Those nursing home numbers are unbelievably inaccurate. Also, a lot of that long term care coverage goes for in home use as well.
How many of you invest?
- Thread starter HawkFan75
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Those nursing home numbers are unbelievably inaccurate. Also, a lot of that long term care coverage goes for in home use as well.
You have to be cognizant of who you are quoting. Cemar is a doofus.
I am not so sure he should avoid a financial planner right now. 50k is a nice amount for a 42 year old about to pay off his house, that has no knowledge of investing. sounds like a perfect opportunity to start learning and make plans to put his family in an incredible position in the next 10 years.
Another American success story from those on the public dole! Probably union members too.
Go find yourself a good financial planner. Pay them their fees. They will make you much money as well as cover your invested ass.
Yeah dude, it’s not like real money was deducted from paychecks each week.
Not necessarily. If you are maxing out your tax advantaged plans growth stocks inside a brokerage account can be beneficial.
CDs and Money Market? Roflmao. Might as well pay the house off early because the interest you get from CDs and Money Market will be far lower than even the best mortgage percentage.
At their age they should be 100% in stocks. Not old lady investments.
First, obey the rules and post a pic of your wife.
Second, I'd avoid financial planners like the plague. Many of them are blood-sucking ticks that just want to bleed you dry and pork your wife. I have friends that worked in the industry (Ameriprise) and financial planners are often trying to sell you products that suck just so they can make a high commission.
Use Vanguard to invest and ask a CPA or rich friend for advice. Be conservative. You could probably just read articles online from reputable sources like Forbes and Money Magazine to get some good investment info.
Invest for the long term.
50K isn’t much for diversification purposes. Given your situation, I’d think 3-4 index funds will do the trick. Super cost effective and likely won’t do any better or worse than most financial advisors (at least at those levels).
If you want good ideas for diversification, google the endowment funds for Harvard or Yale. Granted, you don’t need much for fixed income at this point but it’ll give you some good ideas on different stock allocations (large cap, small cap, international, etc.).
If you want good ideas for diversification, google the endowment funds for Harvard or Yale. Granted, you don’t need much for fixed income at this point but it’ll give you some good ideas on different stock allocations (large cap, small cap, international, etc.).
IPERS is nice. Depends on how it’s paid off. Does one pay the other when the other dies?
I've got little insight but I have enough successful constituents donating Vanguard funds to confirm my confidence in Vanguard.
"Can be beneficial" is an odd phase for investing. But if you are intimating that investing in particular growth stocks would be wise, you'd be incorrect. If you want more risk, diversify at a particular risk level.
To me it's just numbers on a screen or on a sheet or using in assets that give me some benefit. I'd rather have the benefit part higher than the # on a screen.
I'm still saying invest - just in a "working" asset. Hell a good timeshare might be better.
Why would anyone pay you to buy them index funds? If I hire a FP I would expect him to out perform index funds, otherwise why use him?
I agree wholeheartedly about lifelong investing. That's something many overlook, to their detriment. Well said.
I think we may have a difference of opinion regarding long term care insurance.
About 25% of people over 65 will need some form of long term care. Most good plans cover far more than nursing home care, these also cover assisted living and in-home care. It's a very complicated area and requires a lot of time to figure out what works best for your situation.
Another benefit of quality LTC insurance in some states is that it may allow you to retain more in assets should you need government assistance to stay in a nursing home. This is especially important if one spouse needs care while the other is trying to live independently. Like I said earlier, it's a complicated area, but one that a person should consider when developing their personal financial plan.
He should avoid "free" financial planners who get paid from the products they sell (annuities, insurance, etc.). However, hiring an independent financial planner to help him develop a comprehensive financial plan would probably be a good idea, unless he is the type who can figure it all out on his own.
Most plans of this type have options for that, but it results in a reduced monthly benefit.
Hire a financial planner for a one time fee. Develop a life plan. This will help you get a will, insurance, figure out your long term investment numbers. Then go and invest the money yourself. Personally, I would not rely on IPERs to be around and plan accordingly. Pensions fold all the time.
With no kids, you should have zero problem retiring comfortably...unless you have a large coke/hooker problem.
I would throw the rest of your "free" money into a Vanguard target date set for about 15-20 years out; depending on when you want it. It will formulate optimally for you without you having to do a thing besides picking how much a month to put in. Their fees are super low as well.
50k in savings is just going to sit and not really mature so I would leave that alone and dont add to it.
I would throw the rest of your "free" money into a Vanguard target date set for about 15-20 years out; depending on when you want it. It will formulate optimally for you without you having to do a thing besides picking how much a month to put in. Their fees are super low as well.
50k in savings is just going to sit and not really mature so I would leave that alone and dont add to it.
http://360flamingo.com/
Vacation home now. Management also rents it out while you're not there. Retirement home later.
You are welcome.
Vacation home now. Management also rents it out while you're not there. Retirement home later.
You are welcome.
The OP is coming to a sports message board and asking for investment advice. Think about that. He should go get himself some advice from a professional.
I always love how people want financial advice but don't want to compensate the people who can advise them.
Yeah, there are some sucky advisors out there that are nothing more than product pushers, but there are also some really smart people that could provide some great advice, grow the OP's wealth, save them from some tax pitfalls, and should be compensated for the services they provide.
The problem is that the "professionals" often have their own agenda and their clients don't know that. It's insane.
I think some good advice can be gotten here. I gave some
The problem is that the "professionals" often have their own agenda and their clients don't know that. It's insane.
I think some good advice can be gotten here. I gave some
So did I.
I used to work in that industry and held both broker's and advisor's license. I'll be the first to say that business sucks and I got out of it. But when I was doing it I had all sorts of people that just wanted free investing advice. People, for the most part, are really crappy at knowing what to do with their money. They need the assistance of somebody who knows what they are doing. The difficult part is finding that person. There are a lot of good people out there in that industry. There are also a lot of crappy people, just like every other industry.
OP has $50,000, so he should treat this like a major purchase. Get some referrals and interview with a few different advisors. Choose one that you feel most comfortable with. Be very upfront about it. A good, successful advisor isn't going to get offended. They know this is a an important issue for you and your family. It's just business.
I agree he needs good advice. He could probably get it for free from a relative or friend that knows what they're talking about.
My Uncle is a good investor and I get some advice from him.
Just wait and see what these index fund "investors" are saying when the market drops, their funds drop with it, and they panic and pull their money out. The best value an advisor can give you is that it's not their money and they're an objective source of advice. There are many fantastic advisors and plenty of phony ones, as I suspect with any industry. Shop around and see who best fits your needs.
A reasonably intelligent person can do research and manage a portfolio themselves. The problem is that people don’t take the time to do it. Hiring an advisor is no different than outsourcing anything else in life. A competent professional costs money but also often saves people from themselves. Research shows that something as basic as asset allocation is often not understood by investors.
No doubt the market will tank. The smart play is to do nothing because it will recover. Enjoy buying low with your monthly contribution.
Oh, and if the market never recovers...well the world as we know it will be over so it really doesn’t matter at that point because we will be living in some waterworld meets mad max society.
I don't currently have a FP, but if/when I do, I'll expect to benefit for reasons other than picking funds. I'd want to tap into expertise around long-term strategy and is want them to spend some time understanding my family, how we approach money and what we want to do with it. I don't necessarily need an investor and I don't want a "cash nanny" giving cookie cutter advice.
Follow the flowchart here. I wouldn’t consider a financial planner until you are at least to Step 5 on the top row.
Between IPERS and SS, they'll live very comfortably barring some catastrophic circumstance. In their situation... the other spouse is the beneficiary in most cases and they should be very well off.
Unless someone has a family member needing help... I'd be very aggressive investing at that age because it's basically play $$$.
A financial planner, of which you clearly have no clue what I actually do. I use some specific index funds because I like them. Much like I use specific mutual funds because I like them and they fit the portfolio. I am not trying to beat the market.
I build portfolios to mitigate risk while maxing out growth. I am not in the business of picking investments. That is the easiest part of my job.
A balance between passive and managed funds. Stocks and actual bonds. Etc....
Most people that think they know what they are talking about, don’t.
And I am sure the industry you work n is squeaky clean, right? No bad seeds at all? Those Ameriprise folks aren’t financial planners, they are brokers. Big difference.
If you don't know anything about investing or the market and don't have time to learn...hire someone. If you have some interest then do some reading and research. I started an investment club 15 years ago (it lasted about 8 years) but I learned a ton and it forced me to read and research. Start with Peter Lynch's Beating the Street. I typically beat the S&P in returns but I put some time and effort into it because I enjoy it.
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