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Vincesanity

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About Vincesanity

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  1. Which company hits $1 Trillion first? Amazon? Google? Facebook? Rest of the field?
  2. They're doing away with the advisers and moving everything to the call center. If you handle things yourself it shouldn't effect you. Idk if that's the first step and later on they get out of investments, wouldn't surprise me. State Farm or Farmers is doing this as well, doubt anyone on here as accounts with them.
  3. USAA is about the undergo pretty substantial changes from what I've heard due to the changing DOT laws, have they informed you of anything? I don't mind the $7 trades if it's less than 1%, just part of it. I would also highly consider Fidelity or Vanguard. You can still use ETFs and mix in some nice mutual funds to because in some sectors they'll outperform ETFs.
  4. Because it's an interim loan and they're always higher, you're only paying that for 6-8 months while building. It's hard enough finding a bank that will even give you one, that process took me 4-5 months, had to go to a small bank where I could speak directly to the president.
  5. I'm two months from being done with my house and building it with a construction loan. We did the plans first, took to a builder who gave us an itemized bid, I took that to the bank and they loaned me 80% of the appraised value. My goal was to build it with that 80% and save 20% by being the general contractor, thus basically putting 20% down without really using any cash. It's worked out well if you're up to the task and have experience. My construction loan is 6% and you pay that monthly based on how much has been taken out, so near the end it's pretty pricey, thus you don't drag out the process. 45 days out you work on the final mortgage and that's where I'm currently at.
  6. I think 20% is pretty common and a good strategy. I wouldn't get a mortgage that's over 25% of my take home income.
  7. What's your definition of a wealth manager? What are you specifically looking for?
  8. No he probably only has a handful of people calling like yourself and he's probably ready to kick you to the curb. Good luck day trading!
  9. There are typically 3-4 types of advisers/planners. Work at a bank - salary and reduced commissions if any A place like Edward Jones, Merrill Lynch, etc - starting salary for 2-3 years and commissions capped at usually 40% or so There are places like TD Ameritrade or Fidelity, working in house for them but I don't know much about that. Lastly you can be independent - no salary but 100% commission ( your actually commissions usually cap at 80-85% ) They all have pro's and con's....in my experience each one will match with your personality and how ambitious you are. The only one that allows you to be twin career and start part time is to be independent. The good thing is you can start slowly, the bad part is it takes time to build up income. The way the industry is going is most money management will be fee based going forward. To keep things simple if you are managing $1 million in assets after year one, charging an average of 1%, you'll gross $10,000 and if you are at 60% commission you'll net $6000. That isn't much to live on but the beauty of the industry is you maintain those clients/assets and continue to get paid each year. After 10 years if you're managing $30 million that's $300,000 gross each year....you get the picture. You can sell term insurance and financial plans to help supplement income as well but they're more icing on the cake. The majority of income comes from managing assets. It's hard to get started because it takes a few years to build up assets and produce an income. A saying in the field goes like this " You're underpaid the first 3 years, paid what you're worth the next 3 and overpaid the rest of your life". Maintaining the licenses and insurance isn't cheap ( $3-$4k a year ), offices, supplies, lead generation, etc etc. I think it's one of the best careers out there, you don't need a degree, licenses are key. There will be a lot of advisers leaving the field over the next 2 years, the average age of advisers is late 50's i believe and over the next 20 years there will be the greatest transfer of wealth we have ever seen. Great time to get started if you have the drive.
  10. If you want to slowly get started in the field shoot me a DM. You don't need to be a CFP to be a financial planner. The best overall in my opinion is to get your series 66 and series 7 license. This allows you to charge for financial plans, do fee based advising or commission based. Commission based is dying off with all the new regulations and I'm moving my business to fee based. It is a hard business to start in but it can be done. I would never work for a planner on salary. The beauty of the business is building residual income. That can be off assets or financial plans. If it's something that interests you don't give up on it. You can even start part time while doing something else ( best way actually ).
  11. It's a pretty good deal because your odds of using it from 40-50 are about 1%. Someone over 60 qualifying after a standard 90 day waiting period is about 35%. Accidental death and cancer policy's are "pretty good deals" too because they're crap. Someone age 40 can get a living benefits rider added onto their term policy for probably $10 more a month. A much better deal than LTC at that age.
  12. I get a different number assuming it was a single annual payment. Regardless it's more the principal of it than expecting someone to have done it starting in 1934. It is a cool story though. Taking dividends out to live on, come on now. She's buying a hamburger once a year with the dividends.
  13. God forbid she had invested it, @ 9% it would have only been $314,000.