Post: #1

Hello,

I am looking for a bank account where I can put money in there and not touch it till i'm 65.

Like no matter what happens, I can not touch it.

Here are some suggestions people told me:

1) Roth IRA. The thing with this is I'm supposed to find someone in mid to late 50's to open in it in their name and have me as the inheritee. I don't want this option for obvious reasons. Also, possibility of government seizing pension funds.


2) Have an attorney create account. .the only thing is they rationalize reasons for increasing their fees when account balances increase !!! Any then that account disappears.

3) Open an account in another state... and don't get checks... or an atm card...

4) f you a self directed ira... and pull the money out early... you will have a tax penalty of an additional 10%

5) Set up a trust account account with a separate ein#

Any thoughts, suggestions? Are any of these options a good idea?

Post: #2

Buy Property.

Either self or w a group. Have someone manage it.
Low income housing where rent covers all expenses. Downtown area if you can.

Have a look at the price of land 50 years ago. Good luck.

Post: #3

yes, real estate is great way to build wealth

however, i just want a bank account that i cannot touch where i can deposit $400-1000 a month

Post: #4

Your safest bet would be to open a banking account where you live, one which you never use. Opt for whatever will NOT make you pay any bs balance fees every month.

Make sure your main bank account which has all the money has online e-transfer. The new bank account should also have the interac e-transfer. So... basically both banks you should have online access to.

Write down somewhere safe all the information of online banking access and then trash out (shred) the debit card they send you from the new bank.

Transfer the money from your bank account to the new one with e-transfer (very easy) and it should only cost between 1$ and 3$ per whatever money you transfer each time... If you're only talking 400-1000$ every month, the extra fees and limits shouldn't be an issue. I would suggest transferring the maximum amount of money you want at the end of the month so you don't have to pay an extra dollar or two for every 100$ or whatever increments you get your money.

I wouldn't want to do anything that would make wonder at night whether my money is safe or not.

Post: #5

NO!!! What happens when the economy really crashes? We have NOT seen the worst of it yet, and when we do it will be far worse than what happened in 08! The bubble never burst and was only postponed with a temporary patch.

If you insist on a bank then find a little single branch bank that didn't need to be bailed out when the massive bank frauds came to light, and instead did something really stupid by only loaning money to people that were likely to pay them back. There aren't many banks like that anymore, but that's the kind of bank that I deal with and have for the last 12 years.

If you want a stable investment, put you money into precious metals: Gold, silver or platinum it doesn't matter. Their monetary worth may flucuate with inflation, the economy and world conditions, but their buying power has remained pretty consistant for millennia.

Post: #6

Why don't you want to touch it? Don't trust yourself?

A 401k/IRA is the way to go generally for a retirement account that you cannot touch till you're 65. They have tax benefits too. Open one in your own name. Set it up to deposit X per month from your bank account and then leave it alone. I have a roth 401k through work. It gets taken out of my paycheck every month and invested in the proportions to the funds I have selected. I act like that money isn't mine because it belongs to 65 year-old pharoahman not me.

If you think the government might take the money (I doubt it-but there probably wouldn't be much you could do) then you could invest in other instruments or a long term CD. I hesitate to recommend a long-term CD because interest rates are too low right now for them to be worth it. At this point, if you're in your 20s or 30s, you want a diversified portfolio. The market is at a relative high, so not too much direct market exposure. And keep some cash around for other investments/opportunities. The best way to make money is to start a small business, which might need cash first.

In general, optionality has value since you can always choose to do nothing. Therefore, an account that you can touch should always be better than an account that you cannot touch assuming they are taxed the same. Only if you don't trust yourself should you really lock the money away. You might be able to set up some sort of trust, with a lawyer/law firm as the trustee and you as the beneficiary, but that seems overly complicated if its not millions you're talking about.

(roth/not roth) 401k/IRAs were designed for exactly what you have in mind, and they have tax benefits, so you might as well take a look. You don't need to do self-directed I think. One of the big 3 companies will likely have a branch in your city and be willing to give you a free consultation. I suggest you talk with a professional who can answer your questions. In fact, I suggest you talk with 2 so you can compare what they say and ask questions you didn't think of the first time. Once you lock the money away, you won't be seeing it for a while.

Post: #7

Umm even though this might not be on topic, what about government bonds. You could buy some for yourself and you couldn't really touch em for a certain amount of years and you're still guaranteed the full amount when you cash'em in. Sorry if this doesn't help or is off topic

Post: #8

^^^bump

anyone have an answer for this?

Post: #9

(02-26-2014 11:20 PM)mark-in-dallas Wrote:  If you insist on a bank then find a little single branch bank that didn't need to be bailed out when the massive bank frauds came to light, and instead did something really stupid by only loaning money to people that were likely to pay them back. There aren't many banks like that anymore, but that's the kind of bank that I deal with and have for the last 12 years.

thanks Mark.

I'll do my best to find a small branch to save money in utilizing the technique PheroJack mentioned (no ATM cards or anything, just the ability to wire the money)

I live in So Fla so there are a couple diamonds in the rough, got to find time to devote to it...

what materials do you recommend in the precious matterials department. books, websites?

i remember i was researching this heavily at one point. I know that getting certificates is a horrible idea and that its better to get the physical piece of silver or gold and put it in a safe....

Post: #10

(02-27-2014 12:41 AM)pharoahman Wrote:  Why don't you want to touch it? Don't trust yourself?

A 401k/IRA is the way to go generally for a retirement account that you cannot touch till you're 65. They have tax benefits too. Open one in your own name. Set it up to deposit X per month from your bank account and then leave it alone. I have a roth 401k through work. It gets taken out of my paycheck every month and invested in the proportions to the funds I have selected. I act like that money isn't mine because it belongs to 65 year-old pharoahman not me.

If you think the government might take the money (I doubt it-but there probably wouldn't be much you could do) then you could invest in other instruments or a long term CD. I hesitate to recommend a long-term CD because interest rates are too low right now for them to be worth it. At this point, if you're in your 20s or 30s, you want a diversified portfolio. The market is at a relative high, so not too much direct market exposure. And keep some cash around for other investments/opportunities. The best way to make money is to start a small business, which might need cash first.

In general, optionality has value since you can always choose to do nothing. Therefore, an account that you can touch should always be better than an account that you cannot touch assuming they are taxed the same. Only if you don't trust yourself should you really lock the money away. You might be able to set up some sort of trust, with a lawyer/law firm as the trustee and you as the beneficiary, but that seems overly complicated if its not millions you're talking about.

(roth/not roth) 401k/IRAs were designed for exactly what you have in mind, and they have tax benefits, so you might as well take a look. You don't need to do self-directed I think. One of the big 3 companies will likely have a branch in your city and be willing to give you a free consultation. I suggest you talk with a professional who can answer your questions. In fact, I suggest you talk with 2 so you can compare what they say and ask questions you didn't think of the first time. Once you lock the money away, you won't be seeing it for a while.

thank you for this great advice!

i will definitly do what the website says. i guess i dont need a 50 something year old to start the account? also, what does self directed mean?

i think the person that suggested this to me was so that I can have access to the money in a couple years, tax free.

One of the big 3 companies? what 3 big companies?

and yes, i dont trust myself all too much. i had a bunch of money saved 3 times in my life and i messed with it during "emergency" situations, instead of getting an extra job smh

i guess i just have to learn self-discipline. not i guess..l know.