Your Questions About Stocks And Bonds For Kids

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William asks…

Need more help with my IRA and personal finance?

OK guys, I do not know what I am suppose to do from here. I am 45 and married with 2 kids.7K in collidge fees for 2 more years for my older kid, my other one will be starting in 4 years. I am the only one who works. I have been fortunate in the last 10 years to pay off my house. It is value is 275K in todays market. I have $13K in my IRA and my wife 13K too. My IRA is set up in a CD.II started my IRAs 3 years ago. have 66K in the stock market and 50K in a bank CD. I also have 95K in cash.My monthly payments are $1500 and I do not have health insurance. I am self employed and will close my doors at the end of this year if not sooner. I am in the video store business, which is a fast dying business.I never went to collidge and am not expierenced in anything, but I did graduate high school.I guess I was a natural born salesman, but now I am getting older and worn out from being self employed for all those years.I am willing to work hard at anything. This is my personal position.

With all that said, I do not know what to do from here, how should I invest the money I have left? Is it possible to invest it and have enough to pay the bills if I can not get a job for 1 or 2 years, and when I do it will probably be low paying.Do I keep putting money into my IRA and if so what is the advantage? I really do not understand IRAs.Oh yea, mine is a traditional IRA. I am limited in knowledge on bonds,ect..
PLEASE, no stupid remarks or I will delete them, I really want to know from one of you guys who is way smarter than me what possible road I should take from here, I do not want to watch everything I worked for disappear in the next few years.
Thank you in advance.

financi4 answers:

It is good to continue putting money into an IRA, even if it is just a little bit per month, because this will help you when you are old enough to retire. You don’t want to contribute too much if you are worried about money, because you will be penalized for an early withdrawal if something happens and you have to take it out. You are also penalized if you contribute more than $5,000 per tax year. CDs are a good option if you are planning on just saving money– you don’t lose money on them, and they are easily accessible in case of emergency. I feel iffy about investing in the stock market. There are no guarantees, so you could potentially lose lots of money. Not having health insurance is NOT a good idea. If you think you are struggling now, wait until someone breaks a leg or something, and you are faced with medical bills. Also, is there any reason that your kids can’t pay for part of their education? Have you considered downsizing to a smaller house after your children are all in college?

David asks…

what investments would you make if you were in my situation?

I asked this a few days ago and posted it in the wrong area.

OK guys, I do not know what I am suppose to do from here. I am 45 and married with 2 kids.7K in collidge fees for 2 more years for my older kid, my other one will be starting in 4 years. I am the only one who works. I have been fortunate in the last 10 years to pay off my house. It is value is 275K in todays market. I have $13K in my IRA and my wife 13K too. My IRA is set up in a CD.II started my IRAs 3 years ago. have 66K in the stock market and 50K in a bank CD. I also have 95K in cash.My monthly payments are $1500 and I do not have health insurance. I am self employed and will close my doors at the end of this year if not sooner. I am in the video store business, which is a fast dying business.I never went to collidge and am not expierenced in anything, but I did graduate high school.I guess I was a natural born salesman, but now I am getting older and worn out from being self employed for all those years.I am willing to work hard at anything. This is my personal position.

With all that said, I do not know what to do from here, how should I invest the money I have left? Is it possible to invest it and have enough to pay the bills if I can not get a job for 1 or 2 years, and when I do it will probably be low paying.Do I keep putting money into my IRA and if so what is the advantage? I really do not understand IRAs.Oh yea, mine is a traditional IRA. I am limited in knowledge on bonds,ect..
PLEASE, no stupid remarks or I will delete them, I really want to know from one of you guys who is way smarter than me what possible road I should take from here, I do not want to watch everything I worked for disappear in the next few years.
Thank you in advance.

financi4 answers:

If your IRA is in a bank CD, then most likely it will not earn enough to keep up with the pace of inflation. An IRA should be held with a brokerage firm such as T. Rowe Price, Vanguard, or Fidelity, as these will offer you more investment choices as well as better professional management.

Health insurance is a must. Since you have $95,000 in cash, you may want to look into a low cost family health care plan that will cover you and your family.

Since you will be leaving the video store business, you can use your experience in the business owner market to find other employment. You may even want to consider going back to college. There is nothing better than an investment in a college education.

A traditional IRA is a savings account that is used for retirement. Contributions and earnings are tax-deferred until you retire or reach age 59 1/2, which by then you can make qualified withdrawals, but you will have to pay tax on these withdrawals.

In my opinion, a Roth IRA is better. Although you pay taxes on contributions, earnings grow tax-free, qualified withdrawals can begin at age 59 1/2 pending you’ve owned it for 5 taxable years, and you take out the principal at any time without penalty. However, you must have earned income to make contributions to either IRA, so it will be important to find employment once you let your business go.

Ken asks…

Needing advice from teen mommies/daddies?

Sunday I found out that I was pregnant.I am already four months along.
I have had irregular periods and skipped periods since I first got my period when I was twelve so I didn’t think anything of it.

i told my parents and their reactions were as to be expected.disappointed and angry.they are getting used to the idea.i told them that i chose what option i wanted.it was a choice between abortion and keeping the baby.i would never adopt out my baby to strangers and since i always wanted to be a mom, abortion wasn’t ideal for me.

my boyfriend, steven, is three months shy of 18 and is supportive (as of now he hasn’t given me any reason to doubt him) he told his family and they are all excited.he didn’t have a job before but is not going to get one and plans on attending a alternative school to graduate faster.

luckily, i do have a savings bond that my grandmother left me before she passed (all the grand kids got one) and it totals 10 grand.

This week i have been coming up with figures to prepare for the future.
i also have two cousins who just had babies and they said that they will give me all the second hand baby items.this saves me a shit load of things to buy

(crib,clothes,swing,bouncer,toys,blankets,etc) i plan to spend the savings bond on college (going to community college for photography) and i already have a connections with a photo studio for when i turn 16 since my friend works there.

i also plan on stocking up on diapers before the baby gets here.

i guess things are going smooth right now but i am so scared that they are going to fall apart.it almost seems too perfect for this troubled situation.i just dont want it to all crumble down around me.

how do you deal with the anticipation and anxiety with dealing with this? i dont fear what other people will think of me about being a pregnant/teen mom.i know how to raise a baby and i know what i am doing.its just so overwhelming!
i don’t pray lol but thanks.
🙂
i am not going to mooch off of the government.i have money for diapers and all that i need.i am getting all the other stuff from my cousins.

and i do know how to take care of a baby.i had to help raise my niece because her mom and my brother are idiots.
im keeping my baby so second guessing isnt a option.i AM prepared

financi4 answers:

As you said, you don’t want it to all crumble – I’m sorry, but I think you better prepare for it to do just so.

I’m 19 and have a 5 month old (unplanned) daughter. You need to get your life in order… Ask yourself HONESTLY:
-Can I afford this baby? (a baby is unbelievably expensive, that $10,000 is not going to go far, trust me)
-Can I continue with my education? (if you want to provide a decent life for your baby you need a decent job)
-Do I have support from my partner? (lots of males split when they realise how hard it is)
-Do I have medical insurance?
-Do I have family support? (your family becomes the most important thing to you)
-Do I have a stable place to live?
-Have I got the patience for a baby relying on me 24 hours a day, 7 days a week, for the next EIGHTEEN YEARS? (Baby sitting for your cousins is NOT the same as actually raising your own child.)
-Do I have a car and license to get myself and baby around?
-Can I really give up my freedom, looks, friends (coz trust me, you loose a LOT of them,) buying things for myself, alone time with my partner?

For me the answer was yes to all, I did have to postpone my university studies, but my partner owning his own home and business has meant that we have not had to struggle with finances. Being a mother is lonely, unacknowledged and constant hard work, people who aren’t entirely positive that they can cope – should not have children, regardless of their age.
That being said, keeping my baby was the best and most rewarding thing I have ever done in my life and I wouldn’t trade it for the world.
It’s all personal decision and do what YOU want to do, because whatever choice you make YOU are the one who will have to live with your decision forever.

My life is a bit of a struggle some days, but I just look at my beautiful daughter and know that THIS is what life is all about.
Other than sharing my story, there is no advice I can give you other than to expect the unexpected.
=)

Paul asks…

How do I overcome my situation? Please read.?

I’m tired as fuck. I’m tired of the continuous bullshit that life tosses at me. I’m just tired of it.

I want real answers…to my.question. If you are going to come on here and say some bullshit, I don’t want to hear any of it.

I go to an all-boys’s school. I am 17. I am a senior in high school. I am one of “those kids“. I have not gone into an in-depth conversation with a girl since 8th grade. Other than that, I rarely talk to the opposite sex. I have never attended a party, I have never smoked weed, I have never had sex. The era of experimentation is over. So is my teenage years. Oh well, fuck it.

There’s people in my school who drink, smoke weed, and are mighty promiscuous, but still manage to have girlfriends and a good social life. There are ones that don’t and they still manage to have one. I’m the only one in the senior class virtually that doesn’t talk to girls or is still a virgin. One frustrating fact.

I have always wanted to try cannabis, but I don’t think I’ll get the chance to. Oh well, fuck it.

Chances are that I will end up not going to Prom. Oh well, fuck it.

Don’t know any girls, so that the end of that. That’s psuedo-frustration

I have 4 more months until graduation. I have made a semi-covalent bond with my classmates. I talk to them, we hang out in the lunch room. However, I have rarely talked to them on the phone and I have never gone to one of their houses. School interaction is the cut-off location. Beyond the parking lot is out of question.

Summer. Ah, how I love summer. Anything to be out of school and not doing work. Summer however is always bittersweet. I feel as if I am left out of the loop. This summer will be more bitter than sweet. I have managed to make some friends. I will not see 100 percent of my class again. That’s it. In 4 months, that it. Finale. See ya. Maybe in another lifetime. I always get tormented by thinking about what people do in summer, while I’m sitting at home. Same thing on the weekend, except summer is one long weekend.

I am not respected at school or at work. I’m the type of person people wouldn’t care died the next day. It would just be “business as usual”.

I’m probably not going to Senior Week, because nobody wants to keep me in their house in Ocean City. Oh well, fuck it. I’m not used to the party atmosphere anyway.

During the regular 5 day rotation, I sit in an cavernous house while waiting for the time until the regulators come from their occupations of continuity. I slowly decay.

I can feel myself going slowly insane with sadness and madness. I find it hard to concentrate in school, at work, or even home. My thoughts are constantly disrupted. How much of a waste of a life… How much it will continue forever and ever. My heart and my mind can barely take the strain.

I have no special gifts, abilities, or talents. Others do, and they are on.. of course, full display. I feel like I am in an 8×12 box with no window and only a bucket to shit in.

There are… ways out of the box. One way. However, caveat emptor.

There is of course a gun rack that one of my regulators maintains. Stocked with armor-piercing rounds. Free Exercise of the Second Amendment right to bear arms. I could just take one, insert into my dome and pull the trigger. Of course, I’d be dead, but it would end the thoughts.

Chances are I wouldn’t account to anything in the future. I don’t put out, I just use. What type of life is that in a society where everything must have a use, or be cast aside. I will just be cast aside. When I die, there will be blackness. Silence. A Seperate Peace. Release. I will finally not be plagued by thoughts of madness and sadness.

Maybe there’s another way. But that Desert Eagle magnum is looking shinier everyday…

financi4 answers:

Hi Jason Flurry. You’re sounding pretty depressed and frustrated with your life. I’m really sorry that things seem so bleak at the moment, but please try not to give up on yourself just yet, sweetheart.

It sounds as though you’re a rather reserved person and have found it difficult to make close friends at school. Soon, though, you’ll be moving onto a whole new stage of your life. You sound intelligent and articulate, so I presume that college is on the horizon for you. Once you’re at college, you’ll have a whole new opportunity to make friends (with girls, too) and even reinvent yourself if you want to. You’re only 17, for heaven’s sake- many things will happen and you’ll grow and change a lot over the next few years- don’t resort to the magnum just yet, ok?

It’s also possible that you’re experiencing some clinical depression, so it may be worth asking the “regulators” to take you to see a counselor to get checked out. Please be a bit kinder to yourself- lots of people your age have these kinds of feelings at times. You’re a valuable human being and you have people who love you- remember that. Best wishes, Jenny.

James asks…

How do I overcome my situation? I’m being serious.?

I’m tired as ****. I’m tired of the continuous bullshit that life tosses at me. I’m just tired of it.

I want real answers…to my.question. If you are going to come on here and say some bullshit, I don’t want to hear any of it.

I go to an all-boys’s school. I am 17. I am a senior in high school. I am one of “those kids“. I have not gone into an in-depth conversation with a girl since 8th grade. Other than that, I rarely talk to the opposite sex. I have never attended a party, I have never smoked weed, I have never had sex. The era of experimentation is over. So is my teenage years. Oh well, **** it.

There’s people in my school who drink, smoke weed, and are mighty promiscuous, but still manage to have girlfriends and a good social life. There are ones that don’t and they still manage to have one. I’m the only one in the senior class virtually that doesn’t talk to girls or is still a virgin. One frustrating fact.

I have always wanted to try cannabis, but I don’t think I’ll get the chance to. Oh well, **** it.

Chances are that I will end up not going to Prom. Oh well, **** it.

Don’t know any girls, so that the end of that. That’s psuedo-frustration

I have 4 more months until graduation. I have made a semi-covalent bond with my classmates. I talk to them, we hang out in the lunch room. However, I have rarely talked to them on the phone and I have never gone to one of their houses. School interaction is the cut-off location. Beyond the parking lot is out of question.

Summer. Ah, how I love summer. Anything to be out of school and not doing work. Summer however is always bittersweet. I feel as if I am left out of the loop. This summer will be more bitter than sweet. I have managed to make some friends. I will not see 100 percent of my class again. That’s it. In 4 months, that it. Finale. See ya. Maybe in another lifetime. I always get tormented by thinking about what people do in summer, while I’m sitting at home. Same thing on the weekend, except summer is one long weekend.

I am not respected at school or at work. I’m the type of person people wouldn’t care died the next day. It would just be “business as usual”.

I’m probably not going to Senior Week, because nobody wants to keep me in their house in Ocean City. Oh well, **** it. I’m not used to the party atmosphere anyway.

During the regular 5 day rotation, I sit in an cavernous house while waiting for the time until the regulators come from their occupations of continuity. I slowly decay.

I can feel myself going slowly insane with sadness and madness. I find it hard to concentrate in school, at work, or even home. My thoughts are constantly disrupted. How much of a waste of a life… How much it will continue forever and ever. My heart and my mind can barely take the strain.

I have no special gifts, abilities, or talents. Others do, and they are on.. of course, full display. I feel like I am in an 8×12 box with no window and only a bucket to **** in.

There are… ways out of the box. One way. However, caveat emptor.

There is of course a gun rack that one of my regulators maintains. Stocked with armor-piercing rounds. Free Exercise of the Second Amendment right to bear arms. I could just take one, insert into my dome and pull the trigger. Of course, I’d be dead, but it would end the thoughts.

Chances are I wouldn’t account to anything in the future. I don’t put out, I just use. What type of life is that in a society where everything must have a use, or be cast aside. I will just be cast aside. When I die, there will be blackness. Silence. A Seperate Peace. Release. I will finally not be plagued by thoughts of madness and sadness.

Maybe there’s another way. But that Desert Eagle magnum is looking shinier everyday…

financi4 answers:

Okay, all of this is pretty heavy and really shouldn’t be dealt with on an answers sight. You need to see a psychiatrist immediately.
And, the truth is, very few of us make an impact that will be remembered 110 years after we’re gone. All we can do is be the best us we can be. For example, do something especially nice to someone tomorrow. It may not be written in history books, but you did something-you were there. And it may only be worth one point, but if you keep doing small things, the sum of your actions will most definitely amount to something. I bet you’ll end up touching more people than you know.

John asks…

What do you think would be a good career for me? (long, but please read!)?

1. nothing unrealiable.
-architect [had a friends whose dad was an architect and he lost his job since the economys so bad :]
-actor (tv host)/comedian/singer/author/model, etc.
-stock broker/gambler
2. don’t care for helping people.
-doctor/nurse
-teacher/counsler,therapist
3. i would die if i was in a cubicle working a 9-5 job. a little time behind a desk is ok though.
4. nothing having to do with:
-cars
-electricity
-science
-history. even though i love history, it’s just a hobby, nothing i’d want in a career.
-computers. like typing/accounting if fine, but no computer science stuff. i’m no good at hacking 🙁
– no math. like basic math is ok, but no like quantum physics or rocket science.
5. i would hate to work with kids.
6. i’m creative, but nothing with fashion, or interior design. i would get too jeleous, lol.
7. my dream job is to be james bond(: but that’s only in the movies :*( more realisticly i’ve looked at becoming:
-a rescue swimmer in the coast guard, but the chances are slim to none.
-cia/fbi
-military. but girls can’t do anything with infantry, which is what i’d be interested in. and realistly, even though i say everyday i’ll start training tomorow, i’m weak. and i have a feeling i’ll never get any muscle and be able to kick @$$
-navy seal. but girls can’t be navy seals, and the above applies.
-flight attendent. that wouldn’t be a permanent thing though. not even really sure why i thought of it.
-something having to do with a hotel. but it sounds drab, same as above applies.
8. don’t want to own my own buisness.
9. don’t want to touch sh!t with my bare hands [duh]
10. i’m fine with giving or taking orders. preferably taking them to start off with. but i deff. don’t want to be bossed around like a little b!thc.
11. i want to talk with people, and be around people. i want something i can dress up for (: [but nothing skanky like a stripper]
12. nothing in a bank. ew. + banks always get robbed. no thanks.
13. i want to travel. not all of the time though, i still want to get to buy a permanent house and actually live in it.
14. not jobs as a translater.
15. so after everything i’ve said, i think i’m headed for a buissnessy sort of field. like some accounting, marketing, & traveling. but it just sounds so friggin boring to me. like i really want a CAREER i’ll love, and want to get up in the morning to do, money isn’t an issue. but so far theres nothing that intrests me in the least bit. i’m only a sophmore in high school, but i don’t think i’ll ever really really want a specific job : is there no hope for me? am i doomed to be a lazy couch patatoe all my life? or will i figure it out 1-2 years into college? what if i dont?

financi4 answers:

Well if you want to travel and u wanted to be a flight attandent be an air traffic controller you have probulby nvr heard of this job but the r the ones who tell the pilot what to do…i think you get so travel discounts the job is really high paying most over 100,000 a year u start low but after a little it pretty much doubles

i know a there is lot of spelling mistakes

Donald asks…

getting married to a divorced father of a 8yr old need some legal advice?

getting married soon to a wonderful man but he has a money loving exwife with his child so i need some help.we live in new york state.how can we make sure all his policies are up to date?does he need a will or if my name is on everything is that good enough?i have alot of money in stocks/bonds so do i need to do anything to protect that?can anyone tell me what other stuff we need to do when marrying a man with a crazy exwife(with a kid) who is out for every penny she can get?what do i need to do to protect myself and future children?

financi4 answers:

Your soon to be husband probably already has a Will. It would be wise for him to make another one, as this one would revoke all his previous Wills. In his Will he should specify what he wants to leave to you, his ex (if anything) and his son, plus any other family members, friends, etc. Be sure to have this done at a law firm to prevent anything that may cause the will to not be certifiable (i.e. If you were to sign as a witness to the will, but were also listed as a beneficary you would write yourself out of the Will and receive nothing).

It may also be wise to prepare Enduring Powers of Attorney which state who you and your soon to be husband want to look after their affairs should they become quite ill or injured and cannot make their own decisions. It is most common to list each other as the Attorney and this of couse would stop the ex trying to make financial or medical decisions on your husband’s behalf.

If he has Life Insurance, etc, these policies will also need to be updated with the details of any new beneficaries (such as yourself) and to remove any unwanted beneficaries (ex).

Insofar as you are concerned, I would also prepare a Will, specifing what you want to leave to your new husband. As far as your stocks/bonds are concerned, I would keep these in your own name. The ex wife would have no right to have access to these as they are yours and you have nothing to do with the divorce process between her and your soon to be husband.

Is he paying alimony/child support payments? I think it would be wise to have the money for these payments come out of a bank account that is solely for that purpose and in your husband’s name only. Any other accounts you may wish to have as joint accounts with both your signatures to stop the ex trying to take money from an account of your husband’s.

I hope I haven’t confused you, I am from Australia and so some of the things I have said might be different for you in New York. Best of luck.

George asks…

getting married to a divorced father of a 8yr old need some legal advice?

getting married soon to a wonderful man but he has a money loving exwife with his child so i need some help.we live in new york state.how can we make sure all his policies are up to date?does he need a will or if my name is on everything is that good enough?i have alot of money in stocks/bonds so do i need to do anything to protect that?can anyone tell me what other stuff we need to do when marrying a man with a crazy exwife(with a kid) who is out for every penny she can get?what do i need to do to protect myself and future children?

financi4 answers:

If you want to protect your assets, you need to be consulting a LAWYER in your jurisdiction and not asking yahoo answers.

First of all, you need to find out if he’s been ordered to keep a life insurance policy to pay his child support in the event of his death. The courts sometimes order the obligor to carry life insurance to make sure the kid receives support as a minor.

Generally, whoever he names as beneficiary on any life insurance policy is going to get the proceeds from the policy. If he names you, then you get it. If he names his estate, then it’s divided according to the will or, if he has no valid will, according to the intestacy laws of your state.

Your name being on stuff is not enough. There’s joint tenancies with right of survivorship (where if one person dies then the other gets the whole thing) but the documents have to be worded a certain way or else the survivor doesn’t get the whole thing.

Talk to a qualified lawyer who has experience in estate planning.

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