Any Dave Ramsey students?

[69hurstolds]

Luck plays a part. Sometimes it's bad luck. There's no guarantees in life. I got whacked pretty good in 2008/09 myself, but didn't budge. I was worried, but when I thought of long-term goals, I'm glad I stuck it out. Setback? Sure. But right now things are working better than planned. Not looking that gift horse in the mouth. Having confidence in whatever financial plan you follow is the main thing. You have to be comfortable about what you and your money are doing.

If you have assets and want to avoid probate court for your heirs, think about a living trust. Or consider joint ownership/survivorship or at least just survivorship rights on cars and bank accounts. Good things and pitfalls with each, but at least glance at them and decide if it's right for you. My mother-in-law passed recently, and my wife is named executor of her will. Even with that, probate process sucks. Can't do a THING with any assets for at least 8 months here.

I'm glad everything we have is in joint/survivorship. Makes things easy when I croak. Except then she'll have to sell all my car parts. Lucky for her I have a potential price list for her listed on the spreadsheet next to the part numbers so she can get a general idea of their value. Otherwise she'd be selling 87/88 Olds rocket nose badges for 5 bucks each. She has no idea.

 

[Gonzo1970]

Just make her an account here!

-Gonz

 

[motorheadmike]

Can't do a THING with any assets for at least 8 months here.

Why? Do the dead reanimate often where you live?

 

[Winkernod]

My mother had some mutual funds and also some bluechip stocks setup with dividend reinvestment. Most of the investments were done as I was leaving the nest. so she was in her 50's. When she died at 85 years old i was surprised at the small investments she made and how it grew. the mutual funds did good as expected. However the Dividend reinvestment was stunning for the money put in and the length of time and money out...WOW!! I figure it is because she was buying more with growth money, so your not taking any more post tax earned income to fuel the growth. And also the fact that if the market falls you are actually buying more stock for the same dollar.

On another side note I too was taught cash is king. I never had a car payment until I bought my parents truck and rv trailer when they stopped travelling and they held the mortgage on it. Today I know of a couple of people that hold way better paying jobs than mine and don't seem to be as financially sound

 

[69hurstolds]

Why? Do the dead reanimate often where you live?

In nearby Senoia, Georgia they do, where they film "The Walking Dead."

No, about 11 states or so have similar probate laws as to probate open times. The 8 months minimum is required by SC law to allow any creditors a chance to petition the estate for payment from said estate. They put a public notice in the local paper 1 time per week for 3 weeks. It's creditor's last chance to get their act together and put a claim in for payment. For example, if right before she passed, she had a roofing company come out and put a roof on her house, and she still owed money to them, they would be able to still try and get paid. Or in her case, doctor and hospital bills are still rolling in. If the executor doesn't pay it promptly, then they have until the 8-month window to put in a claim against the estate. Legitimate claims would be determined and paid from the estate, and if that isn't possible, then the estate can either sell assets to cover it, or file for bankruptcy. After the 8 month window, if they haven't made a claim through the court, then too bad, so sad. Then the stuff in the will can be distributed. Then exactly 1 year after death, if there's nothing that the court has to settle, the probate closes and that's the end of it. We're counting down the 11 months and 9 days...

We're finding out the hard way on some of this stuff, crap they never tell you until you have to do it.

 

[Max Headroom]

I never took the course but listened to him every day for months. I did the step program, put the emergency fund in the bank, paid off everything, pay cash for all but the house.
In the years since, I have reached the point where I occasionally accumulate some debt but nothing significant. About every six months, I pay everything off.

 

[DRIVEN]

Today I know of a couple of people that hold way better paying jobs than mine and don't seem to be as financially sound

I was talking to a good friend last night about his almost certain impending breakup with his longterm girlfriend who just took a $250/yr job in another state. He was trying to get my input about moving with her and was volunteering all his financials. Over the last 12 years he's always bragged about making over $100k in his sales job. All this time I assumed his sh*t was solid. Come to find out he's got about $100 equity in his house (only because of market increase) and about the same in savings and retirement. How does a professional single guy piss away close to a million dollars in a decade and have so little to show for it?
He made a couple comments that really bothered me. First, that he's really counting on inheriting his parents' money (most of which came from a BS lawsuit). The other was about trying to get his girlfriend to marry him so that when it inevitably implodes he can get half her assets. WOW! JUST...WOW!

 

[69hurstolds]

I was talking to a good friend last night about his almost certain impending breakup with his longterm girlfriend who just took a $250/yr job in another state. He was trying to get my input about moving with her and was volunteering all his financials. Over the last 12 years he's always bragged about making over $100k in his sales job. All this time I assumed his **** was solid. Come to find out he's got about $100 equity in his house (only because of market increase) and about the same in savings and retirement. How does a professional single guy piss away close to a million dollars in a decade and have so little to show for it?
He made a couple comments that really bothered me. First, that he's really counting on inheriting his parents' money (most of which came from a BS lawsuit). The other was about trying to get his girlfriend to marry him so that when it inevitably implodes he can get half her assets. WOW! JUST...WOW!

His assets should net him a solid $500-600 per month before taxes in retirement at this rate. He'll be fine!

I guess everyone has a plan. Just don't have a lot of faith in this one. I've seen stranger stuff happen.

 

[DRIVEN]

I won't lose any sleep over his situation. My point was more about how most of always think to ourselves, "Maybe if I made XXXX more, I'd be in better financial shape". Come to find out it's less to do with what you bring in and more about how you manage it.
I won't have a pension or 401k waiting for me. Won't be any Social Security either by then. Also not planning to inherit anything because my parents have made it abundantly clear that they're going to enjoy their money (as they should) and my wife's family is worse than broke. I'm on my own, and that's fine because I'm handling it now.

 

[69hurstolds]

I won't lose any sleep over his situation. My point was more about how most of always think to ourselves, "Maybe if I made XXXX more, I'd be in better financial shape". Come to find out it's less to do with what you bring in and more about how you manage it.

So true. So true. Way back when I used to think "Wow, I need to have at least $XXXXX to retire without much worry." When we finally got to the end of the rope, it became more of "Here's what we got, so let's budget to keep us under $XXXX per month and we'll make it alright." Perspective changes from how much you think you need to retire (just like a car restoration. Multiply that number by at least 2 for your goal) and when you arrive and you simply have whatever you have. So far, in reality, it's not quite as expensive to live as when we were both working. Probably because I pay more attention as to what we spend nowadays.

I told the wife that if she dies before me, I'm going to Vegas and blow it all on drugs, tattoos, gambling, and wh*res, and a pistol with one bullet in it to eat for when I ran out of $$$. She just laughed. Yeah, I guess I have to laugh too- I'd probably not get the tattoos.