Faithful readers, you will remember Di’s Rules of Living that appeared here earlier. I have reformulated Rule Number Four to be the big list of Thou Shalt Not Fuck Withs….
- ® The IRS. Badness
- ® Utilities. It’s worth it to hire a professional when dealing with gas or electric
- ® The government. You don’t wan to be on their shitlist.
I have come up with a new Thou Shalt Not Fuck With….
Things that you don’t know shit about, but really should know about, and until then, you should not fuck with them.
Let me explain:
I work with pension plans. You know, the chunk of money that you get when you retire, providing that you have planned well. Now, I am not any kind of financial advisor or guru or anything, but even I know that if you have a few hundred thousand dollars sitting around, it might not be a bad idea to talk to a financial planner about how to make that work for you, and how to make sure that you can live comfortably, even if you are no longer able to hold your own urine.
I am stunned at the amount of people that have more money in their retirement accounts than I have made in my life thusfar, that don’t know the basics of what they are invested in, or how to use that money wisely (i.e., should I annuitize? Take withdrawals? Leave it be for now, because I have enough for other sources?). Also, the number of “financial planners” that are asking people to do things that are NOT in their best interest so that they can make money….astounding.
So, I’m not going to go into a long rambling post about how to plan, etc. But I am going to tell you…never hire a financial advisor if they are selling a product, because they have a huge disincentive to act in your best interest. Even if it costs a bit more, get an independent planner, as they can ferret out the products and strategy that are right for YOU and your situation. And, remember, just because they are “affiliated” with a religion or other organization that you believe in, doesn’t mean that they act in accordance with those beliefs.
The other thing is – don’t leave all your decisions to a professional. Educate yourself on the basics of money management and planning, and for the love of the FSM, ask questions. This is your money, your retirement, your future that you are talking about!!
Right now, Jeff and I don’t have enough money to worry about – we are both putting money into our retirement plans, and I, at least, am investing aggressively as I have at least 30 years to retirement. But, you can be sure that once we have a kid and a house, I am going to be seeking advice on how to manage our funds so that we don’t have to work until we die. I advise you all do to the same thing!!