Menu

End of Ski Season- Coach's Gifts

Home General Investing End of Ski Season- Coach's Gifts

  • Lordosis Lordosis 
    Participant
    Status: Physician
    Posts: 619
    Joined: 02/11/2019

    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.

    Click to expand…

    I always recommend Bogleheads guide to non professionals.  WCI to Docs, dentists, lawyers, etc.

    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?

    Click to expand…

    I think everyone agrees that her intentions are good.  I just cannot think of anyone who I can give this unsolicited advice to and not make it weird.  However you are right that she knows these people and is the best judge if it would be odd or not.   I had an attending who always tried to talk about the market and convince us the importance of a roth IRA.  How I wish I listened to him but no I just thought he was being a know it all financial nerd.  Look at me now I post regularly on a physician financial forum!  I would never believe it if you told me this 5 years ago.

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

    #206610 Reply
    Avatar Anne 
    Participant
    Status: Physician
    Posts: 855
    Joined: 11/07/2017

    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?

    Click to expand…

    I don’t think it’s a terrible idea, but I agree that it seems patronizing.  These are adults, not kids, and should be able to decide how to best use money.  I think it’s fine to give some guidance in the way of a book augmented with personal guidance (“when I was your age I thought I didn’t need to save much for retirement; boy I’m glad now Aunt Nancy steered me in the right direction” or whatever)….but I think allocating the money for them is treating them like kids when they’re not.  I think $ is great (and incidentally, I disagree that $ is not thoughtful or personal), and I think advice is great…but I think starting an account for an adult who is perfectly capable of doing that themselves is an overreach.  JMO

    #206630 Reply
    Avatar DAK 
    Participant
    Status: Other Professional
    Posts: 9
    Joined: 11/30/2016

    If you do give them a gift, I would think about giving opening a Roth IRA for them.  Coordinate with whoever pays them (their employer? or whoever sends them 1099-MISCs) and then pitch it to them as being like a retirement contribution bonus thank you and get their ok to use their SSNs.  I also would try to have it setup long enough for it to receive at least one dividend in it (that is reinvested) so they can see the power of compounding interest.

    What I think a lot of folks replying to you are missing is that a lot of adults are amazingly incapable of starting investment accounts for themselves.  For whatever reason they get really intimidated.  Just think of all the Docs who are always terrified of taxable accounts, or don’t know what to do once they’ve maxxed their 403bs and IRAs.  So this might be a flop and a joke next year with them, or it might be the catalyst that starts them down the investing path when they realize how easy it is.

    #206655 Reply
    Avatar Tim 
    Participant
    Status: Accountant
    Posts: 1822
    Joined: 09/18/2018
    Splash Refinancing Bonus

    SLC OB knows them well. Nothing wrong with telling them she needs some help with a gift. Walk both into Fidelity, fill out the paperwork, write the dang check and say thank you.
    They have bank accounts. They can set up. Leave or spend it or invest it. It’s SLC OB’s gift. I sure hope they say thanks!

    #206667 Reply
    Avatar SLC OB 
    Participant
    Status: Physician
    Posts: 396
    Joined: 06/23/2018
    What I think a lot of folks replying to you are missing is that a lot of adults are amazingly incapable of starting investment accounts for themselves.

    Click to expand…

    Totally.

    #207033 Reply
    MPMD MPMD 
    Participant
    Status: Physician
    Posts: 2060
    Joined: 05/01/2017

    Interesting thread.

    @SLCOB I think this is a very sweet idea that you should follow through on. Put on your mom hat and include a light-hearted card about how you are being mom this year, you are always willing to talk to them about saving for retirement, and how don’t worry next year you’ll be going back to gifting the latest Patagonia Black Diamond gloves.

    At worst they think it’s quirky and don’t really know what to do, at best you trigger an interest in future planning in people you obviously care about.

    It’s perfectly reasonable for an older adult with their stuff together to gently offer life advice to younger people they sincerely care about especially if they aren’t pushy or overbearing. When I was in residency and trying to learn this stuff if an older attending would have offered to sit down and talk to me about it I would have jumped at the chance.

    #207076 Reply
    Liked by SLC OB, jfoxcpacfp
    Avatar SLC OB 
    Participant
    Status: Physician
    Posts: 396
    Joined: 06/23/2018
    Disability Insurance

    Just to wrap this up….

    Gave each coach a card explaining that my gift was to sit down with them, help to open an account, pick either a Roth IRA or brokerage account (explaining why one would pick one or the other), help to explain Index funds, fund their first $300, and be available for future questions.

    I had checked in with one of the coach’s girlfriends that I know and she stated that he had no accounts except a regular savings that he was trying to put money into for a downpayment for a home. Just at a local bank… so likely just 0.01% interest. If nothing else, getting that money into Money Market account or high interest savings account would be a win!

    Got some feedback (they usually open the gift after they leave the banquet)… It was a hit!  They have picked one of the times I offered and even stated that they will at least match my contribution and maybe more!

    Appreciate those who answered my technical questions about accounts and who thought it was a nice gesture!

    #209632 Reply
    Avatar Tim 
    Participant
    Status: Accountant
    Posts: 1822
    Joined: 09/18/2018

    Congratulations! You might be pleasantly surprised, I hope. Ownership sometimes turns into pride of ownership. With proper feeding and care, it can be a big part of their lives.

    #209655 Reply
    Liked by SLC OB
    Avatar jz 
    Participant
    Status: Physician
    Posts: 629
    Joined: 01/09/2016

    How do you start a financial account without their social security numbers and other identification?

    #209892 Reply

Reply To: End of Ski Season- Coach's Gifts

In case of a glitch or error, please save your text elsewhere, clear browser cache, close browser, open browser and refresh the page.

Notifications Mark all as read  |  Clear