The Finances and Debt Thread

[David.]

Time in the market > timing the market. See Bob's story that I linked a few pages back.

You could also do ROTH IRA. Pay taxes now, pull out principal whenever you want with no penalty, and never pay taxes on any gains (assuming you wait until retirement age).

Normally id agree but man it has to be at an absolute peak right now, or coming close.. You still would go in?

 

[Pick6]

Normally id agree but man it has to be at an absolute peak right now, or coming close.. You still would go in?

Outside of recessions, the market is probably almost always near or at record highs throughout the course of history. I go into the tune of ~$700/paycheck into my 401k, plan to max ROTH at the beginning of every year, plus will starting contributing to after tax accounts once I can afford it. I plan to continue doing that until I don't need to plan for retirement anymore. Thats the plan, whether I have the balls to do that during a recession might be another story. If you continue investing during a downturn, you are dollar cost averaging your principal investment and it helps lessen the blow (assuming the market recovers eventually).

 

[Cavatt]

I don't have a lot of spare cash. I am in my 30's. I have a Roth IRA with about 30k in it. I have not been able to max out my contribution because of the the kid.

Because i don't have a lot of spare cash I have been making a few small investments I am really gambling on. I did some of these crowdfunding venture capital things. The one I am most excited about right now is Med X. I first invested 840 dollars 2 years ago when it was really unknown. Now they actually have revenue, and they recently made some sales to India that cleaned out their inventory. They are making CBD oils for pain relief, and also are making organic non-toxi pesticides for use on cannabis. Weed is legal in Canada starting Oct 18th. Med x is tryijng to get an IPO going by the 1st of the year. I think it is really well-timed and they are focusing on true organic weed which hasn't really been done yet.

In any case, the CEO has made a 200M dollar company before, and they now have licensing with pest control companies with 1700 pest control trucks out there. I don't think this is a slam dunk, but pretty close. Shares are at 60 cents and I think it could grow substantially. Univar is selling their products right now and my company buys from them and they are super legit.

This is pre-IPO which is pretty cool. I never got a chance to invest in something before it went public before. This is a good play and you might be looking at many times returns. I have 1k in it. I think if you have a few hundred bucks and want something with upside this is for you.

I also like that it is hedge in the weed market. It's not actually marijuana products except for a small segment. It is mostly dealing with the pesticides which is major part of cultivation. Do you research, but I have a good feeling about this one.

https://www.startengine.com/med-x

 

[gourimoko]

I don't have a lot of spare cash. I am in my 30's. I have a Roth IRA with about 30k in it. I have not been able to max out my contribution because of the the kid.

Because i don't have a lot of spare cash I have been making a few small investments I am really gambling on. I did some of these crowdfunding venture capital things. The one I am most excited about right now is Med X. I first invested 840 dollars 2 years ago when it was really unknown. Now they actually have revenue, and they recently made some sales to India that cleaned out their inventory. They are making CBD oils for pain relief, and also are making organic non-toxi pesticides for use on cannabis. Weed is legal in Canada starting Oct 18th. Med x is tryijng to get an IPO going by the 1st of the year. I think it is really well-timed and they are focusing on true organic weed which hasn't really been done yet.

In any case, the CEO has made a 200M dollar company before, and they now have licensing with pest control companies with 1700 pest control trucks out there. I don't think this is a slam dunk, but pretty close. Shares are at 60 cents and I think it could grow substantially. Univar is selling their products right now and my company buys from them and they are super legit.

This is pre-IPO which is pretty cool. I never got a chance to invest in something before it went public before. This is a good play and you might be looking at many times returns. I have 1k in it. I think if you have a few hundred bucks and want something with upside this is for you.

I also like that it is hedge in the weed market. It's not actually marijuana products except for a small segment. It is mostly dealing with the pesticides which is major part of cultivation. Do you research, but I have a good feeling about this one.

https://www.startengine.com/med-x

Med X?

 

[Cavatt]

Med X?

Is it an xmen thing? Lol

 

[gourimoko]

Is it an xmen thing? Lol

War.. War never changes...

 

[bigfoot5415]

Looking to have my student loans paid off in March. Also looking at a new job with a pretty significant increase. After I max my IRA, where should I be putting my extra money?

My house?
Down payment for a new house (kid on the way)?
Pay off wife loan?
Open up an IRA for her (she has 401k)
Or just put money in various funds?

 

[The Process God]

On average, I’d say 45 is not a bad number to expect. However, there are times where you may need to work more. (On non holiday weeks, holiday weeks you’re usually working 30)



This can vary based on the bank. There’s a lot of coaching and development involved in employees. Assigning goals and making sure people are meeting them. Conflict resolving with employees and customers. Making sure the branch is hitting its objectives. Also small business visits and cold calls. Community involvement is also big. Creating relationships is huge. Again this can be vastly different from bank to bank. There’s also various reports depending on the bank as well.



I’d say 60-70k base is what you should expect. Now, I’ve never worked for Chase as I stated before. I’d say it’s not unreasonable to get over 100k after a few years.



New relationships or households is how most companies measure accounts. Business loans are huge at most of the smaller banks (including Huntington sized ones), but I’m not sure about Chase. The companies that I’ve been involved in cared about business accounts, business loans, merchant services and pretty much anything business first. Then consumer loans and accounts. Monthly goals didn’t matter as much for the companies I worked for, as in you could miss them if you made up for them in other months. Each company has a different review process, but they aren’t just going to can you for missing goals once and a while. They’ll get you if you fail yearly and then you don’t meet expectations on your reviews for a few years. You’re looking at probably 2 years of failing in which case you’d probably already realize the job isn’t for you.



It really does vary a lot depending on branch to branch. I’ve only seen engaged bm’s canned for stupid things they did (I.e. HR issues, stealing, sexual harassment etc)



Really this depends on the company. I’ve had ones where year end could be up to 30k. Some banks offer monthly, quarterly and yearly bonuses. While others offer just monthly and yearly. I don’t want to tell you a number that’s too high and then you be down about it. It’s not unrealistic to think 6 figures after bonuses though if you’re hitting all objectives and you’ve been with the company a year or 2. I’m not sure if you’re automatically eligible for the yearly bonus with Chase.



Sometimes no banking experience is better because they can mold you to the way they want. Where as if you came from another company you’re most likely to carry over traits from that other company. It wouldn’t be a bad idea to google interview questions JP Morgan Chase just to get an idea.

Huge questions in banking right now are about coaching and employee development. So they might ask you about how you’ve helped someone get promoted in your previous job and how did you mentor them. Or how you’ve dealt with conflict between employees. Or how you’ve dealt with a difficult employee and what was the outcome.



Is the interview at the branch you’d be working at?

I’d ask how busy that branch is in terms of others, I’d ask them about progression (if you’re serious about moving up),



It’s honestly sometimes hard to gauge this.



District, regional, and divisional manager are all in line of direct progression, but there’s other things like auditing that might be achievable.



If the company requires them, they will pay for them. That’s one thing about banking (they aren’t cheap when it comes to that type of expense). If you have to go out of town for training they’ll put you in a nice hotel and pay for everything. You also get an expense card typically for buying your team lunch/dinners/etc.



You’re your own boss for the most part. I mean you do have oversight, but they aren’t in everyday. Typically I saw my boss about once a month when I had a hands on boss. When I didn’t, it could be months.



At times I felt like an overpriced babysitter when you walk into a lot of conflict at a branch. Unfortunately your team is going to spend a lot of time together (more then they see their families) and the number 1 conflict in banking is personality diffences.



Dress for success and good luck.

Question: What is a Vice President Branch Manager vs a Branch Manager? And what is a vice president in general? Thanks for answering all of those questions, btw.

 

[Ob1]

Looking to have my student loans paid off in March. Also looking at a new job with a pretty significant increase. After I max my IRA, where should I be putting my extra money?

My house?
Down payment for a new house (kid on the way)?
Pay off wife loan?
Open up an IRA for her (she has 401k)
Or just put money in various funds?

What is your mortgage interest rate?
What is your wife's loan interest rate?

 

[David.]

If I have two different types of student loans, one with a higher rate, do I want to pay the minimum on the smaller one and everything else towards the more expensive one?

 

[The Voice]

Question: What is a Vice President Branch Manager vs a Branch Manager? And what is a vice president in general? Thanks for answering all of those questions, btw.

It’s the title, so some companies use different terminology. So a vp bm would be someone that is tenure and hits their numbers every year. Really it’s “next step” after being a bm, but it’s the same exact job. It just recognizes you for accomplishments. You might get a few extra perks like a higher transaction limit or being able to do a task regular bm’s can’t. It’s not something that’s crazy significant.

It also depends on the company, but for the most part that’s all it is. There’s sometimes not even a pay increase with that title other then your normal merit increase (which if you’re excelling can be decent).

 

[Ob1]

If I have two different types of student loans, one with a higher rate, do I want to pay the minimum on the smaller one and everything else towards the more expensive one?

Are they both already accruing interest?

 

[David.]

Are they both already accruing interest?

Yes

 

[Ob1]

Yes

Without knowing the amount and the years left, I can't say for sure, but you're likely on the right path by paying off the higher interest rate debt first.

Some people advocate for the Debt Avalanche payment structure (IE what I/you suggested) and some believe in what they call the snowball approach (IE paying off the smaller principal debt first to get one loan out of the way). Simply put, paying off the higher interest rate loan, will save you money in the long run. However, some people like the psychological benefit of paying off a loan. If that is you, and it will keep you on track, then pay off whichever has the smaller principal balance first (not my suggestion).

Read here: https://www.investopedia.com/articl...avalanche-vs-debt-snowball-which-best-you.asp


I personally would input the amounts into this and decide from there:

https://studentloanhero.com/calculators/student-loan-prepayment-calculator/

But without knowing anything, again, I'd say debt avalanche is better because (outside of the psychological benefits) it will pay off your total loans faster.

 

[bigfoot5415]

What is your mortgage interest rate?
What is your wife's loan interest rate?

My loan is right at 4% I do believe (roughly 100k left). Her student loan interest averaged around 7% with 65k left.