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masterofnone2
Greenhorns Joined: Dec/04/2018 Status: Offline Points: 11 |
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Of those 30 questions I Know;Know about 20 of them.
I especially know all about IRA and 401k, and SEP (I have one). Rules for minors; who is put on custodial accounts and basic rules for them. Many I see have to do with IRA's or retirement plans and I do know those. Quite a few of those retirement account questions were in my SIE exam prep. And I know all the IRA rules from helping friends. The 529 is not familiar at all really never had to do anything with it. I had a wash sale before on my own personal accounts (never will happen again) I purchased AMT (American Tower) as one of my first investments and sold like a week later because it dropped and I assumed wrongfully I could get it at a lower price... Since that horrible incident that costed me a lot though I have sold 3 stocks over a 2 year period and bought 8. For 10% free withdraws I am assuming you mean from an IRA for first time home purchase, education costs, and if you become disabled. #2 no idea #3 no idea #4 no idea #10 no idea #11 Ive herd of it but no idea what it is #14 no idea #15 no idea #16 no idea #21 id not be comfortable being asked questions about it. I do know vaguely what the rules are though. #23 same as #21 #25 no idea The rest, however, I can answer in full and provide details beyond what I took on the SIE exam. I really couldn't answer any questions on insurance. Never occurred to me id need to know those. I decided I am not going to do any of this and just try to find some job in an entry level position (corporate finance), or bookkeeping job. I don't know anything about insurance.
Edited by masterofnone2 - Dec/04/2018 at 10:50pm |
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luvindy
Moderator Joined: May/17/2010 Status: Offline Points: 25767 |
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If only I had time to get through this thread before you did. |
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8/31/12,Sportsfreak:
"If Barak wins this election, or appears to be clearly winning, we are all fucked. Market will tank big time." Dow 13,090 S&P 1406 5/23/13 UC:Dow 20k before 20% crrectn Dow 15, |
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Moraen
Admin Group Resident Sage Joined: Mar/09/2010 Status: Offline Points: 30786 |
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He didn't tell you to get an entry level job. He told you to get a mentor. This business is hard. But if you start when you are young, you will never regret it. Go RIA, make sure you get some E&O insurance (because you will make mistakes). Personally I don't like the advising part of the business, but there is nowhere else I can do so little work and get paid so much, while adding a lot of value at the same time.
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I come in peace. I didn’t bring artillery. But I’m pleading with you, with tears in my eyes: If you fuck with me, I’ll kill you all. - General James Mattis
Fiduciary as Fuck - iMo |
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Iamlegend
Platinum Member Joined: Mar/09/2010 Status: Offline Points: 22532 |
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AMT=American Tower 🤣🤣🤣🤣
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B24
Moderator Joined: Mar/09/2010 Status: Offline Points: 25750 |
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So, technically, he knows what "AMT" is. |
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"If Bellicheat pulls that rabbit out of his a$$ with this kid at quarterback, I'll personally kiss his ring." - Sporsfreak, 09/20/16
"Jags/Vikes Super Bowl. Write it down" - Sportsfreak 01/19/18 |
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squeaky
Senior Member Joined: Apr/28/2011 Status: Offline Points: 661 |
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I knew I had to act quick if I was gonna beat you to the punch! |
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masterofnone2
Greenhorns Joined: Dec/04/2018 Status: Offline Points: 11 |
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I’m probably in over my head and I would never qualify for a regular corporate accounting job. So I’ll have to start at or near the bottom. Most jobs I see are requiring 2 years of experience. Not something I have along with a degree. It doesn’t make sense yet.
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Guests
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Master of None,
I can't even tell if you are trolling us at this point or not. But if you aren't, it was not my intention to discourage you at all. It was first to point out that what you described as your end goal suits the RIA model best, and you do not need a Series 7 to do it (in fact, it will just hamper you in terms of marketing and compliance). The second point was, like you, I was hell bent "everyone should buy index funds, rebalance, blah, blah, blah" and that's all this job needs to be. And the reality is, that is not what this job is. That's certainly how I run my investment portfolio (for the most part). But it's a small part of the job. You have a lot to learn about planning (and so did I). And even if you don't plan on selling any type of annuity or insurance for any reason, you are still going to run into lots of clients that you will have decide whether or not to unwind those positions in the most cost effective way, so you need to understand them. Let me give you a simple example. There are lots of annuities out there (fixed) that have 4.0% guaranteed minimum interest rates. They are old contracts. They have no surrender charges left. They are essentially as liquid as a money market, but can never pay less than 4.0%. You want to know how to spot these contracts, because any good financial plan is going to have some "cash" like allocation (emergency fund, etc.). You don't want to blow out a fully liquid 4.0% account just because it's an annuity, do you? Likewise, you probably are going to want your clients to max out their retirement accounts (401K, 403B, Roth IRA, etc.) before doing taxable investing for retirement. What if you don't know about the 15 year catch up rule for 403B plans? Or that many employers have both, and you can max them both out? You don't want to advise your clients to be investing thousands of dollars a year in a taxable account, when they could be in a Roth account instead, right? And like you said, you know nothing about insurance. You are going to get a LOT of questions about "nursing home insurance" and Medicare. We are all licensed to sell it. Many of us refer that out (especially Medicare supplement, medicare advantage). But how are you going to do financial planning for a 60-something client without knowing those things? These are the reasons I threw those questions out there. NOT to discourage you. But to open your eyes that there is more to this than asset allocation and index funds. And you'd be wise to align yourself with someone who thinks like you do about investment management, but can also provide you some guidance on the topics you don't know about (and hell, maybe hand off some clients to you to get you started and/or be a chance for you to buy a book someday). Best of luck either way.
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Hacksaw
Platinum Member Joined: Mar/27/2010 Status: Offline Points: 31482 |
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Make sure you don't become an entitled shit (if you aren't already). Work from the bottom and gain knowledge. There are TONS of companies in this industry out there willing to hire people with no experience. Get a job there and learn how to sell, without selling your soul. Like it or not, this career is sales first, advising second. You can't advise someone until you have sold them on being your client. And come back on here to read, listen, and learn.
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advisorman
Senior Member Joined: Oct/22/2011 Location: Behind you Status: Offline Points: 4246 |
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He’s about to get flamed... 😂 |
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King of sarcasm and speling
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advisorman
Senior Member Joined: Oct/22/2011 Location: Behind you Status: Offline Points: 4246 |
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Why would they even need you, they can just go to vanguard..
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King of sarcasm and speling
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