Lenny Dykstra Financial Genius??? Nooot!!

[suave1477]

I find it funny this article popped up after there was so much praise towards Dykstra how after baseball he became a financial advisor guru. I believe even HBO Sports did an episode on him.

Well sure he looks like a financial wizard he was borrowing money against money and then spent it all.



Ex-Mets star Dykstra files for bankruptcy in LA

1 hour, 44 minutes ago



LOS ANGELES (AP)—Former New York Mets outfielder Lenny Dykstra has sought bankruptcy protection in Los Angeles, citing more than $31 million in debts.
Federal court documents show Dykstra filed for Chapter 11 status on Tuesday. He listed assets of $50,000 or less and liabilities of between $10 million and $50 million.
Dykstra, whose lifestyle included a lavish house, a jet and a Rolls Royce, says he owes millions of dollars to his 20 largest creditors, many of them banks. His filing follows at least two dozen lawsuits over his business and financial dealings.
Dykstra, nicknamed “Nails” for his rough-and-ready style, is a former All-Star who spent 12 years with the Mets and the Philadelphia Phillies. He won a World Series with the Mets in 1986.

[Neely8]

Real Sports on HBO currently has a segment about him on it. Given the circumstances some of the things he comes out with are actually kind of comical. He is no doubt a piece of work.

[metsbats]

The ironic part of this is Lenny was giving stock and financial advice to others in his column on www.thestreet.com

[kingjammy24]

The ironic part of this is Lenny was giving stock and financial advice to others in his column on www.thestreet.com

even worse was jim cramer, on the first HBO profile, telling people that lenny is "..one of the great ones in this business".

anyway, here's a couple of good ones; the first one is especially good.

http://men.style.com/gq/features/lan...d=content_8558

http://sports.espn.go.com/mlb/news/story?id=4084962

rudy.

[mr.miracle]

The ironic part of this is Lenny was giving stock and financial advice to others in his column on www.thestreet.com

Not surprising at all. As a former financial advisor, I can tell you with all honestly that many of these guys are complete hacks that I would not trust to manage a hot dog stand. There is so little overall training to get into the business and while the serious people in this industry end up getting their CFP, AAMS, or other very strict and disciplined training and qualifications and credentials the opposite is so often true. While in the business, I know of at least two or three dozen guys who were so far in debt that based on their lifestyle alone, if people knew how they managed their own finances, they would run quickly the other way.

It is somewhat of an embarrassment and sadly, it is why FA's are so widely mistrusted. It makes the guys who worked really hard and are or were serious about it have to work three times harder to make up for the hacks and clowns that make up way too much of that industry.

[FastLane80]

Not surprising at all. As a former financial advisor, I can tell you with all honestly that many of these guys are complete hacks that I would not trust to manage a hot dog stand. There is so little overall training to get into the business and while the serious people in this industry end up getting their CFP, AAMS, or other very strict and disciplined training and qualifications and credentials the opposite is so often true. While in the business, I know of at least two or three dozen guys who were so far in debt that based on their lifestyle alone, if people knew how they managed their own finances, they would run quickly the other way.

It is somewhat of an embarrassment and sadly, it is why FA's are so widely mistrusted. It makes the guys who worked really hard and are or were serious about it have to work three times harder to make up for the hacks and clowns that make up way too much of that industry.

We're getting off the subject here but I can't agree more. I manage my own tiny portfolio and 401k just fine and I do just fine. I know how to manage risk, diversify, recognize trends etc etc. And guess what...I'm an amateur! Just like most of us on here are amateur collectors, we can make better judgments than some so-called experts. Greed and pride often get in the way of sound judgement.

I too saw that Real Sports and it was....entertaining. I wish I could tell my mortgage company they're liars and criminals trying to steal my money. What's sad is there are a lot of people like that in our society but most of them didn't play professional baseball and won't be on HBO.

[metsbats]

The real geniuses were the ones who brought Bear Stearns, Merrill Lynch, and Lehman Brothers down the tubes.

[mr.miracle]

We're getting off the subject here but I can't agree more. I manage my own tiny portfolio and 401k just fine and I do just fine. I know how to manage risk, diversify, recognize trends etc etc. And guess what...I'm an amateur! Just like most of us on here are amateur collectors, we can make better judgments than some so-called experts. Greed and pride often get in the way of sound judgement.

I too saw that Real Sports and it was....entertaining. I wish I could tell my mortgage company they're liars and criminals trying to steal my money. What's sad is there are a lot of people like that in our society but most of them didn't play professional baseball and won't be on HBO.

While I don't want to paint a completely grim and bleak picture, I would say one should do their homework. One of my really good friends has been an FA for about 8 years now and has finished his MBA, CFP, and I am not sure but I think a couple of other professional designations. He is really serious about this and finished his ungrad in finance. He is really good at what he does. Just like there are good and bad people in anything, know what you are getting. Unfortunately, too many people are sold on this line of work as a means to get rich almost overnight. Nothing could be further from the truth. I do know that a top FA at the firm I worked for is brinigng home over 2 mil a year but it took him 20 plus years of 80 hours weeks to reach that point.

I will also say that just like everything else a good FA has their uses or perhaps I should say Financial Planner. At the end of the day, I also saw way too many do it yourselfers that you could not reason with that ran their lifesavings down the drain because they invested in bad bad stuff and did not know their butt from a hole in the ground. It is really a tough business would not really recommend it to anyone unless you have huge connections, tough and thick skin and ultra determination and financial means to live on or you will be living on raman noodles for the first five years or more.

[FastLane80]

but it took him 20 plus years of 80 hours weeks to reach that point.

That's the reason I switched my major I don't need $2 million/year to be happy but yes, there were a lot of youngins I went to school with that had these disillusions of making millions overnight because so-and-so they knew did it during the boom. I do my homework, I have some connections but nothing special. If I lost everything today (except for my 401k) I wouldn't be happy but I wouldn't be broke. It's just another hobby.

The past 10 years has showed that anyone can make a buck during a boom but only the strong survive during the bust.

[suicide_squeeze]

Well here's a post I was hoping I'd never see on this site.


Not about Lenny Dykstra, the human waste joke.

But about finances, financial planning, and the whole fradulent industry.

I was a stockbroker for........2 weeks.

In that time, I learned to despise my boss, the others stock brokers, the so-called financial services industry, the financial advisors, the "Certified Financial Planners" I wanted to eventually school and test for so I could become.....the whole shibang. I majored in finance and investments in college, grauduated with honors, immediately took the series 7 exam which I passed on the first try, was hired by a major brokerage firm.......and within two weeks, I quit. NEVER to return. I threw in the towel on the WHOLE existance I had lived for 4 years.

I have no regrets. If you think our hobby is riduled with scumbags and fraud......get involved in the financial services industry.

You guys want to know about annuities? "Investors needs"? Time horizons? Actuary tables? Percentage diversification? IRA's? 401K's? Municiples, long, short, intermediate term bonds? Risk diversity? Risk management? Appropriate "Timeline investing"? Stacking maturities?

You have a week..... I'll tell you about it.

But if you want to weed through all of the smokescreen bullshit, I'll just tell you ALL YOU NEED TO KNOW right now.

The investment professionals, like Mr. Miracle's friend who I don't know and don't have any reason to pick on as he may be a very decent honest guy......they are all latent with fraud in principle. It's ALL horseshit. ALL OF IT.

These people make money ON YOU, no matter how your so-called "portfolio" is invested. And they don't have a crystal ball, like they want you to think because of all the "pamplets" showing historical data they shove down your throat.

Like today, when the crapola hits the fan, you're screwed. Unless you are filthy rich. Then, you can buy Puts and Calls, and hedge ALL of your positions whereas you won't lose your backside.......but you won't be making anything either. But your so-called financial advisor? They'll be laughing all the way to the bank.

Today's problem is, there aren't that many good ones around, so the ones that are eventually get to the people with all the money. Guys like you and I are left with the Jim Kramer's and that other silly witch who does the financial show (Orman). Bad advice is always free, and they dish it out like they're working a line for the homeless handing out Thanksgiving dinners.

No, if you want to invest your hard earned money, do it yourself. No one else cares about your money. They just want a piece of it. TRUST ME on that, gang.

Regards,

Steve

P.S. I quit the biz because I learned very quickly I wouldn't be able to sleep at night, doing and performing acts of what was expected of you as a person in the world of financial investing. It's a brutal, ruthless field, and no matter how good you are at it, and how good your intentions are for the people you want to "help".......the markets and the fraud dictate otherwise. Just look around......it's everywhere.