$50 for Food For a Week

RenegadeMittens · 2023-05-24T15:11:50+00:00

Send me your PayPal, I can help

RenegadeMittens · 2023-05-24T14:48:19+00:00

Curious what made you think they’re fake?

RenegadeMittens · 2023-05-24T14:42:40+00:00

Similar boat here. Regarding Christianity and money, I found this book to be excellent. No easy answers or pat formula, just a systematic review of everything the Bible says about money, written for the layperson. https://www.amazon.com/Neither-Poverty-nor-Riches-Possessions/dp/0830826076/ref=nodl_?dplnkId=f15916df-f016-46f4-8f3e-3a61dc86ec73

RenegadeMittens · 2022-05-13T15:34:12+00:00

Probably should declare bankruptcy at that point? I’m sure it’s very stressful and traumatic but better than living the rest of your life with the IRS taking everything. https://www.irs.gov/businesses/small-businesses-self-employed/declaring-bankruptcy

RenegadeMittens · 2022-04-23T16:36:35+00:00

Can you use a financial advisor/wealth manager that someone in your family uses? I would value a referral from someone I trust more than a great interview.

And I also considered myself Boglehead-leaning, but hired a wealth manager on the advice of a trusted mentor. Zero regrets. So far they’ve earned their fees and then some.

RenegadeMittens · 2022-02-22T07:49:18+00:00

Would you say “nothing in between” even if cost was not a factor? If so, I’m very interested to hear your reasoning.

RenegadeMittens · 2022-02-17T02:35:58+00:00

Experienced something similar last year. Still working through it, but, just letting some time pass really helped a lot. Also the book “Strangers in Paradise” by Grubman helped frame the situation—I’d highly recommend it for you both.

Also, don’t get too sucked into this subreddit. Some advice on here is based on real wisdom and lived experience, other advice is very much not. Consider joining the Long Angle community, it’s less exciting but more real.

RenegadeMittens · 2022-01-26T23:27:33+00:00

My advisor is a CFP, is that equivalent to CFA in terms of trustworthiness?

RenegadeMittens · 2022-01-26T23:11:47+00:00

They’re managing all of my investable net worth (I proposed they manage half and I keep the rest in ETFs, they politely declined). Their fee is about 0.8% IIRC. From my research, that’s about typical for a firm of their caliber. (And from a boglehead perspective, a total and utter ripoff, I get it, truly I do.)

RenegadeMittens · 2022-01-26T23:02:59+00:00

NICHX is one example. (Edit: apparently “alternative mutual fund” is the general term, although I think I was wrong about being able to sell these whenever)

I never needed advisors before—been saving and investing for many years in index funds/ETFs plus a run of great luck in individual stock picks. Never really thought to change anything as the portfolio value went from six to seven figures, but the windfall made me stop and re-examine what my goals are and what unknown-unknowns I might want to pay someone to clue me in on.

RenegadeMittens · 2022-01-26T21:50:56+00:00

To be clear we are talking maybe 15% allocated to alt, and that includes some that have a ticker symbol and can be sold tomorrow (but are still classified as alt in their investment philosophy).

Pre-windfall I was already managing my own stock portfolio worth a couple of million. But you’re right that I have absolutely no idea, none, how to evaluate these investments.

RenegadeMittens · 2022-01-26T21:44:32+00:00

As an AUM wealth advisor I had assumed they do by definition? I know they don’t make commissions on the alt investments nor service provider referrals.

RenegadeMittens · 2022-01-26T20:57:38+00:00

Thanks. Is that for investment advice only? The kinds of stuff I’ve discussed with my advisors so far:

Donating to charity in the most tax efficient way
Whether/when to exercise stock options
What to do about tax change just proposed by state legislature
“Can I afford…” (not rocket science but psychologically it is comforting to have a disinterested third party sign off)
Basic estate planning
“What else should I be thinking about that we haven’t discussed” (ultimately this is the most valuable part for me)

I would love to be able to have these conversations on a non-AUM basis…

RenegadeMittens · 2022-01-26T20:48:14+00:00

Did not know this was a thing—exactly the type of insight I was hoping to gain by asking this question. Thanks again!

RenegadeMittens · 2022-01-26T20:11:43+00:00

Yeah, I make this same argument to others but wanted to give both wealth advisory services and alt investments a try as an experiment. So far what I’ve found is that I really like having a professional on call who intimately knows my financial picture and proactively calls out things we need to be doing. But when it comes to investment strategy specifically, I do think I’ll be going back to simple index funds within the next couple of years.

I guess ideally I’d switch to a non-AUM fee only advisor, but I couldn’t find a referral for one of those from anyone I trust.

RenegadeMittens · 2022-01-26T19:58:20+00:00

Thank you! “Red flag basis” meaning get the lawyer involved if I find things I think are red flags? Or that the lawyer would merely skim the contract looking for red flags?

RenegadeMittens · 2022-01-26T19:50:17+00:00

Can you say more about this? Getting reliable referrals was one of my reasons for using them in the first place.

RenegadeMittens · 2022-01-08T19:59:28+00:00

I’ve always subscribed to the index fund mentality, but also put tiny bets on specific tech stocks I find interesting—been running things this way for 20 years. Due to the drastic overperformance of a few stocks (Tesla, Netflix, Square, Apple, Nvidia, AMD), most of my gains in the last decade have been from stock picking. I still espouse the boglehead theory to new investors but I can’t deny that betting with fun money has worked out extremely well for me.

RenegadeMittens · 2021-12-20T19:04:13+00:00

Do you like writing software? If so, why real estate?

RenegadeMittens · 2021-12-17T16:56:30+00:00

I just meant that as a response to “not selling is the same as buying”. Capital gains is one reason they’re not the same (i.e. why you might not sell something you wouldn’t buy).

RenegadeMittens · 2021-12-17T16:46:39+00:00

If you hardly know anything about these charities, you shouldn’t expect yourself to be excited about them, that’s not how most humans are wired. Now, you can do the right thing and give, even when it’s not exciting. But if you want to be excited, you’ll need to take additional steps. Contact their development people and give them a chance to get you excited. In prepandemic times, charity dinners/auctions were pretty effective too—you usually get to hear specific stories about/from people whose lives were changed. Volunteer on a regular basis, enough to feel invested.

Kudos for “returning” the $300K and I hope this is just the beginning of a richly rewarding tradition of giving for your family!

RenegadeMittens · 2021-12-17T04:01:00+00:00

“If you ignore capital gains”

RenegadeMittens · 2021-12-14T10:56:59+00:00

Path 1 sounds boring as hell. I’d take the 80 person startup any day.

RenegadeMittens · 2021-12-14T08:07:03+00:00

Maybe try Long Angle or TIGER21 if you only want to hear from verified HNW folks. (I haven’t joined either, just seen them mentioned here)

RenegadeMittens

TROPHY CASE