04-02-2020, 12:34 AM | #71 | |
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Talk about different, my estate planning attorney told me years ago that "if you do it right, your last checks will bounce". I think he was half serious. |
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The Following User Says Thank You to Atmo For This Useful Post: | Dadhawk (04-02-2020) |
04-02-2020, 12:26 PM | #72 | |
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I had a work colleague who had control of his mother’s house and assets in his name for like 10 years. She ran up debt on various credit cards and claimed bankruptcy just before she passed. |
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04-02-2020, 12:34 PM | #73 | |
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I started accounts for my kids when they were born. You will be amazed at how money can grow overtime even if you do nothing but let it ride. Obviously what you buy matters. Stick with good companies and reinvest all dividends to buy more stock. I am a scientist not a financial guru - so do your own research as well. Time goes faster than you think too. |
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The Following 8 Users Say Thank You to Ernest72 For This Useful Post: | Atmo (04-02-2020), BigHugeFatGuy (04-03-2020), Dadhawk (04-02-2020), daiheadjai (04-06-2020), g e (04-02-2020), humfrz (04-02-2020), Tanstin (04-02-2020), why? (04-03-2020) |
04-02-2020, 01:30 PM | #74 |
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@Ernest72, not my plan but can see some gaming the system that way.
My attorney made the suggestion more to spend down excess liquid assets doing enjoyable activities while I can now that contingencies like life, medical and long term care policies are fully funded. Other than mortgage debt, everything else is paid cash. And I agree, with a long enough time horizon, compounding works with the right investments. |
04-02-2020, 03:20 PM | #75 | |
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If you have enough money to buy a newer model used car outright....DONT DO IT! When you get out in the real world and pay rent, utilities and food and school loan, you will discover how difficult it is to accumulate wealth. Don’t use appreciating assets to buy a depreciating one. In 10 years the car is ready for the crusher. Your sack of money would double or more in that time thanks to interest reinvested. Instead read up on investments. Put your money to work. Let it grow. Put 20% down on a house to avoid PMI These ideas work well in our low interest environment. If 17% car finance rates return, it gets trickier. |
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The Following User Says Thank You to g e For This Useful Post: | Tanstin (04-02-2020) |
04-02-2020, 04:38 PM | #76 | |
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I'm fortunate to have worked my ass off im highschool to pay off my college through scholarship. When I start applying to med schools, I'll need to travel a lot for interviews so getting a car is definitely a must. I agree, I'll probably spring for a later year model with a bit more wear and tear and build it up to my taste. The rest of the money I'll save. Maybe I'll learn how to invest during the pandemic Sent from my SM-G950U using Tapatalk |
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The Following User Says Thank You to Tanstin For This Useful Post: | humfrz (04-02-2020) |
04-02-2020, 06:04 PM | #77 | |
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About getting to interviews, I suggest you fly or take the bus, and /or Uber it - humfrz |
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04-02-2020, 06:11 PM | #78 | |
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The Following User Says Thank You to humfrz For This Useful Post: | Dadhawk (04-02-2020) |
04-03-2020, 02:21 AM | #79 | |
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To me, a "very long time" is 5+ years. Once the weather warms up in about 4-6 weeks , things will be moving in the right direction. Viruses thrive in colder temps, die in warmer temps. Businesses opening back up, money flowing , people having more babies (again) , people consuming more, people driving more , more air pollutants , more particulate matter in the air, more auto accidents happening day to day, MORE.
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04-03-2020, 11:02 AM | #80 | |
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04-03-2020, 11:26 AM | #81 |
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04-03-2020, 12:03 PM | #82 | |
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https://www.medrxiv.org/content/10.1....29.20046706v1 We all wish this crisis would be over soon. Of course everyone would like to get back to 'normal' life. Again unfortunately, that's not going to be the case. The coronavirus is going to be a problem and will require changes in behavior until an effective vaccine is widely available. The very best warp speed case for that would be 18 months, and more likely 2-3 years (even that would be amazingly fast, and I know this because I spent my >35 year career developing drugs). Until then - https://www.technologyreview.com/s/6...gi_id=72556656 https://medium.com/@tomaspueyo/coron...e-be9337092b56 Stay safe everyone. |
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04-03-2020, 04:25 PM | #83 |
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Recover to what though
Financially, this thing has given us a issue that could easily last a generation As for the recovery, Spanish flu went around the world for 2 years I believe Lets hope a vaccine comes out soon because people are still travelling and spreading the virus. I seen a cool video thing which tracked mobile phones, it looked like "spring break" kids were the vector that infected the US. Here, it was people returning from cruise ships. I'm not looking to get a new car, I killed my 86 recently, for at least 6 months, maybe longer. In saying that, there are deals to be had now, but I personally believe that I would rather have as much liquid assets as I can at the moment. Unless you are investing in toilet paper mines, or in hand sanitizer plantations.
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04-03-2020, 04:48 PM | #84 |
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