i called a financial planner a few days ago in regards to a plan of attack.
i told him my plans(p/cflow)
as soon as i mentioned my gross income 35,000 which is bugger all i know he laughed.
he told me to pay off my house first and keep buying lotto tickets.he said if u win 100k come and see him.
he said it would be to costly to come and see him for someone like me.
this is fair enough .
i like to visit financial planners as u get your 1st appointment for free this is a good way to find the right one.
trying to get advice with not many assets is difficult.
they must realize everyone has to start from the ground floor.on a small wage makes me more determined
to pull it off especially when your good at saving it might just take a little longer.there are deals out there with little capital outlay (flips)wraps etc that can speed this up.
with the knowledge the small guy can create money for themselves outside there wages.
what u learn with pleasure u never forget.cheersHi Beerboy,
How insulting[8]
It’s good to see your attitude is still positive though.
You obviously have your thoughts together and are ready to make some positive moves, keep going you’ll get there.
Keep shopping,
Sue [
]“Be careful not to step on the flowers when you’re reaching for the stars”
Dear Beerboy,
Keep visualising what you want, keep positive….you’ll be destined to get it!
And then we you have alot of cashflow properties and are earning more than he probably ever will, you’ll see who will be laughing last!![^]Yvette
thanks for the words of encouragement…
If some f**king financial planner laughed at my income I’d do more than keep a positive outlook.
Hi Beerboy,
this financial planner sounds like a complete !@#hole, stay positive, i wouldnt listen to a word he says, some of the richest people in the world have been kicked so many times in the face, yet look at them today. I bet there financial manager who rejected them is now feeling like the stupid one.
Just stay positive mate,
cheers,
sisIn my experience, financial planners aren’t interested in direct property investment.
They prefer to encourage you to invest in managed funds.
There seems to be a gap in the market where there is no accreditation for property investment advisors.
[
]Shushar
“All our dreams can come true, if we have the courage to pursue them.” – Walt Disney
Originally posted by beerboy:as soon as i mentioned my gross income 35,000 which is bugger all i know he laughed.
he told me to pay off my house first and keep buying lotto tickets.he said if u win 100k come and see him.This sort of thing makes my blood boil!
Paying off the house first *may* be sound advice, but lotto tickets is definitely not (you can demonstrate this by estimating probabilities and risks/returns). To recommend this is professional incompetence.
You’re smart enough to see through this, but others might be a little naive. Dills like your financial planning man should not be in public practice and should be hounded out of the ‘profession’.
If you feel like it, find out if he is a member of any professional body (eg Financial Planning Association) and make a complaint against him. Going to the media is another option.
I know people who receive less than $35 000 salary but have savings rates and investment portfolios that would be the envy of people on $70k.
For the financial planner to assume that you can’t do the same is making unwarranted assumptions about the capabilities of a person he doesn’t know. Instead of saying ‘you can’t’ he should be advising how ‘you can’ while minimising risks.
Regards,
Peter
I would asked him if he was such a good financial planner then why does he need to work for a living???
Originally posted by rodders19:I would asked him if he was such a good financial planner then why does he need to work for a living???
And also how he gets paid (probably by commission on the managed funds he sells)!
One of Jan Somers’ books talks about how property education is not always included in what financial planners learn and that they can be biased against property as there’s no commissions in it for them.
Regards, Peter
Beer boy I make less then u, but im in the process of building an empire!!!!!!!!!! [^]
I mite just take a bit longer then people with more money.[
]What every u think u can or cant do u are absolutley right.
Regards Bear
[8]I couldn’t believe it when I read that this so-called financial planner told you to keep buying lotto tickets (hope for the best) and pay off your house first. [:0]
What kind of good plan is THAT?
I’m glad that this ‘advice’ hasn’t discouraged or side-tracked you. Good on you for staying determent.Years ago, we actually were also given the advice to pay off our house first, and we were so naive (stupid a better word???[
]) to accept this and thought this, combined with salary sacrifycing into super was a great strategy![xx(]
So we started thinking about investing in real estate only recently, after paying off our house and finally seeing the light.
Yes, we finally discovered we could have started MUCH earlier, that we could have used our equity years ago![V]I also found from experience that most planners are managed fund pushers. There SHOULD be good planners around though that are independent and get paid by the hour instead of depending on commissions from managed funds. Just haven’t found one yet![:o)]
Id do up an A3 size fake $2.2m cheque from the lottery Commission. Stick it on his office window for all to see, with a little note saying
“Thanks for the great “financial planning” advice & laughing at my $35,000 Income to take me on as a client.”[
]Regards
“Do not follow where the path may lead. Go instead where there is no path and leave a trail” Ralph Waldo Emerson
“Trust Me” beerboy…….
It’s not “what you earn !!-but what you do with what you earn!!”
I know people earning 2-3 times what i do, with less ‘saved’ than me and more headaches
REDWING
“The man that thinks at 5o as he did when he was 20 has wasted 30 years of his life”
yeah, financial planners are salespeople on commission. not investors. They don’t have your best interests at heart, they have their own.
So they figured, not enough commission possibilities from you to make it worth their while to see you.
But seemed to be trying to hide that from you by making you feel small with a put-down.*bah humbug*
(…or am I being too cynical?)
My old man (a chartered accountant), places financial planners between journalists and politicians on the trust scale.
I personally place them much, much lower
Beerboy,
One big insult, makes me angry to hear it.
About three years ago, we visited a financial planner in Maitland. The business had just started. We had made an investment a year before that wasn’t going well. Anyway this ‘clever establishing my business know all’ did all our figures for about $450 odd and told us we should be bankrupt and he could manage our finances for something like $8000 I think, and we could see him a few times a year. They would refinance our loans. Anyway it was ridiculous. They were not into property investment either. He said if we were not satisfied that they could help, we could have our money back. We asked for the $450, never got it, not even a response to our phone calls.
The Westpac financial adviser was also hopeless.
Did our own research and now have 11 properties and around $2m worth.
I would never go to a financial planner or to an adviser who had no investment property as they simply do not seem to be aware. But then of course they get kickbacks only from the managed funds and insurance deals.
Anna
i earn the same as you and i have in 4 years been lucky enough to build a property portfolio to almost $1 mil. my advice is to always keep one ear to the ground and the other one listening to postive people with positive experiences.
Hi BeerBoy,
Yeah, this makes me want to scream!!
I went to my accountant for advice on property investing… he basically said “It sounds a bit risky to me…” and that was the extent of his help!(Obviously, I’m now changing to an accountant who invests in property!)
I also get frustrated with Paul Clitheroe these days, because when he ever talks about property, it’s always in reference to negative gearing and investing for capital growth. And his other catch-cry, “DIVERSIFY!!”
I guess we’ve just got to stop listening to the masses and start making our own way, huh?
Good luck with your property investing (and your lotto tickets! [:p])
Lozza
Hi everyone,
Just a little question regarding what a few people have been saying about financial planners. Besides reading as much as you can and learning as much as you can, who can you go see to give you a bit of a hand with the hard financial stuff? Are accountants better than financial planners??
Sorry for the basic question but i’m a bit confused
Thanks!
Tracey
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]) to accept this and thought this, combined with salary sacrifycing into super was a great strategy![xx(]
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