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its compounded like a percentage of total assets under management, so it could be not a big deal or it could be like half a million bucks total over your lifetime, depending on aum held with them. if you're getting steered to dog poo poo stuff it could be the literal totality of your retirement
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Jun 16, 2023 01:00
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you wanna be looking at this table https://www.bogleheads.org/wiki/How_much_do_you_lose_to_annual_fees_after_many_years%3F
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Jun 16, 2023 01:03
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bob dobbs is dead posted:its compounded like a percentage of total assets under management, so it could be not a big deal or it could be like half a million bucks total over your lifetime, depending on aum held with them. if you're getting steered to dog poo poo stuff it could be the literal totality of your retirement Yeah I’m aware of that of course, this guy built trust with us by putting our shorter term liquid investments (intended to be used for the purchase of a home in 2024) in an account that doesn’t charge those management fees since he isn’t really touching it All advisors are going to change something, I’m sure I could min max it with someone that charges less but the important thing to us is that we trust this guy and I have no interest in doing any investing without an advisor
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Jun 16, 2023 01:03
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well, just as long as you're aware. it often is like, buy-a-house-in-a-cheaper-place-in-cash money
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Jun 16, 2023 01:07
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rotor posted:yeah i guess i underestimate the impact of the 08 recession if you had invested in nasdaq at the height of the first tech bubble, it would have taken you something like 12 years for it to rise back up and earn your nominal money back
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Jun 16, 2023 01:35
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here u go
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Jun 16, 2023 01:42
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that makes the wild assumption that you, an investor, make similar or better performance than your broker would. taking this example, quote:Now take the same $10,000 and hold it for 30 years at 6 percent return. With no fees, you would have $57,434.91. With a two percent annual fee, you would accumulate $31,329.84, a 45.45 percent reduction. So the two percent annual fee cut your total return almost in half! if edward jones gets you an 8% return and you can only do 6%, you get 55k, as well as not having the time sync and stress of keeping up with it for 30 years. vanguard makes this less black and white since they basically do the best of both worlds though
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Jun 16, 2023 01:45
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on average, edward jones gets inferior returns
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Jun 16, 2023 01:46
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bob dobbs is dead posted:on average, edward jones gets inferior returns than someone who will do no research and doesn't understand what a money market is? doubtful i would just throw money at a vanguard retirement fund and call it a day but if they're happy and getting good returns for a lowish fee its probably fine 
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Jun 16, 2023 01:52
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financial advisors have to eat too you know
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Jun 16, 2023 01:54
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ADINSX posted:I know the big box money markets have better prices but I try and get it at the local stores when possible stopping by at johnny pierpont's when you want fast casual
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Jun 16, 2023 01:56
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Mr. Crow posted:than someone who will do no research and doesn't understand what a money market is? doubtful we dont have numbers. i bet it's actually the edward jones usual, which is 1.35% to 2%, which is about 5 to 10 times what you could credibly call "low-fee" without laughing your rear end off
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Jun 16, 2023 01:58
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Mr. Crow posted:that makes the wild assumption that you, an investor, make similar or better performance than your broker would. Plus a lot of numbers get big over 40 years. If I spent 3 dollars on coffee a day and stopped that, that'd be something like 40k. The trust aspect is the more important part to us. Obviously if we find that trust was misplaced we'd leave.
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Jun 16, 2023 02:00
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you put your trust in a swindler and have been taken to the cleaners. you are putty in that man's hands
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Jun 16, 2023 02:02
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ok better ask reddit then, thanks y'all
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Jun 16, 2023 02:03
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ADINSX posted:ok better ask reddit then, thanks y'all be sure to mention edward jones, because you won't get away from the (justified) hate by going to reddit about it for example: https://old.reddit.com/r/personalfinance/comments/rz51si/serious_why_the_hatedistrust_for_edward_jones/
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Jun 16, 2023 02:06
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that was a joke I'm not actually going to do anything
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Jun 16, 2023 02:08
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oh i thought they meant they're going to put all their chips on whatever is on top of wallstreetbets
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Jun 16, 2023 02:09
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does wallstreetbets have an etf?
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Jun 16, 2023 02:10
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Lol I thought you were serious too
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Jun 16, 2023 02:11
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https://www.roundhillinvestments.com/etf/meme/
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Jun 16, 2023 02:11
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ADINSX posted:Plus a lot of numbers get big over 40 years. If I spent 3 dollars on coffee a day and stopped that, that'd be something like 40k. you saved $40k by cutting back on coffee?! how much coffee do you drink
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Jun 16, 2023 02:12
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bob dobbs is dead posted:be sure to mention edward jones, because you won't get away from the (justified) hate by going to reddit about it i like this idiot best quote:[–]Whaleflop229 3 points 1 year ago using "tesla" as the go-to fancy car says so much in just one word 
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Jun 16, 2023 02:14
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also dear god, what will i do about inheritance tax??
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Jun 16, 2023 02:14
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fart simpson posted:you saved $40k by cutting back on coffee?! how much coffee do you drink that's nothing, let me tell you about my avocado toast habit
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Jun 16, 2023 02:14
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Shame Boy posted:i like this idiot best https://www.youtube.com/watch?v=8DRCGcuByQc
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Jun 16, 2023 02:15
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lol nice graph there with the reverse split
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Jun 16, 2023 02:16
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that same guy is all over the other reply threads being all "people just like them because they have such great services!!!" and pasting the same exact link saying totally legitimate and unbiased polling group JD Power says they're number one with customers i wonder if that's like, edward jones himself
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Jun 16, 2023 02:19
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bob dobbs is dead posted:be sure to mention edward jones, because you won't get away from the (justified) hate by going to reddit about it tbf i don't pay attention enough to know EJ is hated and if you're paying over 1% in fees i would take everyones advice and look elsewhere, was giving benefit of the doubt since they seemed chummy with the advisor but you really cant go wrong with vanguard
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Jun 16, 2023 02:20
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no, it’s me
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Jun 16, 2023 02:20
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drat time for me to buy the dip.
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Jun 16, 2023 02:20
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anyway the one like, important thing i think to take away from that reddit thread is summed up by this dude:quote:[–]betterbudgeting 4 points 1 year ago if you want an actual financial advisor you really should get one that specifically says they're a fiduciary, because otherwise they aren't working for you
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Jun 16, 2023 02:22
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ill give financial advice for free: buy s&p 500 etfs at 2x leverage (just buy the sso etf) and rebalance quarterly into something more sane. your welcome
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Jun 16, 2023 02:24
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is that the official recommendation from chairman xi or are you going wildcat here
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Jun 16, 2023 02:28
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Mr. Crow posted:tbf i don't pay attention enough to know EJ is hated and if you're paying over 1% in fees i would take everyones advice and look elsewhere, was giving benefit of the doubt since they seemed chummy with the advisor but you really cant go wrong with vanguard We’re effectively paying less than 1% since most of our money is in an account without fees but message received, I’ll look into this more but having a person for us to talk to is important, if vanguard offers that then maybe after we buy that home in 2024 we can look into it
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Jun 16, 2023 02:28
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Jonny 290 posted:is that the official recommendation from chairman xi or are you going wildcat here ive proposed it to him as the official line but im waiting to hear back. its riding the wave on the way up while stashing enough under the mattress along the way that your good when it crashes
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Jun 16, 2023 02:29
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Yeah its legit good guidance fr
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Jun 16, 2023 02:35
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i clicked around the meme etf site and found this one that i am going to invest in immediately https://www.roundhillinvestments.com/etf/metv/ i mean how can i miss out on these great numbers 
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Jun 16, 2023 02:37
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Shame Boy posted:i clicked around the meme etf site and found this one that i am going to invest in immediately u ever seen the 3x tesla etn? idk if thats still around
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Jun 16, 2023 02:40
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Shame Boy posted:also dear god, what will i do about inheritance tax?? that’s something completely separate too. and estate planning, specifically in the context of Medicaid, is actually extremely important but you need a real local attorney involved
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Jun 16, 2023 02:41
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