Comments on: My Biggest Financial Blunder http://www.1stMillionAt33.com/2006/08/my-biggest-financial-blunder/ A site to share my tips, tools, and humble thoughts on the journey to wealth Sun, 02 Oct 2011 19:26:45 +0000 hourly 1 http://wordpress.org/?v=abc By: Mike F. http://www.1stMillionAt33.com/2006/08/my-biggest-financial-blunder/comment-page-1/#comment-5507 Mike F. Sat, 24 Oct 2009 00:45:21 +0000 http://www.1stMillionAt33.com/2006/08/my-biggest-financial-blunder/#comment-5507 Best part: scroll over the double-underlined words that are highlighted (i.e. "financial help", good investment", etc.) and the link takes you to one of those ghetto payday loan sites. LOL----TOO MUCH FOR THIS SITE!!! Best part: scroll over the double-underlined words that are highlighted (i.e. “financial help”, good investment”, etc.) and the link takes you to one of those ghetto payday loan sites. LOL—-TOO MUCH FOR THIS SITE!!!

]]> By: David http://www.1stMillionAt33.com/2006/08/my-biggest-financial-blunder/comment-page-1/#comment-5149 David Sun, 10 May 2009 06:11:54 +0000 http://www.1stMillionAt33.com/2006/08/my-biggest-financial-blunder/#comment-5149 I just stumbled onto your blog here and it is funny to read your article almost 3 years later after the housing crash. In my opinion you were a lot smarter than you gave yourself credit for. I just stumbled onto your blog here and it is funny to read your article almost 3 years later after the housing crash. In my opinion you were a lot smarter than you gave yourself credit for.

]]> By: Meg http://www.1stMillionAt33.com/2006/08/my-biggest-financial-blunder/comment-page-1/#comment-3349 Meg Tue, 02 Oct 2007 03:15:43 +0000 http://www.1stMillionAt33.com/2006/08/my-biggest-financial-blunder/#comment-3349 I too received/will receive a monetary "gift"--from my grandparents--and I've had access to it since college (the money was originally intended for tuition, but there is a significant balance remaining). Upon college graduation, I decided I wouldn't touch that money anymore. Part of me felt like I shouldn't use that money. I didn't earn it, and I didn't need it. I always saved aggressively, starting at age 14 (I never knew about that fund until college). I continued to save through college and to this day, as though that account doesn't exist. However, I am so glad I have that "safety net" there to help propel me towards my financial goals. I withdrew from that account to put 20% down on a condo a year ago. I'll use that account for real estate investments down the line and also perhaps for my future husband or myself to start a business. Ultimately I hope that account will provide for my future children's education expenses. In short, I will not use that money to remodel my home or to buy a bigger house than I could otherwise afford. I won't use it for exotic vacations or clothes. But I will use it to minimize my monthly expenses in the future by putting down full 20% downpayments on real estate and subsizing my children's education expenses with it. That gift is a wonderful wealth tool--if I maintain the discipline to use it wisely. I too received/will receive a monetary “gift”–from my grandparents–and I’ve had access to it since college (the money was originally intended for tuition, but there is a significant balance remaining). Upon college graduation, I decided I wouldn’t touch that money anymore. Part of me felt like I shouldn’t use that money. I didn’t earn it, and I didn’t need it. I always saved aggressively, starting at age 14 (I never knew about that fund until college). I continued to save through college and to this day, as though that account doesn’t exist.

However, I am so glad I have that “safety net” there to help propel me towards my financial goals. I withdrew from that account to put 20% down on a condo a year ago. I’ll use that account for real estate investments down the line and also perhaps for my future husband or myself to start a business. Ultimately I hope that account will provide for my future children’s education expenses.

In short, I will not use that money to remodel my home or to buy a bigger house than I could otherwise afford. I won’t use it for exotic vacations or clothes. But I will use it to minimize my monthly expenses in the future by putting down full 20% downpayments on real estate and subsizing my children’s education expenses with it. That gift is a wonderful wealth tool–if I maintain the discipline to use it wisely.

]]> By: Anna http://www.1stMillionAt33.com/2006/08/my-biggest-financial-blunder/comment-page-1/#comment-3000 Anna Tue, 12 Jun 2007 23:05:09 +0000 http://www.1stMillionAt33.com/2006/08/my-biggest-financial-blunder/#comment-3000 What are the rules regarding accepting parental gifts? I have a joint savings account with my father, and he wants to give me the contents of the account as a wedding gift (which I will accept). Can I just transfer the money to my own account? On the other hand, my finace does not have a joint account with his parents, and wants to accept their gift to him for our wedding...is it necessary for him to fill out some sort of gift form for tax purposes? If you don't know the exact tax laws, can you at least point me in the right direction about where to find out this information? Thanks, Anna What are the rules regarding accepting parental gifts? I have a joint savings account with my father, and he wants to give me the contents of the account as a wedding gift (which I will accept). Can I just transfer the money to my own account? On the other hand, my finace does not have a joint account with his parents, and wants to accept their gift to him for our wedding…is it necessary for him to fill out some sort of gift form for tax purposes?
If you don’t know the exact tax laws, can you at least point me in the right direction about where to find out this information?

Thanks,
Anna

]]> By: frugal http://www.1stMillionAt33.com/2006/08/my-biggest-financial-blunder/comment-page-1/#comment-1026 frugal Tue, 22 Aug 2006 04:58:31 +0000 http://www.1stMillionAt33.com/2006/08/my-biggest-financial-blunder/#comment-1026 Also, when buying a home, you probably should consider your usage based on a 5 year timeframe out. That's what I didn't do. Also, when buying a home, you probably should consider your usage based on a 5 year timeframe out. That’s what I didn’t do.

]]> By: John M http://www.1stMillionAt33.com/2006/08/my-biggest-financial-blunder/comment-page-1/#comment-1018 John M Mon, 21 Aug 2006 13:04:58 +0000 http://www.1stMillionAt33.com/2006/08/my-biggest-financial-blunder/#comment-1018 While there are many people who were lucky enough to make money off of real estate, buying a home base on useage is never a stupid investment. Not only would you have had your gift tied up, but other expenses would go up as well including RE Taxes & Maintenance & Utilities. While there are many people who were lucky enough to make money off of real estate, buying a home base on useage is never a stupid investment. Not only would you have had your gift tied up, but other expenses would go up as well including RE Taxes & Maintenance & Utilities.

]]> By: Ketan http://www.1stMillionAt33.com/2006/08/my-biggest-financial-blunder/comment-page-1/#comment-1017 Ketan Mon, 21 Aug 2006 12:17:17 +0000 http://www.1stMillionAt33.com/2006/08/my-biggest-financial-blunder/#comment-1017 Good post ....I realised that I am doing exactly the same... I have put the money given by my parents into saving account... and not using it... should actively use it... thanks. Ketan (http://greenbuck.blogspot.com) Good post ….I realised that I am doing exactly the same… I have put the money given by my parents into saving account… and not using it… should actively use it… thanks.

Ketan (http://greenbuck.blogspot.com)

]]> By: Money Blog Network http://www.1stMillionAt33.com/2006/08/my-biggest-financial-blunder/comment-page-1/#comment-1012 Money Blog Network Mon, 21 Aug 2006 05:10:29 +0000 http://www.1stMillionAt33.com/2006/08/my-biggest-financial-blunder/#comment-1012 <strong>The Carnival of Personal Finance...</strong> The Carnival of Personal Finance is here! 'Tis the morning of Monday, so let's get in gear! I hope that you brought out your coffee or tea With money posts plenty, I think you'll agree That all of the...... The Carnival of Personal Finance…

The Carnival of Personal Finance is here! ‘Tis the morning of Monday, so let’s get in gear! I hope that you brought out your coffee or tea With money posts plenty, I think you’ll agree That all of the……

]]> By: frugal http://www.1stMillionAt33.com/2006/08/my-biggest-financial-blunder/comment-page-1/#comment-984 frugal Wed, 16 Aug 2006 23:54:56 +0000 http://www.1stMillionAt33.com/2006/08/my-biggest-financial-blunder/#comment-984 prlinkbiz, Both my wife and I have always treasured the money from our parents. I transfered the money from my parents to my control, because I finally believe that I can invest better than my Dad. My spelling is not that good either, but my advantage is that I can go back into my posted comments, and re-spell them, :). prlinkbiz,

Both my wife and I have always treasured the money from our parents. I transfered the money from my parents to my control, because I finally believe that I can invest better than my Dad.

My spelling is not that good either, but my advantage is that I can go back into my posted comments, and re-spell them, :) .

]]> By: frugal http://www.1stMillionAt33.com/2006/08/my-biggest-financial-blunder/comment-page-1/#comment-983 frugal Wed, 16 Aug 2006 23:47:09 +0000 http://www.1stMillionAt33.com/2006/08/my-biggest-financial-blunder/#comment-983 Keith, Yes, I know I'm very lucky. No doubt about it. Keith, next time you can simply post your comment to the proper post. I see all comments easily from my WordPress platform and respond to all, even on a very old post. No need to comment at the latest post. Thanks. Keith,

Yes, I know I’m very lucky. No doubt about it.

Keith, next time you can simply post your comment to the proper post. I see all comments easily from my WordPress platform and respond to all, even on a very old post. No need to comment at the latest post.

Thanks.

]]> By: prlinkbiz http://www.1stMillionAt33.com/2006/08/my-biggest-financial-blunder/comment-page-1/#comment-982 prlinkbiz Wed, 16 Aug 2006 23:01:18 +0000 http://www.1stMillionAt33.com/2006/08/my-biggest-financial-blunder/#comment-982 Wow forgive my horrible spelling- better go get some more coffee... Wow forgive my horrible spelling- better go get some more coffee…

]]> By: prlinkbiz http://www.1stMillionAt33.com/2006/08/my-biggest-financial-blunder/comment-page-1/#comment-981 prlinkbiz Wed, 16 Aug 2006 23:00:09 +0000 http://www.1stMillionAt33.com/2006/08/my-biggest-financial-blunder/#comment-981 Thats really interesting. They say money attracts money- but I think it has to be with money wanting to be taken care of put to use. You probably could have invested all that money into assets that would throw off passive income for you, setting you up for life. It could have grown, so I can see what you are saying. However- there is something to be said for the steps that you did take along the way, and how you have increased your finacial education. Because, conversely- that money could all be gone. Thats really interesting. They say money attracts money- but I think it has to be with money wanting to be taken care of put to use. You probably could have invested all that money into assets that would throw off passive income for you, setting you up for life. It could have grown, so I can see what you are saying. However- there is something to be said for the steps that you did take along the way, and how you have increased your finacial education. Because, conversely- that money could all be gone.

]]> By: Keith http://www.1stMillionAt33.com/2006/08/my-biggest-financial-blunder/comment-page-1/#comment-980 Keith Wed, 16 Aug 2006 21:09:17 +0000 http://www.1stMillionAt33.com/2006/08/my-biggest-financial-blunder/#comment-980 Silver Spoon: I just read your post about the gifts that your parents gave you for getting married. You are one lucky guy. You know what I got from my wedding...a bill and debt to start our lives together! Mercy, do you know how lucky you are? Silver Spoon:

I just read your post about the gifts that your parents gave you for getting married. You are one lucky guy. You know what I got from my wedding…a bill and debt to start our lives together! Mercy, do you know how lucky you are?

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