JIM, Emanuel, Cruz discussed on Business Beware


Program interestingly mr stewart during the break we're having these conversations about hiring professionals and jim mainly do it yourself contractor i we were just discussing that in 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 greenspan aggravation it's just not worth it or falls apart the quickly after it's done so my and i totally agree with you that's why i stay away from anything construction i don't fix my own cars doing stuff because i'm horrible at it i know marble of smart enough i can read emanuel and i can probably figure it out but you mentioned something that he you said once you know the secrets of how to do things now i mean hanging drywall unsound the me like there's that many secrets slap it up there you hammer the thing any gotta put taping there's lots of secret stabbing could go well first of all there's all the code factors of how many how often this state this cruz but just even putting the screw in the drywall takes the 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 model turns into something that's not quite as simple because you have pre tax money you have posttax money you have tax free money and raw fire as 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 tax treatment there's salaries there's inheritances which could be taxfree there's inheritances and 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.

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