SmartVestor Pros formerly Investing ELPs are investment professionals who help their clients pick mutual funds, they make money when you invest in certain mutual funds. I experienced this first hand. Travis and I sat down with two investment professionals from Principal and they went through everything with us. They sat with us for two hours, for free, explaining things to us and going through the paperwork.
Then one of them met us at our house to further explore options to make sure we were getting what we wanted. How can they afford to do that? Because they make their money on commissions. The professionals that Dave recommends are not fiduciaries.
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I went into those meetings with those financial advisors and I had no clue what I was doing. I had no clue what they were but early-retirees and everyone loved them. You may have heard Dave talk about them. These funds are not actively managed like the ones my advisor was selling me. Index funds are filled with funds to perform at around what the market does and then left alone to grow.
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They are passively managed. And they typically outperform the market by a slight margin. For more info on actively managed fund vs passively managed funds check out this article on The Balance. I asked about the Vanguard funds early on and my advisor was very transparent. He called Vanguard to learn more about them and showed me comparable funds to what he was offering. The point of passively managed funds is to keep fees incredibly low. No room for paying people to hock their funds. The Vanguard fund, while having a lower rate of return, had a.
So it actually made more than the actively managed fund. He had a point.
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He wanted to show people that you can make more with a passively managed fund when you take into consideration the fees and commissions tacked onto managed funds. And the challenge started a mere months before the market crash of In the month it took for them to process our paperwork and get us set up in the system, I had a lot of time to think about investing.
I liked my advisors so much and they, unbeknownst to them, are how I figured out that I DO want to do it on my own. Because I want as much of my money to sit in mutual funds as possible. Not in other peoples pockets no matter how much they deserve it. That night I went onto Vanguard. A lot of people suggested this to me before they knew I had the minimum. I also love that they only invest in sustainable and ethical companies. Ultimately I feel great about our decision and everyone I talk to even Baby Steppers agree and are also going this way.
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If you have a million dollars in assets then most of those high fees are waived. So it makes sense why wealthy people go with actively managed funds, they can legitimately make more there. And Dave is trying to make millionaires. We realize we can reach financial independence in about 13 years through investing half our income.
Financial independence means you can live off the dividends your investments make every year so your net worth stays the same. Are there builders still building in the area? If so this will also decrease the value of your home. But the key here is that there is always one area of town where people want to live; however this area will have a lower appreciation because more people will buy and retire to this area of town. This makes the area a more stable area, so it has a lower appreciation. This means you have to be careful and find a happy medium between the two extremes.
Key Step 4 — Financing. You really need to be pre-approved for your loan or be ready to pay cash. Bank homes require a firm pre-approval or cash payment to buy their homes.
taylor.evolt.org/bunyx-conocer-mujeres-torre.php What they care about is getting money quick, as opposed to getting more money slower. So you absolutely must be firmly pre-approved for a loan or have cash to buy from the bank immediately. The bank simply wants to get rid of these homes and get them off their books. Key Step 5 — Make an offer at the end of the month.
The banks have deadlines and goals to reach. They need to sell a certain amount of homes each month and there are bank employees out there that get paid bonuses for reaching these goals by the end of the month. So many buyers want to close by the end of the month so they make an offer at the beginning of the month.
Be willing to close any time of the month. November and December are one of the best months to by ANY type of home; bank or non-bank. Key Step 6 — Read between the lines. Bank agents are overworked, plain and simple.
They have less pictures and less info that they offer. Key Step 7 — Stop getting shoved around by the bank. If every one of these bank homes are going like hotcakes, then consider going with a normal seller home. Most sellers and Realtors understand that they have to compete with bank homes today, so they are willing to take lower offers.
Non-bank owned sellers will consider offers also. Make sure that your agent brings in a good market analysis to prove your offer. Make sure your agent comes in with all the guns loaded and can prove why your offer is reasonable and acceptable. The reason I am providing this offer at no cost is that I want to get this information out there into the marketplace. If I can get this information out there, everybody wins. Of course, I love what we do.