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Originally Posted by GLOW
4444 - if those that are not finance/investment savvy, what do you suggest they do? hire a financial planner? would you say those that fall in to that bracket and decide to buy a vancouver home are as you stated above, or are they not as bad as they are at least "not jumping in to the deep end of the pool knowing they have no idea how to swim", or are they in fact jumping in by putting all their eggs in that 1 basket (even though they are living in it? would like to know your thoughts on this.
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absolutely get a fee based financial advisor. they're not expensive (approx. 1% of assets p.a.).
it's not just that the financial advisor would take care of your investments from the perspective of investing them, they would educate you about all the different tools at your disposal to maximize returns (through minimizing costs / taxes throughout the investment stage) as well as perhaps assisting in other areas of your financial life.
a good financial advisor is worth their weight in gold to a non-financially confident person.
what's the difference between buying a house and buying financial assets? a house will be a 1 time buy for a lot more money (at that time) and with the 'advice' of a realtor that has a vested interest. financial advisors and financial assets are very well regulated.