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tl;dr - found stock (not publicly traded) that my deceased father-in-law held, book value of shares = ~$10,000. How can I find the actual value, and how can I find a buyer? This is part of the ongoing saga of my father-in-law, who died in March of this year. He died intestate, and with very few possessions. He owned a 15 year old SUV, and about ten to twenty thousand dollars worth of audiophile stereo equipment, but no real property or retirement funds. After he and my mother-in-law divorced he never remarried. He lived at home with his mother, and my wife was his only child and heir. Since he died without a will and property, we haven't put his estate through probate since it made little financial sense to do so. However, while I was going through some of his paperwork I found a statement of dividend payments from a local industrial company that was founded by some of his ancestors. I had my wife contact this company and inform them that he had died, that she was his sole heir, and to ask about any stock he might own. They confirmed that he did own some shares, and would send us more information. Today we received a letter in the mail saying that he owned around 250 shares, and book value is around $42/share. However, there have not been any transfers or sales of stock since 2007, but they are willing to help us find a buyer if we wish to liquidate. The company is willing to transfer the stock to my wife at the direction of the probate court. My questions are: How do I get a good estimate of actual value? How can I find a buyer for the stock? Do I need a probate attorney, securities attorney, or both?
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Jul 8, 2015 00:04
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I hope this is in the right place. If it's not, then I apologize. I'm a bit frazzled today. I'm looking for a credit monitoring service. Bank of America used to offer a service called Privacy Assist, but they no longer offer it and won't make recommendations on a similar service. My wife and I are trying to clean our credit up so we can buy a house, so I'm looking for a service to monitor all three agencies and allow me to file disputes online with all three. Having looked at our credit reports, there's a few things that we want to dispute. More than that, however, simply being able to monitor our scores is helpful. Privacy Assist offered quarterly score updates and was able to digest the report and present it out in a format that let me see what I need to do to improve my scores. Something that will let me monitor both of our scores for a decent price would be helpful. PA was around $15 a month. Lifelock offers something similar, I think, but at the same time it offers a variety of other services I'm not interested in. Plus, I'm not sure if it's actually a good service or just hype; furthermore, at $60 a month (for both of us at the Ultimate level; no family discounts), I'm not sure it's what I'm really looking for.
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Jul 9, 2015 21:36
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A lot of credit cards give you your credit report as a cardholder benefit. Paying fifteen bucks a month sounds absolutely insane.
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Jul 9, 2015 23:04
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When talking to/interviewing a financial advisor, what should I be looking for/asking? Is there actually any real difference between someone working for Morgan Stanley vs. Edward Jones vs. a CFP outside of the potential investment vehicles they can use? Is one better than the other? This would be for a combination of active investment as well as managing retirement accounts. I also recognize that I could likely start a Vanguard account and do some of this myself, but it's not something I particularly want to monitor and feel a professional could likely get a better return than I could even factoring in the fees. Is that completely misguided?
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Jul 10, 2015 06:00
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Shrimpy posted:feel a professional could likely get a better return than I could even factoring in the fees. Is that completely misguided? yes
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Jul 10, 2015 06:05
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Shrimpy posted:I also recognize that I could likely start a Vanguard account and do some of this myself, but it's not something I particularly want to monitor and feel a professional could likely get a better return than I could even factoring in the fees. Is that completely misguided? You can do better with Vanguard than a professional even if you only spend 5 hours on it a year after you set it up.
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Jul 10, 2015 06:09
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pig slut lisa posted:You can do better with Vanguard than a professional even if you only spend 5 hours on it a year after you set it up. Or zero - target date. My folks do that with w a pretty substantial amount because they want hands off.
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Jul 10, 2015 07:01
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Shrimpy posted:I also recognize that I could likely start a Vanguard account and do some of this myself, but it's not something I particularly want to monitor and feel a professional could likely get a better return than I could even factoring in the fees. Is that completely misguided?
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Jul 10, 2015 17:00
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QuarkMartial posted:I hope this is in the right place. If it's not, then I apologize. I'm a bit frazzled today. I use Mint.com and if you're okay with them storing all your financial information including passwords and using that to advertise financial products to you, they give you a free credit score every 3 months or so. Mint's also very good at automatically analyzing your spending habits and suggesting budgets that you can then tweak, etc. I mean I've gotten a lot out of it but it is a sort-of big risk that they don't get hacked...
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Jul 10, 2015 17:34
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Having a AAA membership also gives you free monitoring with one of the bureaus (Experian, maybe?), though it doesn't give a free score.
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Jul 10, 2015 21:03
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CreditKarma provides you with your Transunion and Equifax scores, and also shows you reports from both of those. It will also try and upsell you on various products but you don't have to put in lots of banking info (if that is what worries you).
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Jul 10, 2015 21:06
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Ashcans posted:CreditKarma provides you with your Transunion and Equifax scores, and also shows you reports from both of those. It will also try and upsell you on various products but you don't have to put in lots of banking info (if that is what worries you). Credit.com pulls from Experian. Credit Sesame used to, but it seems they might not now.
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Jul 11, 2015 00:33
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moana posted:Utterly misguided - study after study has shown that active management is almost always worse than passive index investing that you can set up on your own with less than an hour's time of work each year. Don't do it! Ok, so this being said - I have a few mutual funds that are managed through SolomonSmith Whatever it's called now, that were set up by my parents for me a long time ago. One generally performs well, one not so well. Also a few individual stocks that overall perform well (Catepillar, a few others I cant remember). Should I cash them out at their current value and convert them to funds in Vanguard or elsewhere? How would I even go about this? I imagine there are some pretty hefty tax fees if so, if its anything like cashing out stock from an employee plan... ouch. I also have cash there that I consider an emergency-emergency fund, but could certainly move it somewhere else as well. I have a Roth IRA that I try to hit the yearly max on that is 100% in the vanguard VSTAX fund, and we've started one for my wife as well (non-admiral shares but same index fund, maxed out last year). I've actually been meaning to make a longer effort post about this stuff as my wife and I are joining finances slowly but surely, and are also starting to think about moving out of state, a house, and kids in the next 5+ years after I get in to school and then finish school (nursing, hopefully a 1 year program). I still want to pick up the 4 pillars of investing to learn more, this just seemed like an opportune time to post. Appreciate any guidance!
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Jul 11, 2015 01:42
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I'm sorry if I missed this in the OP, but I'm wondering if anyone has any resources for keeping track of your money. Making the budget isn't hard, and I have a Mint account. But I have a hard time figuring out how to get the information I want out of Mint. I think there are ways to set custom categories, but I don't see a comprehensive manual. I'm also not sure how to make it work for me, it seems like aside from a few categories that I can properly isolate. As it is, I just have to look through all of the categories and add them up, which takes about as much effort as keeping an excel spreadsheet. I know it's supposed to help keep things straight, I'm just not seeing how. I'm not specifically asking about mint, I'm willing to try anything. I started the Mint before I had a job, but I could afford YNAB now if it's worth a shot. Partially, I'm asking because I'm hoping to pass the responsibility of minding our finances over to my fiancee. She just works, I work and go to school. I haven't been good about keep track of anything at all, so I'm hoping she'll be better about it with her extra time. But she has no experience, so beginner-friendly is important.
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Jul 12, 2015 22:44
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Some people like YNAB but I feel like its super confusing, and made me worry waaay more about every cent I spent instead of big picture spending/savings. I know some goons like to do this and that is totally fine, but it was just too stressful for me, so I use a combination of Mint, a personal budget, and restraint. You know you can drill down by category in mint right? You just have to click on them and it'll break it down for you. There are a ton of ways to look at stuff, so you might just have to keep clicking around until you can find what you're looking for.
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Jul 12, 2015 23:06
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I'll take a look. I have already re-categorized a few things that were under the wrong heading. Is there a comprehensive guide for Mint out there?
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Jul 13, 2015 02:03
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You're not being very specific about the problems you're having with using it. Where are you finding issues?
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Jul 13, 2015 02:17
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Sorry. The main problem I'm having is that I read I should be able to create a custom category (I think that's what it was called) for restaurants, and then another one for grocery stores. My main vice is eating out way too often, so I want to be able to monitor that closely. I tried to figure it out a few months ago. There was a thread on their support site, but the instructions didn't work, if I'm remembering right. Honestly, being able to make custom categories should cover all of my problems. It would be even better if I could remove categories that I've made obsolete, but I imagine that's not possible.
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Jul 13, 2015 02:45
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But they already have categories for both of those things? If something is not categorized correctly by them then you can definitely update them, you click on UNCATEGORIZED then Food > Restaurants/Groceries. These can be found in the TRANSACTIONS header from the main page. Once you click on the parent category there is also the option to 'Add Category' at the very bottom!
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Jul 13, 2015 02:55
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Oh, cool. I hadn't seen that. Maybe I just missed it before, I think I was generally looking at the pie chart. The little bars have it, though. Another question: How do you all keep track of your fun money / discretionary spending? Do you just keep a tally of that for the month somewhere else? I'm just wondering because there's enough categories that could get pulled as for Mint that there doesn't seem to be a way to automatically get it. E: Actually, I'm making a lot of purchases at Costco. That gets categorized as groceries, but they aren't all groceries. Is there any way to split transactions? 22 Eargesplitten fucked around with this message at 03:19 on Jul 13, 2015 |
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Jul 13, 2015 03:14
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22 Eargesplitten posted:Oh, cool. I hadn't seen that. Maybe I just missed it before, I think I was generally looking at the pie chart. The little bars have it, though. Click on the transaction in the Transactions tab and then click Edit Details and in the pane that expanded there's a symbol that looks like two arrows splitting which will let you split the transaction.
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Jul 13, 2015 06:50
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I'm starting a new job at the end of the month. I'm trying to get a decent calculation of what my take home pay will be but I'm a little lost when it comes to some of the details. I'm single with no kids in CA. Going off of the Paycheck City calculator, I think I've got the general information down properly. I went with 1 in the # of federal allowances. Is that my best bet for federal, and how do I determine allowances for state and local info? It doesn't seem to make much of an effect either way, but mostly I'm confused at how to determine what it should be anyway. Teeter fucked around with this message at 20:44 on Jul 13, 2015 |
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Jul 13, 2015 20:40
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1 is probably a safe bet, but it really depends on the income and tax scenario. For example, I'm not married, no kids, and in CA but have found that too much ends up getting withheld from me due to bonuses and and I believe overtime (is overtime withheld higher?). As such I've safely been at 2 most years unless I know I'll have a lot of money owed for capital gains at the end of the year and would rather spread out the tax burden. Is your compensation structure and other tax stuff pretty straightforward?
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Jul 13, 2015 20:57
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Yes, I believe so. I have a given bi-weekly pay rate, and I'm not really expecting much at all when it comes to overtime or bonuses. I think I'll leave federal at 1, and I'm still totally confused about the state allowances but it's such a small amount that I shouldn't be bothered by it one way or the other. Thanks.
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Jul 13, 2015 21:18
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Is Mint still the best account aggregator/budget website or has their anything better come out recently? I feel like some banks sites break randomly and it takes a really long time to fix.
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Jul 14, 2015 07:16
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fits my needs posted:I feel like some banks sites break randomly and it takes a really long time to fix. Until banks start having real APIs (  ), this is going to be a problem with any automated service that relies on scraping. It's amazing that Mint works as well as it does with so many institutions given that a small page markup change or login splash screen can/will gently caress it up. Their support & engineers have to track down all that poo poo manually every time something changes.Of all my accounts, only CapitalOne (360 & Investing) even have read-only authentication tokens separate from my normal logon, let alone any sort of real API. Financial institutions have a long way to go before they're operating in the 21st century. All that considered, Mint works amazingly well for me. Of my dozen or so accounts ranging from credit union to mega-bank, they rarely have connection problems that last more than 24 hours. Guinness fucked around with this message at 07:26 on Jul 14, 2015 |
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Jul 14, 2015 07:24
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Iron Lung posted:Ok, so this being said - I have a few mutual funds that are managed through SolomonSmith Whatever it's called now, that were set up by my parents for me a long time ago. One generally performs well, one not so well. Also a few individual stocks that overall perform well (Catepillar, a few others I cant remember). Should I cash them out at their current value and convert them to funds in Vanguard or elsewhere? How would I even go about this? I imagine there are some pretty hefty tax fees if so, if its anything like cashing out stock from an employee plan... ouch. I also have cash there that I consider an emergency-emergency fund, but could certainly move it somewhere else as well.
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Jul 15, 2015 00:15
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moana posted:You say they were set up by your parents, is this some sort of trust or what? I would look at the expense ratios and see if you even want to transfer to Vanguard first, then call Vanguard and ask their advice re: rules on if you'll have to pay penalty taxes. It's not a trust in the sense that I can't touch it until a certain age or anything, its just investments they've made/money they've put away for me. I could cash it all out tomorrow and walk away with it if I wanted. I'll do some digging around, maybe reach out to the advisor just to see if there are some better options than the current mutual funds - target date funds, etc. And look in to Vanguard further as well. Thanks!
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Jul 15, 2015 01:32
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A bunch of really nasty stuff from my college years finally fell off my record after years and years. It looks like I have perfect payments now and that my oldest line of credit is from February. I have about $2000 a month in disposable income after generous living costs and I'm looking at $3200 a month in disposable income starting in January. So I feel like I am financially safe to look at a car loan. I have a secured credit card for $452 and it's my only line of credit currently. I have about $300 on the card and could pay it off now but I'm waiting till the end of the month when I get a big bonus and the next statement is on the 12th. I need a car but I'm not in a rush, but by mid-september would be good. I am looking at getting a $10,000 car loan and using some of my bonus money to purchase a car of some sort in the $14,000 range. Right now due to my balance it says I'm at 656 but the Capital One simulator says if I pay that off, it will jump to 714. I'm also going to add another $100 to my secured card to put me over $500 on the limit. My guess is that credit software uses $500, $1000 etc as basic tiers and may help me out. That's my current plan. It looks like, according to the simulator, that if I get a car loan, it will crater my credit, down to 660. Plus I will be adding some credit inquiries due to shopping around for my car loan. A couple of questions: -Can I even get a car loan at 656? 714? -How easy is it to refinance my auto loan six months down the road, 12 months? -Do the inquiries, new credit lines, etc all show up on my credit report instantly, or will only show up on the next month? -Can I shop around for a car loan and as long as I buy the car before the next "report" will it not impact my credit? -If I get a loan and a bunch of inquiries, should I go ahead and apply for a second credit card to build lines of credit for the long term? That would be my last financial move credit wise for at least a year, probably longer.
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Jul 16, 2015 10:33
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You can get a car loan with a credit score of -10, it's a matter of whether the terms will be favorable or not. You will get pretty good rates with either score. 720 tends to be a cutoff for the very best terms on car loans. Inquiries show up basically instantly. However, when you're shopping for car loans, inquiries to other auto lenders are generally discounted. However... $2000/month disposable income + taking out a loan for a $10K car in 3 months = just wait a little longer and don't take out a loan at all? You likely can't qualify for 0% financing, so you can get a better total price by not having to play the financing shell game.
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Jul 16, 2015 14:08
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Hadlock posted:A bunch of really nasty stuff from my college years finally fell off my record after years and years. It looks like I have perfect payments now and that my oldest line of credit is from February. Join a credit union. My credit had been pretty wrecked from some student loans that went into default (granted they had been settled by the time I applied for the loan) and the credit union I joined still gave me a 2.99% loan. Not the best loan but it's good compared to the hilariously awful 20% the dealership tried to get me to take.
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Jul 16, 2015 17:05
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Hadlock posted:Right now due to my balance it says I'm at 656 but the Capital One simulator says if I pay that off, it will jump to 714. I'm also going to add another $100 to my secured card to put me over $500 on the limit. My guess is that credit software uses $500, $1000 etc as basic tiers and may help me out. That's my current plan. With your score you should be able to get a Capital One (unsecured) credit card with their steps program. They issue you a low line of credit (like $500), then after six months of on time payments they bump you up to a higher credit line. The interest isn't great, but if you don't carry a balance it shouldn't matter. I believe capital one has a "pre-authorization" page to see if you probably qualify for a card without having a hard pull show up on your credit report. Also seconding the credit union suggestion, I'd talk to them about their credit card first if you sign up for a checking account.
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Jul 16, 2015 17:44
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Is it dumb to invest in individual stocks? I think I've seen that in this thread (maybe)
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Jul 16, 2015 18:31
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Yes, unless you genuinely have some sort of insight into a particular company that was missed by the greater market, including millions of people who devote the majority of their time, energy, and money to staying on top of things. It's much smarter to buy a some sort of fund that owns many different stocks, so that any one of them going bankrupt or even halving in value doesn't break your bank. That said, I do own a bunch of individual stocks, because I'm a dumb idiot.
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Jul 16, 2015 18:57
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I was surprised to learn that many of my finance professors didn't own individual stocks. They parked it all in boring, low-fee index funds. One of them explained to me that although he has the expertise, education, and research tools to do well with individual stocks, he doesn't have the time and other resources that the dedicated armies of analysts do. If you go into it treating it as a hobby, like playing fantasy baseball, sure! But don't make it a cornerstone of your retirement plan.
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Jul 16, 2015 19:57
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It's not dumb to own individual stocks IF you are already well invested and diversified in index funds and bonds in your 401k, IRA, and whatever other long-term, tax-advantaged spaces you have. Individual stocks carry MUCH higher risks, even blue chips. Without due diligence and research it's akin to gambling (even with due diligence, really...). It's never recommended in this thread because it's the newbie personal finance thread. Until you're sitting on a very healthy e-fund, maxing all your retirement accounts, and saving for your short-medium term goals don't even think about it. I own a couple of individual stocks, but even the majority of my taxable brokerages are in index funds these days.
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Jul 16, 2015 19:58
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ladyweapon posted:With your score you should be able to get a Capital One (unsecured) credit card with their steps program. They issue you a low line of credit (like $500), then after six months of on time payments they bump you up to a higher credit line. The interest isn't great, but if you don't carry a balance it shouldn't matter. I believe capital one has a "pre-authorization" page to see if you probably qualify for a card without having a hard pull show up on your credit report. Also seconding the credit union suggestion, I'd talk to them about their credit card first if you sign up for a checking account. Great, thanks! With a credit union do I need to have an account with them for X months before I can apply for a loan, or can I sign up for a savings account and car loan on the same day? Either way, I'm guessing that I'll go ahead and open an account + apply for a loan in Septemberish. I'll look for that preauthoization page, thanks for the tip.
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Jul 16, 2015 22:34
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Hadlock posted:Great, thanks! With a credit union do I need to have an account with them for X months before I can apply for a loan, or can I sign up for a savings account and car loan on the same day? Either way, I'm guessing that I'll go ahead and open an account + apply for a loan in Septemberish. If you find a CU that has a checking/savings account through KASASA, you can get up to 3% APY on up to 10K. I posted this excerpt before from my bank. The qualifications are something like 1) email statements, 2) direct deposit, 3) 12 transactions per month. You said you had 2K in disposable income every month so I thought I'd mention it  quote:For Kasasa Cash, if qualifications are met each monthly qualification cycle: (1) Domestic ATM fees incurred during qualification cycle will be reimbursed and credited to account on the last day of monthly statement cycle; (2) balances up to $10,000 receive APY of 3.00%; and (3) balances over $10,000 earn 0.25% dividend rate on the portion of the balance over $10,000, resulting in 3.00% – 0.53% APY depending on the balance.
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Jul 16, 2015 22:55
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At what point would be be acceptable to remove funds from a 401k to pay off some high balance credit cards?
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Jul 17, 2015 15:35
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signalnoise posted:At what point would be be acceptable to remove funds from a 401k to pay off some high balance credit cards? Never. The penalties make it not worth it at all.
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Jul 17, 2015 15:38
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