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IFA vs DIY
Comments
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I suspect you’re shouting into the void.
2 -
I'll bite.
Read this Boglehead advice and follow this flow chart.
The above links show what I've been doing for the last 35 years. I've invested in a US equity Index fund, an ex-US International equity index fund and a bond index fund. The fees are low and the returns have been good. By avoiding debt and using tax advantaged accounts I've become financially independent and I've never paid for financial advice.
I'm not saying that investing is exactly easy, but it doesn't need to be complicated.
And so we beat on, boats against the current, borne back ceaselessly into the past.4 -
As my comment seems to have ended this thread I'll assume that it's answered everyone's questions and we can all use it as a straight forward path to DIY financial success. See, that wasn't very difficult at all 😉
And so we beat on, boats against the current, borne back ceaselessly into the past.0 -
Hm well I looked at Bogleheads and instead of finding a community of geeks with an amusingly titled web presence I found something build around a single American with a funny name. I did bookmark it and may eventually get around to reading what he is about.
A little FIRE lights the cigar0 -
Interesting take on John Bogle.
And so we beat on, boats against the current, borne back ceaselessly into the past.0 -
I fear you’ve missed the point of @cfw1994 ‘s post.
As I read it he was trying, in vain, to get our resident IFA troll to post something positive.
1 -
Yes, I realized that. I "took the bait" because I'm also dubious about the utility of IFA's for most people and thought I'd post the simple approach that's worked for my DIY financial journey. I'm always amazed at how difficult people make personal finances, but I forget that many people have a fear of mathematics and can be confused by the seemingly vast number of options available. Hence my posting of two links that I believe could provide solutions for the vast majority of people. My personal financial heros are Mr. Micawber and John Bogle and I think I could have done a lot worse.
And so we beat on, boats against the current, borne back ceaselessly into the past.2 -
I agree with that sentiment although I do think a skilled IFA can help with much more than the investments themselves, which aren’t massively complicated. I did have a very good IFA but her retirement some years ago prompted me to DIY as I had much less confidence in her successor.
The other factor is time. When I was working full time in a demanding job I needed to delegate the things I didn’t have the time and expertise for.
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What I'm attempting to evangelize is that you don't need to spend very much time DIYing if you set things up correctly and keep things simple. I have a good background in maths so maybe some of the hurdles seem a bit lower to me than your average person, but even so I think most people should be able to navigate the process. I also agree that investing isn't where IFAs shine, indeed they often outsource that function, and they are most help in areas like taxation, drawdown and an overall financial strategy. The flow chart link helps with that strategy and the Bogleheads link provides the investment component. What they don't provide is someone to hold your hand which can be very important.
And so we beat on, boats against the current, borne back ceaselessly into the past.3
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