Boomer Wealth

[Finance Dave]

Funny... my first car was a 73' puke orange Vega with a big black racing stripe down the middle covered in bondo! I bought it from my sister for $150! It had a Hurst slap stick shift and a burnt out clutch (tough getting started on a hill). I was 16 and had my OWN car, which was kinda a big deal back then. Could not have been more proud and excited.

BTW, did it always seem like bondo jobs were always a work in progress, never quite finished??

Yes lol...my Vega was wrecked, which is why I got it cheap.

 

[Sanstar]

Because something bad may happen to both of us during our travel, I prepared a list of all the financial accounts that we have, and sent it to my children.

They would not have to go through all of our files to know where my assets are. And they know we have the two paid-for homes.

No, I don't tell them the balance of each account, only that the total is a 7 figure.

We too keep a current Job Action sheet with what to do in the event DH and I are both incapacitated; such as car accident. Accounts with contact info, powers of attorney, bills to be paid, who will secure guns, care for dog, home, any vehicle(s).

Organized within a recommended time frame. For example, what to do on day one, week one, first month and ongoing.

We are very close to our three kids and everyone responds differently to bad/stressful event. Goal is to set them up for successfully managing a worst case scenario, in the midst of their own grief, jobs, kids and busy lives. And, ensure when we recover and return home we have our house, pet, paid up bills (especially LTC policy), etc to come home to.

They all have a copy of our Will and Job Action sheet. No specifics of net worth; just that it is very low 7 figures.

 

[jollystomper]

Because something bad may happen to both of us during our travel, I prepared a list of all the financial accounts that we have, and sent it to my children.

They would not have to go through all of our files to know where my assets are. And they know we have the two paid-for homes.

No, I don't tell them the balance of each account, only that the total is a 7 figure.

+1

We have similar document that we share with the kids. It contains, among other things, contact info for all of our financial and billing accounts, and when bills are due.

 

[qwerty3656]

What about things like account #'s? I would be concerned about putting that in a document and then handing it out.

 

[Sanstar]

Re: sharing account numbers. I don’t include that in the Job Action sheet. Just account name, owner ( me, DH or joint), pre-post tax account status and contact info for account FA. That, plus power of attorney should suffice to access funds to pay the bills.

 

[Koolau]

I still remember the story of the billionaire Howard Marshall who married Anna Nicole Smith to have some companionship. I don't know all the details, but it sounded like Marshall had a sad and lonely life at the end. Anna did take care of him to some extent in the last days of his life.

A bit more expensive than a CCRC - but maybe it would have its benefits. Certainly would have to be a trusting soul to go that route for end of life care but YMMV.

 

[NW-Bound]

A bit more expensive than a CCRC - but maybe it would have its benefits. Certainly would have to be a trusting soul to go that route for end of life care but YMMV.

It sounded like Marshall was estranged from his grown children. I don't know who were at fault here in the failed relationship, but right after he died, they came for his estate. They might not care about him, but they surely cared about his wealth.

Hence, the court fight of the family with Anna Nicole Smith.

 

[Sunset]

What about things like account #'s? I would be concerned about putting that in a document and then handing it out.

Every time I write a check, I'm sending off the account number and the bank routing number, plus my name on the account.

 

[aja8888]

Every time I write a check, I'm sending off the account number and the bank routing number, plus my name on the account.

And probably even your home address.

 

[NW-Bound]

Come to think of it, let's have our SS # printed on the check. And our DOB too.

It's all out there on the Web anyway.

 

[CRLLS]

Come to think of it, let's have our SS # printed on the check. And our DOB too.

It's all out there on the Web anyway.

Many years ago, before the age of credit cards, we used checks for almost everypurchase. It was common for the receiver of a check to require my driver's license #. We had it printed on the face of the checks to make things quicker. We were so stupid back then.

In a similar manner, today many online purchases require the additional 3-digit security numbers of the credit cards being used.

My college used my SS# for the ID numbers.

 

[NW-Bound]

Many years ago, before the age of credit cards, we used checks for almost everypurchase. It was common for the receiver of a check to require my driver's license #. We had it printed on the face of the checks to make things quicker. We were so stupid back then.

I don't recall this. I think we had the phone number on the check.

In a similar manner, today many online purchases require the additional 3-digit security numbers of the credit cards being used.

Many? Not all of them?

My college used my SS# for the ID numbers.

+1

 

[38Chevy454]

College used SS for student ID number for me as well. When I lived in KY in early 90s, my DL number was my SS number! The state changed that now of course.

Until fairly recent, the government Medicare ID was your SS number.

 

[Koolau]

It sounded like Marshall was estranged from his grown children. I don't know who were at fault here in the failed relationship, but right after he died, they came for his estate. They might not care about him, but they surely cared about his wealth.

Hence, the court fight of the family with Anna Nicole Smith.

Money brings out the worst in some people. A lot of money makes it worse. Sad.

 

[Koolau]

Every time I write a check, I'm sending off the account number and the bank routing number, plus my name on the account.

I recall when lots of folks put their SSN on checks!

 

[Koolau]

College used SS for student ID number for me as well. When I lived in KY in early 90s, my DL number was my SS number! The state changed that now of course.

Until fairly recent, the government Medicare ID was your SS number.

What a grand idea that was. When we started being treated at Queens Health, they always listed our SSN on the paperwork that we had to hand to the nurse/doc. I always scratched it out to the point it tore the paper. Eventually they stopped doing it. I claim responsibility for helping them see the light. (You can believe it or not.)

 

[SecondAttempt]

35-ish years ago I had a freshly printed engineering degree, a job that paid me about $35,000 a year, and about $2000 in student loans. I dispensed with the loans in a couple of years and made enough to take a few risks that led to rapid advancement both in position and salary. I also bought a home that appreciated in value and paid off the 30 year loan in 7 years even though it was at 9.5%.

Much of my career has been around universities where I have been close to students. The "me" of today who did everything right to the best that was available to them have very little chance of matching my prosperity through no fault of their own. I've talked to these peopel for over 30 years. They know the right decisions but the system is completely against them. They want to pay off their loans and work th extra hours to advance. But many can't because they need to work a second job to make ends meet.

I had it good because I went to college at a sweet time as many of us here did. I'm not making any kind of political statetment except to say that the generations that followed us faced a lot more problems than we did.

 

[Badger]

I recall when lots of folks put their SSN on checks!

If you are paying taxes with a check the IRS still requires this.

Cheers!

 

[Koolau]

If you are paying taxes with a check the IRS still requires this.

Cheers!

Sorry, I mean printed on the check along with address, name, etc. So every check had SSN on it. Heh, heh, I'm not too worried about IRS ripping off my SSN. I think they have my "number" already.

 

[aja8888]

Sorry, I mean printed on the check along with address, name, etc. So every check had SSN on it. Heh, heh, I'm not too worried about IRS ripping off my SSN. I think they have my "number" already.

Just about everybody with an internet connection and your name can get your SS number for a $5 fee. And they can get your mother's SS number also. In addition, they can get anything they want of your personal profile, including speeding ticket info and your blood type.

 

[Koolau]

Just about everybody with an internet connection and your name can get your SS number for a $5 fee. And they can get your mother's SS number also. In addition, they can get anything they want of your personal profile, including speeding ticket info and your blood type.

That's why I appreciate secondary validation at Vanguard, et. Al.

 

[aja8888]

That's why I appreciate secondary validation at Vanguard, et. Al.

Yes, even they have lots of information on you, just like Equifax had (woops!)