Cornholio

Account Executive

Investments

Savages- would love to hear from y'all about what you're doing to put your money to work for you. We all enjoy the fun stuff to spend our hard earned money on. But what are some stuff you do to "build wealth"?

I'm pretty basic- have a buddy from college at a brokerage that I use and also am about to buy my first rental. have also clean led with cryptos but that feels more like gambling.

🧠 Advice

🤘 Personal Growth

22 comments

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sellingsellssold

Politicker

SDR

I have always just played it safe and go with the S&P 500 Index. I have never lost money on this and have averaged about 15% each year.

Cornholio

Opinionated

Account Executive

Great advice. I’m pretty much on the same page

KingShopper

Politicker

JF Negócios Online

When I earned my first 100,000 I bought a house and took a lot of my income from that rent. Also, I invest half of what I get every month in stocks and long-term investment programs. To give you an idea, in 2035, I intend to redeem more than triple what I initially invested.

Cornholio

Opinionated

Account Executive

Nice! I’m definitely becoming more focused on the market.

1nbatopshotfan

Politicker

Sales

Read John Bogles book. Founder of Vanguard funds. The little book of common sense investing. That’s it.

Cornholio

Opinionated

Account Executive

Just bought it

SADNES5

Politicker

down voters are marketing spies

25% of my pay incl. Commission goes into a few different funds. I'm a big believer in Cathie Woods long term Innovation plays with ARK ETFs. So a sizable chunk in there. The rest are spread around in industries I am very familiar with... Hell I even buy stock in some of my clients companies so they know I have faith in their business.

I also dabble in mining shit coins.

Cornholio

Opinionated

Account Executive

I like the strategy! The shot pins are fun. I’ve a couple lucky days with those. And some bad days lol.

MinisterOfChaos

Politicker

Commercial Account Executive

There is a lot of very good advice out there, and A LOT of very bad advice out there.

That being said, do yourself a favor and take a weekend to read Ramit Sethi's "I Will Teach You To Be Rich". And while you're on Amazon adding it to your cart, check out the numerous other titles that pop up as recommended and add them to the cart as well. That'll give you a good place to start.

Cornholio

Opinionated

Account Executive

Perfect thanks!

SlinginSoftware

Politicker

Account Executive

The best advice I could give to ANYONE... Hire a financial advisor and let them tell you what you should be doing.

It seems weird in the first couple years with the amount you might be paying them in fees or commission, but take the guess work out of your wealth planning... You work your ass off to be the best sales savage possible, let them work to build your wealth!

We did this several years ago and it's already paying off massively. I know that there are tons of books on how to do all of this yourself, but why not hire a professional?

MinisterOfChaos

Politicker

Commercial Account Executive

If you are going to go the financial advisor route, do yourself a favor and find a fee-only advisor. The fee may seem high in the beginning, but as your wealth grows, that amount will seem like chump-change as opposed to an increasing percentage of your wealth being funneled into your FA's bank account.

SlinginSoftware

Politicker

Account Executive

I suppose I can really see both sides... we shopped around a lot and the advisor that my wife and I were the most comfortable with has 1% for assets under management.

I suppose I may look at it as, he wants to make me money so he can make money?

...On the other hand, all of the fee based advisors we spoke with immediately and aggressively tried to sell us a whole term life insurance policy...

End of the day, we wanted someone that we trusted, had lots of references and that we felt very comfortable with.

Cornholio

Opinionated

Account Executive

I have an advisor at a fiduciary, seems pretty legit for now. Only 1% like you said and they obviously know a lot more.

hh456

Celebrated Contributor

sales

this is the worst advice. they don't even cover their custodial fee. a 3.9% management fee means they have to beat the market by 7.8% to pay for themselves. You get a 10% return on their work? You only net 2.2%, yet when you cash it out, you owe max capital gains and a return of 2.2% for 1,000 years still won't cover the tax burden.

Stay away from financial advisors.

SlinginSoftware

Politicker

Account Executive

...An aggressive response to my opinion of what has been very lucrative for MY situation.

I pay 1% for all assets under management with around 50% of my assets in tax advantage plans and 50% in ETFs/Index Funds. I pay an additional retainer of $50 a month and it also includes all tax services. I'm a 1099 contractor, so I have a SEP IRA (which I will not pay CG taxes on) and have to pay all taxes quarterly. The service I pay for essentially automates all nuances and helps me ensure I'm optimizing all available tax advantages/write offs.

Maybe you're a CPA... Maybe you studied finance in college. I (and many others) didn't and I feel like I benefit from the services. If I have a really good year and I have an extra 100k that is literally sitting in my checking account, I rather pick up the phone and say - "Hey Tom! I have all of these monies. Tell me what to do!"

hh456

Celebrated Contributor

sales

I don’t invest.

JDialz

Politicker

-1

Chief Operating Officer

Sounds like you stumbled upon the most expensive financial advisory relationship of all time.

SADNES5

Politicker

down voters are marketing spies

Make sure they are advisors and not the other bank ones that just sell you mutual funds that make them the most commission...

I worked in finance for a while. I hate paying someone to know less than I do and just read the daily "we need to push these funds" emails from HQ. Fucking dirtbags.

Flat fee is the way to go.

JDialz

Politicker

Chief Operating Officer

I never understood why anyone would work with a "financial advisor" at a bank.

SADNES5

Politicker

down voters are marketing spies

lol, exactly. Here is a list of mutual funds... that I get a kickback for this week. They have no care in the world as long as they hit targets, there is no fiduciary responsibility.

JDialz

Politicker

Chief Operating Officer

Shove as much as I can into VUL, then buy lots for development, finance the new home construction, then sell.

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Cornholio

Investments

22 comments

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