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Author: Provo06 Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 19483  
Subject: Just Retired Date: 7/4/2000 11:56 PM
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This is probably the dumbest question to ever hit the board but here goes. I just retired three days ago and in two weeks I am going to turn over my life savings to a guy who works for an investment group. He is going to invest my money into five Enterprise Mutual Funds and one Janus Fund. I was just looking around this Website and came across this Mutual Fund Cost Calculator. I punched in the funds that I am going to be invested in and the total cost of holding these funds according to the calculator looks ridiculous (high). Now I am wondering if I should go through with this. I honestly don't think that this is something that I can tackle myself like I'm sure that most of you people could. Am I doing the right thing? Thanks a million for your help.
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Author: ApplePieChar Two stars, 250 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 4382 of 19483
Subject: Re: Just Retired Date: 7/5/2000 12:25 AM
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Where did you find the Mutual Fund Cost Calculator? That is one I would like to add to my favorites.

Good Luck,

Charlotte

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Author: ray9640 Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 4384 of 19483
Subject: Re: Just Retired Date: 7/5/2000 12:45 AM
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Is this an annuity he's setting up for you, or a man- aged portfolio? If an annuity, you would be signing a contract with an institution to provide you a guaranteed periodic payment for life, but it may not be in your best interests. I checked the business sec- tion for Enterprise Funds, and they appear to be load funds...Janus is no-load. Again, you may not want to have your money invested in load funds that the finan- cial planner has a proprietary interest in. The Enterprise funds were all rated C, D and E for 3-year return ratings, which makes them mediocre at best. Janus is one of my favorite fund families, maybe the best out there now (opinion only).
Doesnt sound too good to me, and you dont seem to be overly confident with him either. This being the case, I believe I'd hold off and contact some other sources.
If you dont feel good about it, dont do it.

ray9640

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Author: intercst Big funky green star, 20000 posts Top Favorite Fools Top Recommended Fools Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 4385 of 19483
Subject: Re: Just Retired Date: 7/5/2000 12:47 AM
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Provo06 wrote,

This is probably the dumbest question to ever hit the board but here goes. I just retired three days ago and in two weeks I am going to turn over my life savings to a guy who works for an investment group. He is going to invest my money into five Enterprise Mutual Funds and one Janus Fund. I was just looking around this Website and came across this Mutual Fund Cost Calculator. I punched in the funds that I am going to be invested in and the total cost of holding these funds according to the calculator looks ridiculous (high). Now I am wondering if I should go through with this. I honestly don't think that this is something that I can tackle myself like I'm sure that most of you people could. Am I doing the right thing? Thanks a million for your help.

If you haven't had time to research this stuff yet, just put the money in a low-fee index fund Like Vanguard's S&P500 index fund. There's an 80% to 90% chance that will beat anything your "advisor" does for you -- largely because you're eliminating the "ridiculously high fees."

intercst

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Author: Provo06 Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 4387 of 19483
Subject: Re: Just Retired Date: 7/5/2000 9:12 AM
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Charlotte,

I got to the calculator through the Fool site somehow. I ended up at www.foliofn.com. It is under tools.

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Author: ApplePieChar Two stars, 250 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 4392 of 19483
Subject: Re: Just Retired Date: 7/5/2000 2:17 PM
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Thanks. I couldn't find it from that link but I'll pursue the Fool site access. I've been getting that information from:

http://quicken.excite.com/investments/quotes/?symbol=

You just type in the ticker and go to information including the expense ratio.

Charlotte



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Author: rjm1 Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 4395 of 19483
Subject: Re: Just Retired Date: 7/5/2000 7:38 PM
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This is probably the dumbest question to ever hit the board but here goes. I just retired three days ago and in two weeks
I am going to turn over my life savings to a guy who works for an investment group. He is going to invest my money into
five Enterprise Mutual Funds and one Janus Fund. I was just looking around this Website and came across this Mutual
Fund Cost Calculator. I punched in the funds that I am going to be invested in and the total cost of holding these funds
according to the calculator looks ridiculous (high). Now I am wondering if I should go through with this. I honestly don't
think that this is something that I can tackle myself like I'm sure that most of you people could. Am I doing the right thing?
Thanks a million for your help.


It might be the smartest question you ever asked.

Sounds like you are lost. That's ok because you know you are lost. Now find yourself before you do anything.

Take the money and put it in a money market fund at a large mutual fund such as Vanguard (low fees). Then start learning. If the money sits in the fund for a few months you will save more than paying a lot of fees for poor investments.

Spend a few weeks reading on the net and you will learn alot. Pay attention to assets allocation and safe withdrawl rate. Then If you still feel you need help find a fee only planner. Since you will now know what you want to do, the metting can be very productive and probably confirm what you want to do. If you have missed something hopefully the planner will not.

By the way if the current guy has not talked about assets allocation, taxes, safe withdrawls rates and budgets I think I would not use him at all.

If any of your money is coming from 401k, IRA's pensions etc make sure you tell the mutual fund so the transfer does not cost you taxes. For these deferred accounts the money goes to the fund not you.



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Author: Provo06 Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 4398 of 19483
Subject: Re: Just Retired Date: 7/5/2000 8:45 PM
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Bob,

Thanks so much for your help. You are so right...I am very very lost! Although I have already signed up with this firm, my money has not been sent yet. I will call them tomorrow and see if I can get out of this.

And thanks to all of the other people who responded and offered advice. I really appreciate it.

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Author: tdbowz One star, 50 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 4405 of 19483
Subject: Re: Just Retired Date: 7/6/2000 8:42 PM
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provo 06,
I strongly agree with several of the other posts regarding this and might add to cancel this agreement asap. There should be a grace period allowing you to do this but I'm not positive. I'm sorry to have to admit it but "been there done that". Let us know how you made out as I and the others I'm sure would like to see you start your retirement on the right path. BTW would some knowedgable person please answer my post #4322?

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Author: Beaver1956 One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 4407 of 19483
Subject: Re: Just Retired Date: 7/6/2000 8:54 PM
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Some websites with information for retirees: www.vanguard.com ; morningstar.com ; www.geocities.com/WallStreet/8257/reindex.html Avoid paying loads on mutual funds and certainly stay away from planners that derive a commission from their recommendations. Try to educate yourself first, don't rush into any investment, park your money in a Money Market with Vanguard until you know enough to invest it yourself or hire a fee-only financial planner. The Morningstar site has very good forums for retirees and pre-retirees. Good luck

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Author: saml72933 Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 4408 of 19483
Subject: Re: Just Retired Date: 7/7/2000 10:44 AM
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*put it in money market mutual fund---start learning* Absolutly the best answer this guy could get! Wish someone had told me that 28 months ago. Have a great day. Saml.

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Author: fatcassie1 Two stars, 250 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 4576 of 19483
Subject: Re: Just Retired Date: 7/22/2000 8:31 AM
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l really feel for you,l have been going through the very same thing.The expert Fools gave you the very best advice,namely to park your super safely until you get some clues about what to watch out for..takes some time for all of us new retirees to find our way in the minefield.

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Author: dewaltrf Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 4635 of 19483
Subject: Re: Just Retired Date: 7/28/2000 9:22 AM
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Just read your article regarding the mutual fund calculator and went through the web site you put on the board, i.e.: www.foliofn.com and could not locate the calculator. I hate to be going back so far in the dialogue on the board but I would be interested in finding "tools" you mentioned.
Thanks.


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Author: TMFPixy Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 4636 of 19483
Subject: Re: Just Retired Date: 7/28/2000 9:26 AM
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Greetings, Dewaltrf, and welcome. You wrote:

<<Just read your article regarding the mutual fund calculator and went through the web site you put on the board, i.e.: www.foliofn.com and could not locate the calculator. I hate to be going back so far in the dialogue on the board but I would be interested in finding "tools" you mentioned.>>

The writer was referring to a calculator that is buried several layers down from that URL. You will find it at http://www.foliofn.com/content/files/frameset_static_costcalc.html .

Regards..Pixy

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Author: dewaltrf Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 4637 of 19483
Subject: Re: Just Retired Date: 7/28/2000 9:32 AM
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TMFPixy,
Thank you for the prompt reply and - whalla - I found the calculator. Now I'm going to try and find out how much I am losing by being in the mutuals I have. Ralph



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