My Financial Advisor Fears The Market Will Crash

Diane is with us to start off this hour in New Mexico hi Diane how are you hi Dave thank you for taking my call it's an honor to talk to you you too what's up okay I have a four month emergency fund the only dead I have is my house and I have a Roth 401k and I called my financial advisor to try to kind of look for the future and just kind of try to get things started with this now I only have a measly eleven thousand dollars in there and so he told me my financial advisor told me that he took it off the market and he it so right now it's just sitting in cash and he took it off the market because he was unsure about the economy and how did he do that without your permission um well this was in January he said he was going to do it I guess I didn't know what that meant either so and he said he did say it was only going to be for a very short time and this was in January so now it's dune so he's but yeah so your financial advisors job is to advise you not to make your decisions for you okay and the only way they advise you is if you know what you're doing and that means that your financial advisors other job is to teach you and so I think you need a new financial advisor I was I was kind of thinking that because I want someone with the heart of a teacher because Diane you're in charge of this money and it's not measly if you send it to me I'll keep it it's a lot of money yeah I mean you worked hard for it yeah and so you need to know what you're putting money into and then if someone who's advising me gives me advice about something I understand because I wouldn't be invested in something I didn't understand to start with and then I need to understand I want to question them about the advice that they're giving me and I'm going to Beit based on the advice they give me I'm going to then make my decision about my money that God gave to manage he didn't give it to that guy to manage and and I don't like the fact that it sounds like he's doing whatever he wants with this money without your permission or you've signed a you've signed an account signed up for an account that allows him to trade on your behalf and I don't want that I want I want the money only moved when you say it's moved and only then after you understand why it would be moved hey here's the thing it sounds like he's trying to time the market meaning he thinks the markets going to go down so he pulls the money out yeah he thinks the markets going to go up so he puts the money in there's all kinds of research and data that shows that that approach to investing does not work okay because if he was so dadgum smart he could he knew exactly what the stock market was going to do go up or down he'd be running a billion dollar fund in New York he wouldn't be sitting there being your advisor yeah okay you know cuz nobody knows is my point I know a ton about it but I don't know when the markets going to go down or when the market is going to go up you know when I invest every single month whether it goes down or whether it goes up I put money in the market every single month whether it goes down whether it goes up I quit trying to figure out when it's going to go up or going to go down because there's a lot of research that shows market timing will cause you to lose your tail end so I think you need a new advisor someone that's going to teach you and I think you need to raise your confidence level with having learned in yourself to be able to make some choices with the help of someone showing you some things and teaching you some things and that's what I would do if I were in your shoes and if you need some help with that you're one of our endorsed local providers our LPS for investing you can go to Dave Ramsey comm and click on those and I click on investing and it'll show you who we recommend in that area and they will take small accounts the size of yours otherwise they won't get my endorsement so we and they have the heart of a teacher or they don't get my endorsement hey guys thanks for watching if you enjoyed this video click the subscribe button to get the latest content and check out these other great clips from the show so you have to break the cycle you have to flip this thing on its head and make it behave you've got to get so fired up and wired up that you're broke friends think you've lost your mind

Channel: The Ramsey Show - Highlights

Views: 33,875

Keywords: my financial advisor fears the market will crash, stock market, crash, economy, collapse, financial, market, dave ramsey, dave, dave ramsey 2016, dave ramsey show, show, debt, dave ramsey baby steps, dave ramsey budgeting, the dave ramsey show, free

Id: v44pW3feGsQ

Length: 4min 47sec (287 seconds)

Published: Mon Jun 27 2016