Financial Advisor

[mike rousseau]

Hello...

 

Just wondering if any of our regulars here are financial advisors in Ontario... I have a couple quick questions I'd love to ask VIA PM...

 

I'd really appreciate the help...

 

Thanks

[Garnet]

Financial Advisers are mostly salesman with there welling being #1.

 

Bank Financial Advisers again are trying to make banks money but are ok if you know the right ? to ask.

 

Fee for advise are probably best but they are getting there income for advise and are expensive.

 

DYI "DO Yourself Investor" takes a lot of study and time.

[Big Cliff]

Had a financial advisor once, a friend of my wifes who knew everything about investing. Cost us a lot of money then I decided to cut my losses and do it myself. Here is what I learned in a nutshell:

 

Realestate can be a good investment if you are smart, waterfront produces the best overall returns.

 

Precious metals are usually secure but you have to be careful, silver for example hasn't gone up nearly as fast as gold.

 

Divirsify your portfolio, the overall average won't be as high as you might have made but your investment will be far more secure.

 

High return usually = high risk and all too often big losses, if you have inside knowledge you can do well otherwise you will probably loose.

 

Compounding a low rate of return can yield huge returns over time and are usually a safe investment ie. term deposits.

 

Apart from that if a financial advisor was any good, they wouldn't have to ask you to invest, they would already be rich!

 

Oh, and by the way; His initial $500,000.00 investment is now worth about $350,000.00 after 10 years. My investment (after I cut my losses) is now worth about 4 times what it was when I started.

 

Do it yourself, read, learn, and avoid anything that promisses huge returnes!

Edited October 23, 2013 by Big Cliff

[captpierre]

Read the Wealthy Barber.

 

Live on 90% of what you make.

 

Invest the rest. Lord knows where. Stock market should do well over the long term but the financial world could come tumbling down some day.

 

Avoid mutual funds. The annual 2-2.5% fee they charge usually results in lower returns than ETFs (a basket of stocks in various sectors of the market) which charge less than 1%

 

A lot of advisors recommend equities outside of RRSP. Interest bearing within RRSP.

 

Start young. Keep plugging away. Pay for fishing gear with cash so the Misses can't track it

[gogu392]

• X2: Do it yourself, read, learn, and avoid anything that promises huge returns!
• X2: for Big Cliff details

[mike rousseau]

I just want to say thanks for all the PMs...

 

It truly appreciate everyone that took the time to help me out...

 

Hopefully I get the info I need...

[woodenboater]

If I had to do it all over again, I'd sink a good chunk into property. Don't even want to think about what my bank account would be like if only I'd bought years ago. Agree with precious metals, gold will always be the go to in bad times. Platinum and palladium are other key metals.

 

Much will depend on how risk averse you are or aren't. I'm kinda risk averse now so would do the compounding low rate over long term idea Big Cliff suggests.

Edited October 24, 2013 by woodenboater

[crappieperchhunter]

Financial advisers are just like any other professionals. There are good ones and there are not so good ones. I am lucky because my wife has been in the banking industry for over 25 years and knows many advisers on a personal level. Our advisers would not even talk to us if we walked in off the street. These guys don't even handle portfolio's as small as ours However because of there work relationship with my wife they have taken us under there wing and helped us out. There fee's have been a little high...however... we are averaging over 8% through the last 4 years so I'm not complaining.

 

On a personal level I have found the best way to make money is through real estate...particularly rental income. If you have the ambition and the time I would highly recommend checking into that Mike.

[mike rousseau]

Thanks everyone for your help...

 

Through a few conversations I've gathered the information I needed....

 

This site is truly amazing and when push comes to shove its inspiring how many people are willing to open up with personal experiences to help other members they've never even met in person...

 

Thank everyone...

[BillM]

My FA has shown me just under a 10% return the last few years. I'm not complaining.

Edited October 24, 2013 by BillM

[Fisherpete]

My financial advice is to give up muskie fishing

 

LOL

 

Just kidding - never ever do that

[Mike Pike]

Buy low. Sell high.

 

$50 please.

 

( holidng out hand )

[Tayzak15]

Get into the sports gambling world...I'm one of the best at it and give my picks out for free.

[bare foot wader]

I wouldn't say this is a lucrative investment, but is very fun and addictive, so if you're into gambling, learn about penny stocks....I've managed to turn 500 into 3300 in about 30 months when I sold my best pick stock and overall i'm up 2400 net from all my activity in the past year, lose some and win some

 

I look for exploration mining companies (it's what I know), that are past the exploration stage and proposals, and approaching development, I buy a few hundred bucks worth through an online trader account and sit on it for a year or two....either I lose my money fairly quickly or I sell after the mine enters production and the stock price has risen, most publicly traded mines will see their stock spike after they entered prod....for example buy at 0.12 and sold at 3.50, it seems small but if you buy enough volume it's an outstanding gain....sell on the quick rise and accept a small gain, rather than holding onto the risk for longer, works good enough for me

 

you can google penny stock advice, get weekly emails about the next hot stock...believe it or not, some of those sites put out accurate info, the one I used was about 80% smart picks.....pick an amount of money you could literally light on fire without being too upset and invest it in penny stocks

 

the downside is most of these stocks are very low trading volume, so it's not easy to sell and jump off the sinking ship, so to say

 

not a long term retirement strategy, but roulette and poker gets boring after a while, and plus I can 'gamble' at work lol

[bare foot wader]

Get into the sports gambling world...I'm one of the best at it and give my picks out for free.

 

one of my buddies is also very good at that, I let him make my picks, sure adds excitement to watching the games!

[Tayzak15]

 

one of my buddies is also very good at that, I let him make my picks, sure adds excitement to watching the games!

Yes sir, I specialize in the NBA and NFL. As of right now if I was in the Vegas Hilton Super Contest I would be ranked as one of the top 5 in the world, and I have quadrupled what my initial investment was at the start of September when the NFL season started. I post all my picks on twitter and facebook when people started calling me out on it, now they're eating their words.

[manjo39]

Read the Wealthy Barber.

 

Live on 90% of what you make.

 

Invest the rest. Lord knows where. Stock market should do well over the long term but the financial world could come tumbling down some day.

 

Avoid mutual funds. The annual 2-2.5% fee they charge usually results in lower returns than ETFs (a basket of stocks in various sectors of the market) which charge less than 1%

 

A lot of advisors recommend equities outside of RRSP. Interest bearing within RRSP.

 

Start young. Keep plugging away. Pay for fishing gear with cash so the Misses can't track it

 

Ditto on the Wealthy Barber. For the DIY, also strongly recommend the Wealthy Barber Returns. Especially the chapters on low cost ETFs. Simple, low cost, low maintenance investment strategy.

Got rid of my FA after reading that book. Will be looking for a fee only (unbiased-non commissioned) FA to audit my projections.

[BillM]

Yes sir, I specialize in the NBA and NFL. As of right now if I was in the Vegas Hilton Super Contest I would be ranked as one of the top 5 in the world, and I have quadrupled what my initial investment was at the start of September when the NFL season started. I post all my picks on twitter and facebook when people started calling me out on it, now they're eating their words.

 

You're giving that information out for free? How much $$$ have you actually made from these picks? If nothing, I think the jokes on you.

[Dan668]

I wouldn't say this is a lucrative investment, but is very fun and addictive, so if you're into gambling, learn about penny stocks....I've managed to turn 500 into 3300 in about 30 months when I sold my best pick stock and overall i'm up 2400 net from all my activity in the past year, lose some and win some

 

I look for exploration mining companies (it's what I know), that are past the exploration stage and proposals, and approaching development, I buy a few hundred bucks worth through an online trader account and sit on it for a year or two....either I lose my money fairly quickly or I sell after the mine enters production and the stock price has risen, most publicly traded mines will see their stock spike after they entered prod....for example buy at 0.12 and sold at 3.50, it seems small but if you buy enough volume it's an outstanding gain....sell on the quick rise and accept a small gain, rather than holding onto the risk for longer, works good enough for me

 

you can google penny stock advice, get weekly emails about the next hot stock...believe it or not, some of those sites put out accurate info, the one I used was about 80% smart picks.....pick an amount of money you could literally light on fire without being too upset and invest it in penny stocks

 

the downside is most of these stocks are very low trading volume, so it's not easy to sell and jump off the sinking ship, so to say

 

not a long term retirement strategy, but roulette and poker gets boring after a while, and plus I can 'gamble' at work lol

This. I play mainly exploration companies on the tsxv. Its definitely slowed down the past two years, but still a few great ones out there.

 

Tripled my initial tfsa within a year. Although i did my own due diligence, not sure i'd trust the penny stock emails. They sure like to pump certain picks. Watch that you don't get caught, i've had friends who came in looking to invest and lost lots.

 

Definitely not a safe investment, wouldn't recommend it.

Edited October 29, 2013 by danbob

[Tayzak15]

 

You're giving that information out for free? How much $$$ have you actually made from these picks? If nothing, I think the jokes on you.

I'm not specifying an amount, but all I will say is I've quadrupled my initial investment from the beginning of the football season.

[aplumma]

If anyone really wants financial advise look up Dave Ramsey and get his books/cd's they will guide you using common sense methods on how to get the most bang for your buck. I used his program 15 years ago and he saved my financial life and is making it possible for me to feel great at where I am in my retirement portfolio.

 

http://www.daveramsey.com/store/?s_kwcid=TC|6886|dave%20ramsey||S|e|24478281866&gclid=CKeEtaD6vLoCFUwV7AodHCMACw

 

 

 

Art

[bare foot wader]

This. I play mainly exploration companies on the tsxv. Its definitely slowed down the past two years, but still a few great ones out there.

 

Tripled my initial tfsa within a year. Although i did my own due diligence, not sure i'd trust the penny stock emails. They sure like to pump certain picks. Watch that you don't get caught, i've had friends who came in looking to invest and lost lots.

 

Definitely not a safe investment, wouldn't recommend it.

 

definitely not safe, but risk=reward....hence my 'amount of money you can burn without crying' philosophy

 

and yes, I would be extremely cautious about trusting blind advice, due diligence indeed.....but the penny stock email I signed up for was actually accurate, just don't get greedy and hold out to the end...sell on the climb, not on the fall

 

I'm a big believer in resources, they are cyclical so I like to buy when the market is rock bottom...ie: I maxed my employee stock plan through my company, company matches dollar for dollar....coal bottomed out but I predict 3-5 yrs I'm going to double up my invest at a minimum.....the glory days of $130/share are gone, but buying at mid teens I believe it'll climb up again within the next 5 yrs

 

if I had the initial cash I'd buy a big lump of oil and gas to collect the dividends...but until then I'm fattening my tackle inventory with penny stocks lol

[BillM]

I'm not specifying an amount, but all I will say is I've quadrupled my initial investment from the beginning of the football season.

 

Good kill!

[deermedo]

My FA has shown me just under a 10% return the last few years. I'm not complaining.

Wow!!!! What is his name and contact info??

I am very interested in talking to him as I have a few sheckles I would like to invest.

[Old Ironmaker]

I strongly believe in real estate investment for the average working man or woman. It has served me well over the years. If you have the stomach, have better than average DIY skills and are a people person property management may be something for you. If somewhat confrontational and volatile it's not for you. Stick to the flips. Can't afford the downpayment, partner with someone you trust and has a set of skills you don't. Invest 70% on the next project and put 20% into the RRSP's and 10% into the stock markets

 

The market in Hamilton is hot. Some comparables are as low as 30% of the Toronto markets. The generation X and Y kids just can't afford to live where they work in TO. Retirees are selling modest homes in Toronto for 750 K and buying luxury condos or McMansions in Hamilton and area for less than 1/2 that. They are flooding into Hamilton. Go service is being expanded, the Arts and entertainment scene is growing exponentially, most of the environmentally insensitive steel mills and heavy industry is a small fraction of what it was just 10 years ago, there are more Hospitals per capita than anywhere in Canada I've read. The health industry is the highest employer in the city, health workers are going to Hamilton for employment from everywhere in the country. All important factors for growth. Look at trends in society and invest there. There is plenty of waterfront available in Hamilton, Stoney Creek, Grimsby all the way to Niagara for a fraction of cost comparable to the GTA and near north. Port Dalhousie may not be a commute to TO but is a retirees dream. Waterfront property only goes up, basically recession proof. Lake Erie shoreline is still a good investment. Many of my neighbours are former commuters of the 400 north, they sold vacation properties there and bought or built here for sometimes less than 1/2 of what the northern property sold for.

 

I nearly lost a good chunk of Dinaro on a stock investment the entire family was hot for a few years ago. I did my due diligence by flying out to Vancouver to visit this burgeoning companies headquarters. It was 2 days before I could get anyone on the phone, with little investigation the world headquarters was in a strip mall in the suburbs not the glass tower that was on the website. Some listened others lost many thousands. Anyone cam make a fancy website, think Breaex Gold (sic) another scam, a big one. If it is stocks you choose due diligence is a must other then the penny game. I'd choose the bookies over penny stocks I can't touch or see.

 

If you have a passion for something invest in it.