Comments on: “I’ll just pay someone to manage my money” http://www.iwillteachyoutoberich.com/blog/ill-just-pay-someone-to-manage-my-money/ Personal finance blog for college students, recent graduates and everyone else -- including entrepreneurship -- for getting rich. Featured in the Wall Street Journal and New York Times. Sun, 21 Mar 2010 11:47:10 -0700 http://wordpress.org/?v=abc hourly 1 By: Laura @ BeyondBeerMoney http://www.iwillteachyoutoberich.com/blog/ill-just-pay-someone-to-manage-my-money/comment-page-1/#comment-94118 Laura @ BeyondBeerMoney Sat, 04 Apr 2009 20:55:33 +0000 http://www.iwillteachyoutoberich.com/blog/ill-just-pay-someone-to-manage-my-money#comment-94118 If you're going to pay someone to manage your money, you should pay someone to: 1) make love to your girl or boyfriend 2) party for you 3) exercise for you. You'll get equally good results!!! If you’re going to pay someone to manage your money, you should pay someone to:

1) make love to your girl or boyfriend
2) party for you
3) exercise for you.

You’ll get equally good results!!!

]]> By: JP http://www.iwillteachyoutoberich.com/blog/ill-just-pay-someone-to-manage-my-money/comment-page-1/#comment-76678 JP Wed, 08 Oct 2008 22:05:16 +0000 http://www.iwillteachyoutoberich.com/blog/ill-just-pay-someone-to-manage-my-money#comment-76678 The proof is an advisor who only works from clients sending me new prospects. How can this exist? Are they stupid? I don't make cold calls. I don't spend any money on marketing. My phone rings because my clients don't share in the pain. I'm a fee based advisor. My favorite recent value is when I took millions of dollars, all of my clients money, and moved it out of the market July 2007. My 1% fee or -33% and counting. The proof is an advisor who only works from clients sending me new prospects. How can this exist? Are they stupid? I don’t make cold calls. I don’t spend any money on marketing. My phone rings because my clients don’t share in the pain.

I’m a fee based advisor.

My favorite recent value is when I took millions of dollars, all of my clients money, and moved it out of the market July 2007.

My 1% fee or -33% and counting.

]]> By: Roxanne http://www.iwillteachyoutoberich.com/blog/ill-just-pay-someone-to-manage-my-money/comment-page-1/#comment-57733 Roxanne Tue, 01 Apr 2008 16:58:53 +0000 http://www.iwillteachyoutoberich.com/blog/ill-just-pay-someone-to-manage-my-money#comment-57733 What do you guys think of Fidelitys Management Service? They want one percent to manage my ira. What do you guys think of Fidelitys Management Service?
They want one percent to manage my ira.

]]> By: Aiden http://www.iwillteachyoutoberich.com/blog/ill-just-pay-someone-to-manage-my-money/comment-page-1/#comment-29507 Aiden Fri, 17 Aug 2007 05:29:00 +0000 http://www.iwillteachyoutoberich.com/blog/ill-just-pay-someone-to-manage-my-money#comment-29507 My biggest tip would be this... make sure when dealing with financial advisors... you're actually dealing with a person who can provide you services in everything, stocks, bonds, and mutual funds (as opposed to just mutual funds). If all they can sell you are mutual funds, you may be getting caught in an ugly heap because that's all they're able to get commission off of. And besides, the better firms will all be equipped with those needs anyways like Goldman Sachs, Merril Lynch, or Ameriprise Financial. Again, the key is a series 7 license. This isn't to say that those fellas like the people at ING or John Hancock aren't looking in your best interest, it just says that they are not more likely to do it because they are limited and probably would sell you stuff they can make money off of. Regardless, I feel the cost of a financial advisor is money well spent... especially because I'm an engineer and don't really understand that much about finance ::shrugs:: but I imagine that would be the case for anybody who isn't in the finance sector and even then that's questionable am I right? My biggest tip would be this…

make sure when dealing with financial advisors… you’re actually dealing with a person who can provide you services in everything, stocks, bonds, and mutual funds (as opposed to just mutual funds). If all they can sell you are mutual funds, you may be getting caught in an ugly heap because that’s all they’re able to get commission off of.

And besides, the better firms will all be equipped with those needs anyways like Goldman Sachs, Merril Lynch, or Ameriprise Financial. Again, the key is a series 7 license. This isn’t to say that those fellas like the people at ING or John Hancock aren’t looking in your best interest, it just says that they are not more likely to do it because they are limited and probably would sell you stuff they can make money off of.

Regardless, I feel the cost of a financial advisor is money well spent… especially because I’m an engineer and don’t really understand that much about finance ::shrugs:: but I imagine that would be the case for anybody who isn’t in the finance sector and even then that’s questionable am I right?

]]> By: NP http://www.iwillteachyoutoberich.com/blog/ill-just-pay-someone-to-manage-my-money/comment-page-1/#comment-27840 NP Tue, 31 Jul 2007 19:09:31 +0000 http://www.iwillteachyoutoberich.com/blog/ill-just-pay-someone-to-manage-my-money#comment-27840 My job as a human being is to make money for the sake of survival. It is retarded to pay someone to do your job. My job as a human being is to make money for the sake of survival. It is retarded to pay someone to do your job.

]]> By: Ramit Sethi http://www.iwillteachyoutoberich.com/blog/ill-just-pay-someone-to-manage-my-money/comment-page-1/#comment-2560 Ramit Sethi Thu, 21 Sep 2006 17:00:02 +0000 http://www.iwillteachyoutoberich.com/blog/ill-just-pay-someone-to-manage-my-money#comment-2560 Who said always? Not me. Who said always? Not me.

]]> By: BillNJ http://www.iwillteachyoutoberich.com/blog/ill-just-pay-someone-to-manage-my-money/comment-page-1/#comment-2559 BillNJ Thu, 21 Sep 2006 16:28:37 +0000 http://www.iwillteachyoutoberich.com/blog/ill-just-pay-someone-to-manage-my-money#comment-2559 I disagree with your suggestion that using a Financial Advisor is always a waste of money. People need to understand their owntemperament and ability to manage theirinvestments (gets even harder when you are married with children). Why do people have a hard time admitting that some people are better with Finance/money management than others. No problem admitting that some people are very talented tennis players or runners - but, don't say that about fiinance or economics. In an era where the IRA has replaced the Pension Fund - If you had a pension fund you would have professional management. Seeking out Professional Financial Manager for your IRA might save a lot of people from eating cat food in their retirement years. There are no guarantees and you might choose a rotten Financial Advisor. But, a simple option is that you can choose to have the financial advisor mange just a portion of your retirement nest egg. ***I am not a financial advisor or in the Investment Services racket - just a well educated guy trying to save for my family's future. I disagree with your suggestion that using a Financial Advisor is always a waste of money. People need to understand their owntemperament and ability to manage theirinvestments (gets even harder when you are married with children).

Why do people have a hard time admitting that some people are better with Finance/money management than others. No problem admitting that some people are very talented tennis players or runners – but, don’t say that about fiinance or economics.

In an era where the IRA has replaced the Pension Fund – If you had a pension fund you would have professional management.

Seeking out Professional Financial Manager for your IRA might save a lot of people from eating cat food in their retirement years. There are no guarantees and you might choose a rotten Financial Advisor. But, a simple option is that you can choose to have the financial advisor mange just a portion of your retirement nest egg.
***I am not a financial advisor or in the Investment Services racket – just a well educated guy trying to save for my family’s future.

]]> By: cmadler http://www.iwillteachyoutoberich.com/blog/ill-just-pay-someone-to-manage-my-money/comment-page-1/#comment-2558 cmadler Sat, 05 Aug 2006 12:35:27 +0000 http://www.iwillteachyoutoberich.com/blog/ill-just-pay-someone-to-manage-my-money#comment-2558 If all you're paying an advisor for is investment allocation and rebalancing, you probably are wasting your money. But several posters have pointed out other areas that a financial advisor will help many people with. If all you’re paying an advisor for is investment allocation and rebalancing, you probably are wasting your money. But several posters have pointed out other areas that a financial advisor will help many people with.

]]> By: Investorial http://www.iwillteachyoutoberich.com/blog/ill-just-pay-someone-to-manage-my-money/comment-page-1/#comment-2557 Investorial Thu, 03 Aug 2006 03:24:44 +0000 http://www.iwillteachyoutoberich.com/blog/ill-just-pay-someone-to-manage-my-money#comment-2557 Out of the 3 in the series so far, I like this one the best and have put it up on my blog's homepage. Ramit, you might want to consider the size of the images more carefully, some blogs don't have those width in their sidebars. It's a bit hard to incorporate the other sizes. This one just fits, but I can't put it on my other pages except the homepage. Keep this series going! Out of the 3 in the series so far, I like this one the best and have put it up on my blog’s homepage.

Ramit, you might want to consider the size of the images more carefully, some blogs don’t have those width in their sidebars. It’s a bit hard to incorporate the other sizes. This one just fits, but I can’t put it on my other pages except the homepage.

Keep this series going!

]]> By: ricemutt http://www.iwillteachyoutoberich.com/blog/ill-just-pay-someone-to-manage-my-money/comment-page-1/#comment-2556 ricemutt Wed, 02 Aug 2006 03:14:41 +0000 http://www.iwillteachyoutoberich.com/blog/ill-just-pay-someone-to-manage-my-money#comment-2556 Personally, I have to agree with Ramit on this one, at least in terms of my own situation. <p> I looked into using one of Schwab's premium client services last year and after accounting for fees, the return was no better, or even worse, than investing in an index fund. </p><p> Couple of things I asked: the service's performance over the last several years, if the Schwab rep I talked to used the service (he didn't, opting for mutual funds instead, not a good sign). I've been meaning to write about this but have yet to find where on earth I packed those numbers since our move. Ugh.</p> Personally, I have to agree with Ramit on this one, at least in terms of my own situation.

I looked into using one of Schwab’s premium client services last year and after accounting for fees, the return was no better, or even worse, than investing in an index fund.

Couple of things I asked: the service’s performance over the last several years, if the Schwab rep I talked to used the service (he didn’t, opting for mutual funds instead, not a good sign). I’ve been meaning to write about this but have yet to find where on earth I packed those numbers since our move. Ugh.

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