How many people have financial advisors???
 

You always hear people say "if you are really making that kind of money you would have a tax accountant and a financial adviser". And it is said in an all knowing way. I know lots (ok not lots but some) people who have made high 6 figures and low 7 figures for a few years and only one has ever mentioned a financial adviser. I am not even sure what you would expect the guy to do for you? Pick stocks? Pick your mutual funds? Open a money market? Seriously wtf is that all about?

Well, definitely guide your finances, though just be careful- they make money from stocks they refer. Still, they can show you long and short ways to not only manage your money, but have it increase over time, which is the real key. I've had one since I was 17.

If i was making 6 digits a year.. I don't know i'd be here at all.. other than a lurker..

negative and over 6 figs income .... Net.

And how hard is it to buy a sp500 fund and forget about it?

Exactly!

:thumbsup

i would never hire one, i dont know much about them, but you would think if they were so good at it why would they need to work managing other peoples money and not have a ton of their own?

I have a person within my accounting firm that handles my IRA etc. They are doing a good job so far with the market. Works with my accountant hand in hand, so it works out well.

I resent being advised.

They are only good when you are completely clueless about finances... but that's like 95% of the people in the US, so "financial advisor" business has got to be booming... :2 cents:

I suggest any business using an accountant, however the financial advisor my accountant sent me to didn't really help.... basically you're just paying somebody to tell you shit you should already know. He gave me info on like 10 different places for mutual funds, some info on retirement funds and other things like that but if you're making that kind of bank your best bet is offshore corporations and accounts, NOT using the system here in the US.

My accountant works as an accountant at a major pharmaceutical company around here and he runs all their money through a corporation in Spain simply because trade lows are loose with Spain so it makes the lower taxation over there along with freely flowing money back and forth. The big time shit you'll want to go through Spain but us lil guys can pick an island basically ;)

No way to get an instant 40%+ return other than dodging paying taxes on it....

Very true. when I was younger I thought the rich had like special accounts that paid double and stuff. Once you get a few $$$ floating around you realize they get 1/4% more not 5%. It is more the tax planning that saves $$$.

I know a couple of financial advisors, what their day mostly comes down to is bellow :

"You see Mr. Honkypecker, buying a 3rd home is NOT a good investment, especially if you're going to buy it on credit, don't intend to live there and don't know much about the real estate market." (all through 2006)

"Cars are very expensive pieces of machinery. They cost a lot to maintain, and while they provide undeniable status symbol benefits, the more traditional way to advertise, mostly preferred by established companies, are ad campaigns and billboard space."

etc etc.

Basically it's holding the hand of the clueless, explaining to them why you don't want to buy stuff you don't need, how to use and when to avoid credit, stuff like that.

And you wouldn't believe it how many people actually benefit from it, and are thankful for it, a few years down the road.

If you are smart enough to make that kind of money you SHOULD be smart enough to manage it properly

Got one since a couple of years. So many stuff you just cant know when you havent learned it...

:1orglaugh

I honestly think you came to the wrong place to ask this question. As I've found out there are more than a fair share of "know-it-alls" in the adult biz - They think that no one in the world is better capable of doing anything than they are.

The idea that a typical person should manage all of their own finances is ridiculous. Now, if you are a stock broker, etc. by trade, fine, but if you're peddling porn you should stick to peddling porn and let an expert do what they do best. Why on earth you'd want to spend your time managing a portfolio, etc. is beyond me.

But hey, that's just my .02

i'm not making that much money to need an advisor

1 financial advisor, 2 trusts and 2 accountants
they all make sure I will never make 7 figgures :-D

Tax advisor.

Very few managers beat the Sp500 so just buy a fund with low expenses that mirrors the sp500 and go golfing.

Financial advisor, accountant and insurance agent who specializes in investment vehicles.

I added the financial advisor after talking to my brother (who has a LOT of money), whose financial advisor usually gets him well-over-market returns, but only lost about 2-3 % in the dot-com crash. That convinced me to use HIS guy (who I'm sure only took me on because my brother is a wealthy client lol). Before the market went south recently I was making 8-10% a year, and so far since the "correction" I'm still about even. Works for me :thumbsup

He also consults with my accountant and insurance agent to give his input on what they're doing, and the final "thumbs up" or "thumbs down" on the more exotic and creative plans they come up with. It's worked out very well, so far at least :winkwink:

classic cars are a nice place to put some cash ;) especially when you can buy in person with a suitcase full of cash LOL I've bought quite a few different cars just to do some work on them and flip after driving them for a while.

I like the cheaper ones like when I picked up a '75 vette, did some work on it and sold it for more than twice what I paid 3mnths later after driving it daily all summer.

Real estate is the same for me. Do some leg work before you buy and it is hard for it not to work out.

funny i was supposed to meet with an advisor today, but canceld

More than a financial adviser I would suggest a tax accountant. Someone who specializes in making your 7 figure income look like 6 figures and does it all legal.