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End of Ski Season- Coach's Gifts

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  • Avatar Tim 
    Participant
    Status: Accountant
    Posts: 3312
    Joined: 09/18/2018
    Does Fidelity?

    Click to expand…

    Yes. No minimums, no transaction fees, and zero fee broad index mutual funds.

    But, you can’t legally open an account for another adult! It is illegal! You don’t have power of attorney or any right to open or conduct any transactions on behalf of another adult.

    You can give them a check with a suggestion. You can have them open the account and transfer funds to the account. You can have them authorize you to have access and run transactions for them. You just can pretend to be them, enter social securtity and all that with that goes with setting up an account.

    Online or on paper you can’t just do it for them. Assistance is OK. As you mentioned, its not that hard to click OPEN ACCOUNT.

    #206443 Reply
    SLC OB SLC OB 
    Participant
    Status: Physician
    Posts: 610
    Joined: 06/23/2018

    I’m thinking about doing something similar opening up a 529 for a college friend.

    Click to expand…

    Great idea! I know that when I sent up my 529s for my kids, I just gave the account # to my Mom, she always would buy a $3-5 toy for birthdays and send a $100 check to the 529. With young kids, it was nice that I did not have to mail it myself. It could be an account to be shared by all family members to contribute. Kids prefer the cardboard box more than the gift anyway!

    Thanks for your support.

    BTW, I called Fidelity, they have no minimums and I can buy FSKAX (total stock market index) with as little (sales guy said $10) as I want.

    #206445 Reply
    jfoxcpacfp jfoxcpacfp 
    Moderator
    Status: Financial Advisor, Accountant, Small Business Owner
    Posts: 8342
    Joined: 01/09/2016

    Does Fidelity?

    Click to expand…

    Yes. No minimums, no transaction fees, and zero fee broad index mutual funds.

    But, you can’t legally open an account for another adult! It is illegal! You don’t have power of attorney or any right to open or conduct any transactions on behalf of another adult.

    You can give them a check with a suggestion. You can have them open the account and transfer funds to the account. You can have them authorize you to have access and run transactions for them. You just can pretend to be them, enter social securtity and all that with that goes with setting up an account.

    Online or on paper you can’t just do it for them. Assistance is OK. As you mentioned, its not that hard to click OPEN ACCOUNT.

    Click to expand…
    1. Open account in your own name.
    2. Notify coach (maybe an envelope enclosing a handmade gift certificate?) and explain what you’re doing and how to set up account in coach’s name.
    3. Use this as an opportunity to give coach valuable tips on saving, investing, planning for the future.

    No laws broken, jail-time averted – shazam!

    @tim, I don’t always get you, but I love you still. You challenge me.

    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]

    #206450 Reply
    Liked by SLC OB
    ENT Doc ENT Doc 
    Participant
    Status: Physician
    Posts: 3567
    Joined: 01/14/2017

    Just make sure to include instructions for Schedule D, specifically highlighting the short term gain/loss section so they’ll be in the know a year from now.

    Agree with FLP for the most part. A budgeting tool would be more helpful than $300, provided you know they have spending problems.

    #206451 Reply
    eyecandy eyecandy 
    Participant
    Status: Physician
    Posts: 28
    Joined: 10/01/2018

    Haha no you’re definitely not chopped liver! Sorry I missed that. Interesting that both women who commented don’t think it’s a strange gift 😊
    Honestly, I think it’s thoughtful and generous.

    SLC-OB Thanks for the 529 advice! You’ve inspired me to get off my lazy bum and help out a friend. I’d much rather contribute $25 Bday gifts to that rather than toys!

    #206453 Reply
    Liked by jfoxcpacfp, SLC OB
    Avatar FIREshrink 
    Participant
    Status: Physician
    Posts: 1032
    Joined: 01/11/2017

    It’s beyond weird. It’s patronizing.

    Give them cash.

    #206455 Reply
    Avatar Anne 
    Participant
    Status: Physician
    Posts: 1233
    Joined: 11/07/2017

    Maybe give $ along with a book that might get them started… I haven’t read it but Bernstein’s If You Can seems to be in this genre…maybe someone else who has read it can comment if it fits here.  And maybe a heartfelt note of how someone helped you out with info on retirement when you were younger and you hope they’ll use the $ to contribute to a Roth or whatever else, and that you are available to help them set it up if they’d like.

    #206458 Reply
    Liked by DerekLava, ENT Doc
    Avatar FIREshrink 
    Participant
    Status: Physician
    Posts: 1032
    Joined: 01/11/2017

    duplicate

    #206460 Reply
    Avatar XX17P 
    Participant
    Status: Dentist
    Posts: 45
    Joined: 09/10/2018

    I would tap the brakes a bit…given what I understand.  Gifts and advice are two different things all together.  If they are interested in learning more about organizing ones financial house, I would begin a dialogue with them to investigate their interest.  It very well could be that getting control of their expenses and debts could lead them to a future of saving and investing.  A cart and horse kind of thing.  So maybe this year get a gift similar to the past years and next year steer them toward creating a financial plan in some fashion.

    #206464 Reply
    Liked by q-school
    Avatar AR 
    Participant
    Status: Physician
    Posts: 873
    Joined: 03/10/2016

    +1 on the good intentions but overall bad idea.  Not the least of which is there is a pretty good chance they just liquidate it immediately.

    Also how can you start a brokerage account for someone else?  I’d imagine there is at least some personal information required that you don’t have access to.

     

     

    #206476 Reply
    ACN ACN 
    Moderator
    Status: Physician
    Posts: 666
    Joined: 01/08/2016

    Buy them wci book and give them $300 cash inside.

    If you're ever having a bad day, just remember in 1976 Ronald Wayne sold his 10% stake in Apple for $2,300.

    Lithium Lithium 
    Participant
    Status: Physician
    Posts: 1221
    Joined: 02/15/2016

    Give a man a fish….

    If You Can is a great suggestion.

    #206492 Reply
    Liked by SLC OB
    Lordosis Lordosis 
    Participant
    Status: Physician
    Posts: 2138
    Joined: 02/11/2019

    If someone has an interest in personal finance or investing I will talk their ear off but it is hard to force the issue.  I think it is a very well intentioned gift but with the information given I would be wary about offending them.  I see giving someone with money issues advice on budgeting akin to giving an obese person a weight watchers membership.  Now you know these people more then any of us so maybe your relationship would make it less odd.  Good luck and make sure you let us know if you are able to make it work.

    “Never let your sense of morals prevent you from doing what is right.”

    #206600 Reply
    Liked by Anne
    Avatar Anne 
    Participant
    Status: Physician
    Posts: 1233
    Joined: 11/07/2017

    Isn’t the WCI book geared towards high income professionals? Wouldn’t choose that one for that reason. Would choose something that is geared more towards average income/shows how anyone can retire well with reasonable consistent savings habits.

    #206604 Reply
    jfoxcpacfp jfoxcpacfp 
    Moderator
    Status: Financial Advisor, Accountant, Small Business Owner
    Posts: 8342
    Joined: 01/09/2016

    With all kindness and respect, I am simply stymied by the responses on this thread. SLC OB has said these instructors are like family members, not obese, spendthrift near-strangers who would look at her as if she just got out of the psyche ward. She knows them better than we and it sounds as if she thinks of them more like older adopted siblings for her own kids.

    I can definitely see myself doing something like this for “kids” in that age range who I might have had conversations about finances with or have taken under my wing. Often, advice is very well-received when it comes from someone you respect and outside the emotional anxiety of family ties. At least, that’s how it was with my boys’ friends. Are kids today so easily insulted by a thoughtful gesture?

    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]

    #206608 Reply
    Liked by SLC OB

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