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Thread: investment bonanza return - NOT

  1. #1
    Join Date
    Nov 2006
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    investment bonanza return - NOT

    Got an interesting statement the other day from an investment company. The name of the company isn't important. However, I had never heard of the company and did not recall ever doing any business with them. I later learned that the statement came because I have turned 70 1/2 and can cash in without penalty now. I had never received a statement from them before in the preceding 40+ years.
    Enneyhow, the statement said I had a Keogh account with them worth about $1,400.00. Very puzzling since, to the best of my knowledge, I had never opened a Keogh account or done business with this company. I called and learned that in 1969 I had, indeed, opened an account with an initial deposit of $818.00. Curiouser and curiouser.
    In 1969 if I/we had a spare $818.00 I'm sure it would have been used to pay bills or buy shoes for the babies.
    But, it turned out to be legit. I filled out the forms to cash in. The forms said I would have to pay 20% Federal tax on the $1,400.00 and 10% to the state.
    This will leave me with a bonanza of $920.00. I'll let y'all calculate just how fantastic the percentage of earnings were on that $818.00 in 1969.
    I used an on-line calculator and learned that for the $818.00 to break even at today's dollar value, it would have to have grown to about $4,500.00.
    Now, go figger the loss.
    Enneyhow, I'm going to get a net of $920.00 and plan to spend it while I can. Selfishly, I might add. Wifey might get a dinner out if I'm feeling generous.
    Plan to look for a used tablesaw and a couple good blades, will buy a decent grinder for my sharpening stone, I'm tired of pretending my wobbly old motor/stone is doing a proper job, some bandsaw blades for the riser I'm putting on the Griz and maybe a portable belt sander.

  2. #2
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    DSM, IA
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    Well Frank, congrats I guess. That is a lousy return, but it still feels like free money, right?

    What are you going to do if you sell the router duplicator now?
    A man is rich in proportion to the number of things he can afford to let alone. -Henry David Thoreau
    My Website


  3. #3
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    Quote Originally Posted by Jeff Bower View Post
    Well Frank, congrats I guess. That is a lousy return, but it still feels like free money, right?

    What are you going to do if you sell the router duplicator now?
    Good question. I have always wanted a boat. But, you can't buy much in the way of a lake fishing boat for only $1,000.00.

  4. #4
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    Any chance you forgot about other investments? Maybe you are have a gold mine that you are not aware of. I am afraid that your return is not a good sell for investing. It makes the case for just buying something like vintage powder horns. Probably worth more in the end and you can enjoy them while they "mature".

  5. #5
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    Quote Originally Posted by Bill Satko View Post
    Any chance you forgot about other investments? Maybe you are have a gold mine that you are not aware of. I am afraid that your return is not a good sell for investing. It makes the case for just buying something like vintage powder horns. Probably worth more in the end and you can enjoy them while they "mature".
    Amen on 'other' types of investments.

    I am very puzzled about this account. Not like me to forget things like this.
    Wish I had that gold mine but am not holding my breath that I'll suddenly remember it. Only the occasional lottery ticket could pull off that miracle.

  6. #6
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    Odessa, Tx
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    Well Frank, at least your investment had SOME profit, and isn't like the European Stock of Euro Disney that I bought on it's issue day when I was living over there. At some point after the stock "Tanked" the Bank that was holding the stock finally caught a little rise and sold all that stock and opened a savings acct for each shareholder, with the minimum proceeds they got for the stock. I'm not sure what really happened since that Bank was bought by another Bank and "MY" banker (who spoke GOOD English and handled my account personally, disappeared into the sunset, and they sent all reports in "FLEMISH" ....... which I can't read, AND haven't found anyone else that can either. Can you say about $2,300 Investment has grown into.......er, make that Grown "DOWN" to... about $900 USD BEFORE exchange fees from the Euro to USD then take off the transfer fees, AND that amount is ONLY when the USD is having a Good Day against the Euro.

    I guess I can't complain though since at one time I could have cashed it in with only a net of $135 USD.

    At LEAST, I did have enough sense to change my mind at the last minute and decline the opportunity to invest in the English Channel Tunnel, which ran into HUUUUUUUUUUGE cost over runs and will not break even for the next 100 years most likely.

    Hope you find some good deals and have fun with the new Toys.

  7. #7
    Join Date
    Dec 2007
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    Tellico Plains, Tennessee
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    Frank,
    Even if it's only a modest return, by now it's like free money since you had forgotten about it.

    I had similar experience.. I worked for TWA from 1965 until 1976. Sometime in 1968 or 69, I joined their retirement program. When I quit in 1976, I withdrew all of my contributions. Meantime, TWA was bought out by American, then closed down..
    When I turned 62, I started getting letters from a pension guaranty company... I kept throwing the letters away thinking they were some scam, not thinking about being vested in the company's matching contributions... long story short, when I finally contacted the guaranty company turned out I was eligible for a small pension payment at one level until I reach 85 or at a lower level for life, and if something happens to me, my wife can draw the pension.... not much, but made up the difference when I took SS at 64 instead of waiting until 65...
    Chuck
    Tellico Plains, TN
    https://www.etsy.com/shop/TellicoTurnings
    My parents taught me to respect my elders, but it's getting harder and harder to find any.
    If you go looking for trouble, it will usually find you.

  8. #8
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    Aug 2007
    Location
    Reno NV
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    13,361
    Hey Frank,

    Grizz has a nice Tormek type grinder on sale I think. I saw something in a flyer today...

    Might be worth a look....
    Programmer - An organism that turns coffee into software.
    If all your friends are exactly like you, What an un-interesting life it must be.
    "A door is what a dog is perpetually on the wrong side of" Ogden Nash


  9. #9
    My 12-hour stint as a Correctional Officer in 1992 resulted in a $20-some contribution to my state retirement account. I never bothered filling out the paperwork to move it anywhere. Figured it may be worth $30 someday. Or I could decide to be a prison guard again. NOT!

  10. #10
    Join Date
    Sep 2007
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    Central (upstate) NY
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    I wonder if this could've been some lump sum transfer from your employer's retirement plan if you changed jobs around then?

    Anyhow, have fun with whatever you end up doing!

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