Author Topic: John Oliver on Retirement, financial advisors and tea cup pigs  (Read 18654 times)

Kalergie

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This pretty much sums up what we've been saying and following all along. Glad to have the message finally out there to the masses.

http://youtu.be/gvZSpET11ZY

Basenji

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Re: John Oliver on Retirement, financial advisors and tea cup pigs
« Reply #1 on: June 13, 2016, 05:19:55 AM »
Lol, that was great

K-Dogg

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Re: John Oliver on Retirement, financial advisors and tea cup pigs
« Reply #2 on: June 13, 2016, 06:37:23 AM »
Awesome! Just watched it on the bus ride to work!

EricL

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Re: John Oliver on Retirement, financial advisors and tea cup pigs
« Reply #3 on: June 13, 2016, 07:19:42 AM »
I want a stock picking cat.

pbkmaine

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Re: John Oliver on Retirement, financial advisors and tea cup pigs
« Reply #4 on: June 13, 2016, 07:23:10 AM »
Excellent.

Aminul

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Re: John Oliver on Retirement, financial advisors and tea cup pigs
« Reply #5 on: June 13, 2016, 07:37:25 AM »
I want a stock picking cat.
They're not all they're cracked up to be, trust me. 


Spork

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Re: John Oliver on Retirement, financial advisors and tea cup pigs
« Reply #6 on: June 13, 2016, 08:54:03 AM »
Jeezus --  that was the simplest, most informative bit of video for non-mustacians I've ever seen.

I'm printing my Financial Advisor certificate RIGHT NOW.

meghan88

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Re: John Oliver on Retirement, financial advisors and tea cup pigs
« Reply #7 on: June 13, 2016, 10:17:11 AM »
Brilliant!!  Loved it.  Thanks for sharing.

MgoSam

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Re: John Oliver on Retirement, financial advisors and tea cup pigs
« Reply #8 on: June 13, 2016, 10:39:08 AM »
Thanks, planning on watching this later

bacchi

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Re: John Oliver on Retirement, financial advisors and tea cup pigs
« Reply #9 on: June 13, 2016, 12:03:09 PM »
Wish this was around a few months ago. My SO's boss got suckered by a financial planner when setting up a plan. I tried. :(

What's funny are the youtube comments further down claiming that the fiduciary ruling will cost more money. I smell desperation.

Spork

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Re: John Oliver on Retirement, financial advisors and tea cup pigs
« Reply #10 on: June 13, 2016, 12:24:19 PM »
I wasn't aware of the fiduciary rule ... or why exactly people were for or against it.  So I went to look it up.  It's almost 60 pages of complicated gobblygook.  I fully admit I didn't read it... but I'm already against it. 

I suspect (because I'm too damn lazy to read it) that even if the intent is good, they've overcomplicated it and added a crapton of exceptions/exemptions.  Every financial institution will have to toss a team of lawyers at it for 6 months to either comply or figure out a legal way to wiggle around it.

It seems to me you could enact something better in a very succinct paragraph or at least a page or so.

slugline

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Re: John Oliver on Retirement, financial advisors and tea cup pigs
« Reply #11 on: June 13, 2016, 03:36:36 PM »
Nothing new for those who have been hanging around this site, but even I really liked those last three minutes.

lcerrito

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Re: John Oliver on Retirement, financial advisors and tea cup pigs
« Reply #12 on: June 13, 2016, 05:22:33 PM »
That is absolutely amazing.
I personally have not one, but two stock picking cats. I am well set for the future...

JLR

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Re: John Oliver on Retirement, financial advisors and tea cup pigs
« Reply #13 on: June 13, 2016, 05:42:12 PM »
Gah! "Not available in your country".

JLR

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FireLane

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Re: John Oliver on Retirement, financial advisors and tea cup pigs
« Reply #15 on: June 13, 2016, 06:09:00 PM »
I went looking for this thread after watching the show, I knew I'd find it. Not sure why it's in the Antimustachian forum, though?

It was a good segment with some solid, useful advice. For most of us, I imagine it was beginner-level material, but most people aren't Mustachians. I'm glad to see a real media personality preach the gospel of index funds and kicking overpriced ripoff investment advisors to the curb. I was half-wondering if Mr. Money Mustache would be mentioned, but I guess not.

The investment industry's not going to be happy about this. I bet John Hancock will be especially mad, they took a real beating. I wonder if something like this could have aired on network or cable TV, or if it could only have aired on HBO, where they don't have to worry about keeping advertisers happy!

hernandz

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Re: John Oliver on Retirement, financial advisors and tea cup pigs
« Reply #16 on: June 13, 2016, 07:17:25 PM »
Well I can say there are a bunch of folks on Reddit/personal finance talking about it today, with many newbies asking how to check their fees and how to switch. I though the last episode on debt recovery firms was actually more impactful, but I am sure the CFPB is thrilled either way that consumer math is being featured on HBO

MoneyCat

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Re: John Oliver on Retirement, financial advisors and tea cup pigs
« Reply #17 on: June 13, 2016, 07:53:53 PM »
I've been trying to share the message about index fund investing with everyone I know, but most people ignore me because it's "boring". These are the same people screaming about wanting socialism, by the way. Hope John Oliver gets through to them, because they seem to like him because he's funny.

Kalergie

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Re: John Oliver on Retirement, financial advisors and tea cup pigs
« Reply #18 on: June 14, 2016, 04:36:34 AM »
Not sure why it's in the Antimustachian forum, though?

It's antimustachian wall of shame and comedy. :)

Also, I believe they wouldn't mention MMM because MMM is merely a lifestyle choice (life value over consumption). Smart Investing is only one of many tools to MMM. If John Oliver were to mention a forum, it be Boglehead's three fund portfolio approach. But by mentioning and recommending Vanguard, which is a big deal, John Oliver has already done us a huge favor. :)

GuitarStv

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Re: John Oliver on Retirement, financial advisors and tea cup pigs
« Reply #19 on: June 14, 2016, 06:59:49 AM »
This just makes me love John Oliver even more than before . . .

johnny847

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Re: John Oliver on Retirement, financial advisors and tea cup pigs
« Reply #20 on: June 14, 2016, 07:37:18 AM »
Not sure why it's in the Antimustachian forum, though?

It's antimustachian wall of shame and comedy. :)

I always assumed it is the antimustachian wall of (shame and comedy), not (antimustachian wall of shame) and comedy.

MgoSam

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Re: John Oliver on Retirement, financial advisors and tea cup pigs
« Reply #21 on: June 14, 2016, 08:27:04 AM »
I wasn't aware of the fiduciary rule ... or why exactly people were for or against it.

In a nutshell, a fiduciary is someone that is rule bound to put your financial interests ahead of everything else. I realize this is a simplistic translation of it, but in the case of financial planners, they technically won't be able to recommend things like annuity, which are a waste of money in nearly all cases imho and serve the interest of the 'planners' that recommend them.

The reason that financial institutions are against any regulations is because they are making a ton of money off ill-informed people.

I loved Oliver's segment because it highlighted that if they are having difficulty in setting up a plan, I can't imagine how terrible it is for ordinary people. I'm very happy that I found out about index funds, far too few know about them and I try to help my friends when they ask. Just a few months ago a few friends were discussing investment and one of them mentioned that I seemed to know what I was doing so they reached out to me, and one of them opened a Vanguard account off my recommendation. It is for this reason I feel empowered to discuss FIRE to people, not to preach it, but to let people know in case they ever are looking for advice.
« Last Edit: June 14, 2016, 10:34:24 AM by MgoSam »

eyePod

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Re: John Oliver on Retirement, financial advisors and tea cup pigs
« Reply #22 on: June 14, 2016, 10:17:51 AM »
Great video. Funny and relevant.

neil

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Re: John Oliver on Retirement, financial advisors and tea cup pigs
« Reply #23 on: June 14, 2016, 10:44:08 AM »
All my SO got out of it was teacup pigs :(

Turkey Leg

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Re: John Oliver on Retirement, financial advisors and tea cup pigs
« Reply #24 on: June 14, 2016, 11:07:55 AM »
Is there a feed of his videos that have been censored (for swear words)? I'd listen to John Oliver more if I didn't have to listen to him swear.

I understand many of you don't mind either hearing swear words or saying them. I have never been around anyone who uses them much, and so I'm not used to hearing them used so frequently. #GenerationGap?

eyePod

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Re: John Oliver on Retirement, financial advisors and tea cup pigs
« Reply #25 on: June 14, 2016, 12:16:34 PM »
Is there a feed of his videos that have been censored (for swear words)? I'd listen to John Oliver more if I didn't have to listen to him swear.

I understand many of you don't mind either hearing swear words or saying them. I have never been around anyone who uses them much, and so I'm not used to hearing them used so frequently. #GenerationGap?

I don't think so. That video had all the f's blocked out. There were some of the s's though, and I think that's part of his shtick. Kind of like comedians that curse.

MoneyCat

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Re: John Oliver on Retirement, financial advisors and tea cup pigs
« Reply #26 on: June 14, 2016, 01:45:39 PM »
The general public needs help to learn not to be afraid of money and end up thinking it's something magical that can only be handled by experts. It's not that hard when you have the resources to learn about it -- like knowing what websites to read on the internet. It's like how I recently learned that I can repair all my own electronics with a few simple tools and some parts. Thanks to ifixit.com.

eyePod

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Re: John Oliver on Retirement, financial advisors and tea cup pigs
« Reply #27 on: June 14, 2016, 01:54:38 PM »
The general public needs help to learn not to be afraid of money and end up thinking it's something magical that can only be handled by experts. It's not that hard when you have the resources to learn about it -- like knowing what websites to read on the internet. It's like how I recently learned that I can repair all my own electronics with a few simple tools and some parts. Thanks to ifixit.com.

It's definitely one of those "this seems complicated" things. I remember when I was setting up my 401k when I first came out of school and had no clue. I didn't understand fee structure, what all of the funds meant, or anything else. The learning curve is steep but we also don't teach any of this in high school or college so what can you expect?

Papa Mustache

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Re: John Oliver on Retirement, financial advisors and tea cup pigs
« Reply #28 on: June 14, 2016, 02:07:57 PM »
It IS complicated for a newbie. We (DW & I) have just begun to get about .01% of a clue and it appears that any growth in our employer 401K is absorbed by fees b/c the investment balances just seems to hover despite putting money into it each month.

Am considering only contributing the minimum to get the very modest employer matches and sending the rest of it directly to Vanguard but am only starting to figure out how/where and how much risk I'm opening myself up to. I figure the answer is here at MMM somewhere but I've only begun to study. Any hints would be welcome.

Makes a me shiver thinking how much money (compound interest) we probably have already wasted over the years to unnecessary fees.

Love these comedy guys who have a worthwhile message like Oliver and Stewart. Even if they aren't spot on accurate - it kicks off worthwhile discussion. SO many people only know what they know b/c of what a sales person told them. Who would rely on a salesman to tell the truth?

Clean Shaven

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Re: John Oliver on Retirement, financial advisors and tea cup pigs
« Reply #29 on: June 14, 2016, 03:05:41 PM »
Last Week Tonight is probably my favorite thing on TV currently.  And thanks to this episode, I am now a certified elf spotter.  Planning on framing the certificate and putting it on the wall in my office, and see if anyone notices.

http://www.hbo.com/last-week-tonight-with-john-oliver

frugalnacho

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Re: John Oliver on Retirement, financial advisors and tea cup pigs
« Reply #30 on: June 14, 2016, 03:57:41 PM »
It IS complicated for a newbie. We (DW & I) have just begun to get about .01% of a clue and it appears that any growth in our employer 401K is absorbed by fees b/c the investment balances just seems to hover despite putting money into it each month.

Am considering only contributing the minimum to get the very modest employer matches and sending the rest of it directly to Vanguard but am only starting to figure out how/where and how much risk I'm opening myself up to. I figure the answer is here at MMM somewhere but I've only begun to study. Any hints would be welcome.

Makes a me shiver thinking how much money (compound interest) we probably have already wasted over the years to unnecessary fees.

Love these comedy guys who have a worthwhile message like Oliver and Stewart. Even if they aren't spot on accurate - it kicks off worthwhile discussion. SO many people only know what they know b/c of what a sales person told them. Who would rely on a salesman to tell the truth?

Your account could be hovering because the assets have not been growing or have actually been declining. 

Definitely put in the minimum to get the employer match, it's free money.  After that fund your IRAs if you are eligible to contribute.  After that you probably want to contribute to your 401k again.  Despite the high fees it's still probably in your best interest to get the tax reduction by contributing to your 401k.  I currently have the shitty John Hancock plan mentioned in the video and I still max it out every year.  The fees suck, but they aren't forever; When I change jobs, or quit, or retire I will roll the account into my IRA at vanguard.

Spork

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Re: John Oliver on Retirement, financial advisors and tea cup pigs
« Reply #31 on: June 15, 2016, 07:08:47 AM »
I wasn't aware of the fiduciary rule ... or why exactly people were for or against it.

In a nutshell, a fiduciary is someone that is rule bound to put your financial interests ahead of everything else. I realize this is a simplistic translation of it, but in the case of financial planners, they technically won't be able to recommend things like annuity, which are a waste of money in nearly all cases imho and serve the interest of the 'planners' that recommend them.

The reason that financial institutions are against any regulations is because they are making a ton of money off ill-informed people.

I loved Oliver's segment because it highlighted that if they are having difficulty in setting up a plan, I can't imagine how terrible it is for ordinary people. I'm very happy that I found out about index funds, far too few know about them and I try to help my friends when they ask. Just a few months ago a few friends were discussing investment and one of them mentioned that I seemed to know what I was doing so they reached out to me, and one of them opened a Vanguard account off my recommendation. It is for this reason I feel empowered to discuss FIRE to people, not to preach it, but to let people know in case they ever are looking for advice.

I knew what a fiduciary was... just wasn't aware of the rule.

The problem (IMO) with 401k type plans in particular is: The investing employee isn't the customer.  The investing employee is the product.  The deal is made between an employing corporation and an investment firm.  The employee takes a crappy deal because they're getting a 3% match from the employer and can't get that elsewhere.

skeeder

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Re: John Oliver on Retirement, financial advisors and tea cup pigs
« Reply #32 on: June 15, 2016, 08:00:37 AM »
I absolutely loved the video, I used to be in the industry and while he likes to make it seem a little extreme, there are alots of offices that are that extreme.  I've got my share of trench stories from clients, advisors who are under qualified, or stuck in their ways from 'this is how I've always done it' approach.

I'm hopefully that this shines some light into the issue so participants will start asking about their fees.

Papa Mustache

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Re: John Oliver on Retirement, financial advisors and tea cup pigs
« Reply #33 on: June 15, 2016, 08:08:18 AM »
Watched the video with DW last night. She is easily intimidated by all the money stuff of life and hands it all to me to manage. I update her anytime I'm going to do anything different.

That video really got her attention. might be a great way to reach out to non-MMM friends or family. Here watch this. And then watch the PBS Frontline episode about the same thing in a week or so.

Now what do you think about it all???

Lski'stash

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Re: John Oliver on Retirement, financial advisors and tea cup pigs
« Reply #34 on: June 15, 2016, 08:34:50 AM »
Watched the video with DW last night. She is easily intimidated by all the money stuff of life and hands it all to me to manage. I update her anytime I'm going to do anything different.

That video really got her attention. might be a great way to reach out to non-MMM friends or family. Here watch this. And then watch the PBS Frontline episode about the same thing in a week or so.

Now what do you think about it all???

I was just thinking this! I watch John Oliver with my spouse all the time and I can't wait to watch this one with him! He knows that I'm 'really good with this stuff' but doesn't really understand it. 

Also, I printed out an Elf-spotting certificate. That was awesome. I don't think I was giving Suse Orman enough credit before.

forummm

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Re: John Oliver on Retirement, financial advisors and tea cup pigs
« Reply #35 on: June 15, 2016, 10:45:00 AM »
Is there a feed of his videos that have been censored (for swear words)? I'd listen to John Oliver more if I didn't have to listen to him swear.

I understand many of you don't mind either hearing swear words or saying them. I have never been around anyone who uses them much, and so I'm not used to hearing them used so frequently. #GenerationGap?

I don't think so. That video had all the f's blocked out. There were some of the s's though, and I think that's part of his shtick. Kind of like comedians that curse.

I've noticed that the youtube versions posted on his official channel have F's bleeped, but nothing else. Other people posting his videos don't tend to censor things.

Turkey Leg

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Re: John Oliver on Retirement, financial advisors and tea cup pigs
« Reply #36 on: June 15, 2016, 10:47:20 AM »
Is there a feed of his videos that have been censored (for swear words)? I'd listen to John Oliver more if I didn't have to listen to him swear.

I understand many of you don't mind either hearing swear words or saying them. I have never been around anyone who uses them much, and so I'm not used to hearing them used so frequently. #GenerationGap?

I don't think so. That video had all the f's blocked out. There were some of the s's though, and I think that's part of his shtick. Kind of like comedians that curse.

I've noticed that the youtube versions posted on his official channel have F's bleeped, but nothing else. Other people posting his videos don't tend to censor things.
Awesome! F's bleeped works for me!

mtn

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Re: John Oliver on Retirement, financial advisors and tea cup pigs
« Reply #37 on: June 15, 2016, 12:07:50 PM »
Watched the video with DW last night. She is easily intimidated by all the money stuff of life and hands it all to me to manage. I update her anytime I'm going to do anything different.

That video really got her attention. might be a great way to reach out to non-MMM friends or family. Here watch this. And then watch the PBS Frontline episode about the same thing in a week or so.

Now what do you think about it all???

I was just thinking this! I watch John Oliver with my spouse all the time and I can't wait to watch this one with him! He knows that I'm 'really good with this stuff' but doesn't really understand it. 

Also, I printed out an Elf-spotting certificate. That was awesome. I don't think I was giving Suse Orman enough credit before.

She's really pretty good--not mustachian, but good for the general public.

MgoSam

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Re: John Oliver on Retirement, financial advisors and tea cup pigs
« Reply #38 on: June 15, 2016, 12:20:40 PM »
Watched the video with DW last night. She is easily intimidated by all the money stuff of life and hands it all to me to manage. I update her anytime I'm going to do anything different.

That video really got her attention. might be a great way to reach out to non-MMM friends or family. Here watch this. And then watch the PBS Frontline episode about the same thing in a week or so.

Now what do you think about it all???

I was just thinking this! I watch John Oliver with my spouse all the time and I can't wait to watch this one with him! He knows that I'm 'really good with this stuff' but doesn't really understand it. 

Also, I printed out an Elf-spotting certificate. That was awesome. I don't think I was giving Suse Orman enough credit before.

She's really pretty good--not mustachian, but good for the general public.

Sometimes that's a better approach for the general public. I think many people that hear about MMM think that we are like the people from extreme couponers or something like that.

deadlymonkey

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Re: John Oliver on Retirement, financial advisors and tea cup pigs
« Reply #39 on: June 16, 2016, 12:31:47 PM »
Watched the video with DW last night. She is easily intimidated by all the money stuff of life and hands it all to me to manage. I update her anytime I'm going to do anything different.

That video really got her attention. might be a great way to reach out to non-MMM friends or family. Here watch this. And then watch the PBS Frontline episode about the same thing in a week or so.

Now what do you think about it all???

I was just thinking this! I watch John Oliver with my spouse all the time and I can't wait to watch this one with him! He knows that I'm 'really good with this stuff' but doesn't really understand it. 

Also, I printed out an Elf-spotting certificate. That was awesome. I don't think I was giving Suse Orman enough credit before.

She's really pretty good--not mustachian, but good for the general public.

Sometimes that's a better approach for the general public. I think many people that hear about MMM think that we are like the people from extreme couponers or something like that.

some MMM are like that.  Personally while I intend to FIRE, I don't think I could FIRE on 20k a year or less like some folks here.  Even taking out things like clown cars and stuff like that I like to travel extensively and need a significantly higher post FIRE stash to live the life I want.  More power to people who are happy on 20k a year, but it certainly ain't for everyone.

MgoSam

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Re: John Oliver on Retirement, financial advisors and tea cup pigs
« Reply #40 on: June 16, 2016, 01:53:11 PM »
Watched the video with DW last night. She is easily intimidated by all the money stuff of life and hands it all to me to manage. I update her anytime I'm going to do anything different.

That video really got her attention. might be a great way to reach out to non-MMM friends or family. Here watch this. And then watch the PBS Frontline episode about the same thing in a week or so.

Now what do you think about it all???

I was just thinking this! I watch John Oliver with my spouse all the time and I can't wait to watch this one with him! He knows that I'm 'really good with this stuff' but doesn't really understand it. 

Also, I printed out an Elf-spotting certificate. That was awesome. I don't think I was giving Suse Orman enough credit before.

She's really pretty good--not mustachian, but good for the general public.

Sometimes that's a better approach for the general public. I think many people that hear about MMM think that we are like the people from extreme couponers or something like that.

some MMM are like that.  Personally while I intend to FIRE, I don't think I could FIRE on 20k a year or less like some folks here.  Even taking out things like clown cars and stuff like that I like to travel extensively and need a significantly higher post FIRE stash to live the life I want.  More power to people who are happy on 20k a year, but it certainly ain't for everyone.

Absolutely! My "FIRE" number is way higher than going off a pure 4% rule. This is because once I leave my industry and am gone for at least a year or two, it is very hard to get back into the game and so I want to be absolutely certain my funds last. I also have a ton of things that I want to do in my life that I really can't while running a business and so would like to have extra funds available for that.

BTH7117

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Re: John Oliver on Retirement, financial advisors and tea cup pigs
« Reply #41 on: June 17, 2016, 04:47:42 PM »
This pretty much sums up what we've been saying and following all along. Glad to have the message finally out there to the masses.

http://youtu.be/gvZSpET11ZY

I cheered outloud.

MgoSam

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Re: John Oliver on Retirement, financial advisors and tea cup pigs
« Reply #42 on: June 20, 2016, 10:44:35 AM »
"Janus from accounting gave a fuck!" I coughed up water I was laughing so hard.

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Re: John Oliver on Retirement, financial advisors and tea cup pigs
« Reply #43 on: June 22, 2016, 11:33:06 AM »
I laughed at the Janice in accounting joke too.  Because I am that person.  And two years ago I delved into our 401K plan and the fees we were charging and told our old provider to eff off.  Saved our employees thousands in buried fees.  But I will say it's hard to communicate.  If they don't understand the fees that are there to begin with, they may not appreciate the switch.

But I sleep better at night.

Travis

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Re: John Oliver on Retirement, financial advisors and tea cup pigs
« Reply #44 on: June 22, 2016, 11:49:57 AM »
I laughed at the Janice in accounting joke too.  Because I am that person.  And two years ago I delved into our 401K plan and the fees we were charging and told our old provider to eff off.  Saved our employees thousands in buried fees.  But I will say it's hard to communicate.  If they don't understand the fees that are there to begin with, they may not appreciate the switch.

But I sleep better at night.

I think my favorite part of the piece was Oliver saying his company would cover their employees fees after realizing how badly they screwed up and they'd switch to something else.

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Re: John Oliver on Retirement, financial advisors and tea cup pigs
« Reply #45 on: June 22, 2016, 12:25:43 PM »
I laughed at the Janice in accounting joke too.  Because I am that person.  And two years ago I delved into our 401K plan and the fees we were charging and told our old provider to eff off.  Saved our employees thousands in buried fees.  But I will say it's hard to communicate.  If they don't understand the fees that are there to begin with, they may not appreciate the switch.

But I sleep better at night.

The problem at many small companies is that they KNOW the 401K they offer sucks.  But the'd rather offer a sucktastic 401K than none at all, or, even worse, a good one where the company would pay the freight (rather than the participants).

The only solution would be for mother government to let us take control of our own "401K" type money.  Let us decide where it will go.  For example, Vanguard instead of some rip off high fee insurance company or even worse, a "manager" that does nothing but send out statements 4 times a year, while charging participants hundreds of dollars in fees.

johnny847

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Re: John Oliver on Retirement, financial advisors and tea cup pigs
« Reply #46 on: June 22, 2016, 01:04:01 PM »
The only solution would be for mother government to let us take control of our own "401K" type money.  Let us decide where it will go.  For example, Vanguard instead of some rip off high fee insurance company or even worse, a "manager" that does nothing but send out statements 4 times a year, while charging participants hundreds of dollars in fees.

Or just eliminate 401k's, 403b's and 457b's entirely, and then raise the IRA caps to 18k. And then let employers put match into people's IRAs.

This would also eliminate the issue of your employer has to provide a 401k/403b/457b to contribute an extra $18k to your retirement accounts each year.

Spork

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Re: John Oliver on Retirement, financial advisors and tea cup pigs
« Reply #47 on: June 22, 2016, 01:41:44 PM »
The only solution would be for mother government to let us take control of our own "401K" type money.  Let us decide where it will go.  For example, Vanguard instead of some rip off high fee insurance company or even worse, a "manager" that does nothing but send out statements 4 times a year, while charging participants hundreds of dollars in fees.

Or just eliminate 401k's, 403b's and 457b's entirely, and then raise the IRA caps to 18k. And then let employers put match into people's IRAs.

This would also eliminate the issue of your employer has to provide a 401k/403b/457b to contribute an extra $18k to your retirement accounts each year.

I love this idea.  That pretty much insures it will never happen.

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Re: John Oliver on Retirement, financial advisors and tea cup pigs
« Reply #48 on: June 22, 2016, 02:40:24 PM »
While we are at it, just raise the contribution limit to 25k.  That's a bit arbitrary, but it's a nice neat number and more than what's available now.

johnny847

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Re: John Oliver on Retirement, financial advisors and tea cup pigs
« Reply #49 on: June 22, 2016, 02:43:13 PM »
While we are at it, just raise the contribution limit to 25k.  That's a bit arbitrary, but it's a nice neat number and more than what's available now.

It is arbitrary.

If you want to make it less arbitrary, make it $23.5k, which would be $18k + $5500, our current 401k and IRA limits.