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Old 03-19-2019, 07:25 AM
  #21  
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Originally Posted by amofgreenville View Post
You need to make sure you set up a ROTH IRA for your wife, instead of the Traditional IRA, and get a new advisor..
Can she have a Roth IRA? She has no earned income.
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Old 03-19-2019, 07:28 AM
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Also - I just used her contribution on my taxes as it had a major swing on my tax liability for that couple grand. So that is not eligible for a ROTH since it was "pretax" money.
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Old 03-19-2019, 07:28 AM
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Originally Posted by KIMDer View Post
Can she have a Roth IRA? She has no earned income.
spousal exception
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Old 03-19-2019, 10:27 AM
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As others have indicated you are getting fleeced. Either do it yourself with low cost houses such as Vanguard or find a fee-only advisor.
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Old 03-19-2019, 10:28 AM
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Yeah I've already started the Vanguard transfer this morning. Thanks for the input.
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Old 03-19-2019, 10:38 AM
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Originally Posted by KIMDer View Post
Yeah I've already started the Vanguard transfer this morning. Thanks for the input.
If this guy was handling your money for years I would arrange a meeting with a fee only person or at minimum with a Vanguard financial consultant to go over your situation before buying any funds.
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Old 03-19-2019, 11:06 AM
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Originally Posted by KIMDer View Post
Also have a pretty good 401K that i will need to decide what to do with in the next couple weeks when i switch jobs.
That part is very simple; when you leave that job you will have the option to transfer the funds into another 401K or to your IRA.

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Old 03-19-2019, 11:53 AM
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Originally Posted by KIMDer View Post
Can she have a Roth IRA? She has no earned income.
Originally Posted by KIMDer View Post
Also - I just used her contribution on my taxes as it had a major swing on my tax liability for that couple grand. So that is not eligible for a ROTH since it was "pretax" money.
Originally Posted by joe.giuliano View Post
If this guy was handling your money for years I would arrange a meeting with a fee only person or at minimum with a Vanguard financial consultant to go over your situation before buying any funds.
Everything is transferring in kind. I've also been directing my 401K for the last 8 years and dabbling a bit. As has been suggested I was already planning on doing some total market funds and the link.
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Old 03-19-2019, 12:04 PM
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Originally Posted by KIMDer View Post
Everything is transferring in kind. I've also been directing my 401K for the last 8 years and dabbling a bit. As has been suggested I was already planning on doing some total market funds and the link.
Then just a question; if you've been directing your 401K by yourself for the last 8 years what kind of return did you make on it?
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Old 03-19-2019, 12:11 PM
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Originally Posted by mikefloyd View Post
Then just a question; if you've been directing your 401K by yourself for the last 8 years what kind of return did you make on it?
last 3 years 7.6% annualized. 27% cumulative. Not off the charts but I thought it pretty good.

Id have to dig up older than that.
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Old 03-19-2019, 12:49 PM
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Originally Posted by KIMDer View Post


last 3 years 7.6% annualized. 27% cumulative. Not off the charts but I thought it pretty good.

Id have to dig up older than that.
The DOW was up almost double that for the last 3 years.
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Old 03-19-2019, 01:02 PM
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Originally Posted by mikefloyd View Post
The DOW was up almost double that for the last 3 years.
More than that -
DJIA TR ~69% and the S&P 500 TR ~ 56%
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Old 03-19-2019, 01:10 PM
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My 401k was fairly limited in the choices available and didnít have any whole market funds. My other investments he had those options but as I posted earlier wasnít getting much better returns than I was, than Iím paying the 1.25%.

Im open to options at this point which is why I asked. My plan was to put majority in some whole market funds and some in some bonds. Iím looking for options. Iím not against talking to someone? I just donít think the guy Iíve been using is the right guy.
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Old 03-19-2019, 01:13 PM
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No bonds at your age. Index funds.
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Old 03-19-2019, 01:14 PM
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Originally Posted by aubv View Post


More than that -
DJIA TR ~69% and the S&P 500 TR ~ 56%
Depends on what day you pick to start your 3 year period; that's why I used an approximation. Either way his gains were low.
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Old 03-19-2019, 01:29 PM
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You are still young, and that is great. Take all your money from this guy, and put it in a low cost fund. Vanguard has a number of funds to choose from.
They are very low cost. Less than 1% . Do your own research. Never pay someone to manage your money that can't stand behind the investments he chose for you.
This person has No Skin in the game. Only skin is Yours. He gets paid his 1% or probably higher the way it sounds, even if you lose money at the end of the year. He doesn't lose sleep, You do !
Listen to Warren Buffet ! He will not steer you wrong. Follow him like a hawk. Low cost funds. Check the Vanguard funds, and pick one or two that suits your goals.
Do it yourself ! No need to pay someone to lose your own hard earned money !
Hell, you can do that yourself without having to pay someone to do it for you.
Ask me how I know ??
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Old 03-19-2019, 02:45 PM
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Go to Morningstar and check out UTG, BME, RNP, MAIN, BBN, DNP, etc. Don't just look at what their prices have done, either. Click the "Performance" tab and take a look at the growth of 10K over the last 10 years.

These are all conservative funds with regularly monthly distributions, ranging from 5% to 7.5% annualized. So in other words, even if the fund price goes nowhere, you're still looking at 5% to 7.5% returns. All have good long term track records.

Funds like these won't get you rich overnight. But they won't make you go broke overnight either. Slow and steady wins the race.
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Old 03-19-2019, 06:22 PM
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Originally Posted by manukabay View Post
Go to Morningstar and check out UTG, BME, RNP, MAIN, BBN, DNP, etc. Don't just look at what their prices have done, either. Click the "Performance" tab and take a look at the growth of 10K over the last 10 years.

These are all conservative funds with regularly monthly distributions, ranging from 5% to 7.5% annualized. So in other words, even if the fund price goes nowhere, you're still looking at 5% to 7.5% returns. All have good long term track records.

Funds like these won't get you rich overnight. But they won't make you go broke overnight either. Slow and steady wins the race.
Not saying these are bad ideas. However CEFs use leverage and buyers should be aware of the fee and distribution schedule.
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Old 03-20-2019, 09:40 AM
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Originally Posted by joe.giuliano View Post
Not saying these are bad ideas. However CEFs use leverage and buyers should be aware of the fee and distribution schedule.
Absolutely, no argument there at all. Always do your due diligence, didn't mean to imply otherwise.
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Old 03-20-2019, 11:19 AM
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If you are asking theses questions you do not trust the man. Get someone else.
You are not getting enough returns, he is making money off of you by too many fees, bouncing from one fund to another, get someone else.
Bottom line is get someone you trust and won't "fee" you to death, don't let hi talk you into staying with him.
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