Author Topic: Sitting in a coffee shop listening in on financial converaation  (Read 6619 times)

me1

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This young guy is meeting with some kind of financial adviser. He just told her that he is going back to school and his wife makes $2,500 a month, he is quitting his work (at a bank!) and he wants to take out a loan to keep living the same lifestyle (~$5,000 a month on credit card bills plus other expenses) while he is at school.

ysette9

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Re: Sitting in a coffee shop listening in on financial converaation
« Reply #1 on: May 15, 2019, 11:20:53 AM »
~Facepalm~

dougules

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Re: Sitting in a coffee shop listening in on financial converaation
« Reply #2 on: May 15, 2019, 11:41:10 AM »
I'm even more curious to see what the financial advisor had to say about it.

The other facepalm worthy thing is the fact they were discussing it right out in public where bystanders like yourself can hear all his business. 

Psychstache

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Re: Sitting in a coffee shop listening in on financial converaation
« Reply #3 on: May 15, 2019, 11:59:42 AM »
Perhaps the FA can recommend a good divorce attorney, as I see problems coming to his life in the near future and it's good to get ahead of the game.

six-car-habit

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Re: Sitting in a coffee shop listening in on financial converaation
« Reply #4 on: May 15, 2019, 12:03:31 PM »
 Meeting with a financial advisor at a business location where the advisor and the advised are both probably going to spend money [ on coffee / muffin / etc ] seems self defeating from the get-go.

 Maybe this guy should apply for a line-of-credit from the coffee shop , he is sure to have downtime in between classes, where he will need to spend $$...

bluebelle

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Re: Sitting in a coffee shop listening in on financial converaation
« Reply #5 on: May 15, 2019, 12:09:57 PM »
This young guy is meeting with some kind of financial adviser. He just told her that he is going back to school and his wife makes $2,500 a month, he is quitting his work (at a bank!) and he wants to take out a loan to keep living the same lifestyle (~$5,000 a month on credit card bills plus other expenses) while he is at school.
wait, what?  is ~$5,000 a mth on CC their regular spend or in payments, plus other (assuming rent or mortgage).....and dude thinks he can go back to school?   
« Last Edit: May 15, 2019, 01:03:52 PM by bluebelle »

Enigma

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Re: Sitting in a coffee shop listening in on financial converaation
« Reply #6 on: May 15, 2019, 12:52:25 PM »
This young guy is meeting with some kind of financial adviser. He just told her that he is going back to school and his wife makes $2,500 a month, he is quitting his work (at a bank!) and he wants to take out a loan to keep living the same lifestyle (~$5,000 a month on credit card bills plus other expenses) while he is at school.
Thankfully the guy is a 'young guy' and has the luxury of time on his side.  If you are going to make stupid choices like this you should make them early in life.  Hopefully he is thinking a STEM major.  (maybe an analyitcal side due to being a banker)

me1

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Re: Sitting in a coffee shop listening in on financial converaation
« Reply #7 on: May 15, 2019, 02:39:51 PM »
I'm even more curious to see what the financial advisor had to say about it.

The other facepalm worthy thing is the fact they were discussing it right out in public where bystanders like yourself can hear all his business.
She was a bit more discrete and harder to hear. i did hear her advise that maybe they could try to cut some spending and go on one instead of 3 vacations a year.

me1

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Re: Sitting in a coffee shop listening in on financial converaation
« Reply #8 on: May 15, 2019, 02:42:32 PM »
This young guy is meeting with some kind of financial adviser. He just told her that he is going back to school and his wife makes $2,500 a month, he is quitting his work (at a bank!) and he wants to take out a loan to keep living the same lifestyle (~$5,000 a month on credit card bills plus other expenses) while he is at school.
wait, what?  is ~$5,000 a mth on CC their regular spend or in payments, plus other (assuming rent or mortgage).....and dude thinks he can go back to school?
What I heard him say is $5,000 a month in credit card bills. I didn’t even think it could be in payments! But it could well be. He mentioned a mortgage on top of that.

me1

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Re: Sitting in a coffee shop listening in on financial converaation
« Reply #9 on: May 15, 2019, 02:45:37 PM »
This young guy is meeting with some kind of financial adviser. He just told her that he is going back to school and his wife makes $2,500 a month, he is quitting his work (at a bank!) and he wants to take out a loan to keep living the same lifestyle (~$5,000 a month on credit card bills plus other expenses) while he is at school.
Thankfully the guy is a 'young guy' and has the luxury of time on his side.  If you are going to make stupid choices like this you should make them early in life.  Hopefully he is thinking a STEM major.  (maybe an analyitcal side due to being a banker)
He mentioned his degree will be in “strategy” I have no idea what that is, but doesn’t sound STEMy... he also said he doesn’t know what type of industry he will be working in when he is done. That didn’t sound good to me either...

jinga nation

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Re: Sitting in a coffee shop listening in on financial converaation
« Reply #10 on: May 16, 2019, 06:51:58 AM »
This young guy is meeting with some kind of financial adviser. He just told her that he is going back to school and his wife makes $2,500 a month, he is quitting his work (at a bank!) and he wants to take out a loan to keep living the same lifestyle (~$5,000 a month on credit card bills plus other expenses) while he is at school.
Thankfully the guy is a 'young guy' and has the luxury of time on his side.  If you are going to make stupid choices like this you should make them early in life.  Hopefully he is thinking a STEM major.  (maybe an analyitcal side due to being a banker)
He mentioned his degree will be in “strategy” I have no idea what that is, but doesn’t sound STEMy... he also said he doesn’t know what type of industry he will be working in when he is done. That didn’t sound good to me either...
sounds like he's going for a full-time MBA.
Mega Bullcrap Anal-ysis.
(hate stems from talks with my Harvard-MBA cousin, who has zero work experience prior to MBA (not even a PT job) spewing his investment banking baloney and fails to produce his actual investment returns to compare against the SP500)

dougules

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Re: Sitting in a coffee shop listening in on financial converaation
« Reply #11 on: May 16, 2019, 10:51:01 AM »
I'm even more curious to see what the financial advisor had to say about it.

The other facepalm worthy thing is the fact they were discussing it right out in public where bystanders like yourself can hear all his business.
She was a bit more discrete and harder to hear. i did hear her advise that maybe they could try to cut some spending and go on one instead of 3 vacations a year.

At least it sounds like she was trying to inject a very small amount of sanity into the situation.  You have to wonder why she didn't have an office, though. 

Gerard

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Re: Sitting in a coffee shop listening in on financial converaation
« Reply #12 on: May 23, 2019, 01:24:36 PM »
  You have to wonder why she didn't have an office, though.

All the great financial advisors meet clients in coffee shops. They can't meet in their cars, because that's where they sleep.

letsdoit

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Re: Sitting in a coffee shop listening in on financial converaation
« Reply #13 on: May 23, 2019, 01:59:11 PM »
she had the easy answer:  borrow and put it all in annuities

talltexan

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Re: Sitting in a coffee shop listening in on financial converaation
« Reply #14 on: May 24, 2019, 09:58:29 AM »
Perhaps his spouse will only tolerate the school-related project if he can assure her zero short-term discomfort to her and the family from it ("maintain lifestyle").

OrchardTree

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Re: Sitting in a coffee shop listening in on financial converaation
« Reply #15 on: May 24, 2019, 11:46:28 AM »
why is it that people with $5 in a checking account and $3 in a 401k have a financial adviser?

dandarc

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Re: Sitting in a coffee shop listening in on financial converaation
« Reply #16 on: May 24, 2019, 11:55:31 AM »
why is it that people with $5 in a checking account and $3 in a 401k have a financial adviser?
Pretty much sums up the last time I had one. Underlying reason, at least in my case, was "young and stupid" which was also why I had basically no money.

Talked to an Ameriprise guy when I was just out of college and had essentially nothing except a decent job. Can't remember if I paid anything or not, but did not invest with him. He did give me a fancy looking binder with projections based on my real numbers though.

My first Roth IRA I opened with a Dave Ramsey ELP - the guy couldn't help pitching whole life insurance even though I repeatedly said not interested. Even with the loads and fees (American Funds), I had essentially no money, so there wasn't much commission to be had from the investments - he had to try at least.

LiveLean

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Re: Sitting in a coffee shop listening in on financial converaation
« Reply #17 on: May 26, 2019, 02:38:24 PM »
I have an uncle with an 8th grade education. He has built his own home (twice) and is an auto mechanic by trade. He has a dozen rental properties, unfortunately in a very poor area, but still. In short, he is the handiest, most self-sufficient man alive.

A few years ago, some FA got ahold of him and wanted to meet. My uncle suggested McDonald's. FA spouts off all sorts of stuff that is basically Greek to my uncle, who manages to get out of McDonald's. On the way home, he notices a pair of riding lawn mowers for sale. He stops, sees that they need work but are in pretty good shape. He gets them for $400 both, takes them to his shop and makes the repairs, sells them within the next week for $600-$700 each.

He tells me this story very humbly and says, "I know I don't know anything about investing, but I think I'm doing all right."

"Uncle Charles," I told him. "Just keep doing what your doing and don't talk to any more of those guys."

v8rx7guy

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Re: Sitting in a coffee shop listening in on financial converaation
« Reply #18 on: May 26, 2019, 03:49:30 PM »
Has the FA suggested getting an annuity or whole life policy yet?

me1

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Re: Sitting in a coffee shop listening in on financial converaation
« Reply #19 on: May 26, 2019, 07:04:30 PM »
Has the FA suggested getting an annuity or whole life policy yet?
I definitely heard the word annuity mentioned. But I couldn’t hear that part of the conversation.

A Fella from Stella

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Re: Sitting in a coffee shop listening in on financial converaation
« Reply #20 on: June 21, 2019, 02:24:20 PM »
I was at lunch and heard this FA trying to get a woman to open an account with him, and to close he tells this story about an "uncle" who didn't save, and now he's dead, and his kids have nothing. "And that's why this is so important to me," he says. Not because he wants to supports his cousins, but because he doesn't want her kids to have nothing when she dies very soon.

The story sounded so fake, I was chugging my latte to stop myself from laughing.

Another time - in a sandwich shop - a guy who's about 50 is very obnoxiously trying to be light and interesting. The meeting goes nowhere, and he walks to his car (no coat) through the snow. I gotta figure he's counting down until Social Security kicks in.

Goldielocks

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Re: Sitting in a coffee shop listening in on financial converaation
« Reply #21 on: June 22, 2019, 02:01:17 PM »

sounds like he's going for a full-time MBA.

(hate stems from talks with my Harvard-MBA cousin, who has zero work experience prior to MBA (not even a PT job) spewing his investment banking baloney and fails to produce his actual investment returns to compare against the SP500)
How do you get into an MBA program without work experience?  My school required 2 years full time minimum experience, as part of the application.  Most people had 7+years.

TomTX

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Re: Sitting in a coffee shop listening in on financial converaation
« Reply #22 on: June 22, 2019, 03:50:32 PM »

sounds like he's going for a full-time MBA.

(hate stems from talks with my Harvard-MBA cousin, who has zero work experience prior to MBA (not even a PT job) spewing his investment banking baloney and fails to produce his actual investment returns to compare against the SP500)
How do you get into an MBA program without work experience?  My school required 2 years full time minimum experience, as part of the application.  Most people had 7+years.

Choose a crappy MBA program which won't benefit you in any way.

Goldielocks

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Re: Sitting in a coffee shop listening in on financial converaation
« Reply #23 on: June 22, 2019, 05:20:45 PM »

sounds like he's going for a full-time MBA.

(hate stems from talks with my Harvard-MBA cousin, who has zero work experience prior to MBA (not even a PT job) spewing his investment banking baloney and fails to produce his actual investment returns to compare against the SP500)
How do you get into an MBA program without work experience?  My school required 2 years full time minimum experience, as part of the application.  Most people had 7+years.

Choose a crappy MBA program which won't benefit you in any way.
Ah, yes.  I did learn a lot from my peers that was unrelated to the specific course topic.   One person was general counsel for her employer, and another had 20 years of manaufacturing management (plant manager) experience in steel.

jinga nation

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Re: Sitting in a coffee shop listening in on financial converaation
« Reply #24 on: June 24, 2019, 08:56:56 AM »

sounds like he's going for a full-time MBA.

(hate stems from talks with my Harvard-MBA cousin, who has zero work experience prior to MBA (not even a PT job) spewing his investment banking baloney and fails to produce his actual investment returns to compare against the SP500)
How do you get into an MBA program without work experience?  My school required 2 years full time minimum experience, as part of the application.  Most people had 7+years.
The Ivy's and top schools frequently waive work experience for international and rich/connected students. Money and connections does wonders.
Us plebes have to fight for the few remaining spots "reserved" for general admission.
My cousin tells me the most important skills he learnt at HBS were making connections and skim reading tons of biz articles daily to pick up the top 3-5 points.
Many spots also go to children of alumni, requirements are lowered for them. My cousin (he's actually sharp and savvy) tells me some of alumni's kids were dumber than rocks, but they were being groomed to go into the family business, because no legit biz would hire them. (Ironic since my couz did the same.)