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Remember that the posters on this board represent the most financially educated portion of the population. We may, and do, have differing attitudes towards money, but for the most part, we understand and agree on the facts.
You cannot say that for the majority of people. I have recently been helping a friend with some financial issues. His lack of understanding of basic financial concepts (capital gains tax, Roth vs t-Ira, etc) was appalling to me. For him, hiring a financial advisor is WELL worth the 1% UAM fee. He’d be leaking money everywhere without the guy.
We pay 0.5% of the amount under management but only started the account about 19 months ago. As I told our guy, I did a good job building it up but I’d prefer not to lose it when the market takes a dump. 61 now and prefer to relax and concentrate on other projects.
Net worth: oh.....well over $1M...use your imagination for the total. Lol
What changes did he recommend to prevent losing it "when the market takes a dump"?
We do not give a fig about investments, so we put everything in a pile and gave it to Edward Jones. As long as it keeps earning, we don’t want to hear from them. We suffer through an annual meeting, but otherwise, our representative calls us every quarter if she thinks something needs adjusted.
We have a very small nest egg, so we need a professional to make sure we get the most we can.
personally if it were me and i had to make do with what i had and get the most from it i would take a lot of interest in what it was doing and what it was costing me . it maybe more a case of what one is not getting and could or should be getting with that modest amount .
to me , it would be more crucial to understand my money then someone wealthy who does not have to care about what they are not getting .
Last edited by mathjak107; 03-18-2019 at 08:19 AM..
No FA
38
$450k (invested in Boglehead style mix of index funds and large cash Efund and high yield savings account)
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