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Jun 25, 2006 3:26 pm

You know we have all these calculators at our disposal for retirement, but I look around my office and I know, most FA have not saved sizeable nest eggs (they are not multi-millionaires).  Why haven't/aren't they? If you personally are, what have you seen as other advisor's pitfalls when saving for their own retirement?


I use the same calculators and they all predict my family and I will be fine, but I am only 31 and I see all these others with minimal wealth (500-1mm).  How do I ensure that at 55, I am not like them?

Jun 26, 2006 12:49 am

spend less then you earn....most advisers in this biz spend according to their last and best paycheck.....

Jun 26, 2006 7:32 am
joedabrkr:

spend less then you earn....most advisers in this biz spend according to their last and best paycheck.....


Like joining a country club within a few weeks of leaving the safety of a wirehouse for the unknown of a independent practice?

Jun 26, 2006 10:00 am
NASD Newbie:
joedabrkr:

spend less then you earn....most advisers in this biz spend according to their last and best paycheck.....


Like joining a country club within a few weeks of leaving the safety of a wirehouse for the unknown of a independent practice?



I expected you would bring that up.  Don't presume that you know the state of my personal finances.  I've spent quite a few years living below my means, and I'm not about to change that now.  That's why I can afford to join the club.  Too, it's been a nice tool to help bring in new business.

Oh....and it was more like 8 months, not a few weeks.

Jun 26, 2006 10:02 am
joedabrkr:
NASD Newbie:
joedabrkr:

spend less then you earn....most advisers in this biz spend according to their last and best paycheck.....


Like joining a country club within a few weeks of leaving the safety of a wirehouse for the unknown of a independent practice?




I expected you would bring that up.  Don't presume that you know the state of my personal finances.  I've spent quite a few years living below my means, and I'm not about to change that now.  That's why I can afford to join the club.  Too, it's been a nice tool to help bring in new business.

Oh....and it was more like 8 months, not a few weeks.


Whatever.


If a client asked, "Joe, I'm about to start a new business.  I have no idea if I'll succeed or not.  What should I do to maintain my liquidity?" would you advise him to join a country club?

Jun 26, 2006 10:05 am

Joe, suppose a client were to ask, "Joe, I'm going to be relocating to a new town at the same time I'm starting a new business.


Should I rent a house for a year so that I can figure out how the business will be going and what neighborhoods I like--or should I go down there and buy a house in a Country Clubs estates kind of place and hope my income will justify the expenses?"


How would you advise him?

Jun 26, 2006 10:27 am

I don't know about your world guys, but the way I work:



Country Club = BUSINESS

Jun 26, 2006 10:57 am

Back to my question...Any further insight?

Jun 26, 2006 11:02 am

JoeDaMan,


Dont worry about NASD. He is still fuming because you live on the 6th hole and can walk to the tee box. If he wants to golf, he needs to take 3 trains out of the Lower East Side to go to that lovely municipal course in Queens.....


Ahhhhhh.... thats living the life.... Retirement is good.... Good thing you got that pension Newbs.... That probably pays for 11 holes, then you gotta head up to Hunts Point in the Bronx to earn some extra cash for the remaining 7.....

Jun 26, 2006 11:19 pm