Hi Aggie. I can't be of any real life help re: value of a financial planner.
Like you, I have always done it on my own. My parents were paycheck to paycheck. I was at least 30 by the
time they bought their first "investment", a mutual fund with a 5% up front fee, from an insurance agent.
Not knowing it at the time, I introduced myself to investing at about 16 years of age, when I looked at the
stock page of the Sunday paper. I happened to be looking at Chase Manhattan when I realized they kept
track of where the stock was, and what the 52 week high and low were. Don't remember the low, but do
remember the stock was well below the 52 week high of $45. It dawned on me that someone actually knew
about this stuff and surely someone had bought at or near the low and made money. It never left, but I
didn't get back to looking into it until I was about 34 and could see the end or our mortgage and being debt
free in the not too distant future.
Lots of lessons along the way. First was chasing fund returns. Reversion to the mean: expensive.
I can't even remember the name or symbol of the first stock I bought. I was sure to make a mint though.
Ended about like my first trip to the track. Heck, my brother in law had explained everything. Buy a daily
double ticket, hit the two winners and collect your money. My horse winning the first race almost proved
I was a genius. Second race, my horse, ( Guernica, funny what we do remember ) neck and neck for
lead, maybe 200 yards from the finish. Sadly, all the way around, he broke his leg and went down. I had
never seen a horse euthanized and a cable around its neck pulling it into the back of a trailer. My stock
wasn't euthanized, but in the end the trade resembled the rest.
I saw now, someone had bought Chase Manhattan at $45. Uh oh
Paid for a lot more lessons along the way.
I'm with the hammer in thinking that many here have been down the road. With the internet, education on
all facets investing is there for all who look for it. My guess is that the vast majority here are always "keeping
up". Even with all the information, we each still have to make decisions, and new investors have to put down
real money. Things are rarely cut and dried. Situations are different. I hate to give the government a dollar
before I have to, but I Googled "to convert to Roth or not", and after taking in all the info, I'll make a decision.
There is much more to it than yes or no.
Not out of the realm of possibility that I see an estate planner in the future. I only consider myself the smartest
guy in the room when I'm alone. I would have to do some serious vetting first, and I would want to pay by the hour.
If it helps you out in some way or just confirms your peace of mind, I would say it was money well spent.
Don't know how it works on paper, but investment advisor and estate planner are different to me. |
