Join Early Retirement Today
Reply
 
Thread Tools Display Modes
Old 03-22-2019, 03:56 PM   #61
Thinks s/he gets paid by the post
HI Bill's Avatar
 
Join Date: Dec 2017
Posts: 2,534
Quote:
Originally Posted by miguelmartino View Post
since i dont know when my rich uncle will die then i dont know how old i will be when the money is actually in my possession! ....i live in the u.s. but only as a legal resident and if its necesary to one day renounce my legal status here in the u.s. then so be it!
You need to seriously look at the tax requirements for the place(s) you'd want to live.

If you inherit the money before you renounce your US citizenship, you'll have to pay an 'exit tax' on the inheritance value before the US lets you give up your citizenship. That's about all I know about this. Time for you to do some serious research, or you could lose half or more of your inheritance to various taxes.

https://www.forbes.com/sites/robertw.../#7e782127287d
HI Bill is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 03-22-2019, 04:07 PM   #62
Confused about dryer sheets
 
Join Date: Jun 2010
Location: West Seneca
Posts: 5
Quote:
Originally Posted by REWahoo View Post
Nothing is sure but death and taxes.
and Nursing Homes for elderly care... draining what money that relative has.
davedionne is offline   Reply With Quote
Old 03-23-2019, 07:21 AM   #63
Full time employment: Posting here.
Oz investor's Avatar
 
Join Date: Jun 2018
Location: Brisbane
Posts: 855
Quote:
Originally Posted by davedionne View Post
and Nursing Homes for elderly care... draining what money that relative has.

sad but true
__________________
i hold the Australian listed versions of AU ( Anglo Ashanti ) , BHP , and JHG .

You must learn from the mistakes of others. You can't possibly live long enough to make them all yourself.

Samuel Levenson
Oz investor is offline   Reply With Quote
Old 03-23-2019, 10:22 AM   #64
Recycles dryer sheets
 
Join Date: Oct 2011
Location: Upstate Ruralia
Posts: 356
MIguel....have I told you today how handsome and talented you are?


Let's meet! For a small fee I will advise you in private what to do with your billions!


Bring your statements...better yet, bring your rich uncle's phone number!!!


Thanks!
Lcountz is offline   Reply With Quote
Old 03-24-2019, 02:34 PM   #65
gone traveling
 
Join Date: Mar 2015
Posts: 3,508
Quote:
Originally Posted by miguelmartino View Post
right now im going on 39 and dont know when so i can safely assume that if i were to inherit like 800 million dollars in the distant future i no longer need to plan for retirement?
That depends on how lucky you feel.

If your uncle promised you a lot of money, how confident are you that you will actually get that money? People change their minds. Investments tank. Governments change.

Have you actually met this rich uncle in person?

If you feel very lucky, then stop planning for retirement and keep your fingers crossed for a lot of years. You'll learn if you guessed right sometime in the distant future.

I wouldn't use the word "safely" here. But we may differ on our definition of that word.
joeea is offline   Reply With Quote
Old 03-24-2019, 02:57 PM   #66
Thinks s/he gets paid by the post
 
Join Date: Jun 2010
Location: Palma de Mallorca
Posts: 1,419
I'm starting to wonder if the OP had ever heard of this uncle until he received an e-mail from him, asking for help with the administration fees involved in getting the money out of those offshore accounts.
BigNick is offline   Reply With Quote
Old 03-24-2019, 04:41 PM   #67
gone traveling
 
Join Date: Mar 2015
Posts: 3,508
Quote:
Originally Posted by BigNick View Post
I'm starting to wonder if the OP had ever heard of this uncle until he received an e-mail from him, asking for help with the administration fees involved in getting the money out of those offshore accounts.
The Nigerian Uncle scam...
joeea is offline   Reply With Quote
Old 03-24-2019, 06:10 PM   #68
Thinks s/he gets paid by the post
Badger's Avatar
 
Join Date: Nov 2008
Posts: 3,395
Quote:
Originally Posted by joeea View Post
The Nigerian Uncle scam...
+1


Cheers!
Badger is offline   Reply With Quote
Old 03-24-2019, 08:11 PM   #69
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jan 2018
Location: Tampa
Posts: 11,232
The bottom 2 posts were posted by the OP (1st 2 posts) in the City Data Retirement forum.
No mention of a rich uncle....

if someone started working at 20 and retired at 70, how big would their 401k be if they maxed it out? for 50 years they put as much money as the law would allow. each year for 50 years they made about 50k annually working as a bricklayer. they never had kids and never got married. how big would their 401k be after 50 years if they decided to max it out? i think that uncle sam puts a limit per year which i think is like 18 or 20k annually or something like that. would their 401k be like 3 million approximately or more? can someone please help me here? thanks.

could someone become rich by buying stocks and if so, how long would they have to wait to see some serious return on their stocks assuming they became millionaire rich? 30 years or more or less? how long would someone typically have to wait in order to become millionaire rich with their stocks? would they have to wait a really long time assuming that they ever saw some serious potential here as far as stocks go or is this just an urban legend? whats the deal with buying stocks and some people claiming that they became millionaire rich or any kind of rich again assuming they maxed it out? would there be any stocks experts here on this forum regarding retirees and their stocks thinking someone made some serious money with their stocks? the only part i cant figure out is how long they would have to wait to see some serious return on their stocks? rsvp.
__________________
TGIM
Dtail is offline   Reply With Quote
Old 03-25-2019, 05:59 AM   #70
Thinks s/he gets paid by the post
Badger's Avatar
 
Join Date: Nov 2008
Posts: 3,395
The rambling questions and statements do very little to install confidence that this person (if this is legit) can be helped until he exerts effort to educate himself on some fundamental principles. This posting of numerous hypothetical questions may never end.


The OP needs to spend some time reading a few of the resources here:



Retirement Planning Resources - Early-Retirement.org Links Directory



Are you still with us miquelmartino?


Cheers!
Badger is offline   Reply With Quote
Old 03-25-2019, 07:03 AM   #71
Full time employment: Posting here.
Oz investor's Avatar
 
Join Date: Jun 2018
Location: Brisbane
Posts: 855
and thinking very carefully on what will be best for him ..there will plenty of temptations he should avoid
__________________
i hold the Australian listed versions of AU ( Anglo Ashanti ) , BHP , and JHG .

You must learn from the mistakes of others. You can't possibly live long enough to make them all yourself.

Samuel Levenson
Oz investor is offline   Reply With Quote
Old 03-25-2019, 12:31 PM   #72
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
target2019's Avatar
 
Join Date: Dec 2008
Location: On a hill in the Pine Barrens
Posts: 9,686
Confucius say, "Rich Uncle with $800M will surely find harem before death finds him."
target2019 is offline   Reply With Quote
Old 03-25-2019, 12:54 PM   #73
Confused about dryer sheets
 
Join Date: Mar 2019
Posts: 7
Or wealthy uncle may find God... and give away his money for salvation.
ASung90s is offline   Reply With Quote
Old 03-25-2019, 01:21 PM   #74
gone traveling
 
Join Date: Mar 2015
Posts: 3,508
Quote:
Originally Posted by ASung90s View Post
Or wealthy uncle may find God... and give away his money for salvation.
My not-so-wealthy aunt gave virtually all her money (6 figures) to her church.
She gave $1000 to one step-daughter who helped her for many, many years.

It was her money to give as she chose. And I guess she got a lot of peace from her religion.

But still, I thought her step-daughter deserved a lot more. The step-daughter seemed okay.

BTW, for everyone who intends to leave the bulk of their fortune to the church, leave a defined amount rather than "whatever is left". The latter makes the executor's job much harder (at least in my state). A lot of paperwork is required by the state to make sure nobody is getting scammed. That paperwork could have been avoided by bequeathing a fixed amount to the church and the remainder to an heir.
joeea is offline   Reply With Quote
Old 03-26-2019, 08:39 AM   #75
Confused about dryer sheets
 
Join Date: Mar 2019
Posts: 7
Quote:
Originally Posted by joeea View Post
It was her money to give as she chose. And I guess she got a lot of peace from her religion.

But still, I thought her step-daughter deserved a lot more. The step-daughter seemed okay.
If the step-daughter is also religious, it's very much understandable.

Counting on an inheritance before probate is just not a smart way to live.
ASung90s is offline   Reply With Quote
Old 03-26-2019, 10:39 AM   #76
Confused about dryer sheets
 
Join Date: Feb 2019
Location: Swansea
Posts: 5
Dtail above found the same info I did..... A guy with the exact same user name has been posting random financial questions on at least one other forum. The questions and poor grammar / punctuation are identical. I'm 99.9% sure this is a troll. If he is really about to inherit $800 frazillion billion million dollars, and he is seeking financial advice from strangers on retirement forums, he will probably be swindled out of it before he reaches 65!!
__________________
I totally 'get' the dryer sheets!!!
LynnBBQ72 is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Late start in semi-crisis. Better late than never? claudefergus Hi, I am... 41 01-31-2019 04:12 AM
1st big debt late in life dallas27 FIRE and Money 10 09-26-2014 06:46 PM
OPM retirement Sept late payment BillNOVA FIRE and Money 14 09-03-2012 10:20 PM
Late life divorce (help!) MarathonMan FIRE and Money 21 09-04-2006 01:51 PM

» Quick Links

 
All times are GMT -6. The time now is 01:59 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2024, vBulletin Solutions, Inc.