*Investors Blog*

SC Maintenance said:
Well the Philly Fed said it was overstated by a million jobs last Q2. But I believe the latest number :ROFLMAO:

www.washingtontimes.com

Biden second-quarter job numbers off by 1 million, Philadelphia Federal Reserve Bank says

The Biden administration vastly overstated its estimate that employers created more than 1 million jobs in the second quarter of this year, claiming historic job growth when in fact hiring had stalled, according to a new estimate.
www.washingtontimes.com www.washingtontimes.com
Click to expand...

There a big difference between a part time job with zero benefits…. and a full time job with benefits that can support a family in 2024.

Like I said before….. I was posting quality full time jobs here on BITOG in the past.
 
RAVL said:
No. They are fine....................

HTH, good luck.
Click to expand...
(I had a long response typed and poof gone - arrggh - anyway)

I'm 65, near 66 retired, and multimillionaire through starting early, hard work (multiple jobs and side gigs), $ saving discipline and tight spending control and yes a VERY diversified investment process (not just stocks/bonds) I grew up low middle class, but not needing anything. My dad also followed the right path to a very comfy retirement. Thanks for the long post, but um, yeah......I'm in a new phase of life, I'll leave it at that.

Back on Topic! So no one has actually used IB? Hmmm.....I clicked around on the IB site and support seems weak to non-existent. Seems like IF something went awry one would be fighting upstream. I think I will pass. I don't think they promote one thing or another though. Seems like you can invest in whatever you want and again a discussion for a different post.

I am looking for a another broker beside:

Vanguard - terrible brokerage and skimpy awful site. But sure, yes good low costs funds. But I am generally no longer riding the ups and downs for the majority of my investments. I want them to work for me daily and pay me. Yes I have some set aside for growth which of course is best long long term. Support not great, but don't really need it.

Fidelity - great site, online good, support mostly OK, but they have no internal communication, employees seem generally uninformed and must tell them what exactly what do to, weakish funds, bond trading OK. They did finally assign a guy to me, he's nice enough, they made a bond portfolio for me, but in the end I declined, plus that's when they hit you with a fee. They act a great bank and easy checking with awesome cards.

I will look at Schwab next. Who else?
 
Pablo said:
(I had a long response typed and poof gone - arrggh - anyway)

I'm 65, near 66 retired, and multimillionaire through starting early, hard work (multiple jobs and side gigs), $ saving discipline and tight spending control and yes a VERY diversified investment process (not just stocks/bonds) I grew up low middle class, but not needing anything. My dad also followed the right path to a very comfy retirement. Thanks for the long post, but um, yeah......I'm in a new phase of life, I'll leave it at that.

Back on Topic! So no one has actually used IB? Hmmm.....I clicked around on the IB site and support seems weak to non-existent. Seems like IF something went awry one would be fighting upstream. I think I will pass. I don't think they promote one thing or another though. Seems like you can invest in whatever you want and again a discussion for a different post.

I am looking for a another broker beside:

Vanguard - terrible brokerage and skimpy awful site. But sure, yes good low costs funds. But I am generally no longer riding the ups and downs for the majority of my investments. I want them to work for me daily and pay me. Yes I have some set aside for growth which of course is best long long term. Support not great, but don't really need it.

Fidelity - great site, online good, support mostly OK, but they have no internal communication, employees seem generally uninformed and must tell them what exactly what do to, weakish funds, bond trading OK. They did finally assign a guy to me, he's nice enough, they made a bond portfolio for me, but in the end I declined, plus that's when they hit you with a fee. They act a great bank and easy checking with awesome cards.

I will look at Schwab next. Who else?
Click to expand...
Schwab's site is awful to navigate and clunky to buy and sell, IMHO. I am not buying anything obscure so possibly thats better, no idea.

I have Fidelity as well - like it much better.

TD Ameritrade was infinitely better than both - but its gone.

The only other one might consider is Merril?

I wouldn't touch those crooks at Robin Hood with your money.
 
Pablo said:
Doubled my money on BITO and sold.

50%+ gain on FBTC and sold

PURE gambling. Yeah I'm done for now. I cannot say what will happen from now out, but I jumped on the momentum early is all I did.
Click to expand...

I missed that boat.
 
Pablo said:
I will look at Schwab next. Who else?
Click to expand...
I am on the Schwab Wealth Advisory, which I like but not all of my investments are under their advisory.
This is because my options and grants from my working days would skew the balancing.
If I need a bunch of cash, they trim based on performance and tax advantage.
 
Dave Hess said:
They still don’t know who created this Rat Poison but if it can make some quick cash…. why not.

Similar to paper Gold and Silver ETFs, they are 100% pure trash.
Click to expand...
(first let me say I agree with you)

Now that I said that, sometimes I wonder if the American Dollar will ever be rat poison. How many more downgrades to our national debt will occur as and once we approach the 50 trillion mark. Some might think I am nuts but I think 50 trillion is very realistic, very soon, couple years maybe? as no one has applied any brakes yet and once they do our entire system could fail (?) as its all running on a constant non stop running debt.
So what would happen if we stopped the debt clock? https://www.usdebtclock.org/

While we are at it, I had no idea that China owns 1 out of every 4 pigs in the USA. I had no idea that a Chinese company bought Smithfield foods in 2013 until yesterday.
 
Pablo said:
(I had a long response typed and poof gone - arrggh - anyway)

I'm 65, near 66 retired, and multimillionaire through starting early, hard work (multiple jobs and side gigs), $ saving discipline and tight spending control and yes a VERY diversified investment process (not just stocks/bonds) I grew up low middle class, but not needing anything. My dad also followed the right path to a very comfy retirement. Thanks for the long post, but um, yeah......I'm in a new phase of life, I'll leave it at that.

Back on Topic! So no one has actually used IB? Hmmm.....I clicked around on the IB site and support seems weak to non-existent. Seems like IF something went awry one would be fighting upstream. I think I will pass. I don't think they promote one thing or another though. Seems like you can invest in whatever you want and again a discussion for a different post.

I am looking for a another broker beside:

Vanguard - terrible brokerage and skimpy awful site. But sure, yes good low costs funds. But I am generally no longer riding the ups and downs for the majority of my investments. I want them to work for me daily and pay me. Yes I have some set aside for growth which of course is best long long term. Support not great, but don't really need it.

Fidelity - great site, online good, support mostly OK, but they have no internal communication, employees seem generally uninformed and must tell them what exactly what do to, weakish funds, bond trading OK. They did finally assign a guy to me, he's nice enough, they made a bond portfolio for me, but in the end I declined, plus that's when they hit you with a fee. They act a great bank and easy checking with awesome cards.

I will look at Schwab next. Who else?
Click to expand...
You seem to have taken offense. Not my intention. It is just that IB is a shop based on the clients who day trade, or at least trade frequently. I see people going that route and scratch my head.

The only question is since you have been saving and investing for such a long time, it is unclear to me why you change approach now, in terms of saying something to the effect that I want them to work for me daily and pay me. You mean you want to draw on your investments now? That is fine and congrats on getting to that point but almost any decent broker dealer / investment advisor will have a specialty suite of services for clients with 7-8 figures net worth. So you really have unlimited choices, including the discount firms because those firms too have that upper echelon. You might just get references from friends or colleagues on a good accountant and a fee based advisor and talk to those folks as well. But again, for most people who are in your shoes, the knowledge you picked up on the way there is knowledge you are going to use once you have arrived. I think your best bet is to find a good tax advisor and start there, not necessarily a new broker.

In any event, congratulations on getting to a point where, as my dad used to say, you are still above ground and able to have enough to have some time for yourself. That is always awesome to see. Take care.
 
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Pablo said:
(I had a long response typed and poof gone - arrggh - anyway)

I'm 65, near 66 retired, and multimillionaire through starting early, hard work (multiple jobs and side gigs), $ saving discipline and tight spending control and yes a VERY diversified investment process (not just stocks/bonds) I grew up low middle class, but not needing anything. My dad also followed the right path to a very comfy retirement. Thanks for the long post, but um, yeah......I'm in a new phase of life, I'll leave it at that.

Back on Topic! So no one has actually used IB? Hmmm.....I clicked around on the IB site and support seems weak to non-existent. Seems like IF something went awry one would be fighting upstream. I think I will pass. I don't think they promote one thing or another though. Seems like you can invest in whatever you want and again a discussion for a different post.

I am looking for a another broker beside:

Vanguard - terrible brokerage and skimpy awful site. But sure, yes good low costs funds. But I am generally no longer riding the ups and downs for the majority of my investments. I want them to work for me daily and pay me. Yes I have some set aside for growth which of course is best long long term. Support not great, but don't really need it.

Fidelity - great site, online good, support mostly OK, but they have no internal communication, employees seem generally uninformed and must tell them what exactly what do to, weakish funds, bond trading OK. They did finally assign a guy to me, he's nice enough, they made a bond portfolio for me, but in the end I declined, plus that's when they hit you with a fee. They act a great bank and easy checking with awesome cards.

I will look at Schwab next. Who else?
Click to expand...
I loathe Vanguard’s site and app. They both are terrible for access, taxonomy, ease of use and information.

Schwab’s are both great. I have ten times the money with Schwab that I do with Vanguard, and I’ve told them that.

As I look to simplify things administratively, and consolidate money from Schwab, Vanguard, T. Rowe Price and my government TSP, Schwab is the clear leader in ease of use and organization.

Products from the other three have been good, but the interface on all of them are woefully inadequate.
 
Astro14 said:
I loathe Vanguard’s site and app. They both are terrible for access, taxonomy, ease of use and information.

Schwab’s are both great. I have ten times the money with Schwab that I do with Vanguard, and I’ve told them that.

As I look to simplify things administratively, and consolidate money from Schwab, Vanguard, T. Rowe Price and my government TSP, Schwab is the clear leader in ease of use and organization.

Products from the other three have been good, but the interface on all of them are woefully inadequate.
Click to expand...
Thanks. I will check them out!
 
RAVL said:
You seem to have taken offense. Not my intention. It is just that IB is a shop based on the clients who day trade, or at least trade frequently. I see people going that route and scratch my head.

The only question is since you have been saving and investing for such a long time, it is unclear to me why you change approach now, in terms of saying something to the effect that I want them to work for me daily and pay me. You mean you want to draw on your investments now? That is fine and congrats on getting to that point but almost any decent broker dealer / investment advisor will have a specialty suite of services for clients with 7-8 figures net worth. So you really have unlimited choices, including the discount firms because those firms too have that upper echelon. You might just get references from friends or colleagues on a good accountant and a fee based advisor and talk to those folks as well. But again, for most people who are in your shoes, the knowledge you picked up on the way there is knowledge you are going to use once you have arrived. I think your best bet is to find a good tax advisor and start there, not necessarily a new broker.

In any event, congratulations on getting to a point where, as my dad used to say, you are still above ground and able to have enough to have some time for yourself. That is always awesome to see. Take care.
Click to expand...
No offense taken at all. I think mainly I was commenting on the fact that you seem to want to tell me how to invest. Thanks.
 
Pablo said:
(I had a long response typed and poof gone - arrggh - anyway)

I'm 65, near 66 retired, and multimillionaire through starting early, hard work (multiple jobs and side gigs), $ saving discipline and tight spending control and yes a VERY diversified investment process (not just stocks/bonds) I grew up low middle class, but not needing anything. My dad also followed the right path to a very comfy retirement. Thanks for the long post, but um, yeah......I'm in a new phase of life, I'll leave it at that.

Back on Topic! So no one has actually used IB? Hmmm.....I clicked around on the IB site and support seems weak to non-existent. Seems like IF something went awry one would be fighting upstream. I think I will pass. I don't think they promote one thing or another though. Seems like you can invest in whatever you want and again a discussion for a different post.

I am looking for a another broker beside:

Vanguard - terrible brokerage and skimpy awful site. But sure, yes good low costs funds. But I am generally no longer riding the ups and downs for the majority of my investments. I want them to work for me daily and pay me. Yes I have some set aside for growth which of course is best long long term. Support not great, but don't really need it.

Fidelity - great site, online good, support mostly OK, but they have no internal communication, employees seem generally uninformed and must tell them what exactly what do to, weakish funds, bond trading OK. They did finally assign a guy to me, he's nice enough, they made a bond portfolio for me, but in the end I declined, plus that's when they hit you with a fee. They act a great bank and easy checking with awesome cards.

I will look at Schwab next. Who else?
Click to expand...

Good to see you’ve done very well and have a substantial saved and invested towards retirement.
It took lots of smart decision making to get there. (y)
I once said you are like Frogger doing everything to avoid disaster. 🐸

I would just stay with Fidelity.

The problem I see (and a great problem) you are an advanced trader / investor with 30+ years of experience.
Nobody at any financial institution / brokerage will know exactly what you want and need in your portfolio.

Sure they can offer some advice…… but ultimately it’s your money and YOU need to keep managing it.

Vanguard is a very basic website, imagine a 1999 Honda Civic. It’s good for beginners that are starting out.
I opened Roth IRAs for my kids at Vanguard for this very reason, now they have automatic monthly contributions to their IRA.
 
Pablo said:
No offense taken at all. I think mainly I was commenting on the fact that you seem to want to tell me how to invest. Thanks.
Click to expand...
Understood. But for reasons Dave Hess mentioned above, it is not clear why you wouldn't ride the horse that got you here, so to speak. Also that fact didn't jump out at me because people looking at IB aren't generally buy and hold types. That is where my confusion came from so I can understand why it came off as condescending. Apologies on that.

As far as the websites and what-not, candidly I too am into investing and with all candor, I don't understand the fuss about the websites. When you are accumulating money, you need low costs and tax efficiency. And a good custodian. You cannot control inflation and the market's return, so just stay diversified and ride it out like guys like us have done. When you are in the draw down phase, I think the average person needs a good accountant / tax advisor more than anything else to make sure what you are doing stays tax efficient, now that you need the money.

I do think Schwab has a great website. But the reason I am not a huge fan is that they push the cash sweep products extensively, and keep the vast majority of the proceeds for themselves. In so doing, they fund their bank on the back of the brokerage customers. Their disclosure on this point is quite clear, so I am not alleging illegality but it is not a pro-customer practice. Will it really hurt the average customer? Probably not materially, but I try to stay away from places where I think the basic business practices are not in my interest. Doesn't mean that Fidelity is up for sainthood, although in my experience it is a pretty good firm, as is Vanguard. Vanguard has deteriorated since Jack Bogle left.

If you want more hand holding and want to be made to feel more important, although you don't strike me as that type, you could try Merrill or Morgan Stanley. But expect to be upsold like nobody's business. I view those firms for people who are the types who want to say "my advisor at Morgan Stanley told me . . ." so they come off as wealthy (perhaps unfair to a degree but true) and post everything they do on Facebook to make sure everyone knows how great and successful they are. I loaded trucks and worked three jobs to make my way through college, so I don't need anyone to blow you know what up my a$$ - I want to make sure the money is safe, the advisors and other thieves keep their hands off of it, and it grows in a reasonably efficient way. From that perspective, my view has always been that if it is more than I need, I am paying for something I don't want, if that makes sense.

Congrats again to getting to a point where you have some control over your time. I hope you have many years of good health to enjoy it. That's really what this is all about, in my view. Take care.
 
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I've never once directly paid an investment account type. Yes tax advisors and accountants. I do have an account guy at Fidelity but he is not paid directly by me. He's a very cool guy, doesn't push anything hard, he did make a bond portfolio for me to look at and if I accepted there would be a fee (0.4%). I declined.

There are reasons I am looking elsewhere, for at least part of my portfolio.

Perhaps it is best if I go into a little detail, but please don't get fixated on the actual funds or stocks involved, we are talking about the process and how it was handled. Fidelity has not made any egregious mistakes with my accounts, nothing nasty. Nothing to say I would/should completely quit with them, but in the recent past there were/are some series of small things.

1) The ability to trade large blocks of shares. I can buy or sell 1000 or 2000 shares, but 5000 shares must be broken into 3 separate trade, manually, by me, for example. We are talking LIMIT trades, not MARKET trades. Now you would think their computers would have the smarts to just trade the blocks, as required if the price is reached in either direction. Thing is, I don't know if other brokers are the same.

2) On Thursday last week, I tried to buy a Canadian preferred stock. Fidelity would not let me buy it online. Didn't exactly say why. Said to call them and gave me an 800 number. Got through but person didn't know anything, and after 10 minutes put me through to their stock trading desk. And I got a message machine. They never called me back. So later I called directly to their bond trading desk and the guy knew his stuff, executed the trade as I ordered and waived the phone trading fee.

3) Last week Fidelity announced they are adding a $100 fee for buying ETF's, per buy trade, in certain fund families (who basically don't play/pay the Fidelity fee scheme). OK, fine, but the rub is I first online chatted with a random bot/then real person who knew nothing of this. Then I called the generic help line. Person had not heard of this. I finally emailed my "free" account representative and he had heard nothing about it and would look into it. Two of the three contacts used the word "rumor". The thing is the actual announcement was on my March statement in detail and in the business press. But no one at Fidelity knew about it. This is a bit disturbing to me. Not because the fee, or their fees to fund companies - but a very basic piece of knowledge that directly impacts customers was not flowed to their reps, or the reps are not keeping their eye on the ball. And for the record this is not the first time something like this has happened to me. I mean how important do things have to be? They send me all sorts of specific issue notices in their message system, why not generic, why only on the monthly statement?

Not sure how well other houses handle this stuff. Maybe worse! Trying to find out asking here is all. Not changing my investing plan or methodology.
 
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