Escape While You Can: The Hidden Costs and High Fees of Edward Jones
Run, don’t walk, away from Edward Jones. The damage is kind of done already, but they will inflict more unnecessary costs and will keep steering you to high load, big fee funds. It’s ridiculous in this day and age.
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Trading My 401k for a Questionable Insurance Policy
It was once suggested to me by a “financial advisor” to cash out my 401k and reinvest it into a whole life insurance policy.
Identity for Profit
In 2005, I was advised by a group of real estate investors. One who says he owns 50 different properties with many partners. He advised if I do not have money for investing, I should use my identity for prospect investors to use to purchase property and I get a small share. At the time, people made lot of money and different kind of real estate financial schemes.
Definitely it is a bad advice because if the investors default the loans, you are ultimately responsible for the loans and the properties are under the water.
Just realized how much we are paying for financial advisor
We are invested with a big name financial investment company but have a good relationship with our financial advisor. Until today I never thought about how much it cost. The rate is 1.35%. I always thought that was 1.35% of the profit but apparently it’s the entire balance. Our rate of return last year was -8%. Yes that is negative.
Well on top of this we were charged our fee of $3600. I have no idea what to do. My husband and I both have IRAs a few stocks, a CD, 2 529s for our kids. How do I get this money out and how can I invest this. I had luck with vanguard in the past when I was single but had some tax issues once we got married that is when we went to the financial advisor. Edit: so the -8% is actually April 2022-April 2023. My actual rate for jan 2022-dec31 2022 was -23.4% plus they still charged the 1.35% so in actuality in 2022 I was down 24.75%!!!!! I feel like such an idiot.
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