School me on investing...

Discussion in 'General' started by noles19, Nov 8, 2017.

  1. dtalbott

    dtalbott Driving somewhere, hauling something.

    Thanks. It's why I'm driving a damn truck and only seeing them once a month.
  2. What is this “5 year lookback” thing y’all are talking about? Who is looking back for what?
  3. Sweatypants

    Sweatypants I am so smart! S-M-R-T... I mean S-M-A-R-T!

    if you're elderly parent wants to be on Medicaid for like, intensive hospice care or something where they need round the clock attention, you get on it by basically saying you're broke and need the gov't medical assistance. if you're NOT broke, they make you spend down your money first, before giving you the Medicaid. the "5 year look back" means, they look at your finances and income/transfers/banking history for 5 years... if they see that you had like $200k, then a year ago, withdrew it and gave it to your son, they will demand it back as spend down. if the person blew it in Vegas or some shit? not exactly sure what happens... if they garnish your SS or estate upon death or go after the next of kin? i don't know, but they want it and they'll take it. after 5 years, it doesn't matter. so if your parent is like 78, gives you $200k of their money to hold, then doesn't get on Medicaid until they're 83, that $200k is yours and the gov't won't come after it.
  4. Man that is so fucked up. Don’t want to get all Dungeony, so I’ll just leave it at that. But that is fucking horseshit.
  5. sdiver

    sdiver Well-Known Member

    Same boat but I'm not kicking myself. At the end of the day, all we have are our experiences. My plan was (and still is) enjoy the money while young enough to enjoy it. Work hard, play hard! Then save/invest like hell and get to a tropical location. :)
  6. HPPT

    HPPT !!!

    I love it when that phrase comes up in divorces. Always cracks me up.
    cha0s#242, badmoon692008 and dtalbott like this.
  7. auminer

    auminer Renaissance Redneck

    Don't give her any ideas!
  8. badmoon692008

    badmoon692008 Well-Known Member

    That the government makes you spend your own money before they'll take care of you for free? Not sure what's so fucked up about that...
    pscook likes this.
  9. Mongo

    Mongo Administrator

    Yep, even if it happens to me I have no problem with that. Why should tax money cover your bills and then your money goes to your kids or the like?
    badmoon692008 likes this.
  10. Trying to avoid Dungeon material. But we pay into that shit our whole life. About 40% of my salary goes to the govt every month. By the time I reach retirement age I will have paid a metric shitpile into those govt programs. So I don’t consider it “free”. I (would) consider it getting back some of what I paid in.
    XFBO and GrayGhost like this.
  11. ryoung57

    ryoung57 Off his meds

    What to get really pissed off? Research "death tax "
    XFBO likes this.
  12. Mongo

    Mongo Administrator

    Pretty sure the money comes from taxes (fed and state) not social security. Not the same thing really even if you do pay a lot in taxes. Either way this portion needs to go to the dungeon.
  13. auminer

    auminer Renaissance Redneck

    In keeping with the thread title, proper estate planning can help avoid some of the issues discussed in the previous several posts. It's probably the least planned for eventuality, actually. Maybe the most important one, too.
  14. Mongo

    Mongo Administrator

    Absolutely. That is the core of it - figure it out and talk to a pro and do whatever it is YOU need to do to make sure you can live as you choose once retired.
  15. Like some of us do, learn from our mistakes not just buy something else :)
  16. Like I told my parents, when you do pass away do it with $1 in your account but put it in writing.
    badmoon692008 likes this.
  17. Chris Rock skit comes to mind
  18. Trunxgp1224

    Trunxgp1224 Well-Known Member

    With the IRA/401 thing how much do you contribute? If I were to max out the IRAs which is only $5,500 that's not hard to do. But when I was working oil field the 401K they had was a max of like $18,000 which was much harder to max out.

    If someone were to max it out, sure they would have been great for taxable income but they would have had little income left for any other ventures. I didn't need a down payment for my home but most people do so that eats into the ability to max it out. I also sank $10K into a business which has returned the investment and makes a few thousand on the side every year, again something I wouldn't have been able to do had I invested it all into a 401K/ IRA. Where does one draw the line between maxing out tings like retirement plans and saving cash on hand for other opportunities?
    badmoon692008 likes this.
  19. rd49

    rd49 Well-Known Member

    Only you can answer that.
  20. :stupid:

    I put 11% in 401k and my company matches it dollar for dollar.

    Besides that, I play with stocks (emphasis on “play”, it isn’t retirement money), and we have a personal savings.

    The wife (works for the same company) and she puts 11% of hers in also (with it also being matched).

    But that’s it. Neither one of us have any IRA’s, we don’t have a financial advisor, none of that shit. I figure if our 401k (and hopefully Social Security) isn’t enough, then fuck it.

    I’m not going to miss out on life now just so I can have more money when I’m too old and fucked up to enjoy it anyway.

    But like he said, that’s just my opinion/outlook. Others may vary. I know people who live way below their means and save every dime with hopes of retiring at 45-50. That’s cool for them, but that’s not me.
    j cal and Wheel Bearing like this.

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