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Message
How should I reward my nephew's responsible behavior
Posted on 1/11/10 at 8:01 pm
Posted on 1/11/10 at 8:01 pm
My nephew managed to total a rental snowmobile while visiting a couple of years ago. Upon negotiating with the owner, I managed to cover his losses in the amount of 4500.00. My nephew vowed to repay me in full by sending me 100.00 a month. I told him no, just consider that dues for lifetime favorite uncle privileges.
Well, I received a check from him in the mail for 4,500.00 today. I want to do something to reward him for this like placing the money in an investment or a cd ....suggestions?
Well, I received a check from him in the mail for 4,500.00 today. I want to do something to reward him for this like placing the money in an investment or a cd ....suggestions?
6
Posted on 1/11/10 at 8:13 pm to skylane
was it from your nephew or his parents?
Buy him strippers for his 21st Bday.
Buy him strippers for his 21st Bday.
Posted on 1/11/10 at 8:18 pm to skylane
Does he need anything? Down payment on a car/house, Apartment rent, etc? If not, I think a cd would be nice.
Very cool of him to pay you back, and just as cool of you for returning it.
Very cool of him to pay you back, and just as cool of you for returning it.
Posted on 1/11/10 at 8:27 pm to LSUGUMBO
Cd suck have russain invest it for a a little while and pay him a small percent.
Posted on 1/11/10 at 9:00 pm to C
Start an IRA for him, sounds like a pretty rersponsible nephew and a great uncle
Posted on 1/11/10 at 9:33 pm to Tigerpaw123
If he is in a professional field, and doesn't have one, a nice watch would be a very nice gift, IMO.
Pretty cool on both of your parts.
If you really want to do something like an investment, I would make him set it up in a Roth IRA account. The Roth is one of the best, but most underutilized accounts.
If he's still young, maybe try a small cap mutual fund. It will give higher returns over a long period.
Pretty cool on both of your parts.
If you really want to do something like an investment, I would make him set it up in a Roth IRA account. The Roth is one of the best, but most underutilized accounts.
If he's still young, maybe try a small cap mutual fund. It will give higher returns over a long period.
Posted on 1/11/10 at 9:40 pm to TheHiddenFlask
Setup an IRA for him
This post was edited on 1/11/10 at 9:59 pm
Posted on 1/11/10 at 10:00 pm to Tiger4
quote:
Cd suck have russain invest it for a a little while and pay him a small percent.
Please don't do this. Young people generally can't handle massive amounts of money.
Posted on 1/11/10 at 10:01 pm to skylane
How old is he? Any kids? Going to college?
To have 4.5 grand I would assume he is out of college and in the professional field. If so a nice watch would be good. Or if he has kids you could set something up as a starter fund to help them go to college.
To have 4.5 grand I would assume he is out of college and in the professional field. If so a nice watch would be good. Or if he has kids you could set something up as a starter fund to help them go to college.
Posted on 1/11/10 at 10:58 pm to TheHiddenFlask
He graduated about 18 months ago, actually the he came to visit for part of his spring break he graduated. He is now working for a small college.
small cap mutual fund or Roth IRA both sound good.
small cap mutual fund or Roth IRA both sound good.
Posted on 1/12/10 at 10:58 am to skylane
quote:
small cap mutual fund or Roth IRA both sound good.
Those two things are not mutually exclusive.
Small cap refers to stocks with a relatively small market capitalization. The definition of small cap can vary among brokerages, but generally it is a company with a market capitalization of between $300 million and $2 billion.
A small cap mutual fund is a compilation of many of these stocks that achieves greater diversification (and thus mitigates risk) than simply investing in a few individual stocks.
A Roth IRA is an investment account. It provides great tax advantages, especially if tax rates increase. It has an annual cap, so getting him started with one early would be a great thing.
Posted on 1/12/10 at 7:50 pm to TheHiddenFlask
invest in pudding. you can't go wrong.
Posted on 1/13/10 at 9:36 am to skylane
quote:
My nephew managed to total a rental snowmobile while visiting a couple of years ago.
quote:
...I received a check from him in the mail for 4,500.00 today
quote:
...suggestions?
Send him a bill for the interest. A mature grownup fixes his own frickup.
And if it will get me $4,500, will you adopt me as your nephew?
This post was edited on 1/13/10 at 9:37 am
Posted on 1/13/10 at 10:28 am to Parliament
quote:
Parliament
Thank you officer dickhead.
The kid had an accident and his family helped him out.
This is why we hate yankees.
Posted on 1/13/10 at 10:53 am to TheHiddenFlask
roth is based off of earned income, so won't work since he is repaying you with $ he made from selling weed.
Posted on 1/13/10 at 12:13 pm to skylane
Kudos to your nephew if he really earned the money to pay you back.
True story. When I was 23 I got a letter from my dad with a check for $500. He explained that my older brother and his wife needed help. For fairness he sent my brother the 500 he needed as a loan and sent me 500 as a loan. I used my 500 to buy a washer and dryer so I wouldn't have to go to the laundramat. My parents were very poor, so the deal was me and brother would pay them back at a rate of 50 per month for 10 months.
Fast forward 20 years. I'm 43 and dad is a year away from dying. We're sitting on the front porch of the old home. He says, "Zach, remember that 500 I loaned you and your brother 20 years ago?"
Me: "yes"
Him: "He never paid me back. He considered it a gift. You paid it back. I knew then that you were gonna be alright."
One of the last conversations I had with him.
True story. When I was 23 I got a letter from my dad with a check for $500. He explained that my older brother and his wife needed help. For fairness he sent my brother the 500 he needed as a loan and sent me 500 as a loan. I used my 500 to buy a washer and dryer so I wouldn't have to go to the laundramat. My parents were very poor, so the deal was me and brother would pay them back at a rate of 50 per month for 10 months.
Fast forward 20 years. I'm 43 and dad is a year away from dying. We're sitting on the front porch of the old home. He says, "Zach, remember that 500 I loaned you and your brother 20 years ago?"
Me: "yes"
Him: "He never paid me back. He considered it a gift. You paid it back. I knew then that you were gonna be alright."
One of the last conversations I had with him.
Posted on 1/13/10 at 2:52 pm to Zach
did you tell your brother that?
Posted on 1/14/10 at 3:18 pm to C
No, and I never will.
Posted on 1/14/10 at 4:34 pm to Zach
As long as he doesn't read this highly private message board....
Posted on 1/14/10 at 5:06 pm to skylane
Give him the wrecked snow mobile. Or buy him a used one.
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