Please roast my plan
I have ~$350k stocks in morgan stanley account. I wanted to move my funds to etrade but it seems I can’t get benefit from their $600 offer as they’re under the same umbrealla. Then I saw Chase private client offer where the bonus is $2k. So my plan is moving out my stocks to chase private client account and get $2k in 3-4 months. And then moving all my stocks to etrade, getting another $600 bonus and closing Chase private client account not to pay any fees. Is there anything that I’m missing, have you guys tried the similar thing before? Is there anything that I should be careful not to lose money as part of this plan? $290k - 11 yoe
Rather than worrying about $2k and $600, you should make plans to fix that TC.
:) fair enough. Tbh, Most of my experience is outside of usa and I had to prioritize wlb over tc to take careof my family and spend time with them.
Is this how you plan your tasks at work? No wonder you make peanuts after 11 YOE work experience.
Thanks for the constructive and useful feedback! :)
Anytime :)
I was in your shoes early. This is really not worth the hassle and your time and effort. If you want to earn more income, learn about compounding. Compounding builds wealth.
Any suggestions or tips? Thank you.
The easiest and the best option you have is to increase your TC. Then keep buying stocks or real estate regularly. That will ensure compounding.
Your 350k in stock will fluctuate more in a week than your mere $2k.. You want to keep same stock but just move it around? I guess it’s not a bad plan 🤷🏻♂️
Yes, I will keep the same stock but just move it around for a few months for ~$2.5k. Anyway, it seems blind community thinks that it doesn’t worth it in general. :)
I think its easy 2.5 K for a few hr’s worth of paperwork.
2.5k is a good amount. Just check the minimum time to hold to get the bonus and go for it. Even if you spend 5 hours on this, it's 500$ per hour.
It seems I need to hold my money at Chase for 90 days and keep my account open 30 days more to get the bonus. Thanks for your comment!
Good plan! I wish I had enough stocks to do the same. I've been thinking of rolling over my 401k account into a IRA and take advantage of similar promotion of $300. But then thought it's too much effort for small gain.
Lol. To get a 0.74% ROI you will go through so much effort. Average S&P500 dividend yield is 1.3%. Good luck hero.
You have too much time on hand my man
Did you mean it takes long time to get this bonus and doesn’t worth it or something else? Sorry couldn’t totally get what you meant.