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Question that I don't immediately spot a better spot for: what's the best way to go about setting up an inheritance for a spendthrift adult in a way that prevents them from squandering it all? My grandmother's in her mid-90s and may be passing some amount of money straight to us grandkids. I've not asked about the specifics and expect it won't exceed the low to mid 5-figures for each of us, but was considering starting a conversation with her and my parents about taking steps to ensure my brother's share doesn't all vanish in a puff of smoke as soon as it reaches him like the rest of his income does. I could just mind my own business, but I worry that his problem is already on track to becoming my business as my parents grow older. The inheritance could be a good point to start a conversation about finally forcing him towards independence, 33 years into his life. There's probably some E/N-worthy discussion there, but also curious about practical financial steps that could help set him on the right track.
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Oct 24, 2022 22:55
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Thanks all, will explore a bit further and raise the idea of the trust.H110Hawk posted:You also don't have to enable behavior by giving them money. Neither do your parents. I have the impression that they've been reluctant to really think about steps they might take to improve things and have settled too much into the unhappy but familiar status quo themselves, so am hoping to offer some ideas that might get things moving again (even if I doubt things will ever get to a properly good state).
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Oct 25, 2022 02:20
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You don't need to look far back into the history of the Bad with Money thread to see how frequently car purchases come up. You're doing the right thing by asking before you sign the deal. Unless you've left out crucial mitigating circumstances, however, the scenario as described has likely set a lot of people into 10 minutes of Michael-Scott-screaming-no.gif. The only thing that might justify it is if the $50k vehicle in question is a critical business need that your future income hinges upon (ride share doesn't count). Without that detail, we're left to assume it's intended as a status symbol or joy toy that is questionable enough for folks in significantly better financial circumstances, let alone those you've described. But run the numbers. How much would it cost you monthly (including insurance and gas) and how much would it cost when all said and done? Maybe your income is significantly higher and more stable than what we'd assume from your description and the purchase would be trivial. This isn't intended to income shame you, just to help draw you to making the concrete calculations that'd help you answer your question. You're almost certainly going to be better off not making the purchase and instead working toward improving your overall financial health. Do you have an emergency fund? Are you saving money with each pay check?
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Oct 29, 2022 17:17
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There are scams where folks collect application fees for non-existent rentals in property they don't own, making excuses for why the mark can't get in and see the property/unit. $750 is ludicrous for an application fee and should be a nonstarter, though it wouldn't hurt to see if you can't validate the person making the request actually is who they say they are. If they are, she should laugh in their faces and slowly back away with two middle fingers in the air. If they aren't, you should make sure she's not provided any personal information and reach out to local law enforcement to see about tackling the fraud. One wouldn't imagine the scam would have much success, but all it takes is one inexperienced, credulous, or desperate mark to come along every so often. But you may want to doublecheck your niece understood correctly and this isn't just the deposit on signing.
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Dec 5, 2022 16:45
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BIG FLUFFY DOG posted:I would just make a free account with the three big bureaus directly because you can get it from there and god forbid if you need a security freeze it makes it a lot easier in a situation where you're going to be stressed the gently caress out.
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Dec 17, 2022 20:28
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What're the thread's thoughts on simply hooking up bills directly to the savings account where possible to minimize (or even outright eliminate) the amount of money sitting in the low-yield checking account? The Fed dropped the 6 withdrawal limit cap back in April 2020, so the only reason I can see to avoid it is if you want to limit the blast radius of other party not to gently caress up somehow and drain your account.
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Jan 22, 2023 23:58
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Motronic posted:It's a risk partitioned account for me. KYOON GRIFFEY JR posted:You aren't going to be able to completely eliminate the checking account as I don't think you can get a debit card directly linked to a savings account without a checking account, so now you have to manage your checking account balance in addition to your savings account balance. 
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Jan 23, 2023 00:33
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KYOON GRIFFEY JR posted:I generally think it's useful to be able to access cash wherever I am in the world, but whenever I post that a bunch of indoor kids show up to tell me actually nobody uses cash any more.  I have a few twenties sitting in my wallet for "emergencies", but they've similarly been untouched for years.
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Jan 23, 2023 01:42
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If no savings means no emergency fund, that should be your number one priority. Toss three months of expenses into a high yield savings account and, if you have leftover, either pad that out a little further since you anticipate job volatility or toss it into retirement savings via an index fund in a tax-advantaged space. First post in this thread and the long-term investment and retirement thread are highly-recommended reads.
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Mar 20, 2023 04:04
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The Earl of ToeJam posted:Anybody use Ally Invest for a brokerage account? Would there be any reason to switch to Fidelity or something for set-and-forget SGOV, VTI, and the like? Fidelity and Vanguard are solid.
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Feb 29, 2024 02:15
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Sundae posted:What's everyone's go-to for having a quick-look sort of interface? I'm not really tracking budgets or anything, but I like being able to see all the poo poo in one place.
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Feb 29, 2024 04:39
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Arrgytehpirate posted:I got denied for an apartment despite making 4x the rent because of bad credit. So, I have some questions about credit which is something I’ve never really cared about. You can correct the low score by establishing a pattern of credit-worthiness (as they assess it), with a credit card you pay off in full every month being the lowest hanging fruit. Check out the credit card thread for recommendations. So long as you're confident in your ability to pay on time, there's really only upsides compared to alternative forms of payment, barring edge cases where you don't want your transaction tracked. Out of curiosity, what's kept you from getting and maintaining one in the past? Paying off the remainder of your debt will also be a win. The OP has a flowchart to follow that could help.
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Mar 29, 2024 08:06
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C-Euro posted:I can get time with her lawyer later today, and I have a lead on another lawyer in the event that I want a second opinion. I'll go through the contract over lunch, but any general questions I should be asking them beyond what I initially posted here? You absolutely need an attorney who is looking out for your interests. Less something to ask them than how to engage in the conversation: they may quite bluntly tell you this is not something you should pursue; don't take that as an attack on you or your relationship. If need be, seek it a second opinion (again, from someone who is your lawyer—not your wife's).
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Apr 23, 2024 16:35
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