Posted on 03/11/2025 12:17:41 PM PDT by CaptainPhilFan
Ok so I paid a Vanity tax to ask this stupid question.
Don't come at me with "Oh you shouldn't ask strangers on the internet for advice". Is there a better and more trustworthy brain trust than FReepers? I don't think so.
This is just an intro, I know I'll have more questions. I called one of Dave Ramsey's money guys, and we've had 2 meetings so far. Kinda weird.
I'm not a huge Ramsey fan but figured it was a place to start. I get the feeling they are on a script and don't deviate. Plug in $$ and Age and work off that.
Money markets are the only option he's set out for me, whereas I would take more risk. They are not earning a lot, are they?
And, I haven't been told what they charge for service, just a vague "we charge everyone the same percent".
So, questions.... ???
1 - Anyone work with one of these Ramsey guys?
2 - Would you put all your eggs in one basket?
3 - Why hasn't FR had an Investor's Club before? :) e But really, honest opines about the Ramsey guys and their plans. I'm so damn cynical I don't trust anyone if they sneeze funny.
Thanks Brain Trust!
Oh PS - I’m a nearly complete newbie at investing. I never understood it all, never trusted stocks. Yes, I’m sorry. And thanks again.
My recommendation for investing related questions is Bogleheads
Huge amount of knowledgeable people and will steer you clear of Wall Street BS
Huge amount of knowledgeable people and will steer you clear of Wall Street BS
This times 10.
You cannot avoid the chore of having to educate yourself.
Right now he has moved a lot to cash (US Treasury Notes) in anticipation of a market crash. He is the world's largest holder of Treasuries right now.
When he starts buying put it into an indexed fund. Warren seems to like VOO.
Absolutely this. John Bogle is the GOAT of efficient investing, and you should avoid actively managed funds and go for Vanguard market-weighted funds instead. Great advice on bogleheads!
The older you get the less risk you need. I have half of mine in “safe” low interest investment. 1/4 blue chips and 1/4 riskier higher return stuff which is more volatile. If you check your portfolio every day and worry when it drops 5% then steer clear of risky. I use what ever earnings to supplement my SS and live frugally.
If you’re just starting out, avoid individual stocks.
Establish an account with a reputable broker, Schwab or Vanguard would work. Put your funds in a large cap index fund with a low expense ratio. Set it to reinvest dividends and forget it.
You shouldn’t enter an advisory contract without knowing the fee structure!
Does this guy have trading authority or just make suggestions to you and then execute them? Recipe for disaster if he operates the account on his own.
Long term money market funds will at best keep up with inflation, that is, hold their value but not grow in real terms. However, they are not a bad place to hide for a while if the market seems turbulent with a downside bias.
There are many more questions to be asked here.
Finally (and I have a decent investment portfolio and amount of market kowledge) who is Dave Ramsey?
Go to a company like Fi-del*ty and let their wealth management team in Boston help you with your investments, or invest in their ‘actively managed funds’ that have low management fees.
Never worked with Dave Ramsey before, but some of the things he says on his radio show lack information.
Everything he says seems very conservative and anyone buying in should never exit their front door.
there are risks and possible rewards. You need to understand this and there are no risks.
Pearls Before Swine wrote: “Finally (and I have a decent investment portfolio and amount of market kowledge) who is Dave Ramsey?”
Google is your friend, Ramsey has a large footprint on the internet. He focuses on avoiding debt and investing for the long haul.
Is this one of the “Smartvestor” affiliates? They are supposed to be teachers, so they should be overloading you with information on “who/what/when/where/why/how”.
“The Desert Inn has heart!”
Managing other’s money is big business. Ramsay uses his show to promote his interest in a financial management firm
I don’t know his firm’s practices, but I dont believe Ramsay is a crook, and I imagine they will steer you into relatively safe and “industry accepted” investments - for which they will take a percentage and/or earn a commission from the seller of the product.
It looks like once you are in their firm, their goal is to upsell you on various financial products, like home/car insurance, life insurance, annuities, etc....
Decades ago, when just starting my career, I too did not study stocks, bonds or financial products. I focused on my profession, and decided to give a monthly part of my check to a “money manager” at a local money-management firm.
2-3 months later, after signing up, I called my “manager” to ask some questions, and found out he quit his job to ride a motorcycle around the USA for a year. I was a little peeved because I realized “I guess he wasn’t really as concerned about my financial future as he said.” My bubble was broken.
Having said that, the company he worked for still exists, and the funds he promoted, while relatively high-commission, are still around. I kept putting some money into these funds, even to today, as kind of a controlled experiment. The return has been OK, but after fees, no better than what I could have done myself buying some simple index funds.
As such, I found it better to take the plunge and educate myself on all financial decisions and products.
I inherited some stocks from my father. It was enough that I thought that I should use a financial advisor. I barely look at it. We talk once or twice a year.
His goal is to beat the S&P which he does consistently. A few years ago, the S&P was down 16%. My money was down 11%. I score that as a win.
I also have a 401K. I realized my advisor was doing a lot better than I was so I closed it out and moved the existing money over to his management.
Anything new is in a higher risk fund.
My inheritance was all stock. My dad was a long-time investor in a company I later went to work for. Something I had no idea about until after I took the job.
It’s a very stable growing company so I did keep that stock. It’s tripled in the last few years.
Thanks, I appreciate your suggestion and will open in another tab for viewing.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.