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Old 01-05-2015, 10:42 AM   #41
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FWIW, I have known people who have tossed away sizable inheritances on all sorts of useless toys, outright frauds, limited partnerships and just general high living. An EJ annuity would have been a much better alternative.

That said, I would recommend putting the cash in 6 month to one year CDs and then doing a lot of reading, including the group wisdom right here.


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Old 01-05-2015, 11:10 AM   #42
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My other older brother (a 3rd brother not mentioned previously), is a saver. I'm not worried about him because he spends about $2,000 a year total I think. (food and that's about it I think).

He owns some farmland and gets a annual check for rent of $20k or so and then he works otherwise.

He'll just save it in a CD or something forever.

He joked that he was going to take it to Vegas and bet it all on black.

I asked him, "Problem is, what are you going to do if you win. You'll have twice the problem with twice as much money and you'll end up doing it again until you lose.

Instead he should give it to me, I'll kick him in the nuts and he'll have the same result".
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Old 01-05-2015, 11:11 AM   #43
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FWIW, I have known people who have tossed away sizable inheritances on all sorts of useless toys, outright frauds, limited partnerships and just general high living. An EJ annuity would have been a much better alternative.

That said, I would recommend putting the cash in 6 month to one year CDs and then doing a lot of reading, including the group wisdom right here.


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True to your point about worse ways to spend it.
Mine is going into a couple rental houses and ETF's.
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Old 01-05-2015, 12:55 PM   #44
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FWIW, I have known people who have tossed away sizable inheritances on all sorts of useless toys, outright frauds, limited partnerships and just general high living. An EJ annuity would have been a much better alternative.

That said, I would recommend putting the cash in 6 month to one year CDs and then doing a lot of reading, including the group wisdom right here.


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True. My MIL has been in 1 year CDs for all the time I've known her, 25 years. I'm happy with her choices, but did make a call to her bank and offer the guy there a warning that if he ever tried to sell her anything else, he'd be getting more than a phone call from me.
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Old 01-05-2015, 02:41 PM   #45
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FWIW, I have known people who have tossed away sizable inheritances on all sorts of useless toys, outright frauds, limited partnerships and just general high living. An EJ annuity would have been a much better alternative.

That said, I would recommend putting the cash in 6 month to one year CDs and then doing a lot of reading, including the group wisdom right here.


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I know woman with modest money generating skills who inherited slightly more than $2mm and had blown through all of it in ~10 years. She had an upper middle class background (both parents college educated professionals) and was well educated herself but probably had the overall worst social judgment skills I have ever encountered. If there was some stupid way to get taken, she was guaranteed to find it. I gave her one of the books recommended on here but she never opened it. Now, at age 60, she has lost her customer service job and is drawing on her meager savings.

I suggested she stake out recent widowers in churches in affluent neighborhoods, keep her hair dyed and stylish, dress well and conservatively, get one or more of these guys into bed and gun for marriage. This is maybe the first time I ever gave her any suggestions that she seemed ready to listen to. I felt a bit of a traitor to the men she might snare, but overall if they keep control of the money and don't need earnings help, she would make a fully satisfactory wife. Anyway, an older man who gets snared probably feels it is an OK bargain.

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Old 01-05-2015, 02:53 PM   #46
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FWIW, I have known people who have tossed away sizable inheritances on all sorts of useless toys, outright frauds, limited partnerships and just general high living. An EJ annuity would have been a much better alternative.
I've seen that too. Decades ago where I worked they changed the pension plan for new hires and offered current employees the option of moving to the new plan as well. If they did they would get back in cash half of their previous retirement contributions. A red flag to me was that this was an irreversible decision so I figured, even before doing the math, that this would be a bad deal for me so I declined. Was I ever right!

But I was astonished at what I saw people doing with the money. Boats, new Harleys, new cars, bigger houses, pricy vacations, the whole lot of excess luxury spending. Anything but save or invest it.

Those folks are severely regretting it now.
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Old 01-05-2015, 04:20 PM   #47
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Old 01-05-2015, 04:42 PM   #48
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..............
I suggested she stake out recent widowers in churches in affluent neighborhoods, keep her hair dyed and stylish, dress well and conservatively, get one or more of these guys into bed and gun for marriage. This is maybe the first time I ever gave her any suggestions that she seemed ready to listen to. I felt a bit of a traitor to the men she might snare, but overall if they keep control of the money and don't need earnings help, she would make a fully satisfactory wife. Anyway, an older man who gets snared probably feels it is an OK bargain.

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Geeze, I owe you an apology. I had you pegged as some kind of a male chauvinist.
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Old 01-05-2015, 04:56 PM   #49
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Geeze, I owe you an apology. I had you pegged as some kind of a male chauvinist.
That would be difficult.

I knew a woman at NASA that had the "marry well" mode well ingrained. She was on husband 4 and she managed to financially ruin all of them.
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Old 01-05-2015, 05:05 PM   #50
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I am totally bewildered by what you guys may be talking about. I guess you may think that a 60 yo old woman should suddenly be able to do something she has never before done in her life, and be self sufficient. I say everyone has talents, and the only talents that she has that might secure for her a middle class life in her older years likely involve men. I try to live in the world as it is, not as some would like to pretend that it is. Some women are expert doctors, nurses, lawyers and engineers, some are also intelligent and attractive but have never accomplished much that might earn them money. Maybe she should become a coder at age 60?

So is there some remarkable revelation involved here?



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Old 01-12-2015, 02:01 PM   #51
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An example of a rental home we have, bought in 2013 for $77,500, rented for $805/month, after expenses putting in our pocket (ignoring tax write off's) a consistent $583/month. ($6996 per year)



This is a 9% "annuity", from an appreciating asset that can be left to the spouse, kids, etc.
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Old 01-12-2015, 02:22 PM   #52
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Friends don't let friends sell annuities.

I had a friend who semi-retired and became an "advisor". He fancies himself a planner, but there's little to no training or certifications. He used to be a regular guy, until he took a job with one of the big companies that "manages wealth."

He is now drunk on annuity commissions and basically a pain in the butt to talk to. All he wants to do is spout the sales lines mentioned in other posts. He knows my feelings about this, but it is so ingrained in his nature now, he can't get it out.

He's fast becoming a past friend.
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Old 01-12-2015, 02:35 PM   #53
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I am totally bewildered by what you guys may be talking about. I guess you may think that a 60 yo old woman should suddenly be able to do something she has never before done in her life, and be self sufficient. I say everyone has talents, and the only talents that she has that might secure for her a middle class life in her older years likely involve men. I try to live in the world as it is, not as some would like to pretend that it is. Some women are expert doctors, nurses, lawyers and engineers, some are also intelligent and attractive but have never accomplished much that might earn them money. Maybe she should become a coder at age 60?

So is there some remarkable revelation involved here?



Ha
I wasn't disagreeing with you. Her skill is being a companion/wife. It's not like you were advocating her "working the streets" but being in the right place to meet older gentlemen that might be interested in someone like her. If the relationship is mutual, that's all for the good.
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