Personal Finance 101 for Young Lawyers

(On Campus Interviews, Summer Associate positions, Firm Reviews, Tips, ...)
Forum rules
Anonymous Posting

Anonymous posting is only appropriate when you are revealing sensitive employment related information about a firm, job, etc. You may anonymously respond on topic to these threads. Unacceptable uses include: harassing another user, joking around, testing the feature, or other things that are more appropriate in the lounge.

Failure to follow these rules will get you outed, warned, or banned.
User avatar
Sprout
Posts: 729
Joined: Sun Nov 15, 2015 4:46 pm

Re: Personal Finance 101 for Young Lawyers

Postby Sprout » Mon Sep 11, 2017 2:51 pm

kalvano wrote:Does anyone here use TD Ameritrade? Thinking about switching to them.

I just opened an account there... I'm the wrong person to talk to though re: finances

eta: what are you opening it for? it's (apparently) really great for long term investing but shitty for checking/everyday use. (overheard in the office - not sure if this is tcr)

User avatar
kalvano
Posts: 11979
Joined: Mon Sep 07, 2009 2:24 am

Re: Personal Finance 101 for Young Lawyers

Postby kalvano » Mon Sep 11, 2017 3:22 pm

Sprout wrote:
kalvano wrote:Does anyone here use TD Ameritrade? Thinking about switching to them.

I just opened an account there... I'm the wrong person to talk to though re: finances

eta: what are you opening it for? it's (apparently) really great for long term investing but shitty for checking/everyday use. (overheard in the office - not sure if this is tcr)


Investment accounts - looking for a new place to have my brokerage account / IRAs. I need a place that allows me to aggregate all my accounts, see a total portfolio overview, compare funds, etc. It looks like TD Ameritrade uses a lot of Morningstar tools, so that's helpful. I was looking at Fidelity, but it doesn't look like they offer a tool to compare two funds and see any overlap in holdings, which is silly.

Although it looks like TD Ameritrade requires a separate log-in and password for each individual account, which is even sillier. Is that true?

Jmlstern
Posts: 10
Joined: Mon Jun 09, 2014 6:08 pm

Re: Personal Finance 101 for Young Lawyers

Postby Jmlstern » Thu Sep 14, 2017 12:53 pm

kalvano wrote:
Sprout wrote:
kalvano wrote:Does anyone here use TD Ameritrade? Thinking about switching to them.

I just opened an account there... I'm the wrong person to talk to though re: finances

eta: what are you opening it for? it's (apparently) really great for long term investing but shitty for checking/everyday use. (overheard in the office - not sure if this is tcr)


Investment accounts - looking for a new place to have my brokerage account / IRAs. I need a place that allows me to aggregate all my accounts, see a total portfolio overview, compare funds, etc. It looks like TD Ameritrade uses a lot of Morningstar tools, so that's helpful. I was looking at Fidelity, but it doesn't look like they offer a tool to compare two funds and see any overlap in holdings, which is silly.

Although it looks like TD Ameritrade requires a separate log-in and password for each individual account, which is even sillier. Is that true?


I use Schwab.

Anonymous User
Posts: 298279
Joined: Tue Aug 11, 2009 9:32 am

Re: Personal Finance 101 for Young Lawyers

Postby Anonymous User » Fri Sep 15, 2017 12:16 pm

I am in a conundrum. I have 15k in savings that I need for next summer when I quit my job. However, I have two CC's (not my only ones) totaling 5k that I want to pay off asap so I can redirect my income to my other debt. Should I use the savings I have and just pay them off or keep the cash?

User avatar
unlicensedpotato
Posts: 461
Joined: Mon Feb 06, 2012 12:16 pm

Re: Personal Finance 101 for Young Lawyers

Postby unlicensedpotato » Fri Sep 15, 2017 12:30 pm

kalvano wrote:
Investment accounts - looking for a new place to have my brokerage account / IRAs. I need a place that allows me to aggregate all my accounts, see a total portfolio overview, compare funds, etc. It looks like TD Ameritrade uses a lot of Morningstar tools, so that's helpful. I was looking at Fidelity, but it doesn't look like they offer a tool to compare two funds and see any overlap in holdings, which is silly.

Although it looks like TD Ameritrade requires a separate log-in and password for each individual account, which is even sillier. Is that true?


Yes, but you can link them so you only log in to the "master" account. I think it works well and has no commission on a lot of Vanguard ETFs (but not VOO). I haven't looked into like Robinhood or other no fee apps though. I don't use any of the tools so can't speak to those, just buy my allocated amount for each ETF. It is owned by the RIcketts family for whatever that's worth.

Depending on your income level, I like CapitalOne for my Roth IRAs because you can buy partial shares using sharebuilder so money doesn't get "trapped" in cash in the IRA.

It sounds like Personal Capital might be helpful for some of the items in your first paragraph.

User avatar
Danger Zone
Posts: 7769
Joined: Sat Mar 16, 2013 10:36 am

Re: Personal Finance 101 for Young Lawyers

Postby Danger Zone » Fri Sep 15, 2017 12:59 pm

Anonymous User wrote:I am in a conundrum. I have 15k in savings that I need for next summer when I quit my job. However, I have two CC's (not my only ones) totaling 5k that I want to pay off asap so I can redirect my income to my other debt. Should I use the savings I have and just pay them off or keep the cash?

Transfer it to a 0% card or pay it off. CC debt is the worst

User avatar
kalvano
Posts: 11979
Joined: Mon Sep 07, 2009 2:24 am

Re: Personal Finance 101 for Young Lawyers

Postby kalvano » Fri Sep 15, 2017 1:54 pm

unlicensedpotato wrote:
kalvano wrote:
Investment accounts - looking for a new place to have my brokerage account / IRAs. I need a place that allows me to aggregate all my accounts, see a total portfolio overview, compare funds, etc. It looks like TD Ameritrade uses a lot of Morningstar tools, so that's helpful. I was looking at Fidelity, but it doesn't look like they offer a tool to compare two funds and see any overlap in holdings, which is silly.

Although it looks like TD Ameritrade requires a separate log-in and password for each individual account, which is even sillier. Is that true?


Yes, but you can link them so you only log in to the "master" account. I think it works well and has no commission on a lot of Vanguard ETFs (but not VOO). I haven't looked into like Robinhood or other no fee apps though. I don't use any of the tools so can't speak to those, just buy my allocated amount for each ETF. It is owned by the RIcketts family for whatever that's worth.

Depending on your income level, I like CapitalOne for my Roth IRAs because you can buy partial shares using sharebuilder so money doesn't get "trapped" in cash in the IRA.

It sounds like Personal Capital might be helpful for some of the items in your first paragraph.


I use Personal Capital, but it doesn't offer a detailed analysis of holdings and overlap and gain/loss, etc. I'm not really worried about partial shares. I think I'm going with Fidelity - I can buy a lot of funds at no trade fee, and for any that do charge a fee, it's only on the buy side, not the sell side. I also think I can just set up a new account (say for my kids) without actually setting up a new Fidelity login and password. They also offer a "household" statement that pulls in all your accounts and treats them as one.

Plus I'll get like eleventy-billion free trades for a few years.




Return to “Legal Employment”

Who is online

The online users are hidden on this forum.