My Wife Thinks A Financial Advisor Is Going To Steal Our Money!
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- Опубліковано 19 жов 2024
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All you have to do is buy an S&P 500 index fund biweekly and boom you’re good. You don’t need a financial advisor
That’s almost right it’s easy and the accumulation phase and start to do distributions manage your tax liability deal with RMD’s and other things that come up in one financial picture and it gets more complex very quickly. You can do it yourself for sure but it’s going to take a lot of time and if you’re not very knowledgeable how everything works you can also add a lot of stress. The problem with most people just investing in S&P 500 index is behavioral finance as a data shows that most people buy in when things are doing good but when things go down they sell out there is a ton of empirical data on this behavior and the average investor doesn’t have the castle fortitude to whether those storms sometimes and cells when things are not looking good because they took their eye off the long-term goal.
If you have more than a little bit of money, that’s a very poor strategy. You may or may not benefit from an advisor, but you’re leaving money on the table with that approach.
VTSAX or VFIAX and chill. For more wealth preservation add 25% VBTLX
That's my plan. Investing in S&P 500 index funds and a few other ETFs/index funds in sectors I believe will grow.. Not even planning on touching mutual funds (looking at you Mr. Ramsay)
Why biweekly?
Truthfully at this point you’re better off being in charge of your own funds and not having it in control of someone else. In this day and age you can easily do your own research and invest directly from your phone and not pay unnecessary fees and then be charged when cashing out early if you decide you need your funds in an emergency. DYOR and don’t trust anyone else with your money.
Good and honest advice
100% with this comment.
Never trust your money with someone else's.
True but that also depends how much you truly have though.
Make sure your financial advisor is a financial advisor. Back in the day I had an appointment with a “financial advisor” and through the meeting learned he was essentially a whole life insurance salesman. Idk if those weasels still pretend like they are financial advisors these days or not.
I am not a financial advisor, hope this helps.
When looking for a financial advisor, look for two things: that they are Fee Only, and that they are a Fiduciary. That minimizes the risk of them selling you garbage.
Like Dave's trash financial advisors that sell high front load mutual funds.
I have interviewed a few from Ramsey solutions and they have all been percentage based. So fee only is better?
@LetsRVtv results is better. Factor the terms as additional cost, don't pigeonhole a good investment because you don't understand the vehicle. This information is not beyond reach.
My wife and i went to one and he recommended "X" and gave us the reasons why. When he got done he asked any questions, YES, let me see where you have your money.
My wife said i embarassed her when i asked but the way i see it, you recommend us to put our money in "X" but you have your money in"Y".
All i wanted is for him to treat it like his money. I told him to invest our money in the same thing he has his in. Then if he finds something different call me and ask if i want to do the same.
Needless to say he wouldn't do it.🤗
Good call!!!
it depends on the individual though. he migh have a higher risk tolerance and maybe you don't want that smoke lol
Keep your friends close, your money closer.
Just buy indexfunds or ETFs and you are good. I only buy VT and it has everything in it that I want. Just do your own research and you are good to go. I would not invest in any mutual funds like Dave suggests the fees are way to high compared to ETFs and the performance isnt any better .
Preach. High MERS, front-load or back-end fees are complete bogus. People don't realize how much they're losing every quarter since the "advisor's" commissions aren't included in the statements sent to the client. Index funds and ETFs you can manage online yourself are the way to go.
I'm in the process of cashing out of my mutual fund rn. My individual brokerage account I manage myself has had a much better performance than my mutual fund. Why pay fees when they're just throwing the money in index funds anyway.
@@chimchu3232 Your approach is a good one but at 75 I don't want to work that hard at it. I'll let the fund managers worry about the individual companies and choose funds based on long-term performance and management stability.
@@nadiar.7788 thanks needed to know that.
In my opinion, it would be preferable right now for you to be in charge of your own money rather than having it under the management of someone else.
I personally know two people who have been ripped off by financial advisors. One lot being my in-laws who had their entire life savings lost. They won some money back through court, but it’s cold comfort. I do believe we all need to take personal responsibility to a point (my in-laws are not clever and are easily sold on things), but it’s still worrying. I also used to work for a financial services company who created managed funds, and one of my jobs was writing cheques to financial advisors who sold the poor performing products to their clients. It means I refuse to use a financial advisor. If I were in America, I’d see a SmartVestor Pro. Wish we had such an option here.
SmartVesteor Pros are literally just Dave Ramsey endorsed financial advisors
@@adamseidel9780 but they at least have been through and, I assume, must maintain, a vetting process with Ramsey Solutions. That’s got to be better than just a random option… but I’m not in America, so can’t really comment further.
@@Pandorash8 it’s only a better option if you absolutely want an approach that adheres strictly with Dave’s approach. The vast majority of advisors are backed by major financial institutions, even the Indy shops are.
@@Pandorash8 they pay dave money that's how they get on that list. They're not a fiduciary financial advisors and they sell high front load mutual funds. Avoid them at all cost.
Fees are a vampire on your wealth. Your financial advisor is costing you hundreds of thousands of dollars.
$40/year for a self-managed account, no financial advisor wants to touch it.
Sell only, no buy
@@aolvaar8792 I thought the financial advisors got to keep a percentage under management? So a buy and never sell means they get to keep a certain percentage of the profits.
@@donaldlyons17 The FEDs several years ago, wanted to stop Money Managers from telling clients to sell then buy. Padding their commissions.
I was offered, percentage under management or
$40/yr Sell only, no buying
They make a commission on the sale, but the fund gets smaller.
When Dave taps his finger tips together it’s like he is confident and secure Also when he puts his hands and thumbs under armpits comfort zone with those millions
A FRIEND looked into his 401k finds out there is a 3% annual fee along with many others.. If I calculate out to RETIREMENT 2/3 will have gone to FEES , FEES , FEES. DO the MATH on yours and find out quick.
“Yes, an unscrupulous financial advisor can steal from you, so it's important to take the time to hire a fiduciary advisor you can trust. Advisors who are registered with the SEC must act in your best interests and follow the custody rule, a set of regulations designed to safeguard your assets.”
Just 2 - 3%, which in the long run will cost you hundreds of thousands, but whatever
Not necessarily. Standard AUM fees are more like 1-1.5% now, and there are also pay-by-the-hour planners (my preference). 2-3% is indeed a ripoff these days.
Why not go to large brokerage firms like Fidelity and Vanguard? That should elimite her worries.
Great insight
Yeah, it’s literally their job to slowly steal your money. I like Dave, but he gets huge kickbacks for sending people to financial advisors that sell actively managed funds. It’s not illegal or anything, and it’s still better than not investing if it makes the difference for someone, but it’s not for the majority of people that are perfectly capable of managing their own money
Good answer and advice, but let Kristina be on the show when she's on. She's not there just to be pretty, but this is far from the first time Dave shuts her up numerous times.
Yes! My thoughts exactly. It's cringeworthy at best.
He does have a tendency to do this with all of his co-hosts, but I get the impression she’s still in the “training” phase, whatever that means for a Ramsey personality. I have noticed she has given advice or mentioned things that go against Ramsey’s own longstanding advice, so it might be they want her to get more familiar with the material and the answers she should give before letting her loose.
Just buy SPY or voo. Super easy. No need to pay someone to do rhat
They will either steal it ,or loss it all!!! I'd rather mange my money myself & lose it all ,then to let someone else lose it all & still get paid to lose it!!!!
that's a fool speaking.. if you think you know more than a fiduciary advisor and registered with the SEC than why are you still watching these vids? A good financial advisor will make you $$.. I have never been more satisfied with my advisor.. over the years he has tripled my $$..
No one has your best interest at heart more that YOU.
You were smart and saved the money get classes on how to invest.
Great Advise Dave!!!!
Put pen down not enough security blanket with Dave
The feds are too busy bugging them instead of giving me my tax refunds back.
Look your financial fund managers get a fee every time they load up or move or sell for you they always win with your money even if things go to heck and you lose your money. Just keep that in mind their motivated to keep tilting the pinball machine as much as they can because there's always a payout for them. I'm not saying it's all bad but just be aware they love your money isn't your their pocket as much as you love it in yours.
Dave one time ask co host what is her thoughts at least that’s respect
The cost of the exams to become a certified financial planner is very exapensive. You don't need a degree but you have to renew your license every 2 years so it's not a one and done exam. Those people know what they are doing.
Welll....they might.
I love how Dave Ramsey tells it like it is and don't care who doesn't let it. You need to care about your money everyone not going to have your best interest. I'm glad he picked companies that have a heart of a teacher. He cares for and loves people. Some people don't want you no more than them out of fear and jealousy.
He picked companies that charge AUM fees and put you in high load mutual funds. Dave gets kickbacks to be on his list he's not doing it to be kind he's feeding the financially illiterate to the wolves.
There must be a reason why it is highly regulated. There must be plenty of crooks.
she’s worried there won’t be anything left to steal from you when she divorces you.
😮
Or maybe she's just smarter than him and knows the average person don't need an advisor.
Brother you should definitely but look at the timing also.
"Explain it to me like I'm 5." Best thing you can say in life. If they get angry, it's because they can't. And if you go to work and realize you can't do it either, you just bought yourself an opportunity to prepare and not miss the next opportunity.
They don’t regulate the insane fees and loading fees for mutual funds
Said someone that does not know about the industry
@@stevo4535 Said someone who knows, just like this Canadian who knows we pay the highest MERS in the world, and for nothing. You're clearly an "advisor" ROFL. Go pander elsewhere.
Are you familiar with Aspire Financial as one of your SmartVestor pros?
Let her talk dave
iIt's 50/50
VTI and chill.
What are the life insurance agencies Dave used to mention?
How about letting her talk sometimes too!!
She is the personality that talks about debt free college (AO old job). She usually does not jump in on other topics
What's the wife gonna divorce him and take half.
Dave stop interrupting the lady. Have some respect
that lady is so pretty
A wise husband listens to his wife, when she is right. A wife might save your life.
Who is Christina and what does she do? I've seen clips with her a few times now, but she hardly ever speaks.
One of the personalities. She's still relatively new but I think at this point, she should be talking more
I don't usually watch the live shows but maybe she talks more during the live shows and those clips don't make it to this channel
Just the latest yes man. She's still new so she bites her tongue when dave says financially illiterate things.
I like her persona but the only thing I ever hear her say is get a bunch of scholarships to pay for college bc she got 500k worth of scholarships. As if every listener is a black female lol. She literally thinks college cost is not a big deal bc SCHOLARSHIPZ.
She talks about debt free college, she took AO’s old job
Does financial advisor have to buy insurance.?
Yes, errors and omissions
Just look up Bernie Madoff, she's a smart lady.
Yea Dave you not our daddy either probably couldn’t spend 1.00
Read the bible its all in there! LOL
Co host seems a little uncomfortable and picks up pen and like starts to write a little she want get to talk that much I bet
💪🏽💪🏽latinoamericano
Just buy a target date fund
Sir Dave pls look into poor circulation in your fingers. They are off colored.
Please Honey.. Get rid of the Soul Glow..
It's Soul Glo. Not glow.
I don't need a financial advisor to buy AMC & GME.