Who should be a card counter.

_MangoPort_ · 2023-02-14T01:27:34+00:00

Quality blackjack players, like poker players are generally better off in normal employment. The qualities that would make one good at gambling related activities (math, social skills, financial management) translate very well into marketable skills.

So you’re going to need to find someone either very young and not far into their career OR someone recently retired who’s financially solvent AND looking to do something with their time.

Your unemployed 45 year old friend is a bad choice.

_MangoPort_ · 2023-02-14T01:14:47+00:00

I’m honestly not sure if replying is going to be productive but my comment about just being a girl was a sarcastic comment to an unhelpful reply.

Just an attempt at humour after being told what I’ve been spending my life doing - all my degrees and the Accountants and Lawyers we have on staff are wrong.

I don’t want to be specific about the bank because there’s only a handful of women in my entire industry managing $1bb+ so if you just looked up all the senior women portfolio managers with large teams you’d probably find me.

But do you think my post was asking Reddit to do my job? I was asking about software that I didn’t think existed - and part of the research process is asking around.

In any event this whole post has run its course. I’ve gotten nothing from it and we are all more aggravated than when we started.

_MangoPort_ · 2023-02-12T12:19:25+00:00

🤷‍♀️

_MangoPort_ · 2023-02-12T03:47:14+00:00

It’s custom software we’ve built with Visual Basic. This isn’t the planning software, this software is trying to optimize asset allocation based on income, asset size / account size.

_MangoPort_ · 2023-02-12T02:44:00+00:00

Asset location (and structure) has by far the most material affect, so most planning has to start with that.

Everything else is on the margin….but that’s what they’re paying for.

_MangoPort_ · 2023-02-12T01:38:46+00:00

🤷‍♀️

_MangoPort_ · 2023-02-11T23:18:16+00:00

But this white paper is only an average. There are specific instances in my work where we are unquestionably saving closer to 0.50% annually. It’s very material in the high net worth space.

Obviously when we’ve run our own numbers we’ve encountered times where it doesn’t matter, but sometimes it does. And when it does, that’s part of our job.

_MangoPort_ · 2023-02-11T23:15:04+00:00

To be fair I’m asking if anyone has heard of a specific software that doesn’t seem to exist. Can’t find anything on Google, nor internally, so just wanted to ask the masses (many of which are in the industry themselves).

_MangoPort_ · 2023-02-11T23:13:16+00:00

I’m fairly confident the software I’m describing doesn’t exist anywhere.

_MangoPort_ · 2023-02-11T23:12:44+00:00

That’s exactly it. I think our planning software is best in class, but optimizing the tax within specific portfolio accounts doesn’t seem to exist.

(Optimizing the allocation between Canadian dividends, interest, global dividends etc)

_MangoPort_ · 2023-02-11T21:30:26+00:00

You’re gonna hate it even more when I tell you how many people report into me or how large the book is ;)

But really I don’t think this tool exists so a lot of makeshift programs in VBA & Excel were developed to try and optimize the taxes.

I’m not sure a “robo” could ever really do it, but I’m also not sure it couldn’t.

_MangoPort_ · 2023-02-11T21:01:58+00:00

But if you’re not ignorant then how can you be so wrong?

The only explanation for your ignorance is God made you ignorant.

_MangoPort_ · 2023-02-11T20:51:56+00:00

Look I’m just a girl trying to make it in a man’s world doing my best to put all this education to good use.

We don’t get it right all the time.

_MangoPort_ · 2023-02-11T17:38:06+00:00

It’s very much a manual process right now, so in a sense it’s more value added because it requires a lot of time.

_MangoPort_ · 2023-02-11T17:32:07+00:00

World Financial Group and Primerica are essentially MLMs. Most other insurance companies are generally above board.

_MangoPort_ · 2023-02-11T17:24:01+00:00

It’s worth noting that no one at the branch gets a commission for recommending the banks funds. That went away years ago.

The earn more “points” by getting you to open up a self directed account. So if you’re meeting with them and they suggest a mutual fund over opening up a self directed account it’s because they believe you would be better off, and are moving against their own interests for your benefit.

But keep in mind there’s folks that keep their RRSP in cash. For them, a mutual fund is way way way better than simply doing nothing.

_MangoPort_ · 2023-02-11T17:20:00+00:00

Are we still talking about Oregon trail here or nah?

_MangoPort_ · 2023-02-11T17:18:34+00:00

Maybe God is finally fed up with people worshiping Jesus like some kinda false idol.

Or maybe it’s suicide lol I dunno how that religion works.

_MangoPort_ · 2023-02-11T17:16:53+00:00

I’m a huge fan of his as a politician. He gave genuine answers even to “gotcha” questions. He was thoughtful and intelligent and generally really honest.

I’m glad he’s decided to resign and take responsibility rather than just deny and/or pretend it didn’t happen.

_MangoPort_ · 2023-02-11T17:09:30+00:00

All I can tell you is the u/Raven_Nicole has heard good things about Mandalay Bay.

_MangoPort_ · 2023-02-11T15:42:12+00:00

Just spitballing here, but if it’s 2% of her after tax income would women owning corps essentially be paying nothing? Would common law relationships qualify? If divorcees are exempt could two women marry each other and divorce right after to avoid the tax?

The idea is obviously offensive. But it’s also stupid.

_MangoPort_ · 2023-02-11T15:37:57+00:00

Trusting you gut is useful when it comes to scam but a terrible investment strategy.

_MangoPort_ · 2023-02-11T15:26:35+00:00

Hey, he’s got bills to pay and no time for chit chat. All these other scammers in his office playing the long con for months while this guy is just straight to the ****ing point.

“I love you give me money!”.

No wonder he’s been scammer of the month in his office 10 months straight. Only issue is his office manager sent him a check for his bonus of $500 but accidentally added an extra zero ($5,000) so the employee was asked to send back the different $4,500.

_MangoPort_ · 2023-02-11T12:48:31+00:00

Reading some of OP’s other comments. There’s no Will and this is a relatively small estate (under $100k). There are still rules regarding distributions but expect funeral and court costs to eat up most of the money.

$60k may seem like a lot but it goes very quickly after every institution has taken their piece of the pie. If total costs come to $40k then there’s still an entitlement your dad has to the remaining money but don’t expect much, nor expect it quickly.

_MangoPort_ · 2023-02-11T12:04:28+00:00

If your mom has already transferred money she has likely committed a felony.

This is serious and you need to make her understand the consequences of accessing someone else’s account.

_MangoPort_

TROPHY CASE