• Lv_InSaNe_vL@lemmy.world
      link
      fedilink
      arrow-up
      1
      arrow-down
      1
      ·
      1 day ago

      Sure, but this is my retirement and long term savings. I’m able to admit my limitations and this is one of them.

      I go to a doctor when I’m sick too. I trust professionals.

      • aphonefriend@lemmy.dbzer0.com
        link
        fedilink
        arrow-up
        5
        arrow-down
        1
        ·
        1 day ago

        The difference in skill level needed between a good doctor and a good money manager is massive. It’s the difference between years of experience and a few you tube videos.

        • Lv_InSaNe_vL@lemmy.world
          link
          fedilink
          arrow-up
          2
          arrow-down
          4
          ·
          1 day ago

          Ah yes there is no such thing as experience or knowledge in financials!

          I’m in IT and it’s the same way! Throw on an LTT playlist and by the end of the day you’ll be a sys admin!

          • mrgoosmoos@lemmy.ca
            link
            fedilink
            English
            arrow-up
            2
            ·
            1 day ago

            you are severely overestimating the capabilities of what qualifies as a good money manager

          • Trainguyrom@reddthat.com
            link
            fedilink
            English
            arrow-up
            2
            ·
            1 day ago

            I can’t tell if you’re being sarcastic or not but I worked with someone who watched LTT religiously and seemed to get most of his training from LTT. I spent a lot of time figuring out what he did or didn’t do, writing the documentation he didn’t write them fixing what he built incorrectly. LTT tries their best but their background is purely in gaming computers and it really shows, especially with the repeated IT failures that really shouldn’t be happening in an organization of their size

      • ipitco@lemmybefree.net
        link
        fedilink
        arrow-up
        2
        arrow-down
        2
        ·
        edit-2
        1 day ago

        Understandable, but they also have conflicting interests, which is that THEY want to make money

        if you look at the average return rates of managed investing vs unmanaged, you’ll see that you earn more by yourself with pretty much equal risks

        I suspect many investment companies have deals or interest in making you invest in specific companies even though they’re not that profitable

        It’s a bit like everything: food sold already prepared has a nice taste, but not always the best composition and is less worth it than doing it yourself, but if you don’t pay attention enough, you can fuck up your meal. If you are careful, you’ll make much more by yourself and it’ll still have a nice taste. Yes, this comparison doesn’t bring a lot but specialized companies aren’t always the best way of going, and that’s currently the case for investments and stocks

          • ipitco@lemmybefree.net
            link
            fedilink
            arrow-up
            1
            ·
            edit-2
            1 day ago

            They could also make you invest in their partner companies (or even their own) and have themselves invested prior to that in the same company, then sell later, making them a bigger cut, or similar schemes. What I mean is that it’s not that simple.

            overall their work is not that hard and statistically doesn’t pay off, at least in the past years

            They’re trying to stay relevant, but ETFs are now the main way of investing and are providing more interest than picking niche fields. They’re doing what they can to stay relevant, but it doesn’t really work. They still need to complexify a bit your investments to make it seem like they’re doing something useful

        • Lv_InSaNe_vL@lemmy.world
          link
          fedilink
          arrow-up
          2
          arrow-down
          1
          ·
          1 day ago

          THEY want to make money

          Yes, but they make money when I make money. I pay like $750 per year to keep my account open, but other than that he only takes a percentage of my monthly gains. The more money he makes me, the more money he gets from me.

          And yes of course I could do enough research to match or very them in gains and I could spend enough time watching the markets to make sure I am making sound decisions. Or I could just pay someone a few hundred bucks a month to do it for me. I know what decision I chose.

          • ipitco@lemmybefree.net
            link
            fedilink
            arrow-up
            2
            arrow-down
            1
            ·
            edit-2
            1 day ago

            $750 per year to keep my account open

            WHAAAAAAT

            The thing is it’s relatively simple in the most part. Just invest in a couple mainstream ETFs and boom, no need to be fancy or taking some time after that

            if you want a more safe direction then it’s a bit different but for the most part, that’s it

            • Lv_InSaNe_vL@lemmy.world
              link
              fedilink
              arrow-up
              2
              ·
              1 day ago

              I think you missed three facts that I keep trying to hammer home.

              1. I genuinely don’t care enough to do research and spend time watching the markets. I’m fortunate to have more money than time these days so $750 is worth vastly less than me doing it myself.
              2. It’s safer. This is a huge % of my life savings were talking about. I don’t trust myself to do it.
              3. I don’t care. At all. In any capacity.
              • ipitco@lemmybefree.net
                link
                fedilink
                arrow-up
                2
                ·
                edit-2
                1 day ago

                It’s safer. This is a huge % of my life savings were talking about. I don’t trust myself to do it.

                I can understand it, and respect your decision. At that point when we’re talking about such amounts, it’s better to offload this mental stress to a reputable company, even if it means a bit lower interest rates

                The main thing to get out of this is that you’re investing and frankly, it’s pretty much all that matter

                  • ipitco@lemmybefree.net
                    link
                    fedilink
                    arrow-up
                    1
                    ·
                    1 day ago

                    ❤️

                    I experienced something kind of similar I guess. When I learned about this I was excited, but even though everything seems fine, there’s still this part of me that is like “what if I’m forgetting or fucking up something? I don’t want to lose my money, that’s a lot”