Never Buy Investments From A Bank - Dave Rant Rant
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- Опубликовано: 28 авг 2024
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Hello from Moscow, Dave! I have just now canceled one of 4 our debts today. Aaaaaaaa!!!! Thanks a lot for your help!
Молодец!!! Поздравляю!
Are global stock markets available for Russian citizens?
Congrats!!!!!🌍🌎🌏
Nice job Alexander.
Yep! Invest at an investment firm. Bank at a Bank Firm. Buy insurance from an insurance company. Buy groceries at a grocery store.
What you fail to realize is that some banks have an advisor from their investment arm within their branches in a designated wealth section. Smartvest is not the end all be all... do your research before getting into any type of investment no matter who you go with.
David Mateo you must work for a bank 😅
@@RonGoodman83 I think my response was pretty unbiased and it's sound investment advice, no matter where or how you invest.
Hiring an expert who spends their day working on a topic almost always yields better results. Dave is correct that anyone can do anything but not with optimal results.
Actually they did an experiment where they randomly threw darts to pick stocks and outperformed professional investors
To be clear, Dave is referring to bankers offering bank products, not brokers or advisors that work at banks or credit unions.
Maybe you're right, but that's not what I just heard him say.
@@JiisTube well, brokers and advisors that operate through bank channels have the same licenses and product capabilities. So, what would be the difference otherwise?
@@JiisTube Also, investment advisors and brokers at banks are NOT bankers, unless he is confusing licensed bankers with advisors and brokers. A licensed banker is a BANK employee that may also have some securities and insurance licenses. They use them to open 529 plans and maybe a fixed annuity. An advisor or broker works for an investment firm, even an investment firm that is a BANK subsidiary (like Merrill Lynch is to BofA). Advisors and brokers are not trained as bankers.
I am a former branch manager at two banks and I am currently an investment advisor/broker at a bank subsidiary investment firm.
I’m sure Dave knows banks can have wealth mgt divisions, and he still recommended against them. You’re right, though, that those advisors at banks are certified as investment pros. Personally, I know the fees for those services are nosebleed, so it’s usually best to shop around first if you don’t want to do the research yourself :-)
@@austinryder9028 How are costs any different? You would pay the same load on an brokerage "A" share no matter where you go. Advisory fee-based accounts are not standardized even in the same institution since they are set by the individual advisor. You would pay more for individual stock trades with a bank advisor, but that is not what they typically do day-to-day. Stocks are really for self-directed investors in my opinion.
I’ve hired pros, all I did is pay them a fee to loose money for me. Now I call my own shots.
Better to lose your own money and learn than let someone lose it for you and be just as uneducated as you were before. Bravo sir.
Especially if they get a per buy sell commission. More likely to rob you.
You don’t “buy” investments from a bank. The bank is custodian over the assets. The same way your precious smartvestor pro is. The only difference is the bank doesn’t advise you on which investments to pick. An advisor does.
What do you tbink about a foreclosure property you see $ in that they offer you
Yeah except for the fact that they are charging you some sort of fee to do so. So in a sense you are buying from them. Versus having Td Ameritrade being your custodian and paying $0 fees.
@@ATLFUNKCARTEL you can open a brokerage with a bank and pay zero management fees, same as TDA.
@@brianjames9832 fair point. If you are doing that though there’s nothing wrong with it. I think DR is specifically talking about FAs at banks charging you fees to sell you investments and not a self managed brokerage account.
I have jp morgab through chase for my mutual funds and it seems pretty good so far. Paid my front end load fees
I worked at a credit union for 5.5 years and we offered CD's and IRA savings accounts ....they were not invested in the stock market. They were insured by NCUA upto 250k. Now the interest rates were really low because they are not invested. We did not get any incentive for "selling" these products. I can understand not getting invested products from a banker because they are paid on commission but a basic non invested CD, Money Market or IRA savings are good options at credit unions if you want something safe (with a really low rate unfortunately)
I would love to learn something from you as a beginner kindly drop your email to me..
The low rate of return is a good enough reason to avoid this. 2% vs 10+%
BUT THE BANKER SAID IT WAS A GOOD INVESTMENT!!! lol
...and the bar girls in Thailand said I was handsome man.
Do banks usually offer customers these services? What if you say no?
My next dooe neighbors she said i am cute... But i am married... Use your head...
Its Investment for the Bank
😂
My wife before I met her got a IRA at WF, when I looked at it it was essentially a savings account earning pennies every year, had that moved ASAP!
Chase bank and probably Wells Fargo have self directed Roth IRAs or brokerage accounts where you can basically buy any ETF or Mutual Fund.
The big banks have an investment arm, they usually just require a large minimum sum of money to use because the bank uses them to make money but the primary purpose of the business as a whole is a bank. The investment arm of a bank is filled with SMEs not tellers just like the IT arm is filled with SMEs not tellers. If a teller or actual banker is giving investment advice you should take it with a large grain of salt but an investment specialist at a big bank can be just as good as one at an investment firm and sometimes possibly better it all depends.
The bank is never going to be your friend
Unless you are the owner... Than it's a different story...
@@rogerresendiz2416 invest in stock you will be the owner by buying shares
I dont know Dave... that sounded kind of like a sales pitch.
And you sound like someone who uses duct tape to fix everything.
This makes sense of why I was actually pretty good at sales even though I hated most of the money-grubbing techniques from corporate.
I educated the customer, both on how to get the best deal, and what product would serve them best in the long run. I cut the margins a bit even when it wasn't necessary to make the sale, but people trusted me because I actually wanted what was best for them and they knew it, because I educated them.
Maybe I should consider becoming a financial advisor.
You should.
Im a Finance Major but i don’t need to be the CFO of my company.. We all need Advisors. 💯
Financial advisors from a bank are subject to the same licensing requirements and oversight from FINRA, SEC, etc., as any private FA. . .
Dave Rant Rant.
Anyone else notice the title?
Still the Rant Rant 😂😂
He’s a fraud. Tells us to save money but yet he charges $140 for his Financial Peace BS videos.
Dave loves to us the words “never” and “always”.
Smart man hires smarter than him/her in particular field for advises. In past years, I used to be diy man for everything. It is total waste of time to do something yourself, when some professional will save your time.
Totally agree! Sometimes it’s fun to DIY, but it sure is better - time & energy wise - to have a professional do it.
Aleksandar Kolev p
I'd like to do things myself a couple of times than when I hire someone else to do it I can see if they're BS'ing me or not. I remember we had an issue with our old sump pump breaking every year for 3 years consecutively. Installed a new Zoeller sump pump myself, not a single problem for past 3 years. I guess who we hired was using (expensive) poorly made pumps. Now I know.
I just recently started looking into investing in a Roth IRA (index and mutual funds), atm I don't know enough to hire someone to do the job for me. Without much knowledge on the subject, their advice would be the gospel to me. It's one thing for me to lose my money, but paying someone to lose my money for me is not a situation I'd like to be in.
When the time I spend is minuscule, the process can largely be automated, and it saves me a lot of money in fees and commissions, no it isn't a waste of time to do it myself.
Admittedly, not everyone is financially savvy and could use a hand in investment matters, but one size doesn't fit all.
I recommend reading Simple Wealth, Inevitable Wealth by Nick Murray. He lays out the best reason why we should use a Financial Advisor.
I went to a bank trying to buy the s&p. The "investment" lady was steadfast that "you can not buy the s&p, its just an index" I said over and over that I just want to buy the S&P. I walked out, realizing that everyone in their was just a salesmen
Well, she's not wrong. The S&P is a market index, so no, you can't buy it. You can buy an ETF or a Mutual Fund that attempts to mirror a market index like the S&P or the DOW. But no, you aren't buying the S&P500. You're buying VFINX, FXAIX, SWPPX etc.
@@DextahPC well, you can buy it. You listed a bunch of products that ARE the S&P. I'm not even sure what your trying to argue.
@@roggle3191 No, those products are not the S&P. It's an important distinction to make. Those index funds attempt to MIRROR the S&P and behave in a SIMILAR fashion. The returns are NOT equivalent to the actual S&P, there are different turnover rates within different funds, different expense ratios etc. In fact, a finance broker can get in trouble for selling you a product claiming that it is something it's not.
I'd be curious to know, if you went into the bank and said you wanted help deciding between a handful of index funds that attempt to mirror the S&P, if the conversation would have gone differently.
@@DextahPC It's the equivalent of when someone goes "I don't know, CAN you go to the bathroom"
@@roggle3191 I see where you're coming from.
90% of people don't know how to pick the right stocks my suggestion is S&P 500 I know Dave would say mutual funds and pick the best ones and they out performed S&p but he also has people that does it for him.. just my 2 cents
Warren Buffet just won a 10 year Million dollar bet for charity, the bet was S&P index would out perform a group of mutual funds over the ten year period.
Its not hard to find funds that outperform the S&P
j rob no he didn't. It was a $1 million bet that the s&p would out perform a group of HEDGE FUNDS over a 10 year period
Faith Amber 96% of funds don't out perform the S&P 500. Dave Ramsey went on record saying his returns from his investments and they were only 0.5% higher than the S&P. So yes; whilst you can beat the market. Would you really take a 4/100 gamble of getting it right just to earn an extra 0.5%?
I believe Dave Ramsey said he does has invested in an S & P 500 index fund in his taxable accounts (index funds are more tax efficient than actively managed mutual funds).
Not all of us can afford a mechanic some of us have to work behind a parts counter and learn how to fix our truck as is falls apart one piece at a time.
Thank you! I recently sold one of my houses at a reasonable gain and the bank has been calling non stop! I started second guessing whether I should go with them or not.
A CD with a Bank is secure but conservative. That's OK for short term holding (a year or so). An IRA is typically held for decades (depending on your age), so you'd get higher gains by investing in S&P 500 or Total Stock Market INDEX FUNDS (ETFs or Mutual Funds). Just put in some funds each month, and LEAVE IT IN THE STOCK MARKET. There will be ups & downs, but the long term trend has been UP for the past 100 years. How do you think Warren Buffett made his fortune?
Every time i watch a dave ramsey video i feel like i know absolutely nothing about finances! My TFSA is through my bank and ive had it for years! I feel so dumb and confused!
This is so true, I wasted years by following my banks regional investment advisor.
Another suggestion. Library books free. Start with Bogleheads guide to investing. My biggest mistake in investing and not knowing what I am doing.
Learn for a year before putting a dime in the stock market. My 2 cents.
I want to educate myself with investments and stocks but I do not know where to start ? Any advice where to start or what book to read ?
I have a roth IRA mutual fund with USAA, should I divest from the bank and invest somewhere else?
Patrick K I do too. I'm confused
The title of the video confuses me too
Same here. Been having it since college. Wish he would clarify more
I can’t give you much info bc I am securities licenses but what I can share with you is that, Investments are so important to be educated in, you don’t need to be an expert but get educated, bc they are not a product it’s a plan for your future. With that being said to piggy back what Dave said, is that insurance companies are insurance companies and banks are banks, neither it and investment company, while they may affiliate with one, you must get advice from a series 6, 7, or 65 licensed individual
just compare your ROI's to other's and see if it's worth keeping. i have mutual funds from USAA and they do great. do your own research, don't take anyone's word when it comes to your money. not even Dave's. especially when you start hearing "smart vestor pro" a lot. it's almost as if dave has a stake in it. it's your money and all the information you'll ever need is available online.
Makes a lottttt of sense, thanks a lot, I am about to talk to one of your ELP’s found on your website, big thanks and God bless!
Supposed to buy low and sell high... unless you’re shorting a stock.
Good lord, I work in finance for a living and am baffled by the terrible information this provides. There is nothing wrong with investing with your bank if they have credibility, integrity and are working under a fiduciary responsibility. (Meaning they only get paid if you do). Fees are not something to even pay that much attention too. Look at the history of the funds, the history of the portfolios they can recommend, educate yourself and allow them to help you....
Is investing better than keeping your money in a savings account and not investing?
@@cartonet8186 I think he is speaking generally. Kind of like he does with Credit Cards. In general, it's probably not a good idea. Individually, it could be.
I agree. I’ve got an awesome financial advisor at my bank.
Take my advice, this guy has a great voice and nothing more.
😁😁🤣🤣
That’s exactly how I’ve been feeling with the last two banks I’m looking for a teacher and I don’t feel that at all. I’m not seeing that at all. In fact, I’m getting a bit of a narcissistic response back to me disrespect don’t like it.
Eeek! I'm about to roll over my SEP IRA ... I opened my retirement account with my bank... It was convenient but uncle Dave is right 😶
The Chase Private Client salesperson said you have a conflict of interest for promoting index funds! Ha ha ha, Chase Private Client was a joke.
A good mutual fund company that specializes in ethical investing is Ave Maria mutual funds. If you're Christian I think that we need to be concerned about the companies that we are investing in that are financially contributing to evils like Planned Parenthood. Ave Maria checks out all of these companies to make sure that they are not giving money to places like Planned Parenthood. It's a little bit hard to do all of the research as an individual. However there is no financial advisors there it's just account managers. As far as a financial advisor I use Edward Jones but I'm not sure if that's really the best option out there. As often times I feel like they are salesman even though they do have the knowledge about Investments.
His logic is flawed. Im a HVAC technician. I work on ACs 40 hours a week. And part of working for a company involves taking advantage of the clients lack of knowledge about my trade. I can charge alot of money for something just because the client doesnt know how to fix it. Parts of my job require technical training. But others dont. It would be ideal to live in a world where professionals dont take advantage of ignorance.
As usual, great advice! Thanks!
Dave no offense but that’s the wrong info to give. I absolutely agree... don’t get slimed into something but investing through a bank is not a problem. The problem is people who invest don’t ever do their homework, and want to cry and complain when they lose money. You will run into the greedy sales people everywhere in life. Banks, credit unions, car lots, shopping malls, that’s inevitable. The issue is nobody ever does their homework and when they get burned they want to point fingers. If you don’t trust an adviser then set up a self managed account and do your own investing and when you have a manager have a full review with them to cover all of your goals and risk tolerances. Nobody is holding a gun to your head to sign the paperwork to open an account. Most financial institutions nowadays can not make recommendations if they won’t benefit the client so I don’t see why people should run away even from a consultation. I guess keep your money under the mattress if it makes you feel good at night.
Dave must be confused. Investment advisors and brokers at banks are NOT bankers, unless he is confusing licensed bankers with advisors and brokers. A licensed banker is a BANK employee that may also have some securities and insurance licenses. They use them to open 529 plans and maybe a fixed annuity. An advisor or broker works for an investment firm, even an investment firm that is a BANK subsidiary (like Merrill Lynch is to BofA). Advisors and brokers are not trained as bankers. Most have never even worked as a banker.
I am a former branch manager at two banks and I am currently an investment advisor/broker at a bank subsidiary investment firm. I am the exception to the rule. Not one of my colleagues in my region ever worked as a banker.
See this type of subject matter differential as an electrician working on stuff DIYers hacked together.
It costs them more for me to come fix what they did wrong than if they just called me initially.
I invest with chase investment accounts and they are pretty good but don't seek for investment advice from them.
MERRY CHRISTMAS To Dave Ramsey and Family
Wrong, advisors can yield you lots of money
I may take my roth IRA from a credit union and put it in fidelity, will that be good? Also for savings should I move it from a bank to get a high yield in an online savings account it's my 6 month emergency fund, but I'm going to continue to save above that.
I disagree with Dave on many occasions. In this case, I fully agree with him. Banks generally sell front-loaded funds, the fees are also generally higher than the .25 %.
Hi Dave- Let's not paint everyone with the same brush here. One can still find a knowledgeable, trust worthy, fiduciary focused adviser at a local or large bank who can offer you advice on your investments and financial plan. If clients ask the right questions on how he or she gets paid, experience, solutions they offer, designations, and yes can be a "teacher" also.
"And.. it's gone."
home loan is a good investment, probably best decision you will ever make if you know how to manage it. you get it from the bank.
Charles Schwab is both a bank and an investment platform. I assume you recommend against them since they do banking? If a large company is both a highly respected investment firm and also does banking I honestly don't think it's fair to state that you shouldn't use them for investing.
You can hire an advisor for just that, advising and not buy products through them.
Great video Dave just wish I had found your channel a long time ago
"I Used'ta could work on a car" i love it
I'm turning 21 in a few days should I find one of these investors. If yes, how ?
Dave's SmartVestor referral program is a good place to start. Type in your zip code and several nearby should get ahold of you offering their services. Sit down with at least two to get an idea and a second opinion.
Bubba, YOU are the investor. The person you hire is your advisor, broker, or agent.
Check anybody you meet with on FINRA's Broker Check system.
I closed a few cd accounts at my bank and they really wanted me to invest using their banker, I asked what kind of returns I could expect. 3-5% is what they told me. I was thinking that's slightly above inflation, plus the expense ratios would be insane, yah not interested.
Most of the time the banks' investment affiliates charge high fees which come right off the top of your invested principal. You can do much better with a good broker such as Vanguard, TD Ameritrade, Fidelity, etc. which offers no-load mutual funds and/or ETFs. I have a Roth IRA at Vanguard and have done well with their index funds.
One thing I really agree with is the fact that you need a "teacher" as opposed to a salesperson, ultimately YOU will have to deal with the shortfall and/or the excess. Even if you don't have time to research etc one needs to know basics of where and how the funds you earn flow.
Too bad all the FAs are sales people at the end of the day. Guess you are better off teaching yourself via reading, diligence, trial, and error.
What’s Dave doing in the hair salon in the first place?
Not buying shoes! 😂😂
Because they pay you to market them, beautiful plug at the end. Dork
Isn't it his investing network? Like they pay him for client referrals via his show.
The business of a bank is selling money you can’t expect they would help you gaining money
I use TD Ameritrade for my roth IRA (long term investments) and robinhood for my day/swing/mid term trades (Riskier investments) Loving the $0 comission fees!! 35% realized gains in 2017 and 10% unrealized...GE is killing me!
What about real estate investments.... about the only way you can get a real estate investment bank, auction or someone that's willing to sell low
Any smart investor pros in Canada?
I bought a roth IRA through State Farm some time ago... and it was lucky to make 3% BEFORE fees. Rolled over to a smartvestor about a year ago.... let's just say they are well worth the price.
How much did you make after taxes?
yes I love Dave's Rant videos... I learned to give myself a mid fade haircut with $20 clippers at walmart to save me money from the barbers which was like $20 every 2 weeks. I do my investing with the banks self directed brokerage account, it's just a online trading platform like fidelity or Etrade and it offers the phone service where you can call in if you have a question, but the mutual fund screener tool is pretty self explanatory... once I taught myself what the difference between a large cap, mid cap, small cap fund, equities, bonds, were as far as risk and returns go, then the tech sector, health sector and so forth... then it was just really easy on how to choose your own mutual funds, oh yeah and look at the expenses I always choose the no load funds, and the annual expenses are very very low for index funds all through my banks self directed brokerage account, I like the convenience of the single sign in where i can view my bank accts and then click on the brokerage accts without having to go to a different website just to see my investments. I guess my point is if I can do it anybody can...
Clearly you’re the type of client that a financial advisor wouldn’t want as a client anyway. Power to you that you taught yourself, but advisors help people who don’t want to try it themselves
Exception is Charles Schwab
I 100% agree. The banks are not out for the customers, their #1 priority is the shareholders i.e the stock price
Misled Youth
To quote Obi Wan Kenobi "Only a Sith deals in absolutes!"
The people at any given bank or credit union have often worked at both during their careers. The jobs are the same and the branch bankers don't care where the profits go since they are hourly or salaried, just like any other retail job.
Financial advisor are not experts they just have access to datas that commun people don't have acces to, and use terms to make it look complicated. The national education should teach people to manage money instead of teaching worthless classes not useful on day to day life
Dave is hilarious. Car's still have oil leaks from all sorts of seals on the engine and valve cover. Main components like alternators, tires, brakes, starters, radiators, belts, fluids, batteries, etc have all not changed a whole lot since his day. Cleaning and polishing is still good old fashioned work. He should drop 5K on a shop quality diagnostic tablet and learn to use it effectively, he would be shocked what he can accomplish with one. I think he's a car guy making excuses for getting older and not willing to get as dirty.
And i think you totally missed the point.
You do a good job helping people👍...Be a part of Encouraging Life Success Day...October 3rd, Encouraging Life Success Day is a day where we all wear green, which represents GOING for our goals and dreams while encouraging others to GO after their goals and dreams as well. October 3rd, Encouraging Life Success Day, wear GREEN 😊
@Dave Ramsey Does having a financial adviser decrease our risk of loss? If they get paid a percentage, does this mean that they make confident decisions when recommending buying and selling stocks from our investments?
Rob Boggess not necessarily it depends and the mutual funds your investing in, so when I help my clients I look at 3 things b4 talking about any mutual funds. Does this fund have a long track record, imo 20 plus years bc it’s dealt with recessions, does the fund invest in many companies for the objective its targeting, aggressive -+100 balance -+ 500 companies, conservative -+ 1000 lastly does the ror do as good or better to the avg market expectations. Now my job is to stay in communication Incase I see different opportunities for my clients.
Unbreakable_WIT thank you for the response! I've been 'playing' with the stock market a little bit, and can easily see why a financial adviser would be working with. I have made a little so far, but didn't want to invest too much on my own being the rookie that I currently am.
Rob Boggess I feel if you don't have over $100,000 you shouldn't even be talking to a
financial advisor cuz them fees are going to eat into your money
Having a financial advisor does not mean your principal will be protected unless you ask for for principal protection. Mutual funds are not PP, so s/he might suggest a fixed indexed annuity with an uncapped participation rate strategy or spead strategy. But given the length of time committed, you should consider using it in a ladder strategy with other protected products with varying time committments comprising the other rungs of the ladder.
In my opinion, securities are better for long-term, but that's my own personal risk appetite.
More conservative (meaning low volatility, not PP) mutual funds have bonds in them, which can lose value in a rising interest rate environment.
Perhaps another way is to use the FIA to replace your bond portion, and keep the equity portion in stock-only mutual funds.
Just my $0.02 USD.
If you are going to buy index, then why on earth would you need an advisor?
I thought this guy was against index funds?
i'm new to this just learning a fidelity a good place to buy or its just like a bank?
fidelity is a brokerage not a bank.
I think he meant (only mechanical engines) 😂
What studies were you referring to in this video that confirm the advisability of using a financial advisor to choose investments?
so you pay an adviser to pick mutual funds that you pay additional fees. Hmmmm
Where do you buy investments from
I have invested at TD mutual fund investment, do now I guess it’s time to stop it
Calling an advisor a smartvestor pro is the best way to make them sounds very sketchy and unqualified
What if a bank is your only choice, is it still a poor decision? I am a Canadian expatriate, living in South Korea, banking in Singapore. My only real option is my bank in Singapore for investments.
If your investment is definitely beating inflation rates, you're ok. The bank might be profiting a bit on fees, and/or not giving expert advice, but mediocre investing is worlds better than not investing at all.
That said, you may have other options to investigate though. Can you access any apps? M1, Stash, Robin Hood...I have my doubts that your bank is your _only_ option.
I buy shoes at the hair salon
Absolutely dave, they are glorified customer service reps. You have to talk to an investment banker, who is licensed to help you with brokerage accounts and retirement.
Agree.
Investments are best with an investment company.
What about foreclosures that banks are listing
Didn't answer the question
I love when the market crashes. 10% annual returns right now is LOL
Buy now
Can someone smart on mutual funds chime in here: I have both a current ADP Retirement Plan that I am investing in per my current employer. I also have previous employer Fidelity Mutual Funds that are just sitting there accumulating. I received a return this year of 17% on my ADP plan and 24% on my Fidelity plans. My question is on fees associated with these plans. I notice that zero dollars in plan or administration fees were taken from my ADP account while my Fidelity plan continues to incur small fees that I believe are taken quarterly. I called ADP to understand why there are zero fees and according to them, both my 401K and Roth 401k plans don't have fees associated with the plans. Does this sound accurate? Can someone cover the topic of Mutual Fund fees under employer accounts? Trying to understand so I can hit the investing baby step hard in 2018.
Or insurance companies.
The magic word is fiduciary. There are too many vultures. Lol
Dave is wrong again. Jack Bogle would absolutely decimate Dave - all an individual investor needs to start is an S&P 500 index fund & an international fund that tracks the FTSE etc. Balance it out with some bonds and you’re off to a good start.
Also, Dave needs to realize that the average middle class person cannot afford a financial advisor, that is precisely why this new era of robo investing combined with the readily available investing knowledge of the internet is the best thing to happen for the little guy, it has enabled the average person to invest with the same knowledge available to the professionals that was once restricted (pre Internet) to the average investor. Dave has it backwards. Also the car mechanic analogy was idiotic, I know plenty of people who work on their own vehicles as it saves money and/or they enjoy it.
You think bonds are ever a good investment? You have no future man if you think bonds are good lol The Fed is going to raise interest rates again lol and they'll dip even lower. Have fun thinking you're smarter than a multimillionaire
Yeah Dave's advice is really dated. I wonder if he even knows about robo investors, index funds, Target date funds, etc. He's stuck in the 80s.
I bought a J.P. Morgan investment account from chase. It runs automatically was it the best move?
No! You could have gone to Fidelity and invested into FSKAX in an IRA. ITOT in a regular taxable brokerage account. Both outperform any robo advisor at a lower cost.
I don’t think Dave Ramsey will read my comment, but - isn’t it more convenient and easier to follow your finances if you do your investments and your savings in the same bank account?
Any smartvestor pro in Vancouver BC?
Banker or bankster?
My Dad took Dave’s advice and never hired a financial advisor because he didn’t want to pay the fees…even though he was making lots of money per year and had significant savings. Well, since he thought he was smarter than everyone, he missed out on the real estate bubble and sold his house shortly before it nearly doubled in value and he took his money out of the market after Trump got elected because he was convinced Trump’s evil tweets would crash the stock market. I begged him to hold on to that house, rent it out, VRBO it..SOMETHING, well, since i’m a dumb millennial who didn’t have the luxury of cheap housing prices, cheap college tuition, or a stable job market with high paying wages, my Dad wrote me off. He also invested heavily in META and INTC at the end of 2021. I estimate his opportunity cost to be well over $1M. Have fun in retirement, boomer.
So..... J. P. Morgan isnt a good choice??
Wait...so does this mean that I shouldnt have my TFSA at a bank?
never make investments with someone who's holding your money!!!!
Sorry I don't agree a financial advisor is necessary. I did the investing all myself and wouldn't want it any other way. Putting money monthly into the index fund doesn't require an "expert"