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Re: please help ... widow's porfolio
Old 06-28-2005, 01:30 PM   #21
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Re: please help ... widow's porfolio

Very cool. Thank you, sir.
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Re: please help ... widow's porfolio
Old 06-28-2005, 01:33 PM   #22
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Re: please help ... widow's porfolio

" agree with Art that I-bonds are a good investment at 4.8% currently,
totally safe, and liquid after 1 year, only 3 mo penalty if cashed before
five years. They also are tax free if used for college expenses ..... but
you need to hold them in your name. "

How do I buy I-bonds? is there a link that you can give me? Thanks
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Re: please help ... widow's porfolio
Old 06-28-2005, 01:35 PM   #23
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Re: please help ... widow's porfolio

Hopefully this will work for I Bonds:

http://www.publicdebt.treas.gov/sav/sbiinvst.htm
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Re: please help ... widow's porfolio
Old 06-28-2005, 01:40 PM   #24
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Re: please help ... widow's porfolio

Also, you can buy paper I-bonds at most banks...... just like we
used to do with EE bonds.

BTW, you can buy I-bonds under a revocable living trust but
only the paper kind ...... so I've been told.

Cheers,

Charlie
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Re: please help ... widow's porfolio
Old 06-28-2005, 01:49 PM   #25
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Re: please help ... widow's porfolio

Quote:
Originally Posted by charlie
Also, you can buy paper I-bonds at most banks...... just like we
used to do with EE bonds.
You bet. As a matter of fact, my imaginary Chinese fiancee bought $15,000 of them at Bank of America about a month ago. I was there and saw her do it, so you can take this to the bank. So to speak.
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Re: please help ... widow's porfolio
Old 06-28-2005, 03:27 PM   #26
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Re: please help ... widow's porfolio

Do we have the same interest if we buy at BOA? I already have account at BOA.
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Re: please help ... widow's porfolio
Old 06-28-2005, 03:39 PM   #27
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Re: please help ... widow's porfolio

The rate's the same no matter where you buy them. Buy the paper ones ($30k/year max) at YOUR bank so you get better service when you want to redeem them. Buy the other $30k/year electonic ones on-line. If you want more than that- buy them jointly with your daughters- IF you trust them (co-owners can redeem them without the OTHER co-owners' permission).

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Re: please help ... widow's porfolio
Old 07-03-2005, 12:17 AM   #28
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Re: please help ... widow's porfolio

Hi, qbkatran.

Very sad about your loss.

You might consider not making any big financial decisions (including big purchases) for a year. Stick it in the bank, do your homework and concentrate on recovering. I have seen this advice given to others who are going through traumatic transitions and it sounds pretty good to me.

Best of luck.

Ed
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Re: please help ... widow's porfolio
Old 07-03-2005, 08:57 AM   #29
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Re: please help ... widow's porfolio

Thanks Ed,

Actually I don't want to make any financial decision but I think I have to because of the life insurance comes in, the transition of the 401K, college tuition, the house, bills...etc.. I want to be able to handle financial so that my daughters can finish school without worry. I got a lot of information from this board. The bank rate is the best, I have moved some of my money there. I bought both quicken and ms money and therefore have an idea of my networth. The thing is the more I read, it gets confusing. I was about to go by bonds, I read some more and now I think I should stick with CD. Last Friday my co-worker helps me to get out of the losing stocks that my DH had for years. In case I am out of the job and have to ER, I need to do something, and learning to manage my portfolio will be helpful. I am thanksful for this website, thanks for the advises and for those who keep the server running. I read these posts every hour (because I don't have a life) , I canceled the appointment to see the finance advisor, ...because I can get free, good, honest opinion from here. Thanks again for all of your good hearts.. Keep on posting.
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Re: please help ... widow's porfolio
Old 07-03-2005, 01:00 PM   #30
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Re: please help ... widow's porfolio

Quote:
Originally Posted by DOG50
Thats not harsh at all. I paid for most of my college education through student loans and part time work. My parents kicked in some money for miscellanous expenses but when a person has to fund most of their own education, it makes you appreciate your degree even more.
Those were the good old days that kids did not expect a big handout from parents bacause they realized it was difficult to earn money. We kids went to J.C. (then or community college - now) for the first two years of college and transferred to a public university, i.e., Cal State or U of Cal, to complete the degree.
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Re: please help ... widow's porfolio
Old 07-03-2005, 01:07 PM   #31
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Re: please help ... widow's porfolio

qbkatran,

Your financial situation is fine: $1 MIL + $80K income as a programmer and the house is paid for. Encourage your kids to attend comminity college, to transfer to a public university and to stay home. This will save a lot of money. One of my relative's son is doing that in Hayward, CA. He goes to Lake Chabot College which is 2 miles away from their home and plans to attend Cal State University at Hayward. The total cost of college will be very affordable.
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Re: please help ... widow's porfolio
Old 07-03-2005, 01:33 PM   #32
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Re: please help ... widow's porfolio

Hmmm

Two years JC plus two years UW(Seattle). Worked for me in the 60's - guess it still does.
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Re: please help ... widow's porfolio
Old 07-03-2005, 01:45 PM   #33
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Re: please help ... widow's porfolio

Spanky,
Excellent advise on first going to CC or Jr Col, *it's a lot less expensive and you'll know whether you can make the leap to UC colleges. And hey, unclemick2 is proof.

Choosing the right degree is also important. *Some lead to good jobs, some don't.
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Re: please help ... widow's porfolio
Old 07-03-2005, 02:31 PM   #34
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Re: please help ... widow's porfolio

Really not much I can add to the good advice already posted.
I do think the key points are this:
* Don't do anything quickly except find a good MM to park your money. The I-Bonds are a great idea and one you could pursue right away. A little tip on those. If you can, buy them on the last business day of the month.* They will start earning from the first..
*Do what you are doing now- - learn - learn - learn with the goal to be your own financial planner.* I know there are some good ones out there, but I have yet to see a 100% happy story.
Many subjects have been covered here, from insurance to college.* Prioritize them and become and expert in one at a time.* Baby steps will get you there.
I am sorry for your loss.* Whatever comfort it may be, I think you are in very good shape financially.
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Re: please help ... widow's porfolio
Old 07-03-2005, 02:39 PM   #35
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Re: please help ... widow's porfolio

It's funny, I think we all think the same because we're from the same generation. *I have talked to both of my daughters for many years (since they're in junior high and high school) about JC but not sucessful. *I myself went to JC and finished at Texas A&M prior to come to CA. *But, like their dads, they're very competitive, they're both valecdictorian in high school and now are at the UC. *They think spending time in the JC will make them less competive (??), and if I am unable to afford the it, they'll find the way themselves. *The younger one will have some scholarship for the 1st year and borrow some. *In the beginning I like to put them in my account and together we manage the finance together. *But they're only interested to know if I can help them, and how much, so that they can plan their lives. *They don't put the gun to my head and ask for money, I help them before I want to and I still can. *I love them more than my life, and the reason to learn about financial is that I want to generate money with money (if possible) so I can help more. *And fortunately with thid board, I hope that I don't make many mistakes during my learning period. *Thanks for everthing.
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Re: please help ... widow's porfolio
Old 07-03-2005, 03:04 PM   #36
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Re: please help ... widow's porfolio

Another important factor. The college major is extremely important to the rest of their lives. Some earn money, some make you happy. Somewhere there is a major that does both.
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Re: please help ... widow's porfolio
Old 07-03-2005, 03:12 PM   #37
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Re: please help ... widow's porfolio

Quote:
Originally Posted by qbkatran
It's funny, I think we all think the same because we're from the same generation. *I have talked to both of my daughters for many years (since they're in junior high and high school) about JC but not sucessful. *I myself went to JC and finished at Texas A&M prior to come to CA. *But, like their dads, they're very competitive, they're both valecdictorian in high school and now are at the UC. *They think spending time in the JC will make them less competive (??)
There is something to that "less competitive thought"
JC's and "lesser" 4 year colleges may be just fine depending on the goal, but I have found (at least in some states) that a fair amount of "dumbing down " has occured in some of the second tier schools. My son went to a hometown 4 year school so he be near his home base and he quickly found that the courses (premed) were easier than the AP courses he took in high school. *He correctly figured he might have an uphill battle getting in and surviving med school if he hung around ther so he got out after one year and went to your school (A&M) whoop! *The difference was night and day. The decision to get into a top flight program was key in the success he has had.
In my mind, the definition of a great school is "one that will get you to where you are going in the most efficient manner possible" *The hard part for us parents is figuring which school that is. It may be a JC or a tech school or something else. *One size never fits all.
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Re: please help ... widow's porfolio
Old 07-03-2005, 03:25 PM   #38
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Re: please help ... widow's porfolio

You just said exactly what they said to me. They're also want to be pre-med, and they think the med admission committee take into consideration of what school they go to as undergraduate. They have tons of AP classes so they can easily finish in 3 years for a degree.... but with the pre-med requirements, they'll have more credits than they need. I think with or without my help, they will finish school... I like to help if I can.... It's good to know we should buy i-bonds at the end of the month. I also have a house that I can't live in because it has too much memory, I am thinking about selling it but my kids want me to wait a year before making that's decision. So I might just rent it out first. The thing is if I do it immediately I can still file a joint return this year and therefore have 500K exemption on the gain, If I wait when I claim single then I can claim 250K. Should I? or should I not? I will be moving and stay with older sister who is a single parent with a teenager, that way I pay less for my rent and get profit from my house. Material things does not seem to mean much to me, so my cost of living will be a lot less. I guess I will do that and keep most of my money in CD and MM until I know more. How about the money in my 401K? and IRA? the MM in there pay very little, what type of mutual funds do you think I should be in?
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Re: please help ... widow's porfolio
Old 07-03-2005, 03:47 PM   #39
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Re: please help ... widow's porfolio

quote author=qbkatran link=topic=3300.msg56294#msg56294 date=1120422324]
You just said exactly what they said to me. They're also want to be pre-med, and they think the med admission committee take into consideration of what school they go to as undergraduate.

Ah yes med school. It is a little complicated. They probably do look at the name of the school. I believe though there are hundreds of 4 year state and private schools that can get you there. The big three criteria I think.
* GPA and the sub GPA from core science (both from a decent school)
*MCAT score Did your school get you to where you could do well on the MCAT??
*Life experiences in the medical field.
* not among the big three, but can you give a super interview?

I'm betting you guys have been here, but if not, check out the studnt doc site http://forums.studentdoctor.net
Keep in mind, a lot of the stuff posted is bogus (in an innocent sense) but if you work at it the site is a goldmine.
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Re: please help ... widow's porfolio
Old 07-03-2005, 08:24 PM   #40
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Re: please help ... widow's porfolio

qbkatran,
If you don't feel you can live in the house because of sentimental reasons, it makes sense to sell and get the 500K capitol gains exclusion while filing married. You could speak with a tax expert about the rules before you make the decision. It might not matter though, maybe the 250K as a single person would be enough.

Good luck, you're in a huge transition phase and I'm so sorry about your loss.
Your girls sound very motivated, they should be great successes with that drive..
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