It's Just Money

Post you CNBC Million Dollar Challenge Week 9 Results

Well, thanks to some nice gains in an energy stock, I improved my standing.  My current results:

Value: $1,068,741.12

Rank: 399,074

Percentile: 25%

Reader e-mail: Advice on becoming a Financial Planner (CFP)

I received this email from reader, Christy, regarding a career change to financial advisory:

Hello. I saw your email and advice on a forum and was wondering if you would be willing to advise me.  My name is Christy and I am 31 years old and will be graduating with my MBA in December. I have four children (young ones) and am looking to return to the workforce after being off for a year and a half. I have fourteen years of accounting experience and am wondering if I should become a financial advisor. I do not have ANY sales experience but I am a likealbe person and a very hard worker. I interviewed with Merrill Lynch and have been given the opportunity to go through their training program. I am not sure if this is what I want to do. I need advice. I want to know if anyone has worked for them and also if this is the best company to go through? I also am curious to what the actual job entails? How many hours do I really have to work over 40 and would working my forty plus maybe a Monday night and Saturday morning would do? Also, would it be more feasible to just go get a job or do this? Any advice would be greatly appreciated?
Thanks
Christy

I have received similar emails inquiring about the CFP exam and about starting a career in financial planning, and will provide my response to Christy below.  My advice won't apply the same to everyone, because Christy's situation is not the same as most.  If anyone else who has any experience in the financial services, financial planning, investment management, etc. business can add anything I, and I'm sure Christy, would appreciate it.

My response:

CNBC Million Dollar Portfolio Challenge Week 8 Results

Thanks again to all those who participated.  The market has been awfully tricky lately.  Despite the Dow Jones making new highs, many of the broader indices have not appeared as strong.  Here are the results:

1. Todd:  Value $1,184,258.42, Rank 66,006, 5%
2. Bobby: Value $1,182,643.18, Rank 67,215, 5%
3. Save Money: Value $1,152,996.75, Rank 94,770, 7%
4. Charles:  Value $1,136,315.62, Rank 114,963, 9%
5. Joey:  Value $1,131,898.80, Rank 121,720, 9%
6. Robert Cote:  $1,041,085.52, Rank 405,766, 29%
7. LAMoneyGuy:  $1,038,380.12, Rank 422,710, 30%

Look at that, I'm bringing up the rear!

Post Your CNBC Million Dollar Portfolio Challenge Week 8 Status

Hi folks, I hope you had a good week.  Don't forget to post your results for this week.  I'm out of town this weekend, but I'll try to get the results up around Tuesday or Wednesday.

CNBC Million Dollar Portfolio Challenge Week 7 Results

Sorry once again for the delay in posting results.  This has been a busy week.  Bobby retains the top spot, with Todd closing in on his heels.  The results:

1. Bobby: Value $1,162,255.26, Rank 59,789, Percentile 6%
2. Todd:  Value $1,153,884.93, Rank 69,413, Percentile 7%
3. Joey:  Value $1,085,516.30, Rank 163,317, Percentile 15%
4. LAMoneyGuy:  Value $1,062,475.12, Rank 225,986, Percentile 21%
5. thatedguy:  Value $1,060,319.00, Rank 233,154, Percentile 21%
6. Robert Cote:  Value $1,059,169.75, Rank 237,712, Percentile 22%

Robert mentioned that he was all in on Amgen as of last Monday.  I'm hoping he switched one letter from AMGN to AMZN by Wednesday.

CNBC Million Dollar Portfolio Challenge Week 6 Results

I'll tell you what's amazing.  After six weeks, we're not only all in the positive, but on average we have made some serious paper profits.  The mean result among our participants as of this week is a portfolio value of $1,082,596.64.  This means that if any of us actually had $1,000,000 to invest six weeks ago, and collectively constructed a portfolio, we would have made over eighty thousand dollars!  Not a bad result for six weeks.  I guess it really does take money to make money.

Well, here are the full results:

1. Bobby:  Value $1,142,176.34, Rank 58,923, 7%
2. Living Almost Large: Value $1,125,114.00, Rank 73,906, 9%
3. Todd:  Value $1,110,361.99, Rank 89.459, 11%
4. Save Money:  Value $1,098,332.29, Rank 104,853, 13%
5. Charles:  Value $1,078,001.29, Rank 136,927, 16%
6. LAMoneyGuy: Value $1,068,996.12, Rank 154,400, 18%
7. Joey: Value $1, 062,026.40, Rank 169,054.20
8. Thatedguy: Value $1,052,662.50, Rank 192,514, 23%
9. Robert Cote: Value $1,005,698.80, Rank 386,360, 45%

Post your CNBC Million Dollar Challenge Week 6 Results

How did you do this week?  Thanks to some nice gains in a telecom stock and a gold stock, I had a good overall week.  My results:

Value: $1,068,996.12
Rank: 154,400
Percent: 18%

Not bad.  And I have not had a single bonus buck.  I'm not interested in that.  I want to see what I can grow my portfolio to based on an assumed million dollar starting amount.

Please post your results in the comments below.

CNBC Million Dollar Portfolio Challenge Week 5 Results

Sorry for the delay, and thank you to all who participated.  Well, this is the end of week five, which marks the halfway point in the contest.  How are you doing?  Are you in contention for the real money?  Here are the participants this week:

1. MoneyFwd: Value $1,199,441.27, Rank 17,779, 4%
2. LivingAlmostLarge:  Value $1,121,871.77, Rank 50,465 9%
3. Bobby: Value $1,120,418.94, Rank 51,635 10%
4. Todd:  Value $1,107,169.65, Rank 65,945 12%
5. Save Money: Value $1,104,051.81, Rank 66,048 12%
6. Charles: Value $1,074,381.30, Rank 106,136 20%
7. LAMoneyGuy: Value $1,057,568.82, Rank 138,637 25%
8. Joey:  Value $1,057,433.80, Rank 137,896 25%
9. Thatedguy: Value $1,050,550.50, Rank 154,218 28%
10. Robert Cote: Value $1,031,819.00, Rank 204,639 36%

Post Your CNBC Million Dollar Portfolio Challenge Week 5 Results

So, how did you do this week?  I had a pretty good week.  I have four positions, with my best results being a telecom stock up 4%, and my worst results being an energy company that was flat for the week.  Boring!  I need to crank up the high beta stocks!

Value:  $1,057,568.82
Rank: 138,637
Percentile: 25%

Please leave your results in the comments in the same format as above.  I will post the complete results on Monday after the market close.

CNBC Million Dollar Portfolio Challenge Week 4 Results

Thanks again to our continued participants.  Apparently, the Nancy Beaumont scandal was no scandal at all.  A look at the current weekly leader board shows all top 10 spots occupied by a William Gabriel of Illionois.

By the way, everyone's numbers but mine make sense this week.  I actually think I might have gotten my numbers wrong.  Oh well, here it is in order of value:

1. MoneyFwd:  Value $1,143,513.96, Rank 21,158, 5%
2. Bobby: Value $1,089,878.77, Rank 47,300, 10%
3. Todd: Value $1,073,019.00, Rank 63,959, 14%
4. Lulu:  Value $1,068,817.65, Rank 69,029, 15%
5. Charles: Value $1,057,121.99, Rank 91,445, 19%
6. Joey:  Value $1,038,274.00, Rank 123,431, 26%
7. thatedguy: Value $1,029,652.00, Rank 143,832, 30%
8. LAmoneyguy:  Value $1,025,817.62, Rank 129,155, 27% (see, I messed up my numbers)