[quote=BankFC]

I actually started WHILE IN college, as an intern.  Been studying this business since then (important, I spent much more time learning the "business" than studying the market, understand?).

It's been an uphill battle (the age thing), but for the most part, I have gotten past it.  When you are younger than EVERYONE you sell to, you must:

1.  Own it, don't hide it.  Don't display it on your forehead, but if asked, be honest and move on.  You can use this to your advantage...I have a 2 minute story I tell (if needed) that takes the entire issue off the table. 

2.  Know as much as you can.  Devour information.  Be articulate.  The only reason age is an issue is because people equate age with inexperience.  The only reason inexperience is an issue is because that equates with lack of knowledge, which in turn means NO VALUE.

So, in a confident manner, show folks your ability.  For example, I explain, in a very easy to understand way, the concepts of beta and alpha, and how they relate to evaluating a portfolio.  These are easy concepts to learn, and they come off as impressive to most clients.  That's one example.

3.  Look the part.  Lean always towards conservative.  Shave.  Buy decent shoes, a nice belt (one that wasn't bought at American Eagle), keep your hair cut, etc.  You don't need expensive suits, I don't care what anybody on here says.  Any decent tailored or well fitting suit will be fine. 

4.  Do about 1/4 of the talking.  It's harder to say something stupid when you aren't talking.  Stay away from subjects you are uneducated on. 

Those are some of the things that have helped me.  My free gift of the day.   

[/quote]

I've been working to brush up my image, so I shave every week whether I need it or not. ;-)

Now if you could just incorporate that showering routine in, you'd be good to go!!

[quote=BankFC]

Skee, don’t get touchy just because I pointed out a fact.

LOL, I’m sure EVERY client you have is ineligible to contribute to a Roth,

and you are a multi-million dollar producer.

There, feel better?

[quote=BankFC]

Babbling,

What do you mean "I can take advantage of the cap gains rate of 15% and if need be offset capital losses with cap gains."

I understand what your saying, but my point was if I am trading stocks held less than 12 months, I am doing it inside my IRA to avoid SHORT TERM CAP GAINS, which, as you know, is not 15%, but is taxed as ordinary income.

If you are holding stocks longer than 12 months, that's fine.  15% tax isn't the worst thing in the world.  But I am quite a bit younger than you, and I am buying and selling concentrated positions in the short term (aka speculating, and doing darn well I might add), and I'd rather not pay any taxes on it, let alone ordinary income.

So your point, while not untrue, is a little inaccurate in reference to the point being made.

[/quote]

Sorry I didn't realize you were talking exclusively about short term capital gains.

As you pointed out, you do mostly short term position movements in your IRA and are speculating. Being older and not as active a trader in my account, I tend to hold a stock for at least a year or longer unless it is a loser then I sell before 1 year.  By the 15% I mean that if I sell a stock with LTCG I can have it taxed at 15% instead of ordinary income rates which is ultimately the result in an IRA.  You lose that tax advantage of the lower cap gains rate.  Whether that low rate will continue is a question but for now I use that strategy.

If the stock is a loser outside of the IRA I can offset some cap gains from one of my our side line businesses/hobbies (buying, refurbishing and selling hot rods and classic cars). Take a lemon and make lemonade .  Or we can do wash  sales and take some tax breaks.  Naturally we don't want any loser stocks, but if it happens we can control the consequences.

Like I said. Everyone has different needs.

[quote=skeedaddy] [quote=BankFC]

Skee, don't get touchy just because I pointed out a fact.

LOL, I'm sure EVERY client you have is ineligible to contribute to a Roth,
and you are a multi-million dollar producer. 

There, feel better?

[/quote]

Pretty typical reaction from a rookie FC at a bank...after he learns the proper
way to handle OPM!
[/quote]

Actually, you were the one who needed to pump up his little ego with the above comment about your clients.  I am hardly a rookie, but I have a feeling you might be...

[quote=babbling looney][quote=BankFC]

Babbling,

What do you mean "I can take advantage of the cap gains rate of 15% and if need be offset capital losses with cap gains."

I understand what your saying, but my point was if I am trading stocks held less than 12 months, I am doing it inside my IRA to avoid SHORT TERM CAP GAINS, which, as you know, is not 15%, but is taxed as ordinary income.

If you are holding stocks longer than 12 months, that's fine.  15% tax isn't the worst thing in the world.  But I am quite a bit younger than you, and I am buying and selling concentrated positions in the short term (aka speculating, and doing darn well I might add), and I'd rather not pay any taxes on it, let alone ordinary income.

So your point, while not untrue, is a little inaccurate in reference to the point being made.

[/quote]

Sorry I didn't realize you were talking exclusively about short term capital gains.

As you pointed out, you do mostly short term position movements in your IRA and are speculating. Being older and not as active a trader in my account, I tend to hold a stock for at least a year or longer unless it is a loser then I sell before 1 year.  By the 15% I mean that if I sell a stock with LTCG I can have it taxed at 15% instead of ordinary income rates which is ultimately the result in an IRA.  You lose that tax advantage of the lower cap gains rate.  Whether that low rate will continue is a question but for now I use that strategy.

If the stock is a loser outside of the IRA I can offset some cap gains from one of my our side line businesses/hobbies (buying, refurbishing and selling hot rods and classic cars). Take a lemon and make lemonade .  Or we can do wash  sales and take some tax breaks.  Naturally we don't want any loser stocks, but if it happens we can control the consequences.

Like I said. Everyone has different needs.

[/quote]

Little woman,

Do you understand the concepts of tax deferral and compounding? You don't give real live people advice, do you?

Dirk, I think it is painfully clear from other threads that BL (among others) cannot grasp the essential arithmetic necessary to understand the magnitude of compounding.

No wonder the regulators and the public at large don't get it...people in the money business are unable to get their heads around the concept.

You guys are idiots. You seem to think that annuties are the answer to everything.

If you have a real business, not just one that survives by selling annuities to everyone, but one that generates income from other sources and that includes, captial gains, you need to use all the tax tricks you can. That includes offsetting cap gains with loses, if you can.  You can't do that in an IRA which is what my post was about. An annuity isn't going to help with current income taxes. 

Sure, you can invest in a qualifed retirement plan but if you need more relief then you use other strategies.   A few years a go we sold a business and the building for  a big gain.  You better believe we used every strategy we could. We did a 1031 exchange. Tell me how an annuity or an IRA would have been a better move.....other than for you as the agent.  What would have been your recommendation to avoid paying taxes through the nose if I were your client?

Morons

[quote=SonnyClips]You are very classy dirk. Very classy indeed. Your the type of guy that pops the top of the Beercan for your lady, true class. Your the kind of guy that eats the burnt bratwurst and gives the undercooked one to yer lady at the Bar Be Que at your brother-in-laws house over on Cermak on Pulaski Day. Your idea of a compliment to yer lady is..."Honey thats great that you don't sweat much for a fat girl." [/quote]

Sweet home, Chicago.

Nice. Its obvious that you aren’t giving advice to real life people.



It seems all you do is sell annuities. You already stated you don’t want to

bother with stocks and bonds and it is too much trouble to continually

monitor client’s accounts. It is all about the money you can make and to

hell with actually giving the client some real advice.



Your feeble attempts to offend my “delicate sensibilites” are pathetic.

[QUOTE]

Nice. Its obvious that you aren’t giving advice to

real life people.

It seems all you do is sell annuities. You already stated you don’t want

to bother with stocks and bonds and it is too much trouble to continually

monitor client’s accounts. It is all about the money you can make

and to hell with actually giving the client some real advice.

Your feeble attempts to offend my “delicate sensibilites” are pathetic.

[/quote]

BL, it’s clear from your posts that you don’t even approach the level where I operate.  Unless you’re just putting us all on, you are clueless on the subject of tax efficiency.

[quote=Philo Kvetch]BL, it's clear from your posts that you don't even approach the level where I operate.  Unless you're just putting us all on, you are clueless on the subject of tax efficiency.[/quote]

It'll be hard to do, but we should really just ingore this broad.

[quote=babbling looney]

You guys are idiots. You seem to think that annuties are the answer to everything. [/quote]

Based on his last post I'm going on a dirk-free diet. He's crossed the line. In fact, I think I'll ignore both of the screen names he uses here....

[quote=mikebutler222][quote=babbling looney]

You guys are idiots. You seem to think that annuties are the answer to everything. [/quote]

Based on his last post I'm going on a dirk-free diet. He's crossed the line. In fact, I think I'll ignore both of the screen names he uses here....

[/quote]

Please define the line, jobhopper.

[quote=babbling looney]Nice.  Its obvious that you aren't giving advice to real life people.

It seems all you do is sell annuities. You already stated you don't want to
bother with stocks and bonds and it is too much trouble to continually
monitor client's accounts. It is all about the money you can make and to
hell with actually giving the client some real advice.

Your feeble attempts to offend my "delicate sensibilites" are pathetic. [/quote]

You've already admitted that annuities have their place. Are you suggesting that annuities should only be sold by people who don't sell them that much? Sounds like female logic to me.

Hey if something says something that bothers you then just dont reply to them.. People do this to me all the time. :)

Hey remember 2000 with .com.. Everything got wacked day 1 and then day two was somewhat stable then it was down hill from there. Google droped 40 then held strong and now may drop some more. Time will tell.

Cheers

I’m a buyer at $300.

Only what 85 billion at that point. A steal for a company with so much to offer.      Here are some industry numbers.

YHOO

GOOG

AMZN

I’m a buyer at $300.