Showmethemoney:

I had to consider it. I liked it!

How are you doing? Curious about an update.
*****************************************
surviving. no BK. production off by 25% annualized. bonus will take care of debts soon and then we dont go back to that place ever again!! Will be getting rid of the nice ride when lease up and will pay cash for a used vehicle. Reduce debt folks wherever you can and as soon as you can. If we dont get back to biz as usual soon, we are all gonna need to be as debt free as possible. Even if biz gets back to normal, i dont ever again want to be a slave to the CC companies. Nothing like getting 30 phone calls a day cause your late on your cc bills. Not my way of life. Its all for the best anyway. You learn what you can do without and where all your money is being wasted.

I read in a recent survey that the average Advisor’s income is down

around 30%. I have felt the pain as well. Don’t think I’m down 30 but

probably 20%.

I agree with what has been said about not running up credit cards and

living within our means. When things were really going great in 2007,

I built a nice house, and am paying a nice size mortgage, but other than

that we have lived conservatively. I am driving a 2001 Nissan Maxima,

and the wife is driving a 2000 Ford Explorer. Both with well over 100k

on them. In my case the one thing that has made it a little tougher than

what it could have been is that my wife quit her job about a year ago.

So far, we’ve made it ok, but the possibility of her going back to work

is always on the table.

Bud:

First of all a $1,000,000 producer has not been a very uncommon broker for the last 4-5 years. At $1,000,000 your pre tax income is about $400,000 after tax about $250,000. For $2,000,000 double it. A $2,000,000 broker in 2007 will be about a $1,000,000 in 2009. That is a huge change in cash flow.

Second, your largest expenses are your mortgage and private school for your children. So, when you talk about substantially altering your expenses you have to sell your house and send your kids to public school. In these times, the second is much easier then the first.

Third, most brokers are not very good managers of their own funds. For example, how many friends do you know at wirehouse who owned a ton of stock and had a bunch of options. And, how many of them waited way to long to sell in 2008.

Fourth, you should never run up your credit cards for anything. The item that gets you to be a million dollar producer is not some fancy marketing campaign. It is by focusing on a target market that has a lot of money. For example, pension plans, endowments, foundations, concentrated positions etc. The narrower the focus the quicker that you can make it to your goal. Getting to a $1,000,000 + is much harder when you are a generalist.

Fifth, if you take a deal you should not be stupid enough to:

1. Increase your exposure to the market. You are already extremley exposed by your job.

2. Buy “stuff” with it like cars etc.

3. Always try to live beneath your means. Remember, you have a job that has a variable income stream.

With regard to your bankruptcy, I would try everything I could before I declared. It is not a good thing even if you get out of the business.

All of us neeed to run our financial lives in a conservative manner. If you do and re successful in this business the rewards both financially and emotionally are huge. If you are not cut out for the business it is just frustrating.

So, I would recommend that you start out with the fiollowing:

1. Go to Dave Ramsey’s website.

2. Sell assets you do not need. If nothing else, start with a garage sale. Look at your cars etc. Try to follow his plan.

3. Contact your credit card vendors and mortgage company. See what is available. If you do not speak with them they can not do anything.


Above all start implimenting a plan that you map out today. Taking the steps will make you feel much better.

If you have not sat down with your wife and told her about this please do.

Good Luck.

So, I would recommend that you start out with the fiollowing:

1. Go to Dave Ramsey’s website.

2. Sell assets you do not need. If nothing else, start with a garage sale. Look at your cars etc. Try to follow his plan.

3.
Contact your credit card vendors and mortgage company. See what is
available. If you do not speak with them they can not do anything.
*********************************************************
The Dave Ramsey classes are very useful. My wife actually pushed for us to do this through our church and interestingly she had not been previously on board in facing our financial reality and the need to cut back. Nothing I could explain or tell her helped, but the beauty of the Dave Ramsey class is she is now understanding what I have been saying and accepts what we need to do and how we need to alter our lifestyle. Its going to be ok. We are on the same page now and the Dave Ramsey class gets credit for it. Well worth the time for the 13 week Financial Peace University.

[quote=Soothsayer] All of Bond Guy’s theoretical posts are Exhibit A as to how not to live your life. I have absolutely no sympathy for idiots who buy boats, expensive cars, and million dollar houses to “get noticed”. When I first got into this business, I was on a Jones diversification trip, and Jim McKenzie came and sat next to me at breakfast one morning. All the Jones guys know who he is. (Spiffy is getting misty-eyed about now, but I’ll get to the point.) He could tell from my nametag that I was fairly new, but having some success as I was on the trip. He asked me, “What do your best clients have that you don’t have?” I threw out a few shallow answers before he helped me. “Net worth. It’s net worth. Work on your own net worth every day. Not just stocks and bonds, but real estate, collectibles, a business, intellectual property, what have you. Commit yourself to that–everyday–and this business will treat you well, and you’ll have the respect of other people who have a significant net worth.” (Spiff reaches for Kleenex about now.) I swear to God this is true, and it has stuck with me ever since. I came home and started working on my net worth.

[quote=Ronnie Dobbs] [quote=Soothsayer] All of Bond Guy’s theoretical posts are Exhibit A as to how not to live your life.  I have absolutely no sympathy for idiots who buy boats, expensive cars, and million dollar houses to “get noticed”.  When I first got into this business, I was on a Jones diversification trip, and Jim McKenzie came and sat next to me at breakfast one morning.  All the Jones guys know who he is.  (Spiffy is getting misty-eyed about now, but I’ll get to the point.)  He could tell from my nametag that I was fairly new, but having some success as I was on the trip.  He asked me, “What do your best clients have that you don’t have?”  I threw out a few shallow answers before he helped me.  “Net worth.  It’s net worth.  Work on your own net worth every day.  Not just stocks and bonds, but real estate, collectibles, a business, intellectual property, what have you.  Commit yourself to that–everyday–and this business will treat you well, and you’ll have the respect of other people who have a significant net worth.”  (Spiff reaches for Kleenex about now.)  I swear to God this is true, and it has stuck with me ever since.  I came home and started working on my net worth.

A b–

This stuff needs  to talk much..I suggest you should consult a personal bankruptcy attorney in which you find good suggetion and solution to your problems.They will provide  more ideas regarding your clarifications.