NovemberEcho
Dergs favorite member
anyone know of a good financial planner to use in the NY/LI area? I am far more clueless about investments/retirement stuff than I should be.
Financial Planner
- Thread starter NovemberEcho
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Cessnaflyer
Wooooooooooooooooooooooooooooooo
http://www.amazon.com/Bogleheads-Gu...r=1-1&keywords=boggleheads+guide+to+investing
http://www.npr.org/sections/money/2016/03/04/469247400/episode-688-brilliant-vs-boring
It's really simple stuff made to seem difficult.
http://www.npr.org/sections/money/2016/03/04/469247400/episode-688-brilliant-vs-boring
It's really simple stuff made to seem difficult.
NovemberEcho
Dergs favorite member
I'm going to retire in poverty =\
NovemberEcho
Dergs favorite member
If I plan my retirement as well as I stay in shape, diet and exercise, I'm effed. Lol
Bear
Well-Known Member
NovemberEcho
Dergs favorite member
I do, but I didn't want to solely rely on that.
trafficinsight
Well-Known Member
Because I've been wondering lately...
At what point is it worth it to pay one?
How does one go about choosing one?
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Cessnaflyer
Wooooooooooooooooooooooooooooooo
Make sure they are a fee only fiduciary!
NovemberEcho
Dergs favorite member
Vanguard charges something like .3 or .03% of assets under their management.
trafficinsight
Well-Known Member
Cessnaflyer
Wooooooooooooooooooooooooooooooo
It's 0.3%. pretty basic stuff though.
I would find a CFP fee only fiduciary in your state. We have one and has worked well for some of our real estate investments.
trafficinsight
Well-Known Member
Pass.
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drunkenbeagle
Gang Member
That might be typical for the fees for an index fund they manage. The advice of telling you what to buy costs more than that. Typical Financial Advisers will charge around 1% of assets under management annually, which is a lot when you think about it.
The red flags to avoid: If they push anything with a sales load or annuities, find someone else. The best advice for most people is to buy a mix of cash, S&P index funds, and index bond funds. It might be worth paying someone a few hundred bucks for an hour or two to get a ballpark idea of what that mix should be. My personal taste is for it to be at least 75% S&P 500 index - the advice pros give my friends my age seems to be closer to 50%.
I would suggest avoiding paying someone on an ongoing basis. From what I have seen, my friends that pay professionals see a lower return than I do, and are invested in substantially the same assets I am.
***Disclaimer. Against the advice of money managers I know and trust, I've been 95% in cash since January. They (correctly) point out that knowing when to sell isn't magic, you still need to know when to start buying again. I'm waiting for the S&P Schiller P/E to go below 23. @ATN_Pilot will probably agree that there is substantial risk that is not priced into the market right now, and that is a somewhat rare occurrence.
Cessnaflyer
Wooooooooooooooooooooooooooooooo
Even at the top of the market, it is still prudent to invest if you have savings to last through a long job loss.
http://awealthofcommonsense.com/2014/02/worlds-worst-market-timer/
drunkenbeagle
Gang Member
Totally agree that market timing is a horrible strategy. I'll start buying, just not at the current valuations. Every decade or so, the markets seem to ignore risk. Right now, paying 25x trailing earnings for a sub 2% yield just isn't something I want to buy.
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