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I don't condemn financial advisors. They are a necessity for most people. I don't like the idea that they insinuate themselves between your employer and yourself, often without your even having any say in what you'll be charged. And they obfuscate what their piece is when you press.
However, With taxes and inflation going ever higher, having no plan ensures poverty for most Americans. Or worse, you live to a great age, maintain great health and vitality, and can't do squat because you are poor.
An annual financial checkup is a great tool for securing and maintaining, an active sporting life post retirement.
The wife in the original article was absolutely sound in her questioning of her husbands judgment. Depending on the state, it was half her money.
The advisor was saying that maintaining more than 5% of their retirement portfolio in illiquid assets was not a sound position. Not bad advice really.

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Quote:
"The advisor was saying that maintaining more than 5% of their retirement portfolio in illiquid assets was not a sound position. Not bad advice really."

The BIG problem with this is so called liquid assets are based on the dollar. The dollar is IMO going down the tube and when that happens it will be worth a fraction of it's value today. So what effect does that have on your liquid assets? The only reason the dollar has maintained it current value is oil is priced and the current cost valued in dollars.
If oil is taken off the "dollar standard",and some of the oil cartel countries are argueing to do so as I type this, it's value will drop like a rock. If you don't like the current $4.00 a gallon price for gas just wait until this happens.
Jim


The 2nd Amendment IS an unalienable right.
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Gnomon, I am confused have you ever compared Vanguards best long term fund to other long term funds both load and no load with the same investment objective. There are many both load and no load which have in fact out performed Vanguard and have done so with less volatility both long term or short. My son and I handle in excess of $275 million for clients, we use commission or fee, whichever makes more sense for the client. Our velocity is .52 which means we earn $1,430,000 gross commission or fee whichever you want to call it. If I worked for fee only at 1% as you suggest, I would earn $2,750,000. If a client buys a bond, say a tax fee municipal which he intends to hold for many years is he better off paying an upfront sales chg. built into the price such as paying par (100) for a bond the firm bought at (99) 1% markup or (98) 2% markup and hold it without further cost for 5,10,20 years or would you rather buy it for (98) and then get charged 1% for every year that you own it. I always believe that most FA's who are successful do care about their clients and as a result build their business through referrals from happy clients. In my case I have many clients with 4 generations in the same family, all of which started 30 yrs. ago. As to conflict of interest don't all business have this conflict. I don't remember the plumber, car dealer, Lowes, HD, Apple, or Ford or your utility company telling you the markup they are charging. Believe me ALL the brokerage firms would love it if all brokers worked for a fee rather than a transaction or commission. I am approaching 65 this year and hope we can continue to earn ou fee or commission by guiding our clients who become friends in the years ahead to help them reach their life goals. Have a good day and I wish all success in their investment choices.

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Is it Jim?
Let me postulate something for you in an approximate way.
You get a bad blood test, then you get bad scans, and find yourself with an aggressive form of cancer.
To live, it's going to take $100,000.00 cash. Not an unreasonable request for a "Proton radiation" treatment.
Do you really want to have to load your trunk with firearms, desperately seeking someone to give you fair investment return?
Hard assets are illiquid at anything close to their fair market value.
Gold has been an anomaly I will admit.
But buildings, guns, cars, paintings, furniture, are an absolute [censored] to get rid of when you need a big pile of money in a hurry.

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Actually it's generalities that are depressing. Residential real estate is depressed; maybe office space? Agricultural land (what we used to call farmland) is doing quite well in the 3-state Marcellus shale gas frac[tur]ing boom. By next yr. a few more poisoned wells and bad waste water disposal practices and a jumpon by the EPA and it may not be. I sold my piece of southeastern Ohio to the speculators with "mineral rights" on the brain. Hope they get their 6k an acre out of it before it becomes a sidehill farm again (that is, if there's any water that's fit for human or livestock consumption).

jack

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Yes, I have made these comparisons and was using Vanguard as an example for the purposes of this discussion. There are many many funds out there.

The best strategy of course is for the retail customer to take charge of his own financial world. Pay a fee for advice when/if needed/wanted.

Many people, even some with substantial means, have no sophistication when it comes to financial transactions and I have sat in on discussions between such individuals and the thieves managing their trusts. Sorrowful.

I stand by my statement that any time a FA convinces a client to buy a product that gives him a commission there is a conflict of interest. Unfortunately it is "standard operating procedure" for the FA industry, as are all the other BS items that are in place only to generate income for the trade.

The trust/wealth management departments of large banks are among the worst offenders and they manage to spread legal crumbs among the local attorneys so that none of them will litigate.

What a sorry lot.

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I have diversified. I have lots of guns, lots of big bore 2 stroke motorcycles, realestate and superannuation (thats like your 401k) I know I will get my money back on old guns and bikes, dont know about making money? (except for some rare ones)


What is it about these old guns that draws us in?
www.firearms4sale.com.au
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"To live, it's going to take $100,000.00 cash."

That's not approximating, that's reality. It's beastly and mediaeval.

Any retirement strategy in this age should consider changing the system.

To think otherwise, regardless of political stripe, isn't thinking

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Originally Posted By: ClapperZapper
Is it Jim?
Let me postulate something for you in an approximate way.
You get a bad blood test, then you get bad scans, and find yourself with an aggressive form of cancer.
To live, it's going to take $100,000.00 cash. Not an unreasonable request for a "Proton radiation" treatment.
Do you really want to have to load your trunk with firearms, desperately seeking someone to give you fair investment return?
Hard assets are illiquid at anything close to their fair market value.
Gold has been an anomaly I will admit.
But buildings, guns, cars, paintings, furniture, are an absolute [censored] to get rid of when you need a big pile of money in a hurry.


I never said above one should all their portfolio into illiquid assets. I keep myself liquid in case an opportunity arises to buy a firearm at a good price. But only putting 5% into other than liquid assets* IMO isn't reasonable either. As a matter of fact I'd like to hear from someone on this board who has followed the "5% or less advice idea".

*I also fully understand that the Government won't even let anyone put assets such as collectibles into an IRA to begin with so they don't consider these retirement assets anyway.

Oh and BTW: I have to the best of my knowledge never lost money on the firearms I bought and sold as collectibles and that has been over a 40 year span. I wish I could say the same about my 401 account.
Jim

Last edited by italiansxs; 05/26/11 09:33 AM.

The 2nd Amendment IS an unalienable right.
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King- as the kids say, "Been there, done that, and got the silk robe."....For now anyway.

A good retirement plan to me has a number of pieces. Not all of which are about money. The plan I and my wife have followed accommodated our different views on money, leisure, activity level, risk, and a bunch of other stuff. The central theme was that we wanted adequate cash flow to live as we wished until 80 years old. Not 100. The reality is that most people are done spending by about 75. There is no great reason to hoard money in the belief you'll be shooting sheep at 80. It ain't gonna happen.
It's all about being relatively easy to work with, and it must generate adequate cash flow to make the life you want possible. For me, I broke out accumulations into generically "Toys", and investments.
Investments I have no attachment to other than seeking profit and cash flow. Toys I want to keep, and play with as long as I'm able. Play might include shooting, oiling,fondling, looking at, dusting, and bequeathing. Any pleasurable use. Including recreational land.
The sole intention of investments is to add to the useable cash flow. When tired of toys they can become a part of the cash flow. But they are better considered stores of value, not investments.
By clearly identifying toys as separate from investments, the decisions on acquisition and disposition were only mine. Investments, the wife and I talk about.

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