[MRP] Scouts, just want to let you know that when experienced people make investments, they get guidance, do the research, make the decision to invest or not, and then they never get another piece of information. Then, maybe months later they get a phone call from their investment banker/facilitator that their investment progressed, either up or down, and the process starts over again.
So, I highly suggest that you get off the roller coaster, take a leaf out of the professional book, and just let this investment do what it does, without monitoring it on a daily basis. In case you haven't noticed, the process is out of EVERYONE'S CONTROL.
[MRP] Let me repeat this again, THIS INVESTMENT IS OUT OF EVERYONE'S CONTROL. The Head of the World Bank does not have complete control over this investment. Ms. LaGarde of the IMF does not have complete control over this investment. The Chinese VP does not have complete control over this investment. If they did, it would be done already. So, please stop making yourself crazy. There is nothing you can do to speed this process up.
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[MRP] If you have pressing financial concerns, start making calls, negotiating payment plans, mowing lawns and cleaning for neighbors, finding a second or third job, selling things that when the RV comes in you can replace. Don't wait for the RV. Act now!!!!!
[MRP] You have got to be sensible and budget, just like BWM advocates. If you are waiting for the RV and have financial problems to solve now, look at your budget. I just counseled someone who had an almost $300 Comcast bill a month, because five non-contributing adults watched tv and sit on Facebook all day. Well, dang! That would be my first budget cut, for sure!
MRP] One of the things that happens when you call a financial transformation to your life is that you are going to be called to deal with what's not working now, so that you don't bring it with you into your new financial life. So, if you haven't dealt with financial and family challenges now, it's a good time to get offline and do so now.
MRP] The fact of the matter is that if you don't invest the bulk of your new found wealth in asset creation, it's going to be gone before it moves to the next generation. Assets are those things which will generate more income. So, buying a huge new house, unless you rent part of it out, is not an asset, for example.
MRP] I also feel that you should be soul searching at the moment and deciding what kinds of investments work for you ethically and morally.
[MRP] So, along with whether you want high, medium, or low risk investments and figure out whether you want monthly income or large lump sums, etc., you have to let them know what you believe in, too.
[MRP] When the investment counselor at Wells Fargo talked to us, he understood that Tolen's investments and mine would be two totally different things. Tolen invests to gain principle almost always, and he isn't too bothered about what he invests in.
[MRP] I told the fellow that I vote with my dollars so that there were companies I flat out wouldn't support such as Monsanto, Exxon, etc.
MRP] That's why BWM and DinarWishes always counsels us that plans are very specific to a person and their needs.
[jvbuckster] MRP what would a reasonable annual return be on a somewhat conservative portfolio of investments through the right wealth manager? I know its not an exact science but just looking for a ballpark idea
[brsuperduty] im going to invest in oil cause in my boats that ill be recreationaly fishin out of every day i prolly use about 8000 gallons of gas a week roflmao i be my own investment rofl
[MRP] jvbuckster You'd have to ask a professional, but most people feel that if they are getting around 7-12% with a fairly conservative, managed portfolio, in a mixed economy, that's a fairly reasonable thing. I know people who do much better but they are very knowledgeable in one type of investment and know what risks to take. The good thing about this economy is that it's volatile which means there are more opportunities to take risk, if you are so inclined. Does that help?
[jvbuckster] MRP yes it does. i have been figuring 8% should be fairly reasonable with a low risk portfolio so it sounds about right
[jvbuckster] MRP if the rate comes in reasonable i won't be looking to get into anything with much risk. won't need to if its done right. thanks for your help
[MRP] jvbuckster You brought up another good point. Your wealth manager is going to want to know how much you want to participate in your investment -- little (the manager does most of the work), medium (you watch and ask questions, possibly give some suggestions), or high (you are able to be in the driver's seat).
MRP] The best suggestion I heard was from an international business man I know. He said once I decide with my attorney how I'm gong to structure my funds, then move some of them to different wealth managers. Let's say two more in addition to the one the original bank provides. He said to tell the wealth managers that they are competing against each other and that at the end of one year, one of them is going to be let go.
[MRP] He also suggested doing nice things for them all -- Christmas boxes, etc.
jvbuckster] MRP diversifying it out and keeping them hungry and aggressive on your behalf is a great idea
MRP] jvbuckster He also said to remember to reward each one for positive reinforcement, too.
[MRP] If you haven't already done so, please know that your wealth manager is going to want to know what your plans are for the future of your money, should you die. If you have children, you need to really think this out and talk with your spouse about this. If you do not, then you have other considerations to share.
[MRP] Also, if you have extended family situations, it is worth it to hire a wealth manager, attorney, and accountant who has proven positive experience in this area. Many tax and other laws are very skewed toward blood family only.
For example, Annie Liebowitz, the famous photographer, was part of an extended family. She inherited everything from an extended family member, and she had to pay a horrendous amount of tax. She sold almost everything she created to pay taxes, because she wasn't blood related.
[MRP] jvbuckster We looked at how various firms rated, both in terms of amount of money they handled and how satisfied customers are. That information is all over the Internet. We also looked for firms that dealt with extended families successfully. We have two firms picked up and have pre-interviewed both -- one in New York and the other in Atlanta.
MRP] We will probably hire them both plus the bank wealth manager for a year and review how they do.
MRP] walter-bs4 Google Wealth Manager Atlanta. Firms will come up. You can look the firms up in various association ratings. Then, you go on their website and fill in the computer form on their site. You do not mention foreign currency, as it is irrelevant to what they will do for you.
The most you say is that you are coming into a large sum of money (You might consider giving a ball park based on $4 per IQD.) and want to discuss what their firm has to offer. We had every firm get back to us. We have been told a million times not to mention foreign currency, IQD, exchange, VND, or anything else. If you don't, you'll actually make progress.