"BAR" wrote in message
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Eisboch wrote:
"BAR" wrote in message
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wrote:
Where the hell were you getting a 20% return?
You gotta have you finance guy putting you in the right funds.
I'll tell you, I have to give you guys credit for having the balls to let
a "finance" guy manage your money and/or investments for retirement.
Maybe I could have made more, maybe not, but I like using common sense
and doing it myself rather than rely on some person who makes a living
using your money. Nope. No way.
You have to know your own limitations and investing isn't one of my areas
of interest. I would rather go out and do stuff than sit around and figure
out where to invest my money. I am good at earning it but not investing
it. Besides I have a family member with a Series 7, working in the
personal finance area, who checks over everything.
Other than "just checking", you should avoid following any "buy this/sell
that" advice from that financial person in the family. It's just a bad idea.
It's inevitable that something goes bad eventually, and you don't want to be
looking at each other funny at family gatherings.
I used to work for one of the major brokerage firms. While we were studying
for our exams, we were also gathering names of tentative clients, and the
manager was reviewing them very closely. He told us to NEVER do business
with family members unless it involved products so safe that they were a
total snore. On October 19th, 1987, as he and the older brokers were
panicking & sweating, he stopped by my desk to say "Just got a call. You
passed your series 7, and if you thought I was wrong about doing business
with family, today should eliminate those questions."
When a family member gave us a chunk of money for our newborn son's college
fund, the manager suggested that he talk to my wife about what bad returns
could do to our dinner conversations. That was a good idea. She needed a
second voice to adjust her expectations. Fortunately, the worst I did while
managing his money was a couple of investments that were a little boring.
Any other family members I worked with were limited to stuff like AAA rated
insured munis, fed paper, or A+ or better corporate bonds.
The endless baked ziti and warm Genny beer still made family gatherings a
trying experience, but at least there were no financial arguments.