It might be wise to look at women, sort of like – BANKS. Reasonably, I think that a bank, is one of the best comparisons I could make. I don’t mean to offend, but I have my reasons:
There are a few types of banks, Investment, Retail, Commercial, and some others. Take a look at how I break all this down. Then ask yourself these questions……
- What type of bank am I?
- What bank do I want to be?
- What bank am I with?
- Should I switch banks?
- If you don’t want to be a bank, well, that’s cool too.
There are Investment Banks
Investment banks help organizations use investment markets.
For example, when a company wants to raise money by issuing stocks or bonds, an investment bank helps them through the process. Investment banks also consult on mergers and acquisitions, among other things.
Examples: Merrill Lynch, T. Rowe Price, Goldman Sachs
The Investment Bank ‘Girl’
- She can keep your secrets, and her own. What goes on in your company ‘relationship’, is not for anyone in the “public” to know or see. It’s proprietary information, and must be respected and guarded.
- She understands the value of a dollar, your dollar. She respects your salary, financial obligations, and doesn’t hesitate to lose a bit of money. Especially, if it helps to keep the family and your relationships, as safe as possible. Those are the things you are most ‘invested’ in, isn’t it?!
- She’s in it for the long haul, like the investment bank. She knows, like in the investment market, there will be UP’s and DOWN’s in your portfolio, or ‘relationship’, but she won’t waiver.
- She is your mutual fund. If you leave your life, money, and time with her for 5 years…..you’ll feel good about it. Maybe not great, but good, that’s for sure.
- She’s your 401K, your retirement account, and your nest egg. When you guys retire, there will be a party, a weight off both your shoulders.
There will be an understanding that, this is a new chapter in life. Now, it’s time for the 2 of you to go out and turn the page, together.
Sometimes the Investment Bank isn’t there, or can’t be there when you need it. It may take you a few days to get your broker on the phone, to make a change on your account. They don’t have banking hours you can set your watch to, or easily accessible locations. It’s usually a difficult, and sometimes painful process to find the right investment bank. You usually go through a few bad ones before you find the best one for you.
The Investment Bank is the WIFE – THE GOOD WIFE – THE 40+ YEARS MARRIED WIFE.
You might settle on an investment bank, or not even choose one. You only use this investment bank because your father used it, or this is the investment bank your company uses. You sort of default to it, that’s cool, maybe it’s not Reasonable. Just remember, you aren’t your father, and there are other banks for you to try. So go explore!
When you try an investment bank and learn it’s not for you, or you’ve finally had enough of your broker and his antics – YOU CHOSE THE WRONG BANK. It’s ok, there are plenty of other banks out there.
You’ve gotta get references, read the reviews, maybe sign up for Angie’s List and possibly check out the Better Business Bureau and see what they have to say. Finding an investment bank ‘woman’ is a huge deal. Treat it that way, Reasonably.
Retail Banks
Retail banks provide basic banking services to the general public, including:
- Checking and savings accounts
- CDs
- Safe deposit boxes
- Mortgages
- Auto loans
- Unsecured and revolving loans such as credit cards
Retail banks are the banks you most often see in cities on crowded intersections, the ones you probably use for your personal checking account.
Examples: Wells Fargo, Bank of America, M&T Bank.
Retail Bank ‘Woman/Girl’
She’s what you need EVERYDAY. We all need a Retail bank ‘girl’. She takes care of the kids, EVERYDAY. She does her share of the chores, EVERYDAY. She asks you about your day. She listens to you. Answers the phone when you call. You look forward to her call. Changes diapers, makes lunch, and she doesn’t miss a beat.
There can be tough times with the Retail Bank ‘girl’.
Often, you drive right by the Retail bank, and you never go in. You are so used to seeing the bank that you pretty much forget it’s there. You know the bank is there, you know it’s hours, but it’s not special anymore. You see it everyday, and it’s been there for as long as you can remember. Nothing’s going to change. It will always be there – right?!
The Retail Bank ‘Girl’ has a lot on it’s plate. It may not be actively investing in the stock market, building wealth for your future, managing your hedge fund, like the Investment Bank ‘Girl’, but she is a lot of things.
The Retail Bank ‘Girl’ is a juggler. She can be a mom, wife, dog walker, check book balancer, shoulder to cry on, bake sale organizer, assistant soccer coach, middle manager at work, hair-braider, and she seems to do it so well.
She serves many customers, from all walks of life. Husbands, boyfriends, kids, infants, dog, cats, even in-laws! That’s what she’s made to do. EVERYDAY, EVERY RETAIL TRANSACTION is hers. It’s great having a Retail Bank ‘Girl’. We all need one. We get our debit cards, checks, and have our most used accounts at this bank.
Some problems could be, there may not be anything deeper, long-term, or worthwhile at your particular Retail Bank. Only the typical savings and checking setup.
What if you realize at age 30 or 40, it’s time to start preparing for the future.
- You begin to evaluate all the services your current retail bank offers.
- You get scared, and you might have to do your banking elsewhere.
- The services you are NOW NEED, aren’t offered at your bank.
- There is a person in an office somewhere within the big retail bank, that handles some longer term investments, usually offered at the investment bank. Cool?! But are they good at it?
- You’ve got to develop the 401K, retirement, and investment strategies! Clock’s tickin’!!
We all know there are decent, good, even great Retail Banks ‘girls’ out there. We’ve got to also find out if she’s able to be the bank where you should be Investing, your time, money, energy and effort Reasonably.
Lastly….there are the specialty banks or financial institutions:
Credit Unions
Sure you’ve got an account there, mainly out of ‘convenience’. The interest rates aren’t bad when I need them, and I get no surcharges at convenience store ATM’s! BONUS!
Is your story something like this?
“My mother works for the social security administration, so I’ve got an account with their credit union.”
“My dad was in the Air Force, so I was able to get an account with the USAA credit union.”
Everyone has a story. Not a particular moving one, but it’s a story.
The Credit Union Girl
She might be a girl from the inner-city, that likes country music. Interesting, she’s…….different. Different in a good way, out of the ordinary. You didn’t know you’d like it so much, but you gave it a chance. But you know, you need your Retail Bank ‘Girl’, and Ultimately, an Investment Bank ‘Girl’ for the long haul.
Check Cashing Service – Wire Transfer (Western Union) – Pre-Paid Debit Card Stations
Just as it says, SERVICE. It’s not a bank, so it doesn’t help you with anything in the long-term (Investment) or day-to-day (Retail). At the most, you’d visit this place every week or 2 for a single transaction, maybe cashing your paycheck if you somehow don’t get direct deposit in 2015. But nothing more.
Check Cashing Girl
I don’t think I need to discuss the Check Cashing Girl, I don’t want people to turn their kids away from my blog!!! We can just say that…these women are NOT women you’d want to spend a lot of time with. Sort of like a check cashing place. These women, do not make good companions, friends, supporters, let alone girlfriends or wives.
They can be fractured, selfish, self-interested, useless to you Retail or Investment wise. If you ever need her, or find yourself with her, you are NOT in a good place. And you know it.
What Bank is Right for you?
You NEED the Investment Bank, after-all that’s your future. But, you need the Retail Bank for your every day needs. You’ve got to satisfy both of those things in 1 person.
What sort of Bank are you?
I know I have women that read this blog. I’d like to ask you all that question. Sometimes, I think that we can go through stages in our lives, where we know which bank we are, and we don’t like it.
So, what bank are you? I know, I’m inappropriately comparing women to BANKS, but I’d love to know your thoughts!
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Justin McKnight – justin@reasonabledose.com
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