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Financial Advice and Advisers

Dave Ramsey’s Baby Steps

by Luke Landes

I’ve done a good job of sharing my disdain for Dave Ramsey’s popularization of a method of getting out of debt that caters to unmotivated individuals, the “Debt Snowball” method. That doesn’t mean I don’t agree with his principles or his intentions. I just think he, as one of the most popular “gurus” in personal ... Continue reading this article…

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The Path to Mediocrity: Doing What Works For You and Other Self-Limiting Philosophies

by Luke Landes

General advice for an imaginary average person Personal finance advice comes in many forms, running the gamut from Dave Ramsey’s philosophies on getting out of debt to Suze Orman’s no-nonsense anti-stupidity spending advice. Opinions vary wildly as you stroll down the promenade from the broker, a salesperson, to the financial planner paid by the hour ... Continue reading this article…

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Can You Judge a Financial Adviser By Her Own Portfolio?

by Luke Landes

Consider a hypothetical popular financial adviser with $30 million in investable assets. Her (or his) primary clients may average $500,000 of liquid reserves ready to be directed in any manner as instructed. The typical advice these clients may receive likely involve investing mostly in equities through stock index funds. They have low expenses and are ... Continue reading this article…

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Is a CFP Certification Necessary When Choosing a Planner?

by Luke Landes

I like the new columns from Money Magazine featuring “The Mole,” an undercover financial planner. Like me, The Mole prefers to write anonymously to protect his or her identity. While my reasons for doing so pertain more with my desire to post sensitive personal information, The Mole maintains incognito status because he tends to speak ... Continue reading this article…

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Take This Rule of Thumb Quiz

by Luke Landes

I often rail against “financial rules of thumb” for their overly simplistic view of what are often complex situations. There is far too much potential for snappy catchphrases to lead people to refuse to think and evaluate situations on their own. Rules of thumb don’t take into account individual circumstances and even the most popular ... Continue reading this article…

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5 Stupid Financial Mistakes I Made in 2007: Underutilizing Financial and Tax Advisors

by Sasha

In 2007, I actually sought a financial advisor, developed an asset allocation model, and started to track my finances more closely than ever. All good moves, but after reallocating some of my investments, I made my third mistake: 3. Underutilizing Financial and Tax Advisors I mentioned that I developed an asset allocation model with my ... Continue reading this article…

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Financial Advisers and Stock Brokers: What’s the Difference?

by Luke Landes

You would think that the roles and responsibilities would be clear and there would be a strong line between individuals who call themselves financial advisers and those who call themselves stock brokers. The obvious answer is that advisers give impartial advice based on the best interest of the client and brokers sell products as a ... Continue reading this article…

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Your Advice to Your Younger Self

by Luke Landes

The two winners of the free copies of Cash, Cars, & College, by Janine Bolon were informed last night. If you entered the contest, check your email to see if you’ve won. In order to enter the contest, I asked that commenters provide some financial advice they’d give their teenage self if they were able ... Continue reading this article…

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David Bach’s Five Rules for Hiring an Financial Advisor

by Luke Landes

A few years ago, I had a brief chat with a financial advisor provided to me by my company, which also happens to be in financial services. I listened to what he had to say, but he was searching for commissions. His only offerings were expensive mutual funds. I decided to wait until I had ... Continue reading this article…

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Find a Financial Advisor Online

by Luke Landes

Some readers of financial blogs keep coming back for the free “advice.” There are some better ways to get in touch with financial advisement online, and Kiplinger’s Personal Finance has a few suggestions for finding a real advisor through the internet. * The Alliance of Cambridge Advisors is a network of 75 advisors in 25 ... Continue reading this article…

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Can You Trust Your Financial Advisor? Or Anyone?

by Luke Landes

The truth is people are selfish. A person makes decisions on what actions to take based on what they believe will benefit him or her. Is there such a thing as true selflessness? Even when someone helps another individual “out of the kindness of his heart,” isn’t she really acting in order to get that ... Continue reading this article…

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The Top 25 Money Tips of All Time, Part 5

by Luke Landes

I’m finally delivering the last installment of MoneySense’s top 25 money tips of all time. This follows parts 1, 2, 3 and 4. Now, without further ado, are the final five money tips, as decided by Canadian financial experts.

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Does This Number Impress You?

by Luke Landes

$400,000. Do you consider someone with a net worth of $400,000 rich? Well-off? Comfortable? Would you set a lifetime goal for yourself at $400,000? Actually, a net worth of $400,000 sets you well above the median net worth in this country, and in the world, to say the least. But these statistics don’t matter… what ... Continue reading this article…

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Be A Financial Advisor

by Luke Landes

Money Magazine has ranked hundreds of careers and have decided that the job of Financial Advisor ranks third. That’s not too shabby. Here are the stats provided by the magazine. The average salary is $122,500, which is a little less than three times what my base salary would have been this year had I not ... Continue reading this article…

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A Look At The Number, Part 4: Advisors

by Luke Landes

This is Part 4 in a series about The Number by Lee Eisenberg. Part 1 is here, Part 2 is here, and Part 3 is here. Chapter 11 of Lee Eisenger’s book, The Number, focuses on the topic of financial advisors. The author’s opinions of the financial advice industry is neatly summarized by the second ... Continue reading this article…

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