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Old 11-15-2009, 11:02 AM
 
Location: Oxygen Ln. AZ
9,321 posts, read 16,585,961 times
Reputation: 5692

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Two years ago we had a fellow who claimed to be a finacial counselor come to our home and try and convince us to use the equity in our home to invest in stocks. I thank God every day we did not listen to that moron.
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Old 11-15-2009, 11:08 AM
 
Location: Sierra Vista, AZ
16,133 posts, read 20,831,348 times
Reputation: 8293
Quote:
Originally Posted by mathjak107 View Post
i have been saying for months,its not markets , but bad planning that kills retirements.. looks like i was wrong... its NOOOOO PLANNING not lack of planning.

Consumers Lack Financial Plans, Survey Says
As told to us by people who make their living selling us plans.
No thanks
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Old 11-15-2009, 11:24 AM
 
71,655 posts, read 71,801,099 times
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based on my own obeservations they arent wrong... we witnessed thru the downturn how clueless most folks are... they had poor diversification, money invested in long term investments with money they need to eat with over the next few years, wrong allocations for their risk tolerance and the list goes on and on.

im not so sure though most of these so called planners can do a better job then someone can do on their own with a little time invested.

i myself will use a pro to help me with the 2nd half of the game... i got me this far on my own but going forward requires knowledge and expertise in tax law and estate planning that i know i dont have.
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Old 11-15-2009, 01:09 PM
 
71,655 posts, read 71,801,099 times
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Quote:
Originally Posted by MotleyCrew View Post
Two years ago we had a fellow who claimed to be a finacial counselor come to our home and try and convince us to use the equity in our home to invest in stocks. I thank God every day we did not listen to that moron.
to bad he didnt come early this year and you did it. you would be a wealthy man right now... hindsite is great isnt it....

Last edited by mathjak107; 11-15-2009 at 01:28 PM..
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Old 11-16-2009, 07:58 AM
 
Location: Forests of Maine
30,687 posts, read 49,469,539 times
Reputation: 19134
Quote:
Originally Posted by jrkliny View Post
wow. Those who provide financial advice have found data that supports the idea that more people should pay for financial advice. What an unexpected finding. ...
lol

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Old 11-16-2009, 08:29 AM
 
9,807 posts, read 13,464,035 times
Reputation: 8158
Quote:
Originally Posted by mathjak107 View Post
to bad he didnt come early this year and you did it. you would be a wealthy man right now... hindsite is great isnt it....
Only an idiot would withdraw the equity in their home ( home equity loan) to invest in the stock market.

If you gotta borrow money against your home to buy stocks, stay out of the stock market.

That way we won't have as many people here crying that they lost their homes , the evil banker is to blame, and the govt should bail them out.
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Old 11-16-2009, 08:34 AM
 
71,655 posts, read 71,801,099 times
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And we have no shortage of idiots thats for sure
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Old 11-16-2009, 02:44 PM
 
48,516 posts, read 83,966,925 times
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I thniik the one thing that shocked me was with many very close to retiorment how much they had in riskier growth stocks and the per cenatage they loss.Its also quite shocking hopw many had no idea what kind of risk or even paid attention to their reports before it dropped.
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Old 11-16-2009, 04:45 PM
 
71,655 posts, read 71,801,099 times
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i cant say i was actually shocked. just seeing the folks at work flinging money into a hodge podge of funds with no regard for when they will even need this money convinced me this cant end good.

then they panicked , sold out near the low and lost the money... im about to hit a new high after these incredible months of gains. i have some funds up 80% which i bought near the lows only in march.

that helped bring back my drop from my all time high quicker
.
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Old 11-17-2009, 12:48 PM
 
16,092 posts, read 36,586,167 times
Reputation: 6277
As texdav says -- I have some relatives who are not spendthrifts but really didn't contribute to 401K or save - they did inherit a good amount of a blue chip stock. However, they were hitting 50 just a couple of years ago, got scared and traded most of the blue chip on two 'get-rich-quick' supposedly solid investments some in-laws encouraged (the in-laws have actually done fairly well for themselves). Needless to say the investments have tanked.

So 'no planning' turned into hasty decisions. ..now they have lost the big job and are upside down on their house. I take no pleasure in this....
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