropriate Vanguard Target Fund. It worked out (and still works) VERY well for me. Very happy I did it on my own and never felt the need to pay a financial adviser 2 points a year to tell me how and where to invest my money.
"When the going gets weird, the weird turn pro."
Hunter S. Thompson
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Joined: Dec 2014
Posts: 1,879
Campfire Regular
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OP
Campfire Regular
Joined: Dec 2014
Posts: 1,879 |
I would recommend you start here with a Dave Ramsey Entrusted Local Provider. His ELP's are specially trained to have the "heart of a teacher" rather than being a pushy salesman. They will help you learn about investing and how to develop an investing plan that meets your coals. I'm hesitant using one of his elp's. I attempted to use one of his real estate elp's and she started telling other agents a price for my home before we had even talked about it. I realize that's just a bad experience, but it's left a pretty sour taste in my mouth.
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Joined: Dec 2013
Posts: 13,022
Campfire Outfitter
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Campfire Outfitter
Joined: Dec 2013
Posts: 13,022 |
Has anyone tried USAA Investment Services? Their fees are pretty low. You can have a retirement or investment account with them and make your own decisions on ETFs, stocks, mutual funds, etc. All without a trip to Edward Jones.
Patriotism (and religion) is the last refuge of a scoundrel.
Jesus: "Take heed that no man deceive you."
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Joined: Oct 2005
Posts: 16,000
Campfire Ranger
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Campfire Ranger
Joined: Oct 2005
Posts: 16,000 |
Never trusted them. Every time I get approached tell them the same thing:
I will give you 35% of the profits you make for me above and beyond all fees and commissions. If you don't make me any money then I don't owe you any fees.
Never had one accept this arrangement. well probably noone accepted that arrangement because it is against the law. Why is that? there are a ton of regulations connected to having a series 6 or 7 securities license. strictly prohibited, and generally most firrms require an annual attestation that you are not doing this. think FINRA for the regulation.
Last edited by RoninPhx; 02/11/20.
THE BIRTH PLACE OF GERONIMO
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Joined: Feb 2003
Posts: 10,361
Campfire Outfitter
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Campfire Outfitter
Joined: Feb 2003
Posts: 10,361 |
When Bernie Madoff asked Rush Limbaugh if he would like to invest, the response was, "No thanks, I can lose my own money."
Rush was into AAPL before Forrest Gump was, and the IPhone happened since Forrest Gump.
I have made over 20% compounded annually since 1994 [MSFT, GOOG, AMZN], and I would guess Rush [AAPL] has done better.
There is nothing noble in being superior to your fellow man; true nobility is being superior to your former self. -Ernest Hemingway
The man who makes no mistakes does not usually make anything.-- Edward John Phelps
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Joined: Aug 2017
Posts: 9,051
Campfire Outfitter
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Campfire Outfitter
Joined: Aug 2017
Posts: 9,051 |
Not so interested in how you make money in this economy.
I'm real interested how you make money when the economy is turning or has turned down. That's what separates a good adviser from a bad.
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Joined: May 2003
Posts: 31,234
Campfire 'Bwana
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Campfire 'Bwana
Joined: May 2003
Posts: 31,234 |
Wise, TR, very wise. The answer as always is dollar-cost-averaging. That means you continue to put in fixed amounts, whether the market is up or down. When it's up, you buy fewer shares but they're worth more. When it's down, they're worth less but you buy more of them. The market has always gone up over the long term (50 years ago, the DOW was at 600 or so!) so in the same timeframe, your holdings will increase. At compound interest rates, they grow very rapidly after you pass a certain threshold.
Cleverly disguised as a responsible adult.
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Joined: Aug 2004
Posts: 69,595
Campfire Kahuna
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Campfire Kahuna
Joined: Aug 2004
Posts: 69,595 |
Not so interested in how you make money in this economy.
I'm real interested how you make money when the economy is turning or has turned down. That's what separates a good adviser from a bad.
So, a financial advisor that manages to lose your money for the past 5 years is REALLY a POS...
Molɔ̀ːn Labé Skýla!
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Joined: May 2005
Posts: 17,133
Campfire Ranger
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Campfire Ranger
Joined: May 2005
Posts: 17,133 |
Has anyone tried USAA Investment Services? Their fees are pretty low. You can have a retirement or investment account with them and make your own decisions on ETFs, stocks, mutual funds, etc. All without a trip to Edward Jones. No. I've been using Fidelity for a long time (but have been using USAA for insurance for 33 years) - https://www.nerdwallet.com/blog/investing/usaa-brokerage-review/Fidelity vs Vanguard here - I'm sure there is a constant juggling for position but it's a framework to look at. Note that it says no on Fidelity providing financial advice but when you get to a certain level they do. https://www.doughroller.net/investing/vanguard-vs-fidelity/
If something on the internet makes you angry the odds are you're being manipulated
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Joined: Aug 2017
Posts: 9,051
Campfire Outfitter
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Campfire Outfitter
Joined: Aug 2017
Posts: 9,051 |
Tax loss harvesting is an expectation too.
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Joined: Feb 2010
Posts: 16,076
Campfire Ranger
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Campfire Ranger
Joined: Feb 2010
Posts: 16,076 |
Looks like I'll be doing some research. Also need to figure out how to transfer the Roth account. I can sell off everything in the individual account and cash that out easily. Fidelity did these transfers for me. I just called and asked, and they said “no problem!”
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Joined: Jan 2009
Posts: 23,319
Campfire Ranger
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Campfire Ranger
Joined: Jan 2009
Posts: 23,319 |
For the Record: USAA investments was bought out by Schwab, which is an upgrade in service and capability IMO.
"All that the South has ever desired was that the Union, as established by our forefathers, should be preserved, and that the government, as originally organized, should be administered in purity and truth." – Robert E. Lee
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Joined: Jan 2002
Posts: 12,832
Campfire Outfitter
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Campfire Outfitter
Joined: Jan 2002
Posts: 12,832 |
Just to add my $0.02: you still have to your homework, even if you choose to use an advisor. How else would you know if he’s doing a good job?
Sic Semper Tyrannis
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