401k peeps, how much are you investing?

[Jack]

Jack just so you know a bunch of professionals will sit down for a free consult and be able to explain pros and cons to the different ways of investing. So if you like what they are saying then go ahead and if not just sake hands and walk away. I was very impressed with how much time my guy was willing to sit down and explain/answer questions that I had. If you decide to meet with someone let me know and I will give you his contact info.

My ex-Uncle is a big shot financial consultant. Sure, the consult is free… but they charge you for everything after the handshake… and make a shit load doing it.

I may contact him after the house stuff is done and see what he has to say. Maybe give me the family discount.

[cougarspeed]

My ex-Uncle is a big shot financial consultant. Sure, the consult is free… but they charge you for everything after the handshake… and make a shit load doing it.

I may contact him after the house stuff is done and see what he has to say. Maybe give me the family discount.

Jack no offense but this statement you made shows that you are not really in the know on how they make their money. I think you should at least talk to your uncle about how everything works before you just conclude that they charge a ton. But yes if they are good at what they do they do make a shit load and they should IMO.

[Jack]

Let me clarify.

Someone else in my family, with a lot of money in the market, went through this person. They both made money off of eachother. One was ahead in the end, the other not.

As far as I know, each transaction costs x dollars. These transactions are either your idea, or your consultant’s idea. You’re paying for him to watch the market and make decisions for you. It all costs money. Like I said, I’m already paying someone on the 403B side to manage my money. I’m not ready to pay another person.

coug - give me some insight here.

[cougarspeed]

Let me clarify.

Someone else in my family, with a lot of money in the market, went through this person. They both made money off of eachother. One was ahead in the end, the other not.

As far as I know, each transaction costs x dollars. These transactions are either your idea, or your consultant’s idea. You’re paying for him to watch the market and make decisions for you. It all costs money. Like I said, I’m already paying someone on the 403B side to manage my money. I’m not ready to pay another person.

coug - give me some insight here.

Not quite how it works but again im not an expert so I think you should have a chat with a planner. That would be the case if you were paying a broker. Often when planning long term like IRA’s and such you will use an adviser/planner like say someone from newyorklife(they are popular in the area). Im not going to go into detail of exactly how they get paid. I have an understanding but don’t want to explain it wrong. I think a few guys on here are reps and could maybe answer this. IMO it is always worth atleast hearing out and looking at the options. I know the terms I have with my planner and can tell you all I have paid for was $300 for one of the account startup fees. Sorry I don’t have better insight haha. Ill send a PM.

[skatanic28]

i max out whatever my company matches (~6%) and then put a bit more into an IRA

i have been losing a lot lately

[Tevenor]

i put into my 401k the same percentage that my company matches and then i do private investing too with “extra” money.

Quote FTW. Keep your money growing but take the benefits of a Roth IRA or something more fluid. Put as much money as you can early into your company matched 401k. Compound interest is a joyous thing.

[Jack]

Thanks for the PM Drew…

I’m going to ask around the office quick, I work with a lot of “rich” people.