Hey Fred how is the Audi treating you?

 

Fred, whether "saving money" and then putting it into the car or the house is the same thing. You have a mod bug implanted in your head. You need to take it out.

Don't mod the house beyond its market value, like what u did to your car. At some point, there's rapid diminishing return on "investment".

 

I don't think that I could ever trust a stockbroker / wealth manager. If they are that good at picking winners, why are they working for other people instead of sitting at home making a fortune?

 

Why invest and risk your own dollars when you can make coin "playing" with other peoples cash? In all seriousness, I really think that for most money smart people, its a matter of time or rather lack thereof.

 

That’s the typical misunderstanding of what financial advisors do. The business has been hyped on TV and adds to create a belief that it is possible to get rich quick. It is mostly a sales ploy to promote sales. While some have made a lot of money in a short period of time, it’s about as conmen as the number of people who enter the movie industry and become a famous.

True advisors work closely with your accountant and attorneys. They make small improvements in many areas and help to control losses. A good financial advisor can make a 15% or greater difference in your wealth accumulation over time, but its about as exciting as watching grass grow.

Very few people have financial advisors; they just think they do. Most have someone from which they have purchased financial products.

 

whether you can get a good financial advisor depends on your portfolio. if you are 100 mil range you can get a solid team working for you, if you have less than a mil you are probably better off managing yourself. Anyway, a consistent 10% annual growth after fee (1-2%) is considered excellent. it is easy to get 15% in one year but it is very difficult to get 10% every year 10 years in a row.
Lawrence
03TT X50
05 745li
01 X5 4.4i

 

Just remember this:
Warren Buffett, The Oracle of Omaha -- the world's greatest stock market investor -- still lives in a house he bought for $31,500, dines on burgers and quotes Mae West.
He's worth $36 billion ... give or take a few mil.

Make some money first, and invest the money to make more money. Then, and only then, you can spend a little of it to enjoy. Don't waste a dime of your investment money on unnecessary toys until you've made some real throw away money.

The frugal Mr. Buffett spent his play money on his Gulfstream IV-SP jet, which he calls "The Indefensible."

For many of us, cars like the 996TT is The Indefensible. We spoil ourselves too quickly.

 

Lawrence has a whole team working for him. His portfolio is nothing but BERKSHIRE HATHAWAY stocks.

 

One day..I'll own a trading firm where I'll spend my time watching stocks all day and surfing 6speed.

Hopefully by then, I'll be able to afford one share of Berkshire Hathaway.

 

well said and very true...

 

if you are 100 mil range you can get a solid team working for you,
it is very difficult to get 10% every year 10 years in a row.
Lawrence

I don't think he said it was easy to get 10% every year for 10 years (or at least I don't think that is what he meant). I agree that would be very hard. What is not so hard is to get 10% compound over 10 years. Any decent index fund will have done that over the last decade, for example. Vanguard's S&P returned 11.43% for the last 10 years, as an example. The fact that they have an expense ratio of .18% certainly helps (.12% if you invest $250K or more). Certainly makes you (or at least me) ask what those advisors are doing to justify their 1-2%.

 

Did you finally sell it?

 

There's an old saying in the stock market.

Never confuse a bull market with being a good trader.

 

Because if they screw up, they lose your money, not theirs.

Actually, I do know a few hedge fund managers that are pretty good. They trade their own money as well as their fund's money. There are trades that are suitable for huge wads of money and some that are suitable for smaller chunks. So these guys just trade them both.

 

the 993TT's will hold their value strong, they were relatively limted and were the last Air Cooled cars, the purists love that **** (not saying they don't like the 996's)