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financial advisor here taking your q's
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Date: May 23rd, 2019 7:23 PM Author: chestnut rehab (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38279626) |
Date: May 23rd, 2019 7:24 PM Author: vermilion sexy boltzmann Evaluate preferred shares of money center banks as an investment for a risk-averse thirty something (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38279630) |
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Date: May 23rd, 2019 7:28 PM Author: chestnut rehab preferreds exhibit "tail risk" type volatility in that in most scenarios they don't move around much, but when the market goes to hell they sell off hard (see q4 18).
that said, the big banks are highly capitalized so their true risk is far lower than it was historically. spreads are still attractive due to psychic scars from the financial crisis.
you don't want to go out and buy them yourself, though. i like pimco preferred capital securities pfinx. |
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Date: May 23rd, 2019 7:29 PM Author: vermilion sexy boltzmann If you hold to maturity though you’re fine I suppose. Why not buy direct? Diversification? (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38279654) |
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Date: May 23rd, 2019 7:36 PM Author: chestnut rehab many preferred stocks are perpetual. the termination of a non-preferred stock is often done at a time that screws you over the most, so going with non-perpetual preferreds offers no real safety advantage.
you don't want to buy direct for a few reasons:
1) diversification
2) the illiquidity and occasionally the complexity of the securities makes them more prone to mispricing than liquid stocks. and as a lay person you're more likely to be screwed than to do the screwing.
3) convenience
as a general rule, you want to avoid buying individual securities unless they are extremely liquid (say, treasuries). |
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Date: May 23rd, 2019 7:37 PM Author: vermilion sexy boltzmann Thanks, helpful (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38279699) |
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Date: May 23rd, 2019 7:40 PM Author: Judgmental dragon lodge True (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38279720) |
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Date: May 23rd, 2019 7:24 PM Author: Chartreuse fluffy spot credited summer 2019 cryptoasset allocation? (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38279631) |
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Date: May 23rd, 2019 7:30 PM Author: chestnut rehab avoid shitcoins, stick with btc/eth. don't fight momentum--just go with whatever is doing better over the trailing 10-20 day horizon. that means mostly btc.
there are some smaller cryptos i like, including xtz, which i think will be listed on coinbase soonish. |
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Date: May 23rd, 2019 7:27 PM Author: violent foreskin what were your single season PRs? (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38279645) |
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Date: May 23rd, 2019 7:37 PM Author: chestnut rehab what's a pr? (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38279702) |
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Date: May 23rd, 2019 7:38 PM Author: vermilion sexy boltzmann Personal record (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38279705) |
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Date: May 23rd, 2019 7:30 PM Author: sable unholy fortuitous meteor Made >30k for first time three years ago.
I max out 401(k) with match --> Target Funds
Backdoor Roth each year --> 80% tax inefficient ETFs/20% world bond ETF
Rest --> Roboadvisor w/ harvesting
Enough cash saved for 6 month emergency.
Not looking to make a significant purchase in the next two years.
I drive a Pontiac Vibe.
Thoughts?
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Date: May 23rd, 2019 7:40 PM Author: chestnut rehab 401(k) is fine
not sure if you need to do a backdoor roth unless your income is above the limit.
most robo-advisors are crap. just do it yourself. think about all your accounts as one giant portfolio. you want to put your tax inefficient but highest returning stuff in a roth, bonds in a tax-deferred account, and equities in taxable (or roth).
world bond funds are crap. you're getting a 2.5%-ish yield with very long duration. just buy short-term bonds (like treasuries) that offer 2.4% yield and CDs that can offer 3% or more. |
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Date: May 23rd, 2019 8:15 PM Author: sable unholy fortuitous meteor Thanks.
Salary is too high for Roth, so I backdoor.
Mechanic wants $600 for a new clockspring for the Vibe. What do I do? |
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Date: May 23rd, 2019 9:44 PM Author: chestnut rehab sounds high. would get a few quotes. lots of mechanics are crooks. (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38280372) |
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Date: May 23rd, 2019 7:33 PM Author: arousing well-lubricated digit ratio principal's office Should I focus on grinding high six fig type jobs or take a swing at low six gig startup equity? Bay Area so COL on startup job is tough, and kid coming (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38279669) |
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Date: May 23rd, 2019 7:47 PM Author: chestnut rehab here's how i'd think about it:
1) what's the worst-case scenario if you make the switch? how tolerable is that scenario? if you need a lot of money to maintain your lifestyle and perhaps most importantly keep your wife happy, the start up opportunity has to be damn good.
you should expect most start ups to fail and most equity you get to be worthless.
sadly, many women will resent their husbands if they stop bringing in the dough. so consider how strong your relationship is and how much your wife is willing to sacrifice.
2) what are you giving up? if your job is awesome and you aren't particularly driven to change the world/amass great wealth, not sure going the start up route has the best expected return.
3) how reversible is the decision? if you can jump back into a high-paying job, that makes the choice a lot easier. i know biglaw doesn't really give you that option. |
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Date: May 23rd, 2019 10:34 PM Author: hilarious corner Have worked at multiple startups. Startup employees who could otherwise make 250K+ rarely have a higher expected return at a startup. You're typically taking a pay cut well in excess of $100K, and the success rate of early stage startups is extremely low, even for those funded by elite VC firms. You have to look at the equity you're getting and see what that would look like in various exit scenarios (e.g., 50 mil, 100 mil, unicorn status) after significant dilution and compare that to the comp you're foregoing.
This wouldn't apply if you're an actual founder and have equity in the whole number range or you're joining a later stage venture (series C or later) where your options are priced in dollars and are much more likely to materialize. |
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Date: May 23rd, 2019 11:19 PM Author: chestnut rehab (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38280888) |
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Date: May 23rd, 2019 7:33 PM Author: Ungodly sickened dysfunction financial advisers are frauds (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38279672) |
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Date: May 23rd, 2019 7:39 PM Author: Provocative twinkling theater marketing idea I think he's only taking questions, bro. (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38279709) |
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Date: May 23rd, 2019 7:42 PM Author: chestnut rehab most are frauds/retarded but i have pretty high iq (near-perfect sat/gre), knowledge, and integrity. (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38279731) |
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Date: May 23rd, 2019 7:56 PM Author: Ungodly sickened dysfunction I've never seen an industry more replete with legalized fraud than the financial adviser industry. Case in point, a friend of a friend wanted me to look at his financial statement. It was 50/50 into QQQ and SPY. I was like, "Ok, so your adviser split it between the NASDAQ and S&P. Is that what you wanted?" He says, "I don't know. I told him to put it 50% of it into something safe and conservative and the other 50% into something aggressive." "What % are you paying this guy?" "2%" I just laughed. I told him he could have done this these two investments on his own and it wouldn't have cost him anything and there's nothing "conservative" or "safe" about investing in QQQ or SPY. They're just your bread and butter indexes. About 2 years ago, I knew a guy who gave some Merrill Lynch guy $500k to invest in fairly safe stuff. All the adviser did was buy bank CDs with it. lol
I feel like 90% of the industry is total fraud and then there's like the 10% who are actually good and honest. |
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Date: May 23rd, 2019 8:01 PM Author: chestnut rehab yes, most advisors are frauds. 80% could be shot and the world would actually be more prosperous.
lol @ paying 2%. my highest fee % is under 0.6%. |
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Date: May 23rd, 2019 7:42 PM Author: exhilarant ratface cruise ship What is your profit margin? (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38279729) |
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Date: May 23rd, 2019 7:43 PM Author: chestnut rehab my costs are like $12k/year, mostly for b.s. software that i don't even use that much (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38279737) |
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Date: May 23rd, 2019 7:43 PM Author: exhilarant ratface cruise ship Nice. So like 96% (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38279743) |
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Date: May 23rd, 2019 8:08 PM Author: chestnut rehab i make less than that. recently i cut my fees for legacy clients. (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38279885) |
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Date: May 23rd, 2019 8:34 PM Author: exhilarant ratface cruise ship I think an 85% margin is ideal for a solo advisor. Toss in some more conferences. (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38280026) |
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Date: May 23rd, 2019 9:45 PM Author: chestnut rehab i do zero advertising and hate conferences (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38280374) |
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Date: May 23rd, 2019 10:34 PM Author: exhilarant ratface cruise ship avoid the broker fests (LINC, Impact, etc) and pay money to go see good CPAs and attorneys discuss advanced tax, estate planning, and asset protection strategies (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38280662) |
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Date: May 23rd, 2019 10:35 PM Author: chestnut rehab which ones. i've always always found it more efficient to read source material. (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38280664) |
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Date: May 23rd, 2019 10:45 PM Author: exhilarant ratface cruise ship ACTEC, STEP, Heckerling and a few others. You can get a lot more in person attending then watching a webinar and getting slides. More case studies and opportunities to ask your own questions. Good to see the same smart people a few times a year. (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38280735) |
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Date: May 23rd, 2019 11:03 PM Author: chestnut rehab ty
i hate estate planning and taxes. so fucking boring. eventually might just bring a partner on board to handle all that stuff if i ever grow my biz. |
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Date: May 23rd, 2019 7:42 PM Author: arousing well-lubricated digit ratio principal's office Recommended investment allocation for xo age (mid late 30s) given current Econ environment ? (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38279732) |
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Date: May 23rd, 2019 7:55 PM Author: chestnut rehab this is hard to say without knowing the nature of your job, assets, liabilities. if you're in a cyclical business, you want less risk.
a good rule for equities is that you should be willing to tolerate a 50% loss (because it WILL happen). so take whatever money you're thinking about putting in equities, halve that number, and ask yourself if you can live with that loss.
starting in q3 i've shifted more of my clients' assets into low-vol stock funds. usmv, efav, eemv are three good ones. keep in mind they're sensitive to interest rates so if interest rates spike expect low vol stock funds to sell off a bit. but over a market cycle, i think they'll do about as well as the cap-weighted indexes. |
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Date: May 23rd, 2019 8:02 PM Author: Disturbing sanctuary Interest Rates are not going to spike, maybe ever. At least until the Union is dissolved (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38279846) |
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Date: May 23rd, 2019 7:47 PM Author: Judgmental dragon lodge I work in finance, understand economics/investing, follow the markets and derive utility from selecting and monitoring investments (ie its not something I wish someone else would do for me). In fact I’m confident I’m better off managing my investments vs handing it off to the dumb sounding guys that cold call me at work.
Why should I use a financial advisor? I feel like we have apps to manage and track long term savings and investment decisions. Not sure what other value they can add in my case |
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Date: May 23rd, 2019 7:59 PM Author: chestnut rehab most people as a general rule should avoid using advisors b/c most advisors are retarded and charge rapacious fees.
with that said, there is no way you know every way to optimize your finances in the way an expert could. so it's a matter of the fees being charged, the complexity of your situation (more complex generally means more opportunities for optimization that a layperson wouldn't know), and your ability to find an advisor that can offer enough value.
finally, there are people who can do a good job managing their own finances but are simply too busy to do a good job so they hire someone smart to do a lot of the heavy lifting for them. those are most of my clients. |
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Date: May 23rd, 2019 9:55 PM Author: Judgmental dragon lodge I appreciate your honesty. I hope you make lots of money advising people on their finances/ (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38280435) |
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Date: May 23rd, 2019 9:58 PM Author: chestnut rehab no joke, one time the portfolio manager of a multi-billion-dollar fund interviewed me to advise on his finances. didn't get it though. was early in my career. (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38280456) |
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Date: May 24th, 2019 12:08 PM Author: umber center national security agency They’re often too busy to do it themselves and/or they want to optimize estate and tax planning. It is very rarely about just picking an investment portfolio. That stuff can get complicated.
For example, I spent a few hours figuring out how much appreciated stock I want to gift to my children’s UTMAs this year in order to take advantage of trump tax plan’s new kiddie tax rules. Someone busier with 100x more appreciated gains at stake needs someone to do the work for them. |
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Date: May 23rd, 2019 7:49 PM Author: tan laser beams generalized bond Should I cop them Russian Rubles if I think Yankeestan and Chicomville will destroy each other economically? (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38279777) |
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Date: May 23rd, 2019 7:59 PM Author: Judgmental dragon lodge Yes go all in on the Russian ruble on that logic (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38279826) |
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Date: May 23rd, 2019 8:02 PM Author: chestnut rehab i highly recommend you sell everything you own and buy russian bonds and stocks. (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38279847) |
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Date: May 23rd, 2019 8:26 PM Author: buff swollen boiling water how so & y? (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38279988) |
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Date: May 23rd, 2019 9:45 PM Author: chestnut rehab im only recommending this for are reptile (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38280375) |
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Date: May 23rd, 2019 10:16 PM Author: buff swollen boiling water (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38280575) |
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Date: May 24th, 2019 7:00 AM Author: razzle-dazzle water buffalo becky (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38281898) |
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Date: May 24th, 2019 12:23 PM Author: Motley Base (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38283153) |
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Date: May 24th, 2019 7:56 PM Author: Onyx resort party of the first part (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38285605) |
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Date: May 24th, 2019 7:59 PM Author: Frum Navy New Version (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38285620) |
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Date: May 23rd, 2019 9:13 PM Author: Amethyst Federal Really Tough Guy (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38280196) |
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Date: May 24th, 2019 3:06 AM Author: Adventurous Nudist Hall Deer Antler (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38281612) |
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Date: May 24th, 2019 6:59 AM Author: Bipolar legend (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38281894) |
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Date: May 23rd, 2019 8:03 PM Author: Ungodly sickened dysfunction TSLA? (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38279849) |
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Date: May 23rd, 2019 8:12 PM Author: chestnut rehab elon musk is a bullshitter. he's donald trump plus 50 iq points. tsla bleeds money like crazy, engages in shady accounting, has a bunch of off-balance-sheet liabilities, and is at risk of bankruptcy in the next downturn. i hope tesla succeeds, but i wouldn't buy the stock. (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38279910) |
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Date: May 24th, 2019 1:01 AM Author: Ungodly sickened dysfunction nigga can you even read a chart? (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38281362) |
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Date: May 24th, 2019 1:03 AM Author: buff swollen boiling water down almost 50% nbd (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38281367) |
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Date: May 24th, 2019 1:05 AM Author: Ungodly sickened dysfunction guy holding $200 May 31, $180 July, and $200 Sept TLSA puts here. sup? (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38281375) |
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Date: May 24th, 2019 1:09 AM Author: buff swollen boiling water nice 1 hope you sold some profit at least
no skin in the TSLA game here but I think $245 might be a good time to load up on puts again myself, certainly isn't look good for them lol. |
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Date: May 24th, 2019 1:10 AM Author: Ungodly sickened dysfunction I sold 50% on Tuesday. still bag holding the rest. aiming for that $180, then unload it all. |
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Date: May 24th, 2019 1:13 AM Author: buff swollen boiling water yeah that $180 could happen, either way nice trade you're in good shape
I have my buy signal @ 39 lol
Might not be till ITE v2 though |
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Date: May 24th, 2019 1:15 AM Author: Ungodly sickened dysfunction my prediction is a drop to $180 and a big bounce off that. I'll update tomorrow when the market opens. |
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Date: May 23rd, 2019 8:27 PM Author: Tripping fighting striped hyena selfie what should i invest in? (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38279989) |
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Date: May 23rd, 2019 9:45 PM Author: chestnut rehab depends (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38280377) |
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Date: May 23rd, 2019 9:49 PM Author: Tripping fighting striped hyena selfie pwned (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38280395) |
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Date: May 23rd, 2019 8:41 PM Author: Big unhinged state jew For the last several years, I've paid all bills, maxed out 401k, then put everything else into: 70% broad-based US funds (eg, vfiax), 20% low cost international funds, 10% bond funds. Should I do anything differently?
Goals: live comfortably even if I take a big pay cut in a few years, be able to retire comfortably in 20 years, pay for babydoods' expenses and college.
Stats: $400k HHI, might leave big law in a few years, which would reduce HHI to $200k, 2 babydoods, may have more |
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Date: May 23rd, 2019 9:49 PM Author: chestnut rehab are you doing a backdoor roth ira?
are 401k contributions roth or regular?
529 for the babies?
any debt?
might want to bump up your cash allocation and/or have at least 6 months of expenses in cash if you intend to get out of biglaw in a few years. biglaw is procyclical. |
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Date: May 23rd, 2019 11:11 PM Author: Big unhinged state jew Thanks, bud. No backdoor IRA because I figure $38k in annual retirement contributions is enough and I want flexibility with the rest.
Used to split 401k contributions. Now all pre-tax because our marginal tax rate is so high.
Should start 529s but haven't. Good point.
Mortgage on nice house. Some remaining school debt we'll pay off this year.
Yes, maybe I should up cash or get some short term CDs. Job feels stable for now. Good use of procyclical.
Aside from bigger emergency fund and 529s, anything you'd change? |
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Date: May 23rd, 2019 11:30 PM Author: chestnut rehab you should still do the backdoor roth (assuming you don't have a traditional ira). you can withdraw your contributions penalty-free any time and only wait 5 years from your contribution to withdraw earnings penalty free.
keep an eye on mortgage rates in the coming months. long term interest rates have fallen so refinancing might save you big bucks.
if you're in a high income tax state like CA, instead of CDs buy short-term treasuries, which aren't subject to state income tax.
im sure there's a bunch of random stuff you could do but your overall asset allocation is sane. |
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Date: May 24th, 2019 12:20 PM Author: umber center national security agency You should open UTMAs for any kids and take advantage of 0% up to ~$4700 and 15% LTCGs up to ~$12k of unearned income per kid from now to 2025 under trump tax plan. That is huge given 23.8% LTCG in your bracket. You can gift appreciated stock to your children and realize the gains and save a shit ton in taxes. Don’t worry about blowing the annual gift exclusion and just file a gift return and have it count toward the lifetime exemption. (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38283129) |
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Date: May 23rd, 2019 9:50 PM Author: charcoal fiercely-loyal whorehouse I do just about the same and am curious about this question, though have no kids. I max out my 401k (company matches 50% up to some cap I can't remember) with a split between target-retirement, bond, small/mid-cap, and large-cap, and then beyond that I do Vanguard funds and below-market stock options from my company. Any reason to mess around with it more? (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38280404) |
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Date: May 23rd, 2019 9:53 PM Author: chestnut rehab if you already have a target retirement fund chances are youre messing it up by throwing other funds into the mix. it's ok to have one fund in your 401k.
hard to say anything much based on what you've written as you could be doing things ok to horrifically messing things up (say, making roth 401k contributions when you're in a high tax bracket). |
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Date: May 23rd, 2019 9:57 PM Author: charcoal fiercely-loyal whorehouse Interesting, thanks. I always have an instinct to diversify (especially because I feel like we might be at the top of the market, so I wanted some bond funds in there).
No Roth contributions, I make too much. I only get a certain amount of below-market options (I don't know if "below-market" is the right word, but I get options for way less than the stock is trading for), and then just park the rest in retail Vanguard funds. |
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Date: May 23rd, 2019 10:02 PM Author: chestnut rehab most target date funds already contain bonds. it feels unnatural to own just one fund, but in many cases a single target date fund (say, from vanguard) is more diversified than a portfolio of specialized funds.
some target date funds are awful and you can end up saving significant bucks constructing your own portfolio. |
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Date: May 23rd, 2019 10:10 PM Author: charcoal fiercely-loyal whorehouse I need to go back and check on this. It's not specific funds, there were like 4-5 options for investment mixes, and I just split it evenly. I'm admittedly really lazy about researching these things so just tried to pick something in the middle ground, which wouldn't be terrible but might not be entirely ideal. (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38280529) |
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Date: May 23rd, 2019 10:13 PM Author: chestnut rehab if you email me your 401k options at i'll let you know my thoughts (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38280551) |
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Date: May 23rd, 2019 10:15 PM Author: pontificating range Can I take you up on this offer too? (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38280571) |
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Date: May 23rd, 2019 10:16 PM Author: chestnut rehab yeah. it takes like 30 secs for me to identify good options in a 401k. (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38280573) |
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Date: May 23rd, 2019 10:21 PM Author: charcoal fiercely-loyal whorehouse That'd be awesome, I'll check (probably not tonight), really appreciate it. Highest expense ratio is about 0.4% and I believe they're mostly-proprietary, which complicates things a bit. If I wasn't getting a 50% match I'd probably be more active, but I also don't know if going self-directed messes with the match. (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38280591) |
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Date: May 23rd, 2019 10:24 PM Author: charcoal fiercely-loyal whorehouse Actually, I just checked -- they give us very few options beyond generally target-date funds, the others I mentioned, and then a couple random things like "real estate" and "international stock". It's probably not worth fucking around with all that much. (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38280610) |
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Date: May 23rd, 2019 8:42 PM Author: Cream location voyeur How old are you and are you taking on new clients?
I do it all myself now (Vanguard), but as my savings grow and my situation gets more complex I think it would make sense to go to an advisor similar to yourself if only so I don’t spend time doing it anymore. |
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Date: May 23rd, 2019 9:50 PM Author: chestnut rehab im early 30s and not really taking on new clients, but willing to consider it.
i may be able to help you out for free by giving your situation a quick look over. this is what i do for friends and often randos. |
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Date: May 23rd, 2019 9:48 PM Author: pontificating range exeunt this thread is cr good content service synergy Thank. I have so many questions but am poisoned rn. But here are a few
- Using HSAs and an investment vehicle...flame? - Non-retirement liquid assets, where should I stock them away (probably asked already) - Breaking even, maybe a little negative (not including equity accumulation) on renting a single family home...first time landlording so I'll do it differently for next tenant. Even worth it? - I've given up on doing my taxes are accountants flame? |
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Date: May 23rd, 2019 9:50 PM Author: chestnut rehab ty (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38280407) |
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Date: May 23rd, 2019 9:55 PM Author: pontificating range (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38280436) |
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Date: May 23rd, 2019 10:09 PM Author: chestnut rehab - Using HSAs and an investment vehicle...flame?
no. just use them as you would a roth. this assumes you're healthy and don't need to draw on the hsa any time soon.
- Non-retirement liquid assets, where should I stock them away (probably asked already)
what's the horizon and purpose?
- Breaking even, maybe a little negative (not including equity accumulation) on renting a single family home...first time landlording so I'll do it differently for next tenant. Even worth it?
you're probably charging too little in rent. check more carefully what the going rate for a similar home is. rents have risen quite a bit over the past few years.
you should also look into refinancing your mortgage. interest rates are falling and will continue to fall. could save some big bucks there.
i've avoided landlording as i don't want the hassle and i'm confident i can generate much higher returns elsewhere. whether it's worth it depends on your personal attributes/circumstances. i'd say landlording is best for people who are handy and have no problem being tough with deadbeat tenants.
- I've given up on doing my taxes are accountants flame?
no. a really good one can save you a ton of money and time. shop around as accountants can quote ridiculously different fees for the same filings. also ask if they have any competence in tax planning. lots of accountants are lazy and want to just act as tax preparers. |
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Date: May 25th, 2019 4:14 PM Author: Onyx resort party of the first part Those questions are 180. (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38288825) |
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Date: May 23rd, 2019 9:51 PM Author: heady partner What can I do to become a crypto millionaire again (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38280412) |
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Date: May 23rd, 2019 9:54 PM Author: chestnut rehab stop gambling on shitcoins and sell when momentum breaks. from what i recall you overtraded (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38280432) |
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Date: May 23rd, 2019 10:01 PM Author: heady partner Sooo much How to do u decide when momentum breaks? I've got my favored indicators but wonder what you use I've been using stoplosses pretty consistently with shitcoins lately, worked out well. Still hold zil though fma |
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Date: May 23rd, 2019 10:14 PM Author: chestnut rehab the most obvious sign is a steadily grinding downward trend. it's really that simple.
you shouldn't overthink crypto as pricing is set by retards. |
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Date: May 24th, 2019 3:11 AM Author: Swashbuckling potus electric furnace For an example, see the DRGN chart (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38281616) |
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Date: May 24th, 2019 7:54 PM Author: heady partner Or zil Kill me |
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Date: May 23rd, 2019 9:57 PM Author: Motley Base Where’s the investment advisor all I see is a magical Asian (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38280449) |
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Date: May 23rd, 2019 10:19 PM Author: chestnut rehab where (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38280585) |
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Date: May 23rd, 2019 10:19 PM Author: buff swollen boiling water when is ITE v 2.0? (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38280586) |
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Date: May 23rd, 2019 10:23 PM Author: chestnut rehab idk and no one knows. (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38280602) |
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Date: May 23rd, 2019 10:22 PM Author: Ruby soggy preventive strike parlor I would never pay anyone a cent to tell me what to do with my money. (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38280594) |
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Date: May 23rd, 2019 10:32 PM Author: chestnut rehab cr
this bort is full of lawyers but i would never pay one for legal work i just do pro se + read some books. i can't believe those fraud lawyers get paid. |
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Date: May 23rd, 2019 10:36 PM Author: charcoal fiercely-loyal whorehouse There's definitely a middle ground. Having someone sort out my money for me is valuable and I'll pay for it. But broker fees plus percentages gets crazy. Same with Biglaw -- there's definitely use for lawyers but a $500/hour first-year is idiotic. (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38280672) |
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Date: May 23rd, 2019 10:41 PM Author: chestnut rehab i've seen people make mistakes that are costing them literally $10ks, in some cases $100ks, but they won't pay for any advice. lol @ those dumbasses. (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38280713) |
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Date: May 23rd, 2019 10:43 PM Author: Ruby soggy preventive strike parlor Give us an example where a normal wageslave guy like me could magically "save" 10k or 100k by paying for your advi$e (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38280724) |
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Date: May 23rd, 2019 10:49 PM Author: chestnut rehab if you aren't making a ton of money or if you don't have much in the first place, the benefits of an advisor are obviously limited.
im talking about people who are multimillionaires who are doing dumb things. |
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Date: May 23rd, 2019 10:50 PM Author: charcoal fiercely-loyal whorehouse I think his point is that he charges a reasonable amount as opposed to demanding some ridiculous percentage and then a cut off the top.
My biggest complaint about most FAs is that their comp is based on assets under management. So it doesn't matter how well they do, they just get a cut at the end even if the investment does poorly, and so their goal is to get you into their ecosystem rather than actually make you money. I have zero problem paying someone for advice; but a flat fee (or a slight percentage based on investments) is a different story. |
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Date: May 23rd, 2019 10:44 PM Author: charcoal fiercely-loyal whorehouse I think my general sense is that people need general advice, but then shit like hedge funds are TTT and an absolute waste. The mistakes people make are on allocation (rather than very specific investment advice issues). (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38280730) |
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Date: May 23rd, 2019 10:35 PM Author: Supple clown I max out my 401k each year with money invested in a target fund. My income is high enough to do a backdoor Roth. What should I invest in for the Roth? (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38280663) |
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Date: May 23rd, 2019 10:47 PM Author: chestnut rehab you're thinking about it backward.
first you should think about your overall asset allocation, the biggest decision being your stock/bond split.
then based on your overall target asset allocation, you allocate your assets across all your accounts as if they were one portfolio (setting aside stuff like saving up for a down payment, etc.), putting funds in the most tax-efficient locations.
a simple option could be to replicate your target retirement fund allocation in your roth. |
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Date: May 23rd, 2019 10:43 PM Author: hilarious corner Any advice for buying real estate in high COL cities? Obviously trying to spend as little as needed on housing and using all of the various rent vs. buy calculators to make sure buying is a better option that renting. Prices remain high but rates are dropping. Thanks for all of your advice. (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38280725) |
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Date: May 23rd, 2019 11:02 PM Author: chestnut rehab this is a tough one as housing prices are highly geared to long-term real interest rates. housing prices have been supported by almsot 40 years of continuously falling interest rates. if the real mortgage rate rose 2% or more, expect to see your house's price get fucked. due to the math of present value, when interest rates are super low, small increases can result in big drops in price. you can somewhat hedge your risk by buying the house using a 30-year fixed rate mortgage instead of an ARM.
another thing to consider is how laws/regs will change in your city over the next decade. in CA, RE prices are propped up by insane anti-development regulations. there's political will to reverse those things. if sanity prevails, prices will come down. |
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Date: May 23rd, 2019 11:15 PM Author: hilarious corner TY. Do you subscribe to any rules of thumb re what someone should be spending on housing as a % of income or multiple of salary, etc? My general view is to just try to stay under 2x but curious on your thoughts. (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38280872) |
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Date: May 23rd, 2019 11:23 PM Author: chestnut rehab i've never subscribed to a rule of thumb re: housing or even really thought about it. i've always kept my spending low without explicitly targeting any %. thinking about it, i'd be uncomfortable spending more than 30%. (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38280910) |
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Date: May 23rd, 2019 10:43 PM Author: Tripping fighting striped hyena selfie how should i go about maximizing the amount of money i have? (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38280726) |
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Date: May 23rd, 2019 11:06 PM Author: chestnut rehab the most reliable way to make money is to invest in yourself. for most people it's a total waste of time trying to figure out optimal investments; they should be optimizing for their earning power. (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38280829) |
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Date: May 23rd, 2019 11:08 PM Author: Tripping fighting striped hyena selfie i was thinking about buying some land and growing ginseng. cr? (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38280838) |
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Date: May 23rd, 2019 11:32 PM Author: chestnut rehab yeah then make sure to do an ico of ginsengcoin, redeemable for organic ginseng (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38280973) |
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Date: May 23rd, 2019 11:32 PM Author: Tripping fighting striped hyena selfie (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38280974) |
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Date: May 24th, 2019 3:22 AM Author: Adventurous Nudist Hall Deer Antler (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38281620) |
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Date: May 24th, 2019 8:45 AM Author: Tripping fighting striped hyena selfie would you help farm it with me? (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38282066) |
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Date: May 23rd, 2019 11:38 PM Author: pearl immigrant Do super high yield closed end funds like PHK have a place in the account of a person who just wants some extra cash? How sustainable are they. (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38281003) |
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Date: May 23rd, 2019 11:44 PM Author: chestnut rehab absolutely not. if i could short PHK i would. most super high yield closed end funds have managed distribution policies, meaning their income is mostly just distribution of capital. PHK, PGP and other super high premium closed-end funds will get annihilated during the next crash.
when picking closed end funds, look for ones with wide discounts. i made my clients some money by getting into PCI and PDI when they were at substantial discounts. |
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Date: May 23rd, 2019 11:41 PM Author: Ivory sticky theatre i'm an estate planning attorney with a tax bent that wants to develop more relationships with people like you (fee-only advisors that get it). i can do a lot of cool shit for your clients. how can i best pitch myself? (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38281017) |
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Date: May 23rd, 2019 11:46 PM Author: chestnut rehab you can email me at xxxxhth @ gmail
if you call up small RIAs in your area, i'm sure you can develop referral networks. lots of advisors, particularly with CFPs, are eager to establish relationships with estate planning and tax attorneys. |
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Date: May 23rd, 2019 11:51 PM Author: Ivory sticky theatre yeah i've developed relationships with a bunch of advisors; i'm almost 100% referral based. but i often run into an attitude of either 1) i don't give a shit about estate planning, it's all probate avoidance, why not just use beneficiary designations and oh btw if you charge more than $2K you're overcharging or 2) i understand it's important, but still am focused on probate avoidance and basic transition of wealth.
i want to find advisors that are more keyed into the tax aspects of estate planning. independent RIAs i'm sure are where it's at, i've just found it few and far between. maybe it's just the nature of your industry. |
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Date: May 23rd, 2019 11:56 PM Author: chestnut rehab advisors focused on the mass affluent simply don't have heavy estate planning needs. i don't talk to very many advisors as most are retards so i'm not the best resource as to how to market to them.
maybe target rias who deal with uhnw clients, where the payoff to estate planning is tremendous. |
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Date: May 24th, 2019 12:58 AM Author: Ivory sticky theatre i guess this is part of where i run into a perception issue. mass affluent still have significant estate planning needs, even if they don't have an estate tax issue.
my typical client is between $5M and $15M net worth (not investable assets, but overall net worth). that's pretty common in California.
i'll give just a few recent examples:
1) blended family, wife has significant charitable intent, husband has two kids from prior marriage. one of his two kids has creditor problems and is bad with money. net worth about $6M, with $3M in qualified accounts, of which $2M is wife's. wife is concerned that when she passes it benefits her alma mater. so we're creating a CRUT as bene of her qualified accounts, income interest to husband first, then shit stepson and good stepson, remainder to her alma mater.
2) two doctors married to each other. one is ob/gyn, so has even greater malpractice exposure. she has a partnership interest in her practice, along with two other docs. couple gave one of three daughters $200K for downpayment on a house. want to treat everyone fairly. practice owns valuable equipment as well as the building they occupy. so, transmute community into separate property for each. split off equipment and real estate into separate LLCs, which interests then go into SLATs. equalize for downpayment gift. buy/sell for other partners, fund with life insurance.
3) client's elderly father owns $2M property with almost no basis. gifts it to client years ago, for who knows why. client sees me, we create an irrevocable trust granting father lifetime right of occupancy and GPOA over property to get estate inclusion. father dies (after one year so avoid 1014(e)), $2M property receives step up, client avoids capital gains on $2M (~$800K tax savings).
that's without getting too much into asset protection, which is another important area to consider for clients with $3M+. |
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Date: May 24th, 2019 1:22 AM Author: chestnut rehab by mass affluent i mean people in the $1m or less range, which is what most advisors target. not many advisors can grab $5m+ clients.
$5m to $15m is hnw/borderline uhnw
CRUTs are cr. amazing tax and life expectancy arbitrage vehicles. |
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Date: May 24th, 2019 12:25 PM Author: Multi-colored reading party I'm in the life insurance industry. You should hit up some boutique insurance practices in addition to RIAs. We refer a ton of estate work out and accounting/CPA work too. I don't do any of that legal work (don't have a background in it) even though I was/am an attorney. (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38283162) |
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Date: May 24th, 2019 8:46 AM Author: Vigorous dull stead rigor HYPO: buying house in are country for 150-200k. 60k in savings, zero debt. Which is CR: 1) FHA loan with like 3% down or whatever the deal is with that; or 2) 20% down payment? Assume income in high-mid five figures (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38282068) |
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Date: May 24th, 2019 4:21 PM Author: Onyx resort party of the first part I'd do the $30-$40K downpayment since you've got the money, personally, to avoid paying PMI, which is 1.75% (or in this case, $2625-$3500). FHA is 3.5% down, so the downpayment differential is $25-$33K. So basically you make a better than 10% "return" on that money by avoiding PMI, and it's a sure thing, unlike whatever investment option you might have for the money other than a downpayment.
If you really have big, lucrative plans for that money later, get a HELOC or something. |
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Date: May 24th, 2019 12:20 PM Author: Onyx resort party of the first part What do you think of rental property as an investment option? (Assume mid-market type city where typical properties cashflow, as opposed to a coastal market where the play is all appreciation.) (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38283127) |
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Date: May 24th, 2019 12:54 PM Author: Geriatric Chapel What's FINRA's view of your participation in this shitboardt? (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38283285) |
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Date: May 24th, 2019 1:01 PM Author: chestnut rehab finra doesn't care. (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38283327) |
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Date: May 24th, 2019 8:17 PM Author: violet exciting market filthpig Where d'you find credit cards for people with a low credit score? Asking for a friend. (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38285717) |
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Date: May 25th, 2019 4:24 PM Author: Onyx resort party of the first part Get on a “fresh start” or “credit repair” program at a credit union. It’ll involve a secured card to rebuild your score. (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38288868) |
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Date: June 18th, 2019 12:54 AM Author: Motley Base thoughts on wgwag? (http://www.autoadmit.com/thread.php?thread_id=4267925&forum_id=2#38403891) |