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Old 12-17-2009, 05:58 PM
 
Location: Alaska
5,356 posts, read 16,379,559 times
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Quote:
Originally Posted by CA central coast View Post
Does anyone recommend a financial planner or just call Vanguard or Fidelity directly?
If you decide to contact a financial planner, go with a fee based planner. "Free" planners are out to sell you their products that will generate the most income for themselves.

If I was in your position, I'd go with mathjak107's recommendation. I'd then take steps to gain knowledge to see if I wanted to invest in individual stocks. Or not bother and continue with the newsletters (less effort for slightly less returns).
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Old 12-17-2009, 09:35 PM
 
Location: Baywood Park
1,634 posts, read 6,051,542 times
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Thanks everyone for all the information and advice. I'm in my late 30's without any retirement plan or savings. My home is worth 150k less than what I paid for it. A family and a big mortgage makes it hard to have any savings, but I need to get something started now. Paying for this house is what's really killing me, but I guess that's a different subject. Thanks again.
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Old 12-18-2009, 12:36 AM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
22,729 posts, read 40,135,596 times
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Quote:
Originally Posted by CA central coast View Post
Thanks everyone for all the information and advice. I'm in my late 30's without any retirement plan or savings. My home is worth 150k less than what I paid for it. A family and a big mortgage makes it hard to have any savings, but I need to get something started now. Paying for this house is what's really killing me, but I guess that's a different subject. Thanks again.
just some 'sage' advice
1) keep the marriage together, that will save some $$
2) consider moving to a cheaper state (like one w/o income tax during earning yrs, NV, WA, AK, WY, SD, TX, FL, TN, NH) If you live and Work in a no income tax state, live on the border of a no sales tax state and get cheap goods (till the 'national' VAT comes, rumored in Obama's 2nd term)
3) if you need to sell the house... if may have to go. Worse things have happened. I would guess this is a 10yr Real Estate correction, and some areas will not recover (especially LARGE houses w/ high taxes).
4) Start and continue a systematic savings program
5) consider a Dave Ramsey approach (debt free)
6) Listen to some money programs (like Bob Brinker, can get KGO archives 1-4pm Sat and Sunday)
7) Pay attention to your planning and keep after it, don't be obsessed. Life is a process
8) If you are double income family, bank some bucks (We never had double income and still 'retired' pre 50 (tho need health benefits, so = part-time work at the moment)).
9) consider primary housing as a necessity, not to be confused with an investment. I would rather own investment props than a house. BUT I do feel real estate can be a good investment and should be part of your holdings, just be wise about how your assets are GAINING you wealth rather than 'draining the bucket'
10) enjoy the 'process' of life, play with your kids, give your wife respect, praise, and attention
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Old 12-18-2009, 01:48 AM
 
72,206 posts, read 72,150,380 times
Reputation: 49704
Quote:
Originally Posted by akck View Post
If you decide to contact a financial planner, go with a fee based planner. "Free" planners are out to sell you their products that will generate the most income for themselves.

If I was in your position, I'd go with mathjak107's recommendation. I'd then take steps to gain knowledge to see if I wanted to invest in individual stocks. Or not bother and continue with the newsletters (less effort for slightly less returns).
actually not necessarly less returns, dont forget you usually have big winners when buying individual stocks but also big losers... the funds can hold up better in the downturns withoout that individual company risk... the model portfolio i was using which was the growth mix was up 1300% before the drop and now up around 1200% since i started with them in the 1980's.

i have since moved into their capital preservation and income model as i descent into retirement land in a little over a year.

if the op has a fair risk tolerance i would use their growth mix..
its about 70% equities with the rest in commodities,tips,reits and floating rate loans.

the one i use is about 35% equities with 28% cash,24% investment grade bonds, the rest commodities, tips ,reits,floating rate loans.


they have a few different models to choose from

aggressive growth model
growth
growth and income
capital preservation and income.

gains vary with each but so does risk.


if you can stand the boredom you can also use harry browns permanent portfolio concept

25% each in cash,gold,long term treasuries and equities

rebalance once a year and stay protected in any economic scenerio... that boring little mix has returned 9.2% average return over the last 40 years vs 9.8 for 100% equities with little risk of being devasted by any event.

it was even up last year 5% when equities were down 38

Last edited by mathjak107; 12-18-2009 at 01:59 AM..
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