Comments on: 5 Things I’d Never Do as a Financial Advisor

By: J. Money

J. Money — Fri, 25 Nov 2022 17:31:21 +0000

In reply to Jean. Yes, very true!!

By: Jean

Jean — Thu, 24 Nov 2022 04:15:10 +0000

Agree with #3. It’s a pain in the butt for private sector to name a salary if one is near successful applicant. I’ve worked for 3 different govn’t jurisdictions (in addition to several national and global private sector firms) and I always liked the open transparency of salary range for the government job at hand. All the salaries are posted on the govn’t employer’s website.

So the work environment, other employees can talk about other people’s salaries but there’s no….secrets and less salary speculation of other employees. So then the focus shifts elsewhere during the conversation.

By: Rita

Rita — Wed, 09 Nov 2022 23:42:53 +0000

In reply to J. Money. Thanks.

By: J. Money

J. Money — Wed, 09 Nov 2022 11:09:28 +0000

In reply to Rita. I believe he's working on one, but doesn't have one at the moment 👍

By: Rita

Rita — Tue, 08 Nov 2022 22:41:15 +0000

Looks good. Thanks. I followed Rob on Instagram. Does he have a website?

By: J. Money

J. Money — Tue, 08 Nov 2022 17:00:59 +0000

In reply to Jim. You got that right... The only one that cares about your money (or your life for that matter, maybe outside your mom 😂), is you!

By: Jim

Jim — Tue, 08 Nov 2022 15:53:57 +0000

J, thanks for bringing awareness to Rob, he has some very great thoughts. Totally agree with him on all of them, but in particular the ‘multiple income streams’. The pandemic showed us just how fragile our primary income can be, and if you don’t figure out how to diversify (through multiple income streams) now, you’re choosing to cede your financial independence to someone else, who by-the-way may not care about your well-being.

By: J. Money

J. Money — Mon, 07 Nov 2022 21:55:00 +0000

In reply to Chadnudj.

Well that’s good!! I didn’t know vesting could work like that?! Def. something to consider then before moving it over ASAP – thanks for sharing that 👊

By: Chadnudj

Chadnudj — Mon, 07 Nov 2022 15:34:06 +0000

“#1. I would never leave my 401(k) at my old job once I left and got a position at a new company.”

I’m living proof that, at least twice, leaving an old 401k at an old job paid out.

First, I had a 401k at an old job that I was lazy and didn’t move (which was fine, it had good low cost index funds and the company paid annual fees so it didn’t hurt me). I had been there a few years before leaving, but not long enough to have my matching funds fully vest. But when that firm was acquired by another, they got rid of the old 401k….which meant that my unvested shares immediately vested (netting me around $5k!), because under the company’s rules if I had ever returned to the company my total time might have made those old funds vest.

Second, my wife left her job in August 2021. Same deal — good 401k, low fees, etc. — and we didn’t immediately move it. When April 2022 came around and the firm paid out matching funds for 2021, surprise! She got some (pro rated based on what she earned in 2021).

So, don’t leave your old 401k too long….but maybe think about leaving it if the business closes/gets bought out (so you can fully vest any unvested shares) or if you might be owed matching funds.