How's this for a newbie investment plan?

[Julia]

A bit harsh to put all FP's in that category Julia. Just like any job that provides a service, there will be good and bad...

You don't seem to have read my post properly.
I said many financial planners. Not all.
I have not heard even one of them, or any of the plethora of commentators in the media advise anything other than to "hold on, it will all be fine".
No proviso to people close to retirement, say a year or so ago, that they should consider protecting their capital.

In another thread I have said that some years ago I received advice from a FP which altered my direction and I will be forever grateful.

We have a few on this forum who clearly know what they're talking about.

Bet the people who paid megabucks to Storm Financial aren't exactly feeling too happy about the service they received!

 

[johenmo]

Hi bananaman. I'm a newbie and now is not the time to rush. There is so much uncertainty out there.

Take CBA - blue chip, ASX20, etc etc. And they have just come out with some "immaterial" bad debt. And others are slowly revealing debt which is crippling/killing them.

I started with an "investing" mindset - got it 50% right and 50% wrong. With everything as it is at the moment, I now think there's plenty of time (at least months) to watch and learn.

Certainly, if you don't have a plan with a sound exit strategy (the exit strategy was what I lacked! And to me, this is the most important thing) then you are not minimising risk.

Good luck.

 

[sails]

Actually they aren't. You don't need high IQ to be a jumbo pilot - Companies like Lufthansa won't hire you if you're too clever. As for brain surgeons, I don't know but I'd bet they'd make the worst of traders by over-complicating the game. Anyway, best of luck.

I'd be surprised if Tech was talking about high IQ - I think it's more to do with time in training, disciplines, etc. Of course they don't want pilots who will try to outsmart their training. They need people who will stick to the systems they are taught.

LOL -my better half has been a pilot for most of his life and is now training airline pilots. It's not an easy thing to learn. Takes heaps of dedication and practice. I'm sure it takes a bit more than reading a few books to become a brain surgeon - just becoming a doctor takes a fair bit of effort and dedication.

 

[GumbyLearner]

I'd be surprised if Tech was talking about high IQ - I think it's more to do with time in training, disciplines, etc. Of course they don't want pilots who will try to outsmart their training. They need people who will stick to the systems they are taught.

The good financial planners will come into their own when the recession is over next decade. All this talk of training is pretty useless in the current environment IMHO! It doesnt matter what discipline you are versed in, if your working exposure has been to make money in an almost unbroken (not including dot com) 17 year bull market for equities. The last person I want to talk to ATM is a superfund manager trying to tell me what to invest in at the moment. I'll stick to the cycles not fee-paying advisers!

 

[sails]

The good financial planners will come into their own when the recession is over next decade. All this talk of training is pretty useless in the current environment IMHO! It doesnt matter what discipline you are versed in, if your working exposure has been to make money in an almost unbroken (not including dot com) 17 year bull market for equities. The last person I want to talk to ATM is a superfund manager trying to tell me what to invest in at the moment. I'll stick to the cycles not fee-paying advisers!

Sorry if I got the context wrong here - I thought we were discussing what it takes to become a successful trader or investor, not a financial planner

 

[gav]

You don't seem to have read my post properly.
I said many financial planners. Not all.
I have not heard even one of them, or any of the plethora of commentators in the media advise anything other than to "hold on, it will all be fine".
No proviso to people close to retirement, say a year or so ago, that they should consider protecting their capital.

In another thread I have said that some years ago I received advice from a FP which altered my direction and I will be forever grateful.

We have a few on this forum who clearly know what they're talking about.

Bet the people who paid megabucks to Storm Financial aren't exactly feeling too happy about the service they received!

Sorry Julia, I misread your post and I apologise.

I recently seen a very successful Financial Planner (who is a close relative). The advice I have been given so far has been great. I thought the upfront fees were a bit much at first, but the ongoing fees are quite low compared to others I have researched and read about on this forum. She was quite impressed with how organised I was, the information I gave her about my current financial situation, questions I asked, and the research I had done. I thought anyone who was planning their financial future would be the same? (apparently not) Although, I doubt I would see a Planner at all if I didnt know the person.

I dont understand why people would be with places like Storm, especially with fees at 7%! In a way I see it as partly being their own fault for not doing any research, but I do feel sorry for people who have lost their life savings through them.

Bananaman, I am the same age as you and very new to investing also. I would recommend that you read, read, read! I have learnt alot this year, and the more I learn, the more I realise I dont know! Learn as much as you can before putting your hard earned money into anything.

Some ppl may disagree, but dont take any advice from someone about your life savings unless you can trust that person with your life!

 

[dutchie]

Bananaman


"Bananaman, I am the same age as you and very new to investing also. I would recommend that you read, read, read! I have learnt alot this year, and the more I learn, the more I realise I dont know! Learn as much as you can before putting your hard earned money into anything."

This is the best advise you will get!

Don't rush in.

Cheers

Dutchie