Stock Market up 426 TODAY

[68BabyBlue]

BOA put a sour taste in my mouth when I found out that there was no closing cost on mortgages and no down payment and no credit check for first time home buyer’s as long as you’re not white. Not kidding look it up.

I'm going to try to tiptoe around this so as not to get the thread shut down. My law school had a similar program for admissions. I applied there because they had a summer program for applicants with marginal academic credentials. Most washed out, but the 25% who made the cut got a regular admission for fall. I was surprised when I get an acceptance letter for fall admission. I got in because of minority status, but got zero financial assistance.

The students who checked the right boxes got a fully paid ride. I subsidized it. Fewer than 10% of that group graduated, but it made the school look good on paper. They touted those enrollment numbers in their recruiting materials. Point I'm trying to make is it's not a good financial model, and I would steer away from a bank that used it to the detriment of financial considerations.

 

[SlingLow]

I'm another one in the Edward Jones camp. I was a series 7 licensed advisor with Morgan Stanley for a period of time and am qualified to run my own portfolio, however, when I left there (fired, not laid-off like they said), I began buying foreclosure houses and renovating them. Two areas I knew nothing about and had to learn everything about to be successful. I didn't feel like I could do both effectively, so I hired out. After a couple iterations, I found a young man in his early 30's at Edward Jones through a recommendation. He impressed me and I began moving funds in. He has continued to perform in my opinion, and at our last breakfast meeting he informed me that he was just offered to become a general partner with less than 10 years with the firm, an impressive feat. He is actively involved in their technology development and has his eye on the future.

One of the reasons to use an org like Eddie Jones is the access to research, technology, and sophisticated tools for portfolio management, asset allocation, investment analysis and retirement planning. A guy can find all that on his own with a significant investment of time and effort. As @Hey-O is, I'm enjoying life without stress, and by not following my balance daily, weekly or even monthly, I can avoid that. I get up and smell the coffee then go out and smell the roses. I earned it and I'm cashing in now.

I learned early on that the earlier you start, compound interest is your best friend.

Coincidentally, I was cleaning up some computer files yesterday and decided to chart my net worth and specific retirement assets back to 2005 when I started borrowing heavily and created a balance sheet for myself and the banks. It is very apparent how compounding works. A simple explanation is that 8% growth on 2x is twice as much as 8% growth on x. Twenty years of data makes that apparent.

 

[Hey-O]

I'm another one in the Edward Jones camp. I was a series 7 licensed advisor with Morgan Stanley for a period of time and am qualified to run my own portfolio, however, when I left there (fired, not laid-off like they said), I began buying foreclosure houses and renovating them. Two areas I knew nothing about and had to learn everything about to be successful. I didn't feel like I could do both effectively, so I hired out. After a couple iterations, I found a young man in his early 30's at Edward Jones through a recommendation. He impressed me and I began moving funds in. He has continued to perform in my opinion, and at our last breakfast meeting he informed me that he was just offered to become a general partner with less than 10 years with the firm, an impressive feat. He is actively involved in their technology development and has his eye on the future.

One of the reasons to use an org like Eddie Jones is the access to research, technology, and sophisticated tools for portfolio management, asset allocation, investment analysis and retirement planning. A guy can find all that on his own with a significant investment of time and effort. As @Hey-O is, I'm enjoying life without stress, and by not following my balance daily, weekly or even monthly, I can avoid that. I get up and smell the coffee then go out and smell the roses. I earned it and I'm cashing in now.


Coincidentally, I was cleaning up some computer files yesterday and decided to chart my net worth and specific retirement assets back to 2005 when I started borrowing heavily and created a balance sheet for myself and the banks. It is very apparent how compounding works. A simple explanation is that 8% growth on 2x is twice as much as 8% growth on x. Twenty years of data makes that apparent.

You're another one I follow, good for you!!! I only wish you well, I think you already know that!! ..... Ulli