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Opinions Wanted: Best Financial Planning Co.?

Discussion in 'Other Off Topic Forum' started by ryalex, Dec 20, 2003.

  1. ryalex

    ryalex Two Time F1 World Champ
    Owner Consultant

    Aug 6, 2003
    21,238
    Las Vegas, NV
    Full Name:
    Ryan Alexander
    Still a year or two away but as soon as I sign on with a firm (even before graduating) I'd like to start meeting with a financial planner and get some things organized.

    - I'm young
    - High risk tolerance/looking for an aggressive investment strategy for the first 10-15 years
    - Would like real estate eventually (not just stocks/mutual funds and commodities)

    Who would you recommend?
     
  2. Texas Forever

    Texas Forever Three Time F1 World Champ
    Rossa Subscribed

    Apr 28, 2003
    38,914
    Texas!
    Ryan, your best advisor is yourself. Investing is not really that hard, you just need to understand a few basic principles. Maybe someday when it's not bed time, I can say more. But, the most fundamental question to ask any pitchman is, "Why me? If this is such a damn good deal, why are you having to go so far downstream to sell this deal?" Sadly, the truth is that the really great deals don't make it to the street.

    But even more important than understanding that things are sold and not brought is understanding the fear/greed cycle. When we are fearful, we should be greedy. When we are greedy, we should be fearful. Sounds silly, but getting your arms around this mantra will make you more money than other other investing tip.

    Sleep tight... DrTax
     
  3. rodsky

    rodsky Formula 3

    Mar 24, 2003
    1,601
    Los Angeles
    DR TAX - Very good advice - almost out of the mouth of Ben Franklin (the father of value investing)
     
  4. rob

    rob F1 Rookie

    May 22, 2002
    3,414
    Vt
    The best way is to learn all you can about investing and be your own financial advisor. If you feel you must hire someone get someone who earns a comission on profits of your principal. You want someone who needs some incentive to make you profit not someone who just wants to make commisions or sales charges off of you.
     
  5. Doody

    Doody F1 Veteran

    Nov 16, 2001
    6,099
    MA USA
    Full Name:
    Mr. Doody
    hear hear. do it yourself. get educated and handle your own money.

    nobody but nobody will have your best interests in mind more so than yourself.

    make sure you've got a good accountant/firm who can help you manage the tax issues - that idiocy is just too damn inane to digest all by yourself, imo.

    i've tried the professional route. i've watched other guys try it. have yet to see it work well.

    doody.
     
  6. Texas Forever

    Texas Forever Three Time F1 World Champ
    Rossa Subscribed

    Apr 28, 2003
    38,914
    Texas!
    Having buried Cesar, now let me praise him. Having a trusted financial adivsor who is a "Coach" can save you a lot of money. Remember, the fear/greed thing? When you have a panic attack and you find yourself out on a limb, having a coach who can talk you down is invaluable.

    But you don't want to turn your money over to an advisor to manage it for you. If you are smart enough to gin up your own investment capital, you are smart enough to quarterback it. But every great quarterback needs a great coach.

    If you like, I'd be willing to do an occassional, time permitting (ha!), post about managing your own money. Keep in mind that I am not a professional money manager, nor do I sell investment advice. Nope, all DrTax does is help folks hang onto to money that they have already made.

    But I have been a piano player in various cat houses for over 25 years so I have seen what works and what doesn't. Thus, I don't mind exercising my 1st admendment rights and talking about investing (anybody from the SEC reading this can go take a hike) so long as you and anybody else reading this understands that my thoughts and $1 will not even buy you a cup of coffee anymore.

    DrTax

    ps Can you PM a phone number where I can reach you in Dallas, after the 26th right?
     
  7. benedict

    benedict Formula Junior

    Nov 6, 2003
    731
    Full Name:
    Ben
    A book which really put things into focus for me was "Rich Dad Poor Dad" by Robert Kiyosaki. It's not a "how-to" book per se but basically turns the traditional approach of "study hard, get good grades, get a good job" on its ear. In a nutshell the idea is to get money working for you rather than vice versa. I am also a regular contributor to a site called Creative Real Estate online (www.creonline.com) which is a priceless resource. Congrats to you for having the wisdom to start early. Good luck.

    Ben Caiola
     

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