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End of Ski Season- Coach's Gifts

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  • SLC OB SLC OB 
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    Status: Physician
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    Joined: 06/23/2018

    So each year… I give our ski coaches a gift… I try to not give just plan cash, as I want it to be something they remember us by.

    Examples of years past gifts:

    Apple Mouse (to help with video editing) and Mountaineering backpack

    Backcountry Radio system (for when they go off grid to speak to each other)

    Backyard Rail with M-Snow (fake snow) system to ride during summer months

    etc…

    This year… I’m thinking I will start a brokerage account for each coach and fund it with $300… (I know that is not a ton of money but there are multiple coaches) with the hopes that if it is all set up with a Total Stock Market Fund, they will be more likely to contribute themselves and continue to invest.

    So… I believe Vanguard has a higher minimum. Does Fidelity? Anyone know much about Robinhood?

    Thoughts? Suggestions?

    #206405 Reply
    Liked by eyecandy
    jfoxcpacfp jfoxcpacfp 
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    Status: Financial Advisor, Accountant, Small Business Owner
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    That’s awesome! The coaches must adore your family. (Sorry I can’t answer your questions. 🤔)

    Johanna Fox Turner, CPA, CFP: I am not your financial advisor; any responses are for general purposes only
    http://www.fox-cpas.com/for-doctors-only ~ [email protected]

    #206409 Reply
    Liked by SLC OB
    fatlittlepig fatlittlepig 
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    That seems to me to be an odd gift. That’s more like something to may do for a grandkid or something.

    #206410 Reply
    SLC OB SLC OB 
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    That seems to me to be an odd gift. That’s more like something to may do for a grandkid or something.

    Click to expand…

    You are right… they are like family.

    They coach my kids 4-5 days a week, we travel for National Ski Competitions and stay in condos together, etc.

    #206414 Reply
    Liked by Docbeans, ENT Doc
    Avatar antheus 
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    A very thoughtful but kind of odd gift as FLP mentioned. I think the best gifts are things that people want but wouldn’t necessarily buy themselves. The second best gift is money. Had they ever expressed desire to save for retirement? Any reason for you to think this is a gift they may enjoy? If they’re just going to turn around and sell it, perhaps to pay off credit card debt or get something they actually want, then you are just creating more headaches for them.

    #206415 Reply
    Liked by ENT Doc
    fatlittlepig fatlittlepig 
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    That seems to me to be an odd gift. That’s more like something to may do for a grandkid or something.

    Click to expand…

    You are right… they are like family.

    They coach my kids 4-5 days a week, we travel for National Ski Competitions and stay in condos together, etc.

    Click to expand…

    Money in a Brokerage account as a gift? I would just do plain cash. How old are the coaches. Possibly a contribution to 529 but that’s still a little bit of a stretch.

    #206416 Reply
    SLC OB SLC OB 
    Participant
    Status: Physician
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    Joined: 06/23/2018

    That seems to me to be an odd gift. That’s more like something to may do for a grandkid or something.

    Click to expand…

    You are right… they are like family.

    They coach my kids 4-5 days a week, we travel for National Ski Competitions and stay in condos together, etc.

    Click to expand…

    Money in a Brokerage account as a gift? I would just do plain cash. How old are the coaches. Possibly a contribution to 529 but that’s still a little bit of a stretch.

    Click to expand…

    One is 25 and the other is 31. Likely no brokerage account has ever been opened for them… these are professional coaches, not kids.

    Trying to get them on the right path, the money will be spent on rent or other stuff if I don’t help direct them. Trying to help put them on the right path.

    Yes, cash can always be given but there’s no thought put into that…. I’m trying to be more meaningful.

     

    #206417 Reply
    Liked by Docbeans
    SLC OB SLC OB 
    Participant
    Status: Physician
    Posts: 610
    Joined: 06/23/2018
    Had they ever expressed desire to save for retirement?

    Click to expand…

    Yes, one just was stating that he was trying to save for downpayment on a house… but feeling futile in our housing market.

    Hoping this will be a stash that they can watch grow and add money themselves.

    I listened to a podcast and the person was young and FIRE. Part of the reason for their success they attributed to an account started by their parents and it was easy to just deposit the money into since it was set up. He stated that he would not have contributed had it not been set up for him… Was trying to decrease the burden for them and make it easier.

    #206418 Reply
    fatlittlepig fatlittlepig 
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    U have good intentions but I don’t see this as the right approach.

    #206420 Reply
    Avatar Tim 
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    Status: Accountant
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    Joined: 09/18/2018
    Does Fidelity?

    Click to expand…

    Fidelity would be perfect! BUT

    https://www.fidelity.com/why-fidelity/pricing-fees

    https://www.fidelity.com/

    The but is a big one. You can’t set up a legal account with all of the legal stuff that goes with it. Things like social security, dividend income, beneficiaries etc. The account balance is a great idea, they could empty it out if they wanted. BUT it is a legal contract that you don’t have the ability to actually execute. Not knowing if you have an office would have you setting up an account online making choices for them that cross some boundaries.

    If you really wanted to do it, enclosing a check with a note would be best. Sometimes lacking money to put into an accounts means it never starts. It’s not hard, the button says: Open an account!

    Phrase it such as your intent is to pass a small token that grows for them. Open an account is a real option to consider. If they need the cash, so be it. That is great too.

     

    https://www.fidelity.com/mutual-funds/investing-ideas/index-funds

    Fidelity Index Funds Vanguard Index Funds
    $0K Minimum Investment Admiral Share Class5 – $3K Minimum Investment
    Fund Name Comparison Based on Expense Ratio  Fund Name
    Fidelity® 500 Index Fund ( FXAIX ) .015% .040% Vanguard 500 Index Admiral (VFIAX)
    Fidelity® Total Market Index Fund ( FSKAX ) .015% .040% Vanguard Total Stock Mkt Index Admiral (VTSAX)
    Fidelity® Extended Market Index Fund ( FSMAX

    Loading... Loading…

    )

    .045% .080% Vanguard Extended Market Index Admiral (VEXAX)

    The point is, its not your position to open an account, giving them the resource and motivation is fine. The aren’t your kids.

     

     

    #206427 Reply
    Avatar Panscan 
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    Agreed good intentions but not going to come across well. Idk if a family friend started an investment account for me I’d think that would turn me off from it.

    Unsolicited advice is often not taken well.

    #206429 Reply
    Liked by Vagabond MD
    CordMcNally CordMcNally 
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    Status: Physician
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    I agree, very weird gift. I would give them cash or a gift card and be done with it.

    “But investing isn’t about beating others at their game. It’s about controlling yourself at your own game.”
    ― Benjamin Graham, The Intelligent Investor

    #206433 Reply
    Avatar SValleyMD 
    Participant
    Status: Physician
    Posts: 474
    Joined: 05/12/2016

    Agree with the others that it would be a little weird.

    Since I’ve spent many a time with ski coaches over the years my take would be Xbox games or weed. Maybe replace weed with something vaping related

    #206434 Reply
    eyecandy eyecandy 
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    Status: Physician
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    Joined: 10/01/2018

    I’ll be the dissenter from the group. Assuredly these young ski instructors have little to nothing saved for retirement. Sure cold hard cash is always nice, but you’re right it’ll get spent immediately on food/rent/beer/etc. If you are as close to them as you mention, and have a somewhat maternal/paternal relationship with them then I think there’s nothing wrong with helping them out with some retirement savings as a gift. I would have loved that money at their age, knowing I was saving 0 for retirement back then. Not sure what the minimums are in accounts, but that’ll be your limiting factor. Perhaps $ made out to Fidelity in their name for a Roth account? Sure they have to set up account, but wouldn’t be too onerous.

    I’m thinking about doing something similar opening up a 529 for a college friend. She’s married w 3 kids, they both work hard (teachers in LA) but are unable to start college saving for the kids because monthly daycare expenses are equal to mortgage expenses. I know they want to start saving, but the money is just too tight.

    Honestly, what a nice gift to receive $500 every year (I would round up, 300 is an odd number) as a bonus for retirement. Gadgets break easily and are obsolete after a few years anyway. I say go for it 🙂

    #206438 Reply
    Liked by SLC OB
    jfoxcpacfp jfoxcpacfp 
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    Joined: 01/09/2016

    I’ll be the dissenter from the group

    Click to expand…

    And what am I – chopped liver?!? 😉

    Johanna Fox Turner, CPA, CFP: I am not your financial advisor; any responses are for general purposes only
    http://www.fox-cpas.com/for-doctors-only ~ [email protected]

    #206439 Reply
    Liked by Lordosis, SLC OB

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