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Old 02-01-2019, 02:18 AM   #4476
kpr16
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Re: Jmakinmeangry's debauchery and general idiocy blog

Jmakin, is the original post truthful? About your diagnosis?

You may want to consider working with an advisor who has experience with similar clients. Maybe a CFP who is also a Financial Therapist or AFC. It may be tough to find one at a local broker dealer or affiliated firm.
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Old 02-01-2019, 02:29 AM   #4477
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Re: Jmakinmeangry's debauchery and general idiocy blog

Also, brokers, like the one you met, are trained in sales. Always ask them if they have a legal fiduciary duty. No reason to work with anyone who does not.
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Old 02-01-2019, 03:00 AM   #4478
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Jmakinmeangry's debauchery and general idiocy blog

Quote:
Originally Posted by Ungoliant View Post
fwiw, Merrill Lynch is just a division of Bank of America now.



I don't really understand the purpose of this account for you. It's just a brokerage account that earns 2% interest? I thought you already had an online savings account that would be just as liquid, insured, and earn a similar interest rate. Are you planning to actually trade stocks with this rather than opening a mutual fund account?


The savings account i was gonna deposit in had 0.03% interest. This account came with checks and debit card if i wanted, was insured, and there are mutual funds i can invest in if i choose. But their investment rates are pricier, like 0.45% and then 0.85% if you want your own personal advisor. And they also have really flexible CDís that he swore could match the 2.7% ive seen elsewhere. I told him i just wanted to be easily able to move money and have my options open and it seemed like this was not gonna hurt me. It looks like if you wanted to just trade on your own you could do that with them. i also get a $300 bonus for just having a $50k balance for 3 months so thatís ok (i didnt really care about that too much)

Iím gonna read up on their **** tomorrow morning figure it out and then go from there.
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Old 02-01-2019, 03:06 AM   #4479
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Re: Jmakinmeangry's debauchery and general idiocy blog

Quote:
Originally Posted by kpr16 View Post
Jmakin, is the original post truthful? About your diagnosis?

You may want to consider working with an advisor who has experience with similar clients. Maybe a CFP who is also a Financial Therapist or AFC. It may be tough to find one at a local broker dealer or affiliated firm.


I dont really read or talk much about old posts from this thread but since youíre new iíll tell you that when i made this thread i was in a very different place in my life, i had a terrible therapist, and i was much younger and poorer. So yea itís accurate but itís very much a product of what my life and circumstances were at the time - i was poor, desperate, mentally unwell, and grieving my dad.
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Old 02-01-2019, 03:09 AM   #4480
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Re: Jmakinmeangry's debauchery and general idiocy blog

I cant even imagine trying to read this thread from start to finish, lol. I gotta do it soon just to debrief myself from the last several years but man i am not looking forward to it
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Old 02-01-2019, 10:53 AM   #4481
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Re: Jmakinmeangry's debauchery and general idiocy blog

Its fine that you didnt go with Vanguard though your concerns with a 2008 type scenario more accurately describes Merril Lynch/BoA.

Just make sure that before you actually buy any funds, you post the fund name (sticker symbol) here and you actually follow the advice at that point in time.
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Old 02-01-2019, 11:06 AM   #4482
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Re: Jmakinmeangry's debauchery and general idiocy blog

Thanks for the recap, Jmakin. I read only the ending and the first few posts.

.85% or 85bps AUM is pretty typical for someone who has an office and meets with you in person for financial planning. But, this assumes they are actually DOING financial planning and not just asset management (asset allocation, investing/rebalance your account, and generating reports). To be clear, you only want to consider working with someone who does both at that price point. Robo-advisors and hybrid models at Vanguard, Schwab, Fidelity and Betterment are options for just the asset management. And they are less than half that 85 bps cost. I've used Vanguard's and I liked it. I do not feel the offering is 'comprehensive' financial planning, but for someone in your situation it might be all you need.

I would also consider doing just one fund and done (life strategy fund) in your situation.

Last edited by kpr16; 02-01-2019 at 11:13 AM.
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Old 02-01-2019, 11:36 AM   #4483
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Re: Jmakinmeangry's debauchery and general idiocy blog

Don’t pay that fee for a financial advisor, which you don’t need. Vanguard is exactly what you were looking for. They are far less prone to conflicts and perverse incentives than any broker.
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Old 02-01-2019, 01:41 PM   #4484
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Re: Jmakinmeangry's debauchery and general idiocy blog

Ok I read all the documents online. Some info was a little hard to find but I know what this is.

It's just a deposit account for the ML investment platform. It is basically a bank account. It seems really good for high balance holders - if you have a $100k minimum opening deposit, you get their preferred deposit account, which right now is 2.07% APY.

No annual fees, it takes a day to transfer funds. $50 fee for emptying the account. Bunch of fees for making trades and stuff, which I don't plan on doing.

There is an automated directed investing program he was trying to sell me that is 0.45%. The personal advisor one is 0.85%. But regardless, this kind of account is EXACTLY what I was looking for. It's got a great rate and is super liquid. - it's connected to my B of A account. And now I'm getting all these extra BofA rewards and perks. Pretty awesome. And I get an extra $300 for opening the account if I maintain a high balance for 90 days. Having cash is great - it seems like the more money you have the more people want to throw money at you to get you to invest with them
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Old 02-01-2019, 02:54 PM   #4485
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Re: Jmakinmeangry's debauchery and general idiocy blog

Whatever you do, do not give anyone discretionary authority to execute transactions on your behalf.
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Old 02-01-2019, 03:27 PM   #4486
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Re: Jmakinmeangry's debauchery and general idiocy blog

Right, so take their $300, leave the emergency fund there, and as soon as you can set up an account direct with vanguard and send over the balance into you choice of funds there.
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Old 02-01-2019, 03:37 PM   #4487
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Re: Jmakinmeangry's debauchery and general idiocy blog

yea exactly
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Old 02-01-2019, 04:58 PM   #4488
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Re: Jmakinmeangry's debauchery and general idiocy blog

Jmakin, are you going to max out your 401k (19,000) for 2019?
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Old 02-01-2019, 05:47 PM   #4489
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Re: Jmakinmeangry's debauchery and general idiocy blog

my employer doesnt match contributions so no
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Old 02-01-2019, 06:00 PM   #4490
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Re: Jmakinmeangry's debauchery and general idiocy blog

Quote:
Originally Posted by jmakin View Post
my employer doesnt match contributions so no
So? You still get tax deferral. Not maxing out all tax advantaged space available to you is a big mistake.
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Old 02-01-2019, 08:26 PM   #4491
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Re: Jmakinmeangry's debauchery and general idiocy blog

Oh, i will look into that. I also have a good amount of money in my old 401k i need to rollover into this current one
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Old 02-01-2019, 09:39 PM   #4492
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Re: Jmakinmeangry's debauchery and general idiocy blog

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Oh, i will look into that. I also have a good amount of money in my old 401k i need to rollover into this current one
Don't do that. Do an IRA rollover into Fidelity, Vanguard, or Schwab.
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Old 02-01-2019, 09:41 PM   #4493
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Re: Jmakinmeangry's debauchery and general idiocy blog

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Don't do that. Do an IRA rollover into Fidelity, Vanguard, or Schwab.
OP is in Tech in CA. There's a good chance he won't be eligible for Roth IRA at some point in the future. In that case, he won't want any money in Traditional IRAs so he doesn't have to worry about the pro-rata rule when doing Backdoor Roth.

IRA money also doesn't have as good of protections in CA as 401k money, but that's a very small concern.
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Old 02-01-2019, 09:50 PM   #4494
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Re: Jmakinmeangry's debauchery and general idiocy blog

This merrill lynch rep is sort of a bozo
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Old 02-01-2019, 10:00 PM   #4495
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Re: Jmakinmeangry's debauchery and general idiocy blog

Kato - Rollover IRA. I believe funding one doesn't affect either traditional or Roth IRAs. But I'm always willing to learn.
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Old 02-01-2019, 10:03 PM   #4496
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Re: Jmakinmeangry's debauchery and general idiocy blog

A rollover IRA is still either Traditional or Roth.
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Old 02-02-2019, 11:44 AM   #4497
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Re: Jmakinmeangry's debauchery and general idiocy blog

But as long as you don't commingle funds you still have your full options available for opening an additional IRA, right?
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Old 02-03-2019, 04:26 PM   #4498
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Re: Jmakinmeangry's debauchery and general idiocy blog

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But as long as you don't commingle funds you still have your full options available for opening an additional IRA, right?
Here's the situation I'm referring to:

If you make too much money, you can't directly contribute to a deductible Traditional IRA nor a Roth IRA.

You can do what's called a "backdoor" Roth contribution by making a non-deductible contribution then recharactering that money to Roth.

If you have any pretax money in any IRAs anywhere, you have to then follow what's known as the "pro-rata" rule. Any money you convert is assumed to be proportional between your pre-tax and after tax moneys, meaning you have to at that time pay taxes on the pretax funds and convert them.

If OP leaves the money in a 401k then he wouldn't have to worry about that (assuming he doesn't already have money in pretax IRAs).

https://www.bogleheads.org/wiki/Backdoor_Roth
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Old 02-05-2019, 09:37 PM   #4499
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Re: Jmakinmeangry's debauchery and general idiocy blog

wooo boy I am tilted and ragey today. I don't know the root cause of it, work's been a little stressful and I'm kind of floundering on what to do next and I have this remote guy that's a huge pain to deal with, caused some frustration today on my big project.

Almost had road rage on the way home battling traffic and some idiot almost ran me off the shoulder and then flipped ME off.

Go to buy beer, I have an expired ID right now (it's in the mail) and went to my local bodega which I'm a pretty frequent regular at and everyone knows me. Usually these places don't card even when you're borderline, especially this one. Some guy I didn't recognize tried to card me and wouldnt take expired ID + my temporary.

Barely held it together and walked out of there, almost ran into the same problem somewhere else but rolled and passed a charisma check and got my beer. JFC. I'm 30 ****ing years old they're not even legally required to card. I don't mind at super corporate places, they always card because they have to and will get fired if they don't. But this guy was just being a dweeb. I don't look even close to under 25, I wish I did.
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Old 02-05-2019, 09:40 PM   #4500
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Re: Jmakinmeangry's debauchery and general idiocy blog

Also I think I have money in a pre-tax IRA but I don't even wanna think about that **** right now
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