Smitty
Legend
- Joined
- May 15, 2003
- Messages
- 29,536
Well, Greg Truby's post on Melanoma got me to thinking about how many folks don't think about preparing for their children in the event of a tragic loss (or even for things like retirement, college, etc.). Case in point, one of my General Managers, who is in the 6-figure range and her husband (same range) have a daughter about to go to college, and they have no idea how to pay for it. Hell, she just started in the employee stock program and 401(k) this year after I convinced her.
I talk to employees all the time about planning and the grim realization is that very few do (I'm adamant about it, but not being in the 6-figure range, unless you count the decimal points, I do what I can), so I'm going to throw out a few suggestions that I tell employees about. (Please note that the recommendations I'm gonna' make aren't solicited, nor do I have anything to gain...)
1) www.UPromise.com
A non-profit company started by Bill Bennett, a former US Secretary of Education (yeah, I know, that's kind of like "Military Intelligence" right?), that's gotten corporations to pitch in a portion of your spending to tax-free college accounts for your kids. I.E. For every gallon of gas I buy at Exxon/Mobil, $0.01 goes into a trust account for Campbell. (It may not sound like much, but she's not even 2 yet and my wife drives a Ford Exploitation...I think Bradley Tanks get better mileage!) Buy something from Overstock.com and 3% of the purchase goes in, etc. Get my drift?
And friends and family can sign up as well. It's relatively painless too; just register your credit cards and "charges made at qualifying merchants" go into the kiddo's college fund. (Tax-free too!)
2) www.sharebuilder.com
For those of you who don't have brokerage accounts, this is the place to start! There's no minimum to start an account, and you can buy stock on the basic plan for $4 per trade. They also do dollar-cost-averaging and DRiPs. I.E. I've got $10, but the stock I want to buy costs $55/share; OK, then you get $10 worth...(of course with a $4 trade fee, that'd be a stupid buy! ) You can also direct deposit into them and the $ sits in a money market account earning $$$ until you decide where to put it.
DriPs-->Dividend Reinvestment Plan...I.E. I used to get checks from my company's trading house everytime there was a quarterly dividend. Yeah, I'm going to go drive to the bank and spend an hour in line for $1.09! Well, a drip means that $ goes right into your account and gets reinvested. In fact I have a check for $1.87 and I can't believe that I'm going to waste $0.37 to send it in! (OK, my company has some wires crossed and sends me checks for stock I already sold, so who am I to complain?)
3) www.ingdirect.com
A Netherlands based bank, but 100% Internet. Again, no fees involved, but they're paying 3.85% on a savings account right now! What's your bank pay? 0.85%? They do direct deposit from you paycheck as well and you've just got to love the no fee thing.
It's a no brainer for "rainy-day" money.
4) www.legalzoom.com
OK, so this one was done by Robert Shapiro, one of the guys who helped OJ get off, but if you've got a family, write a WILL, will ya'! From what I've heard, California Probate court sucks, and your wife will certainly desecrate your grave if she has to go through it alone. I think it's about $99, but they do everything, including the filing and they're not limited to CA.
5) www.quicken.com
Yeah, this one costs, but get your **** finances in order! My wife consistently has -$12 in the bank because of not using it and I consistenly have $12.50 to bail her out because of it!
Just some thoughts from a guy whose pot to pi$$ in ain't sterling silver.
Take care,
Smitty
I talk to employees all the time about planning and the grim realization is that very few do (I'm adamant about it, but not being in the 6-figure range, unless you count the decimal points, I do what I can), so I'm going to throw out a few suggestions that I tell employees about. (Please note that the recommendations I'm gonna' make aren't solicited, nor do I have anything to gain...)
1) www.UPromise.com
A non-profit company started by Bill Bennett, a former US Secretary of Education (yeah, I know, that's kind of like "Military Intelligence" right?), that's gotten corporations to pitch in a portion of your spending to tax-free college accounts for your kids. I.E. For every gallon of gas I buy at Exxon/Mobil, $0.01 goes into a trust account for Campbell. (It may not sound like much, but she's not even 2 yet and my wife drives a Ford Exploitation...I think Bradley Tanks get better mileage!) Buy something from Overstock.com and 3% of the purchase goes in, etc. Get my drift?
And friends and family can sign up as well. It's relatively painless too; just register your credit cards and "charges made at qualifying merchants" go into the kiddo's college fund. (Tax-free too!)
2) www.sharebuilder.com
For those of you who don't have brokerage accounts, this is the place to start! There's no minimum to start an account, and you can buy stock on the basic plan for $4 per trade. They also do dollar-cost-averaging and DRiPs. I.E. I've got $10, but the stock I want to buy costs $55/share; OK, then you get $10 worth...(of course with a $4 trade fee, that'd be a stupid buy! ) You can also direct deposit into them and the $ sits in a money market account earning $$$ until you decide where to put it.
DriPs-->Dividend Reinvestment Plan...I.E. I used to get checks from my company's trading house everytime there was a quarterly dividend. Yeah, I'm going to go drive to the bank and spend an hour in line for $1.09! Well, a drip means that $ goes right into your account and gets reinvested. In fact I have a check for $1.87 and I can't believe that I'm going to waste $0.37 to send it in! (OK, my company has some wires crossed and sends me checks for stock I already sold, so who am I to complain?)
3) www.ingdirect.com
A Netherlands based bank, but 100% Internet. Again, no fees involved, but they're paying 3.85% on a savings account right now! What's your bank pay? 0.85%? They do direct deposit from you paycheck as well and you've just got to love the no fee thing.
It's a no brainer for "rainy-day" money.
4) www.legalzoom.com
OK, so this one was done by Robert Shapiro, one of the guys who helped OJ get off, but if you've got a family, write a WILL, will ya'! From what I've heard, California Probate court sucks, and your wife will certainly desecrate your grave if she has to go through it alone. I think it's about $99, but they do everything, including the filing and they're not limited to CA.
5) www.quicken.com
Yeah, this one costs, but get your **** finances in order! My wife consistently has -$12 in the bank because of not using it and I consistenly have $12.50 to bail her out because of it!
Just some thoughts from a guy whose pot to pi$$ in ain't sterling silver.
Take care,
Smitty