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Old 12-01-2010, 01:13 PM
 
3,770 posts, read 6,725,412 times
Reputation: 3019

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Quote:
Originally Posted by TheStupid View Post
For relatives, you help on emergency (i.e. medical emergency) but not supplement spending habit. If someone ask me for money to support their down payment on their house, I offer to take over managing their finance.

Also be careful of whom you associate with.
Good advice. I look at it like, I can give someone money, but then a month later they will be in the same place. So then I am out money and nothing has changed. And really, the older I get, the more I really don't give a ---- about other people's problems. I have my own to deal with. But yeah, that's a great come back to say, "it sounds like you can't manage your money. i can help by taking over your finances. send me your paycheck from now on and i'll put you on an allowance...lol"
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Old 12-01-2010, 01:15 PM
 
Location: Tri-State Area
2,942 posts, read 5,996,435 times
Reputation: 1839
Quote:
Originally Posted by TheStupid View Post
As a matter of fact, your children should have at least 10K in saving at 1.

Why? If one wants to leave their money to their children tax free, start to give them money (10K/year) as gift, tax free. You don't have to let them use it but keep it in their names.

What you are suggesting is ILLEGAL and punishable by the court system.
Anytime you give someone a "GIFT" it is exactly that - a GIFT for their sole use, not the keep it in their names but don't let them use it. You see - your acronym really does show your lack of knowledge about LAWS in this country. BTW, the maximum amount of annual gift that is tax-free per person is $13,000 per annum.

Now, if I were the receipient of your "put it in my name but don't let them use it game" - that is called THEFT. I could easily SUE you and any normal, logical person would vote my way. Then we would apply a STUPID TAX to your bank account (it's called the IRS) and you would never try this shenanigan again.
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Old 12-01-2010, 01:26 PM
 
851 posts, read 3,621,694 times
Reputation: 455
Quote:
Originally Posted by FrmlyBklyn View Post
What you are suggesting is ILLEGAL and punishable by the court system.
Anytime you give someone a "GIFT" it is exactly that - a GIFT for their sole use, not the keep it in their names but don't let them use it. You see - your acronym really does show your lack of knowledge about LAWS in this country. BTW, the maximum amount of annual gift that is tax-free per person is $13,000 per annum.

Now, if I were the receipient of your "put it in my name but don't let them use it game" - that is called THEFT. I could easily SUE you and any normal, logical person would vote my way. Then we would apply a STUPID TAX to your bank account (it's called the IRS) and you would never try this shenanigan again.
Dude, chill out. Your baby is 1. How would like them to use the 10K or 13K?

It is perfectly legal to gift money out to your children.
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Old 12-01-2010, 01:29 PM
 
1,206 posts, read 2,923,499 times
Reputation: 1153
Quote:
Originally Posted by SifuPhil View Post
Supposedly, in 2006 the average Chinese worker's income was $2,025...
the average chinese worker's expenses is obviously way below ours. Its also now increased to about $6,700, in chinese money thats about 40something thousand. Also Chinese families live together with all the generations (grandparents parents children in one household) cutting costs in housing/utilities/nursing homes. Regardless of what happens in China, the point is that its the savings ethic. It is still carried over when they immigrate to the US.

Sigh forget it. To answer the OPs question, yes there are many with no savings so it is normal. No. Are there many with savings, yes. Obviously those that have circumstances can only do so much. But those who have the chance to, should save.

Last edited by imsh0t; 12-01-2010 at 01:38 PM..
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Old 12-01-2010, 01:49 PM
 
Location: Tri-State Area
2,942 posts, read 5,996,435 times
Reputation: 1839
Quote:
Originally Posted by TheStupid View Post
Dude, chill out. Your baby is 1. How would like them to use the 10K or 13K?

It is perfectly legal to gift money out to your children.
True, however it's not legal to use the gifted money for any other purpose than to benefit the receipient. In other words, you can not take the gifted money and buy yourself a prostitute at the Bunny Ranch in Nevada or for a "round the world trip".

How would like them to use the 10K or 13K?
They hypothetical child could buy me a nice gold Rolex. It's important for keeping track what time they need to be picked up from daycare.
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Old 12-01-2010, 02:06 PM
 
Location: In the Redwoods
30,286 posts, read 51,833,691 times
Reputation: 23660
Quote:
Originally Posted by FrmlyBklyn View Post
What you are suggesting is ILLEGAL and punishable by the court system.
Anytime you give someone a "GIFT" it is exactly that - a GIFT for their sole use, not the keep it in their names but don't let them use it. You see - your acronym really does show your lack of knowledge about LAWS in this country. BTW, the maximum amount of annual gift that is tax-free per person is $13,000 per annum.

Now, if I were the receipient of your "put it in my name but don't let them use it game" - that is called THEFT. I could easily SUE you and any normal, logical person would vote my way. Then we would apply a STUPID TAX to your bank account (it's called the IRS) and you would never try this shenanigan again.
It's not illegal, and my father's been doing it for years... I think technically I had access after age 21, but he's the main account holder for where it goes. In the event of his death (hopefully a long time from now) it all becomes mine, so it kind of evolves into a trust fund. I get an annual notice from his attorney about how much was deposited, and we can all assume he knows what's legal or not. Plus my father is honest to a fault, so he wouldn't do this if it weren't legitimate - and I have no complaints, since I don't consider myself entitled to anything of his.
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Old 12-01-2010, 02:06 PM
 
851 posts, read 3,621,694 times
Reputation: 455
Quote:
Originally Posted by FrmlyBklyn View Post
True, however it's not legal to use the gifted money for any other purpose than to benefit the receipient. In other words, you can not take the gifted money and buy yourself a prostitute at the Bunny Ranch in Nevada or for a "round the world trip".

How would like them to use the 10K or 13K?
They hypothetical child could buy me a nice gold Rolex. It's important for keeping track what time they need to be picked up from daycare.

Where did I say that I'd take my children's money and use it? I said "keep it under their names."
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Old 12-01-2010, 02:15 PM
 
Location: In the Redwoods
30,286 posts, read 51,833,691 times
Reputation: 23660
Quote:
Originally Posted by TheStupid View Post
Where did I say that I'd take my children's money and use it? I said "keep it under their names."
Exactly. It's not intended for the "giver" to use the money, it's more like setting up a savings account for them. Oh... I guess in that sense I DO have some savings!
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Old 12-01-2010, 03:07 PM
 
Location: Tucson
42,831 posts, read 88,042,435 times
Reputation: 22814
Quote:
Originally Posted by FrmlyBklyn View Post
What you are suggesting is ILLEGAL and punishable by the court system.
What he said is PERFECTLY legal.
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Old 12-01-2010, 03:16 PM
 
37,495 posts, read 45,798,776 times
Reputation: 57001
Quote:
Originally Posted by TheStupid View Post
You need to do the math before you voice your disagreement. It's not an easy calculation that you can do without Excel sheet either.

Let me explain a little bit.

Add up all your expenses on the house: down payment, interest, property tax, etc.

Add up all your cost of selling your house.

Take your reasonable market value - all your expenses - all cost.

See what you get out of it.
I majored in Finance. I already get it. And I'm good to go. I couldn't rent a home in this school district for anywhere near what my mortgage payment is. I'd be throwing money out the window. I have a 15 min drive to work, with no traffic. I'm sure neighborhoods and school districts, etc,. are not so important to you, and come under the umbrella of "sacrifice", and that is fine. However, your priorities are not MY priorities, and to think that everyone is a round peg is simply absurd. I'm happy you've done what you have. For most, it's a much different road.
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