My financial advisor wants me to get a $100,000 home equity loan and he will invest it. Good idea?
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My financial advisor wants me to get a $100,000 home equity loan and he will invest it. Good idea?Nope. Generally a really bad idea, and you probably should fire him.
The ONLY possible exception would be if you have a VERY low interest rate on your home equity loan AND you can invest the money in RISK-FREE securities with a higher yield. The only truly risk free securities are U.S. government bonds. But it is highly unlikely you can invest risk free and borrow at a lower rate.
So I'd get a new advisor. Seriously.
My financial advisor wants me to get a $100,000 home equity loan and he will invest it. Good idea?Its an idea, I give him that, however, heres a better one. If he really believes in his ability to make money,...tell him this.
"if a man speaks of his honor, make him pay cash,..and say" if you invest $50,000.00, I'll invest dollar for dollar, ie.. that you'll invest $50,000.00 as well." That way, whatever he makes for you he makes for him as well. However, what ever he loses for you, he loses for him too. Make since? This also makes both of you partners at 50% 50% so you both carry equal weight as well as equal power in making DECISIONS.
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