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Has anyone experience with Dean Vagnozzi's financial plan?

Home Personal Finance and Budgeting Has anyone experience with Dean Vagnozzi's financial plan?

  • Zaphod Zaphod 
    Participant
    Status: Physician, Small Business Owner
    Posts: 6186
    Joined: 01/12/2016

    With all due respect, why not get a 2nd opinion? Even if you are doing your accounting perfectly, the fact that you are a HIP and a DIY is an audit bomb. Not to mention that you don’t know what you don’t know. (Ok, so I mentioned it.)

    It is quite admirable that you have the confidence and determination to manage this on your own, but I would also recommend that you draw a line at which you decide you need professional advice. It can be difficult to determine that line, but a second opinion could help you decide if you are simply trying to prove a point or if you are costing your family money and increasing your overall risk.

    Just mpo.

    Ps – emotions and money are a combustible combination. Imo, you should find something “fun” that doesn’t risk your family’s overall prosperity, whether or not you can afford to lose it all. That’s what casinos are for.

    Click to expand…

    I wouldnt do all that accounting myself simply for the time aspect. Its fun and educational the first couple times, but after that, bleh. I will reiterate myself that if an accounting firm ever provides the service we really need they will be the most successful company in America. Send someone to your house/business and find, organize all the receipts and paperwork properly for taxes! Thats the real pita.

    #105706 Reply
    Avatar spiritrider 
    Participant
    Status: Small Business Owner
    Posts: 1905
    Joined: 02/01/2016

    Taxable account and charity- Agree that there is no max. But, it is getting boring as I do the same thing every year. For fun, I also have Peer to peer lending and roboadvisor accounts.

    Fee-only Financial planning- will it be any different than good old, boring stocks, bonds, funds, ETF, REIT, etc.?

    Click to expand…

    This post is a good reason for everyone to go read up on behavioral finance. The best IPS should be boring. The search for new and exciting is almost guaranteed to end up in disappointing returns or disaster.

    You want to do something exciting, take up some expensive hobbies. At least the costs will be predictable.

    #105707 Reply
    Liked by Neuro-doc, Hank
    Avatar Bmac 
    Participant
    Status: Physician
    Posts: 312
    Joined: 10/21/2017

    Taxable account and charity- Agree that there is no max. But, it is getting boring as I do the same thing every year. For fun, I also have Peer to peer lending and roboadvisor accounts.

    Fee-only Financial planning- will it be any different than good old, boring stocks, bonds, funds, ETF, REIT, etc.?

    Click to expand…

    This post is a good reason for everyone to go read up on behavioral finance. The best IPS should be boring. The search for new and exciting is almost guaranteed to end up in disappointing returns or disaster.

    You want to do something exciting, take up some expensive hobbies. At least the costs will be predictable.

    Click to expand…

    Totally agree. I like my investing boring. I prefer to spend as little time as possible on my investments and maximize enjoying life.

    #105709 Reply
    Avatar lost 
    Participant
    Status: Physician
    Posts: 96
    Joined: 12/19/2016

    1) I see where this is going. 🙁  In the initial post, I mentioned: “I came across his website and services”. That does not mean I am considering investing there. I just wanted to know if anyone had an experience with such services. 😎 The fact that I do my own accounting including my businesses mean I keep a track of every penny. According to personal capital, the aggregate expense ratio of all of my investments is 0.11%.  🙄 I don’t think any service is getting close to this.

    3) I agree with Johanna but have had a few accountants over the past 7-8 years and only to find issues when I double check. I figured I am the guy with bad luck  😯 and decided to do it on my own. Its been over six years now. 😆

    #105715 Reply
    Avatar barelybarefoot 
    Participant
    Status: Physician
    Posts: 48
    Joined: 08/28/2017

    Lost-
    You sound crazy successful and up to your eyeballs in cash and are DIY. Can you guest post on WCI?

    #105735 Reply
    Liked by Docbeans
    PhysicianOnFIRE PhysicianOnFIRE 
    Moderator
    Status: Physician
    Posts: 1536
    Joined: 01/08/2016

    From the linked article:

    “The flaw with the stock market is that stockbrokers talk about how the stock market has a 70- or 80- year track record of earning 8 or 9 percent. The problem with that is that most people don’t have an 80-year window to invest. They have a 20- or 30- year window, and there have been plenty of times that the stock market hasn’t moved for 30 years.” -Dean Vagnozzi

    Ummm… this coming from a guy who makes bets on the life expectancy of octagenarians. If you start investing in your 20s or 30s, that’s 50-70 year window invested in the stock market. Not 20 or 30. I’m not saying life settlements are a terrible investment, although they are a bit morbid (the sooner people on the other end die, the more you profit), but it’s pretty easy to poke holes in his counterargument.

    40-something anesthesiologist and personal finance blogger @ https://physicianonfire.com [Part of the WCI Network] Find me on Twitter: @physicianonfire

    FIRE. Financial Independence. Retire Early.

    #105736 Reply
    jfoxcpacfp jfoxcpacfp 
    Moderator
    Status: Financial Advisor, Accountant, Small Business Owner
    Posts: 8133
    Joined: 01/09/2016
    Earnest refinancing bonus

    Fee-only Financial planning- will it be any different than good old, boring stocks, bonds, funds, ETF, REIT, etc.?

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    With all due respect, if that is what you think fee-only financial planners do (at least what we do in our firm), you really have no idea what you’re talking about. A portfolio is not a plan – not even close.

    Johanna Fox Turner, CPA, CFP, Fox Wealth Mgmt & Fox CPAs ~
    http://www.fox-cpas.com/for-doctors-only ~ [email protected]

    #105751 Reply
    Liked by PhotonsRGR8
    Avatar lost 
    Participant
    Status: Physician
    Posts: 96
    Joined: 12/19/2016

    Fee-only Financial planning- will it be any different than good old, boring stocks, bonds, funds, ETF, REIT, etc.?

    Click to expand…

    With all due respect, if that is what you think fee-only financial planners do (at least what we do in our firm), you really have no idea what you’re talking about. A portfolio is not a plan – not even close.

    Click to expand…

    Agree that I do not know. To save time and hassle of typing on a smartphone, I omitted adequate insurance (term life, disability, umbrella), inheritance, estate planning, asset protection etc.

    #105752 Reply
    Avatar lost 
    Participant
    Status: Physician
    Posts: 96
    Joined: 12/19/2016

    Lost-
    You sound crazy successful and up to your eyeballs in cash and are DIY. Can you guest post on WCI?

    Click to expand…

    Thank you. 😛 I feel a few points worth noting that saves $$:

    1) Keep it simple. Whatever it is.

    2) Taking good care of your body.

    3) Being a vegetarian.

    4) No alcohol, tobacco consumption.

    5) No TV.

    6) Get hobbies that make money or at least don’t consume. I could have put “don’t consume much”. But, how much is a “much”? Who’s to decide?

    7) Buy online- when it is cheaper (plan ahead to wait), do not pay for shipping (including monthly/yearly subscriptions).

    8) Be a business owner. Start with your own cash, not with a loan. If you do not have the cash, get into the business of generating some.

    #1,2,3,4 & 7 dwarfs other tricks.

     

    #105755 Reply
    Avatar lost 
    Participant
    Status: Physician
    Posts: 96
    Joined: 12/19/2016

    PoF- Thank you. I had the same thought when I went through the videos. Most people feel they’re done when they retire but actually, a retiree is looking at 20-30 year time when they remain invested in retirement.

    #105757 Reply
    jfoxcpacfp jfoxcpacfp 
    Moderator
    Status: Financial Advisor, Accountant, Small Business Owner
    Posts: 8133
    Joined: 01/09/2016
    Agree that I do not know. To save time and hassle of typing on a smartphone, I omitted adequate insurance (term life, disability, umbrella), inheritance, estate planning, asset protection etc.

    Click to expand…

    You nailed it! Whatever would I do without that checklist? Soon as we get those taken care of, we can sit back and invoice our clients. Nothing much else to do around here except the occasional boring investment recommendation 😀 .

    Johanna Fox Turner, CPA, CFP, Fox Wealth Mgmt & Fox CPAs ~
    http://www.fox-cpas.com/for-doctors-only ~ [email protected]

    #105776 Reply
    The White Coat Investor The White Coat Investor 
    Keymaster
    Status: Physician
    Posts: 4541
    Joined: 05/13/2011

    Taxable account and charity- Agree that there is no max. But, it is getting boring as I do the same thing every year. For fun, I also have Peer to peer lending and roboadvisor accounts.

    Fee-only Financial planning- will it be any different than good old, boring stocks, bonds, funds, ETF, REIT, etc.?

    Click to expand…

    Good investing is boring investing. Sorry.

    Site/Forum Owner, Emergency Physician, Blogger, and author of The White Coat Investor: A Doctor's Guide to Personal Finance and Investing
    Helping Those Who Wear The White Coat Get A "Fair Shake" on Wall Street since 2011

    #106215 Reply
    Avatar bobholcomb 
    Participant
    Status: Financial Advisor
    Posts: 1
    Joined: 02/22/2018

    find a high quality conservation easement.

    While I am a licensed financial advisor who has served doctors for 14 years, I am not currently practicing and have no broker dealer or RIA affiliation. If any opinion I express resonates with you, please get a second opinion from a licensed advisor.

    #106230 Reply
    Avatar ITEngineer 
    Participant
    Status: Other Professional
    Posts: 319
    Joined: 05/09/2017

    Taxable account and charity- Agree that there is no max. But, it is getting boring as I do the same thing every year. For fun, I also have Peer to peer lending and roboadvisor accounts.

    Fee-only Financial planning- will it be any different than good old, boring stocks, bonds, funds, ETF, REIT, etc.?

    Click to expand…

    Hi Lost –

    If you like to Gamble, VF casino is right around the corner!  😉 I assume you’re local to SE PA (Hi neighbor!)

    I guess I don’t understand the ‘boring’ itch you’re experiencing. I’m glad you have your financial house in order though. Here is what I’d do 🙂 I’d buy 1000 shares of Nestle and put them in a Swiss bank account. Every year, I’d plan a trip to Switzerland, withdraw my dividends (in Swiss Francs of course!) and go spend them however your heart desires! Maybe you need 1500 shares……

    Or I’d buy a new Tesla…..

    (Yes I know this isn’t very helpful)

    Do you have a long term goal of a beach house? Lake house? Vacation house somewhere? Maybe you already have it….(now I’m trying to be helpful but failing miserably)

    If you want we can meet at Davios and brainstorm ways to invest your money  😆

    #106264 Reply
    Avatar lost 
    Participant
    Status: Physician
    Posts: 96
    Joined: 12/19/2016

    Taxable account and charity- Agree that there is no max. But, it is getting boring as I do the same thing every year. For fun, I also have Peer to peer lending and roboadvisor accounts.

    Fee-only Financial planning- will it be any different than good old, boring stocks, bonds, funds, ETF, REIT, etc.?

    Click to expand…

    Hi Lost –

    If you like to Gamble, VF casino is right around the corner!  )

     

    Or I’d buy a new Tesla…..

     

    Do you have a long term goal of a beach house? Lake house? Vacation house somewhere? Maybe you already have it….(now I’m trying to be helpful but failing miserably)

     

    Click to expand…

    None of these are “investments”.

    #107217 Reply

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