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View Poll Results: Do you use a Financial Advisor?
Yes 13 14.61%
No 65 73.03%
I have in the past but do everything on my own 11 12.36%
Voters: 89. You may not vote on this poll

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Old 03-14-2019, 02:53 AM
 
105,766 posts, read 107,756,464 times
Reputation: 79390

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Quote:
Originally Posted by Cabound1 View Post
Agreed. And that’s the same thinking Medicaid uses.

My nw is 10M+ , with or without the primary residence.

And I never used a financial advisor. But did work as a quant on Wall St.
up to a limit in equity medicaid does not count a personal residence
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Old 03-14-2019, 02:57 AM
 
Location: Tricity, PL
61,172 posts, read 85,998,837 times
Reputation: 130895
Lol... Too much info. I don't think I want to share...
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Old 03-14-2019, 05:04 AM
 
105,766 posts, read 107,756,464 times
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multiple 7 figures ,,, no house but do have investment real estate . i do use the fidelity insight newsletter but never paid an adviser to manage anything for us . age 66
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Old 03-14-2019, 06:11 AM
 
915 posts, read 872,686 times
Reputation: 1741
49 2m+ including house. We use an FA. Unfortunately we need FA not to invest money for us, but to put a buffer between my husband's panicky reaction every time the market burps and him making snap decisions. It gives him someone to call and talk to when he needs to be talked off the cliff.
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Old 03-14-2019, 06:27 AM
 
2 posts, read 1,016 times
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Quote:
Originally Posted by JakeinChina View Post
Really? Every FA who introduces themselves to me always gets paid regardless of his/her performance once they get to that step of introducing their services. Not that I'm super interested in hiring a FA, but I'll be more open minded to the FA's who only get paid if they make you money.


I don't have a FA, but I think at some point I need to hire a tax accountant. At least for a couple of years until I learn more. I did my taxes this year and it just get more and more complicated as your assets grow, esp since I have rental income. I'm 40 yrs old.
nw 2.5mm. This is why I don't use an FA. Their interests are not in line with mine. When you get paid based on Assets under management (AUM) then that's the game. Get more AUM, performance becomes second place. And they're just sticking you into funds anyway. i invest in real estate syndications and make 16-22% annually. I'm in lot's of them. Deal sponsors get paid when the deal makes money. Way better setup! No stocks for me.
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Old 03-14-2019, 06:39 AM
 
Location: Philadelphia/South Jersey area
3,677 posts, read 2,540,582 times
Reputation: 12467
~ 2 million net worth and yes I use a Financial advisor.
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Old 03-14-2019, 06:40 AM
 
Location: Wooster, Ohio
4,026 posts, read 2,945,439 times
Reputation: 7040
Quote:
Originally Posted by lauradrops View Post
49 2m+ including house. We use an FA. Unfortunately we need FA not to invest money for us, but to put a buffer between my husband's panicky reaction every time the market burps and him making snap decisions. It gives him someone to call and talk to when he needs to be talked off the cliff.
An excellent reason to have a financial advisor.
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Old 03-14-2019, 07:59 AM
 
105,766 posts, read 107,756,464 times
Reputation: 79390
exactly the people who should use an adviser
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Old 03-14-2019, 09:53 AM
 
1,800 posts, read 1,227,590 times
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Quote:
Originally Posted by lauradrops View Post
49 2m+ including house. We use an FA. Unfortunately we need FA not to invest money for us, but to put a buffer between my husband's panicky reaction every time the market burps and him making snap decisions. It gives him someone to call and talk to when he needs to be talked off the cliff.
And this is a perfectly good reason to have an advisor. I had to learn the hard way before I stopped panicking. Same with chasing impulses....not good.
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Old 03-14-2019, 10:09 AM
 
6,749 posts, read 5,433,450 times
Reputation: 17584
Quote:
Originally Posted by elnina View Post
Lol... Too much info. I don't think I want to share...
Same here.

Our nw is higher than many, less than many.

As my father used to say " my salary is between me, my boss and the IRS ".

Same with nw. Its between us, the IRS and no one else, not even our named heirs until they actually inherit it.

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