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May. 1st, 2013 04:50 pmOoooh, I love crossing things off the "damn, have I still not done that?" list.
Long, long ago before the dawn of time, I had a 401(k) fund; I left the company I worked for, and I went to work for a nonprofit that had a different sort of fund, so my old employer-linked account had to become an IRA. The small local firm that managed it got eaten by a big company, then they got eaten by a larger one, and so on. The latest "manager" of my fund (some guy in Utah who's never met me) persuaded me, against my better judgement, to cash out my old funds, which he swore had all sunk their losses in the recession and would never recover, and invest the diminished total in new funds he would suggest.
Of course, the new funds performed badly, and the old ones started recovering. *He* had his commission, so he didn't care. Well, my current 401(k) is handled by a different company, and it has performed very well so, in a move to try and simplify things, I moved the money from bad, evil giant investment firm to, well, OK, probably just as evil giant investment firm, but one that has *made* thousands of dollars for me, not lost thousands. So screw you, stupid guy who gave me bad investment advice; you're not getting any more martinis off commissions on my retirement.
And the best part is, they make sure to get me to name beneficiaries. Which is like (IMO) giving people a huge present. And I love giving people presents. So now if I get hit by a bus tomorrow, several people I dearly love with have a bit more of the old pretty polly to be getting on with. Which is a bit of choodessny radotsy, if you like.
Long, long ago before the dawn of time, I had a 401(k) fund; I left the company I worked for, and I went to work for a nonprofit that had a different sort of fund, so my old employer-linked account had to become an IRA. The small local firm that managed it got eaten by a big company, then they got eaten by a larger one, and so on. The latest "manager" of my fund (some guy in Utah who's never met me) persuaded me, against my better judgement, to cash out my old funds, which he swore had all sunk their losses in the recession and would never recover, and invest the diminished total in new funds he would suggest.
Of course, the new funds performed badly, and the old ones started recovering. *He* had his commission, so he didn't care. Well, my current 401(k) is handled by a different company, and it has performed very well so, in a move to try and simplify things, I moved the money from bad, evil giant investment firm to, well, OK, probably just as evil giant investment firm, but one that has *made* thousands of dollars for me, not lost thousands. So screw you, stupid guy who gave me bad investment advice; you're not getting any more martinis off commissions on my retirement.
And the best part is, they make sure to get me to name beneficiaries. Which is like (IMO) giving people a huge present. And I love giving people presents. So now if I get hit by a bus tomorrow, several people I dearly love with have a bit more of the old pretty polly to be getting on with. Which is a bit of choodessny radotsy, if you like.
