Mr Stewart, Emanuel, David Blanchett discussed on The Kristen Hagopian Show

Automatic TRANSCRIPT

I welcome back folks the program interestingly mr stewart and i during the break we're having these conversations about hiring professionals and jim being the do it yourself contractor uh we were just discussing that and jim you're pointing out the fact that so many people take on projects they don't have the proper tools they don't have the proper knowledge they don't know what they don't know and the job ends up costing them more or so much time in grief and aggravation it's just not worth it or falls apart the quickly after it's done so my and and i totally agree with you that's why i stay away from anything construction i don't fix my own cars undoing that stuff because um horrible at it i know marble out of phnom smart enough that can read emanuel and i can probably figure it out but you mentioned something that he he said once you know the secrets of how to do things now i mean hanging drywall didn't sound the me like there's that many secrets slap it up there your hammer the thing and then you've got to put taping there's lots of secrets to having a go well first of all let's all the code factors of how many how often this state the screws but just even putting the screw in the drywall takes a technique well see and so when we relate this to financial planning and investing the same sorts of things are also true because what might look fairly simple on the surface a simple asset allocation motto turns into something that's not quite as simple because you have pre tax money you have post tax money you have tax free money and raw fire as you have tax deferred money and annuities now do your asset allocation it's a lot different and then you've got a factor in income sources there's pension income their social security income which comes with a totally different tax treatment there's capital gains tax treatment their short term gains factory members salaries there's inheritances which could be taxfree there's inheritances and then it goes on and on and so if you don't know what you don't know you're more than likely going to make mistakes and with david blanchett at morningstar what vanguard and russell and several other companies have now done is they studied these intangible things and they're basically saying you jim stewart higher contractor.

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