New To Investing Thread

[steve dave]

That may be a bad situation for us if something happens to me...

My will attorney set up a bunch of crap and like "TO DO" lists if something happens to me (or both of us) that my wife (or trust executor) will put into effect as failsafes to make sure wife/kids are properly taken care of.  I really appreciated that.

I'll see your attorney's "TO DO" list and raise him my "shared google doc"

 

[GregKSU1027]

I just paid taxes to the IRS for the first time in my life. I have finally arrived.

Samesies and it rough ridin' sucks

[KITNfury]

as a general rule if your "money person" is telling you what to invest in you should run away. if they're doing stuff like what Rusty describes you probably have a good one. if they ever say the words "whole life" or "annuity" or "the market is going to..." you should call the cops.

In my world, plenty of people use whole life for the "infinite banking" or the "be your own bank" thingamajig and they swear by it. Then there are others that say it's a terrible. So I'm always on the fence.

[tdaver]

I just paid taxes to the IRS for the first time in my life. I have finally arrived.

Samesies and it rough ridin' sucks

First time first time or first time paying extra after filing?

[BW]

Most of the big shots at my company all use one company to manage their money, advise them on insurance, taxes, etc.

Another company has promised some opportunities in private equity that aren't available to the general public.



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[BW]

Also, how concerned should I be that 90%is sitting in cash at the regional bank?

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[michigancat]

Also, how concerned should I be that 90%is sitting in cash at the regional bank?

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Your personal cash or your company's cash? Or the exec personal cash? I'm guessing you shouldn't have more than $250k in cash so you're fine. Also your regional bank is probably fine.

[Kat Kid]

I just paid taxes to the IRS for the first time in my life. I have finally arrived.

Samesies and it rough ridin' sucks

First time first time or first time paying extra after filing?

I’m a sovereign citizen so no I don’t pay taxes wym


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[BW]

Also, how concerned should I be that 90%is sitting in cash at the regional bank?

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Your personal cash or your company's cash? Or the exec personal cash? I'm guessing you shouldn't have more than $250k in cash so you're fine. Also your regional bank is probably fine.

Personal.

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[michigancat]

Also, how concerned should I be that 90%is sitting in cash at the regional bank?

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Your personal cash or your company's cash? Or the exec personal cash? I'm guessing you shouldn't have more than $250k in cash so you're fine. Also your regional bank is probably fine.

Personal.

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Well under 250k is insured and anything over that probably should be in a different asset (like VTSAX!) unless you have some sort of very special reason to keep over $250k in a single account. If you have more than $250k in an account and can't articulate why, you should consider hiring a fiduciary financial advisor! Might be a good idea anyway.

[Justwin]

Also, how concerned should I be that 90%is sitting in cash at the regional bank?

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Your personal cash or your company's cash? Or the exec personal cash? I'm guessing you shouldn't have more than $250k in cash so you're fine. Also your regional bank is probably fine.

Personal.

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Well under 250k is insured and anything over that probably should be in a different asset (like VTSAX!) unless you have some sort of very special reason to keep over $250k in a single account. If you have more than $250k in an account and can't articulate why, you should consider hiring a fiduciary financial advisor! Might be a good idea anyway.

Or at the very least open an account at a different bank and make sure there is less than $250k in each account.

But I agree there is very little reason to have over $250k sitting around in cash.

[Dugout DickStone]

jfc money bags has a quarter milly in cash sitting in a savings account down at UMB.  good on you bro

[BW]

Also, how concerned should I be that 90%is sitting in cash at the regional bank?

Sent from my SM-G975U using Tapatalk

Your personal cash or your company's cash? Or the exec personal cash? I'm guessing you shouldn't have more than $250k in cash so you're fine. Also your regional bank is probably fine.

Personal.

Sent from my SM-G975U using Tapatalk

Well under 250k is insured and anything over that probably should be in a different asset (like VTSAX!) unless you have some sort of very special reason to keep over $250k in a single account. If you have more than $250k in an account and can't articulate why, you should consider hiring a fiduciary financial advisor! Might be a good idea anyway.

Or at the very least open an account at a different bank and make sure there is less than $250k in each account.

But I agree there is very little reason to have over $250k sitting around in cash.

I agree, been waiting to deploy it and also have some liquid for bills dealing with a house build/sale and move. After pay tax bill, it will be moved. Thus the question asking about a good money guy.

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[OB_Won]

FDIC insures $250K per spouse if married (and money is communal).

[JasiahStafford]

With so many investment options available, it can be overwhelming to determine which ones are the best fit for your goals and risk tolerance.

[Spracne]

Mmm. So true, Jasiah.

[DaBigTrain]

Damn coming out of the blocks hot with the sage advice.