I am all for giving back but some people cannot afford to. One client has 1m in an IRA with no other liquid assets + 80k credit card debt. Called today wanting 70k for home improvements.

like
Posting as :
works at
You are currently posting as works at

I met with a lady a while back who'd just retired from a company after working there for 30 years. She had $100k in her 401k and asked me what she should do with it and how use it for retirement. I have the standard "roll it into a balanced portfolio in an IRA" spiel, along with income expectations. She was like "that's it?" Looking puzzled I said, "yes, if you take more than that you risk running out of money. Appointment ends with her saying she'll get back to me, which...whatever. She calls me and asks me if she should use her money to buy her kids a house in Florida that they'll "rent" from her. She wants to know what the consequences would be. After telling her it was the worst idea I'd ever heard, the call ends and I just shake my head. Fast forward to January the following year, I get a frantic call from her. Apparently she didn't take my advice, she cashed out the entire 401k, bought the house, and got her taxes done at H and R Block where she was told she owed like $20k in tax. She's gone in expecting a refund because "she gets one every year", comes out with a ludicrous tax bill. What's worse is she hasn't gotten rent (because her kids are scumbags), and will owe property tax on her $80k "vacation" home. She honestly earned whatever financial fate awaited her.

like

I've got a couple of clents like this. Not necessarily charitable giving, but giving to kids, or just flat out spending more than they can sustain. It's the same thing, bad habits. All you can do is run a plan, and show them what the numbers look like and at what age they will run out of money, then ask them what they plan to do about it.After that it's up to them, to decide whether or not they want to act like grown ups.Don't try to be a baby sitter, it never works. Just make sure you have the conversation at least annually, put it in writing, and document everything.You'll drive yourself crazy trying to fix people like this.

like

Can't fix this.

like

Her kids should pay

Related Posts

At Amex are there any possibility of getting sponsored to work outside India. IJP or within the same team?

like

What are the names of some client-side internal creative depts/internal “agencies”? I know Disney has Yellow Shoes, but what are some others?

like

I’m new to this startup and was leading a cross functional project involving several other product teams with dependencies. When we got near the end with E2E testing, I realized that none of the product teams really do QA: no test scripts, not logs of dev unit testing, no documentation of testing cycles – there devs asked “what do we do about edge cases?” I raised this to my boss (since I don’t manage those other teams) and he said I’m creating unnecessary stress for the teams. Is he right?

like

Hi,
Can there be a case when you are hired for a specific role and later on you are aligned to a different project ?
Thanks

like

Client: Can she be wearing an Aviva t-shirt?
Creatives: Sure yea. That's completely normal.

What's even worse is that it looks like it's been done in post.

Post Photo
likefunny

180K saving, 180K 401K, 12K HSA, annual salary 120K, a townhouse ($2900 per month) can I raise a kid in Seattle?I am a single mother

like

Looking to do a honeymoon African safari in July while taking as much advantage as possible of ~500k CSR points. Redemption/location tips? Understand I'll have to supplement points with cash. From NYC

Looking to get out of ad agency and do client side work for pharma-anything like that in the Detroit area?

like

Anyone know what the current atmosphere is like in McCann New York after they lost one of their biggest clients, U.S. Army? Does losing such a client deteriorate an agency’s culture/career prospects?

like

When working as a realtor, do you prefer to use your own phone or did you get a new one for job-only purposes, such as client calls and your public information?

likesmart

Hello All,

Can anyone please help me here.
I have made my tax payment in July 2022 but yesterday (15 Nov 2022) I receive an email that tax payment is due for assessment year 2022-23

I called to help desk and he advised to raise rectification request from Tax portal and update the challan number. I tried to raise request but need to upload some XML or json file there. I am not sure how to upload or modify that file.

Does anyone know what steps need to follow as I already made my tax payment.

like

How do other, particularly small, partnerships deal with write offs of client bills? First month as partner and former boss, now partner, had me cover something last minute. Client freaked. Partner said he would write it off and it would just come out of his cut. Now, he’s trying to say that client gets a “credit note” and there’s no money to divide for that matter.

like

Newbie here - booked my hotel through Concur at $250/night... when doing my expenses realized the hotel charged $340/night instead. Called the hotel 3 days ago, still no resolution. Ask for points?

like

Hi Fishes,

I have got an offer from Wipro, was hired for an immediate requirement for some project named ELC. Does anyone know about this account?
I confirmed from the HR that it is a support and development role and has only day shift. Just doubting the shift, I can't work in night shifts
How is the work life balance in Wipro?
Does they provide any reimbursement for WFH peripherals like Accenture does?

like

What kind of hours does PWC risk assurance work throughout the year? Fall busy season? Also, do you travel a lot?

like

Do you ever marvel how some people take themselves so seriously? "Look at me doing my critical work for my major client, we are solving their serious problems very seriously"

likefunny

My firm mostly engages in 12-week projects and then cycles through to the next one. How do we break this trend so we’re not chasing new clients every 12 weeks to keep the sold-project pipeline full?

like

Hello all, Can anyone please share the work experience of the HCL Caterpillar Project? specifically anyone from native languages team. HCL Technologies

like

What are your tips, tricks or best practices for creating project estimates? We’re often asked to provide costs when we know very little, so how do you estimate?

like

More Posts

like

Please let me know if there are any opportunities for Freshers

Thanks in advance

Jnr Art Director in Melbourne, Australia
www.tobiasmcc.cargo.site

Recently laidoff and absolutely hungry for new new opportunities

like

Can anybody suggest any books or resources to get smart on medical device marketing and/or medical device manufacturing?

like

Does anyone have a template to poll a TA team on time in task? Trying to evaluate how much time a team spends on Admin duties.

like

Team Bicep or Team Tricep ? 💪

[and yes you should train both]

like

Hi Fishies , Need one help. I have 2 offers from Birlasoft and Genpact where Genpact is paying 2LPA more than Birlasoft . But profile is better in Birlasoft. I want to join Birlasoft but not sure if they will give me same profile because IT Companies after joining change projects sometimes. Any suggestions from Birlasoft or Genpact employees. My domain is in Oracle Apps Technical (Genpact ). Birlasoft it is PDH( MDM) cloud version. CTC offered :- 16.5 + 1.85 + 50k(Birlasoft )
Genpact :- 21 LPA.

like

Hello,
What is the average hike every year given in Deloitte India. My DI HR said average 10-15% is sure in DI and they almost pay the full overall performance bonus. Is that true? How much hike this year people got in DI and during pandemic year? Did they fire employees during pandemic?
Please share?

like

Going to start a nonprofit for recovering Financial Advisors. Will have therapists, job coaches, and we'll finger paint and do yoga all day.

like

At what point do you begin to feel numb (if ever) when you’re done trial and prepping for another trial in a span of 3 months, while mains full caseload of other active litigation cases? Should I be worried that I’m going from engaged and stress to numb and slightly indifferent? Or is this what it feels like to power through? I can’t gauge it anymore? And can’t impose judgment one way or another either.

like

Anyone have experience with Capital One’s mini case? Applying for a product manager role. They will pick to interview me on capital one college checking (which doesn’t exist?) or capital one shopping — (they’re not doing the credit wise case anymore). Has anyone gone through this process and can weigh in? TYIA!

like

Grilled chicken with bell peperrs from our garden. The dipping sauce was spicy calamasi citrus. Baked beans on the side (missed the pic).

Post Photo
like

Hi, everyone! I am extremely passionate about issues such as climate change and gun violence, and how money in politics leads to inaction and disinformation regarding these issues. Does anyone have any insight as to where I should be looking for employment opportunities? Practice areas, the type of organization, traditional vs. non-traditional law jobs? Any help or guidance would be appreciated. I really want to make a change. Thank you!

like

Just in case you were wondering, Tinder is still pretty much exactly as you remember it.

After 48 hours on the site, I’ve had five matches; four of them I unmatched with because I knew it wouldn’t ever work so why waste anyone’s time, and the fifth unmatched me after I mentioned them being a spam bot (or whatever drives the fake accounts these days).

The handful of women’s that could be a great fit, of course haven’t matched, because I’m sure 99,999 other guys also felt the same way.

like

Anyone know of recruiters who work with life science oriented funds / royalty players?

like

When is the best time to put in your notice? 1) After verbal offer; 2) After written offer; 3) After clearing background checks?

like

Hi Fishes
Does anyone know how long does EY takes to give offer letter or rejection Letter ? I have had 4 rounds of interview with them & has been 5 days since last interview.
TIA

like

Is it okay to submit a writing sample that you wrote for a partner, if you did all the work they just got the credit?

like

Is there a page limit for motions in Florida state court? I know federal is 20 but can't find a rule for state. TYA!

like

Additional Posts in Financial Advisors

Does the bowl have thoughts on a part-time MBA?

like

How do people have time to workout during the week? I work so many hours.

like

Happy day. Firing a client that is a time suck and emotional drain today. Life is already better.

likeupliftingsmart

Excuses you've used when you've run late for meetings or work engagements?

like

What kind of shoes do you guys rock at work?

like

For those of you who have had to increase soft skills as a means to grow and expand client relationships, how did you go about this?

like

What are you most insecure about?

like

How would you handle a person at your job that makes inappropriate jokes in public? Just curious ...

likehelpful

*** CFP Prep Materials ***
Is anyone interested in purchasing CFP prep materials? I have Dalton study materials including their course books, their review study books as well as their flash cards.

like

Have a surgeon that exceeds the income threshold for deducting a spousal IRA. Would you recommend one for your clients spouse even if they don’t get the deduction? Why? Trying to learn from the sitch

like

Any suggestions on resources to improve communication, specifically verbal? Books, podcasts, YouTube channels, etc. Got some feedback that I need to improve my ability to 'speak to my audience'.

like

Curious how this past year has been for everyone? Are account balances pulling your income down? Or has you book been growing? New clients? Are current clients implementing more because they realize they hand no idea what to do? Or is everyone still scared and sitting in cash and short term fixed income?

like

Anyone with US Trust as a PCA? Looking for additional details in terms of the culture, day to day type of things and how you’re doing there vs. what the recruiter stated was the average?

like

Edward Jones advisor with 30 million AUM and roughly 250k gross production. Been there for almost 4 years. Got an offer at Merrill Lynch to take over a 100 million dollar retirement transition plan in 5 years, or to join a 5 person Merrill Lynch team that manages a lot.

Pros to EJ: Have my own office, a year or two away from partnership, great office setting and client satisfaction.

Pros to Merrill: Bump in compensation, additional tools and services w banking, ability to take over assets.

likehelpful

If you were in a position to relocate, would you move to a locale where Baby Boomers are moving/retiring in a disproportionate #, w/the expectation your career success rate would be higher?

like

Ever been so overwhelmed by the things you need to do that you end up doing none of it? And stress yourself out even more smh

like

Best non-finance book you read recently that helped you in your career?

like

What does a mental health day look like for you? Took one today & it was the best thing I’ve done for myself. Bonus Q: did you own up to it being a mental health day or did you go to “the dentist"

like

Do you make your bed before work? What’s your morning routine?

like

Any Fish who are also musicians?

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Send download link to your phone

OR

Scan your QR code to download
Fishbowl app on your mobile

By continuing you agree to Terms of Use and Privacy Policy.

Messaging rates may apply

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal