An introduction to the Family Bank and what ChooseFI’s accountant-on-call thinks about it, as well as how to navigate rental car insurance, and what soft skills are crucial to a career in retail?
What we dig into in this Friday Roundup:
- Jonathan is exploring new, non-computer-based hobbies.
- It can be overwhelming to figure out what specific goals we want to pursue.
- You can do anything, but you can’t do everything.
- Do children who find entrepreneurial hobbies as end up as millionaires?
- Retail jobs are everywhere – it mostly requires soft skills.
- What’s the problem with being over-educated and under experienced?
- How important is it to be friendly, kind and nice?
- Do your county’s high schools offer programs to help students graduate with an associate’s degree?
- Voicemail from Brent, who is curious about selecting rental car issuance.
- In order for credit card coverage to kick in you need to: decline rental company collision waiver, be the primary driver of the rental vehicle, and pay for the card in full with the card that offers the insurance protection.
- Does your primary car insurance actually provide rental car insurance?
- An email from Shari who recently made huge adjustments in her investments strategies, and realized that her son is 4th Generation FI.
- Chris talks about his “Family Bank”.
- How and why did Chris get this started?
- What are the logistics of how the loans and “accounts” work?
- Why does Chris’ family opt to use the Family Bank as opposed using traditional mortgage loans?
- What impact does the Family Bank have on Chris’ investment strategy?
- The first step toward the family bank is having transparent conversations about money.
- What does Shane Mason, CPA/CFP, think of the family bank?
- Does Shane consider the family bank an investment comparable to bonds?
- Does the Family Bank need to be considered a business?
- Interest income is always a taxable income.
- Might the IRS have an issue with taking a loan from oneself?