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Omne posted:The only people I've seen get "gently caress you, I'm retiring" money have been the founders and the growth equity companies that invest. Everyone else, maybe you can buy a car with it I'm not saying it happens all the time, but it happens more than you think.
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Sep 13, 2021 02:28
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Motronic posted:I'm not saying it happens all the time, but it happens more than you think. Hey I certainly hope it happens more than I think, I'd love it if my equity turned into seven figures
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Sep 13, 2021 15:18
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Omne posted:Hey I certainly hope it happens more than I think, I'd love it if my equity turned into seven figures It's a lot of dice rolling. Most of the time they roll 7-out but sometimes you hit a little and sometimes you hit a LOT.
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Sep 13, 2021 15:41
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H110Hawk posted:It's a lot of dice rolling. Most of the time they roll 7-out but sometimes you hit a little and sometimes you hit a LOT. Yeah, I know people at a company that IPO'd this year, and at least the first 100 employees and maybe more ended up with 'retire now' money.
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Sep 13, 2021 17:46
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H110Hawk posted:It's a lot of dice rolling. Most of the time they roll 7-out but sometimes you hit a little and sometimes you hit a LOT. Kulaks play poker, dukes play craps, tsars own casinos
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Sep 13, 2021 19:56
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Is this the best place to get one of those HMBradley referrals?
I Love Topanga fucked around with this message at 21:33 on Oct 1, 2021 |
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Oct 1, 2021 21:19
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I Love Topanga posted:Is this the best place to get one of those HMBradley referrals? PM me, please. sent you one.
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Oct 1, 2021 21:24
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Got it. Thanks!
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Oct 1, 2021 21:33
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Wasn't sure where to ask this, but since startup options just came up I guess I'll try here. I work for a startup. I have a decent chunk of options. The company is in a good position, has a real product and customers, and while there are currently no hints of acquisition, it's always a possibility in tech. At the current FMV, my shares are worth ~$150k. My wife may have the opportunity to go work for her company in the UK. If we did that, and I figured out how to come with and work remotely (definitely possible with my employer)... am I super extra screwed if the startup were to get acquired while I'm there? I know there are situations where US citizens living abroad still end up paying US income tax, and I assume the UK's tax would be pretty significant too.
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Oct 6, 2021 20:10
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When you're saying the company is fine with working remotely, do you actually mean they'll allow it out of country? I'm assuming based on you having some options that you're salaried and not a contractor, so it seems to me like your employer will need to a) follow UK labor laws and b) do your tax/medical insurance/etc stuff in the UK as well. Do they already have an office/some accounting there? If so, are you sure they won't do some COL adjustment?
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Oct 6, 2021 20:36
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Pham Nuwen posted:Wasn't sure where to ask this, but since startup options just came up I guess I'll try here. You should talk to a CPA familiar with both US and UK tax, but the worst case should be paying the highest rate. Note if you live in a state that has income tax then you may have to pay that on top.
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Oct 7, 2021 19:20
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I’m not sure if this is the best thread for this, but my gf’s mom is trying to figure out her finances now and isn’t sure who to talk to about it. Gf’s dad needs to go into a nursing home, he has Alzheimer’s and it’s become too much for one person to manage at home. Mom has an annuity and she’s being told by the nursing home social worker that she would have to pay 10k monthly out of the annuity until half of the annuity has been used up, then Medicaid kicks in. The problem here is she needs that annuity too, she doesn’t have a lot of savings. I’m not sure if she needs a lawyer or a financial advisor. Anyone know where she should be getting advice now?
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Oct 8, 2021 23:37
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Snowy posted:I’m not sure if this is the best thread for this, but my gf’s mom is trying to figure out her finances now and isn’t sure who to talk to about it. Ideally they would go back in time 5 years to speak to an elder law attorney because Medicaid has look back rules that likely render any changes you do now moot. But she should find one to see what they can do now to protect as much as she can, though it's highly unlikely she can get out of any spend down requirements at this point.
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Oct 9, 2021 20:47
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Ancillary Character posted:Ideally they would go back in time 5 years to speak to an elder law attorney because Medicaid has look back rules that likely render any changes you do now moot. But she should find one to see what they can do now to protect as much as she can, though it's highly unlikely she can get out of any spend down requirements at this point. Thank you very much, I’ll pass that along
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Oct 9, 2021 21:39
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Much less serious and consequential question, if that's OK. I figure this fits into the "Careers" side of BFC chat. I've been working from home for the past 2 months, now back at the office at least a few days per week. I'm in Australia, in regional NSW where we've just changed all the rules and as a double-vaccinated person I get to do things like come back to the office. I struggle with procrastination and a lack of productivity. I'm a scientist, a few months to the end of a 3-year post-doctoral fellowship at this university and I need to get a couple of papers done and submitted to journals. Changing my work scenery has been helpful, when I started WFH in August I had a nice burst of productivity and I'm hoping this change in the other direction will be similarly helpful. I'd like to get something for my office at work to jazz it up a little. Something to remind me that this time is different, to help keep me from slipping back into bad anti-work habits (like, uh, posting on these forums...). Any office-supplies company would be happy to throw a zillion silly suggestions at me, but I like the ideas goons come up with (most of the time). So, what would you change about your office if you came back to it after 2 months away?
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Oct 11, 2021 01:21
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How about a vintage stand up arcade game
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Oct 11, 2021 01:33
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A rug that looks like that iconic carpet from The Shining
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Oct 12, 2021 07:27
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Looking to open up a new savings account, who does BFC recommend these days?
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Oct 13, 2021 04:26
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QuarkJets posted:Looking to open up a new savings account, who does BFC recommend these days? If you are just looking for a place to park some money, HM Bradley has a 3% APY option right now but you need a direct deposit (of any amount) and basically can't take cash out. There is a bit of fine print, you should read about it all here: https://www.doctorofcredit.com/new-bank-account-promises-3-apy-savings-rate-when-you-save-your-paycheck-hmbradley/ It's currently invite only but I could send one via email or PM. I've been using it for about 6mo now though, no complaints.
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Oct 13, 2021 04:43
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Sirotan posted:If you are just looking for a place to park some money, HM Bradley has a 3% APY option right now but you need a direct deposit (of any amount) and basically can't take cash out. There is a bit of fine print, you should read about it all here: https://www.doctorofcredit.com/new-bank-account-promises-3-apy-savings-rate-when-you-save-your-paycheck-hmbradley/ I am at 1 year now and seems fine. I also keep some savings at Ally as I have my checking over there. 0.5% and generally a-ok.
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Oct 13, 2021 14:18
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I don't know where to ask this, but I have an idea for a food company. I don't personally have the skill/expertise to create the food I'm imagining, though. If I had an idea for some electronics gadget I wanted to sell and the technology already existed for it, I believe I could go to the factory or factories that make the inputs for that gadget and order some volume of them to be assembled in the new configuration with the relevant branding. Is there anything equivalent to that with foodstuffs? Or is my only pathway here to develop the skill myself or hire someone who does have it to create samples that I could peddle myself at farmer markets and grocers or to existing food companies? surf rock fucked around with this message at 19:59 on Oct 18, 2021 |
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Oct 18, 2021 19:55
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surf rock posted:I don't know where to ask this, but I have an idea for a food company. I don't personally have the skill/expertise to create the food I'm imagining, though. And here I was thinking only computer programmers got people coming up to them saying "I have a really great idea for an app"  I mean apparently being a chef sucks poo poo and you could probably find somebody who will try and make what you describe for a few hundred bucks, but there's a world of difference between coming up with a new kind of muffin, selling a few dozen muffins at a farmer's market, and selling thousands of individually-wrapped muffins to grocery stores across the state. Methods of production for one, and licensing for another: food safety is serious business. If you develop the skill yourself, at least you'll have learned something... and it'll be something that's fun to learn, as opposed to learning the intricacies of your state's health code.
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Oct 18, 2021 20:12
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And don't forget to patent it, lest you get sued: https://www.npr.org/sections/thesalt/2014/02/21/280284547/trader-joes-caught-in-sticky-lawsuit-over-peanut-butter-pretzels How specialty is the equipment needed to make your new foodstuff? If it's not very special and you just suck at cooking, you could remedy that by going to school. Hospitality programs can teach you how to make a business out of an idea. Cal Poly Pomona has one for example.
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Oct 18, 2021 22:15
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Thank you both, I appreciate it!
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Oct 18, 2021 23:22
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Anyone have any resources for how to buy term life insurance? I think I should get a policy soon, but I have no idea where to begin.
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Oct 21, 2021 00:13
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drainpipe posted:Anyone have any resources for how to buy term life insurance? I think I should get a policy soon, but I have no idea where to begin.
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Oct 21, 2021 00:45
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And as for how much/how long of a term, you want to ask yourself how much your dependents would need to be set, and for how long. So for example, you have a spouse, two kids who are 5 and 10, and a mortgage of $350k left on it, and you're the only breadwinner. You think your family would need $50k/year in the case of your passing on top of the mortgage, until your kids leave for good. So you get a policy for $350k + $50k*13 (years left before the little one leaves) + $200k*2 (for college expenses) = a $1.4M policy for fifteen years. More if your spouse will never work again, more if you have a special needs kid or something. Obviously if you already have a million dollars in your 401k you would only need life insurance for the difference between what you have and what you think your family would need. If you wanted to, you could ladder two policies that overlap with the kids' going to school (say, a $1.2M policy for fifteen years, a $200k policy for ten years) but that's kind of nitpicky.
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Oct 21, 2021 00:55
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I have found that its generally cheaper to buy a policy as a work benefit as well. Might be worth looking into if its an option through your employer. It was generally about 1/4 as expensive through work as it was on the open market when I last checked. Speaking of which, as a new father. Whats the best/cheapest way to go about writing a will, do not resuscitate, etc?
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Oct 21, 2021 13:21
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BaseballPCHiker posted:I have found that its generally cheaper to buy a policy as a work benefit as well. Might be worth looking into if its an option through your employer. It was generally about 1/4 as expensive through work as it was on the open market when I last checked. The big caveat to work group life insurance policies is if you separate from work you may lose it, or the price may skyrocket. I looked into "portable" life insurance at work, and it became rapidly more expensive than a term life policy. The "gotcha" there is while your term life is more expensive up front, they are leveling out the policy for those 10/20/30 years, where as a group insurance policy may change annually based on your health/age. This may not be the case for everyone, but you don't want to be 50 and sick when you get fired from work due to your illness and suddenly need to port the policy. It can certainly be a nice hedge to have it - You can add on a layer like Moana described generally pretty cheaply. 1-2-3x (etc) your salary for a few bucks a month. I wouldn't rely on it for the first million though. BaseballPCHiker posted:Speaking of which, as a new father. Whats the best/cheapest way to go about writing a will, do not resuscitate, etc? Do you want best or cheapest? If you have a very simple estate (one house, one spouse, 1-N children; want to give everything to the spouse or divide equally amongst the children period the end) then best and cheapest might be the same - use whatever legalshieldzoom discount package you have at work. Make sure no one is trying to give you a ream of paper as a trust with non-revocable this and generation skipping that and other stuff you only need if you're over the exemption ($11/$26 million single/married.) I think our trust is like 10 pages long soup to nuts in California, plus the will, advanced medical directive, powers of attorney which are 1-2 pages each with the latter two being state forms. Technically you can do the latter two yourself very easily if your state offers forms. Check the "pull the plug" box and go get it notarized. Best if you have anything at all special is going to be asking around for a local estate planning attorney. It will cost a few thousand dollars. You can definitely get it done for $2500 unless you live in manhattan or san francisco or something. In which case consider a drive out to the burbs for signing.
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Oct 21, 2021 14:53
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Well this is a bad fuckin' month... Dog had an abscess develop in his throat/neck. Hospitalization, surgery, the works (he's back home and stable now). Savings nearly completely wiped out. Luckily I also had a bonus this month, but I cleared out all my fun money, maintenance categories, gift categories ("we got the dog for another Christmas, everyone), the works. Back to the grind for the rest of the year to get my 6 month e-fund built up again. Have to thank this forum for giving me the tools and the mindset that made it possible for me to take this hit without too much trouble, but drat it still stings.
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Oct 21, 2021 15:06
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e: wrong thread
qirex fucked around with this message at 19:27 on Oct 28, 2021 |
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Oct 28, 2021 19:03
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Does anyone have advice for navigating a situation where you have been recently promoted at your current workplace but may also be accepting a position at another company? I know that ultimately in the US with it being an at will state it doesn't matter, but I'd like to not burn bridges, but I don't see how this won't go over poorly. I may literally be putting in my notice 1-2 weeks after an announcement of my promotion went out to the company I am currently with.
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Nov 16, 2021 15:06
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jassi007 posted:Does anyone have advice for navigating a situation where you have been recently promoted at your current workplace but may also be accepting a position at another company? I know that ultimately in the US with it being an at will state it doesn't matter, but I'd like to not burn bridges, but I don't see how this won't go over poorly. I may literally be putting in my notice 1-2 weeks after an announcement of my promotion went out to the company I am currently with. I'm in this same situation. It's all business. Last time I left less than a month after a promotion and the company still hired me back, so unless you don't give them notice you shouldn't be burning any bridges.
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Nov 16, 2021 15:54
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jassi007 posted:Does anyone have advice for navigating a situation where you have been recently promoted at your current workplace but may also be accepting a position at another company? I know that ultimately in the US with it being an at will state it doesn't matter, but I'd like to not burn bridges, but I don't see how this won't go over poorly. I may literally be putting in my notice 1-2 weeks after an announcement of my promotion went out to the company I am currently with. Talk it out with your manager. Let them know it was in the works for a while, you're very appreciative of the promotion, however this other opportunity is what you believe is best for your career. If they start being jerks about it just keep to the party line and accept their cue to leave. They might be frustrated if they've spent a lot of political capital getting you the promotion, just keep your smile going and thank them.
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Nov 16, 2021 16:13
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Is there a thread or any good places to look for how to navigate marriage financially? Ms. Protato and I are tying the knot and we're middle aged professionals getting married for the first time, so we have retirement accounts, real estate, savings, and other similar assets and are looking for some help or someone to bounce poo poo off of. Is there a financial advisor worth a poo poo that will actually advise and not try to sell us on moving our investments to their banks? Or are we fine going to our bank and talking things through with any old banker?
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Nov 19, 2021 00:59
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Semi-Protato posted:Is there a thread or any good places to look for how to navigate marriage financially? Ms. Protato and I are tying the knot and we're middle aged professionals getting married for the first time, so we have retirement accounts, real estate, savings, and other similar assets and are looking for some help or someone to bounce poo poo off of. Is there a financial advisor worth a poo poo that will actually advise and not try to sell us on moving our investments to their banks? Or are we fine going to our bank and talking things through with any old banker? What are you trying to accomplish? Efficient combining of accounts? Keeping premarital assets separate? Something else?
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Nov 19, 2021 04:40
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Explicitly aligning on financial objectives is the most important thing. If you combine your finances, you are kinda forced to do this. Plan out big expenses together. Plan out retirement together. Plan out how it will be achieved. Plan out how your money will be employed. Etc. I have in-laws that didn’t merge finances, and they’re ok. I think. I merged finances, and we’re ok. Just make sure to discuss major uses of money (and major plans for money).
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Nov 19, 2021 06:02
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SlapActionJackson posted:What are you trying to accomplish? Efficient combining of accounts? Keeping premarital assets separate? Something else? DNK posted:Explicitly aligning on financial objectives is the most important thing. Our plan is to not combine accounts except for maybe adding a joint checking account where we drop money to be used for mortgage, utility bills, and other joint expenses. We're both well versed in being not bad with money individually but neither of us have any knowledge of what being married does to our situation even if we change nothing else. Is there a resource to read or person to talk to that will let us know if we're overlooking anything or shooting ourselves in the feet 20 years from now if we don't combine X account or get both our names on Y asset?
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Nov 19, 2021 16:03
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Once you get married go talk to an estate planning lawyer. Make sure that your plan is in writing. Generally speaking, nothing changes. But if your spouse is hit by a bus, doesn't die, and now you have to pay for all of the bills you need to have a way to access their money. I would start a joint account even if it's just to autodeposit your shares of the rent/mortgage. Then you have it should you need it. I find getting paper bills helps. We agree that either spouse can open and read the statements. Keeps everyone honest. If you can't "trust" your spouse to read a truthful accounting of expenditures then couples therapy is for you.
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Nov 19, 2021 16:13
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This is why my wife and I just combined everything. We only have a single checking account where all of our pay gets dropped into, and we both have access to a shared budget where we can both see everything we purchase. Makes things a little difficult around birthdays and holidays, but that's a small price to pay for the peace of mind knowing we are both on the same page financially. They being said, I also know couples they have 3 checking accounts too: Spouse A, Spouse B and Shared. Some folks still prefer to be in the "mine" and "yours" camp, which is fine, and everything works out well for them. But it is very important that you're on the same page w.r.t large expenditures and retirement. Worst case scenario is one person can afford to retire and the other can't, or one person can buy a new car and the other can't, etc.
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Nov 19, 2021 16:30
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