financial advisor for providers

[rrrabbit]

Not sure what the OP had in mind when the term "financial planning" was placed out there.

If we are talking professional advise and diversifying your portfolio into stocks, bonds, mutual funds, foreign currencies, etc ... then I propose that there are more apt avenues to follow, over posting in co-ed. One of those avenues would be to suggest some coaching from one of your clients that you know and trust.

If, however, we are talking day-to-day management of your spending vs income, all the classes in the world ain't gonna help her/him to refrain from them shiny shoes/that phat azz on BP.

My 2 cents: don't spend money to get advice on how to save money. That's asinine, because the all the advice in the world hinges on YOUR willpower. Instead, put down on paper what you want to achieve, what your income is, and draw out a 6 month plan and stick with it. At the end of that 6 month period, spend an hour and give yourself a grade: F or A+. And then re-do your 6 month plan, based on the grade that you gave yourself.

[nuglet]

I agree with rabbit, but I'd give it longer than 6 months. Look at past performance. Sometimes, like the last 2 years, a GREAT company's stock is in the tank for no good reason other than the general economy. Sometimes it's just a "broken stock, NOT a broken company". BP is a good example. At the worst press time, the stock took a significant dive.. obvious reasons... but it is one of the biggest companies on the planet. ( you know that they are the ones we buy all the fuel from for the military, right?)
They pretty much paid the 40 Bln$ out of petty cash. The stock dived... buy buy buy.... at 1/2 price... then sit on it for a bit. It may be a long time for it to get back to where it was, but it was only about 3 months to make a big recovery. IE: just before the disaster, it was $60, dived to under $30, now is back to $45. In other words...... 50% gain in 3 months.
Rabbitt is very correct about buying advice. Spend that $ on your investment, not the "planners" vacation.

[xxnubyxx]

It's interesting to see other people perspective on this topic. All I can say is WOW. There are actually recommendations for day-trading and playing options, currencies and futures. I wouldn't even recommend anyone to play in stocks and mutual funds, unless they know what they're doing, because it is indeed "manipulated" and personally I think it's a scam. You can and will lose all your money. Lots of people lost everything on the 08 crash. Investing for the long term is the way to go, less headaches and short term pain. But as simple as that sounds, picking the right brokerage is like picking the right car, everyone have their own opinion. Here is the Peter Schiff is right video, when everyone was screaming buy, he was the few who said otherwise. http://www.youtube.com/watch?v=2I0QN-FYkpw He is the owner of europac.net

[nuglet]

hey nuby; like I said, it isn't for everyone, but anyone can do it.
I've had a good 15 year run with very very few regrets, and any losses were more than covered quickly. If you have the time, and the ability to act quickly, why give a brokerage part of your profit?
Chase ripped me off for over $60K about 4 years ago.. well not actually "ripped", but did such a poor job on "long term" investments, that it took me almost a year, ON MY OWN, to get back to even. Stayed away from "management" ever since.
Yes, you are correct... I DO recommend day trading for the folks that have the time, $, and ability to play it.
Your absolute statement of "you can and will lose all your money" is just plain uninformed. You'd have to work at it to lose all your money. I can't refute that the market in manipulated, but by calling it a "scam" just shows you don't know what you're talking about.

[ACEIV]

Hi All,
Some good points above, but I’d also like to add some of time tested and proven philosophies to the discussion.


We all can agree there isn’t a shortage of people, books, websites, or businesses that can teach you the basics of investing all the way up to the nuances of how market components interact with macroeconomic forces. I found that the problem with these is that the lack the human personal and psychological understanding of individuals. People need to be shown how their efforts will affect them personally and therein is the motivation for achieving their goals. Heck, most people don’t even know how to effectively set goals, which is always my starting point. For example, Brit may want to build an empire, and that is her goal, while another person may just want to be financially comfortable to not worry about if there is enough money in their bank account to pay for any check they might write. Different goals = different financial strategies.


There is a proper order of doing things, and while I believe that there are a lot of good intentions stated previously, it is not helpful to skip the foundation work and suggest a “one-size-fits all” solution. There are plenty of sources of where to invest out there, the financial porn magazines such as Money or Kiplinger, TV shows like Cramer’s Mad Money, or countless newsletters promising great returns and golden opportunities. These are also a disservice to people.


The first component that you need to understand is, despite what you may have heard or read, good investment is about Time (not timing) and Discipline (not luck). The great book that reinforces this concept is the classic Millionaire Next Door (Stanley), which studies those people who have become financially independent. Once you understand that Time and Discipline trump every other strategy out there, the rest of your financial life can fall into order.


The next steps are to analyze yourself and while being as honest as possible, find out your strengths and weaknesses as it relates to money. Can you budget? Can you stick to a plan? Are you a self starter or do you need help? Answers to questions like these will point you in the right direction of whether you need regular financial advice, occasional advice, or can do it on your own.

Next, you are ready to do budgeting (including emergency fund planning) and net worth analysis. The net worth statement is just a financial snapshot at a particular date that lets you know how you are doing, and if you are moving forward or backwards. This is where a good part of the Discipline comes in. Once you have a handle on what you have and what you own, then you can plan on an investment schedule that fits your individual needs.


ONLY have you have done the items above, and addressed your risk tolerance can you focus on individual investments or creating a financial plan. If you skip the steps above, you are more likely to make poor financial choices and not attain your goals. There are many financial strategies that can be tailored to the personality types of the individual. For some here, the best advice may be to pick a Vanguard or T Rowe Price retirement fund, such as one who plans to retire in 2030, in which the managers will alter the investments as you get closer to retirement to balance risk and reward. These are almost “cruise control” investments, because you can set it and pretty much forget it. It is perfect for someone who isn’t comfortable with investing and wants to get market exposure without much risk. This type of investment helps the Time aspect of my philosophy, because these are also the type of people who are not investing because of the fear of the unknown. On the other hand, those who are willing to do more can benefit from other strategies.


Sorry for the “manifesto” but this is a passion for me and I have been directly and indirectly helping people for over 25 years. It is those years of experience that can help people avoid pitfalls and achieve their goals. In summary, TIME AND DISCIPLINE are key, Budgeting and Net Worth Statements are the tools, understanding yourself and your strengths and weaknesses are the foundation.


Respectfully Submitted,


ACEIV


PM me with questions

[nuglet]

Yeppers, well put.

[austin_voy]

Originally Posted by ezman

Scott Burns writes a weekly column weekly and advocates "couch potato" investing, using ultra low cost index funds. There are several options from 4 different funds all the way up to 10 different funds.

The basic idea is diversification ... if one type of investment is going down, there probably is another one going up. And with low operating costs, you get to keep most of the gains, instead of paying a fund manager.

I'm putting about half of my portfolio in his 10 point Couch Potato (Is that the Margarita?) Unless you've got 8 figures, his investment company is NOT for you. But you can go with Vanguard or Fidelity and do a great job.

Yeah, if you wanted, I could show you how to do it. I've even got a nice spreadsheet to help you through each of the steps. I AM NOT A REGISTERED FINANCIAL ADVISOR!!!! I'd help and suggest as a friend. For free. I hate to see anyone losing money they don't have to. Back up to January 2007, although my SPDRs suck. I did do well getting out of my DIAmonds.

The 2 way Couch Potato lost less than half of the general "market".

[austin_voy]

Paying taxes. MUST DO, MUST DO, MUST DO. Do your 1040 and a schedule C for your business. You can list almost anything as a job, I'd suggest "relationship advisor". Capone didn't go to jail for killing anyone or for bootlegging, he went to prison for cheating on his taxes.

Many years ago I was advised to "always live below your declared means." Don't buy a Jag on $15K a year. But do buy a Fusion on $100K.

There are plenty of ways to make money "disappear", but even "advising" on them can be considered illegal.

Oh, there's a difference between "tax avoidance" and "tax evasion". I've actually seen appeals court ruling where judges have said that tax avoidance was a "moral duty"

[Codybeast]

Originally Posted by austin_voy

Paying taxes. MUST DO, MUST DO, MUST DO. Do your 1040 and a schedule C for your business. You can list almost anything as a job, I'd suggest "relationship advisor". Capone didn't go to jail for killing anyone or for bootlegging, he went to prison for cheating on his taxes.

Many years ago I was advised to "always live below your declared means." Don't buy a Jag on $15K a year. But do buy a Fusion on $100K.

There are plenty of ways to make money "disappear", but even "advising" on them can be considered illegal.

Oh, there's a difference between "tax avoidance" and "tax evasion". I've actually seen appeals court ruling where judges have said that tax avoidance was a "moral duty"

Makes perfect sense. Obviously if you're investing you're creating a paper trail. If only Wesley Snipes had such advice he would be making a movie instead of playing cribbage and watching PG rated shows from a plastic chair for the next three years.

[xxnubyxx]

nuglet, I'm trying to protect the ladies not take money from them. You are a daytrader, so you're trying to get more people to play in the market so you can take their money, plain and simple. The market is all about moving money from one person to another, inherently it does not generate its own money. It is the supply of everybody in it as a whole. For someone to make money, someone will have to lose money, that's the bottom line. And you are correct, it's not a "scam" for you and me, but to the public, it is more or less a "scam", especially for the ladies (and I'm trying to protect their interest). Do you think any of these ladies here wants to sit in front of their computer and study "moving averages, stochastic, mcclellan oscillator, technical supports, etc" and with an appointment in book. Common sense says no. That's why no one with a conscious mind would recommend to "play" in the stock market unless it is their occupation. I recommended the europac brokerage because they have one of the better performances with low fees and target for long term investments. They also give professional advices for free, and they are ethical (as ethical as it gets for a financial institution). I'm sure there are other good firms out there, but you have to do your due diligence. That's my 2cents at least. Cheers.

[nuglet]

NEWBY said "I'm trying to protect the ladies not take money from them. You are a daytrader, so you're trying to get more people to play in the market so you can take their money, plain and simple."

I hesitate to shout LIAR!!! But maybe it's time to make an exception.
Nah, It's easier to just conclude you don't know anything about the subject.. go away!!
I'm glad to know you NEVER MADE A PROFIT OFF OF ANYTHING!! Care to sell your house? I'll gladly pay you less that you bought it for.
I never said it didn't take time, study, and guts. Unlike the "advisers and counselors" that use YOUR money, lose it at NO EXPENSE to themselves, but still charge a fee, and will take a healthy bite out of any profit you MAY make. Yeah, THAT'S A GOOD play.

[Codybeast]

I've never witnessed a cat fight between suits before. Sounds entertaining in a boring kinda way but before it turns into an all out cufflink brawl remember what Britney asked for.

I don't think it was investment opinions in the thread as much as a for a professional to hold a class for the girls.

Of course my boots and jeans financial strategy has always simply been to work smart, make lots of money, save 1/3rd or more of it, spend wisely, have a pro handle my taxes, maintain good credit, use credit cards often but always pay them off in full each month and only finance real estate but never cars.
No stocks etc. and I'm doing pretty ok thus far in reality although I feign poverty (Art of war). Learned all that from my Dad and he never charged me a dime. I think he called it the Common Sense system.
Recent Ponzi schemes only confirm that I was wise to NOT hand my money over to someone else to manipulate.

[nuglet]

LOL... Cody; you just offered the best advice for everyone... CLASS!!! PAY ATTENTION!! there will be NO make up tests.

[xxnubyxx]

nuglet The bottom line is, 70-80% of day trader loses money. That's a fact, poll publicized in the North American Securities Administrators Association. So for you to recommend daytrading to the ladies is just wrong. Saying it "take time, study, and guts" isn't saying much, because that's true for practically anything in regards to making money. It seems like the ladies are smart enough to see this anyway, so I really don't need to follow up. But the truth is, if there was an ETF on "providers daytrading fund", you and I would be shorting hand over fist, and that proves my point. If you say otherwise, you are lying. And no I don't day trade, I INVEST in gold, silver and commodities. Lets see who win in the end Mr. Rabbit.

[Codybeast]

My dog is like this with a County Line rib bone. Just can't let it go. Nuglet pleeeez don't respond. lol
So who's offering to hold a class for the girls? Isn't that the topic?