So I shouldn't be so upset that between inflation and the general drop in most retirement funds (I was in the most conservative, so didn't lose as much as others), I lost about 20% of my retirement money last year? I've made about a whopping 1% this year, after the funds have taken their 1-1.5% fees. I can't understand how mortgages can be at 6%, inflation is at 8%, and my financial advisor can't get me at least 3% on my money!
My financial advisor is not associated with a bank, but I believe he gets some fixed bonus from a lot of the things he has me in. I can't see a reason to have 10 versions of the same fund! I asked him recently if there was a benefit to reducing the number of things my money is in, and he said, "well, they all take the same percent, so you would still have the same fee total", but if he is getting some fixed bonus from each fund, than it would be in his interest to have me in as many funds as possible.
I'm worried that gold is being promoted by all sorts of entities because they want it to keep going up, so they can bail out when it's around the peak they create, and then leave everyone else holding on to gold that's down below what they got in at. If the economy truly tanked and gold became worth 10s of thousands an ounce, who would buy it for that high price?
The stock market is what is being promoted right now because they want to keep it going up so they can bail out and screw the little guy.
If the economy truly tanked and gold became worth 10s of thousands an ounce, who would buy it for that high price?
If the price of gold was $20,000, that means there is someone buying it for that price. Otherwise the price would go down until there were willing buyers.
Remember, the price of something shows you what people ARE willing to pay. Otherwise the price would change.
Yes, I was trying to say that gold could reach some ridiculous price, but at some point, people would no longer buy, unless the price came down significantly, and then people would see the price going down, so they would sell (assuming they bought when it was low), further driving the price down, and so on.
I still don't understand why it would become worth that much.
I don't have a mind for numbers and finance and the economy.
I'm not arguing that it won't be worth that much, just that I don't understand why.
So if anyone would like to explain it (preferably making it simple enough for a relatively intelligent 'tween to understand), I would be very grateful.
I'm really sorry to hear how badly things have gone for you, financially.
People forget that the stock market is a type of gambling. There aren't really any guarantees with it. If you can't or don't want to risk your money, there are safer places to park it.
But I wasn't in stocks! I went total conservative and thought, "Well, I won't make as much as the higher risk funds, but at least I won't lose money". I was wrong on that! The only good thing is that I didn't lose as much as those in stocks, but they made so much in the preceding 10 years that the 30 to 40% drop some took was still WELL above what they were at 10 years ago; so it just set them back a little time wise. I'm retired and I just wanted to keep my money safe until I actually need it.
I'm considering it to be an inheritance for my children, because I won't need it for quite a long time, unless something major requires dipping into it. I hope that my advisor will be able to put it where it will grow over the next few years, but the way the economy is, I don't know what is a sure thing.
So I shouldn't be so upset that between inflation and the general drop in most retirement funds (I was in the most conservative, so didn't lose as much as others), I lost about 20% of my retirement money last year? I've made about a whopping 1% this year, after the funds have taken their 1-1.5% fees. I can't understand how mortgages can be at 6%, inflation is at 8%, and my financial advisor can't get me at least 3% on my money!
A financial advisor doesn't really have any interest in making you money...unless they are a nice person or something.
They work for the bank. They push you into their banks funds. They want to hold your money to make them money.
Usually with frontload fees, backload fees and high MER.
That is where your percentages are going.
My financial advisor is not associated with a bank, but I believe he gets some fixed bonus from a lot of the things he has me in. I can't see a reason to have 10 versions of the same fund! I asked him recently if there was a benefit to reducing the number of things my money is in, and he said, "well, they all take the same percent, so you would still have the same fee total", but if he is getting some fixed bonus from each fund, than it would be in his interest to have me in as many funds as possible.
The market is such a fake nightmare right now I would feel like a complete idiot if I had my money in anything other than gold/land/local businesses.
I'm worried that gold is being promoted by all sorts of entities because they want it to keep going up, so they can bail out when it's around the peak they create, and then leave everyone else holding on to gold that's down below what they got in at. If the economy truly tanked and gold became worth 10s of thousands an ounce, who would buy it for that high price?
Gold is historically cheap right now.
The stock market is what is being promoted right now because they want to keep it going up so they can bail out and screw the little guy.
If the price of gold was $20,000, that means there is someone buying it for that price. Otherwise the price would go down until there were willing buyers.
Remember, the price of something shows you what people ARE willing to pay. Otherwise the price would change.
Yes, I was trying to say that gold could reach some ridiculous price, but at some point, people would no longer buy, unless the price came down significantly, and then people would see the price going down, so they would sell (assuming they bought when it was low), further driving the price down, and so on.
I still don't understand why it would become worth that much.
I don't have a mind for numbers and finance and the economy.
I'm not arguing that it won't be worth that much, just that I don't understand why.
So if anyone would like to explain it (preferably making it simple enough for a relatively intelligent 'tween to understand), I would be very grateful.
I'm really sorry to hear how badly things have gone for you, financially.
People forget that the stock market is a type of gambling. There aren't really any guarantees with it. If you can't or don't want to risk your money, there are safer places to park it.
I hope you have better luck in the future.
But I wasn't in stocks! I went total conservative and thought, "Well, I won't make as much as the higher risk funds, but at least I won't lose money". I was wrong on that! The only good thing is that I didn't lose as much as those in stocks, but they made so much in the preceding 10 years that the 30 to 40% drop some took was still WELL above what they were at 10 years ago; so it just set them back a little time wise. I'm retired and I just wanted to keep my money safe until I actually need it.
Then that really does suck. I'm so sorry that happened to you.
I'm considering it to be an inheritance for my children, because I won't need it for quite a long time, unless something major requires dipping into it. I hope that my advisor will be able to put it where it will grow over the next few years, but the way the economy is, I don't know what is a sure thing.