Anonymous
11/17/2012 21:22
Subject: 1%ers: What are you doing with your $$ before Dec 31?
I'm all for financial education and teaching kids about the miracle of compound returns.
However, don't teach your kid by means of some pretend game where mom and dad reimburse him for fake retirement savings.
1. It's dishonest, because the kid isn't actually saving. You know that Mom and dad are giving the kid money or a car or something in return for the teenager locking his hard-earned summer wages away in a Roth.
2. Roth contributions can be withdrawn, so it's not actually going to stay there for "retirement." Unless mom an dad are really rich, of course, it will be gone as soon as the kid wants a car or college spending money.
Do this the open, straightforward way, and give your kid some stocks (we did) or open a bank account in his name (we did this, too). Maybe get the kid to invest 50% or 10% (depending on the amount of summer wages).
However, don't teach your kid by means of some pretend game where mom and dad reimburse him for fake retirement savings.
1. It's dishonest, because the kid isn't actually saving. You know that Mom and dad are giving the kid money or a car or something in return for the teenager locking his hard-earned summer wages away in a Roth.
2. Roth contributions can be withdrawn, so it's not actually going to stay there for "retirement." Unless mom an dad are really rich, of course, it will be gone as soon as the kid wants a car or college spending money.
Do this the open, straightforward way, and give your kid some stocks (we did) or open a bank account in his name (we did this, too). Maybe get the kid to invest 50% or 10% (depending on the amount of summer wages).
Anonymous
11/17/2012 21:06
Subject: Re:1%ers: What are you doing with your $$ before Dec 31?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:
That was the PREMISE of this entire thread. "Obama won the election and now we are FUCKED! Oh, no!!!!!! How are we going to preserve our fortunes?"
+1. Some people might, maybe, possibly, have to pay a few thousand more in taxes. But to distract from the perception that you're a bunch of babies whining about a stolen lollipop, you're banging on about Roths for teenagers (another couple thousand). Really, it's about Roths for teenagers! It's not sour grapes about Obama's win, or paying a few thousand more in taxes, at all!
Our household income is over $250K, and I find this thread to be a huge embarrassment.
A huge embarrassment to you? LOL!
What was that about the point of the thread being the 1 percenters (and fake wannabees, probably you) insulting the rest of us? Hope it makes you feel better about Obama's win.
But I can't resist:
Obama. Obama. Obama. Obama. Obama. Obama. Obama. Obama. Obama. Obama. Obama. Obama. Obama. Obama. Obama. Obama. Obama. Obama. Obama. Obama. Obama. Obama. Obama. Obama.
You must be the idiot who was having problems understanding what a Roth was.
Anonymous
11/17/2012 21:03
Subject: 1%ers: What are you doing with your $$ before Dec 31?
Anonymous wrote:Anonymous wrote:BTW--I encourage all of you hand-wringing about Roths to walk the walk--please stop participating in your 401k plan and don't take your mortgage deduction.
+1000000
Oh boy, the +1000000 really got me, it's just so convincing, dude.
You guys are trying so hard to be abusive that you're not even making sense any more. Because anybody who laughed at the idea of teaching your kids about tax shelters must be totally against retirement savings, right? Why don't you guys try to get some real points, instead of non-existent points that nobody said, and then try again. OK?
Anonymous
11/17/2012 21:03
Subject: Re:1%ers: What are you doing with your $$ before Dec 31?
Anonymous wrote:Buying a shit load of Twinkies.
Anonymous
11/17/2012 21:00
Subject: Re:1%ers: What are you doing with your $$ before Dec 31?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:
That was the PREMISE of this entire thread. "Obama won the election and now we are FUCKED! Oh, no!!!!!! How are we going to preserve our fortunes?"
+1. Some people might, maybe, possibly, have to pay a few thousand more in taxes. But to distract from the perception that you're a bunch of babies whining about a stolen lollipop, you're banging on about Roths for teenagers (another couple thousand). Really, it's about Roths for teenagers! It's not sour grapes about Obama's win, or paying a few thousand more in taxes, at all!
Our household income is over $250K, and I find this thread to be a huge embarrassment.
A huge embarrassment to you? LOL!
What was that about the point of the thread being the 1 percenters (and fake wannabees, probably you) insulting the rest of us? Hope it makes you feel better about Obama's win.
But I can't resist:
Obama. Obama. Obama. Obama. Obama. Obama. Obama. Obama. Obama. Obama. Obama. Obama. Obama. Obama. Obama. Obama. Obama. Obama. Obama. Obama. Obama. Obama. Obama. Obama.
Anonymous
11/17/2012 20:58
Subject: 1%ers: What are you doing with your $$ before Dec 31?
Anonymous wrote:BTW--I encourage all of you hand-wringing about Roths to walk the walk--please stop participating in your 401k plan and don't take your mortgage deduction.
+1000000
Anonymous
11/17/2012 20:57
Subject: Re:1%ers: What are you doing with your $$ before Dec 31?
Anonymous wrote:Anonymous wrote:Anonymous wrote:
That was the PREMISE of this entire thread. "Obama won the election and now we are FUCKED! Oh, no!!!!!! How are we going to preserve our fortunes?"
+1. Some people might, maybe, possibly, have to pay a few thousand more in taxes. But to distract from the perception that you're a bunch of babies whining about a stolen lollipop, you're banging on about Roths for teenagers (another couple thousand). Really, it's about Roths for teenagers! It's not sour grapes about Obama's win, or paying a few thousand more in taxes, at all!
Our household income is over $250K, and I find this thread to be a huge embarrassment.
A huge embarrassment to you? LOL!
Anonymous
11/17/2012 20:42
Subject: 1%ers: What are you doing with your $$ before Dec 31?
Anonymous wrote:I just bought a $5000 projector for my office
That just means you're stupid. And don't bother telling me about writing it off as a business expense, it's still stupid to pay this much.
Anonymous
11/17/2012 20:41
Subject: 1%ers: What are you doing with your $$ before Dec 31?
Anonymous wrote:Anonymous wrote:(sigh) ya know this Roth stuff is pretty basic and the kind of advice you'd read in the WSJ, Barron's, and even in the business page of the Post. That it's got some of you all wound up like its taking a suitcase of cash to the Caymans really says more about you and your financial literacy.
Why do a Roth for teenagers? so they learn early about the power of saving and compounding. I wish I'd learned in my teens--i'd be much better off for it. This is not some secret club kind of sophisticated strategy--in fact my plumber is doing it for his kid who helps on the job.
btw I think it's safe to assume, by now, we've driven off the OP.
Here's the point: it's called tax planning. No one's stuffing cash in suitcases as pp said. The only hysteria on this thread is coming from those who will not be asked to pay more in taxes.
Yes!!! The point of this thread is to beat up on 47 percenters! That's how you make yourself feel good about Romney's loss.
Anonymous
11/17/2012 20:34
Subject: Re:1%ers: What are you doing with your $$ before Dec 31?
Anonymous wrote:Anonymous wrote:
That was the PREMISE of this entire thread. "Obama won the election and now we are FUCKED! Oh, no!!!!!! How are we going to preserve our fortunes?"
+1. Some people might, maybe, possibly, have to pay a few thousand more in taxes. But to distract from the perception that you're a bunch of babies whining about a stolen lollipop, you're banging on about Roths for teenagers (another couple thousand). Really, it's about Roths for teenagers! It's not sour grapes about Obama's win, or paying a few thousand more in taxes, at all!
Our household income is over $250K, and I find this thread to be a huge embarrassment.
Anonymous
11/17/2012 16:56
Subject: Re:1%ers: What are you doing with your $$ before Dec 31?
Buying a shit load of Twinkies.
Anonymous
11/17/2012 16:15
Subject: 1%ers: What are you doing with your $$ before Dec 31?
Some of us wouldnt mind paying more if it was actually going to do anything significant to resolve this nation's budget problems. However, it won't even come close. The proposal will raise $65 billion in one year, which sounds like a lot until you compare it to our annual deficit of $1.3 trillion. You could tax "the rich" at 100%, and it wouldn't erase our deficit. The whole thing we a cynical political tactic to hide the reality (our current spending levels on entitlements are unsustainable).
Anonymous
11/17/2012 16:15
Subject: 1%ers: What are you doing with your $$ before Dec 31?
BTW--I encourage all of you hand-wringing about Roths to walk the walk--please stop participating in your 401k plan and don't take your mortgage deduction.
Anonymous
11/17/2012 15:43
Subject: 1%ers: What are you doing with your $$ before Dec 31?
Anonymous wrote:Anonymous wrote:(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.
Here's the point: it's called tax planning. No one's stuffing cash in suitcases as pp said. The only hysteria on this thread is coming from those who will not be asked to pay more in taxes.
+1000
Anonymous
11/16/2012 10:33
Subject: 1%ers: What are you doing with your $$ before Dec 31?
I just bought a $5000 projector for my office