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Lots of net worth questions but I'm curious what the net worth is of those who use a Financial Advisor compared to those who don't. If you are currently living in a property you own please don't include that in your net worth but do include your age. However if you own rental properties please include that. I'm curious if there's a big gap between those who do it themselves vs those who use Financial Advisors.
FWIW I use one but my biggest regret was starting too late. I was always saving for a house but got too focused on that and only later did I commit to using a FA. Wish I started earlier.
why exclude a house ??? if you have a few million dollars in investments today and sold some investments and bought a million dollar house tomorrow did something change that you are no longer going to reflect that million you earned and saved or could give back to an adviser if you sell ? ?
I agree. At a moment's notice we could move to one of my in-laws' homes in Mexico -they own many- and rent both our homes here. Does that mean our net worth suddenly shot up $200k (what we have in equity)?
why exclude a house ??? if you have a few million dollars in investments today and sold some investments and bought a million dollar house tomorrow did something change that you are no longer going to reflect that million you earned and saved or could give back to an adviser if you sell ? ?
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.
Location: Was Midvalley Oregon; Now Eastside Seattle area
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Started early in our early 30's with a FA. now, 69. Not too concerned with NW and more interested in maintaining Income in deflationary and inflationary times. I think we are good against most things and stuff that sink retirees which the FA presented to us.
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
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NO FA
Retired / left employment @ age 49
single earner family,
hourly wage
A FA would love to get a cut of my dough (every yr)!
I see there are a lot more FA's who only take a cut on what they MAKE you and only on the direct % they manage for you. That is more like it. (Than a % of total assets; win or lose. most common FA fees)
A FA would love to get a cut of my dough (every yr)!
I see there are a lot more FA's who only take a cut on what they MAKE you and only on the direct % they manage for you. That is more like it. (Than a % of total assets; win or lose. most common FA fees)
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.
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think we are good against most things and stuff that sink retirees
which the FA presented to us.
)!
)
