Financial, retirement planners on here?

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Originally Posted by Wulf202

I found a reputable firm that I vetted and then paid their fee and completely puzzled them with my retirement plan. It had never occurred to them, they were just stumped.

Educate yourself, be in control of your own retirement. Take a path that works for you.

The advice the guys here have was better than the guys with the masters degrees.

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This! For tax shelter questions or financial planning to investor clubs. Find folks that are above and beyond you and learn by example.

Traditional financial advisors have proven to destroy your portfolio every decade or so then celebrate huge gain while you simple recover. Most financial advisors won't even show you their own personal portfolio and history while expect you to fork over your retirement plan to them.

I gained so much more financial education and experience on the poker table rather than any classes or be the so called financial expert.

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Originally Posted by ChunkyMonkey

I gained so much more financial education and experience on the poker table rather than any classes or be the so called financial expert.

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Ok, so Ill host poker night, and we'll discuss! Who's in? [ROFL1]

No, really, Im actually serious. Havent had any good advice yet that makes any sense from "experienced" planners. All smoke and mirrors, invest here, there, and look you just make $. With the last fews years, I have a hard time trusting a lot of the traditional 401k etc stuff, but Im willing to admit Im wrong too!

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Originally Posted by brianakell

Ok, so Ill host poker night, and we'll discuss! Who's in? [ROFL1]

No, really, Im actually serious. Havent had any good advice yet that makes any sense from "experienced" planners. All smoke and mirrors, invest here, there, and look you just make $. With the last fews years, I have a hard time trusting a lot of the traditional 401k etc stuff, but Im willing to admit Im wrong too!

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Why not? Build your own network of friends who have the same interest.. And work up the ladder through serious investors/business owners.

I meet with few friends who just gotten started wednesday afternoon then with different set of sharks later that night. Hire a hot chick dealer, make it cigar night... Although sometimes this can turn into pissing contest on who makes money the most within certain timeframe. Either way, I learn a lot every week.

COAR needs to have our own lil group on this topic.

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Originally Posted by funkymonkey1111

Dave Ramsey has "endorsed local providers" and has financial planners--you might look there.

Also may look at his views on whole life, too, if somehow you are led down that path

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I second this. I'm with a company now that is all about the whole life insurance and because of that I'm looking at changing companies entirely. It wouldn't be so bad if he didn't bring it up every single time we talked. I'll probably look into one of their ELPs at the beginning of the year.

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Originally Posted by ChunkyMonkey

Why not? Build your own network of friends who have the same interest.. And work up the ladder through serious investors/business owners.

I meet with few friends who just gotten started wednesday afternoon then with different set of sharks later that night. Hire a hot chick dealer, make it cigar night... Although sometimes this can turn into pissing contest on who makes money the most within certain timeframe. Either way, I learn a lot every week.

COAR needs to have our own lil group on this topic.

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how much can you make with $1000 thread?

Anything can be DIY.
I am not saying you should do this, but if i was an stating investor with main objective being a retirement planning. I would:

1. talk to CPA, and see how much I should invest to get a tax break.
2. Open IRA/ROTH and money market and just invest/trade in index funds for average index gains.
3. Goto insurance agent and just purchase some death benefit (such as univ, term, mortgage life, etc)
4. Just read wsj, barrons or some articles to allocate or change your fund base on your knowledge and recommendation.

IF you think you are intermediate, advanced, professional, or owner of small hedge, strategies would change astronomically.

Life insurance is a good addition to your portfolio but should definitely not be your only thing. People that say life insurance is a waste probably haven't actually sat down and looked at what it can do for you. This also varies by your age/health/etc. The abilities of your policy depend a lot on your age/health. Younger people can get some pretty awesome policies but most of them don't think about life insurance.

I also would be very interested in a Poker/Investing/Retirement night!

I use my NW Mutual insurance guy. His name is Shawn Copeland in the tech center location. I needed to have NW to convert my term life to whole life. Still has death benefits like a term life insurance policy.

If I understand correctly whole life is one of the vehicles to be able to put money away, grow it tax free, then draw the payments you made when you retire tax free with current tax laws.

Pros: He is a great source of info. Wants my best interest for retirement. Very nice guy.

Cons: They do ask for contacts. They will call twice per year to update info or try and sell more whole life. Just have to say no a lot especially in this economy.

^Correct. There are a ton of benefits that life insurance can provide.

I work for Allstate and have a life insurance specialist in office. He's low pressure and will just offer up options for you and see if anything makes sense. Let me know if you'd like to talk with him.