Financial Independence Daily FI discussion thread - Wednesday, December 15, 2021 |
- Daily FI discussion thread - Wednesday, December 15, 2021
- How do you mentally cope with huge dollar-value fluctuations in your portfolio?
- Possibility of building up huge wealth only to leave it all as inheritance?
- Finances and Death
- Weekly Self-Promotion Thread - December 15, 2021
| Daily FI discussion thread - Wednesday, December 15, 2021 Posted: 15 Dec 2021 02:02 AM PST Please use this thread to have discussions which you don't feel warrant a new post to the sub. While the Rules for posting questions on the basics of personal finance/investing topics are relaxed a little bit here, the rules against memes/spam/self-promotion/excessive rudeness/politics still apply! Have a look at the FAQ for this subreddit before posting to see if your question is frequently asked. Since this post does tend to get busy, consider sorting the comments by "new" (instead of "best" or "top") to see the newest posts. [link] [comments] |
| How do you mentally cope with huge dollar-value fluctuations in your portfolio? Posted: 15 Dec 2021 09:35 AM PST I recently hit the big $1M, and then dropped down again. Boo hoo. But it got me thinking about monthly % gains and losses vs $$ gains and losses. So far, the largest single month gain I've seen was 12%, but that was only $50k. The largest loss I've seen was -9%, but that was only $40k. (hilariously, those two months were back to back, March and April 2020). But now I'm getting into a portfolio range where I will start to see six digit swings in portfolio value from month to month. This is what I signed up for. This is the way. But the thought of making or losing the equivalent of my annual base salary in a single month is seriously messing with my head. What do you do to handle this? Edit: Yes, I am dramatically privileged to be in a position where this is a problem I face. [link] [comments] |
| Possibility of building up huge wealth only to leave it all as inheritance? Posted: 15 Dec 2021 07:49 PM PST Sometimes I can't help but wonder if I amass a large retirement account at 60 ($5-10 million), but I don't live long enough afterwards to enjoy it, it would go to my children and grandchildren. Would you feel comfortable working your whole life to build up that savings only to hand it over to children/grandchildren and trusting them with that amount of money? [link] [comments] |
| Posted: 14 Dec 2021 03:45 PM PST Thanks to an earlier post today from /u/FIREful_symmetry/, I thought I might add our experiences with dealing with the death of a loved one. This topic is important for you to address with your elders and doubly important if you don't want to leave an eff'n mess for your kids. 1) My wife had Power of Atty for her mom. This expired immediately upon her death... and the only original copy of her will was in a safe deposit box. That took an audit with the bank and a MONTH to resolve. Make sure your executor has an ORIGINAL, NOTORIZED copy of your will. 2) Beneficiaries, as FIREful mentioned, are OUTSIDE of the estate. Make sure these are correct. 3) GET YOUR POWER OF ATTY AND HEALTHCARE POWER OF ATTY IN PLACE. My dad didn't have the healthcare power in place, but he was in such bad shape the hospital was glad to have anyone say "I'll be the responsible party". If anyone could have shown up to challenge my decisions it could have been even worse that it was (and making life/death decisions for a parent you love is awful enough). 4) Speaking of which: Living Will. PLEASE FOR THE LOVE OF ALL YOU HOLD DEAR: put your end-of-life wishes in writing. Don't leave your child to make life and death decisions for you based on what they *think* you want. Trust me... it's awful. (Note to Dad: Hope I did right by you! Miss you!) 5) Finances, accounts, passwords. DON'T make someone try to figure out where everything is. Make an end-of-life document that you update yearly to let your executor know everything they need to know. If you have a password manager, put the master password in your safe/safe deposit box/etc so your executor can get to everything. If you put it in a personal safe, make sure your executor knows the code or at least gift them a seriously large DRILL. That's the top of my list... please add to it in the comments! [link] [comments] |
| Weekly Self-Promotion Thread - December 15, 2021 Posted: 15 Dec 2021 02:00 AM PST Self-promotion (ie posting about projects/businesses that you operate and can profit from) is typically a practice that is discouraged in /r/financialindependence, and these posts are removed through moderation. This is a thread where those rules do not apply. However, please do not post referral links in this thread. Use this thread to talk about your blog, talk about your business, ask for feedback, etc. If the self-promotion starts to leak outside of this thread, we will once again return to a time where 100% of self-promotion posts are banned. Please use this space wisely. Link-only posts will be removed. Put some effort into it. [link] [comments] |
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