Search found 18849 matches

by Grt2bOutdoors
Fri Oct 19, 2018 6:33 am
Forum: Personal Finance (Not Investing)
Topic: Depositing Cash if it was gifted?
Replies: 79
Views: 3031

Re: Depositing Cash if it was gifted?

I see this went on all night.😀. Another risk that hasn’t been mentioned is that the IRS and state could look into grandmother’s income tax returns to see how the cash was accumulated. I handled an estate where the decedent has $250K in cash and this is exactly what happened. This might be a risk of...
by Grt2bOutdoors
Thu Oct 18, 2018 11:10 pm
Forum: Personal Finance (Not Investing)
Topic: Depositing Cash if it was gifted?
Replies: 79
Views: 3031

Re: Depositing Cash if it was gifted?

This thread might be much more helpful to OP if everyone who is offering advice would volunteer how many cash transactions of $5000+ they have personally made in the past ten years rather than speculating about something with which they have no experience or in-depth knowledge. Made a few within th...
by Grt2bOutdoors
Thu Oct 18, 2018 9:34 pm
Forum: Personal Finance (Not Investing)
Topic: Depositing Cash if it was gifted?
Replies: 79
Views: 3031

Re: Depositing Cash if it was gifted?

Deposit the cash. If asked where you received the funds, be truthful - you inherited it. The bank will need to file a report and may ask you for some id, but there is no crime in depositing legal tender that was a windfall saved over the course of 50 years. Sounds like good advice, and they do say,...
by Grt2bOutdoors
Thu Oct 18, 2018 9:32 pm
Forum: Personal Finance (Not Investing)
Topic: Depositing Cash if it was gifted?
Replies: 79
Views: 3031

Re: Depositing Cash if it was gifted?

If anyone is interested in learning about the various policies governing the banking system - Treasury.gov is a good place to start. Concerned about validity of currency? The OP stated that many of bills are dated - the Secret Service is tasked with that. Btw, the Secret Service is a branch of the T...
by Grt2bOutdoors
Thu Oct 18, 2018 8:43 pm
Forum: Personal Finance (Not Investing)
Topic: Depositing Cash if it was gifted?
Replies: 79
Views: 3031

Re: Depositing Cash if it was gifted?

Deposit the cash. If asked where you received the funds, be truthful - you inherited it. But the OP did not inherit it . His grandmother did. Now she wants to gift it to him. My grandfather recently passed away in July. He was 94 years old, a month from 95, and he left my grandmother almost $70,000...
by Grt2bOutdoors
Thu Oct 18, 2018 8:39 pm
Forum: Investing - Help with Personal Investments
Topic: Spoke with a CFP...underwhelming!
Replies: 48
Views: 3917

Re: Spoke with a CFP...underwhelming!

I have a family friend who is a CFP in the local area, and I've always been curious to talk to him, as I've only learned from reading, forums, blogs, etc. I was always eager to hear his take on where I stand, and his thoughts. I finally spoke with him yesterday afternoon, and it was a bit underwhel...
by Grt2bOutdoors
Thu Oct 18, 2018 8:26 pm
Forum: Personal Finance (Not Investing)
Topic: Depositing Cash if it was gifted?
Replies: 79
Views: 3031

Re: Depositing Cash if it was gifted?

celia wrote:
Thu Oct 18, 2018 8:24 pm
Gill wrote:Celia, not good advice. You are advocating structuring which is a crime.
Gill
Suggesting she hold onto it for herself is good advice, if you don't know her financial affairs. Are you referring to her depositing her own money in stages???
Yes, that is a federal crime.
by Grt2bOutdoors
Thu Oct 18, 2018 8:21 pm
Forum: Personal Finance (Not Investing)
Topic: Depositing Cash if it was gifted?
Replies: 79
Views: 3031

Re: Depositing Cash if it was gifted?

And IF they are old enough, there may not be any security strip in them. That could make it difficult to even get the cashier at the Shell station to accept one for a tank of gasoline. I don't know all the restrictions, but I do know that at 10K bells, whistles and alarms start going off, the image...
by Grt2bOutdoors
Thu Oct 18, 2018 8:17 pm
Forum: Personal Finance (Not Investing)
Topic: Depositing Cash if it was gifted?
Replies: 79
Views: 3031

Re: Depositing Cash if it was gifted?

Does the note need to be in any specific format? Or it can just be a card that says the amount? Dear Grandson, I am gifting you $15,000 in cash, the money had been saved over my 50 years of marriage to your wonderful grandfather. I’m sure you will wisely put this to good use as we had done over the...
by Grt2bOutdoors
Thu Oct 18, 2018 8:14 pm
Forum: Personal Finance (Not Investing)
Topic: Depositing Cash if it was gifted?
Replies: 79
Views: 3031

Re: Depositing Cash if it was gifted?

Deposit the cash. If asked where you received the funds, be truthful - you inherited it. The bank will need to file a report and may ask you for some id, but there is no crime in depositing legal tender that was a windfall saved over the course of 50 years.
by Grt2bOutdoors
Thu Oct 18, 2018 7:46 pm
Forum: Investing - Help with Personal Investments
Topic: What the heck to do with $2M windfall
Replies: 15
Views: 2564

Re: What the heck to do with $2M windfall

Thanks for taking the time to respond. I am in my mid-30s with no debt above 4% (including auto, home, and student loans). I currently have another $1.5M in net assets and would like to retire at 60 with $10,000,000. I’ve supefunded my 2 kids’ 529s and max out retirement. With the sale of our busin...
by Grt2bOutdoors
Thu Oct 18, 2018 7:43 pm
Forum: Personal Finance (Not Investing)
Topic: Kids inherited $8,000 each - 529 or regular brokerage?
Replies: 32
Views: 1995

Re: Kids inherited $8,000 each - 529 or regular brokerage?

The UTMA is the least restrictive of the options. If you need to pay for college- that is what the money is there for. What is better? Taking a loan or not having debt and not paying interest? I’d rather come out with a clean slate. If you're confident that the money is needed/will be used for coll...
by Grt2bOutdoors
Thu Oct 18, 2018 5:42 pm
Forum: Personal Finance (Not Investing)
Topic: Kids inherited $8,000 each - 529 or regular brokerage?
Replies: 32
Views: 1995

Re: Kids inherited $8,000 each - 529 or regular brokerage?

The UTMA is the least restrictive of the options. If you need to pay for college- that is what the money is there for. What is better? Taking a loan or not having debt and not paying interest? I’d rather come out with a clean slate.
by Grt2bOutdoors
Thu Oct 18, 2018 6:45 am
Forum: Personal Finance (Not Investing)
Topic: Where would you go for financial guidance if you win the Megamillions?
Replies: 85
Views: 5897

Re: Where would you go for financial guidance if you win the Megamillions?

I always wonder where do you put the money if FDIC only insures $250K per account? I assume some kind of brokerage account. I would just invest in tax free muni's and take the interest and safety and then prob give half of that interest away each year to local people in need, shelters, food banks, ...
by Grt2bOutdoors
Thu Oct 18, 2018 6:42 am
Forum: Personal Finance (Not Investing)
Topic: Where would you go for financial guidance if you win the Megamillions?
Replies: 85
Views: 5897

Re: Where would you go for financial guidance if you win the Megamillions?

1. Keep your mouth shut! 2. If you can’t keep your mouth shut - visit a Top 10 law firm located in the Martindale Press for Estates and Trust. Or, if he practices in your state call BSteiner. 3. 50% in the S&P 500, 50% in a ladder of 0-5 year U.S. Treasuries (unless you can find a provider who will ...
by Grt2bOutdoors
Wed Oct 17, 2018 1:33 pm
Forum: Investing - Theory, News & General
Topic: Treasuries safe?
Replies: 33
Views: 1517

Re: Treasuries safe?

U.S. Treasurys aren't really that safe. We use them as a proxy for the "risk free asset" in our financial models because there isn't a better alternative. However, people over the years have now taken it to be literally risk free, which is a mistake IMHO. When you apply normal credit underwriting s...
by Grt2bOutdoors
Wed Oct 17, 2018 6:47 am
Forum: Investing - Help with Personal Investments
Topic: Critique my Finances Please
Replies: 10
Views: 1763

Re: Critique my Finances Please

Get rid of the car loan.
by Grt2bOutdoors
Tue Oct 16, 2018 8:44 pm
Forum: Personal Finance (Not Investing)
Topic: What do you consider 'enough'?
Replies: 71
Views: 7203

Re: What do you consider 'enough'?

1.25 * (G - t) = X * years to retirement age.
Where G = gross income expected in retirement in today's dollars
t = contribution to taxing authorities

The .25 is the "buffer", a nice to have just in case. One can dream~
by Grt2bOutdoors
Tue Oct 16, 2018 8:24 pm
Forum: Investing - Help with Personal Investments
Topic: International Fund Down - What to do?
Replies: 36
Views: 2265

Re: International Fund Down - What to do?

I have a good amount of International Exposure in my 3 Fund Portfolio Brokerage (taxable) and notice that my International / Bond had been walloped and down 5% from when I purchased. What would be your guys suggestions moving forward and is there anything I can do? Any suggestions welcome. My weigh...
by Grt2bOutdoors
Tue Oct 16, 2018 6:58 pm
Forum: Investing - Help with Personal Investments
Topic: "MegaMillions and Powerball jackpots combined are now $1B" - Good investment?
Replies: 55
Views: 2694

Re: "MegaMillions and Powerball jackpots combined are now $1B" - Good investment?

I'm not sure if I should do lump sum payout or spread it out. Probably lump sum, so I can have a good buffer in my emergency fund. You could take the lump sum, then purchase a ladder of US Treasury zero coupon bonds each expiring over a 26 year period, at the end after paying a ton of taxes on “pha...
by Grt2bOutdoors
Tue Oct 16, 2018 6:49 pm
Forum: Investing - Help with Personal Investments
Topic: "MegaMillions and Powerball jackpots combined are now $1B" - Good investment?
Replies: 55
Views: 2694

Re: "MegaMillions and Powerball jackpots combined are now $1B" - Good investment?

A better use for the $2 is to buy myself a cheap beer at the grocery store and drink it... at least I get some value for my money rather than the equivalent of burning it. It's amazing that people think the odds of winning are even reasonable.. in reality it's so small that it could be considered z...
by Grt2bOutdoors
Tue Oct 16, 2018 6:42 pm
Forum: Investing - Help with Personal Investments
Topic: "MegaMillions and Powerball jackpots combined are now $1B" - Good investment?
Replies: 55
Views: 2694

Re: "MegaMillions and Powerball jackpots combined are now $1B" - Good investment?

I do't think jackpots are an investment. But $20 for entertainment once in awhile doesn't seem alike a problem to me. The entertainment comes from dreaming how you'd allocate all that money.* You only need one ticket for that. *It would be totally fun to set up a charitable foundation and make givi...
by Grt2bOutdoors
Tue Oct 16, 2018 9:59 am
Forum: Personal Finance (Not Investing)
Topic: Job Offer – bonus details provided after acceptance
Replies: 26
Views: 1774

Re: Job Offer – bonus details provided after acceptance

Red flag. They could be moving to a “pot” structure. One big pot to divvy up at their discretion. Those are amongst the worst in bonus pools because of the level of subjectiveness. Your performance may or may not have anything to do with actual payout.
by Grt2bOutdoors
Tue Oct 16, 2018 6:18 am
Forum: Personal Finance (Not Investing)
Topic: Girlfriend lost job, getting a lump sum severance... What should we do next
Replies: 36
Views: 3032

Re: Girlfriend lost job, getting a lump sum severance... What should we do next

1. Health insurance? How expensive can Cobra be? 2. What to do with the severance package? Should we save this in the emergency fund? Anything else , we should be aware off? 3. what to do with her 401k ? She is target retirement fund which charges 0.55% expense fee 1. Very. I've switched jobs a few...
by Grt2bOutdoors
Sat Oct 13, 2018 9:06 pm
Forum: Personal Finance (Not Investing)
Topic: Neighbor discussing finances with me
Replies: 64
Views: 5898

Re: Neighbor discussing finances with me

Could be a stable value fund?
by Grt2bOutdoors
Fri Oct 12, 2018 5:01 pm
Forum: Personal Finance (Not Investing)
Topic: Is it worth filing FAFSA even if you know you'll get nothing?
Replies: 70
Views: 4862

Re: Is it worth filing FAFSA even if you know you'll get nothing?

Big Dog wrote:
Fri Oct 12, 2018 4:54 pm
you also need to complete fafsa if you decide that you want your kid to take out federal loans, to have skin in the game so to speak.
More like a “shackle”. Nothing like starting adulthood with debt for motivation. :oops:
by Grt2bOutdoors
Thu Oct 11, 2018 4:47 pm
Forum: Personal Consumer Issues
Topic: What would you do with some bulk silver?
Replies: 41
Views: 2438

Re: What would you do with some bulk silver?

Mike Scott wrote:
Thu Oct 11, 2018 1:36 pm
What does "pass it down" mean to dad? It might mean holding the stuff as is to pass on or it might mean cashing it out and passing on the money.
+1. It means most likely to hold it and give it to them one day so they remember their grandfather.
by Grt2bOutdoors
Thu Oct 11, 2018 4:45 pm
Forum: Investing - Help with Personal Investments
Topic: What did you buy today
Replies: 108
Views: 7497

Re: What did you buy today

A cup of coffee. "Just around the corner, there's a rainbow in the sky, So let's have another cup of coffee, and let's have another piece of pie; Trouble's like a bubble, and the clouds will soon roll by, So let's have another cop of coffee, and let's have another piece of pie; Let a smile be your ...
by Grt2bOutdoors
Thu Oct 11, 2018 8:39 am
Forum: Personal Finance (Not Investing)
Topic: Mortgage vs. Cash
Replies: 28
Views: 2169

Re: Mortgage vs. Cash

Is home “move-in” ready? No window treatments, no painting, furniture, etc? My point is home costs $575k plus cost of closing - attorney, etc. You have $125k available for all of above. Is your job secure?
by Grt2bOutdoors
Thu Oct 11, 2018 6:25 am
Forum: Personal Consumer Issues
Topic: Feeling Guilt among family/peers
Replies: 42
Views: 5157

Re: Feeling Guilt among family/peers

When you stop making money the focus of your interactions with others, you’ll find your relationships don’t suffer. Examples - I can pay all my bills on time, I paid $7,834 on an engagement ring, have a new car, make $70k a year. No one likes to feel or have their insecurities brought forward in con...
by Grt2bOutdoors
Wed Oct 10, 2018 7:30 pm
Forum: Investing - Help with Personal Investments
Topic: What did you buy today
Replies: 108
Views: 7497

Re: What did you buy today

A cup of coffee.
by Grt2bOutdoors
Wed Oct 10, 2018 7:27 pm
Forum: Investing - Help with Personal Investments
Topic: Vanguard not answering their telephone
Replies: 11
Views: 1442

Re: Vanguard not answering their telephone

whodidntante wrote:
Wed Oct 10, 2018 5:48 pm
They are testing a new 0% ER customer service.
LOL! Or, they are busy doing their own trades, they’ll get to you next! (Only kidding).

Likelier reason was they were bombarded with phone calls, it was a “all crew on deck kinda day”.
by Grt2bOutdoors
Wed Oct 10, 2018 7:24 pm
Forum: Investing - Help with Personal Investments
Topic: invest in sears bond maturing next week 10/15 , trading at 58c on the $
Replies: 18
Views: 2567

Re: invest in sears bond maturing next week 10/15 , trading at 58c on the $

MichCPA wrote:
Wed Oct 10, 2018 7:15 pm
Well, management's plans are to try to reduce debt by 80%. That tells me all I need to know.
Says mgmt is going to offer you less than 20 cents on the dollar.
by Grt2bOutdoors
Wed Oct 10, 2018 7:24 pm
Forum: Investing - Help with Personal Investments
Topic: invest in sears bond maturing next week 10/15 , trading at 58c on the $
Replies: 18
Views: 2567

Re: invest in sears bond maturing next week 10/15 , trading at 58c on the $

Buy it, you’ll likely get something more than the equity holders, just how much more is anyone’s guess.
by Grt2bOutdoors
Wed Oct 10, 2018 5:15 pm
Forum: Investing - Theory, News & General
Topic: Millennials & Money Data
Replies: 25
Views: 3112

Re: Millennials & Money Data

kaeltor wrote:
Wed Oct 10, 2018 3:25 pm
I mean, I am a millennial and had 50K in assets up until todays correction -- do i count?
Check back tomorrow. :wink:
by Grt2bOutdoors
Wed Oct 10, 2018 5:13 pm
Forum: Investing - Theory, News & General
Topic: Millennials & Money Data
Replies: 25
Views: 3112

Re: Millennials & Money Data

I would not assume that people understand what “maxing out 401(k) contributions” means. Even on this forum, we occasionally get someone who thinks it means contributing enough to get the employer match. Both younger and older colleagues of mine believe its contributing enough to get employer match....
by Grt2bOutdoors
Wed Oct 10, 2018 6:13 am
Forum: Personal Finance (Not Investing)
Topic: You're in the Top 1% if you have $2.5 million
Replies: 21
Views: 3402

Re: You're in the Top 1% if you have $2.5 million

Actionable: What ONE financial move could one make in order to grant the highest probability of hitting 1% by net worth? You need to start a very successful business of some sort, or get into a senior position in a very successful company. In other words, you need to hit the lottery. Out of 365 mil...
by Grt2bOutdoors
Tue Oct 09, 2018 9:15 pm
Forum: Investing - Theory, News & General
Topic: Kid already in 9th grade, too late to start 529?
Replies: 14
Views: 1669

Re: Kid already in 9th grade, too late to start 529?

My kid is in 9th grade, is it too late to start his 529? I do have 150K saved for his education but money is in CD currently paying only 2.1%. I have another kid too who is in 4th grade I am thinking of starting 529 for him through Vanguard as 2.1% before tax is not very good return (I am in 37% ta...
by Grt2bOutdoors
Tue Oct 09, 2018 6:14 am
Forum: Personal Finance (Not Investing)
Topic: College loan advice?
Replies: 39
Views: 2703

Re: College loan advice?

Are you certain about not qualifying for loans? Neither the federal unsubsidized direct loan nor the parent PLUS loan is need-based. You can obtain these loans regardless of the expected family contribution (EFC) amount. +1 That would require the OP to co-sign or effectively guarantee the loan. OP ...
by Grt2bOutdoors
Tue Oct 09, 2018 6:10 am
Forum: Personal Finance (Not Investing)
Topic: College loan advice?
Replies: 39
Views: 2703

Re: College loan advice?

She’s working during college plus studying - imo, as someone who did the same in college and grad school, your child has plenty of “skin” in the game. She may be competing against those whose parents gave them a free ride and don’t need or want to work. If you have the means, pay for school but don’...
by Grt2bOutdoors
Mon Oct 08, 2018 8:59 pm
Forum: Investing - Help with Personal Investments
Topic: Thinking about selling VTSMX to buy VIGRX & VISGX
Replies: 14
Views: 1337

Re: Thinking about selling VTSMX to buy VIGRX & VISGX

I'm still new to this. 28 years old. I have around $6,500 in Total Stock Market Index (VTSMX). I am thinking about selling it and buying Growth Index (VIGRX) and Small-Cap Growth Index (VISGX). Thoughts on this? It's better to buy the entire haystack instead of just a small section. Why? Owning the...
by Grt2bOutdoors
Mon Oct 08, 2018 7:55 pm
Forum: Personal Finance (Not Investing)
Topic: Can we safely retire early?
Replies: 18
Views: 3281

Re: Can we safely retire early?

You asked if you can "safely" retire early - 68% probability of making it sound safe to you? It isn't for me - I'd feel more confident if the number was 85%+.
by Grt2bOutdoors
Mon Oct 08, 2018 6:53 pm
Forum: Investing - Theory, News & General
Topic: What part of your investment philosophy was "Inspired by Jack Bogle"?
Replies: 27
Views: 1097

Re: What part of your investment philosophy was "Inspired by Jack Bogle"?

We opened an account at Vanguard in 1982. And it was inspiring. Back then there was no internet. You had to mail in your investment check with your handwritten application. Any questions - call or write. Yes, and we still had a rotary dial phone, too. Wow! Let me guess - it's either black or white,...
by Grt2bOutdoors
Mon Oct 08, 2018 6:46 pm
Forum: Personal Consumer Issues
Topic: Landlord wants to raise rent, but is asking if he can?
Replies: 54
Views: 5464

Re: Landlord wants to raise rent, but is asking if he can?

If you feel like being super fair, you could index your rent to inflation. It will go up every year by about 2%. It's already going up every year by 2.5%. Can I ask you a question? When things break in your apartment - who repairs it? You or the landlord? I'm talking about anything from a light swi...
by Grt2bOutdoors
Mon Oct 08, 2018 6:35 pm
Forum: Investing - Theory, News & General
Topic: "Safe" Withdrawal Rate for Early Retirees (or any retiree)
Replies: 187
Views: 14243

Re: "Safe" Withdrawal Rate for Early Retirees (or any retiree)

Do you have a crystal ball that tells you how long you will live? Of course not, but when I am 60, I can say I won't live to 70 more years. And when I am 100, I can say I won't live 30 more years. But when I am 45, what can I say? You range was 10-25, with very different numbers (10% withdrawals or...
by Grt2bOutdoors
Sun Oct 07, 2018 6:02 pm
Forum: Personal Consumer Issues
Topic: What are your strategies when shopping for a house?
Replies: 38
Views: 3339

Re: What are your strategies when shopping for a house?

Suggest you purchase a plot of land, then custom build your own home. Then your complaints will be minimized.
by Grt2bOutdoors
Sun Oct 07, 2018 12:02 pm
Forum: Investing - Theory, News & General
Topic: What part of your investment philosophy was "Inspired by Jack Bogle"?
Replies: 27
Views: 1097

Re: What part of your investment philosophy was "Inspired by Jack Bogle"?

livesoft wrote:
Sun Oct 07, 2018 10:46 am
We opened an account at Vanguard in 1982. And it was inspiring.
Back then there was no internet. You had to mail in your investment check with your handwritten application. Any questions - call or write.
by Grt2bOutdoors
Sun Oct 07, 2018 12:00 pm
Forum: Investing - Theory, News & General
Topic: What part of your investment philosophy was "Inspired by Jack Bogle"?
Replies: 27
Views: 1097

Re: What part of your investment philosophy was "Inspired by Jack Bogle"?

Keep costs low. You don’t need more than 5 funds to be diversified. Stay the course.
by Grt2bOutdoors
Fri Oct 05, 2018 6:43 am
Forum: Investing - Help with Personal Investments
Topic: 47yo funded college, paid house, maxed retirement...now what?
Replies: 22
Views: 2738

Re: 47yo funded college, paid house, maxed retirement...now what?

When you can't figure out where to put money, pay some of mortgage. You say your kids' college is funded. Just to understand, so you've got at least $600k saved for that (thinking of 5 years at a private college at today's prices). No, I think OP is saying college money is in addition to his taxabl...
by Grt2bOutdoors
Fri Oct 05, 2018 6:38 am
Forum: Investing - Theory, News & General
Topic: Key differences between investing philosophies: Swedroe vs. Bogle
Replies: 144
Views: 7620

Re: Key differences between investing philosophies: Swedroe vs. Bogle

Wow, some pretty deep thought out responses in this thread. Several way past me. My view is simple. Larry is trying to sell people something to make money, period. Jack hasn't had to sell anything in a long time, and simply preaches philosophy. Larry=salesman, selfish (though does share a lot of th...