1%ers: What are you doing with your $$ before Dec 31?
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Anonymous
I don't think pp was a jerk but was stating facts and simply annoyed with others' disregard for them. This isn't an emotional thread. It's fact-based. |
Anonymous
+1. And some of the posts aren't helped by their bullying tone. My take on this thread is that it's a sort of revenge - "Watch me move my money around, you 47 percenters!" Put me squarely in the category of posters who can't believe anyone in the 1% would come here to share financial advice with tons of other 1%s who post on DCUM. And I say this as the beneficiary of a generation-skipping trust myself. |
Anonymous
And if they work. I'm all for teens (inclduing wealthy teens) having jobs in the summer, as opposed to non-stop travel, camps and hanging out. Good job, 1% parents! |
Anonymous
Oh please. If you really think this thread is fact-based rather than emotional, then stop posting patronizing stuff about homework and ignorant statements. Better yet, stop boasting about your $$ on DCUM. Then you might actually be able to convince yourself, and us, that you're a mature person. |
Anonymous
And if they work. I'm all for teens (inclduing wealthy teens) having jobs in the summer, as opposed to non-stop travel, camps and hanging out. Good job, 1% parents! Wait. One of you pointed out that the Roth IRA can be withdrawn at any time before retirement. That really the only purpose is to let their summer job earnings accumulate earnings tax free until the kid feels like withdrawing it. So let's be clear here: we're not teaching kids about saving for retirement -- instead we're teaching them about tax strategies. Guess it's something a 1% kid would need to know about. |
Anonymous
Wait. One of you pointed out that the Roth IRA can be withdrawn at any time before retirement. That really the only purpose is to let their summer job earnings accumulate earnings tax free until the kid feels like withdrawing it. So let's be clear here: we're not teaching kids about saving for retirement -- instead we're teaching them about tax strategies. Guess it's something a 1% kid would need to know about. Whatever you read, you misread or someone misspoke. Because that's not how Roth works. |
Anonymous
Not the posters you're terrorizing but I think you should get a glass of wine and go back to the general parenting forum. Cause the personal finance stuff really gets you worked up. |
Anonymous
Whatever you read, you misread or someone misspoke. Because that's not how Roth works. |
Anonymous
Nope, no ad hominem attacks here, just mature, fact-based discussion. 
To quote another PP: keep it up ladies, this makes us want to tax your rude, greedy, rude asses even more. |
Anonymous
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(sigh) ya know this Roth stuff is pretty basic and the kind of advice you'd read in the WSJ, Barron's, and even in the business page of the Post. That it's got some of you all wound up like its taking a suitcase of cash to the Caymans really says more about you and your financial literacy.
Why do a Roth for teenagers? so they learn early about the power of saving and compounding. I wish I'd learned in my teens--i'd be much better off for it. This is not some secret club kind of sophisticated strategy--in fact my plumber is doing it for his kid who helps on the job. btw I think it's safe to assume, by now, we've driven off the OP. |
Anonymous
The post was misread. Well, we tried. |
Anonymous
Best post of this whole thread, IMHO. Thanks, Sam2! |
Anonymous
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There's actually no wash sale rule for profits-- that is to say if you have, say, Apple stock that has appreciated, the IRS doesn't mind if you sell it, pay capital gains tax on the gain, and then purchase new shares at the higher market price.
On the other hand, if you have, say, Citibank stock that has lost value, there are rules that prevent you from selling, claiming a loss, and then immediately purchasing the same stock at a lower price (which are called the wash sale rules). |
Anonymous
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Nowhere - this is a short-term correction and it will pass. Hedge fund managers who use computer trading need little reason to move massive quantities of shares. We are not going over any fiscal cliff. The Republican are not crazy enough to let that happen. If they do not become more of a centrist party in a decade they will cease to exist. For some reason Goldwater and Reagan were able to unify a strange coalition of disaffected Vietnam War supporters, Christian Fundamentalists, Reagan Democrats, and the ultra-rich into a very powerful political force which has had a "take no prisoners" attitude and which has dominated U.S. politics during the past 32 years. Thankfully that era is now coming to an end. The Reagan Era and its aftermath is finally ending and the proof was just demonstrated during our recent election. The Reagan Coalition and their children who came to political awareness in the 1980s were a large and powerful coalition, but our recent election proved that the torch has now been passed to a new generation. The old mantras of the Reagan Era are now irrelevant and if the Republican Party refuses to move politically towards the center they too will become irrelevant.
The Republicans may be crazy, but they are not stupid and they will not drive us over the fiscal cliff just to prevent the mega-wealthy from paying their fair share of our national burdens. They won't do it because they now know their base is not large enough to catch them once they go over the cliff. I'm glad I have invested in Berkshire Hathaway. They have more than $40 billion in cash and they are just waiting for the right opportunity to use it. The economy is expanding, but the stock market is declining. This is turning into a perfect buying opportunity for a company like BRK-A and BRK-B which is fat with cash to make profitable acquisitions while others are worrying about the man-made hype and mania of the fiscal cliff. |
Anonymous
| Jeff, another poster in favor of a finance forum!! P |