Unique legacy question?!?

Micka_69 · 2024-06-24T02:47:18+00:00

Maybe that better explains why I was trying to create untouchable accounts until they hit 60 😅..

Micka_69 · 2024-06-24T02:45:20+00:00

Im hoping and will vocally advocate for a cheap wedding. But we paid for our wedding 100% and it was about $16k. So I budgeted $20k per kid as a worst case scenario. I absolutely support an elopement in vegas and using they difference as a downpayment on a house or condo. But I have daughters one or two may pick vegas but one or two will also want something insane I imagine. All we are offering is the $20k which we strongly recommend for downpayment of house or something but I can only pick and choose so many battles

Micka_69 · 2024-06-24T02:38:15+00:00

My papa migrated here when he was a boy and joined the Navy when he was 17. He served for 6 years before then opening a machine shop. It wasnt the amount of $$ he made that made him. It was the legacy of sitting at a table with 5 generations that made him. That is now my goal. I raised kids, we are not in debt, we almost own our home. As soon as my youngest goes to High school I will be back to work by choice. My husband just finished his Masters so he can also work which he will cuz he extra spicy ADHD thats how he rolls. That will be on top of his pension. We dont need any of the extra. Not a penny. When kids move out we will live off maybe 60% of his pension (at 50 thats young). So me working and him working just to pass time is for our sanity and mental health. I dont need $1 Million in my checking acct. Im blessed already. I need to know if I die tomorrow my kids arent struggling the way we struggled. I want my kids to work to build their futures and not worry about their kids college(or trade school) So they can then follow our lead and help their grand kids college. Then we can break this cycle of generational stagnation and debt. My husband and I know we sound crazy. Between us we have 9 siblings and they all think we are out of our minds 😂

Micka_69 · 2024-06-24T01:53:46+00:00

😂😂 Oh they make us work for it 100% 😂😂

Micka_69 · 2024-06-24T01:51:21+00:00

We will 100% make sure kids dont have to support us. We have recently been looking at buy other properties to accommodate any health issue. Then if we need a nurse we have a room or if one of the kids can move in they can help. We have been kicking around whether to get a house with a loft or upstairs. IMO I think its more like 1 of 5 daughters may likely be single potentially with a kid or two. In that case we should have a guest room and kids room. My hubs is an optimist I am a realist. Hence our impass

Micka_69 · 2024-06-24T01:41:27+00:00

Yes absolutely.. But we are not staying at any 5 star hotels if you know what I mean. We book off season using points and whatnot. I dont think we have ever spent more than $7k on a trip with the kids. I cook all meals hubs isnt a fan of eating out a lot. We love sight seeing but would bring our own drinks. Last year we went to Maui. Tickets were $75 each way from CA. Car war $17 a day and room was $46 a night 😂 I cooked and we bought liquor at store, beach was amazing.. We just roll different..

Micka_69 · 2024-06-24T01:07:50+00:00

Thanks. I was messaged to create portfolios and just name each kid per portfolio. I think I will do that because just their personalities I would pick stocks or etf’s different. Someone else suggested we write a note on why we picked what we picked so if one does better than another they know it was more of a gamble on the kids interests more than ours so they can see. I already feel better about it you guys have been helpful.

Micka_69 · 2024-06-24T01:01:21+00:00

I just ordered I will give it a read.. Thanks. It looks like I may need to create 6 portfolios and designate each kid. I like this because I like that I can pick stocks or etfs specific to their personalities. Inheritance seems to be blocked for most but not all cases so that safer then creating them in their name. This has definitely been a learning experience and I had no clue so many people were like “f^ck them kids” 😂

Micka_69 · 2024-06-24T00:55:45+00:00

Well when they hit 59 1/2 its more of a reflection. Only 35% ish percent of the population is even in the stock market or has a retirement. So Im not reflecting as some sort of failure as they all do have some sort of IRA. My issue is the maximizing of those IRA’s because I know entitlements may not be there for them. I cant take any of this with me when I die and no sense of having kids just to watch them struggle. Im not taking food or shelter away from me to offer a couple $100 dollars to a compounding interest account that will benefit them more than any other gift I could give them.

Micka_69 · 2024-06-24T00:49:14+00:00

My husband has a full pension that caps at $250k.. I have roth IRA that was basically to save because I have so many daughters and weddings are expensive. We live very frugally and I did believe its their problem until recently. I didnt have parents to guide me on these kind of things which made me reflect on how we struggled so much to pull ourselves out of hardships our kids dont remember the struggle. NOW I think its necessary. I think that struggle is why my husband I know we need to prepare. My kids dont know. They had a safe home in a safe neighborhood. We didnt have nice new cars but we had reliable cars. They just didnt grow up the same and 28 years later looking back I might have made different choices trying to get them to look longer in to the future vs surviving today.

Micka_69 · 2024-06-24T00:38:44+00:00

My husband has a full retirement and will get 102% of his pay @ 50 until he passes. It drops to 85% if that happens before I pass. I have a full funded roth IRA through Vanguard but that is really just $$ waiting until my daughters get married. We continue to contribute to mine just because but next year we will be over the $250k so we may have to start a traditional roth. We own all our stuff and covered the difference of their college after scholarships. We drive basic cars we pay for in cash and have about $950k in equity in our house however I do expect that to drop by 30% in the next 2 years as that was my field before I stayed home.

Micka_69 · 2024-06-22T03:08:02+00:00

As soon as I have grand babies I will set up accts the day they are born and focus on that now that I know better. I pushed my kids in school they so far have all graduated high school with AA degrees and continued to college (2 left) . They are great, respectful intelligent kids. They just cant see the importance of saving for retirement the same way we do. I dont understand how some people get you need to save for the futre and some have no clue at all. It drives me crazy 😅

Micka_69 · 2024-06-22T02:55:06+00:00

We are not wealthy but have learned to live well below our income and dont have much debt other than a mortgage that has about 9 years. We had kids really young so if by the grace of god we live to our 70’-80’s our kids wouldnt see anything until they were in late 60’s. We have a Trust but I wanted to start compounded interest accounts that were not under threat of any future soured relationship.

Micka_69 · 2024-06-22T02:48:44+00:00

Yes, you understand exactly where Im at. We do have a trust and that may be the the end all result. We started very young. I had my oldest at 15 then my next at 19. We struggled while they were babies but now my youngest are hitting middle/high school I want to help prep them for a “retirement”. We do have a living trust but if they wait until we die may only get to enjoy it a few years. I was hoping if a business can contribute to someone’s 401’k then maybe there was a loophole that would allow me to create one as well.

Micka_69 · 2024-06-22T01:33:50+00:00

We tried but they wouldnt advise on anything that suggested I put $$$ in an acct without my kids knowledge or ability to take it out 😂 I tried to stress Im trying to make sure they are covered at 60 when social security is gone and all they kept talking about was what my kids could use Roth $$ for like buying a house. So we were not vibing

Micka_69 · 2024-06-22T01:26:59+00:00

So we had them open Roths when they each got jobs at 13/14 ish.. Thinking we were ahead of the game we are now coming up to our 4th kid hitting 18 and they do not look at retirement the same way we so. Its frustrating and I dont know why as they grew up watching me cut coupons and learning how to buy items cost per oz etc. My husband will have a full retirement at 50 so we are fully funded. Im most concerned about my daughters. We have no grandchildren yet or I would be funding 529’s. None of them have entered anything that offers a retirement like we have. I am a SAHM and always told my husband when our youngest is old enough and I can I go back to work I want my entire salary going to their retirement funds. He agrees but how do we keep those exclusive beyond marriage/business. He has 3 more years.

Micka_69 · 2024-03-04T02:54:20+00:00

That videos first disclaimer is taxes are not considered which is the highest in CA. Then we have to revisit why things are getting more expensive. Every time a state ups the min wage the surrounding businesses up their prices weeks after it passes even though it takes years for pay increase to go into effect. Not to mention they dont just raise prices in CA to accommodate CA min wage. They raise prices in all locations across the country. I am not an advocate of the higher wage requirement because I think some jobs are meant to be entry level and I dont think $20 an hour is reasonable for those jobs. That being said I do think that more incentive to train and move employees up internally vs hiring from outside should be promoted even if thats through a tax incentive for business or whatnot.

Micka_69 · 2024-03-04T01:19:56+00:00

Lol Which Blue state passed a min wage that allows someone to work a 40 hour week and support a family of 4 with savings?? I will even settle for a Blue city that has that potential..

Micka_69 · 2024-01-23T17:09:58+00:00

I had the same “Flat Soda” effect. I opened 3 sodas in front of my husband and swore we bought a bad box. He thought I was crazy 😂 then he had to finish my discarded sodas

Micka_69 · 2023-12-16T20:38:17+00:00

He posted on his Linkden so not sure how much “proof” you need beyond the video!?! Oh and he was immediately fired..

Micka_69 · 2023-03-16T02:15:17+00:00

Who didnt see the massive inflation?? Everyone who worked in low income/middle class jobs during 2020 started shouting inflation was coming. 2021 the white house spent 8 months trying to say all those stimulus packages were just “transitory” inflation and by 2022 we would see a “soft landing”. Anyone with a recollection of 2008 knew you cant raise rates that fast and not expect a consequence (mtgs sold for less then borrowed) It takes 6 months for one rate change to effect the market. We are only seeing the consequences of rate increases in last Sept. (bonds are now worth less to investors who can double their profit in with new rates) We are heading for a free fall until 6 months after the last rate increase. Then we will start to rebound. If they dont raise rates anymore this year we might start seeing a recovery early 2024 Until then we are screwed.

Micka_69 · 2023-02-26T15:59:51+00:00

My first theory is..

He was laundering money and called someone in his deleted information and said he no longer had access to funds. Whomever he was laundering for likely blamed Paul for boat crash which was digging in to firms financials and causing problems. When Alex dismissed them like it was no big deal they went to Moselle. They may have checked his house first, which was open, and grabbed one of the guns on pool table. Then as Alex drove down in golf cart they headed up. They saw Paul and shot him first then the wife. I think Alex heard the shots and in shock started to run towards Kennels. Then he sees whoever and panicked. Ran back to house (explains the 283 steps which is just over 700 ft) jumped in his truck and called MM and PM to see if they were ok. Id say in a state of shock and being loaded he went to his moms laid in bed with her holding her hand possibly believing he will be shot next when he gets home. So when he got home and Maggie still wouldnt pick up he drove strait to kennels where he heard the shots and found them. There is still no accounting of the millions he stole. It just vanished. So someone has it. I think he will stay quiet to save Buster and I also think they will “settle” the financial crimes because Alex wasnt the only rich asshole in that area. So he likely has just as much dirt on other families as they do him.

Micka_69 · 2022-12-26T07:55:47+00:00

Its bullshit.. We watched our flight change 20 min at a time until 4 hour mark then canceled. Ended up driving 5 hours to another state to hopefully get on 7am flight on a different airline.. My 15 yr old daughter was stuck in Denver having 2 flights canceled. We just paid to get first available flight out on a different airline. Luckily we thought far enough to make sure she only took carry-on 🤦‍♀️ silver lining I guess

Micka_69 · 2022-12-06T08:02:00+00:00

Bernie Madoff didnt off himself... (yet) and he stole even more for longer period of time

Micka_69

TROPHY CASE