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re: How do you help financially ignorant people?
Posted on 2/10/17 at 5:50 am to eng08
Posted on 2/10/17 at 5:50 am to eng08
quote:
Does he do a lot of work in cash? He may not be reporting the income at the direction of his trusted bookkeeper....
Very likely and the tax hit would likely be far greater than any 529 advantage, many a cow has been sold for cash as well.
the OP may well be the ignorant one here.
1
Posted on 2/10/17 at 10:42 am to cave canem
OP should steal the envelopes and invest it for them. It teaches them a valuable life lesson plus it will give them a nice surprise in 15 years when OP informs them.
Posted on 2/10/17 at 10:58 am to Salmon
quote:
How do you help financially ignorant people?
Stick them in an empty room with Dave Ramsey playing for 12 hours straight. Worked for me.
ETA: posted before reading whole thread. Yeah seems kind of ignorant and I agree with people saying you can't help people that don't want the help. Seems like an interesting situation, who wouldn't want the best for their children?
This post was edited on 2/10/17 at 11:03 am
Posted on 2/10/17 at 2:12 pm to Eric Nies Grind Time
Are you Michael Scott? You must have a lot of free time after retiring from Dunder Mifflin.
Maybe not, he promised a bunch of kids college but forgot to actually pay & invest for it.
Joking aside, unfortunately for the kids, this is probably the best solution yet, given what we know about the situation (cow salesman / electrician with middle school educated bookkeeper). Compound interest and dividends will be lost on these people, and they will feel you're trying to lord your "book learnin" over them.
But showing up at high school graduation with a brokerage statement would make you the coolest uncle.
Maybe not, he promised a bunch of kids college but forgot to actually pay & invest for it.
Joking aside, unfortunately for the kids, this is probably the best solution yet, given what we know about the situation (cow salesman / electrician with middle school educated bookkeeper). Compound interest and dividends will be lost on these people, and they will feel you're trying to lord your "book learnin" over them.
But showing up at high school graduation with a brokerage statement would make you the coolest uncle.
This post was edited on 2/10/17 at 2:14 pm
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