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I know (now) that a financial advisor isn't always the best idea, but the one I worked with after getting my first non-retail job is the reason I started a 401k as early as I did instead of blowing it off in my 20s.
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Sep 19, 2021 16:35
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I keep all my money with Capital Under Management.
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Sep 19, 2021 17:33
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silence_kit posted:They aren't all bad. My parents use Vanguard Personal Advisor Services. It’s a combo roboadvisor and human got 0.3% of directly managed assets. They’ve been happy, they work with you to optimally allocate your 401k and then the brokerage/IRA’s you setup with them gets allocated to balance what isn’t available in the 401k. I think it’s a good buy for peace of mind. Their fee structure also gets cheaper the more money you have with them but it has to be a lot. I wouldn’t suggest EJ or Ameriprise. My parents originally worked with an Ameriprise fee-based guy and they seemed really pleased. Then when my mom retired the whole sales pitch changed and it set off both my parents’ bullshit alarm and they dropped him fast. They were pissed. Thank gently caress they’re sane investors. I’m not worried about them at all. I do worry about the in-laws…
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Sep 19, 2021 18:50
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Is a condo a smart investment for me? posted:
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Sep 19, 2021 20:18
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Today I found out my parents have a lot of money locked up in a 1-year CD. Like several times their monthly living expenses. My dad says he is trying to time the market but this couldn't possibly be right? Just seems like a waste. But my dad said I could borrow some money and invest it for him though.
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Sep 19, 2021 22:15
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Nirvikalpa posted:
Let the Bad With Money flow through you. This is a good workaround for the “don’t self post”. Be Bad With Money on someone else’s behalf.
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Sep 19, 2021 22:20
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But my dad said I could borrow some money and invest it for him though.
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Nirvikalpa posted:Today I found out my parents have a lot of money locked up in a 1-year CD. Like several times their monthly living expenses. My dad says he is trying to time the market but this couldn't possibly be right? Just seems like a waste. But my dad said I could borrow some money and invest it for him though. Without context, whats so bad about that? I wouldnt pick a 1 year CD today over say, an I-bond, but theres nothing inherently wrong with having some percentage of ones assets in government insured investments that cant lose value and have a positive nominal return.
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Sep 19, 2021 23:08
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I have four 1-year CDs, spaced three months apart, each of which can cover three months' expenses (or a big emergency). They're making dick-all compared to my other accounts but that's not what they're there for. They're a tiny fraction of my overall invested assets, and they're in CDs just to get slightly better interest than a savings account. So far I haven't had to dip into them but it's nice knowing that I only have to survive a few months and then I have a year at minimum ready to go if I lose my job that long or something huge happens. If that's what they're doing I don't see a problem (obviously), or even if it's just a small low-risk diversification for them. Now, if the entirety or even a sizeable portion of their retirement is in CDs then yeah that's not great, but thankfully they would only be out a year before reinvesting.
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Sep 20, 2021 01:47
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I feel like laddering CDs was standard advice for what to do with your medium-term emergency fund pre-2008. Maybe from Suze Ormand or something. somewhere out there are min-maxers with their medium term emergency funds in 24 separate 36-month CD on auto-renew ChickenOfTomorrow fucked around with this message at 01:59 on Sep 20, 2021 |
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Sep 20, 2021 01:57
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DarkHorse posted:I have four 1-year CDs, spaced three months apart, each of which can cover three months' expenses (or a big emergency). They're making dick-all compared to my other accounts but that's not what they're there for. They're a tiny fraction of my overall invested assets, and they're in CDs just to get slightly better interest than a savings account. So far I haven't had to dip into them but it's nice knowing that I only have to survive a few months and then I have a year at minimum ready to go if I lose my job that long or something huge happens. If that's what they're doing I don't see a problem (obviously), or even if it's just a small low-risk diversification for them. See now that's confusing. I know CD ladders are great and all, but every CD I've looked at for the last several years has been on par with, or at best marginally better than, a HYSA. So unless you got lucky and locked in a CD at the top, all you're doing is getting an extra few pennies a year in exchange for the risk of having to take an early withdrawal penalty on the CD. Unless I'm missing some great CDs... our CU has never had the best CD rates, but they've been good about keeping pace with HYSA/checking rates enough for us to keep our cash with them.
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Sep 20, 2021 02:00
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When I got them they were like a quarter to half a percentage point higher than any HYSA I found (Ally was usually best), but it's quite likely that's no longer the case. I'll have to check
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Sep 20, 2021 02:21
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All the cool min maxers ladders their money into ibonds and are earning north of 3.5% APR (Soon to be over 5%) on a risk free asset 😎
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Sep 20, 2021 04:44
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ranbo das posted:All the cool min maxers ladders their money into ibonds and are earning north of 3.5% APR (Soon to be over 5%) on a risk free asset 😎 Tens of dollars we're making!
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Sep 20, 2021 12:21
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CNBC did an interview with Teen "meme stockers" and crypto traders. This quote basically sums up the entire thing: https://twitter.com/dougboneparth/status/1439933640339857416
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Sep 20, 2021 14:17
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*drinks juice box from a wine glass*
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Sep 20, 2021 14:48
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Leon Trotsky 2012 posted:CNBC did an interview with Teen "meme stockers" and crypto traders. Getting stock tips from the
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Sep 20, 2021 15:07
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This sub forum has really put a dent in my idle daydream flowchart of the first things to do when I win the powerball: 1. Lawyer up 2. Find way to anonymously claim winnings 3. Talk to fiduciary financial advisor to sort out investment options
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Sep 20, 2021 18:24
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Democratic Pirate posted:This sub forum has really put a dent in my idle daydream flowchart of the first things to do when I win the powerball: This is possibly the best and most informative reddit post ever: https://old.reddit.com/r/AskReddit/comments/24vo34/whats_the_happiest_5word_sentence_you_could_hear/chb38xf/
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Sep 20, 2021 18:32
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Most states don't allow you to remain anonymous when claiming the Powerball.
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Sep 20, 2021 18:41
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They used to, but a bunch of states made it a requirement to publicly disclose winners and provide a picture in order to claim it because not being able to advertise winners hurt public participation in the lottery. lol
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Sep 20, 2021 18:43
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The obvious right move--and the one missing from those guides--is to move immediately. Leave the state. Buy a house in a wealthy neighborhood in a big city on the other side of the country. Or in a wealthy suburb. Whatever. Or poo poo, buy a big ol' yacht and live marina-to-marina.
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Sep 20, 2021 19:02
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The problem there is you've now isolated yourself from all your family and friends. Goons have no friends and hate their families, so we'd probably be fine, but for most people that's a big deal. You can make more friends, but the rich people in your new swanky neighborhood might want nothing to do with you and your luck money. So now you're lonely, with no support system, and enough money to indulge in all your worst self destructive behaviors. It really is a monkey's paw poo poo sandwich.
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Sep 20, 2021 20:12
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I wonder what the stats are for other lottery-like outcomes: - Big lawsuit settlement - Company stock option/IPO win - Bought by Facebook - Unexpected long-lost relative type inheritances - Winning side of the Big Short
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Sep 20, 2021 20:21
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ipo win is less homicide because very many of the other peeps you know have also become rich and more depression and drinking, at least among my plutocrat school buddies also increasingly elaborate burning man dealios, which is frankly similar
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Sep 20, 2021 20:23
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I think lottery winners are a cut above because you don't win the lottery by making good decisions. You win the lottery by being a lifelong gambler.
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Sep 20, 2021 20:41
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OP refuses to say what it was spent on, but I have no idea how you could get into 70k of credit card debt on an 86k salary with no rent, no car payments, no mortgage, and no utility payments in a year.quote:70k in debt don't know what to do? "My parents are very financially responsible." "My parents don't have any money right now due to some bad financial decisions and a recent refinance of their house." "My parents need to put my name on their half a million dollar mortgage because otherwise they will have a 5+% (!?!) mortgage interest rate." "I'm getting all of the benefits in this scenario because you can deduct a house from your taxes right?" "They have someone who they think is an accountant advising them and he says it doesn't count as a mortgage if your parents pay it." quote:Should I let my parents use my name for a mortgage for a rental property? (USA)
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Sep 20, 2021 20:53
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doingitwrong posted:I wonder what the stats are for other lottery-like outcomes: Most of those at least involve perceived effort. Even if you lucked into it, like Mark Cuban selling broadcast.com for 6 billion only to have it shut down 2 years later. He still gets credit for being a smart businessman. But I suspect people who big lawsuit settlements deal with the same poo poo as lottery winners. Especially if it's a structured settlement and you realize it's your money and you want it now.
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Sep 20, 2021 21:25
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Krispy Wafer posted:Most of those at least involve perceived effort. Even if you lucked into it, like Mark Cuban selling broadcast.com for 6 billion only to have it shut down 2 years later. He still gets credit for being a smart businessman. The settlement winners are getting compensation, not a windfall. They earned it with their scarred bodies, 25 years wrongly spent in jail, etc.
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Sep 20, 2021 21:53
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Krispy Wafer posted:Most of those at least involve perceived effort. Even if you lucked into it, like Mark Cuban selling broadcast.com for 6 billion only to have it shut down 2 years later. He still gets credit for being a smart businessman. I think the main differences are: - All the others generally involve longer term projects and a likelihood of being setup with knowledge and professional contacts to help you manage money well. The closest to an "overnight hundred millionaire" is a lawsuit settlement and even then those take years, and if you're attorney isn't a complete scumbag (not a given I know) can probably recommend you someone to help setup your finances in trusts for you and your family. - Lotteries intentionally advertise the poo poo out of big winners and their identities to sell more tickets. - Lotteries inherently target people who are BWM and BWM people absolutely cluster in friends and family cohorts.
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Sep 20, 2021 22:31
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That Reddit post lived in my head whenever the powerball was a record breaking sum a few years back. My coworkers were talking about the dumb stuff they’d buy while I’m sitting there debating if growing a beard, shaving my eyebrows, wearing colored contacts, and legally changing my name before claiming the winnings would be enough to get people off the trail. The lottery winners who bought my relative’s land had it for 2 years before it went back on the market.
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Sep 20, 2021 23:02
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Dik Hz posted:I think lottery winners are a cut above because you don't win the lottery by making good decisions. You win the lottery by being a lifelong gambler. Eh I'm in a lottery syndicate at work because it's $4 a week and I see that as insurance that I don't kill myself after half my coworkers win and quit on the same day. The owners in it in case we win and he's gotta replace half the shop in record time. It also nukes the payout and the anonymous thing though.
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Sep 20, 2021 23:35
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I remember one site had an article about winning the lottery, and it mentioned using a blind trust to access the winnings. A lot of the other advice was similar, the most important being "get as far away from your home as possible."
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Sep 20, 2021 23:37
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CitizenKain posted:I remember one site had an article about winning the lottery, and it mentioned using a blind trust to access the winnings. A lot of the other advice was similar, the most important being "get as far away from your home as possible." The problem is that IIRC all that is extremely state dependent. The last time I drunkenly looked this up I'm pretty sure some states had requirements that the winner make the claim in person and not via a LLC/blind trust/etc
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Sep 20, 2021 23:47
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mrmcd posted:I think the main differences are: Sure, the lack of publicity does make a difference. Then again you have those families who get big payouts from the city after cops murder a loved one. I couldn't find any data on how they cope, but I suspect they deal with a lot the same bad externalities that lottery winners see.
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Sep 20, 2021 23:56
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Leon Trotsky 2012 posted:OP refuses to say what it was spent on, but I have no idea how you could get into 70k of credit card debt on an 86k salary with no rent, no car payments, no mortgage, and no utility payments in a year. Long haul trucker with zero impulse control? There's definitely some drugs in that but I'm guessing a large amount of camgirl private shows or brothel visits or something of that nature.
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Sep 21, 2021 00:23
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greazeball posted:Long haul trucker with zero impulse control? There's definitely some drugs in that but I'm guessing a large amount of camgirl private shows or brothel visits or something of that nature. It's always one of the Ds. Drugs, Dames, or Dgambling.
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Sep 21, 2021 00:30
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Cyrano4747 posted:The problem is that IIRC all that is extremely state dependent. The last time I drunkenly looked this up I'm pretty sure some states had requirements that the winner make the claim in person and not via a LLC/blind trust/etc Virginia has a weird one where you can claim anonymously but only if the prize is over $10 million. $10 million or less, tough poo poo, everyone knows your name, face, and hometown.
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Sep 21, 2021 00:46
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could you legally change your name to Richard Johnson and then change it back
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Sep 21, 2021 01:19
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senrath posted:Virginia has a weird one where you can claim anonymously but only if the prize is over $10 million. $10 million or less, tough poo poo, everyone knows your name, face, and hometown. And that law is only a year or so old, before that it was tough poo poo for everyone. Ive wondered how that works for games like "Cash 4 Life." Do they have an actuarial table they refer to do determine if, on average, your prize will be worth $10M or more?
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Sep 21, 2021 01:23
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Alan Smithee posted:could you legally change your name to Richard Johnson and then change it back Name change might be a matter of public record
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Sep 21, 2021 01:24
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