Monetizing a non-liquid asset - Page 2

lumberjim · 12-09-2006, 02:38 PM

i can no longer hear the word 'asset' without being reminded of Labrat. think you cellar.

SteveDallas · 12-09-2006, 02:40 PM

That's what we're here for, LJ.

Griff · 12-09-2006, 05:42 PM

America is all about assets. Where should I put this *?

footfootfoot · 12-09-2006, 07:48 PM

Thanks Lookout, I need to chew on that a while. Are there any books about finance that you might recommend which aren't so self helpy but more like intro textbooks?

I have some serious catching up to do. (to be discussed in a later thread)

JayMcGee · 12-09-2006, 08:01 PM

mmmm...... it' s thread's like this that bring it home that this is an American board.

footfootfoot · 12-09-2006, 09:31 PM

Don't you worry about money in the UK?

I'm 46 and know I'll be working every day until I die. There is no retirement in my future and any college my kid gets is going to be paid for by him. I'm curious about how to approach the later years of my life knowing that there isn't a government tit to suck on.

What happens over there?

Not to mention no health care or insurance.

lookout123 · 12-10-2006, 11:31 AM

26 is a better starting point than 46, but 46 is better than 66. you've still got plenty of time foot.

Intro to finance books? honestly i can't think of anything to suggest right now. there are so many good books, but they each have an agenda. if you are starting from square one you can actually set yourself back by swallowing any one of these theories whole.

on the subject of mortgages - Missed Fortune 101 is good but forget absolutely everything he says about how to invest the money as it is complete horseshit. guy either doesn't know any better or he is getting huge kickbacks from indexed annuity companies. if you hear anyone talking about buying an INDEXED annuity - slap them, tie them down, and call for help. unless you hate them.

Smart Couples Finish Rich is good.

i guess a good rule of thumb is to ignore the actual investments any of these guys talk about and only focus on the concepts.

i would absolutely run away from stuff written by Suze Orman and her ilk, though.

tw · 12-10-2006, 06:29 PM

Quote:

Originally Posted by lookout123

i would absolutely run away from stuff written by Suze Orman and her ilk, though.

What is Suze Orman's perspective or agenda?

lookout123 · 12-10-2006, 09:46 PM

to sell books. her method to ensure that she sells more books is to scare people about the horrors one is sure to find if they talk to one of those dirty evil thieving financial advisors. her big things are that if you read her books you don't need a broker. i'm the first to say you don't need a broker IF you are willing to go out and learn what a good advisor knows, are willing and able to pick good from bad investments, are willing and able to create good financial plans, willing and able to follow through on it, willing and able to track all the moving pieces that are part of a total financial package. BUT she leaves it at "you don't need an advisor, here read my new book" and people end up getting hosed over because they think they need to know all there is to know about what i do after reading a book.

i usually point out to people that they aren't paying me for buying or selling a stock anymore than they are paying the doctor to write a prescription, a tax professional for filling out forms, or an attorney for standing next to you in the court room. you are paying for professional expertise. you are paying for the time and effort the professional puts into increasing their knowledge and expertise so that they are able to handle all of your complex problems.

oh and she usually forgets to point out that she used to be a broker at merrill lynch until she figured out she'd make more selling books and hosting DIY seminars.

footfootfoot · 12-10-2006, 06:16 PM

Thanks, there's a lot percolating lately. I need some time to flesh out some ideas, I think this house project has made me rethink a lot of things. My dad's passing this spring and other things have made me think about the next 20 or 30 years.

more later.

footfootfoot · 12-10-2006, 10:16 PM

That last line was what I was going to point out. I have a friend who is a farmer. He works from dawn till dark thirty and is a very good farmer and barely scrapes by. He has a lot of contempt for the lecture circuit farmers who go around and tell folks about how they can make a bazillion dollars in farming if they'll follow the lecturer's advice.

My friend's contention is that if what they are teaching is so lucrative then why would they be standing in a lecture hall giving away their secrets instead of staying on their farm making a bazillion dollars.

The only profitable thing in their farming plan is selling it to others. I think this is true of most fields where an "expert" comes in to tell us all how it works.

If I was a millionaire financial whiz I'd have a long list of things to do each day that wouldn't leave time for writing books and going on Oprah.

/blah.

lookout123 · 12-10-2006, 11:25 PM

i saw her on tv talking about how there is no such thing as a good annuity that the product is just a scheme cooked up by the insurance industry and pedaled by thieves to screw innocent people. NO exceptions. they sound good but are all bad.

then a phone call came. it was a little old lady that explained how a broker sold her husband a variable annuity a few years before his death and she was worried now because she couldn't figure out the angle where she was getting screwed. Suze made the dramatic faces and nodded and apologized for her misfortune as the lady explained (i forget the actual numbers but you get the point) how her husband had invested $100K and it did well for awhile then the market crashed shortly before her husband died and the value had dropped to @ $60K. Suze acted all sad and outraged about how this is an example of there being no good annuities... until the woman explained that the annuity company was giving her a check for $200K because of a "high water mark" feature. Suze immediately reversed herself and said "this is one of those cases where and annuity really works out well". bitch.

**variable annuities are not appropriate for all people or situations - just an example of her horseshit.

***variable annuities are NOT the same as variable indexed annuities which should be illegal. hopefully they will be soon.

12-09-2006, 02:38 PM	#1
lumberjim I can hear my ears Join Date: Oct 2003 Posts: 25,571	i can no longer hear the word 'asset' without being reminded of Labrat. think you cellar. __________________ This body holding me reminds me of my own mortality Embrace this moment, remember We are eternal, all this pain is an illusion ~MJKeenan

12-09-2006, 05:42 PM	#3
Griff still says videotape Join Date: Feb 2001 Posts: 26,813	America is all about assets. Where should I put this *? __________________ If you would only recognize that life is hard, things would be so much easier for you. - Louis D. Brandeis

12-09-2006, 07:48 PM	#4
footfootfoot To shreds, you say? Join Date: Aug 2004 Location: in the house and on the street-how many, many feet we meet! Posts: 18,449	Thanks Lookout, I need to chew on that a while. Are there any books about finance that you might recommend which aren't so self helpy but more like intro textbooks? I have some serious catching up to do. (to be discussed in a later thread) __________________ The internet is a hateful stew of vomit you can never take completely seriously. - Her Fobs

12-09-2006, 08:01 PM	#5
JayMcGee Cardigan-wearing man Join Date: Mar 2006 Location: Much Binding In The Marsh Posts: 1,082	mmmm...... it' s thread's like this that bring it home that this is an American board. __________________ I like wearing cardigans...... my current favourite is an orange cable-knit with real leatherette buttons.

12-09-2006, 09:31 PM	#6
footfootfoot To shreds, you say? Join Date: Aug 2004 Location: in the house and on the street-how many, many feet we meet! Posts: 18,449	Don't you worry about money in the UK? I'm 46 and know I'll be working every day until I die. There is no retirement in my future and any college my kid gets is going to be paid for by him. I'm curious about how to approach the later years of my life knowing that there isn't a government tit to suck on. What happens over there? Not to mention no health care or insurance. __________________ The internet is a hateful stew of vomit you can never take completely seriously. - Her Fobs

12-09-2006, 02:40 PM	#2
SteveDallas Your Bartender Join Date: Jan 2002 Location: Philly Burbs, PA Posts: 7,651	That's what we're here for, LJ.

12-10-2006, 11:31 AM	#7
lookout123 changed his status to single Join Date: Apr 2004 Location: Right behind you. No, the other side. Posts: 10,308	26 is a better starting point than 46, but 46 is better than 66. you've still got plenty of time foot. Intro to finance books? honestly i can't think of anything to suggest right now. there are so many good books, but they each have an agenda. if you are starting from square one you can actually set yourself back by swallowing any one of these theories whole. on the subject of mortgages - Missed Fortune 101 is good but forget absolutely everything he says about how to invest the money as it is complete horseshit. guy either doesn't know any better or he is getting huge kickbacks from indexed annuity companies. if you hear anyone talking about buying an INDEXED annuity - slap them, tie them down, and call for help. unless you hate them. Smart Couples Finish Rich is good. i guess a good rule of thumb is to ignore the actual investments any of these guys talk about and only focus on the concepts. i would absolutely run away from stuff written by Suze Orman and her ilk, though. __________________ Getting knocked down is no sin, it's not getting back up that's the sin

12-10-2006, 09:46 PM	#9
lookout123 changed his status to single Join Date: Apr 2004 Location: Right behind you. No, the other side. Posts: 10,308	to sell books. her method to ensure that she sells more books is to scare people about the horrors one is sure to find if they talk to one of those dirty evil thieving financial advisors. her big things are that if you read her books you don't need a broker. i'm the first to say you don't need a broker IF you are willing to go out and learn what a good advisor knows, are willing and able to pick good from bad investments, are willing and able to create good financial plans, willing and able to follow through on it, willing and able to track all the moving pieces that are part of a total financial package. BUT she leaves it at "you don't need an advisor, here read my new book" and people end up getting hosed over because they think they need to know all there is to know about what i do after reading a book. i usually point out to people that they aren't paying me for buying or selling a stock anymore than they are paying the doctor to write a prescription, a tax professional for filling out forms, or an attorney for standing next to you in the court room. you are paying for professional expertise. you are paying for the time and effort the professional puts into increasing their knowledge and expertise so that they are able to handle all of your complex problems. oh and she usually forgets to point out that she used to be a broker at merrill lynch until she figured out she'd make more selling books and hosting DIY seminars. __________________ Getting knocked down is no sin, it's not getting back up that's the sin

12-10-2006, 06:16 PM	#10
footfootfoot To shreds, you say? Join Date: Aug 2004 Location: in the house and on the street-how many, many feet we meet! Posts: 18,449	Thanks, there's a lot percolating lately. I need some time to flesh out some ideas, I think this house project has made me rethink a lot of things. My dad's passing this spring and other things have made me think about the next 20 or 30 years. more later. __________________ The internet is a hateful stew of vomit you can never take completely seriously. - Her Fobs

12-10-2006, 10:16 PM	#11
footfootfoot To shreds, you say? Join Date: Aug 2004 Location: in the house and on the street-how many, many feet we meet! Posts: 18,449	That last line was what I was going to point out. I have a friend who is a farmer. He works from dawn till dark thirty and is a very good farmer and barely scrapes by. He has a lot of contempt for the lecture circuit farmers who go around and tell folks about how they can make a bazillion dollars in farming if they'll follow the lecturer's advice. My friend's contention is that if what they are teaching is so lucrative then why would they be standing in a lecture hall giving away their secrets instead of staying on their farm making a bazillion dollars. The only profitable thing in their farming plan is selling it to others. I think this is true of most fields where an "expert" comes in to tell us all how it works. If I was a millionaire financial whiz I'd have a long list of things to do each day that wouldn't leave time for writing books and going on Oprah. /blah. __________________ The internet is a hateful stew of vomit you can never take completely seriously. - Her Fobs

12-10-2006, 11:25 PM	#12
lookout123 changed his status to single Join Date: Apr 2004 Location: Right behind you. No, the other side. Posts: 10,308	i saw her on tv talking about how there is no such thing as a good annuity that the product is just a scheme cooked up by the insurance industry and pedaled by thieves to screw innocent people. NO exceptions. they sound good but are all bad. then a phone call came. it was a little old lady that explained how a broker sold her husband a variable annuity a few years before his death and she was worried now because she couldn't figure out the angle where she was getting screwed. Suze made the dramatic faces and nodded and apologized for her misfortune as the lady explained (i forget the actual numbers but you get the point) how her husband had invested $100K and it did well for awhile then the market crashed shortly before her husband died and the value had dropped to @ $60K. Suze acted all sad and outraged about how this is an example of there being no good annuities... until the woman explained that the annuity company was giving her a check for $200K because of a "high water mark" feature. Suze immediately reversed herself and said "this is one of those cases where and annuity really works out well". bitch. variable annuities are not appropriate for all people or situations - just an example of her horseshit. *variable annuities are NOT the same as variable indexed annuities which should be illegal. hopefully they will be soon. __________________ Getting knocked down is no sin, it's not getting back up that's the sin

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)