How did Joe do?

[leh-nerd skin-erd]

3 hours ago, Chef Jim said:

 

Define big money.  It's not hard to become financially independent in this country.  

 

And THIS is exactly one of the big reasons we loved Trump.  

Where though, Chef, where does one go to become independently wealthy when there is absolutely no evidence that living within ones means, working hard, saving money before spending it, understanding the time value of money and the history of returns in the equities market (or other options should one prefer) ever paid off for anyone?  
 

Plus it sounds hard, and that new iPhone comes out soon.  

[Chef Jim]

1 minute ago, leh-nerd skin-erd said:

Where though, Chef, where does one go to become independently wealthy when there is absolutely no evidence that living within ones means, working hard, saving money before spending it, understanding the time value of money and the history of returns in the equities market (or other options should one prefer) ever paid off for anyone?  
 

Plus it sounds hard, and that new iPhone comes out soon.  

 

Same place I went 30 plus years ago.  Where it helped a poor line cook and his secretary wife learn all these things that allowed him to, 30 years later, retire early.  

 

Or they can call me and I'd be more than happy to put them in touch with a coach.  

 

BTW I know you're being facetious.   

[B-Man]

 

How did Joe do ?

 

 

 

 

Don't forget, over 80 million votes............

 

 

[Chef Jim]

1 minute ago, B-Man said:

 

How did Joe do ?

 

 

 

 

Don't forget, over 80 million votes............

 

 

 

We switched over the the Flintstones on MeTV 

[Over 29 years of fanhood]

15 hours ago, Warcodered said:

poll seems a little loaded.

He pointedly sold more government. If you like that, you like what you heard. If you don’t like that, you didn’t like what you heard. It wasn’t some hidden message, he was very open about it. 
 

but I can change control to be more involved in. Is that more fair? 

Edited April 29, 2021 by Over 29 years of fanhood

[Warcodered]

1 minute ago, Over 29 years of fanhood said:

He pointedly sold more government. If you like that, you like what you heard. If you don’t like that, you didn’t like what you heard. It wasn’t some hidden message, he was very open about it. 

Then why didn't your poll ask that?

[Over 29 years of fanhood]

3 minutes ago, Warcodered said:

Then why didn't your poll ask that?

I tried to tie it together better. I’m genuinely curious if people want the federal government spending and controlling even more that today. 

[leh-nerd skin-erd]

7 minutes ago, Chef Jim said:

 

Same place I went 30 plus years ago.  Where it helped a poor line cook and his secretary wife learn all these things that allowed him to, 30 years later, retire early.  

 

Or they can call me and I'd be more than happy to put them in touch with a coach.  

 

BTW I know you're being facetious.   

Part of the challenge is people are conditioned to be distrustful of people like you, and it strikes especially hard with the “Biden can save us” mindset crowd.  Personally, I think the notion of a “coach” in the financial services sector makes a lot of sense.  However, seems to me the messaging delivered from govt is always tilted toward “someone is always trying to f ya”, and again, people looking to be saved are easily convinced it’s true.  

I partnered with a professional coach about ten years ago and had exceptional results.  Of course i discontinued after about a year because, well, duh. 

 

 

10 minutes ago, Warcodered said:

Then why didn't your poll ask that?

Interesting you take issue with the poll question.  7 of 17 respondents ran righty into the loving arms of Mother Gov.  not sure there was a toll when they got there— but seems the format was spot on. 

[Chef Jim]

2 minutes ago, leh-nerd skin-erd said:

Part of the challenge is people are conditioned to be distrustful of people like you, and it strikes especially hard with the “Biden can save us” mindset crowd.  Personally, I think the notion of a “coach” in the financial services sector makes a lot of sense.  However, seems to me the messaging delivered from govt is always tilted toward “someone is always trying to f ya”, and again, people looking to be saved are easily convinced it’s true.  

I partnered with a professional coach about ten years ago and had exceptional results.  Of course i discontinued after about a year because, well, duh. 

 

 

 

I think it's hilarious that people distrust people "like me" when almost everyone with any level of financial security either works with someone "like me" or follows a system someone 'like me" coached them on.

 

Regarding coaching?  I don't coach my clients.  Not my niche. But I do have a lot of advisors in my firm who do coach their clients for a low cost of $100 per month.  This is something that HAS to be taught in our schools.  It should be a required course.  The number of people in the country living on SS is a crime when it's so easy to plan and save.  

 

I will always look at Obama with distain from behind my profession when he was rolling out the "DOL Rule" (which I agreed with BTW) calling people "like me" snake oil salesmen.  🤬

[SoCal Deek]

1 hour ago, BillStime said:

 

You didn't mind what Trump did to our debt the past four years though, right?

 

 

 

No I didn’t mind. Again the important part is he didn’t ask me to pay for it.

[leh-nerd skin-erd]

52 minutes ago, Chef Jim said:

 

I think it's hilarious that people distrust people "like me" when almost everyone with any level of financial security either works with someone "like me" or follows a system someone 'like me" coached them on.

 

Regarding coaching?  I don't coach my clients.  Not my niche. But I do have a lot of advisors in my firm who do coach their clients for a low cost of $100 per month.  This is something that HAS to be taught in our schools.  It should be a required course.  The number of people in the country living on SS is a crime when it's so easy to plan and save.  

 

I will always look at Obama with distain from behind my profession when he was rolling out the "DOL Rule" (which I agreed with BTW) calling people "like me" snake oil salesmen.  🤬

I agree wholeheartedly. Interestingly, I’ll hear someone speaking about a Dave Ramsey, for example, and align with his demonization of sales people.  Frankly, I don’t care one way or the other if people like him or not, but the irony is he’s one of the great salesmen of our time.  He sells books with the plan, then updated books with the updated plan, total money makeovers that get updated with new money makeovers, trusted pros, memberships...survival guides all of course wrapped in The Glory of Jesus The Christ. Brilliant. 
 

The DOL ruling was a power grab, again positioning how everyone is trying to F you but the government.  The last thing they want is empowered people speaking harshly about over-reliance on SS. 

 

Can’t recall the context, but one our local politicians sent a form letter designed to educate constituents about the tyranny of fees and used an example of hypothetical returns with a conclusion that would get a CFP drummed from the Corp.  To boot, it could have been written in crayon, read like an elementary school student wrote it. 

 

I agree with you on the need to teach this stuff in schools, but again, education is good...too much real-life education is empowering, and that’s not all good for the system. 
 

 

[Chef Jim]

22 minutes ago, leh-nerd skin-erd said:

I agree wholeheartedly. Interestingly, I’ll hear someone speaking about a Dave Ramsey, for example, and align with his demonization of sales people.  Frankly, I don’t care one way or the other if people like him or not, but the irony is he’s one of the great salesmen of our time.  He sells books with the plan, then updated books with the updated plan, total money makeovers that get updated with new money makeovers, trusted pros, memberships...survival guides all of course wrapped in The Glory of Jesus The Christ. Brilliant. 
 

The DOL ruling was a power grab, again positioning how everyone is trying to F you but the government.  The last thing they want is empowered people speaking harshly about over-reliance on SS. 

 

Can’t recall the context, but one our local politicians sent a form letter designed to educate constituents about the tyranny of fees and used an example of hypothetical returns with a conclusion that would get a CFP drummed from the Corp.  To boot, it could have been written in crayon, read like an elementary school student wrote it. 

 

I agree with you on the need to teach this stuff in schools, but again, education is good...too much real-life education is empowering, and that’s not all good for the system. 
 

 

 

Ha!  I use Dave all the time.  I get leads from him.  He has built a "better mouse trap" for advisors.  I get people that are motivated with a plan in place and need to take it to the next level.

 

Regarding the DOL Rule.  I understand what they were looking to do. Take the product out of the advice. By leveling our fee whereas we get paid the same amount regardless of our recommendation it's a good thing.  But what I thought was funny is that if I charger you a 1% fee per year and you work with me for several years (which all my clients do) you're going to pay me a ***** ton more in fees over those years that had you paid me a 5% up front sales charge.  But the difference is we provide value, guidance, coaching more than we ever did to continue to earn our 1% fee.  I would love to radically change that structure too.  It's terribly flawed and don't even get me started....unless you care.  LOL  

 

The issue is people have no idea what I do.  People like @SectionC3 who puff up their chest ask if I beat the S&P.  If I managing $2m of your mother or grandma's nest egg (my typical client) the LAST thing they want me doing is swinging for the fences.  They want a plan.  What to do, for instance, when the assisted living facility calls and says they need $100k a year for for her and it's there in the plan.  

[leh-nerd skin-erd]

20 minutes ago, Chef Jim said:

 

Ha!  I use Dave all the time.  I get leads from him.  He has built a "better mouse trap" for advisors.  I get people that are motivated with a plan in place and need to take it to the next level.

 

Regarding the DOL Rule.  I understand what they were looking to do. Take the product out of the advice. By leveling our fee whereas we get paid the same amount regardless of our recommendation it's a good thing.  But what I thought was funny is that if I charger you a 1% fee per year and you work with me for several years (which all my clients do) you're going to pay me a ***** ton more in fees over those years that had you paid me a 5% up front sales charge.  But the difference is we provide value, guidance, coaching more than we ever did to continue to earn our 1% fee.  I would love to radically change that structure too.  It's terribly flawed and don't even get me started....unless you care.  LOL  

 

The issue is people have no idea what I do.  People like @SectionC3 who puff up their chest ask if I beat the S&P.  If I managing $2m of your mother or grandma's nest egg (my typical client) the LAST thing they want me doing is swinging for the fences.  They want a plan.  What to do, for instance, when the assisted living facility calls and says they need $100k a year for for her and it's there in the plan.  

You have more faith in the DOL than I ever will.  I have no issue with annual advisory fees (beyond not quite wanting to pay them), but as you pointed out—an upfront sales charge (or contingent deferred) may be a less expensive option for certain folks and keep them where they need to be.  Breakpoints, household of etc all plays into that complicated process.  
 

My point is just because a fee is charged, a product sold or a transaction takes place doesn’t mean someone is trying to shake you down...as the bureaucrats like to imply. You making 1% of 2m isn’t a problem though site a fair amount of money, so long as the client values the service. As they say, cost is only an issue in the absence of value.  
 

I wouldn’t trust Dave Ramsey as far as I could throw him, but fundamentally recognize his system works if employed and human nature does not work against it.  As a lead source, I’ll bet he’s great. He sends disciples.  And, as I said, he’s a great salesman and I mean no disrespect in that regard. 
 

 

[Chef Jim]

8 minutes ago, leh-nerd skin-erd said:

You have more faith in the DOL than I ever will.  I have no issue with annual advisory fees (beyond not quite wanting to pay them), but as you pointed out—an upfront sales charge (or contingent deferred) may be a less expensive option for certain folks and keep them where they need to be.  Breakpoints, household of etc all plays into that complicated process.  
 

My point is just because a fee is charged, a product sold or a transaction takes place doesn’t mean someone is trying to shake you down...as the bureaucrats like to imply. You making 1% of 2m isn’t a problem though site a fair amount of money, so long as the client values the service. As they say, cost is only an issue in the absence of value.  
 

I wouldn’t trust Dave Ramsey as far as I could throw him, but fundamentally recognize his system works if employed and human nature does not work against it.  As a lead source, I’ll bet he’s great. He sends disciples.  And, as I said, he’s a great salesman and I mean no disrespect in that regard. 
 

 

 

The issue with the up front charge or CDSC is we played this profession as salespeople.  Sell them a product, collect a commission, hand them a card and say "call me if you need me."  Who wants to spend time with a client who paid you $5,000 in gross commissions 10 years ago?  Selling a product isn't planning.  Ongoing behavioral management is the key to success and that requires ongoing compensation.  If I were to hop in a time machine and go see the best BEST plan over the last 20 years and come back and build it for you it does you no good the next time you go to cash when the market goes BOO!  Of course you know all this. 

 

I really don't like Dave's process.  Yes the basics of stay out of debt and don't spend frivolously is sage advice but no credit cards??  I've not had a CC balance in years and I can't tell you the amount of free flights and free ***** I've bought over the years.  Why my first question to all prospects essentially "are ya drinkin' the Kool-Aid?"  If they are I move on. 

[reddogblitz]

On 4/29/2021 at 10:59 AM, BillStime said:

 

You didn't mind what Trump did to our debt the past four years though, right?

 

 

 

 

So if Trump blows out the budget its OK for Biden to do likewise?  Is that your standard?

 

Why would you want President Biden to do anything like Trump did?

[BillStime]

17 minutes ago, reddogblitz said:

 

So if Trump blows out the budget its OK for Biden to do likewise?  Is that your standard?

 

Why would you want President Biden to do anything like Trump did?

Just more hypocrisy - right red dog?

[reddogblitz]

5 minutes ago, BillStime said:

Just more hypocrisy - right red dog?

 

Hypocrisy from who?

 

As for me, I think it is bad behavior on Trump and Biden's part. 

 

But what President Biden is doing/trying to do sounds inflationary.  How could dumping 6 TRILLION into the economy not be?   Inflation hurts the disadvantaged and poor the most.

[BillStime]

1 hour ago, reddogblitz said:

 

Hypocrisy from who?

 

As for me, I think it is bad behavior on Trump and Biden's part. 

 

But what President Biden is doing/trying to do sounds inflationary.  How could dumping 6 TRILLION into the economy not be?   Inflation hurts the disadvantaged and poor the most.

Well thank god we got Mexico to pay for that wall. 

[Unforgiven]

Joe gets a solid A+++ as a communist

[Q-baby!]

49 minutes ago, Unforgiven said:

Joe gets a solid A+++ as a communist

Who would you replace him with?