My ex gave me an odd gift not long before we divorced: a small fraction of a Bitcoin.
I’m 42, debt-free except for a very low-interest mortgage and car loan, and I have a small emergency fund, a more-or-less permanent job, and several retirement safety nets.
In order to invest your bitcoin into an IRA, you will need to open a self-directed individual retirement account , not a Roth.
You can be hit with fees, taxes and regulations you had no idea about and quite often, custodians that offer cryptocurrency are not backed by the FIDIC like traditional custodians.
You can always open a cryptocurrency IRA later on down the road, after you have built up more of a bitcoin nest egg and the market is more established.
When we were younger, my sister was vocal about wanting to become a stay-at-home mom and write in her spare time, but unfortunately that has fallen by the wayside.
I don’t want my sister to be destitute, and I don’t mind getting a smaller inheritance, but I have two teenage children and my own retirement to look after.
You are not obligated to take care of your sister, just like your mother isn’t, so it’s nice that you do care what happens to her after your mother dies.
You can say that you are doing your own end of life financial planning, and want to make sure she is prepared since she is currently caring for your sibling, and she does own property.
Share that you’re okay receiving a smaller inheritance, if that means your sister is taken care of, since you cannot provide the same financial support your mother now does.
Prepare for hard conversations by reviewing potential scenarios with a therapist who specializes in codependency, and can help you establish boundaries, so you’re ready when the time comes, whatever the situation may be.
My current will leaves everything to another sibling who is not as well off, but comfortable, and who knows I’ve currently left everything to them.
This sibling’s politics do not align with mine, and I want to change my will to leave percentages to my preferred charities, while still leaving a substantial part of my estate to them.
It’s my opinion that you’re never obligated to tell someone about changes in your will, unless it drastically affects their livelihood or would give them additional responsibility.
Since neither of the scenarios sound like your situation, I guess my real question is this: Why are you holding your sibling’s political views against them? Now, if they are flying Confederate flags and burning crosses, I get it.
Casually let your sibling know that you have changed your will to include financial contributions to charities close to you, but that nothing further is needed from them at this time.
I’m in my mid-20s, live in an expensive city where about half of my income goes to rent, and have less than $2,000 in savings.
I want to hire a financial adviser, but a couple friends have said that’s a waste of money and I can research all my options myself online.
While most financial planners are in the business of making themselves money by selling you financial products their firm provides, not all of them are commissioned financial planners.
Another fun fact is that most fee-based planners are fiduciaries, which means they legally have to put your best interests first AND need to pass a CFP exam.
Since you are just starting your financial journey, and have a good chunk of change, go to a professional.
I decided to just let his pass run out, but I hate that he can’t get to a place of security to be OK with me going out.