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Post by Deleted on May 15, 2015 13:54:09 GMT -5
May be it's bc I don't usually take Archie's posts seriously or may be it's bc I am shocked that YM's children have sooo much money - but I must be the only one who doesn't think that Archie is in any kind of financial trouble Archie has tons of money, but maybe it will all collapse, and I will FINALLY pass him on Networth IQ!  |
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NancysSummerSip
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Post by NancysSummerSip on May 15, 2015 13:54:09 GMT -5
May be it's bc I don't usually take Archie's posts seriously or may be it's bc I am shocked that YM's children have sooo much money - but I must be the only one who doesn't think that Archie is in any kind of financial trouble no....Archie doesn't think he's in any financial trouble, either. That's at least two of you. Well, three, if we include Mrs. Archie.  |
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HoneyBBQ
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Post by HoneyBBQ on May 15, 2015 13:57:37 GMT -5
We've gone round and round with him on this one. He's not going to do it. It is just such a scam... and I am not a risky guy.  You don't need to be risky to buy life insurance. You just need to be alive. |
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imawino
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Post by imawino on May 15, 2015 13:58:35 GMT -5
Well, I would raid the kids money so absolutely no judging from me. The kids want to eat then they can pay their own way  It does sound like a temporary situation IMO and as long as you are planning to put the money back I don't see a huge problem with it. Poor judgement in going on vacation but life goes on. Live and learn. Hopefully you have learned. Thank goodness. I was worried I was the only one who didn't see this as a big deal. Look, if he was some shitty Lohan-esque stage parent forcing the kids to do commercial work and then stealing money they earned, I would think he was a pretty shit parent (and human being). But he is borrowing money that he put into accounts for the benefit of the children while they have a temporary cash flow shortage at the end of the time period that his wife took off for the benefit of the kids - or at least a kid or two. He's not "stealing" and he's not spending the money on wine and women. The financial picture is very shortly looking up, and I think that his children are young enough that there is a long time horizon to save for their college. Not that I think paying for your kids to go to college should be considered mandatory, but if it's his goal there should be a good chance of meeting it.
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HoneyBBQ
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Post by HoneyBBQ on May 15, 2015 13:58:36 GMT -5
I think needing to borrow from the kids is definitely a sign of financial trouble. Toeing the line is never a good thing. Archie's smart, he'll mostly likely recover. Unless he gets hit by a bus today. Then his family is farked!
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ArchietheDragon
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Post by ArchietheDragon on May 15, 2015 13:58:45 GMT -5
It is just such a scam... and I am not a risky guy. You don't need to be risky to buy life insurance. You just need to be alive. I plan to be for a while. |
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HoneyBBQ
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Post by HoneyBBQ on May 15, 2015 13:59:19 GMT -5
Well, I would raid the kids money so absolutely no judging from me. The kids want to eat then they can pay their own way It does sound like a temporary situation IMO and as long as you are planning to put the money back I don't see a huge problem with it. Poor judgement in going on vacation but life goes on. Live and learn. Hopefully you have learned. Thank goodness. I was worried I was the only one who didn't see this as a big deal. Look, if he was some shitty Lohan-esque stage parent forcing the kids to do commercial work and then stealing money they earned, I would think he was a pretty shit parent (and human being). But he is borrowing money that he put into accounts for the benefit of the children while they have a temporary cash flow shortage at the end of the time period that his wife took off for the benefit of the kids - or at least a kid or two. He's not "stealing" and he's not spending the money on wine and women. The financial picture is very shortly looking up, and I think that his children are young enough that there is a long time horizon to save for their college. Not that I think paying for your kids to go to college should be considered mandatory, but if it's his goal there should be a good chance of meeting it.
I thought he said his family put the money in there. |
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ArchietheDragon
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Post by ArchietheDragon on May 15, 2015 13:59:31 GMT -5
I think needing to borrow from the kids is definitely a sign of financial trouble. Toeing the line is never a good thing. Archie's smart, he'll mostly likely recover. Unless he gets hit by a bus today. Then his family is farked! I hardly ever cross the road. |
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Deleted
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Post by Deleted on May 15, 2015 14:01:45 GMT -5
I think needing to borrow from the kids is definitely a sign of financial trouble. Toeing the line is never a good thing. Archie's smart, he'll mostly likely recover. Unless he gets hit by a bus today. Then his family is farked! But, he doesn't really NEED to. |
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imawino
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Post by imawino on May 15, 2015 14:04:40 GMT -5
Thank goodness. I was worried I was the only one who didn't see this as a big deal. Look, if he was some shitty Lohan-esque stage parent forcing the kids to do commercial work and then stealing money they earned, I would think he was a pretty shit parent (and human being). But he is borrowing money that he put into accounts for the benefit of the children while they have a temporary cash flow shortage at the end of the time period that his wife took off for the benefit of the kids - or at least a kid or two. He's not "stealing" and he's not spending the money on wine and women. The financial picture is very shortly looking up, and I think that his children are young enough that there is a long time horizon to save for their college. Not that I think paying for your kids to go to college should be considered mandatory, but if it's his goal there should be a good chance of meeting it.
I thought he said his family put the money in there. I think you're right. But perhaps I picture that differently. I assume they gave it to him on a baby gift giving occasion. When I do that, I do not care what they use it for. If they put it away for college because they want to, great. If they buy diapers, great. Don't care. Making the mortgage payment and paying utilities is beneficial for the baby too - if they use it for that, great. My SIL requested cash for the babies college funds and we gave cash last Christmas, but I certainly don't track where it goes. |
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Deleted
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Post by Deleted on May 15, 2015 14:05:09 GMT -5
Am I reading that Archie doesn't have life insurance? Raid the rest of those accounts and buy you some. You aren't getting any younger. We've gone round and round with him on this one. He's not going to do it. Really ArchietheDragon ? I must have missed that during my sabbatical. I can't think of anything more irresponsible when you have the disposable income to afford $50/month to insure yourself and the wife. Clearly you don't have $750K net stashed in an account to provide support for those kids if something happened to you or your wife. What's the plan - take grandparents' retirement away from them? I am starting to wonder if you are in a depression and making poor choices. |
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ArchietheDragon
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Post by ArchietheDragon on May 15, 2015 14:07:01 GMT -5
What's the plan - take grandparents' retirement away from them? That is actually part of the plan, if the worst did happen. I think both my parents and hers would step up to the plate. |
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steph08
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Post by steph08 on May 15, 2015 14:07:32 GMT -5
My mom used to borrow money from me at times (and sometimes, she still does). She is working on getting out of debt and doing well - and if me loaning her 3k helps save her several hundred dollars in interest and she pays it back within 6 months, I am happy.
When I was a teen, I put all my babysitting money in a jar. There was a piece of paper inside it and my mom would write what she took out and then what she put back.
Of course, DH says my family is messed up that way, but it doesn't bother me what Archie is doing.
If he needs to borrow it and then pay it back, I don't see an issue.
Did whoever gave it to him specify that it had to be saved for a specific purpose? Or was it just baptism/birthday/Christmas money? That money could have easily been spent on toys or clothes or whatever, but it wasn't, it was saved. If he needs to borrow it and pay it back in two months, it isn't a big deal.
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Deleted
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Post by Deleted on May 15, 2015 14:13:21 GMT -5
What's the plan - take grandparents' retirement away from them? That is actually part of the plan, if the worst did happen. I think both my parents and hers would step up to the plate. The physical support they would provide might be expected. You could at least eliminate the financial burden.  We really need a "shaming" icon for cases like this. |
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MJ2.0
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Post by MJ2.0 on May 15, 2015 14:18:34 GMT -5
You don't need to be risky to buy life insurance. You just need to be alive. I plan to be for a while. most of us do, but shit happens. And how is life insurance risky? As far as I know, death is pretty much a guarantee. |
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MJ2.0
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Post by MJ2.0 on May 15, 2015 14:20:19 GMT -5
I thought he said his family put the money in there. I think you're right. But perhaps I picture that differently. I assume they gave it to him on a baby gift giving occasion. When I do that, I do not care what they use it for. If they put it away for college because they want to, great. If they buy diapers, great. Don't care. Making the mortgage payment and paying utilities is beneficial for the baby too - if they use it for that, great. My SIL requested cash for the babies college funds and we gave cash last Christmas, but I certainly don't track where it goes. money is fungible. That's what makes it so great. |
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imawino
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Post by imawino on May 15, 2015 14:21:37 GMT -5
I plan to be for a while. most of us do, but shit happens. And how is life insurance risky? As far as I know, death is pretty much a guarantee. THE HELL YOU SAY!!!!! |
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TheHaitian
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Post by TheHaitian on May 15, 2015 14:21:46 GMT -5
Count me in as someone else that doesn't think the situation is drastic....
They will be just fine...
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MJ2.0
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Post by MJ2.0 on May 15, 2015 14:21:55 GMT -5
What's the plan - take grandparents' retirement away from them? That is actually part of the plan, if the worst did happen. I think both my parents and hers would step up to the plate. okay, I don't know about all that now... |
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ArchietheDragon
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Post by ArchietheDragon on May 15, 2015 14:22:17 GMT -5
That is actually part of the plan, if the worst did happen. I think both my parents and hers would step up to the plate. okay, I don't know about all that now... I didn't say it was a great plan. |
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MJ2.0
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Post by MJ2.0 on May 15, 2015 14:24:29 GMT -5
okay, I don't know about all that now... I didn't say it was a great plan. I am a financial wreck right now, so you know it's bad when I'm saying that is a HORRIBLE plan. |
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ArchietheDragon
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Post by ArchietheDragon on May 15, 2015 14:25:07 GMT -5
I didn't say it was a great plan. I am a financial wreck right now, so you know it's bad when I'm saying that is a HORRIBLE plan. At least it is a plan. |
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MJ2.0
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Post by MJ2.0 on May 15, 2015 14:29:06 GMT -5
I am a financial wreck right now, so you know it's bad when I'm saying that is a HORRIBLE plan. At least it is a plan. start rounding up the lonely fat chicks now just in case |
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Lizard Queen
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Post by Lizard Queen on May 15, 2015 14:39:14 GMT -5
Count me in as someone else that doesn't think the situation is drastic.... They will be just fine... I don't think it's drastic, but it's a warning sign to get your shit together. He doesn't seem too terribly concerned about it, other than ironing his own shirts. Ironing your own shirts /= getting your shit together, KWIM? |
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TheHaitian
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Post by TheHaitian on May 15, 2015 15:05:42 GMT -5
Count me in as someone else that doesn't think the situation is drastic.... They will be just fine... I don't think it's drastic, but it's a warning sign to get your shit together. He doesn't seem too terribly concerned about it, other than ironing his own shirts. Ironing your own shirts /= getting your shit together, KWIM? How is it a warning sign to get your shit together? You guys seems to be ignoring 2 things: - he has taxable investments: he just doesn't want to incur the taxable income/tax if he use that money. - his wife will be going back to work and giving them an extra $1,000/month positive cash flow. Last I heard he got fixed so no need to worry about his wife needing to go on maternity leave again and they managed to live for 14 months on his income + savings which is pretty damn good. Maybe my risk tolerance is higher than most but from what I know about his financial situation he is far from a "get your shit together" session. |
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Lizard Queen
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Post by Lizard Queen on May 15, 2015 15:19:28 GMT -5
I don't think it's drastic, but it's a warning sign to get your shit together. He doesn't seem too terribly concerned about it, other than ironing his own shirts. Ironing your own shirts /= getting your shit together, KWIM? How is it a warning sign to get your shit together? You guys seems to be ignoring 2 things: - he has taxable investments: he just doesn't want to incur the taxable income/tax if he use that money. - his wife will be going back to work and giving them an extra $1,000/month positive cash flow. Last I heard he got fixed so no need to worry about his wife needing to go on maternity leave again and they managed to live for 14 months on his income + savings which is pretty damn good. Maybe my risk tolerance is higher than most but from what I know about his financial situation he is far from a "get your shit together" session. Because he doesn't have a budget, which caused him to overspend on a vacation. Because he spent more than he expected to during this time due to above mentioned lack of budget. I think you probably do have a higher risk tolerance than most. I just think that, if you are planning to go cash flow negative for a while, you should probably suck it up and have a budget for at least that period of time.  |
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muttleynfelix
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Post by muttleynfelix on May 15, 2015 16:00:03 GMT -5
How is it a warning sign to get your shit together? You guys seems to be ignoring 2 things: - he has taxable investments: he just doesn't want to incur the taxable income/tax if he use that money. - his wife will be going back to work and giving them an extra $1,000/month positive cash flow. Last I heard he got fixed so no need to worry about his wife needing to go on maternity leave again and they managed to live for 14 months on his income + savings which is pretty damn good. Maybe my risk tolerance is higher than most but from what I know about his financial situation he is far from a "get your shit together" session. Because he doesn't have a budget, which caused him to overspend on a vacation. Because he spent more than he expected to during this time due to above mentioned lack of budget. I think you probably do have a higher risk tolerance than most. I just think that, if you are planning to go cash flow negative for a while, you should probably suck it up and have a budget for at least that period of time. I think not having a budget really hurt them when they had that medical bill. With 2 months left, I wouldn't say they have made it through. They think they'll have $1000 positive cash flow but is that really accurate. I get they have a significant networth, but they may need to reevaluate now that they have 3 kids. Did they add expenses they aren't thinking about? I wouldn't say coming up 2 months short on savings is exactly doing well on his his income and savings. (Lizard I'm quoted you, but mostly just agreeing where Carl is off base). |
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Post by Deleted on May 15, 2015 16:25:07 GMT -5
Well, count me in the "not a big deal" group. When my oldest grandchild was born, I bought a $25 savings bond for him every month. I did it for a couple of years, but then decided to start his 529. (It wasn't a 529 then; it was Alabama's Prepaid Affordable College Tuition plan, which turned out to be a pyramid scheme that went bankrupt.)
I gave his parents the savings bonds.
Fast forward nine years, and I am sure he has no savings bonds. They spent it on him one way or the other. It doesn't bother me. They were bought under his SSN with his dad's SSN as backup. They were always for my son to cash.
But then I used to borrow from my daughter fairly regularly. I wasn't in the situation Archie is describing. It would be more like my daughter saying she needed $20 for a field trip tomorrow. I've never really had money in my wallet so I'd ask her how much she had in her bank and then pay her back when I could cash a check. This was, by the way, pre-ATM days. |
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giramomma
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Post by giramomma on May 15, 2015 16:29:37 GMT -5
Because he doesn't have a budget, which caused him to overspend on a vacation. Because he spent more than he expected to during this time due to above mentioned lack of budget. I think you probably do have a higher risk tolerance than most. I just think that, if you are planning to go cash flow negative for a while, you should probably suck it up and have a budget for at least that period of time. I think not having a budget really hurt them when they had that medical bill. With 2 months left, I wouldn't say they have made it through. They think they'll have $1000 positive cash flow but is that really accurate. I get they have a significant networth, but they may need to reevaluate now that they have 3 kids. Did they add expenses they aren't thinking about? I wouldn't say coming up 2 months short on savings is exactly doing well on his his income and savings. (Lizard I'm quoted you, but mostly just agreeing where Carl is off base). I can't like this enough. This is exactly where we are (but we do have more savings..but holy crap, more costs.). Just because we have a fairly decent sized taxable account doesn't mean we are free and clear, easy, peasey. I literally just found out today that our school is giving iPads out to all the middle school kids. As if beginning of the school year stuff wasn't expensive enough, we now found out we're going to be shelling out an extra $175 every year for the next 9 years. Stuff like this, it seems, is happening on a weekly basis. |
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Deleted
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Post by Deleted on May 15, 2015 17:48:12 GMT -5
I think not having a budget really hurt them when they had that medical bill. With 2 months left, I wouldn't say they have made it through. They think they'll have $1000 positive cash flow but is that really accurate. I get they have a significant networth, but they may need to reevaluate now that they have 3 kids. Did they add expenses they aren't thinking about? I wouldn't say coming up 2 months short on savings is exactly doing well on his his income and savings. (Lizard I'm quoted you, but mostly just agreeing where Carl is off base). I can't like this enough. This is exactly where we are (but we do have more savings..but holy crap, more costs.). Just because we have a fairly decent sized taxable account doesn't mean we are free and clear, easy, peasey. I literally just found out today that our school is giving iPads out to all the middle school kids. As if beginning of the school year stuff wasn't expensive enough, we now found out we're going to be shelling out an extra $175 every year for the next 9 years. Stuff like this, it seems, is happening on a weekly basis. Our school gave out Ipads about three or four years ago. Our insurance is $50 a year. It is an extra $15 "rental" for the kids to take them home for the year.
According to our district, they gave the middle school kids Chrome books instead because you must be 13 to buy from the Itune store. How is your district getting around this?
What is the $175 a year for? You could buy your middle schooler his/her own Ipad for that X 3.
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