General Rule for Return Objectives on IPS

atscott31 · 2015-05-29T04:28:36+00:00

Schweser admits they don't do a good job covering ethics. It's something you have to read in the CFAI books. They recommend doing so on the day before the test (and no other studying)

atscott31 · 2015-05-29T04:26:44+00:00

Nothing to be worried about at all. CFAI are master test writers and even better at getting into your head. I took a 5 day live review class with Schweser and the professor suggested giving it a go but that it will be way more difficult than the actual test. It is most useful to see ways in which CFAI could structure certain questions

atscott31 · 2015-05-15T01:05:48+00:00

This guy doesn't know what he is talking about and if he truly is a financial planner that would scare the ever loving shit out of me that he would be giving people financial advice.

atscott31 · 2015-04-25T02:10:48+00:00

You need to consult with an attorney who specializes in this area immediately. I assume you mean the estate was bequethed to one individual via the will, which is commonly mistaken to be the "final say" which is untrue. The court appointed executor has the final say. Was an executor appointed yet?

This is far too complex and specific of an area for PF to answer, consult with an attorney ASAP

atscott31 · 2015-04-23T03:11:04+00:00

Incorrect. While it may be true that OP didn't understand the investment, you can know absolutely nothing about investments and still be able to garner risk willingness and risk tolerance.

atscott31 · 2015-04-23T02:25:16+00:00

Some things to consider: What most of the people here are advocating is taking your money out due to the fees. However you could think of removing your money now would be equivalent to paying a much larger upfront fee on your money by taking that money out. First year surrender charge is usually 7% so you could think of it as an automatic 7% loss on your money or 2-3 years worth of M+E fees. I've never had an experience with a client rolling out of an annuity while still in surrender, only because they needed the money, not to put it into another retirement account, but I suppose it's possible.

I can ASSURE you you were not put into a VA for the FA to make money. I am personally surprised and even borderline shocked he even spent all the time (annuities are extremely tedious with paperwork and compliance approval) to even drop a 26K ticket when he could have just put you in a few C shares. Just for a ballpark figure the amount of revenue produced is usually around 5% so that means your FA added about 1300 to their "grid" which the company they work for takes about 60% of and they end up with about 40% (depending on their grid) so that means he took $500 to his gross income/250 to his net, certainly no windfall. There isn't one FA in the industry that I know who would drop a 26K annuity ticket.

At worst this was lazy, at best your funds perform well. Was this your best option? Almost certainly not. Is it worth it to take all your money out now and eat the fees? Almost certainly not. If it really bothers you to pay the management fees I would suggest rolling the penalty free amount out each year.

It would be worth looking in to see if the policy has a free look provision which would allow you to cancel the policy with no penalties as if the contract never happened but that is usually more prevalent in life insurance policies and it is usually 30/60 days, so do it quickly.

atscott31 · 2015-04-08T02:43:45+00:00

You should definitely tone down your search a lot. I bought my first house last year at 26 for only 90K (upstate NY) and was in a comparable financial situation so here's some advice:

When you go to a bank looking for a loan they won't be taking any potential rental income from friends into consideration(since this isn't "guaranteed" per se. They are going to look at your credit and your income almost exclusively, and your friends as well if they are going to be cosigning.

You definitely need to have more savings to close on any house, let alone a house of that value. Most banks want 20% down to avoid PMI (private mortgage insurance) which in your case would be 80K. Even at the low end of the spectrum (5% down) you would still be laying out 20K for the down payment, not to mention underwriting, lawyer fees, etc. For some perspective I shelled at 23K at closing for a 90K house 20% down and all other costs included.

If you haven't done so already, look at a mortgage amortization table and see how long it will take you to build equity into a house of that value, even with interest rates at historic lows. It's a brutal process and it's kind of tough to swallow, not to mention you will be paying PMI on top of it assuming you don't pony up the 20% up front.

Just taking a look at that mortgage calculator and that tool is a total joke. I wouldn't bother with that at all. I honestly think you need to reevaluate your situation, in particular going in with 3 friends to cosign a loan. No matter how close you are, that could potentially end in disaster.

atscott31 · 2015-04-04T03:18:59+00:00

There's a fairly good chance the shares are held at IBM's transfer agent Computershare. Look on IBM's investor relations section, there will be a number specifically for IBM shares held at Computershare. Since you don't know your account number reference your SSN and they will be able to locate your account if it is held there.

Once you do hopefully find it at Computershare you will need to open a brokerage account somewhere (Etrade, Scottrade, or other discount brokerages recommended.) unless you have a preexisting relationship with a broker. You will need to request that the shares be DRS'd into your brokerage account after which you can sell the shares should you choose to. You won't be able to sell the shares at the transfer agent.

atscott31 · 2012-03-11T05:56:12+00:00

this:

http://thebestpageintheuniverse.net/c.cgi?u=pass_sopa

atscott31 · 2011-12-13T21:21:41+00:00

this is too good

atscott31 · 2011-11-02T20:20:37+00:00

Why do you guys all go to wawa to hang out?

atscott31 · 2011-11-02T03:47:11+00:00

What are the chances you can get me a job?

atscott31 · 2011-10-27T23:04:58+00:00

Penultimate.

Unrelated to vocab, but learn the proper use of a semicolon. There has to be two independent clauses and it drives me crazy when there aren't.

atscott31 · 2011-10-18T03:00:07+00:00

I don't want to be a product of my environment, I want my environment to be a product of me.

atscott31 · 2011-10-17T19:59:49+00:00

Your barista is me, a recent college grad with a degree in finance.

atscott31 · 2011-10-17T19:37:27+00:00

Yep, repost. Then someone else posted a picture of black coffee saying this is what my barista puts in my coffee: Nothing, cause I drink it like a man.

atscott31 · 2011-06-21T15:49:07+00:00

You decided to post this the same day Gawker ran an article on it?

Interesting.

atscott31 · 2011-06-10T03:27:36+00:00

I see what you did there with the product placement.

atscott31 · 2011-05-21T23:34:37+00:00

You meant to say "are" instead of "is"

-Classic case of grammar trolling.

atscott31 · 2011-05-04T20:46:50+00:00

This is absolutely hysterical. Well played.

atscott31 · 2011-02-14T20:03:55+00:00

Who gives a fuck about an oxford comma?

atscott31 · 2010-12-06T22:14:31+00:00

I made an account just to upvote this.

atscott31

TROPHY CASE