Chef Jim Posted December 9, 2008 Share Posted December 9, 2008 Oh, I just assumed that because you said that like you were really helping people that it must be charity work. So you make money off the things you recommend then? That doesn't sound as great as you seemed to make it. So you think I'm commission driven? Nice try, I'm not. I had enough savings for six months. How much more should I have had? If you came to me as a client and asked me that question I'd have a great answer for you. And oh by the way how much would you pay for the right answer to that question? Link to comment Share on other sites More sharing options...
Steely Dan Posted December 9, 2008 Share Posted December 9, 2008 That's actually pretty good. Much better than average. Part of your problem is probably that you don't have any other assets to draw on - six months cash is a good cushion depending on how your finances are organized. When I was canned, I had enough for 6. Got another 6 severance (I had them over a barrel for wrongful termination, they knew it, they finally just said "We'll give you forty thousand to go away. Please.") Stretched it over 14. In a pinch, could draw on credit cards for another six or so. Now...if I lose ANY income, I'm dead. Not the way I'd prefer things...but I'm married now. Some things are out of my control. Did your termination meeting go anything like this: Link Link to comment Share on other sites More sharing options...
Steely Dan Posted December 9, 2008 Share Posted December 9, 2008 So you think I'm commission driven? Nice try, I'm not. If you came to me as a client and asked me that question I'd have a great answer for you. And oh by the way how much would you pay for the right answer to that question? Depends on what your selling. Insurance, nothing. Stock, nothing. Financial planning involving either of those? Nothing. Link to comment Share on other sites More sharing options...
KD in CA Posted December 9, 2008 Share Posted December 9, 2008 She and I got along really well before this and we'd shake each others shoulders after making a smart-assed comment to each other. Soon after she heard me in the lunchroom I shook her shoulders and she took me to H.R. That sucks. I had a similar thing happen many years ago. I worked with this girl and we got along really well, socialized outside the office, etc. We were pretty open and joked about inappropriate stuff all the time. One day out of the blue she decides it's 'uncomfortable' and writes a letter to HR about me. I didn't get fired, but learned a good lesson: don't mess around with girls at work -- unless you're f*&king them of course. No unemployment. I'm pretty sure my old job only gives out dates of hire and leaving so I doubt that's it. I just think if you have 5 candidates and one has had a problem with an employee before who would you hire? Definitely not the 'problem', especially in this day and age when managing liability is a big part of such evaluations. That's wghy I say you should never tell a prospective employer that story. Lie about why you left. Your old employer probably won't say anything on a reference check because they don't want to get sued either. Link to comment Share on other sites More sharing options...
molson_golden2002 Posted December 9, 2008 Share Posted December 9, 2008 Sorry if this has been addressed already, but the question I would need answered is this, is this companie a victim of the credit crunch or just a business that is no good and needs to die? Link to comment Share on other sites More sharing options...
DC Tom Posted December 9, 2008 Share Posted December 9, 2008 Sorry if this has been addressed already, but the question I would need answered is this, is this companie a victim of the credit crunch or just a business that is no good and needs to die? Probably the former. Still doesn't make BoA culpable. Link to comment Share on other sites More sharing options...
Steely Dan Posted December 9, 2008 Share Posted December 9, 2008 That sucks. I had a similar thing happen many years ago. I worked with this girl and we got along really well, socialized outside the office, etc. We were pretty open and joked about inappropriate stuff all the time. One day out of the blue she decides it's 'uncomfortable' and writes a letter to HR about me. I didn't get fired, but learned a good lesson: don't mess around with girls at work -- unless you're f*&king them of course. Definitely not the 'problem', especially in this day and age when managing liability is a big part of such evaluations. That's wghy I say you should never tell a prospective employer that story. Lie about why you left. Your old employer probably won't say anything on a reference check because they don't want to get sued either. I really don't like to lie, ever. I think being honest shows that it probably was BS. If they find out I lied about it then it looks like it was true. Link to comment Share on other sites More sharing options...
Lurker Posted December 9, 2008 Share Posted December 9, 2008 The whole idea of the credit/bank bailouts was to free up credit so businesses could continue to operate. If after getting bailed out, a financial institution still won't provide credit, then what the hell did we bail them out for? TARP funds weren't given to banks so they could make more bad loans or prop up borrowers sinking below the surface due to economic/competitive reasons. They were meant to increase their capacity to lend to good, solid borrowers who's access to non-bank funding sources (like commercial paper, etc.) was curtailed when the credit markets seized up. Link to comment Share on other sites More sharing options...
molson_golden2002 Posted December 9, 2008 Share Posted December 9, 2008 Probably the former. Still doesn't make BoA culpable. No, but it would call into question something about the bailout of the financial institutions, because I thought it was suppose to stop things like this from happening. If after lending the banks all this money they still can't extend credit, that would be some pretty bad news Link to comment Share on other sites More sharing options...
Chef Jim Posted December 9, 2008 Share Posted December 9, 2008 Depends on what your selling. Insurance, nothing. Stock, nothing. Financial planning involving either of those? Nothing. Because you've got it all figured out right? Link to comment Share on other sites More sharing options...
IDBillzFan Posted December 9, 2008 Share Posted December 9, 2008 No, but it would call into question something about the bailout of the financial institutions, because I thought it was suppose to stop things like this from happening. If after lending the banks all this money they still can't extend credit, that would be some pretty bad news Unless they're not extending credit to high-risk customers, in which case, that would be some pretty damn good news for once. Link to comment Share on other sites More sharing options...
Chef Jim Posted December 9, 2008 Share Posted December 9, 2008 No, but it would call into question something about the bailout of the financial institutions, because I thought it was suppose to stop things like this from happening. If after lending the banks all this money they still can't extend credit, that would be some pretty bad news Maybe they're picking who they extend credit to. Comany: We want a credit line. Bank: How's your credit? Company: Pretty much sucks. Bank: How's your bottom line? Comany: Negative..has been for the past 18 months. That's why we need the line. Bank: DENIED! Link to comment Share on other sites More sharing options...
Steely Dan Posted December 9, 2008 Share Posted December 9, 2008 Because you've got it all figured out right? Insurance isn't a good investment IMO. Before the crash I was doing really well picking my own stocks. How many of your clients have lost value on their stocks this year? Link to comment Share on other sites More sharing options...
molson_golden2002 Posted December 9, 2008 Share Posted December 9, 2008 Maybe they're picking who they extend credit to. Comany: We want a credit line. Bank: How's your credit? Company: Pretty much sucks. Bank: How's your bottom line? Comany: Negative..has been for the past 18 months. That's why we need the line. Bank: DENIED! That could be entirely true and might explain what happened. Or, maybe this is a good company that's simply caught in the tough economic times and needs help but the bank just can't give what it doesn't have. Would this loan have been made if these were normal times? Link to comment Share on other sites More sharing options...
DC Tom Posted December 9, 2008 Share Posted December 9, 2008 No, but it would call into question something about the bailout of the financial institutions, because I thought it was suppose to stop things like this from happening. If after lending the banks all this money they still can't extend credit, that would be some pretty bad news No. See Lurker's post. You have to keep in mind that what made the bailout necessary to begin with was making bad loans...so perpetuating that behavior under the bailout isn't particularly sensible. The bailout wasn't meant to make everything better as much as it was intended to keep everything from getting much, much worse. Link to comment Share on other sites More sharing options...
Steely Dan Posted December 9, 2008 Share Posted December 9, 2008 No. See Lurker's post. You have to keep in mind that what made the bailout necessary to begin with was making bad loans...so perpetuating that behavior under the bailout isn't particularly sensible. The bailout wasn't meant to make everything better as much as it was intended to keep everything from getting much, much worse. I'm not sure BOA is responsible but as you just said it was meant to help things from getting worse. I see it like the loans to the auto makers. If it's meant to keep things from crashing then they should be lending the money. Link to comment Share on other sites More sharing options...
Chef Jim Posted December 9, 2008 Share Posted December 9, 2008 Insurance isn't a good investment IMO. Before the crash I was doing really well picking my own stocks. How many of your clients have lost value on their stocks this year? Interesting because insurance ISN"T an investment at all. Picking stocks is always easy during the Bull it's protecting your investments during the bear. All of my clients have lost mony on stocks this year, however they've lost less than had they continued on their own. But it's more than just stocks and insurance. Link to comment Share on other sites More sharing options...
Steely Dan Posted December 9, 2008 Share Posted December 9, 2008 Interesting because insurance ISN"T an investment at all. Picking stocks is always easy during the Bull it's protecting your investments during the bear. All of my clients have lost mony on stocks this year, however they've lost less than had they continued on their own. But it's more than just stocks and insurance. It can be pitched that way. When I was 18 an insurance woman sold my boss and myself a policy that would be paid out after 20 or 30 years. My boss forgot to take my premiums out of my paycheck and it defaulted. How do you know they lost less than if you'd advised them? What else do you do? Link to comment Share on other sites More sharing options...
Chef Jim Posted December 9, 2008 Share Posted December 9, 2008 It can be pitched that way. When I was 18 an insurance woman sold my boss and myself a policy that would be paid out after 20 or 30 years. My boss forgot to take my premiums out of my paycheck and it defaulted. How do you know they lost less than if you'd advised them? What else do you do? I don't pitch anything and how is that situation you mentioned the agent's fault? I'm not sure you phrased the second question properly but most of my clients have out performed (read sucked less) than the indices/benchmarks this year due to proper and conservative allocation. What else do I do? Hell you name it. Tax planning, basic and advanced estate planning, college planning, small business planning, 401k planning, mortgage planning. If it has to do with wealth (current, future, creating, protecting or distributing) my firm does it. Link to comment Share on other sites More sharing options...
Steely Dan Posted December 9, 2008 Share Posted December 9, 2008 I don't pitch anything and how is that situation you mentioned the agent's fault? I'm not sure you phrased the second question properly but most of my clients have out performed (read sucked less) than the indices/benchmarks this year due to proper and conservative allocation. What else do I do? Hell you name it. Tax planning, basic and advanced estate planning, college planning, small business planning, 401k planning, mortgage planning. If it has to do with wealth (current, future, creating, protecting or distributing) my firm does it. I'm just saying you don't know if they could have done better or not. A lot of the stuff you named is worth the advice but worthless to me. A friend of mine put his kid into college about 10 years ago and he said that hiring a college planner was the best money he'd ever spent. Link to comment Share on other sites More sharing options...
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