funky3000 Posted December 27, 2015 Share Posted December 27, 2015 So I managed to snag some stuff that would make the following months cheaper, at the cost of having literally $40 to last me 2 weeks. Thankfully now I got my paycheck but I got more college stuff coming relatively soon, draining other money. Financial situation at home is shitty too, but we're all coming along okay I guess. But we are hopefully soon on a path of finally being out of a hellhole of debt! That's right, this is more of a rave thread than a rant thread! We have two options going for us currently, if the first one works, we won't need the second. In the first doesn't work, then the second will. So, first. A while ago we discovered that my grandparents (I think) had owned 20 shares of a mutual fund. We had learned that most mutual funds gain interest, and we were speculating as to what they could have been investing in. My dad concluded that, based on the time of the purchase, and being purchased in Texas, that perhaps they had been lead to invest in oil. If that was the case, which we will find out in a few months at the most, then we could be sitting on a small fortune that could fix our lives for good. My parents plan on buying a house, my dad plans on buying a new truck, my stepmom wants a new car, I will likely also be getting a new car, my college will be paid for, my stepsister is going to have a college fund, and even after all that there will still be a lot of spending/saving money for all of us! I plan on buying a decent dress suit for when professional stuff rolls around, as well as finally buying a fursuit, then save the rest. Then I plan on leaving my job to focus on studying. But, if the mutual fund ends up not really giving what we need to fix our lives, then my dad has a new job soon selling life insurance policies. He asked multiple people about how much they make and they all say the same thing. If my dad sells even just 5 policies a week, which with his skill I believe he can sell even more potentially, we will make a little over $1k a week, which is outstanding compared to his previous job. Then after all that he'll be able to start paying me back what I've given to him over time. Eventually things would be fixed for us with that too, albeit not as quickly. So yeah, really hoping things go good for us in the coming months because I am sick and tired of having to keep a close eye on my money. Quote Link to comment Share on other sites More sharing options...
Conker Posted December 27, 2015 Share Posted December 27, 2015 As fun as it is to speculate and hope about that mutual fund, it's really not a good idea in the long run. You're only setting yourself up for disappointment if it's worth nothing. Quote Link to comment Share on other sites More sharing options...
AshleyAshes Posted December 27, 2015 Share Posted December 27, 2015 Seems like you guys are reading a LOT into those mutual funds without having any information on them at all. 1 Quote Link to comment Share on other sites More sharing options...
Chrysocyon Posted December 27, 2015 Share Posted December 27, 2015 Yeah, too soon to be making plans and getting hopes up, but sounds exciting, at least. I wouldn't be too optimistic about it. This reminds me, I work with financial advisors and insurance brokers all day, so I'm kinda tired of hearing about mutual funds and oil prices all the time. xP Quote Link to comment Share on other sites More sharing options...
Butters Posted December 28, 2015 Share Posted December 28, 2015 It's a pity times are so tough. Quote Link to comment Share on other sites More sharing options...
#00Buck Posted December 28, 2015 Share Posted December 28, 2015 20 shares in a mutual fund? If the share price is $50 that's $1,000. Enough to pay a few bills. That's about it. Oil is in the toilet right now so you better hope it has nothing to do with oil. Also mutual funds are a large number of stocks sold in a group to diversify risk so it isn't likely it would be a mutual fund containing only oil stocks. It's probably a variety of stocks all rolled in there. 1 Quote Link to comment Share on other sites More sharing options...
AshleyAshes Posted December 28, 2015 Share Posted December 28, 2015 1 hour ago, #00Buck said: 20 shares in a mutual fund? If the share price is $50 that's $1,000. Enough to pay a few bills. That's about it. Oil is in the toilet right now so you better hope it has nothing to do with oil. Also mutual funds are a large number of stocks sold in a group to diversify risk so it isn't likely it would be a mutual fund containing only oil stocks. It's probably a variety of stocks all rolled in there. This. Mutual funds are small (Almost negligible) risk and low payout, mostly a safe investment for the long term, but they don't blow up into riches as if your Grandma had Apple Stock she she's held since 1982 or something. Quote Link to comment Share on other sites More sharing options...
Rassah Posted December 28, 2015 Share Posted December 28, 2015 If they bought the funds many decades ago, maybe they're worth something, but generally a share of a fund isn't worth more than $100 or so. Once they get too high in price, they get split into two (so if you had 1 share worth $100, you'll end up with 2 shares worth $50). So, yeah, I wouldn't plan on those mutual funds to be worth anything substantial. Bit concerned about your dad selling life insurance too. Unless it's term life, which considering the income you mentioned I doubt it, the insurance policies that generally get sold are massive ripoffs that people don't realize about until someone dies and they get a payout. A lot of people may start hating your dad. If your dad can do sales, and stuff like selling insurance, have him look into a job with a local Primerica office. They'll explain the difference between different types of insurance, as well as teach him about other financial stuff like mortgages and mutual funds, and he'd be able to sell more than just insurance. Plus at the least he will know what it is he's selling. Quote Link to comment Share on other sites More sharing options...
Wrecker Posted December 29, 2015 Share Posted December 29, 2015 (edited) What does your dad owe you? I could be way out to lunch here, but that sounds really self-entitled without any info to back it up... A thousand bucks a week isn't a whole pile of money... Edited December 29, 2015 by Wrecker Quote Link to comment Share on other sites More sharing options...
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