Re: Well after 25 years in the financial services - Saab General Bulletin Board - Saabnet.com
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Re: Well after 25 years in the financial services
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Posted by Pat [Email] (more from Pat) on Wed, 8 Feb 2006 13:30:36 Share Post by Email
In Reply to: Well after 25 years in the financial services, JTMav, Wed, 8 Feb 2006 11:51:07
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A number of years ago one of the true legends of wall street mutual funds(whose name excapes me in my old age) who was retired and no longer selling anything, advised that a person should get a single mutual fund that covers the very broad market, not large or small or any sector, and hang on to it until you retire. No fund with active management. Put some moey in Bonds as well. Maybe realestatte if you desire. Make sure you have cash available for short term needs. Live within your means. Over time it will average out. As sectors go up and down you are convered. Many brokers have Web pages that will give you a quartery review of your finances and advice for free. You can rebalance easily with no fees. Turbo Tax or other MS equivilant program can do your taxes. You can download all your investments directly into software such as Quicken or Money. THey in turn export capital gians and basis to the Tax program. Take charge of your own investments. 1% of your portfollio may be a standard and fair charge. My way costs virtually nothing. Over 50 years 1% is 50%. The advice you get has to beat the market by that 50%. I wish I had been following this advice for the last 50 years. It's not that difficult as long as you don't get greedy and look for the quick profit. Fix your Saab yourself? Fix your portfolio yourself. Good luck.

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