Originally Posted By: Mr Nice
Al,
At 69 years old, you can not take any chances with your nest egg. If you took a big hit, we might see you collecting shopping carts at a Walmart Super Center parking lot. Just kidding
But seriously, the older a person gets, the less time they have to recover any losses without touching their principal investments.
Exactly. Turns last year I went with a Wells Fargo "Wealth Manager". I only put maybe 35% of my money with him and then went in on the most conservative class. I had the feeling it was a stupid move, but my best friend had been with the guy for 15 years.
As the year progressed both of us really looked at the funds he was in and by the end of the year the market was up 9.5% and my stuff was up (after commissions) .5%
The moral of the story is that I regained my senses and pulled out along with my friend.. Honestly Wealth Creators are the biggest rip off on the planet. They charge at least 1.5% commission and their funds are at least .5%.
Better to with a mutual fund like Vanguard VTENX and get the same kind of diversification. Actually much better as this fund consists of thousands of companies Vanguard is happy to tell you the mix and you can by the 5 Major ETS that make up this VTINX. Your cost about .1% or less. Its a no brainer.
And when you can tell me that the local guy can pick diversified companies better than the Senior partners at Vanguard..Isay..have at it.
Al,
At 69 years old, you can not take any chances with your nest egg. If you took a big hit, we might see you collecting shopping carts at a Walmart Super Center parking lot. Just kidding
But seriously, the older a person gets, the less time they have to recover any losses without touching their principal investments.
Exactly. Turns last year I went with a Wells Fargo "Wealth Manager". I only put maybe 35% of my money with him and then went in on the most conservative class. I had the feeling it was a stupid move, but my best friend had been with the guy for 15 years.
As the year progressed both of us really looked at the funds he was in and by the end of the year the market was up 9.5% and my stuff was up (after commissions) .5%
The moral of the story is that I regained my senses and pulled out along with my friend.. Honestly Wealth Creators are the biggest rip off on the planet. They charge at least 1.5% commission and their funds are at least .5%.
Better to with a mutual fund like Vanguard VTENX and get the same kind of diversification. Actually much better as this fund consists of thousands of companies Vanguard is happy to tell you the mix and you can by the 5 Major ETS that make up this VTINX. Your cost about .1% or less. Its a no brainer.
And when you can tell me that the local guy can pick diversified companies better than the Senior partners at Vanguard..Isay..have at it.