If you’re laid off how quickly will you be closing those Schwab accounts you were forced to use and/or transfer outside investments into and how much (roughly) will you be moving? For me, I’ll be moving roughly $3 million within about a week.
32 replies (most recent on top)
@3evs+1oQ9Eg0D oops, forgot to answer the OP's question. If laid off, I would be moving to Fidelity immediately. I also like Vanguard but Fidelity had a slight edge for me personally from past experience.
I have $400K in 401(k)+IRAs at 33y/o. If you are one of the people living paycheck to paycheck with no savings, start here:
https://www.reddit.com/r/personalfinance/wiki/commontopics
I think someone from EC posted this thread so that disgruntled employees will support the layoff.
WE will bit_h even more as this will hinder US from going 5 mil or more by the time we retire. I think that provision is in Bill of Rights!
You all know that our company slogan is "Own Your Tomorrow". A lot of us follow that, and built up individual wealth. That does not mean we are entitled. It just means we work hard, and are disciplined. If you are living paycheck to paycheck with no savings in the bank, no retirement funds, then I suggest you look at how you manage your money. Calling others entitled who work hard and follow a disciplined approach to saving over the years, make you sound like a fool.
@1sfa+1oQ9Eg0D
They? I am one of them. I am disciplined. I have that much money. So what? A layoff still affects me.
@1pla+1oQ9Eg0D They shouldn’t bi--h about layoff if they have that much money.
Totally agreed. Those Schwab staff that has $1M or $2M put away for retirement are total a holes. How dare they! Talk about entitlement. Some even dare to put away $100K or $250K in savings, in some brokerage account. Entitled people.
Thread is proof that EC aren't the only aholes in Schwab. Cut away I say, cut away.
Don't know why some folks feel some of us are entitled. Some of us are in our 40s, married, both earning $200K+. We own a house, we've been putting the max contribution into 401K every year, getting employer matches, and investing. If you just put that in any index fund, you will have $1M each. When you combine you and your spouse, you're looking at $2M total in 401K. And that's conservative investing. And that does not include other saving, and investments outside of retirement. That is not entitled, it is discipline 20+ years. And yes, layoffs can still impact us. It derails our plans for early retirement, paying off our house with the next 5 years, and so forth. We may not be homeless, but it is an impact. This is not being entitled. Entitled is if you are born $3M without having to work for it, or be disciplined to save that amount. Sorry you lack discipline.
You all are so fuсking entitled. Just be happy for the guy because he has 3M saved. Your victim mentalities won't get you anywhere in life. Learn how to invest and manage your money wisely. You work in the financial services industry for fuсks sake.
260k... u at level 60?
@jpq+1oQ9Eg0D
College loans paid off a long time ago. Five more years to go before my house if paid off, which is worth over $2M, bought it around $750K. Difficult to retire on $1M. I make $260K total compensation. I would need at least $2M to retire. Living on dividends and interest payong out average 5%, that's about $100K a year, after my house is paid for. I could retire comfortably on that. And not bragging. I max out my 401K contribution every year, and will do so until I retire, as long as I am working. This is just discipline. Sorry you don't have it.
More concerning is my former colleagues being able to look up my account to see my net worth once it’s no longer confidential
@fja+1oQ9Eg0D I think most people know it is perfectly reasonable. They just think that the OP is being a jerk boasting about his/her/their wealth.
@ywv+1oQ9Eg0D similar situation here. Early 40s, around 1 million retirement and 150K in individual brokerage account. Started contributing 15%+match to my 401K straight out of college. Never stopped. it's grown for 20 years. Why people think this is impossible is beyond me.
ONE. BILLION. DOLLARS!
HA HA HA HA HA!
Me before reading this thread: the latest layoff is so insensitive and arbitrary. I feel so bad for the people impacted.
Me after reading this thread: wow we have a lot of fat we need to trim.
What company do y’all work for?! I have to eat ramen noodles to get by with the cr-p salary we get paid compared to cost of living.
Am I the a--hole for not feeling bad if any of the millionaires in this thread is laid off?
@ywv+1oQ9Eg0D Then in that case just retire when you are laid off. Why even bother posting here and brag about your financial well-being? Some of us haven’t even paid off our college loans!
Well $3M for someone that is approaching retirement, say 60, isn't that unreasonable. I'm early 40s and have a little over $1M in my 401K. $250K in my normal brokerage account.
Hi I’m on an anonymous online forum and I’d like to pat my own back and boost my ego because I’m lonely.
I have three million dollars and I’m worried about layoffs.
/s
Personally I will be moving $3,000,001.
@ork+1oQ9Eg0D Department of EC.
@uti+1oQ9Eg0D $3M not unreasonable for most employees here? what department you working in
@apw+1oQ9Eg0D Pretty sure your job is safe Rick.
It wasn't disclosed to me that I would have to move all my brokerage accounts when I joined. That would have been a deal-breaker if I had known. I am not super wealthy, but I have not had a good experience with Schwab compared to my previous brokers. Especially with regard to trading, I will be reopening my Etrade account the day I'm laid off.
It’ll be funny if the amount of money disgruntled employees move out of Schwab ends up being roughly equal to their projected savings.
21 Millions in 2 days.
$3M is not unreasonable for most employees here and yes, layoffs induce worry for anyone, no matter the bank account figure.
$3 mil and still worried about being laid off, good one.