investment bonanza return - NOT

Frank Fusco

Member
Messages
12,782
Location
Mountain Home, Arkansas
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.
 
Well Frank, congrats I guess. That is a lousy return, but it still feels like free money, right? :huh:

What are you going to do if you sell the router duplicator now? ;)
 
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".
 
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.
 
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,:rolleyes: AND that amount is ONLY when the USD is having a Good Day against the Euro.:rolleyes::doh::(:(:(:(:(:(

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

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.:thumb::thumb:
 
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...
 
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....
 
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. :eek: NOT!
 
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....

I'll be doing my shopping next week. This week is very busy and I'll wait for the check before spending it. :rolleyes:
I also want to check with my tax guy to see if I really have to pay that (seemingly) outrageous 30% taxes.
 
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!

At the time, I was between my newspaper career and starting my own business, I sold real estate for about two years then. So, I was self-employed. We had a two year old child and a newborn in 1969. A sum of money with (at today's values) $4,500.00 spending power certainly would have been noticed and remembered. As I said, this is a real puzzlement.
 
Check arrived. Yes, I did have to pay those taxes. :(
Netted about $1,300.00. Will use part for a mini-vacation this weekend. Some for tools.
But, considering buying a new printer. I'm tired of having to buy up to four refill cartridges a month and getting lousy photo prints.
I would like to have a color laser printer but can budget only about $500.00 to the cause.
What would y'all suggest?
 
But, considering buying a new printer. I'm tired of having to buy up to four refill cartridges a month and getting lousy photo prints.
I would like to have a color laser printer but can budget only about $500.00 to the cause.
What would y'all suggest?

I've looked into it, but I find it is better to just use an online service -- we use costco. My wife uploads the photos, and we can pick them up at the local store within 24 hours. Don't have to store, maintain, fix, pay-for, etc, any sort of printer. They have regular sales also, and she'll upload 40-50 photos then (she scrapbooks). Last fall I printed off fifteen 8x10 photos of recent trips to go up in my office -- less than a buck a print.

Sure the price of colour laser printers is dropping... but just like with inkjets, check the price of supplies! I've seen some where buying your next set of cartridges is almost the same as buying a new printer.

All that aside... we've played around with a Xerox phaser printer her at work -- they use solid ink pucks. Produces pretty decent results. Not quite as good as what I get from Costco though.

best,
...art
 
I've looked into it, but I find it is better to just use an online service -- we use costco. My wife uploads the photos, and we can pick them up at the local store within 24 hours. Don't have to store, maintain, fix, pay-for, etc, any sort of printer. They have regular sales also, and she'll upload 40-50 photos then (she scrapbooks). Last fall I printed off fifteen 8x10 photos of recent trips to go up in my office -- less than a buck a print.

Sure the price of colour laser printers is dropping... but just like with inkjets, check the price of supplies! I've seen some where buying your next set of cartridges is almost the same as buying a new printer.

All that aside... we've played around with a Xerox phaser printer her at work -- they use solid ink pucks. Produces pretty decent results. Not quite as good as what I get from Costco though.

best,
...art

Frank, I agree with Art. I use the local walgreens or target, whoever has the better deal that week...sign up for email updates and you can get some even better deals. I don't even have a printer at home anymore...used it so little the ink kept drying up.
 
I am a fairly high volume printer for black, mostly manuscripts.
And, I do like to print my own color photos since it gives me a degree of control over the final product. Probably a throw back to my b&w darkroom days. The kiosk printers do not allow custom cropping. Fer instance: if I crop a picture to 7" wide X 4" high, the kiosk will make it 5" high and chop off the ends.
I went to local Staples. They had a Brother all-in-one, laser printer, scan, fax and bread mixer that was in my price range (about $500.00). Downside, black refills are $50.00 and produce 1,500 pages. Currently, my $60.00 all-in-one HP inkjet printer makes about 500 black pages on a $15.00 cartridge.
The laser may make a better quality color print but I can't see the economy with it.
I'll continue shopping and will hold on to my HP a while longer since it works fine, cost little to purchase and works fine.
 
Top