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The Finances and Debt Thread

Do Not Sell My Personal Information
I applied at Key Bank for a Branch Manager position. Was only phone screened this time and not selected. I also applied for a Relationship Manager position for them since Key pays better than Chase or BoA at least in base pay for that position. It would still likely be a decent increase in pay, and I'd get licensed. I think my goal for the next few years is to become a financial adviser probably for Fidelity Investments. Base pay that never goes away (rare in financial advising), no cold calls, and they have government-level benefits. Average pay is well over six figures once you're established.

Other companies I'm looking at are BoA, Edward Jones, US Bank, Washington Federal, Alaska Federal Credit Union, Banner Bank, and Wells Fargo. There are some local credit unions that I'd probably prefer to work for, but they're not hiring for positions that I'd want. I'm just treading lightly because some of the employee reviews of various companies specifically within certain positions concerning things like employee turnover, the culture, and actual hours worked.

Right now, I'm just trying to find somewhere to get my foot in the door while finding a position that's at least a lateral move financially.
 
I applied at Key Bank for a Branch Manager position. Was only phone screened this time and not selected. I also applied for a Relationship Manager position for them since Key pays better than Chase or BoA at least in base pay for that position. It would still likely be a decent increase in pay, and I'd get licensed. I think my goal for the next few years is to become a financial adviser probably for Fidelity Investments. Base pay that never goes away (rare in financial advising), no cold calls, and they have government-level benefits. Average pay is well over six figures once you're established.

Other companies I'm looking at are BoA, Edward Jones, US Bank, Washington Federal, Alaska Federal Credit Union, Banner Bank, and Wells Fargo. There are some local credit unions that I'd probably prefer to work for, but they're not hiring for positions that I'd want. I'm just treading lightly because some of the employee reviews of various companies specifically within certain positions concerning things like employee turnover, the culture, and actual hours worked.

Right now, I'm just trying to find somewhere to get my foot in the door while finding a position that's at least a lateral move financially.

Keep in mind credit unions typically pay less. You’re looking at 40-45k starting out at branch manager spot for a credit union with no bonus in the Cleveland area. I’m not sure about your area though.

Key and chase both start you off with 4 weeks of vacation.
 
Not sure if right thread but... Stock Market just had it's worst day in year. We broke major support and we're looking for more down before up. Next major support is this years low. Break that and we've got a full blow stock market melt down. This is looking like Bitcoin at 20k kinda thing. I hope it crashes hard. This is the most rigged system of all time, pumped by fake Fed money since the 50ies. All those rich fuckers who got richer with it deserve to see it crumble and see their investment disappear.

I know of a bunch of trader who shorted the exact top, they're making a killing right now.
 
Not sure if right thread but... Stock Market just had it's worst day in year. We broke major support and we're looking for more down before up. Next major support is this years low. Break that and we've got a full blow stock market melt down. This is looking like Bitcoin at 20k kinda thing. I hope it crashes hard. This is the most rigged system of all time, pumped by fake Fed money since the 50ies. All those rich fuckers who got richer with it deserve to see it crumble and see their investment disappear.

I know of a bunch of trader who shorted the exact top, they're making a killing right now.
That's an odd thing to hope for. Do you have any personal investments accounts? Retirement? Stocks? Mutual funds?
 
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That's an odd thing to hope for. Do you have any personal investments accounts? Retirement? Stocks? Mutual funds?
Sad truth is, it's going to be retail who loses out. Smart money is probably out already meaning it's the average joe who's seeing his money go down. Don't wish that on anyone.

But the stock market is an absolute joke, a machine to make the riches richer and I have to admit, I'm looking forward to the day it has a full melt down. Our entire economical and political system is a joke and it needs to die before our civilization can grow. I don't have anything in stocks personnally. I trade cryptos, not stocks. Stocks are mostly owned by boomers' and they fucked my generation way too much for me to care :)

And by the way, boomers are now busy selling the top of an over inflated housing market to their debt riddled sons and daughters and they don't even know it. Boomers were born during a market bottom and will die during a market top. No other generation had it so easy.
 
Anyone listen to Peter schiff

He has a lot of useful analysis in areas that are overlooked by the average investor (i.e. rising interest rates and their affects on student loan, credit cards, auto delinquencies, reduction in mortgage refinancing, stock buybacks, etc).

He also pushes gold/silver as a hedge against a market crash partially due to his ownership of SchiffGold, while ignoring other options such as the value of crypto currencies or VIX hedging at the same time.

Although I agree with Schiff that the markets fundamentally are behaving in an irrational manner, I also think the saying "the market can remain irrational longer than you can be solvent" is also true.
 
Not sure if right thread but... Stock Market just had it's worst day in year. We broke major support and we're looking for more down before up. Next major support is this years low. Break that and we've got a full blow stock market melt down. This is looking like Bitcoin at 20k kinda thing. I hope it crashes hard. This is the most rigged system of all time, pumped by fake Fed money since the 50ies. All those rich fuckers who got richer with it deserve to see it crumble and see their investment disappear.

I know of a bunch of trader who shorted the exact top, they're making a killing right now.

So you’re hoping for the market to crash and hit the average Joe?

You ever watch the big short? The guy is getting happy about the market and making tons of cash. The retired investor they brought in tells them to stop being happy about it because every average Joe is suffering and people are losing their homes.
 
So you’re hoping for the market to crash and hit the average Joe?

You ever watch the big short? The guy is getting happy about the market and making tons of cash. The retired investor they brought in tells them to stop being happy about it because every average Joe is suffering and people are losing their homes.
Read my other post. I don't wish the average joe to lose his investment. Definitely not. But I can't help but hate on a rigged system designed to make the rich richer and keep the poors at bay. How easy is it to make money with stocks seriously? Shit's only ever going up. It's not like the people who got rich on it have any kind of merit.

So yeah, fuck the stock market.
 
The stock market is the financial conglomerates and their computer algorithms. We all play on the margins.

In the industry I'm in, here are the institutional ownership percentages of the six largest US airlines:

United Continental Holdings: 96.1%
JetBlue Airways: 90.3%
Alaska Air Group 89.8%
Delta Airlines: 88.8%
American Airlines Group: 83.0%
Southwest Airlines 81.2%

You see the same names in the top 10-15 of ownership list in each of these: Berkshire Hathaway, T.Rowe Price, Vanguard, BlackRock, State Street, PrimeCap, FMR, Goldman Sachs, PAR Capital.

Many in our industry have bought back shares at near record highs to satisfy the fund managers and institutional investors. When the economy has its next downturn or higher fuel prices, those billions of spending for share repurchasing instead of in the coffers for getting through the lean times won't look too smart.

We are riding the tide of what the fund managers, index funds and computers are doing. Our few thousand share buying and selling aren't moving the needle, only filling what orders are out there.

If 1,000 of us each bought 1,000 shares and grouped those shares together in a RCF fund, we would be #23 of institutions for Alaska, #39 for United, #40 for JetBlue, #48 for American, #60 for Southwest and #85 for Delta. We would barely get a meeting with company leadership or a question answered on a quarterly conference call.

We have gone from focusing on the customer/consumer to focusing on the institutional investor with consumer data being secondary. How can Facebook get you to look at one more ad, how can Google get you to click on one sponsored advertisement, the airline selling a seat at check in with more legroom, Disney selling you another t shirt before you leave the park.

Just as the banks and auto industry were "too big to fail" and we all involuntarily paid for it in 2008, these (mostly same as before) large financial conglomerates will be our downfall in the next recession/depression. We will be holding the bag again with our 401k's, pensions and individual investments cratering. They will have their billions in salaries and bonuses from the past decade plus safely put away. The smart ones, at least.

The average investor's best hedge is having a partial investment being contrarian and doing research to find the next niche investment (cryptocurrency, lithium, marijuana the past few years) and diversify (say 1% each in ten companies) in those areas before mainstream investment gets too saturated.

If you can watch Netflix for a few hours each weekend, you should be able to spend two hours a week researching your investing future.
 
Interviewed with Bank of America for a Relationship Manager position. It's a lower position than I felt I was qualified for, but I wanted to get into the financial services industry. The interviewer basically said that I was overqualified and discussed manager/assistant manager positions as well as financial advisor positions instead and wasn't too interested in me for the RM position. This may be the lead I was looking for. I just had the interview yesterday. I'll update when I hear back.
 
So . . . Yeah. Two fridays ago, I had my interview for the Relationship manager position with bank of America. They said that I might be better suited for management instead of sales (not that I was bad at sales) during the interview. They said they'd call me. After not being contacted through all of the next week, I emailed the recruiter last Friday, only to hear that the position had been filled and that she had some feedback she'd like to give to me over the phone early the next week. I wondered if she was going to tell me why I wasnt selected for any position or if it was just to talk about other positions. She never called, so I called her this past tuesday and left a message. She still didnt get back to me, so I sent her an email yesterday. Still no response.

This is just all really weird because the person that interviewed me was gushing over me and made it known both verbally and through her actions that she really liked me. I mean, she mentioned even higher positions than what I was interviewing for because of my qualifications. To go from that to nothing is strange. I'm going to call the original interviewer to see if I can find out any more information since the recruiter is seemingly ignoring me.

This is all pretty disheartening.
 

Rubber Rim Job Podcast Video

Episode 3-13: "Backup Bash Brothers"

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Episode 3:11: "Clipping Bucks."
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