Even relatively capable people become more gullible and less capable of executive functioning as they age. It's completely normal for parents to increasingly rely on the judgment of their adult children for decision making. My parents are still fairly young for old folks but they have continued to ask my judgment more and more as they've gotten older and more prone to falling victim to scammers or even knowing what's best to do with funds. I'm also considerably more educated on everything financial than they are.
I would love it if my parents would let me. If my grandmother would have let my dad do it 20 years ago it would have saved my family a fair amount of trouble.
I manage my parents’ Schwab account. It’s mostly keeping it in swvxx or buying CDs but I do it because otherwise it was sitting in a low yield savings account. They’ve put me on their bank accounts, as well. It’s really very typical once people get to a certain age.
Also, of note, older people suck at technology so doing it on their behalf kind of naturally happens if they use a service that doesn't allow them to go to the place.
They had like 10 different accounts. Getting it to 1 and invested properly has made them 7 figures. Not an active trader so it's just setting it and forgetting it.
I remember my wife’s grandparents made some insane return one year a few years before they died. Like 30-50% or something in their early 90s. But they wouldn’t give up control to get out of something less risky and just let the financial advisor they had do whateverthefuck without a lot of input even though they were quite lucid at the time. That’s the kind of risk you want to avoid by paying attention to the shit as they age.
Well between hoarding cash post election, NASDAQ downturn, and making some large paychecks I’m now officially at like 25% cash. I believe I was like 8% cash in early November. Really wish interest wasn’t taxed at ordinary income rates.
I’m around the same in terms of liquid assets. Laughed at my FA when he asked last week how much I wanted to move into the market. I realize trying to time the market seldom works but I can also see the headlights of the semi truck bearing down on us, so check back in 6 weeks.
I understand conventional wisdom regarding time in market vs timing the market BUT I do read this thread so I sometimes feel quite smart. I should give it a few weeks for the markets to continue crashing before dropping my annual IRA/529 contributions, right?
It is the worst thing you could possibly imagine. I had to takeover by force and am blamed for everything.
My dad had a cognitive decline and was unable to handle finances starting about 4-5 years ago. Him and my mother ran a successful company in Southern Alabama for years, but he handled everything with numbers. I'm basically the bookkeeper for my mom's retirement savings, her business, her spending. Explaining to a 63-year-old woman finances, when she has zero background or financial responsibility or any knowledge related to money, is a fucking nightmare. And I am not a good accountant. So basically yes, your assumption is spot on.
A really good posting bit online is saying you're "not going to touch your retirement for 30 years" over a 16 year stint on the same web site.
I gotta say the one benefit Covid gave me was just becoming practically numb to large market moves. Now granted we have a mad man actively trying to tank the economy so I don’t blame anyone for having anxiety, but I’m just much better at going with the flow than I was pre-2020.
The plan will remain the same for me but as someone who works for a NGO I will admit I'm starting to get a little nervous.
Maybe my job/industry is just shit but the idea of working for 28 more years after doing 13 makes me want to unalive myself at work in such a way they'd have to condemn the office building.
But how often as the head of the us government’s bud ran to social media telling people that women should seek men who would do well as post apocalyptic warlords?
Let’s say Riddell sends helmets and shoulder pads from a youth organization to Mexico for reconditioning. Tariff % on the return from Mexico? $14k for the reconditioning.
Ive read where lots of items cross borders multiple times. I wouldn’t expect this administration to pay attention to minor details to. Something is imported from Canada to the US, goes to Mexico to have something done then back in the US for sale.
Related to this thread, the company that does all of the live puck and player tracking for the NHL is based in Durham, NC and they’ve said they send a lot of their stuff, specially tech-enabled pucks, back and forth to Canada before it’s ready to be sold. Edit- thought I was in the NHL thread. Leaving it in.
Yeah I changed job/industry 2 1/2 years ago. My plan at the time was to ride out another 15 while working less hours. Looks like I may have to put in another 15 from this point now even with the 20% raise last year because of the buffoon's massive ego.
In his first term Trump was obsessed with the stock market. There are some that suggest he's going to move the goalposts and focus on 10 yr this time, which, derailing the greatest stock market run in history (us stocks post financial crisis - or hell include anything you want post 87) in the name of fixed income is a choice. If Trump can avoid WW3, complete world collapse, and destruction of humanity as we know it - maybe a silver lining of giving the economy a colonoscopy will provide some value idk.
These stupid on again off again tariffs have to be market manipulation for his rich friends. It’s asinine.
where do u guys keep cash when it's in your vanguard/fidelity brokerage account this transferring from hysa to brokerage is a pain when I want to impulse buy