finally did it....

[Almerick07]

Wow, so i thought learning everything was to know about flying was hard....this stock market business is one complicated (and corrupt) industry. 3 days and 35 hours of studying so far, very very interesting just a very elaborate system to learn. On a side note Ive been home for 3 days straight and have LOVED every second of it, my dog has to. Just thought I would give an update, enjoy.

 

[Alamanach]

Where does one begin when studying the stock market?

 

[Almerick07]

well when I first started investing on my own I read Jim Cramers book: Real Money, sane investing in an insane world. That book pretty much taught me the meat and potatoes of investing. With my new job they have given me a bunch of internal study materials that really break every apart every niche in the stock market so I can pass the series 7. But I would def. recommend Jim Cramers book, it has given me a huge head start and he is an awesome teacher.

 

[Jetpipeovht]

Congrats man!! best of luck!!

I plan just to buy some land so I can dig a hole so I can bury myself in it.

 

[FlyingSkip]

Good luck---I did the broker thing for a number of years between military flying and getting back into it on the civilain side a few years back. The Market is great and the money is good, but definitely get the RV-8 and be able to leave work at work or it'll drive you crazy---it almost did me! Make somebody 10%, they want 20%----make them 20%, they want 30%...they're NEVER happy and they make you miserable if you let them! It's a great job, but it can get inside you if you let it...GOOD LUCK!

 

[RichardRambone]

I just signed up for the GMAT. I'm not comfortable with where this industry might be headed so I decided that I may just put off flying for a couple years, study abroad, get my MBA in Entrepeunership and be my own boss. If things aren't working out then I can always fly airplanes. Should be fun. Anyone else in the same boat?

 

[Almerick07]

take the series 7 in 2 weeks....the pressure is starting to build a little. I thought checkrides were tough; this is like taking private, instrument, commercial, multi, cfi's and top it off with an ATP all at once.

 

[nonstop]

Congrats on the move Almerick, I've considered the same move myself.

I went and talked to a friend of a friend whose a Financial Adviser at Smith Barney... she said base first year was around 35k but with commissions 70k was a reasonable expectation if you're willing to put in 50-60 hrs a week. Is that similar to what you expect to make?

This commute is killing me but 75k a year 9% 401k match and 3 weeks of vacation that turn into 8 at my airline is not easy to give up.

 

[Almerick07]

at my place a first year broker averages 7-11k a month including bonuses, thats not including 2 all expenses paid vacations averaging around 5k in value per year. first 2-3 years its 50-60 hours a week but pay increases a pretty varying amount typically you can expect at 10-15% pay raise each year....but its all on commissions and productivity so it really depends on you. After a few years with the firm if your numbers are good you get offered a limited partnership which averages 20-25% return a year and they give you a 0% interest loan to invest into the firm. Everyone out here thats been in the business for atleast 10 years is making over 200k per year and works around 35-40 hours per week including dinners and promos. After a while it gets easier and you make more money. Youre pretty much guaranteed to retire as very very rich person if you follow your own advice and stick with the firm for the long haul. My firm is pretty unique as to you have your own branch and assistant and there isnt anyone telling you what to sell or when to be there. Guys take vacations when they want leave early to pick up the kids and live in the communities their offices are in. PM me if youre interested...5th largest firm and growing like crazy. Bottom line is you could make a million in your first year....not likely but possible. Thats why I left aviation, something about getting the same paycheck as the guy who shouldnt be touching the controls of a RC airplane nevermind a passenger carrying airliner makes as much as i do.

 

[F16fixer]

O.K. since your new to the game, and have not had a chance to do it professionally yet, what do you think could be some major drawbacks to your new job? My neighbor is a CFA, CPA and makes a lot of money, but I have also met people in this career field that go nowhere. Lots of cold calling, stress, just to be turned down and not build up a good client base.

Don't get me wrong, It's very interesting to here about your new path in life and I'm kind of jealous, but it was starting to sound like a TV infomercial.

On a different note, how do you get paid? The guy I know never really talks about it. I know people that have lost money with him and will never go back and just the opposite with other folks that love him. If I bring you $1000 a month to invest, how much do you keep right off the bat and do you feel confident since this is your job that you can make me that money back plus more? If an advisor makes me 10% and keeps 3-4% wouldn't I be better off on my own by reading booyaa jim cramers book like you recommended and giving it a go on my own?

What say you?