200k New Money
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Yep see you in the funny pages. Month 19 in the bizz I grossed over $24k. I’m on track for presidents club in year two.
"Read your posts! I'm all full of piss and vinegar? You called my douchbag, idiot, and moron" If walks like a duck and quacks like a duck he he he The jokes on you flunky. Love and kisses.Thanks Sam but I concede. If this guys skin is so thin that he has to make physical threats, the most certain type of cerebral loss on the Internet, He’ll fail at the bank too. I’ll toss him this one bone as he’s to easy to shoot into tatters.
BUT it's been fun and I hope you all enjoyed the exchange. OK Ronnie boy, you have me running scared, please spare me your wrath. Thanks for the laughs.[quote=Gaddock]Thanks Sam but I concede. If this guys skin is so thin that he has to make physical threats, the most certain type of cerebral loss on the Internet, He’ll fail at the bank too. I’ll toss him this one bone as he’s to easy to shoot into tatters.
BUT it's been fun and I hope you all enjoyed the exchange. OK Ronnie boy, you have me running scared, please spare me your wrath. Thanks for the laughs. [/quote]The guy's skin must also be dark, if he lives near Midway.
And the guru keeps posting away, but will not address the question I have asked numerous times. Obviously, the truth hurts.
Others have thin skin, but you are calling people names when they call you out on the crap you are spewing ? Yeah, I was not making any money selling financial products door to door, I admitted it and started looking elsewhere. I should have done it after my first 6 months at Jones, not 2 years later. I can at least address it with honesty without hiding behind the BS of "my wife got pregnant and I needed a more secure income." Im sure your numbers are great, hell they should be, when you are churning options for 2% rips in their account. I assume you will still believe I got fired from Jones, but they aren't firing anyone, no matter how bad their numbers currently are. Just PM me when your book is coming out.[quote=snaggletooth][quote=Ron 14]The point of the initial question, without giving an essay on his entire financial situation, was just to see what advice people are giving on new money in which the only priority is growth. The guy is well to do, home paid off, plenty in bank for emergency, no kids, no wife, great job. I understand the questions that need to be asked. I wanted to see how many guys actually think 100% equities at Dow 7000 is a good idea. The answer is very few, which makes me even more confident in buying now. [/quote]
This post below by our newest
EIA expert on March 6, the day the S&P 500 traded at an intraday
low of 666.79. (It closed today at about 794.)
Good call snags. Meanwhile just about all of the EIA's you sold in the last 2 weeks are already capped out. See you at Dow 10k.
[quote=HymanRoth]
[/quote]Good call snags. Meanwhile just about all of the EIA's you sold in the last 2 weeks are already capped out. See you at Dow 10k.
[/quote] You realize lots of people buy EIAs as an alternative to other conservative investments and to NOT be exposed to market risk, right?
[quote=HymanRoth]
[quote=snaggletooth][quote=Ron 14]The point of the initial question, without giving an essay on his entire financial situation, was just to see what advice people are giving on new money in which the only priority is growth. The guy is well to do, home paid off, plenty in bank for emergency, no kids, no wife, great job. I understand the questions that need to be asked. I wanted to see how many guys actually think 100% equities at Dow 7000 is a good idea. The answer is very few, which makes me even more confident in buying now. [/quote]
This post below by our newest
EIA expert on March 6, the day the S&P 500 traded at an intraday
low of 666.79. (It closed today at about 794.)
Good call snags. Meanwhile just about all of the EIA's you sold in the last 2 weeks are already capped out. See you at Dow 10k.
[/quote]
And the story continues to play out...where did the S&P close yesterday?
[quote=deekay][quote=HymanRoth]
[/quote]Good call snags. Meanwhile just about all of the EIA's you sold in the last 2 weeks are already capped out. See you at Dow 10k.
[/quote] You realize lots of people buy EIAs as an alternative to other conservative investments and to NOT be exposed to market risk, right?[/quote] Hyman doesn't understand that concept. An index annuity is not a market investment. When you look at historical numbers from real contracts through both bull and bear markets, many people would be happy with the annualized returns without risk for a portion of their money.
[quote=deekay][quote=HymanRoth]
[/quote]Good call snags. Meanwhile just about all of the EIA's you sold in the last 2 weeks are already capped out. See you at Dow 10k.
[/quote] You realize lots of people buy EIAs as an alternative to other conservative investments and to NOT be exposed to market risk, right?[/quote] No, they don't. They buy them because some guy tells them that they can't lose anything in them, but yet can participate in the upside of the market. The only people I've ever seen buy an EIA are gullible people who probably shouldn't be investing in anything other than CDs or Fixed annuities. They never read the fine print. If they did, they'd figure out quickly that their "can't lose" strategy has just cost them a ton. I just reviewed one for a client's husband last week. He's been buying a new one every year for the last 4 years. I asked him what he's going to do for income when he retires in 10 years. At that point there's going to be a 22% surrender penalty on 60% of his money. He won't have any money that's not under some kind of surrender penalty. I ran this little scenario for him: Let's say he has to get to his money in 7 years because he lost his job and he has bills to pay. His annuity today is worth $10,000. 22% surrender, 10% penalty, and (since he doesn't have a job) 15% taxes for fed and state combined. His $10K just turned into $5300. In a fixed annuity he would have paid probably at most a 5% surrender. In a VA, 7% max. So, sure, you don't lose any principle, but man does it hurt to have to hit that money in an emergency. This guy's EIA also orce annuitization if he wants to withdraw. All because he wants to be in the market, but doesn't have the balls to ride it out when things get tough.
You can also get relatively similar returns using a fixed annuity/CD/treasury plus some straight equity exposure for a small portion of portfolio, without the participation caps and surrender penalties.
Exactly and in years when the equities are down you withdrawal only from the fixed portion of the portfolio.You can also get relatively similar returns using a fixed annuity/CD/treasury plus some straight equity exposure for a small portion of portfolio, without the participation caps and surrender penalties.
Can that guarantee 7% or the market if it's higher for the next decade and guarantee 5 or 6 % annual payments for the rest of you and your wife's life even if you draw your account to zero?
Don't think so & I'm not an annuity guy.No it can’t. And there is no guarantee that the insurance company will be around in 10 years to guarantee the annual payments for life.
No guarantee that FDIC coverage will be either or that the sun will shine. I would feel pretty OK about ING, The Hartford, Met, Pru, Trans, JH etc.
You sound more like Suze Orman 14 than a person that is really considering the superior solution.I have no problems with VA’s. I just don’t feel they are appropriate with the market as low as it is. Putting people in them now and charging them for the insurance after the market has declined 50% is like charging a cover 30min before the bar closes. What are you really paying to protect? It has already happened.
I think it's appropriate for a person that fits the mold, now as ever. We could go down another 2000 points. Market timing shouldn't be a criteria for getting into a VA. It's suitability. You could also say this is the best time ever to get into one due to the step up. Getting paid based on the 7% or high water mark for those on the edge can be a great advantage and perhaps difference between being poor or comfortable for life. I'm not hung up on fees, I'm a net effect guy. JH gives you another decade of 7% each time you have a step up. Why would the market being down disqualify such a VA? In spite of higher fees considering what you get in good VA's and due to their recent 'arms race' VA's are actuarially a steal and will soon be significantly scaled back in benefits. I think you will never see a better deal on a VA again. And as I said, I'm not an annuity guy but I would not hesitate to use them in the right circumstances. The few that I did present sure do wish they had taken them now. Most of them were buy and hide types that have been HUGELY damaged by the hang in there champ schpeal their other broker (said loosely, more like a kool-aide drinking managed money drone) that had them watch their retirement all but go up in smoke.I have no problems with VA’s. I just don’t feel they are appropriate with the market as low as it is. Putting people in them now and charging them for the insurance after the market has declined 50% is like charging a cover 30min before the bar closes. What are you really paying to protect? It has already happened.
The reason VA's are out there and the reason all of these bells and whistles "look" so good is because THE VA COMPANY WILL BENEFIT IN A BIG WAY. I choose to keep those benefits in the pockets of my clients. Again, no reason to insure a house that has already burned to the ground.