My goal is to minimize taxes and maximize returns.
1) I met with a personal financial planner yesterday who told me to open up a traditional IRA account and dollar cost average in the following index fund allocations (25% S&P 500, 25% REIT, 25% High Yield Corporate Bonds, 15% Small Cap Index, 10% Money Market)
2) A drinking buddy told me to open up a cash based service business and under-report my profits every year by the amount I planned to save.
Which of the 2 is better advice?
Would you take advice from a drinking buddy or a certified financial planner?
This one seems to be an easy question to answer.
LOL
#1 by ?AstrologerJuliAnne? on July 29th, 2009
Quote
Would you take advice from a drinking buddy or a certified financial planner?
This one seems to be an easy question to answer.
LOL
References :
#2 by L P on July 29th, 2009
Quote
1) I met with a personal financial planner yesterday who told me to open up a traditional IRA account and dollar cost average in the following index fund allocations (25% S&P 500, 25% REIT, 25% High Yield Corporate Bonds, 15% Small Cap Index, 10% Money Market)
References :
#3 by Worldly25 on July 29th, 2009
Quote
The advice from the financial adviser.
Your buddy’s advice could earn you a jail term
References :
#4 by Buju on July 29th, 2009
Quote
I really did not want to answer but I could not resist. But to ask a question like this was a waste of time and effort, and for us to answer was even another waste of time. I know I won’t get best answer for this but, go with your drinking buddy advice. If you ask a question like that then you need to go with his advice..
References :
#5 by Andrew D on July 29th, 2009
Quote
I wouldn’t listen to financial advise from someone who you meet with on terms to the point that you refer to them as your "drinking buddy" -after all- alcohol DOES impair judgement!
I also wouldn’t listen to recommendations of the S&P500 because of their track record. Have you seen graphs showing their progress? yeesh! no thank you! The rest of the portfolio would just make up for the s&p’s losses in my opinion – and thats if they performed to expectations, and breaking even is not a good financial goal.
I would take out the 25% S&P 500 and put it into a good hedge fund that has a diversified portfolio of emerging markets and a good ROI track record.
If you call me I can refer you to a GREAT hedge fund manager averaging a 71% ROI but the entry level is a $250,000.00 minimum. So if you aren’t able to do that I wouldn’t bother calling me. my contact info is on the "contact us" link of "cashdistributionnetwork.com" if you need to get in touch with me.
I do this because I can’t just post his phone # on yahoo answers, much less, mine.
All the best with you and your investments,
Regards,
Andrew
References :
personal opinion