So are financial planners really rich?

or Register to post new content in the forum

45 RepliesJump to last post

 

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Apr 23, 2006 5:31 pm

i see them all drive bmw's and mercedes

but it just seems all the lower end models

I never see any AMG's or any ///M's

just a buch of leased 525's and e350's and some 745's

whats going on guys??? i was expecting 760's and s65's...

what is your ride?

Apr 23, 2006 5:32 pm

bunch*

Apr 23, 2006 6:27 pm

'75 Chevy Impala wagon...you know the one, has a third seat that faces to the rear.  I can fit up to seven clients!



Apr 23, 2006 6:53 pm

A lot of them are really rich, but still only drive modest cars for
good reason.  If a broker rolls into the country club in a Lambo,
all his clients there are going to start questioning the fees and think
they're being overcharged....



You don't want to look too luxurious when its your clients' money that you're spending.




Apr 23, 2006 7:06 pm

I prefer to spread my wealth around over a variety of toys.



The most outward demonstration of my monetary existence is my

sailboat. I own a racing sailboat and will many times take my clients out

for an afternoon of sailing.



I could certainly afford something other than the Audi A6 that I drive, but,

I agree with Scorpio.... clients, for some strange reason, thing when you

drive a suped-up car, that you've been overcharging them.



So, I opt to tell them that I'm too poor to afford a true yacht with the big

engines. I have to take the 'free' way up and down the coast..... wind

powered is the only way to be. I don't, however, tell them that it can cost

up to $12,000 for one sail to harness that 'free' wind.



Hahahahaha.



Capt.

Apr 23, 2006 7:08 pm

yep.. thats exactly what I thought

but do you guys have the lambos, or even the amg's at home at least?

i mean it sounds like the avg salary on this forum is around 200k
and I think that is good enough to get some nice cars.. no?

Apr 23, 2006 7:31 pm

Financial planners are not rich.  The vast majority make under $100,000.  It's hard to make that much money on financial planning fees. 


On the other hand, those who sell financial products (stocks, bonds, insurance, mutual funds, etc) can make a ton of money.   Their title (stock broker, financial advisor, insurance agent, financial planner, etc) is irrelevant.


The point is that the money is not made in the planning, but rather in the sales.

Apr 23, 2006 7:34 pm

thats what i mean the full on FA

Apr 23, 2006 7:36 pm

Nope.



Those cars are nice, but I really don't have the interest. True story.



Could I purchase a Lambo? yeah... the low-end version.... But, I have no

real interest in that kind of thing. Then, I'd have to sacrifce some sailing

event, put off a new boat purchase - I'd rather not do that....



Enjoy it all, I say......



C

Apr 23, 2006 7:47 pm

Go read the Millionaire Next Door by Thomas J. Stanley and William D. Danko - you might learn something. Jeeeeez.

Apr 23, 2006 8:40 pm

reviews are looking good, will go check it out at the library or bookstore. thanks for the book tip

Apr 23, 2006 9:44 pm

Yeah that is a good book....



I can't afford those cars (I'm just a rook).  If you think about
it though, buying really expensive cars goes against everything an FA
preaches anyway.  There's no other asset that loses value faster
than a car.  So tying up a ton of money in batmobiles doesn't make
much sense as someone who provides financial advice for a living. 

Apr 24, 2006 12:36 am

A real financial advisor would never waste money on something as silly as a "Lambo."  He would invest in something far more practical--like serious bling-bling or a rack enhancement for the wife.  Oh, and he might send his kids to private school. (Read the signature line.)

Apr 24, 2006 10:38 am

A friend of mine has this saying...


"I'll never drive a car that my clients can't afford to drive."

Apr 24, 2006 10:43 am

I drive a 2003 Toyota Corolla.

It now has over 80k miles on it.  Best car on the road for gas mileage - other than the overpriced hybrids out there.

I'm also a rookie, and would like to "upgrade" to a Nissan Maxima or similar type car.

Apr 24, 2006 12:33 pm

I'm glad someone expressed the thought that you don't want to seem like you are overcharging by driving a "lambo" and appearing to be too overpretentious.  I've known many that drive a 5 year old MB that is still in great shape, but not too flashy to make their clients wonder what they're doing with their money.

Apr 24, 2006 12:36 pm

Millionare Next Door is an awesome book...


Read it and live within your means and anyone can be a millionare.

Apr 24, 2006 1:08 pm
brothaK:

yep.. thats exactly what I thought

but do you guys have the lambos, or even the amg's at home at least?

i mean it sounds like the avg salary on this forum is around 200k
and I think that is good enough to get some nice cars.. no?



Depending upon how much one follows one's own advice about spending habits, paying oneself first, saving for the future, etc....and if one has kids and a mortgage, most likely one cannot afford a Lambo or AMG on 200k a year.  It would be insane.  Right now my car isn't anything to brag on, but I make no payments, and it hasn't cost me a nickel.  I like the new Escalade, and could buy one on my signature today with no problem, but I don't need it.  I have other priorities.

We have some nice stuff, and live a comfortable life.  But, I know from first hand experience what it's like to live from one paycheck to the next with no cushion.  I know how it feels to have debt collectors call, and staring at the credit card bill and wondering how it would be paid off.  I don't ever want to go back there.

I gain greater gratification from watching the balance in my account grow by the month!

Live life, and one day you'll understand.

Apr 24, 2006 9:33 pm

Wow


I wonder if I was that stupid when I was 21.  Son, you can buy anything you want and just because you can make the payment doesn't mean you can afford it.

Apr 24, 2006 10:26 pm
joedabrkr:

I gain greater gratification from watching the balance in my account grow by the month!Live life, and one day you'll understand.




Agree 100%



Cars depreciate. Portfolios appreciate. I drive the best car on the road today. A four year old one that's paid for.



I could afford many of the luxury vehicles but it just doesn't make any financial sense.



I often wonder about the person driving the $80,000+ auto. I would guess for most, that is their portfolio.