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.
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Pushed to the Edge: How Three Financial Advisors Tried to Sell Me High-Risk Investments I Didn't Need
Had three different independent FAs try to sell me into high risk VCTs (despite being wholly inappropriate for my goals / financial position) - all I wanted was some one-off financial modelling that I couldn't figure out in a spreadsheet. I literally gave up trying to find an FA at that point.
What does an advisor do?
Years ago when I was getting started i spoke to a Schwab advisor. After speaking with him for an hour I still couldn’t figure out what a financial advisor does.
Do you pick stocks? “No, we allocate it to a few different index funds” which funds “funds you feel comfortable that suits your risk level” so I pick the funds?? “Yes” on so then what do you do??! “I advise you, and help you with your unique needs” my unique needs??? My need is for my money to grow as fast as possible.
Do some people have the unique need to lose money?? “….”
Giving Control of $100K and Earning Less Than Their Fees
I once gave a major fund control of 100G for one year. I got a 2% return. They made more money in fees than I did in ROI. Meanwhile, the rest of my money invested in index funds earned 10%+ after fees.
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