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Probably late to this, but consider consolidating bank accounts and investments together



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topics gone triple plat - Number 1 spot 3X PLAT




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 1 month ago '05        #1
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pnoi89  topics gone triple plat - Number 1 spot x7
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Probably late to this, but consider consolidating bank accounts and investments together
 

 
So to catch people up, moved to a new company a couple months ago after working for the same company for 9 years. The new company is a startup with extremely positive outlooks including ~14,000 shares in equity as part of my benefits for signing on. Hopeful that someday, I can exit with an IPO, being bought out, etc.

Within that time frame, I had like 10+ accounts scattered across the board, from checking accounts to brokerage accounts, etc.

Finally decided to spend the time to consolidate everything where possible. Picked Fidelity and found out it was as simple as giving them the account number and they’ll take care of everything. On top of that, they’ll likely reimburse any transfer fees from your “old” account holders, like the $75 transfer fees from other brokerages!

And of course, I’m sure many are curious to see where I stand since my “$250k milestone” from 2020. To update, the market’s skyrockets for my properties and despite the slaughtering of the market, I’m still projected to be nearly $350k with all investment accounts bundled together.

Things are still transferring, so the following is probably $15-20k in more investments for its way in all my transfers to Fidelity. And another $5-10k still invested into crypto despite the slaughter that happened.
image

And of course, my current retirement contributions (current 401k, equity and HSA) with my new company will continue to be separate while I’m with them, so another $5k invested (not including equity with the company) since I started.
+91   



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 1 month ago '05        #2
pnoi89  topics gone triple plat - Number 1 spot x7 OP
Props total: 33105 33 K  Slaps total: 3423 3 K
Links to Past Threads for Reference:

"Update on Real Estate Investment Plans
":


"Just passed the $250k mark in liquid a*sets today
":


"Leaving the safe job I’ve had for nearly 10 years for a startup
":
+20   

 1 month ago '04        #3
44gunnzupnukka 
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What’s your crypto portfolio? The usuals?
+2   

 1 month ago '18        #4
MrPersonality  topics gone triple plat - Number 1 spot x5
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Thanks for this. This is very interesting
+3   

 1 month ago '17        #5
dubsax  topics gone triple plat - Number 1 spot x2
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I disagree
you keep different accounts so in case something happens all of your money isnt tied up.

You always want to have one that is physical only completely detached from online transactions. Any account you use to shop online you want to keep a balance at the maximum withdrawal rate, preferably below 1200 hackers will usually not touch accounts this low because its easier to spot.

The biggest reason why you dont do this is because if there is a run on the bank, where cash on hand is less than 10% of a*sets like in 2008, they will freeze all transactions.

Fidelity is a good company but its not good to keep all of your eggs in one basket. Convenience works both ways, it may be easier for you to see and access all of your money at once but it also is for hackers too.
+54   

 1 month ago '22        #6
100Stunna 
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Looking good keep up the great work
+6   

 1 month ago '11        #7
CALViiiN  topics gone triple plat - Number 1 spot x30
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y’all should’ve paid attention to this man years ago.
+13   

 1 month ago '20        #8
HookahDoncic 
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+36   

 1 month ago '21        #9
Tlatoani  topics gone triple plat - Number 1 spot x1
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BX legend.

Certified 1%er on this site.
+28   

 1 month ago '21        #10
Tlatoani  topics gone triple plat - Number 1 spot x1
Props total: 32925 32 K  Slaps total: 8252 8 K
Now that I think about it, hmmm who else would join you?
@


Maybe @. I know he and his wife do good business.

Who's the guy with the pharmaceutical company? Avatar has the watch and steering wheel thing going on. Think he's solid.

@ gets no a*s but he gets checks I believe.

And there's that bay area guy with the fat stack of cash in his avatar who works like 5 remote jobs. @?

And I think there may be a few military vets on here who are now getting good paper too.
+7   

 1 month ago '17        #11
MisterJeez 
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I was always told don't put all your eggs in one basket, keep us posted. Hopefully it works out for you.

and thanks for sharing
+4   

 1 month ago '17        #12
dubsax  topics gone triple plat - Number 1 spot x2
Props total: 62967 62 K  Slaps total: 5169 5 K
another thing to think about and another reason why I didnt open a savings account with my brokerage TDA is that lets say for example the SEC cracks down on nekkid short selling and they force the float numbers to match the total bought/sold there will be a mass liquidation and security holders that have shares of a company that exceed the float. Brokerages will have to buy those shares back even if it was the market makers fault.

There are 2 ways they do that
Liquidating shares of other holdings which will drive down the stocks value
or use cash on hand

that cash will be your savings
now you would have to hope the FDIC would cover you and make you whole but there is a bit of a loop hole that the accounts that get covered it a situation like this is at their discretion.

so it would mean that it could tie up your savings for a bit until Fidelity had your money back to you. They could put a freeze on your account for no wrong doing on your part.

The SIPC covers stocks like the FDIC but they can pick and choose who they cover if a brokerage becomes troubled
+9   

 1 month ago '20        #13
Detr0it 
Props total: 7022 7 K  Slaps total: 274 274
 HookahDoncic said

Lmao you eyeing dude up like Cam'ron after he found out what was in the bag, huh?
+12   

 1 month ago '08        #14
606robin 
Props total: 21263 21 K  Slaps total: 1297 1 K
My 401ks been getting r*ped for months. Damn near had to call…

+6   

 1 month ago '04        #15
doczdaname  topics gone triple plat - Number 1 spot x2
Props total: 16783 16 K  Slaps total: 2683 2 K
 dubsax said
I disagree
you keep different accounts so in case something happens all of your money isnt tied up.

You always want to have one that is physical only completely detached from online transactions. Any account you use to shop online you want to keep a balance at the maximum withdrawal rate, preferably below 1200 hackers will usually not touch accounts this low because its easier to spot.

The biggest reason why you dont do this is because if there is a run on the bank, where cash on hand is less than 10% of a*sets like in 2008, they will freeze all transactions.

Fidelity is a good company but its not good to keep all of your eggs in one basket. Convenience works both ways, it may be easier for you to see and access all of your money at once but it also is for hackers too.
This is great advice and I agree. Having it spread out also makes budgeting easier. I have fidelity but I just use it as an IRA and investing, I also cap it out at the maximum every year. I keep my mortgages and bills in a separate physical account that I check frequently so my sheets are up to date and then I have a personal account where I use for my day to day for miscellaneous transactions. I also have my 401k that I will never touch because I don't have to and I get a match from my company at 7% so it's a win.

Rule of thumb, never dip into 401k or equity on your home otherwise you are creating more debt and all that hard work will be taxed and penalized tremendously. It is only for absolute emergencies, nothing more.

I have 3 properties, 2 which I rent out and the income I get from them pays my mortgage for my home that I own which is almost paid off (85k left) and the 2 other mortgages on the rentals. Once that is done I can reinvest it into my other properties to pay them off quickly and keep building. This is in laymen terms and alot goes into it but if you have the means to do it, it is a fool proof way to go.
+7   

 1 month ago '17        #16
Its 
Props total: 42315 42 K  Slaps total: 3146 3 K
I prefer having multiple brokerages
I can trade in one and long term invest in the other.
Maybe having one is better as far as getting a loan from that bank? Depending on if they even offer loans. Also, I would use a broker that has brick and mortar locating so you can at least go talk to somebody if sh*t gets freaky lol
I wouldn't put all my eggs in one basket though
Can't trust these ppl
+3   

 1 month ago '16        #17
Proveone  topics gone triple plat - Number 1 spot x4
Props total: 109556 109 K  Slaps total: 7070 7 K
I love to see this, I don't have a 401k I set up an annuity that will pay out a modest yearly salary in 15 yrs and I've got an IRA. But most of my passive income is reinvested into property development or acquisitions. My situation is a little different, but I'm glad to see you stacking chips
+2   

 1 month ago '15        #18
majorpain1963 
Props total: 13538 13 K  Slaps total: 1433 1 K
Thread should be doing numbers... Positive sh*t gets hardly any love on here.
+3   

 1 month ago '16        #19
postemupndunkit 
Props total: 84347 84 K  Slaps total: 10036 10 K
 majorpain1963 said
Thread should be doing numbers... Positive sh*t gets hardly any love on here.
A lot of people will never be in this position lol why are you surprised it's not a big thread????
+1   

 1 month ago '15        #20
majorpain1963 
Props total: 13538 13 K  Slaps total: 1433 1 K
 postemupndunkit said
A lot of people will never be in this position lol why are you surprised it's not a big thread????
Because there is advice in here in how to get to this position.

n*ggas will argue about some trans sh*t all day and never encounter that either. It's sad more than anything.

 1 month ago '16        #21
postemupndunkit 
Props total: 84347 84 K  Slaps total: 10036 10 K
 majorpain1963 said
Because there is advice in here in how to get to this position.

n*ggas will argue about some trans sh*t all day and never encounter that either. It's sad more than anything.
Eh, the trans sh*t phase on here was weird but I see both sides. If I'm having financial difficulties, I wouldn't have even clicked on this lol.

It's weird but it's how we work.

 1 month ago '21        #22
Imheretolaugh 
Props total: 1047 1 K  Slaps total: 89 89
 dubsax said
I disagree
you keep different accounts so in case something happens all of your money isnt tied up.

You always want to have one that is physical only completely detached from online transactions. Any account you use to shop online you want to keep a balance at the maximum withdrawal rate, preferably below 1200 hackers will usually not touch accounts this low because its easier to spot.

The biggest reason why you dont do this is because if there is a run on the bank, where cash on hand is less than 10% of a*sets like in 2008, they will freeze all transactions.

Fidelity is a good company but its not good to keep all of your eggs in one basket. Convenience works both ways, it may be easier for you to see and access all of your money at once but it also is for hackers too.
Fidelity is higly unlikely to be insolvent during economic crisis but anything is possible. Out of everyone they are prob the safest because they manage a lot of a*sets.
+2   

 1 month ago '21        #23
Imheretolaugh 
Props total: 1047 1 K  Slaps total: 89 89
 dubsax said
another thing to think about and another reason why I didnt open a savings account with my brokerage TDA is that lets say for example the SEC cracks down on nekkid short selling and they force the float numbers to match the total bought/sold there will be a mass liquidation and security holders that have shares of a company that exceed the float. Brokerages will have to buy those shares back even if it was the market makers fault.

There are 2 ways they do that
Liquidating shares of other holdings which will drive down the stocks value
or use cash on hand

that cash will be your savings
now you would have to hope the FDIC would cover you and make you whole but there is a bit of a loop hole that the accounts that get covered it a situation like this is at their discretion.

so it would mean that it could tie up your savings for a bit until Fidelity had your money back to you. They could put a freeze on your account for no wrong doing on your part.

The SIPC covers stocks like the FDIC but they can pick and choose who they cover if a brokerage becomes troubled
Direct register your shares with the transfer agent. For some stocks i use Computershare. Stocks in my name so a broker liquidation would not affect my shares. Brokers are basically just IOU institutions and will liquidate your sh*t with no issue, because the shares arent actually yours.

 1 month ago '15        #24
Tripsev 
Props total: 7742 7 K  Slaps total: 3433 3 K
 pnoi89 said
So to catch people up, moved to a new company a couple months ago after working for the same company for 9 years. The new company is a startup with extremely positive outlooks including ~14,000 shares in equity as part of my benefits for signing on. Hopeful that someday, I can exit with an IPO, being bought out, etc.

Within that time frame, I had like 10+ accounts scattered across the board, from checking accounts to brokerage accounts, etc.

Finally decided to spend the time to consolidate everything where possible. Picked Fidelity and found out it was as simple as giving them the account number and they’ll take care of everything. On top of that, they’ll likely reimburse any transfer fees from your “old” account holders, like the $75 transfer fees from other brokerages!

And of course, I’m sure many are curious to see where I stand since my “$250k milestone” from 2020. To update, the market’s skyrockets for my properties and despite the slaughtering of the market, I’m still projected to be nearly $350k with all investment accounts bundled together.

Things are still transferring, so the following is probably $15-20k in more investments for its way in all my transfers to Fidelity. And another $5-10k still invested into crypto despite the slaughter that happened.



And of course, my current retirement contributions (current 401k, equity and HSA) with my new company will continue to be separate while I’m with them, so another $5k invested (not including equity with the company) since I started.
As someone with an extensive history with startups and equity, if you didn’t get those 14,000 shares before the company started giving thousands of shares out, don’t expect them to be worth too much. They’ll be really watered down, especially by the time they are all vested in 4 years. Most only best 25% per year.
+1   

 1 month ago '17        #25
yousabitch 
Props total: 25809 25 K  Slaps total: 7664 7 K
 Tlatoani said
BX legend.

Certified 1%er on this site.
What’s considered a 1% er ?
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