Author Topic: I just sold everything taxable  (Read 6063 times)

livetogive

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I just sold everything taxable
« on: July 25, 2013, 09:57:35 AM »
I just sold all my non-retirement accounts (~30% of my net worth) to put towards my (new) wife's student loans @ 7 5/8ths.  Ouch.

Sorry, this isn't a question, it's more just venting in frustration.  I know it's the right move but it hurts nonetheless.

Honest Abe

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Re: I just sold everything taxable
« Reply #1 on: July 25, 2013, 10:03:33 AM »
Well your net worth and hers are one and the same now, so congrats! It's a big sacrifice to take on someone's burden and make it go away, but that's what love is all about, ain't it? :)

Congrats on your new marriage!


Freeyourchains2

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Re: I just sold everything taxable
« Reply #2 on: July 25, 2013, 10:22:45 AM »
I took some gains off the top from the stache, and bought a (high quality, and undervalued, beautiful) engagement ring. It's still slightly frustrating, but keep in mind you now are a pair! 4 hands are better than 2! 2 Minds are usually better then one, if they both help to prevent none.

If you both are found out in the middle of no where without any materialism, you'll have a better chance of survival as a pair!.

Either way, I want modern society to take marriage and go back the way of traditional scottish marriages.

Where wedding bands were sown scarfs, and marriages had no licenses/taxes/etc. and a priest would marry you in secret if you desired.

livetogive

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Re: I just sold everything taxable
« Reply #3 on: July 25, 2013, 11:19:22 AM »
thanks for the support!  I couldn't agree more re: the rings.  It also took a while to communicate that her debt is now our debt. 

In all fairness, I think the engagement ring drama/excessive spending is what tipped the scale and brought us down the MMM path.  It was a gradual process but I'm thankful we're here, and the engagement ring price was small compared with adding 40% to our savings rate long term.

Tony_SS

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Re: I just sold everything taxable
« Reply #4 on: July 25, 2013, 11:38:01 AM »
thanks for the support!  I couldn't agree more re: the rings.  It also took a while to communicate that her debt is now our debt. 

In all fairness, I think the engagement ring drama/excessive spending is what tipped the scale and brought us down the MMM path.  It was a gradual process but I'm thankful we're here, and the engagement ring price was small compared with adding 40% to our savings rate long term.

Would you say your wife is materialistic? Or just having to keep up with the idea that society puts on couples, esp women, that need a diamond on their finger.

I have this cool titanium ring. Not sure why I got it, I dont wear it. Only because I dislike jewelry.

Tony_SS

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Re: I just sold everything taxable
« Reply #5 on: July 25, 2013, 11:39:11 AM »
I took some gains off the top from the stache, and bought a (high quality, and undervalued, beautiful) engagement ring. It's still slightly frustrating, but keep in mind you now are a pair! 4 hands are better than 2! 2 Minds are usually better then one, if they both help to prevent none.

If you both are found out in the middle of no where without any materialism, you'll have a better chance of survival as a pair!.

Either way, I want modern society to take marriage and go back the way of traditional scottish marriages.

Where wedding bands were sown scarfs, and marriages had no licenses/taxes/etc. and a priest would marry you in secret if you desired.


Agreed!

livetogive

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Re: I just sold everything taxable
« Reply #6 on: July 25, 2013, 11:55:04 AM »
Would you say your wife is materialistic?

No more so than the average middle class woman.  IMO most women compare their rings to others at some point and view it as some kind of pecking order, even if they vehemently deny doing so. What makes matters worse is some of our friends are wealthy and spent extreme* amounts of money on rings.  Face punch please.

This has been a growth process for both of us.  Over the past 3 years she's gone from spending more than she makes and carrying credit card debt to pushing for us to save more than 60% of our income, so i'm happy with that.  I don't have any debt but had a mediocre savings rate and was on track to work until 80.  We both slip up at times but remedy it quickly. 


*I think one ring was well over 6 figures.

Tony_SS

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Re: I just sold everything taxable
« Reply #7 on: July 25, 2013, 12:08:24 PM »
My wife has friends like that too. New Mercedes, big new ring, fake boobs, now shopping for a 500k house. I can't judge, he's a web designer, maybe he's swimming in cash? I don't know. He could a MMM clone and just be making a killing but living "frugal" based on his earnings, right? It's not my kind of lifestyle, that's for sure.

Glad you guys are on the right track now... a little pain now, and the payoff comes later.

Honest Abe

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Re: I just sold everything taxable
« Reply #8 on: July 25, 2013, 01:36:51 PM »
Engagement rings are anywhere from $50-$100000000000000. Getting your wife a ring of some sort doesn't make either of you materialistic, I would say the amount spent is more of an issue in that regard.

And let's face it, spending your hard earned $ on a ring does require some commitment on the man's part, so there is some degree of sense to it. (a la the "dowries" or tributes paid in some societies.)

I guess what I'm saying is, it doesn't matter, enjoy your new marriage and grow that mustache together. :)
« Last Edit: July 25, 2013, 08:17:59 PM by Honest Abe »

aj_yooper

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Re: I just sold everything taxable
« Reply #9 on: July 25, 2013, 03:09:49 PM »
Congratulations on your marriage!  And, wow, you are both riding the MMM wave-shooting for a 60% savings rate! 

The good news about selling your stocks is that the family net worth has not changed, but your cash flow has mightily improved.  If your savings go into tax sheltered accounts, you will mitigate much of the taxes too.

Reepekg

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Re: I just sold everything taxable
« Reply #10 on: July 26, 2013, 10:11:35 AM »
It may seem painful to pay off loans, but I've found a spouse to be a great investment. Shared living expenses combined with extra income are huge benefits long term. Congratulations on finding a special someone as well!

Would you say your wife is materialistic?

*I think one ring was well over 6 figures.

How is that even possible? My most non-Mustachian purchase ever was a custom designed platinum engagement ring with every extra and it didn't crack 5 figures.

simonsez

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Re: I just sold everything taxable
« Reply #11 on: July 26, 2013, 10:55:47 AM »
Congrats on the union and the elimination of debt.  You can always get more taxable investments!

RE: the ring- Of all the costs (pecuniary and non-) related to my wedding process, the engagement ring is easily the best money out of that pool that I've spent.  I bought the ring* from a small town dealer where I grew up near STL (which seemed to be about 60% less than similar rings I/we were looking at out in DC).  I have a lifetime price guarantee should I ever decide to trade it in.  Free repairs, free cleaning.  I did finance it as I wasn't getting a mortgage shortly thereafter (initial FICO hit from new account) and paid off the 0% for 12 months on time.  This was a year ago and my wife is still yammering on to me about how much she loves it.  Each additional yammer drives the hypothetical unit cost down in my mind.  I'm sure this will diminish with age but it is truly cool to have something providing that positive passive emotion stream (akin to passive income of course!).  There is something to be said about that permanent symbol that you can look at everyday to reinforce the feelings you have for your SO.

http://www.hudsonjewelers.com/Product/Jewelry/Rings/Fashion_Rings/4413

Did I pay the suggested retail price?  Of course not!  Let's just say my monthly payments were just a tad higher than $100/mo.  Engagement rings were a fun arena for me to hone my haggling which itself is quite a valuable life skill.

YMMV

*Current retail price is $2169 as of 7/26/13.  I've seen it up to $2700 and down to $1800 on that local jeweler's site alone at various times.

Tony_SS

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Re: I just sold everything taxable
« Reply #12 on: July 26, 2013, 11:06:00 AM »
I almost have my wife talked into a very tiny diamond suspend into a beautiful titanium tension ring that's a handmade work of art. She settled on everything except the very small diamond part. ;) I still think it would have made a great statement that a big rock is just a meaningless superficial object. She agree'd but still wanted the nice diamond.

I too paid off the rock in 12 mons for 0%. There's nothing like using the banks money for leverage on a luxury purpose.

Reepekg

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Re: I just sold everything taxable
« Reply #13 on: July 26, 2013, 12:14:35 PM »
I'm sure this will diminish with age but it is truly cool to have something providing that positive passive emotion stream (akin to passive income of course!). 

I really liked this line of thinking. I will have to see how I can apply it in my everyday life.

NumberCruncher

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Re: I just sold everything taxable
« Reply #14 on: July 26, 2013, 12:57:39 PM »
Man, if I have anything on my person worth more than a couple hundred, I get anxious. I'm much too forgetful for fancy jewelry. O.o

< $40 thin gold band wedding ring, no engagement ring


It must feel so nice to get rid of that debt! Way to go!


simonsez

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Re: I just sold everything taxable
« Reply #15 on: July 26, 2013, 01:11:12 PM »
Man, if I have anything on my person worth more than a couple hundred, I get anxious. I'm much too forgetful for fancy jewelry. O.o

< $40 thin gold band wedding ring, no engagement ring


It must feel so nice to get rid of that debt! Way to go!
No renter's or homeowner's insurance?

NumberCruncher

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Re: I just sold everything taxable
« Reply #16 on: July 26, 2013, 01:54:08 PM »
Man, if I have anything on my person worth more than a couple hundred, I get anxious. I'm much too forgetful for fancy jewelry. O.o

< $40 thin gold band wedding ring, no engagement ring


It must feel so nice to get rid of that debt! Way to go!
No renter's or homeowner's insurance?

I have renter's insurance, but...it's more than that, really.

1) I like not having to think about things like jewelry on a daily basis - taking off, putting on, etc
2) Even if an expensive ring was covered under insurance, losing it would still be really stressful
3) I really don't care that much about stones and rings/jewelry in general - so why spend money on it?
4) Didn't like the idea of only one of us sporting an engagement ring - felt weird (to each his or her own)
5) Having something worth thousands of dollars on my hands would make me uncomfortable walking around -- theft and whatnot.

I'm weird, I know.