Just My Opinion

Having sacrificed a major portion of my retirement funds to the last two George Bush “Market Adjustments”, I was anxious to read the advertised feature in our local paper advising us on how to choose a Financial Advisor.  Finally!  (Though perhaps too late for many of us.)  This is not a decision to take lightly, like choosing a used car salesman.

When the article did appear, it stated that it was aimed at investors with funds of $500000 or more, which eliminates most of us, but it did contain some seemingly good advice.  Those fortunate people should look for a financial advisor they like, one they can trust, one with a good track record.  (See how simple it is?)  Then,  they need to research that prospective advisor’s past investment choices, discuss with him their own retirement needs, and develop a program with him that fits those needs.  Sound advice, but it would seem to me that one would need to know more about the investment market than the advisor, in which case one would not need an advisor at all, right?  Hmmmmmm.

For the rest of us, those with remaining funds of -0- to $500000, let’s look at some requirements for choosing a financial advisor to handle our retirement funds, based on recent history and our own experience.  First, and most important, find an advisor who is not already in jail or under indictment.  Second, do some research and make sure that he has been in business more than 30 days.  Third, when discussing investment goals and retirement plans, make it clear just whose retirement you are planning: yours or his.

My own advisor (with a major “bullish” firm we shall not name, took his retirement funds shortly after 9/11 and fled to Florida.  I’m still not sure where my funds went, but they disappeared at about the same time.  Choose an advisor you can trust?  The above trusted rep was replaced by a fresh-faced recruit recently out of college, complete with a shiny new Apple computer.  My remaining retirement funds suffered, until I removed them from his company.  It also bothered me to see that company’s CEO pay himself multi-million dollar bonuses each year, while my funds dwindled.

The moral here, in my experience, is that choosing a financial advisor is much like picking a car salesman, an ebay seller, or a vacuum cleaner salesman.  The waters are mighty murky out there, especially in recent months, since all rules were removed.  Take your pick, pay your money, and take your chances.  Someone is sure to make money, and it may even be you.  But stay away from your brother-in-law and his advice.  My Daddy, on the other hand, had survived the Great Depression, and he kept his life savings in a locked metal box under his bed.  Never lost a dime.  Sound example?

Interestingly, I just heard a newsclip of President Obama speaking on Wall Street, asking those financial experts to stop stealing their investors’ funds for a while in order to let them recover.  Why not give that a try? Let the investor regain some lost confidence.   Of course they refused.

Just My Opinion.

Tags: advice, depression, financial advisor, investment, money, retirement, stock market, stocks

For Fun & Profit

Actually our experience with Ebay selling over the past 6 years has been more fun than profit.  We are retired, enjoy playing on the internet, and got into ebay pretty much by accident.  We were having a big garage sale, and our daughter was home from college.  She asked if she could sort out a few of the t-shirts we were trying to sell for 50 cents, and first thing we knew she had taken photos and listed them on ebay, and was selling them for $10-15 each.  Hmmmm.

So with her help, we got started in ebay selling, with clothing, books, knives, and things we had around the house.  We needed a digital camera, so we looked for things we could sell to raise some money for a camera.  I had a collection of books and hunting knives, so we sold some of those.  We got into buying t-shirts, books, and jerseys at garage sales, thrift stores, library book sales, wherever.  It is fun to list an item you have paid a buck or so for and watch the bids climb to $10, 20, even higher.  We use the proceeds for our bingo fund.

There have been some remarkable successes over the years.  I had a hunting knife I bought for fifty cents at a garage sale, used it for 20 years, and sold it for $900.  We have bought shirts for $1 and sold them as high as $100.  I sold a collectible hunting book for $200, then found another copy for $2 and sold it for $325.  An old empty shotgun sell box sold for $95.  Those make it interesting.

Ebay selling is not difficult, if one follows their rules, and knows the basics of computers.  We take our own photos, upload them to our server, then use them on the auction listing.  Before listing an item, we like to research similar ones that have sold or are selling.  We never copy another seller’s listing information or photos.  Good clear pictures and a good description are very important, as well as details on shipping cost, payment methods, etc.  For example, if you tell bidders that you accept cash, ebay will cancel your auction.  Not allowed.  Paypal costs a little more, but works best for buyer and seller.

Give it a try, and have fun.

And that is Just My Opinion.

Tags: auctions, e-bay auction, Ebay, internet, sales, selling