Need financial advice: receiving significant windfall soon

[Marshall Tucker]

Speaking as a CPA, I really cannot find fault with NC Skier's advice, except this one insy-tinsy thing. There is NO REASON to ever buy a new car. none. Always buy 1-2 years old AT THE NEWEST. There is no exception.

Plus, like , a thousand for speaking to the tax attorney and the 529 plans. The overriding thing, if you read between NC's lines, is this. TAKE LIFESTYLE CHANGES SLOW!!!!. The faster you want to spend the money the more people will make off you. and the more of it you'll be seperated from. That's a fact.

Sometimes you don't care, but those that come after you will.

[byates1]

Which came first the chicken or the egg..... Yeah, or they only manage high net worth individuals.

dude that i got can't stop even though he should.

he's a good dude

i love that john goodman clip

.

[ncskier]

Speaking as a CPA, I really cannot find fault with NC Skier's advice, except this one insy-tinsy thing. There is NO REASON to ever buy a new car. none. Always buy 1-2 years old AT THE NEWEST. There is no exception.

Plus, like , a thousand for speaking to the tax attorney and the 529 plans. The overriding thing, if you read between NC's lines, is this. TAKE LIFESTYLE CHANGES SLOW!!!!. The faster you want to spend the money the more people will make off you. and the more of it you'll be seperated from. That's a fact.

Sometimes you don't care, but those that come after you will.

Hey, if millionaires can't buy new cars, there wouldn't be any pre-owned for other people.
Seriously, I'm cheap to the core, but once I hit it, I never wanted someone else's problem. Plus honestly, try buying pre owned Seqoui, Highlander, 4 runner, etc and there is virtually no savings these days.

[Supermoon]

Hey, if millionaires can't buy new cars, there wouldn't be any pre-owned for other people.
Seriously, I'm cheap to the core, but once I hit it, I never wanted someone else's problem. Plus honestly, try buying pre owned Seqoui, Highlander, 4 runner, etc and there is virtually no savings these days.

Yeah. that's exactly what I was going to say. Bought a Tundra new for only 2k more than 3 y.o. ones were going for. Got a full warranty, Toyota Care, etc. along with it. Totally worth it IMO. I think for Toyota, Subaru and a few others, the whole buy 2 years old advice is no longer relevant. Plus, fuck it. If you have the cash, buy a nice new car. Sure it costs more, but there is less to worry about. You have more money than time now!

[Sirshredalot]

This is my plan. Get the kids through college and out on their own. Then I will be the guy parking cars in the Solitude parking lot wearing my old wool suits from work. Kids really do change it in the sense that I am still on a school calendar so why not continue to grind it out and pad the nest more. I can't force them to live the bohemian life I want.

I will let you know when my kids complain about growing up in a glorified A frame in the Wasatch. Hasn't happened yet. Pull that trigger sooner rather than later, dood.

[TAFKALVS]

Yeah. that's exactly what I was going to say. Bought a Tundra new for only 2k more than 3 y.o. ones were going for. Got a full warranty, Toyota Care, etc. along with it. Totally worth it IMO. I think for Toyota, Subaru and a few others, the whole buy 2 years old advice is no longer relevant. Plus, fuck it. If you have the cash, buy a nice new car. Sure it costs more, but there is less to worry about. You have more money than time now!

I'd say full-size Diesel trucks fall in that camp too.

[Bobby Stainless]

Plus, fuck it. If you have the cash, buy a nice new car. Sure it costs more, but there is less to worry about. You have more money than time now!

[Marshall Tucker]

^ I really find this hysterical, the lengths people go to to justify thier choices.
So OK here's a test. which is less, 20,000, or 15,000?

Beer Drinker finally siad it perfectly.

[El Chupacabra]

Generally I agree that buying 1-2 years old is the right spot for a car/truck purchase.

However, when irrational markets exist (which they do for some vehicles), which would you rather buy:

1) new Toyota Tacoma, 0 miles, full warranty, for $35K.

2) used Toyota Tacoma (exactly the same configuration as #1), 30K miles, no warranty, for $30K.

That's the reality of buying a Tacoma. It's stupid, but it exists.



Me, I'd say: used Nissan Frontier, 30K miles, $20K. YMMV.

[Supermoon]

^ I really find this hysterical, the lengths people go to to justify thier choices.
So OK here's a test. which is less, 20,000, or 15,000?

Beer Drinker finally siad it perfectly.

I think there's this idea that you have to always make the "best" decisions with your money in terms of investments, growing it over time, etc, which is true largely, but at the end of the day, having money isn't an end in and of itself. Having more money is really just giving you the freedom to spend it where you want.

I don't have some huge windfall, but over the years I've gotten more successful and have made a conscious decision to spend more money on things than I would have in the past, even if it doesn't make the most financial sense. I will buy a new car under warranty, even though it costs more than a 10 year old car, because I don't want to deal with repairs, time out of service, etc. I will fly places instead of drive, or pay more for direct flights, etc.

I will spend more on lots of things that save me time and hassle because it's worth it to me not to have to deal with it. As a CPA I know you are paid to tell people to do things with only finances in mind, but that's not always the only consideration to make.

[Benny Profane]

There sure are some financially savvy dentists in this place

Duh. Voices of the 1%.

Sent from my SM-G900V using TGR Forums mobile app

[Benny Profane]

I'd say full-size Diesel trucks fall in that camp too.

Great. One more trust funder driving around in a shiny new 50,000 dollar pickup truck engineered for the working class. Don't forget the Carharts!

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[Sirshredalot]

Generally I agree that buying 1-2 years old is the right spot for a car/truck purchase.

However, when irrational markets exist (which they do for some vehicles), which would you rather buy:

1) new Toyota Tacoma, 0 miles, full warranty, for $35K.

2) used Toyota Tacoma (exactly the same configuration as #1), 30K miles, no warranty, for $30K.

That's the reality of buying a Tacoma. It's stupid, but it exists.



Me, I'd say: used Nissan Frontier, 30K miles, $20K. YMMV.

I'd say $10,000.00 for a Colorado with 100k miles, but I'd also question whether you really need a pickup that badly. They're overpriced these days.

[old goat]

Thank you to those who provided advice.

Amount of coin coming my way was adequately described in the original post. Definitely not enough to retire on whatsoever, but enough to make some significant changes in my situation. Talking about money is hard and everyone says 'go talk to an adviser' rather than talking to long term friends because money can create jealously. I know it's true, but fuck that. My friends are my friends and I like talking to them. I trust them more in so many more situations with things much larger than a sum of money and I hate that it has to be done through a bullshit alias on the internet.

I'll probably let this thread live for another 24 hours or so before killing it off. This kind of talk does bring out the worst in some; though I am being inspired to start a scholarship fund to send DD to culinary school. He'd probably relax if he stopped eating boiled shoe leather.

It's not a question of trust, it's a question of knowledge. A certified financial planner has knowledge that you don't have and can't easily glean from the internet, which is full of advice most of it bad. Same as a doctor, lawyer, dentist--you don't go to your friends about this stuff. As far as your internet friends--even if some of the people responding are CFA's they don't know nearly enough about you to make good recommendations. Before you see an advisor you need to seriously consider what you want out of life--retire early, see the world while you're young, drop dead at your desk, support your kids only through college or all the way through dental school. Then it's a question of running the numbers to see how best to meet your goals and that's not the kind of advice you can get here.

I've always wondered why we should trust financial advisers. I mean, if they are so good with money, why are they working in the first place? Most I've met (but not hired) have an office in a strip mall and drive a Hyundai.

Because they are generally not people who started with a lot of money--which is the best way to get rich in the market, because hopefully they are people with a relatively low risk tolerance who choose to make a steady living providing advice rather than trying to get risk by making risky investments (there are a lot more people who go broke trying to get rich in the market than those who get rich). Also see below.

F
First off, you don't need any investment advisor, period.

You seem to be confusing investment advisor with financial planner. I agree you don't need an investment advisor. If you're making bread and butter conservative investments you can figure it out yourself. That's not the main thing a CFA does. As I said before--they mainly figure out how to divide your money between college fund, paying off mortgage, investing, in a way to minimize your taxes and maximize your assets consistent with your risk tolerance and goals. Like I said before, my planner is a CPA and that really helps.

Sounds like a lot of people here either have had bad experiences with financial planners--there are bad ones out there; the good ones are expensive and worth it--or have no experience with planners and are just repeating third hand pseudo-information.

[irul&ublo]

Wait....you're a CPA and a dentist?

[dunfree]

This kind of talk does bring out the worst in some; though I am being inspired to start a scholarship fund to send DD to culinary school. He'd probably relax if he stopped eating boiled shoe leather.

Think bigger. Buy yourself a white suit with a black tie. Hire a midget with a white suit and black tie - Timberridge is probably free. Buy yourself a cabin way up north in Canada. Shames, Smithers, Terrace, somewhere like that. Begin "Maggot Fantasty Island". Tattoo/Timberridge "dah Turbo Diesel Audi Boss, dah Turbo Diesel Audi Boss"and so arrives DD for his 10/10 fantasy of milf slayage and powslayage....or is it his nightmare?

On a serious note - on the trusting your friends parts. Depends who they are. If you are a professional gainfully employed mid-career you probably know a few, some or many people who have decent money and won't think much of it. They probably won't care that much, and some might know decent professionals for you talk to.

[irul&ublo]

dd would arrive in a beater Sonata

[digitaldeath]

at least id be there

i got 600$ cash in my wallet

what should i buy

[El Chupacabra]

at least id be there

i got 600$ cash in my wallet

what should i buy

600 fidget spinners

[PNWbrit]

at least id be there

i got 600$ cash in my wallet

what should i buy

Gray meat graphic vinyl wrap on the Sonata.

[digitaldeath]

plane ticket to BBI

first good idea in this whole thread

[BmillsSkier]

Fuck there's some gold in this thread.

Timberridge, you're killing it lately.

DD, keep up the effort.

[ill-advised strategy]

Why do you think I'm here? Not truly interested in moving, family is rooted here for the next decade minimum, and I don't want to/can't afford to quit working.

Also, the irony of someone called ill-advised strategy posting in this thread is pretty fantastic.

I've been considering another name change. Was thinking "Doyle McPoyle" would be a good one. Or just switching to "Questionable Tactics" as the main name and "ill-advised strategies" as the user title. Of course I still log in under the now-completely-defunct YetiMan, which was a stupid old nickname nobody's called me for 15 years, and my "stash" page comes up as Captain Clusterfuck....which may well be the most accurate of them all. I've always been a little frustrated "Jer" was already taken....could've been me. I have considered migrating my main posting over to an alias I've harbored for many years, but its posts are just too funny for it to become a regular thing.

I may need to take a fistful of mushrooms and wander naked into the desert for a few months to know once-and-for-all what my true tgr-name should be. Although that process would likely net only Sunburned Caucasian Genitals...which, you know, is probably about on par with "ill-advised strategy, questionable tactics" as a concept.

[BmillsSkier]

Kroda Marblebogg already taken too?

[ill-advised strategy]