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re: Financial advisor salaries in Louisiana
Posted on 9/3/24 at 12:06 pm to Crescent Connection
Posted on 9/3/24 at 12:06 pm to Crescent Connection
you have to build your own book of business to make money....I'd think you are more likely to be hunting for a job within a year or two of starting as an FA
1
Posted on 9/3/24 at 12:18 pm to dagrippa
Man you make good money.
How much longer before some of the kids are out of high school? How much longer is the private tuition?
How much longer before some of the kids are out of high school? How much longer is the private tuition?
This post was edited on 9/3/24 at 12:19 pm
Posted on 9/3/24 at 1:02 pm to Double Oh
quote:7th, 2nd, kindergarten, and prek-3. The end is not near, lol.
How much longer before some of the kids are out of high school? How much longer is the private tuition?
Posted on 9/4/24 at 7:27 am to Crescent Connection
Prayers sent man.
Posted on 9/4/24 at 12:49 pm to Crescent Connection
You know I find myself in a very similar situation and have strongly considered FA as a career change. Especially since everyone I know is less educated than me yet apparently doing very well financially. I think the answer is career changes are hard and scary. But like most things, if you give it your full effort, it should be very rewarding.
Posted on 9/5/24 at 9:49 am to Bob Sacamano 89
One of my family members has been at Edward Jones for a few years now. She spends money like she's a millionaire ever since she started there. I don't know the truth but I imagine she uses alot of credit and is broke. I do not know for sure though.
Posted on 9/5/24 at 10:03 am to Bob Sacamano 89
quote:Some of this stuff touches on "the grass is greener," topped off with confirmation bias.
You know I find myself in a very similar situation and have strongly considered FA as a career change. Especially since everyone I know is less educated than me yet apparently doing very well financially.
E.g., FA's who are privately struggling are quiet about it. So those who have gotten breaks, attained success are the ones who draw attention. The illusion is all FA's do very well.
That doesn't mean you wouldn't absolutely kill it if you joined the field. But it does mean there are no guarantees, not even close.
Posted on 9/5/24 at 10:08 am to Crescent Connection
I respect the desire for a career change. I don't know the industry well and I've been out of Louisiana for awhile, but I'd give this a lot more thought. Most people have stated it but it seems like it would take you extremely long to get back to where you're at earning wise, and from your rough budget it doesn't seem like you have that kind of runway.
It seems like your biggest line item is tuition, which is a temporary situation. You're looking at setting yourself back to 50-70k for several years if you make this switch now, meaning you stop saving for retirement and likely go into debt to cover what you've outlined here.
It seems like your biggest line item is tuition, which is a temporary situation. You're looking at setting yourself back to 50-70k for several years if you make this switch now, meaning you stop saving for retirement and likely go into debt to cover what you've outlined here.
Posted on 9/5/24 at 10:50 am to Crescent Connection
No chance I would go into this field making what you are currently making and the financial responsibilities you have. Not saying you couldn't, but the chances of you making $200K quickly is just slightly above zero.
Posted on 9/5/24 at 5:47 pm to Crescent Connection
What is your wife's occupation? Does she have the potential to increase hours to increase her income?
Posted on 9/5/24 at 7:29 pm to Chuckiee
quote:
No chance I would go into this field making what you are currently making and the financial responsibilities you have. Not saying you couldn't, but the chances of you making $200K quickly is just slightly above zero.
Yeah it’s a great job but many can’t afford the front end sacrifices once they’ve been working for a while.
Posted on 9/6/24 at 6:58 am to Mom2KandK
quote:She’s a dental hygienist, and her salary is pretty much fixed.
What is your wife's occupation? Does she have the potential to increase hours to increase her income?
Thanks for all the responses. These are the answers I was searching for. Back to the drawing board…
Posted on 9/6/24 at 7:25 am to Crescent Connection
quote:
Thanks for all the responses. These are the answers I was searching for. Back to the drawing board…
Should honestly call a couple FAs and see if you can go talk about your aspirations. Let them know up front what you’re trying to discuss and they’ll probably set up something with you.
I’d start with a call to an Edward Jones office considering they’re probably the easiest place to start snd most likely to talk to you.
Posted on 9/6/24 at 7:32 am to slackster
Which is why starting in early 20s is way easier before all the commitments that life brings. A young guy or gal can make $30-50K and be just fine…sharing an apartment rental, no kids, etc.
Posted on 9/6/24 at 7:37 am to Crescent Connection
You make a HHI of $200K today, go on two vacations a year, and save meaningfully for retirement. In short, you aren’t struggling as much as you may feel / believe you are. You are just in the grind of life of having four kids. Kids are amazing gifts but the reality is they create immense additional financial stress / requirements…and you have four of them so you are at an extreme for this day and age.
MBA in finance is worthless if your goal is to become a FA. That sentence alone tells me you have a lot to learn about the basics of the profession. Nothing wrong with pursuing a MBA but it’s not going to do much for you in any career field unless you have a plan for how to leverage it.
MBA in finance is worthless if your goal is to become a FA. That sentence alone tells me you have a lot to learn about the basics of the profession. Nothing wrong with pursuing a MBA but it’s not going to do much for you in any career field unless you have a plan for how to leverage it.
Posted on 9/8/24 at 8:24 pm to lynxcat
As far as certifications go, isn't just the series 65 required in Louisiana to be an FA?
Posted on 9/8/24 at 8:41 pm to lynxcat
quote:
You make a HHI of $200K today, go on two vacations a year, and save meaningfully for retirement. In short, you aren’t struggling as much as you may feel / believe you are. You are just in the grind of life of having four kids. Kids are amazing gifts but the reality is they create immense additional financial stress / requirements…and you have four of them so you are at an extreme for this day and age.
This.
You're basically spending 25% of your income on private school, another 25% on mortgage (which is a good cap to not exceed), but also saving 25%. Then you spend the other 25% on utilities and entertainment and such.
There are people doing much worse.
Thing to do is to pay off that personal debt, the car loan. What's your finance rate on the car loan? Probably better off funneling some of that retirement savings to pay that off as soon as you can.
People don't realize how big of a drag car payments are on building net worth.
Posted on 9/10/24 at 9:48 am to Douglas Quaid
quote:
As far as certifications go, isn't just the series 65 required in Louisiana to be an FA?
Yes, but if wanting to work for a broker/dealer (Merrill, Ed Jones, Ray James, etc.) then the series 7 will be required. If you're not a former professional athlete or have a lot of rich friends and relatives my advise is to start out working as a licensed banker for a bank like JPMorganChase (series 6 required). Do well in that positioned and work way up to a FA. Eventually obtain a CFP designation to separate from the competition.
Posted on 9/11/24 at 1:30 pm to Crescent Connection
You have a spending problem not a income issue
Posted on 9/11/24 at 1:44 pm to Crescent Connection
On a difficulty scale of 1-10, 9.5++.
LSU puts out hundreds of finance majors and MBA's in finance a year. I bet a very low number(less than 20%) hit 150K within 5yrs of work. If you limit that to just those working in LA, then it really becomes extremely low.
LSU puts out hundreds of finance majors and MBA's in finance a year. I bet a very low number(less than 20%) hit 150K within 5yrs of work. If you limit that to just those working in LA, then it really becomes extremely low.
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