First, bad news. I dropped my 100 days old iphone 5s in the toilet. It is dead. It sucks. I will have to pay $300 to get it replaced for a re-furbished one in the apple store.
Today we had lunch in Chinatown with mother-in-law. Dim sum and my favorite shrimp and walnut dish(deep fried and the sauce base is mayo and condensed milk mix. 50 minute workout I put in later will not fix that).
We picked up the tab ($42). That is very cheap for 3 people and a child.
Than we talked with my MIL. She wanted to buy a whole life policy on our son, as "protection" for his future family. So I made detailed spreadsheets to illustrate to her how this was not a good use of money. It worked! Just trying to talk her out of it never worked, but when she saw our projections, that helped.
She also told us that she had a policy on my DH, that she opened when he was 4, and that if we want to cash it in, we can do it and use the money for whatever we want. That is about 6K. That is pretty unexpected.
She also gave us a gift of 10K, to help us with our son's pre-school fees or whatever we feel would be of benefit to him or us. WOW. that is extremely generous and I am very grateful. She just gave it to us. We are not struggling or ever complained about finances, so this is absolutely amazing.
She did say though that we should have a second child, but I choose to attribute that to her being a grandmother, it was not a condition for her gift - she gave none. I think it was probably more of a gesture to let us know that she can help and so we should not be as scared to have another one.
So, overall we are 16K(-$300) richer today, as a family(we will probably put large chunk of that money away for our son's education). And it is all tax free - there is no tax consequence for gifts under 12K, and life insurance policy was held for over 15 years, so that is not a subject to tax either. That is amazing start of the year.
Would this qualify as a snowflake? (or an avalanche )
Extremely financially eventful day. MIL's gift.
January 2nd, 2014 at 05:41 am
January 2nd, 2014 at 02:37 pm 1388673423
January 2nd, 2014 at 02:57 pm 1388674650
Nice windfall - good luck with it!
January 2nd, 2014 at 03:28 pm 1388676489
January 2nd, 2014 at 04:21 pm 1388679682
Well, that isn't true!
January 2nd, 2014 at 05:02 pm 1388682148
January 2nd, 2014 at 11:37 pm 1388705858
January 2nd, 2014 at 11:43 pm 1388706194
That's a separate issue from that fact that whole life policies are terrible scams in general.
January 3rd, 2014 at 12:01 am 1388707282
January 4th, 2014 at 04:59 pm 1388854766
January 4th, 2014 at 09:49 pm 1388872193
January 5th, 2014 at 04:21 am 1388895715
January 5th, 2014 at 09:53 pm 1388958829
January 5th, 2014 at 11:12 pm 1388963572
January 10th, 2014 at 08:56 am 1389344201