Download the podcast on iTunes
Download the podcast on feedburner
Download this week's show (MP3)
What if everything you thought was true about the personal financial industry wasn't? Author Helaine Olen has written a terrific book "Pound Foolish: Exposing the Dark Side of the Personal Finance Industry" that confirms many of your worst fears. She says Suze Orman doles out contradictory advice; Dave Ramsey continues to peddle 12 percent stock market returns; and so-called financial planners are often conflict-ridden salespeople who don't put their clients' first.
Maybe that's why we often field questions from listeners who work with advisors and want a second opinion. Paula from KY works with a CFP who thinks she might need long term care--does she? Meanwhile Joe from KY is paying 1 percent to Smith Barney to manage an old retirement and is wondering whether they deliver enough value to justify the cost.
Paul from TX has accumulated a $4 million nest egg that is mostly invested in tax-free bonds. Should he add other asset classed to the mix? Although his asset base is a tenth of Paul's the retirement planning steps are exactly the same for Dale from NY, who has $400K in various accounts. I help him calculate future retirement income, which will influence when he decides to retire.
Susan wrote about converting some of traditional IRAs into a Roth IRA. The answer is a bit more complicated because she has a daughter who will be applying for college financial aid.
Michael wants to know the difference between mutual fund share classes. Remember that even if you are investing with a no-load fund company, there still may cheaper share classes available for investors whose accounts meet minimum-balance requirements.
Here are web sites and resources mentioned in this week's show:
-- NAPFA: National Association of Personal Financial Advisors (fee-only advisors)
Thanks to everyone who participated and to Mark, the BEST producer in the world. If you have a financial question, there are lots of ways to contact us:
Call 855-411-JILL and we'll schedule time to get you on the show LIVE
Send an email: firstname.lastname@example.org
Tweet me: @jillonmoney
Post a comment on this blog