Financial advice for young and wealthy
 

After seeing Newt_Bugs post on what young players do with their money, I offered my help to the younger posters with some free financial advice.
I received a few responses, so I figured I would expand on the project slightly.

What: I am going to start a small e-mail group, to help the young (or old) newly cash rich internet poker pros manage their money. Basically, my goal is to teach the really important concepts of money management in a very poker oriented way. I already work as an analyst / portfolio manager for a financial institution, unless someone has 1M$+ in assets, I can not bring them on as clients. Also, I don't want to deal with the ethical problems of doing actual fee based money management outside of work, so this is going to be a teaching endeavor only.

Why: Not to sound old (I'm only 27), but I want to look out for the young guns in the game (and most importantly on this forum). About 90% of the financial advice out there is pure garbage, and that is only within the financial industry. You add in the thousands of other people who see a young kid with 20 grand in the bank, as an easy target, and there is plenty of bad advice out there. I use the poker expertise of the young players to pad my ROI, at least I can share my expertise with them

What's in it for me? I would appreciate if anyone who decides to take me up on the offer, would be willing to provide me with a little coaching. Whatever you feel like doing is fine with me, review a few HHs, general lessons, etc.

If anyone is interested, PM me, and I will add you to the email list. I would be willing to post some stuff on the forum if there is enough interest.

Tom

Re: Financial advice for young and wealthy
 

I'm 20 and I don't know anything about the stock market or investing or any of that stuff. They didn't teach that in political science classes, unfortunately. I would be definitely interested in being on your email list, although I definitely won't have 20K in the bank (all my winnings are going towards gradschool debt). I'll look at whatever HH you need.

Re: Financial advice for young and wealthy
 

BTW, I was throwing out the 20K as an extreme example. This will benefit anyone who wants to understand finance better.

Also, it is open to everyone, even if you dont feel like you are qualified to offer poker advice in return. This is more about me giving back to the forum. But thought i could squeeze some advice out in return [img]/images/graemlins/wink.gif[/img]

Re: Financial advice for young and wealthy
 

PM Sent, I think this is a great idea, and we should really get this thing in motion!

Re: Financial advice for young and wealthy
 

yo if you want to give me some financial advice i am down.

I can help with SnGs if need be. Thanks.

-stealyourface

Re: Financial advice for young and wealthy
 

This sounds like a great idea. Although right now, like gildwulf, most of my poker profits are paying for school, I plan on investing some of it soon. I'm an economics major so I have a general idea about how financial markets work, but nothing very specific/practical. I really want to learn and this sounds like a good oppertunity. Thanks for the offer!

Re: Financial advice for young and wealthy
 

So buying a Porsche 911 with my poker winnings is a bad investment? [img]/images/graemlins/grin.gif[/img]

Re: Financial advice for young and wealthy
 

[ QUOTE ]
So buying a Porsche 911 with my poker winnings is a bad investment? [img]/images/graemlins/grin.gif[/img]

[/ QUOTE ]

Actually, that is lesson 3 in my plan.

In between swimming pool filled with Crystal, and a robot....a female robot

Re: Financial advice for young and wealthy
 

This is exactly what i need [img]/images/graemlins/cool.gif[/img]

Re: Financial advice for young and wealthy
 

PM sent, this is great.

Re: Financial advice for young and wealthy
 

pm sent. But the only game I beat consisently is the party 10+1. I guess I'm also an expert at 2 to 7 Triple Draw, but that's pretty worthless.

Re: Financial advice for young and wealthy
 

A-Plus, do you carry any licenses, like series 7, 66, etc?

Re: Financial advice for young and wealthy
 

"a robot....a female robot"

That's like having sex with a fridge???

Re: Financial advice for young and wealthy
 

i'm a licensed broker, but i want in [img]/images/graemlins/smile.gif[/img]

i think.

citanul

Re: Financial advice for young and wealthy
 

I'll participate.

Re: Financial advice for young and wealthy
 

"What's in it for me? I would appreciate if anyone who decides to take me up on the offer, would be willing to provide me with a little coaching."

Sounds like you'll have enough people to get you to the $109s [img]/images/graemlins/smirk.gif[/img]

Re: Financial advice for young and wealthy
 

Yeah, I'd like this. PM sent.

Re: Financial advice for young and wealthy
 

[ QUOTE ]
A-Plus, do you carry any licenses, like series 7, 66, etc?

[/ QUOTE ]

I have my CFA charter. I know that this allows me to waive the exam for some of the liscenses, I am not sure which though. I better check it out though before I go giving financial advice on a public forum. I also am 80% through the class work towards my PHD in financial economics.

I will double check with the liscenses, I am pretty sure I am covered, but dotn want to take any chances.

Re: Financial advice for young and wealthy
 

A FEMALE ROBOT [img]/images/graemlins/laugh.gif[/img] [img]/images/graemlins/laugh.gif[/img] [img]/images/graemlins/laugh.gif[/img]

"OMFG"....PUSH.....Do they have Viagra in "metalflake"? [img]/images/graemlins/smirk.gif[/img]

PPS: Will "she" be at the STTF-HUC ?...I'm down for the ride as Usher's hood ornament/bug-deflector [img]/images/graemlins/smile.gif[/img] [img]/images/graemlins/smile.gif[/img]

Re: Financial advice for young and wealthy
 

He's going to be getting a lot of PMs.

The stuff that he's told me so far has been great though [img]/images/graemlins/smile.gif[/img]

Re: Financial advice for young and wealthy
 

1.) We now know where the real money is in poker. STT responses 978. MTT....0!!! (although they may be turned off by my advice, as I normally post there)

2.) Lots of PMs, not so many e-mail addresses.

3.) I dont have a ton of experience in tax/legal type work, so if anyone feels comfortable and would like to help in these areas, I would appreciate it. Also would love help in anything else as well (maybe setting up a small web site, or at least a way to make some excel files available for download)

Re: Financial advice for young and wealthy
 

great idea man, pm sent, thank you

Re: Financial advice for young and wealthy
 

[ QUOTE ]
[ QUOTE ]
A-Plus, do you carry any licenses, like series 7, 66, etc?

[/ QUOTE ]

I have my CFA charter. I know that this allows me to waive the exam for some of the liscenses, I am not sure which though. I better check it out though before I go giving financial advice on a public forum. I also am 80% through the class work towards my PHD in financial economics.

I will double check with the liscenses, I am pretty sure I am covered, but dotn want to take any chances.

[/ QUOTE ]

Although I'm loosely familiar with the CFA (as I was once heading that route), I do carry the following licenses: 7, 31, 63, 65, and a couple of insurance licenses. I manage(d) about $18MM for individual clients. And here's what I'm getting at.

You are talking to people all over the country. Furthermore, you are offering (potentially) professional advice. Are you subject to any regulatory agencies by giving any advice due to your license(s) or experience? If so, you should do one of two things.

1) Don't do it.
2) Be sure and write a boat load of legal language proclaiming that this isn't really advice, and it should not be construed in that way. And if they want real advice, they should see a professional (yada yada).

Although I seriously doubt #2 would get me off the hook, it might work for you.

Re: Financial advice for young and wealthy
 

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
A-Plus, do you carry any licenses, like series 7, 66, etc?

[/ QUOTE ]

I have my CFA charter. I know that this allows me to waive the exam for some of the liscenses, I am not sure which though. I better check it out though before I go giving financial advice on a public forum. I also am 80% through the class work towards my PHD in financial economics.

I will double check with the liscenses, I am pretty sure I am covered, but dotn want to take any chances.

[/ QUOTE ]

Although I'm loosely familiar with the CFA (as I was once heading that route), I do carry the following licenses: 7, 31, 63, 65, and a couple of insurance licenses. I manage(d) about $18MM for individual clients. And here's what I'm getting at.

You are talking to people all over the country. Furthermore, you are offering (potentially) professional advice. Are you subject to any regulatory agencies by giving any advice due to your license(s) or experience? If so, you should do one of two things.

1) Don't do it.
2) Be sure and write a boat load of legal language proclaiming that this isn't really advice, and it should not be construed in that way. And if they want real advice, they should see a professional (yada yada).

Although I seriously doubt #2 would get me off the hook, it might work for you.

[/ QUOTE ]

Thanks, I will talk to my firms legal dept. I had thought about that, which is why I wanted to structure it as more of a finance class, than an investment advice forum.

I really appreciate the heads up though.

Re: Financial advice for young and wealthy
 

[ QUOTE ]
Thanks, I will talk to my firms legal dept. I had thought about that, which is why I wanted to structure it as more of a finance class, than an investment advice forum.

I really appreciate the heads up though.

[/ QUOTE ]

No matter how you classify this (class, newsletter, etc.) you are still potentially subject to SEC/NASD regulations. Without a doubt, I would be. Frankly, I don't know why you would (subject to regulations) be if you're an analyst. And I assume you're a buy-side analyst at that. Do you give advice to any individuals at all? Because you have $1MM minimums, your clients don't fall into most of the general regulatory categories, and are considered an accredited investor. That being said, I'm really not sure what credentials you need.

I think it would be a help if you could provide your employment background. If you're uncomfortable with this, you could PM me, and I'll give my own opinion. It's an internet forum, so it's wise for all of us to be careful.

Scuba

Re: Financial advice for young and wealthy
 

OK, I got the free and clear from my legal eagles. I just have to state that the info is my views only, yadda, yadda, yadda.

OK, I will try to get a plan of attack in place later this week. I think this will be fun, beneficial.

For those concerned (rightfully so) about my creditibility, or wether this is some sort of scam. Just give it a shot. I will not be pitching any specific stocks, funds, advisors, etc. I hope it will be as if you signed up for the class

"what you need to know to make your own investment decisions" at 2+2 University.

Re: Financial advice for young and wealthy
 

What a wonderful country. People can't take care of themselves, lets regulate them into financial safety by not allowing conversation on financial matters...

John

Re: Financial advice for young and wealthy
 

I look forward to it. Also, you had better make me rich. [img]/images/graemlins/wink.gif[/img]

Re: Financial advice for young and wealthy
 

if only i knew how to manage my money.. sigh. holla

Re: Financial advice for young and wealthy
 

[ QUOTE ]


What a wonderful country. People can't take care of themselves, lets regulate them into financial safety by not allowing conversation on financial matters...

John

[/ QUOTE ]
If the president of a company that sells ice in the arctic tells you that it's in your portfolio's best interest to invest in his company, are you going to do it?

Regulation = Protection

Re: Financial advice for young and wealthy
 

Unconventional Success by David Swensen

Don't want to plug my boss's book, because it's a horrendously painful read (also it's not out yet). I read a proof and it was fairly smart though. Maybe worth a borrow from the library and a quick skim.

No offense to A_PLUS, but I have negative trust of wealth management people. In this case there's not much moral hazard/incentive problems, but frankly I'm less than impressed with the level of knowledge from private bankers.

Best of luck getting these folks to invest well A_PLUS. I can only imagine how painful the discipline of asset allocation is going to be to a bunch of people who can't even allocate their time evenly between SNGs and school.

Re: Financial advice for young and wealthy
 

protection for who?

I can make my own decisions. I don't need the government making them for me.

I can understand a case for certain types of regulation that make accurate information available(to prevent fraud, and allow informed decisions), but not regulation that restricts consensual action. When this type of force is introduced, all sorts of people come forward to manipulate the system for their own good.

Who is to protect us from the regulators?

John

Re: Financial advice for young and wealthy
 

No offense to liucipher, but I have negative trust of people who hijack my thread to pimp their bosses book [img]/images/graemlins/grin.gif[/img]

I am kidding, from what I saw in the preview, that book would be on a short list of financial books that I would endorse.

One of my planned topics is "the hidden fees of common investment vehicles".

This is going to be pretty far from a 'typical' money managment seminar. I would love to have you on the list, as you sound like you are knowledgable and cocky (which is a good combo IMO).

Re: Financial advice for young and wealthy
 

please have this discussion elsewhere. preferably in the politics forum or something.

there are very good reasons to protect people from things using the government, in my opinion. but that's my opinion. you're entitled to as much libertarianism as you want, but really there's no reason to be debating whether or not there should exist a classification "qualified investor" in this thread.

citanul

Re: Financial advice for young and wealthy
 

Great idea, pm sent.

Re: Financial advice for young and wealthy
 

[ QUOTE ]

What's in it for me? I would appreciate if anyone who decides to take me up on the offer, would be willing to provide me with a little coaching. Whatever you feel like doing is fine with me, review a few HHs, general lessons, etc.

[/ QUOTE ]

Good idea. Should be beneficial for both parties.

Re: Financial advice for young and wealthy
 

[ QUOTE ]
In between swimming pool filled with Crystal, and a robot....a female robot

[/ QUOTE ]

Breasts = 1qt.oil cans w/ inverted funnels ? [img]/images/graemlins/smile.gif[/img]

Genitalia = Bear Trap [img]/images/graemlins/frown.gif[/img] [img]/images/graemlins/frown.gif[/img]

Re: Financial advice for young and wealthy
 

Also, anyone with investment experience, I appreciate any help I can get. I will never claim to know it all, so speak up!

Re: Financial advice for young and wealthy
 

[ QUOTE ]
please have this discussion elsewhere. preferably in the politics forum or something.

[/ QUOTE ]

Sure. I figured the original post was rather off topic to start with and was tolerated, but I didn't mean to distract too much.

-John

Re: Financial advice for young and wealthy
 

How can the original post be off topic?