anyone buy & sell 6-month t-bills...?
#6565463
06/30/19 03:40 PM
06/30/19 03:40 PM
|
Joined: Dec 2015
Posts: 6,325 se South Dakota
NonPCfed
OP
trapper
|
OP
trapper
Joined: Dec 2015
Posts: 6,325
se South Dakota
|
My oldest kid has some personality "issues" that I won't go into but tried to do a semester of college out of hs, claimed he was doing his daily & weekly work (which he wasn't for a couple of reasons) and ended up flagging 3 out of 4 courses. Now he's working about three-quarter time and wants to save up and return to college in a year or so (if it happens). The wife doesn't want me to put any more "college" money into his 529 plan (he still has about 3k there) because if he doesn't go back for any kind of schooling (not just a 4-year college thing), its a lot harder to use it up without strings attached. I don't want his money just to stay in a savings account for a couple of reasons, and we won't have time to acquire a larger stash (has about $700 of his own now) and do anything mid-term so I'm wondering about having him (most likely me) buy and sell a few 6-month treasury notes for him over the next 2-3 years. But I've never dealt with t-bills before, although I know you can set up an account and buy and sell them on your own. Any thoughts...?
"And God said, Let us make man in our image �and let them have dominion �and all the creatures that move along the ground". Genesis 1:26
|
|
|
Re: anyone buy & sell 6-month t-bills...?
[Re: NonPCfed]
#6565721
06/30/19 10:22 PM
06/30/19 10:22 PM
|
Joined: Dec 2015
Posts: 6,325 se South Dakota
NonPCfed
OP
trapper
|
OP
trapper
Joined: Dec 2015
Posts: 6,325
se South Dakota
|
Send him part time to a community college while he works the other part. Prove he will work at it. Make it his money on the line not yours, at least until he proves himself worthy. The only money of mine left in the deal is the 3k sitting in his 529 plan. I'm asking what to do with his money in the short-term. A fraction of 1% in a regular savings account seems pretty worthless to me...
"And God said, Let us make man in our image �and let them have dominion �and all the creatures that move along the ground". Genesis 1:26
|
|
|
Re: anyone buy & sell 6-month t-bills...?
[Re: NonPCfed]
#6566324
07/01/19 11:10 PM
07/01/19 11:10 PM
|
Joined: Dec 2015
Posts: 6,325 se South Dakota
NonPCfed
OP
trapper
|
OP
trapper
Joined: Dec 2015
Posts: 6,325
se South Dakota
|
Thanks for the various comments!!
The $700 that I mentioned he had right now isn't all that he will have to "work" this for a couple years. I'm trying to get him put in at least $200 a month from his paycheck. He wouldn't have to burn it all at once if he went back to school so that's why I was thinking about sort of rotational downward use of what he had in this reserve.
OhioBoy, thanks for the tax tip. You are correct, reducing my taxes isn't the goal here. I don't even indulge myself in thinking about maxing out my 401k. That's just never going to happen.
TreedaBlackdog, yeah it would be great if he could manage his money at this point but with his touch of Asperger's and whatever other issues he has, its interesting to watch. The kid isn't dumb but is just a pure linear thinker if he's not really interested. You can't assume there is any "common sense" there or maybe I'm just too old in expecting kids to know certain things. Maybe his interest would pick up if he saw the "mechanics" of investments and money growing /coming in.
SNIPERBBB, don't think cutting lawns on the side is his specialty. He's not terrible at it but he's not that good either or perhaps I have more an attention for detail.
martentrapper & white17, thanks, I've have to check them out, although I'm not familiar with "UTMA" accounts and "US Agency guaranteed paper"...
"And God said, Let us make man in our image �and let them have dominion �and all the creatures that move along the ground". Genesis 1:26
|
|
|
Re: anyone buy & sell 6-month t-bills...?
[Re: NonPCfed]
#6566391
07/02/19 06:55 AM
07/02/19 06:55 AM
|
Joined: Nov 2007
Posts: 9,780 St. Cloud, MN
trapperkeck
trapper
|
trapper
Joined: Nov 2007
Posts: 9,780
St. Cloud, MN
|
An utma account is not really an option, since he is an adult It is a Uniform Transfer to a Minor Account.
"The voice of reason!"
|
|
|
Re: anyone buy & sell 6-month t-bills...?
[Re: trapperkeck]
#6566752
07/02/19 06:31 PM
07/02/19 06:31 PM
|
Joined: Dec 2006
Posts: 3,489 Moved to Fbks, Ak.
martentrapper
trapper
|
trapper
Joined: Dec 2006
Posts: 3,489
Moved to Fbks, Ak.
|
An utma account is not really an option, since he is an adult It is a Uniform Transfer to a Minor Account. An adult may open a UTMA account in the name and ssn of a minor. That adult may the. deposit money into that account.
|
|
|
Re: anyone buy & sell 6-month t-bills...?
[Re: martentrapper]
#6567139
07/03/19 09:09 AM
07/03/19 09:09 AM
|
Joined: Mar 2007
Posts: 35,129 McGrath, AK
white17
"General (Mr.Sunshine) Washington"
|
"General (Mr.Sunshine) Washington"
Joined: Mar 2007
Posts: 35,129
McGrath, AK
|
An utma account is not really an option, since he is an adult It is a Uniform Transfer to a Minor Account. An adult may open a UTMA account in the name and ssn of a minor. That adult may the. deposit money into that account. Mike; The way I understand the OP...... there are no minors involved in this. His son is college age
Mean As Nails
|
|
|
Re: anyone buy & sell 6-month t-bills...?
[Re: NonPCfed]
#6567170
07/03/19 09:46 AM
07/03/19 09:46 AM
|
Joined: Jan 2007
Posts: 2,136 B61-12 vicinity, MO
TreedaBlackdog
trapper
|
trapper
Joined: Jan 2007
Posts: 2,136
B61-12 vicinity, MO
|
I would sit him down and go over charts with him and explain compound interest and the power of it. He may grasp more than what we see and be blessed to visualize trends like none other. God has a plan for him that neither you or your wife may know yet. Trust the Lord to direct him but it still is your responsibility to show him and lead him. Show him stuff like if you put $100 a month in an account making 7% interest over 25-30 years. Compare it to just putting the money into a bank account and making .05% interest. Many older adults still do not invest and have no future plans.......
Ask him his goals for life and how he plans to accomplish then with your help.
Last edited by TreedaBlackdog; 07/03/19 09:47 AM.
|
|
|
Re: anyone buy & sell 6-month t-bills...?
[Re: gryhkl]
#6567226
07/03/19 12:02 PM
07/03/19 12:02 PM
|
Joined: Dec 2006
Posts: 17,550 Rodney,Ohio
SNIPERBBB
trapper
|
trapper
Joined: Dec 2006
Posts: 17,550
Rodney,Ohio
|
Where might one find a guaranteed 7% interest? I hear Iran has a 15% rate...but good luck with the garaunteed part assuming you could findva legal way to deposit anything and get your money back.
|
|
|
|
|