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Douchebag
OK. As some of you may know I'm a Financial Advisor when I'm not on the internet causing trouble. If you have any questions about the economy or want ideas of what to do with you money feel free to ask. Also, I know some of you know Pro fighters in boxing or MMA, if you are comfortable with it feel free to pass on my information to them so I can be of assistance. It makes me sick to my stomach when I hear stories like that of Mike Tyson and Evander Holyfield who both lost their fortunes because they had the wrong people around them giving the worst possible advise as to what to with their money.


-Seriously "The Conscience" as an internet character will not make any appearances’ in this thread, so ask away even if we have had falling outs in the past. None of that has any bearing in this thread.
Mean Mister Mustard
You need to get back to Fighthype headquarters and help us out.
Spyder
When high, should I buy or sell?
Douchebag
QUOTE(Spyder @ Jun 17 2008, 02:18 PM) [snapback]392840[/snapback]
When high, should I buy or sell?
\\



Typically you should be selling, but it really depends on whats in your portfolio.
D-MARV
I'm 23, fresh out of school, What advice can you give me about retirement funds?
Bill The Butcher
Yeah, I would like to hear about retirement funds as well.

I'm getting Financial Aid at the moment through a community college to get my AA transfer degree, but I was also wondering if there is scholarships and grants out there where I can keep going to college to get a Bachelor's, Masters, and so on without forking over a ton of money and getting in debt with student loans?
Douchebag
QUOTE(damarvelous1 @ Jun 17 2008, 07:05 PM) [snapback]392855[/snapback]
I'm 23, fresh out of school, What advice can you give me about retirement funds?



That's a good question. You should open up an Individual Retirement Account (IRA). IRA's are just like any other accounts they just get special tax treatments because the funds are specifically allocated for one retirement. Since you are so young(it's a good thing that you are thinking about this stuff now.) I would recomend a Roth IRA vs a Traditional IRA.

The difference between the two is that the funds in a Traditional IRA have not been taxed at all so the principle (the money you put in) and interest(the money that builds from the Principle) get taxed when you take it out. In a Roth the principle is taxed on the way in to account so only the interest is taxed when there is a distribution. This means that there is more flexibility with a Roth IRA vs a Traditional.

Here is some more IRA info.
Douchebag
QUOTE(Bill The Butcher @ Jun 17 2008, 07:20 PM) [snapback]392861[/snapback]
Yeah, I would like to hear about retirement funds as well.

I'm getting Financial Aid at the moment through a community college to get my AA transfer degree, but I was also wondering if there is scholarships and grants out there where I can keep going to college to get a Bachelor's, Masters, and so on without forking over a ton of money and getting in debt with student loans?



There are grants and scholarships available to you, but like everything else you have to research which one you qualify for.
STEVENSKI
Conscience

I am cautious about accepting financial advice when you spell advice "advise".
Douchebag
QUOTE(STEVENSKI @ Jun 17 2008, 11:08 PM) [snapback]392879[/snapback]
Conscience

I am cautious about accepting financial advice when you spell advice "advise".



Look, posting on this site is a hobby.....Do you know how much shit I'm juggling in my life right now? I catch what I can and what miss, so be it. Now go somewhere and play.....This thread is not for that.
Method
I would never let a financial adviser try and sell me a bill of goods. Those guys are "hunters and gatherers", glorified car salesmen.

All good.

I believe they are somewhat useful for old folks and for people who are completely oblivious, but at the end of the day, most of them are clueless parrots. They just regurgitate whatever some institutional wholesaler came in and presented at a free luncheon.

By the way, a Roth IRA should not be funded until you have reached your maximum funding on a traditional IRA for that given year first. More often than not, especially when it comes to putting away for retirement, it's much more beneficial to fund tax free accounts. By the time you retire, your income bracket is presumably a lot lower than it was, and therefore all of the pre tax principle you invested over time, coupled with capital gains and dividend/interest income, comes out and is taxed at a lower rate.

As far as flexibility is concerned, they have relaxed some of the penalties formerly associated with early withdraws from traditional IRA's that makes it much more advantageous.

Anyway.

That's it for now.

Before you go paying a financial adviser any kind of fee's for managing your money, look into a good stable of index funds. Vanguard has a host of them. extremely low fee, and performance, over the long run, is just as good as actively managed money. This has been back tested.
Douchebag
QUOTE(Method @ Jun 18 2008, 12:13 PM) [snapback]392920[/snapback]
I would never let a financial adviser try and sell me a bill of goods. Those guys are "hunters and gatherers", glorified car salesmen.

All good.

I believe they are somewhat useful for old folks and for people who are completely oblivious, but at the end of the day, most of them are clueless parrots. They just regurgitate whatever some institutional wholesaler came in and presented at a free luncheon.

By the way, a Roth IRA should not be funded until you have reached your maximum funding on a traditional IRA for that given year first. More often than not, especially when it comes to putting away for retirement, it's much more beneficial to fund tax free accounts. By the time you retire, your income bracket is presumably a lot lower than it was, and therefore all of the pre tax principle you invested over time, coupled with capital gains and dividend/interest income, comes out and is taxed at a lower rate.

As far as flexibility is concerned, they have relaxed some of the penalties formerly associated with early withdraws from traditional IRA's that makes it much more advantageous.

Anyway.

That's it for now.

Before you go paying a financial adviser any kind of fee's for managing your money, look into a good stable of index funds. Vanguard has a host of them. extremely low fee, and performance, over the long run, is just as good as actively managed money. This has been back tested.


You make some good points but you also speak in broad generalities that for the most part do not apply to most people.


1) All Financial Advisor have to be licensed to give advice so you saying they are nothing but glorified salesmen is a slap in the face to the Securities Exchange Commission, National Association of Securities Dealers and the states in which the Advisors hold Life Insurance Licenses. You go study for the series 7 test and pass and see you if you think that any Joe Schmoe off the street with the gift of gab could be a Financial Advisor.

2) The bit where you said that someone should only fund a Roth after they have maxed out their traditional IRA utterly incorrect. First off, if you Max out your contribution to any IRA whether Roth or Traditional you CAN'T make any other contribution to any other type of IRA without being penalized. Example if one has a Roth and a Traditional account and is under the age of 50, one can only contribute a total of 5000.00 into the IRA account combined. You can 2500.00 and 2500.00 but you can't do 5000.00 and 5000.00.

Also a Roth still gives more flexibility with the money and if the client thinks that they need the fund for a home purchase or to pay for college education they should definitely consider it over a traditional IRA.

More IRA info.

3) As far as you telling people not deal with Financial Advisors, just note one thing not everybody has the time or acumen to study the ins and outs of the market or to research a the different investment options. Take a doctor for example. Most Doctors work over 50+ hours a week. You tell me when they are going to have the time research what financial strategies are going to fit best for their financial objectives.

If you have the time and acumen to do the required research yourself you should definitely to the cost affective thing and handle finances and investments yourself. That is sound financial advise, but if one of those areas is lagging and you can afford you should definitely be looking to get some kind of guidance from a professional.
Method
QUOTE(The Conscience @ Jun 18 2008, 12:49 PM) [snapback]392922[/snapback]
You make some good points but you also speak in broad generalities that for the most part do not apply to most people.
1) All Financial Advisor have to be licensed to give advice so you saying they are nothing but glorified salesmen is a slap in the face to the Securities Exchange Commission, National Association of Securities Dealers and the states in which the Advisors hold Life Insurance Licenses. You go study for the series 7 test and pass and see you if you think that any Joe Schmoe off the street with the gift of gab could be a Financial Advisor.


Fuck stick, passing the Series 7 is the industry equivalent of passing your driver's license exam. If you can't do THAT on your first try, you have no business IN the business. Of course I make some generalizations. If I got into the nitty gritty of my experiences, I'd lose most people, and in a general conversation, there's no need to really needle in to fine point details.

QUOTE(The Conscience @ Jun 18 2008, 12:49 PM) [snapback]392922[/snapback]
2) The bit where you said that someone should only fund a Roth after they have maxed out their traditional IRA utterly incorrect.


You're right. What I meant to say was that you should first fully max out your 401K contribution before funding any kind of IRA, and in the flow chart that most bulge bracket brokerage firms present to their financial advisers, funding should take place in the following manner: 401k>IRA>THEN Roth IRA.

QUOTE(The Conscience @ Jun 18 2008, 12:49 PM) [snapback]392922[/snapback]
Also a Roth still gives more flexibility with the money and if the client thinks that they need the fund for a first time home purchase or to pay for college education they should definitely consider it over a traditional IRA.


You can use Traditional IRA funds for a first time home purchase, for health care needs, education (etc.), and again, a traditional IRA is a tax shelter.

QUOTE(The Conscience @ Jun 18 2008, 12:49 PM) [snapback]392922[/snapback]
3) As far as you telling people not deal with Financial Advisors, just note one thing not everybody has the time or acumen to study the ins and outs of the market or to research a the different investment options.


Exactly. That's why I said "they're good for old people or people who are completely oblivious"....people that just don't have the time/acumen.
Douchebag
QUOTE(Method @ Jun 18 2008, 02:33 PM) [snapback]392933[/snapback]
Fuck stick, passing the Series 7 is the industry equivalent of passing your driver's license exam. If you can't do THAT on your first try, you have no business IN the business. Of course I make some generalizations. If I got into the nitty gritty of my experiences, I'd lose most people, and in a general conversation, there's no need to really needle in to fine point details.
You're right. What I meant to say was that you should first fully max out your 401K contribution before funding any kind of IRA, and in the flow chart that most bulge bracket brokerage firms present to their financial advisers, funding should take place in the following manner: 401k>IRA>THEN Roth IRA.
You can use Traditional IRA funds for a first time home purchase, for health care needs, education (etc.), and again, a traditional IRA is a tax shelter.
Exactly. That's why I said they're good for old people and young kids....people that just don't have the acumen.



This is exactly what I didn't want this thread to turn into. Good job there Moderator. Basically you don't know what you where talking about so resorted to name calling. Just leave right there because it's plain as day what happened in this thread. Later.
Method
QUOTE(The Conscience @ Jun 18 2008, 02:54 PM) [snapback]392935[/snapback]
This is exactly what I didn't want this thread to turn into. Good job there Moderator. Basically you don't know what you where talking about so resorted to name calling. Just leave right there because it's plain as day what happened in this thread. Later.



Yeah, what happened in this thread is you came in here expecting you were going to be able to spout off some junior mint financial adviser jargon, throw the weight (or LACK thereof) of a Series 7 around (as if it had any) and expect to come off as some sort of "expert".

You're a used car salesman. A hunter and gatherer.

Which wholesaler came in and bought the office lunch today? Franklin Templeton? American Funds? What's the flavor of the week?
Douchebag
QUOTE(Method @ Jun 18 2008, 03:32 PM) [snapback]392938[/snapback]
Yeah, what happened in this thread is you came in here expecting you were going to be able to spout off some junior mint financial adviser jargon, throw the weight (or LACK thereof) of a Series 7 around (as if it had any) and expect to come off as some sort of "expert".

You're a used car salesman. A hunter and gatherer.

Which wholesaler came in and bought the office lunch today? Franklin Templeton? American Funds? What's the flavor of the week?



You're an idiot. Point Blank.
Method
You're a piker, point blank.

Go sell a 529 plan, you f*cking wannabe.
Douchebag
QUOTE(Method @ Jun 18 2008, 03:42 PM) [snapback]392941[/snapback]
You're a piker, point blank.

Go sell a 529 plan, you f*cking wannabe.



I will do that and you will still sound like the idiot you are because you don't what you are talking about and every post you make proves it, so keep them comming.
Method
I know EXACTLY what I am talking about and that's why your panties are in a twist.

"Go pass your Series 7 and come talk to me"

LOL. Suck my dick, piker.
Douchebag
QUOTE(Method @ Jun 18 2008, 03:49 PM) [snapback]392943[/snapback]
I know EXACTLY what I am talking about and that's why your panties are in a twist.

"Go pass your Series 7 and come talk to me"

LOL. Suck my dick, piker.



Listen to the Frauderator, LMAO you got all you facts fucked up. I have my 7, 66 and Life Insurance Licences and am currently working becomming a Certified Financial Planner so that I can better serve my clients. You sound like one of those no nothing no it alls that we come accross from time to time in the industry. You already got your facts WRONG once in this thread so please just stop emabarrassing yourself.


But since you brought it up, why don't you go pass the seven and tell me if it's the equivalent of a driver's license exam. Idiot.
iron_mike
You go study for the series 7 test and pass and see you if you think that any Joe Schmoe off the street with the gift of gab could be a Financial Advisor.



I got a 7, 63, and Life and Health licenses 8 yrs ago. I got an 88 on the 7 and a 90 on the 63. I'm no genius, but you do have to study your ass off for 2 wks-a month
Method
LOL. You got your 66?

That's a bigger joke than the 7.

You are so out of your fucking league right now it's ridiculous.

CFP? BFD.

Study for your CFA and come talk to me.
Douchebag
QUOTE(iron_mike @ Jun 18 2008, 03:59 PM) [snapback]392945[/snapback]
You go study for the series 7 test and pass and see you if you think that any Joe Schmoe off the street with the gift of gab could be a Financial Advisor.
I got a 7, 63, and Life and Health licenses 8 yrs ago. I got an 88 on the 7 and a 90 on the 63. I'm no genius, but you do have to study your ass off for 2 wks-a month



That was my point. I'm not saying that it is the hardest thing in the world to pass but the success ratio is only like 66% if I remember correctly.
Douchebag
QUOTE(Method @ Jun 18 2008, 04:00 PM) [snapback]392946[/snapback]
LOL. You got your 66?

That's a bigger joke than the 7.

You are so out of your fucking league right now it's ridiculous.

CFP? BFD.

Study for your CFA and come talk to me.


Yawn:
Method
Exactly.

Junior Mint.

"I am currently studying for my CFP to better serve my clients"

LMAO.

Used car salesmanship buzzwords, Junior.
Douchebag
QUOTE(Method @ Jun 18 2008, 04:05 PM) [snapback]392949[/snapback]
Exactly.

Junior Mint.

"I am currently studying for my CFP to better serve my clients"

LMAO.

Used car salesmanship buzzwords, Junior.



Still Trying, huh? So sad.
Al Hata

Fighthype poster by day, Batman by night.
Method
Trying what?

This is like plucking the wings off of a fly. Pure sophomoric entertainment for me.

Al Hata
QUOTE(Method @ Jun 18 2008, 04:05 PM) [snapback]392949[/snapback]
Junior Mint.



laugh.gif
Douchebag
QUOTE(Al Hata @ Jun 18 2008, 04:07 PM) [snapback]392951[/snapback]
Fighthype poster by day, Batman by night.



I where many hats. I expose Frauderators part time, also. LMAO
Method
QUOTE
I where many hats.


That 'Dunce' Cap fits you best.

The only thing exposed is that you are a fucking piker.

Go get me a closing quote on GE, Junior.
Douchebag
QUOTE(Method @ Jun 18 2008, 04:11 PM) [snapback]392955[/snapback]
That 'Dunce' Cap fits you best.

The only thing exposed is that you are a fucking piker.

Go get me a closing quote on GE, Junior.



The Frauderator speaks.
Method
...and the used car salesman pounds the pavement.
iron_mike
I think the Conscience just offered a new spin on the general discussion thread, not looking to boost his ego, or maybe he was, whatever. I don't see a reason to attack the guy. Would I invest my $ with a guy on an internet forum? Hell no. If I have a general question related to finance and I spend alot of time on this board why not ask him a question or 2? What's the big deal?
Douchebag
QUOTE(iron_mike @ Jun 18 2008, 04:17 PM) [snapback]392959[/snapback]
I think the Conscience just offered a new spin on the general discussion thread, not looking to boost his ego, or maybe he was, whatever. I don't see a reason to attack the guy. Would I invest my $ with a guy on an internet forum? Hell no. If I have a general question related to finance and I spend alot of time on this board why not ask him a question or 2? What's the big deal?



I'm not asking for anybody to invest any money with me. I have enough of a market that I can meet face to face where I don't need to do that. I just wanted to lend my services to this forum because I like most of the people here and it would challenge me. Nothing more, nothing less.
Method
QUOTE
I'm not asking for anybody to invest any money with me...
QUOTE(The Conscience @ Jun 18 2008, 04:20 PM) [snapback]392961[/snapback]
Also, I know some of you know Pro fighters in boxing or MMA, if you are comfortable with it feel free to pass on my information to them so I can be of assistance.
Douchebag
This Fraud spent 20 minutes lurking in this thread to find that. Yet nobody on this site can hand out none of my personal info because nobody knows it. How can I write business based on anything in this thread if you don't even know what my real name is? SMH....................
Method
Lurking in this thread to find what? Your first post?

I know exactly who you are. You don't work at Griffin Mills anymore, and I'd wager the people at Bank of America Securities, particularly the compliance department, might take exception to you spending your time in a boxing forum dishing out "financial advise".

Junior fucking Mint.
Douchebag
QUOTE(Method @ Jun 18 2008, 04:38 PM) [snapback]392964[/snapback]
Lurking in this thread to find what? Your first post?

I know exactly who you are, and you don't work at Griffin Mills anymore, and Im quite sure the people at Bank of America Securities, particularly the compliance department, might take exception to you spending your time in a boxing forum dishing out "financial advice".

Junior fucking Mint.



But thats exactly you did. Genius, you spent 20 minutes in this thread to find my first post. Congratulations. Do what you want Fraudulator, but answer this question, how would a poster without Fraud, i mean mod access know that information? Dick face.
Method
I'm a fraud? Motherfucker in 2006 you were slanging pizza for Papa John's you fucking piker.

Junior Mint.
Douchebag
QUOTE(Method @ Jun 18 2008, 04:54 PM) [snapback]392967[/snapback]
I'm a fraud? Motherfucker in 2006 you were slanging pizza for Papa John's you fucking piker.

Junior Mint.



LMAO. I must really have you mad with this Fraud shit. Fraud because you are pulling out all the stops. This shit is hilarious.
Method
No. I love it. You slung Pizza for Papa John's, went to City College, and delivered groceries for Von's. Yet, I'm a fraud. Ignorance is bliss.
Douchebag
QUOTE(Method @ Jun 18 2008, 05:01 PM) [snapback]392969[/snapback]
No. I love it. You slung Pizza for Papa John's, went to City College, and delivered groceries for Von's. Yet, I'm a fraud. Ignorance is bliss.


You are not making a point, Fraudualator. I also was in the Marine Corps, worked for moving company and went to John F. Kennedy High School in the Bronx. All before I became a Financial Advisor. Who cares? Fraud.
Method
Oh, you mean for the 2 years you've been in the industry? You fucking Piker.

I'll have a large pizza. Half plain. Half Pepperoni. Six pack of coke.

Got that?
iron_mike
Hey, if I could get some big name clients through a message board, why the hell not? U never know... as Conscience knows, it's all about referrals (once u get your foot in the door)
Method
Not 100% impossible, but EXTREMEMLY unlikely that any multimillionaire boxer is going to be taking financial advice from somebody who was tossing pies at Papa John's less than 2 years ago. Call me skeptical.

Seems my hypothesis about the retail brokerage/wealth management industry being a bunch of used car salesman (and pizza delivery boys) was proven correct once again.
ROLL DEEP
laugh.gif

Makings for the best thread ever.
JD
QUOTE(ROLL DEEP @ Jun 18 2008, 05:39 PM) [snapback]392975[/snapback]
laugh.gif

Makings for the best thread ever.


laugh.gif laugh.gif laugh.gif

We are off to a good start. Classic...we are dealing with "temple...forehead" shit here.

Douchebag
QUOTE(iron_mike @ Jun 18 2008, 05:11 PM) [snapback]392972[/snapback]
Hey, if I could get some big name clients through a message board, why the hell not? U never know... as Conscience knows, it's all about referrals (once u get your foot in the door)



It's not even about that. I have the access to meet big name clients(boxers included) without this thread. I was just trying to get a question and answer type thing going. Now this shit ruined by of all people a Mod, go figure.
Douchebag
QUOTE(Method @ Jun 18 2008, 05:10 PM) [snapback]392971[/snapback]
Oh, you mean for the 2 years you've been in the industry? You fucking Piker.

I'll have a large pizza. Half plain. Half Pepperoni. Six pack of coke.

Got that?



Oooooh I guess you really got me there.
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