[travelstiles]

Sea -
Great suggestions. I also watch Suze Orman, and think she's terrific.
As managing our finances includes more than just our investable assets, I would also like to see topics such as estate planning, tax issues, etc. discussed as well.
And I am in total agreement about no salespeople or anyone looking for clients being members.
I would hesitate about excluding people who work with financial advisors, because they may also wish to learn more in order to ask intelligent questions of their advisors. Some may even decide to manage their own assets after a while, but it's not for everyone.
I've also got an idea for a name for the club - let me know what you all think:

The Financial Fitness Club :bigthumbsup:

Looking forward to getting started on this in '08 -

[Avista]

Everyone has great ideas that I agree with--especially the 6 points. I like the name also. Should it be The Villages Financial Fitness Club or would Financial Fitness Club or FFC be better?

We have a brokerage account through Fidelity, so this would be a great way for us to learn more. I agree, "No salespeople appearing hawking their products."

[LG]

Originally Posted by jerseygirl13

Question for others who are experienced with financial planning: Is it reasonable to pay one time fee of $500 to Ameriprise rep. to help me set up strategies for retirement investing? She will do that plus roll over a few things into a Roth IRA. Says I'll never have to pay the fee again, unless . . . I change course drastically. Is it standard procedure to pay this kind of fee?

Have been enjoying Lake Sumter Web Cam, all the threads and valuable info. Still working full-time and plan to be able to come to TV in a year or two (still work f/t). Wondering if buying a house now, and renting it out would be smart. Just don't know where the market will be in two years.

Please keep all this good info coming. I check TOTV daily, sometimes twice/day.

We have foound a wonderful Finacial Planner.......... Skip West with Lady Tax Advisory Group

He and his partner Dan help us move some money around, put it into a principle safe fixed annuity that earned 14% last year. They do not charge for thier services.. NO PRESSURE.. and they follow up each year to see if anything has changed... Give him a call 352-360-0222 :bigthumbsup: :bigthumbsup: :bigthumbsup: :bigthumbsup:

[jerseygirl008]

Hello to all: Travelstiles, this is Jerseygirl13, however, had to change (to JG008)because I couldn't get on after the new upload. Anyway, I am thrilled to hear you want to lead up a club. LOVE THE NAME. Latest posts are so informative. I'm not in TV yet, not sure when I'll get there but count my financial-fitness-self IN. Thanks.

p.s. Happy Thanksgiving to y'all.

[peachpit]

I love the financial planning platform. Just make sure you have a financial planner. My experience is that most people don't want to manage their own money. Better to have an unemotional third party looking out for your best interest. Ask friends and family for a referral.

We all do a pretty good job of accumulating assets. Retirement income is a whole different ball game. I have read numerous studies on the topic. A couple mistakes are not having enough invested in stocks and taking out too much money to early. If you want your money to last, your withdrawals should be limited to 4% first year and then indexed for inflation.

Investment club???? I'd rather play golf!

[travelstiles]

:bigthumbsup:
Great stuff, Boomer,
I'm still up north too cold and don't golf, so that's not an issue (yet). When we move to TV next month that may change, but I've spent over 25 years in financial planning and retired or not, it's just as much fun to me as golf is to others ;D

[gfmucci]

Originally Posted by travelstiles

Sea -
I would hesitate about excluding people who work with financial advisors, because they may also wish to learn more in order to ask intelligent questions of their advisors.

I started with a financial advisor just a few months ago. That doesn't mean I entrust all my earthly possessions to him. I still need to be knowledgable and stay engaged - probably more than ever because I need to learn why he is doing things differently than I have done over the years - that's why I hired him. But not every financial advisor, lawyer, doctor, or accountant does the right thing all the time. I hope the club encourages those with financial advisors to join. It will be a big help with "testing" the validity of what your advisor is doing to you, err, for you. ;D

[travelstiles]

well said -

Samuel Johnson :
Knowledge is of two kinds: we know a subject ourselves, or we know where we can find information upon it.

[gfmucci]

Here is one of my favorites that seems applicable:

"...there are known knowns; there are things we know we know. We also know there are known unknowns; that is to say we know there are some things we do not know. But there are also unknown unknowns -- the ones we don't know we don't know."

Donald Rumsfeld

[peachpit]

Financial Planning is a process and the Financial Planner simply quarterbacks that process. He or she, with the support of their back office, and experience offer suggestions to you on implementing a plan. You are the one who ultimately makes the decision. The planner guides the process. You will know exactly where you are financially at any given point in time. Your personal goals determine how aggressive or conservative you need to be with your allocations. Financial reviews are part of the process to see if you are 'on track'.

The scope of financial planning is so wide that you need professional help. It deals with insurance, trusts, accounting, tax, estate and business planning. An attorney, accountant, and insurance agent all will be a part of this process.

Want to retire to the Villages in 2 years? You need to see where you are currently and where you need to be in 2 years. Get it? Financial Planning. Should you pay cash for the house or finance it? Should it be in your name, your spouses name, both names, or should it be in a trust? Get it? Financial Planning

Although I've read the magazines and heard the media shows I do not do carpentry, yard work, plumbing, electrical, or wash windows. I hire professionals! I love people and it hurts me to see them get bad advise. I only want the best for you villagers.

[zcaveman]

Originally Posted by travelstiles

zcaveman,
Not sure what you mean by "There are many free financial checks in TV with a free lunch."
Many institutions are willing to provide "free" introductory seminars (often with refreshments, if that's what you meant by a free lunch) or "free" initial consultations, but as you mentioned there has to be some type of pay for professional services.

I went for the free breakfast and the speech and signed up for the free initial consulation. All I needed was my net worth (if I remember) and a couple of other things. They basically agreed that I was going in the right direction and the only problem that they found is that I would be owing a big chunk to the IRS since I was not taking out enough witholding. They did try to sell me an annunity but I said "let me think about it" and never went back.

This was on September 11, 2001. The market has never been the same since.

I do most of my own legwork and then tell my financial planner what I would like to move. I manage my own 401(k) accounts with my old companies.