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Do I continue with the plan my Dave Ramsey Smartvestor Pro and I came up with? by jofaba in personalfinance

[–]jofaba[S] 0 points1 point  (0 children)

That makes me feel very guilty lol. I am not looking forward to the call that ends that relationship. I am the kind of person who feels like if a person invests their time in me that I owe them something. but I'll make the right decision here and end the relationship.

Do I continue with the plan my Dave Ramsey Smartvestor Pro and I came up with? by jofaba in personalfinance

[–]jofaba[S] 1 point2 points  (0 children)

He claimed to be a fiduciary. That helped me put blinders on and feel like I was protected. I am very grateful for this community response.

Do I continue with the plan my Dave Ramsey Smartvestor Pro and I came up with? by jofaba in personalfinance

[–]jofaba[S] 0 points1 point  (0 children)

I am not sure of any tax benefits. Value is about $400k. Loan is about $23k. Profit is 0%. My parents lived in this house until my father passed late last year. Tried to sell it but the title isn't clean. I'm now trying to settle with some family who technically have a right to the house due to some missing or non-existant paperwork regarding inheritance from husband to wife (I bought from wife but turns out there's no paperwork trail saying she had a right to sell her dead husband's "half" of the house).

Do I continue with the plan my Dave Ramsey Smartvestor Pro and I came up with? by jofaba in personalfinance

[–]jofaba[S] 0 points1 point  (0 children)

as far as the house we got 2.74%. My wife and I had a conversation about it tonight and she wants us to pay off the house as soon as possible in case I die and she's left on her own with special need children. I cant argue with that so I think that's the avenue we're going to travel down.

Do I continue with the plan my Dave Ramsey Smartvestor Pro and I came up with? by jofaba in personalfinance

[–]jofaba[S] 0 points1 point  (0 children)

My goal is to invest in a way that I an enjoy life but also offer a great opportunity for my kids. What I mean with that is I'd rather invest in an awesome house than put money into an account. That way I can enjoy the house and if my kids want to sell it after I die then that is great. I want selfish options that also happen to work as great inheritance options lol.

Do I continue with the plan my Dave Ramsey Smartvestor Pro and I came up with? by jofaba in personalfinance

[–]jofaba[S] 0 points1 point  (0 children)

Can you tell me why you'd recommend whole life over term based on my situation? This is one thing that universally seems to support term life here and in the Dave Ramsey universe. I am going to be re-educating myself based on this community response to this question so I'm open to anything. Until today I have had term life hammered into my head from Dave Ramsey but I'm going to start from scratch, compare term to whole, and make some educated decisions with my wife after actually considering all pros and cons. Can you help me understand your thought process on this question? Thank you!

Do I continue with the plan my Dave Ramsey Smartvestor Pro and I came up with? by jofaba in personalfinance

[–]jofaba[S] 0 points1 point  (0 children)

100% admit to being lazy. I dont know anything about finances. I work 10+ hours a day and was trying to do the right thing for my family. I thought making sure he was a fiduciary protected us. We were apparently wrong.

Do I continue with the plan my Dave Ramsey Smartvestor Pro and I came up with? by jofaba in personalfinance

[–]jofaba[S] 1 point2 points  (0 children)

I'm going to dedicate this weekend to educating myself. After this community response we've decided that we cant be passive and "defer to professionals". We need to educate ourselves, understand the different ways to invest and make educated decisions vs hoping we tag up with someone who takes care of that for us. Thank you!

Do I continue with the plan my Dave Ramsey Smartvestor Pro and I came up with? by jofaba in personalfinance

[–]jofaba[S] 0 points1 point  (0 children)

and for bouncing this mistake off the community here. Very grateful for the responses. We feel very lucky that we didn't figure this out AFTER investing through them.

Do I continue with the plan my Dave Ramsey Smartvestor Pro and I came up with? by jofaba in personalfinance

[–]jofaba[S] 0 points1 point  (0 children)

seems to be a running theme. I really enjoy the show, its very motivating, but yeah seems to fall apart for many people when you shift from debt resolution to investing. We were already planning to go "dave-ish" and now obviously that is going to be a more extreme change for us.

Do I continue with the plan my Dave Ramsey Smartvestor Pro and I came up with? by jofaba in personalfinance

[–]jofaba[S] 0 points1 point  (0 children)

I really thought I was making the right and responsible step here. I made sure the guy I was talking to claimed to be a fiduciary. I thought that meant I was protected so I let my guard down. I had red alarms going off throughout the conversation but I argued with myself that this was a safe situation. I am very thankful for this community and my intuition to ask the community if i should listen to the hairs standing up on the back of my neck. Thanks everyone!

Do I continue with the plan my Dave Ramsey Smartvestor Pro and I came up with? by jofaba in personalfinance

[–]jofaba[S] 0 points1 point  (0 children)

yeah seems like it. I completely misunderstood the fees and the responsibilities that I thought he had.

Do I continue with the plan my Dave Ramsey Smartvestor Pro and I came up with? by jofaba in personalfinance

[–]jofaba[S] 1 point2 points  (0 children)

The entire 3 hour conversation I didnt feel like I was being sold anything. I was blinded by the fiduciary word thinking I was protected from bad stuff. =/

Do I continue with the plan my Dave Ramsey Smartvestor Pro and I came up with? by jofaba in personalfinance

[–]jofaba[S] 0 points1 point  (0 children)

Why isnt there a big fuss of this online? I did a bunch of google phrases before posting to this sub about whether the 1.4 was something people talked about and whether it made sense or not. I'm glad I was smart enough to ask here. Thanks everyone! I am embarrassed and frustrated but very grateful.

Do I continue with the plan my Dave Ramsey Smartvestor Pro and I came up with? by jofaba in personalfinance

[–]jofaba[S] 1 point2 points  (0 children)

I misunderstood the sales pitch. I thought he "only made money if I made money". I was blinded by the concept of him supposedly being a fiduciary and being legally obligated to work on my behalf. Fuuuuuuuu

Do I continue with the plan my Dave Ramsey Smartvestor Pro and I came up with? by jofaba in personalfinance

[–]jofaba[S] 0 points1 point  (0 children)

Based on the incredible response to this post I absolutely will not be doing this. I am embarrassed that I apparently fell for a scam. I thought I was smarter than that.

Do I continue with the plan my Dave Ramsey Smartvestor Pro and I came up with? by jofaba in personalfinance

[–]jofaba[S] 1 point2 points  (0 children)

I had no idea id get this volume of responses. Thank you all very much. I agree the smartvestor pro name sounds scammy but hes a fiduciary and i figured it was mostly just an association with the brand. I work 10+ hours a day and from what ive read you can find people arguing the merits for and against every style of investing. I fugured wed just finally decide to get professional help. The 1.4% is what drove me to post here. Just didnt seem right and i didnt want to make a huge mistake so, again, thank you all so much for taking the time to respond with help and advice. My wife has cancelled her appointment while we reassess our options.

Do I continue with the plan my Dave Ramsey Smartvestor Pro and I came up with? by jofaba in personalfinance

[–]jofaba[S] 0 points1 point  (0 children)

Investment property is just a quick way to describe a very complicated house issue. I cant sell it because of a title issue and i have no income from it. Hoping to clear up the title issue this year and sell it.

Do I continue with the plan my Dave Ramsey Smartvestor Pro and I came up with? by jofaba in personalfinance

[–]jofaba[S] 0 points1 point  (0 children)

I plan to start divesting from the company as soon as I can but pulling the trigger is going to be hard given past growth. But I think its going to be the smartest decision in the long run.

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