financial advisor

[db-2]

In 1970 I left the army, got married in 71 and wife and i started our future.
Never had high paying jobs but by age 62 was out of debt, own our house and began working on building a savings until i retire at age 73. And that savings has grown since retirement with our chosen investments. Had very little 401 due to moving jobs.

Did this on our own. But kept hearing how a financial advisor would do us better.

So about 5 or 6 years ago i contacted Ed Jones, paid him $800 to invest $40,000 for us at his choosing.

Yesterday i decided no more, paid him $200 to get me out of those stocks and got $33,200 of the $40,000 put into a money market account. I am sure next month it would have been less.

Ask me what i think of financial advisors. Hope you have a good one. db

 

[Big Iron]

Vanguard offering +5% right now.

Figure that's almost keeping up with inflation.... Face palm

 

[db-2]

The bank i am with allows me to change the rates every so often without any penalties. Bulk in IRAs and there are no penalties there.

Most are earning low 5%. Am able to leave with CD as our basic income covers our needs. db

 

[Bfishn]

I wonder what the heck he put you in to lose that much in 5-6 years. Maybe some sort of bonds considering your age? Any simple index funds should have made pretty good money in that time frame. Can currently get 5.75% brokered CD through Vanguard.

 

[1lessdog]

I just looked at my 401K rate of return and Im at 9.10. In May I was just over 22.6. Im still making money, just not as much.

 

[db-2]

AT&T, Verizon were the crab ones. db

 

[Bfishn]

AT&T, Verizon were the crab ones. db

Yeah that would do it. But then the question is why did he have you in two similar stocks that were both performing badly.

 

[luvcatchingbass]

Have debated if a person should pay someone like an advisor to help with money decisions. Is there a way to invest properly and not loose your cash or grow your money easier? Then I hear of things similar to DB and makes me skeptical. What does it take to get back what you pay someone for, when successful what do they take for a cut? When someone that is supposed to be looking out for your money well being and is paid to make your money growth and they loose you money what happens to them? They screw up and do they get penalized?

I've got some money that automatically gets put into an IRA every month, got a health savings setup the same way, another savings account at a different bank that a set amount each month goes and hardly look at it (started that in about April and now wish I did that years ago), some money in a 9mo CD at an ok rate, company 401K, another IRA that was setup and sitting there from when I changed jobs. got 1 payment on the skid steer left and a little on a credit card working on paying off. So far the best plan I can come up with that seems to be a guarantee is what I'm doing right now, figure out what my known monthly expenses are and ball park my daily expenses take as much automatically out of my paycheck into the savings I don't look at and only live off what comes into checking plus try to grow my normal savings.

 

[woodduck30]

Buying high and selling low will not end up good. With or without an advisor. Look at the state of the economy 5 years ago vs now.

 

[db-2]

That is easy to understand woodduck but that was up to him and after watching it go down every month for all those years i decided to move the funds to my own investment accounts.

Stop the bleeding and now it will begin to return 5 some %. In a few years i will be even again. Maybe some kind of tax break with losing those funds. Not sure on that. Was not willing to let him keep those funds.
Unless me and the wife end up with high medical bills and a nursing home, we should die with cash to be split amount the kids. So, all ok.

Not the first time i have lost monies by trusting someone. db

 

[db-2]

I assume 401 have had their interesting times also. Daughter big into it with the company she works for and there are times i would go nuts with the monies she has lost but in time it all comes back i quess. She is young i am old.
Need to start spending some of it but not sure on what as our wants are not much.

97 dodge 2500 Cummins, five speed manual and a bunch of rifles. Got all i want. Maybe a couple of more rifles and/or pistols. Just order 100 bullets for the M-14 my son gave me. Working on scope mount for it. Then a Ruger model 1 and another model p cimarron in 45. Wife is on her way to Vegas with daughters.

Have a similar amount of funds in a money market and CDs with him that have been paying in the high 4%. Nothing like oneless dog has. db

 

[Allen]

As someone else mentioned, I am pretty disappointed in your advisor's decision to gamble with your money like that. It should have went into some form of a mutual fund or REIT which would have been a much safer and eventually more successful investment for you.

 

[Allen]

p.s. Yes, you will have tax deductions for those losses. For that I suggest you talk with your tax preparer.

 

[db-2]

Never had a tax preparer but guess i will need one. income tax now at about 10% so,
it will help some. Thanks. db

 

[BrokenBackJack]

Heck DB, he is just letting you know what to look out for with Bidenomics.