Comments by "roachtoasties" (@roachtoasties) on "Jake Broe" channel.

  1. I just got the card yesterday. They no longer send it in the sliding box. The card came in a dark envelope and was glued to a piece of paper. Nothing fancy at all. I thought it was junk mail before I opened it. If you really want one of those slide boxes, I got one with another debit card last year (Revolut). I threw that box out, as I have enough crap in my house.
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  2. The card is worth $1.50 per year, but not a penny more. There are plenty of videos and blogs on this card, along with TPG pimping themselves promoting it, but why should anyone rearrange their life every day in an attempt to do things that offset the annual fee? Not worth it.
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  3. Their Access Investing website still looks the same today. I was curious whether a debit card was offered with such an account, but I doubt it. In looking at this product, maybe it fits in with immature millennials who just want to brag that they're a "Morgan Stanley client." Of course, this $5,000 account isn't the same as what multi-millionaire investors get. In any event, there's always E*Trade. They're now owned by Morgan Stanley. While they're still separate operations now, they'll probably combine their online experience sometime in the future. Whether the E*Trade name will be kept in the long term, I don't know, but in opening an E*Trade account, you're still part of Morgan Stanley, except currently without the Morgan Stanley name.
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  4. I got off the waiting list a week ago. Toward the end the list was advancing at over 15,000 per day, so things have sped up enormously. Of course, now that Robinhood is crashing, I have doubts more than ever about the service. To be safe, have other brokerage accounts, and only keep a tiny portion of your stocks in Robinhood.
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  5. I wouldn't call a 401k a waste of time. If it wasn't offered to employees, most employees would end up saving nothing for retirement. It's not perfect, but it's better than nothing. About not being able to access your money until 59 1/2, or until you retire, that's what the plans are for. If you want to buy a bunch of Teslas, or blow thousands on beer and hookers, you'll need to find the money elsewhere. There are though, quite a few reasons to access at least part of your 401k/IRA without penalty at an earlier age (certain education expenses, medical expenses, disability, etc., plus you can always withdraw your own contributions from a Roth). I'm unsure of all the statistics you mentioned, but something that makes sense for one person doesn't make sense for another. If you've got a bunch of stocks in your brokerage account that you're confident of for the long term, that's good, but there's no rule that you only can invest one way. The long term capital gains tax isn't written in stone. Next week it could be revised to 90%. Not likely, but stuff happens. I have brokerage accounts, a Roth IRA, 401k, a roboadvisor account, bank accounts, and so on. I even have a traditional pension I'm work (I'm one of the lucky few there). Invest in them all, if you can.
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  6. Not worth it. With restaurants closed, aside from the McDonald's drive up, hotels closed, tourist spots closed, airlines closed, etc., etc., etc., who needs it.
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  7. ​ @JakeBroe  My guess is there will be some sort of combination. At least a common logon, as what you see with Chase Bank and JP Morgan brokerage. Maybe when logging in, there will at least be a "Morgan Stanley" section and an "E*Trade by Morgan Stanley" section. Only time will tell. One thing for certain, are Morgan Stanley brokers will be scouring large E*Trade accounts to entice those customers to put funds into stuff that they earn management fees for.
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  8. The tapping is totally stupid. Not worth it as every other brokerage that offers a cash management account (Schwab, Merrill Edge, TD Ameritrade, E-Trade, IBKR Lite, etc.) offers a debit card with no wait. If you want something near 1.8% interest at those places, just find a money market mutual fund within the account and move your money into it. Another reason the tapping is more than idiotic, is if everyone tapped 1,000 times a day, the net result of that would be a zero effect on what place anyone has in line. We're all spinning our wheels for nothing. I've moved up from about 205,000 to about 178,000 since October. It will be a long time before I can apply. I'm estimating they process about 2,000 - 2,500 applications per business day. The line is now over 1,000,000. At this rate, customers near the end of the line will need to wait for something like two years. Anyway, since no-commission stock trades have become the norm, and other brokerages offer more investment options than Robinhood, the main reason to trade with Robinhood (free trades) has faded.
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  9. There's no need to wear our your fingers tapping every day for the debit card. The wait list has been advancing by about 17,000 per day. Things have sped up. This morning I'm at 38,000. If things keep moving like this, I should be able to apply in a few days.
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