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Old 11-24-2019, 11:27 AM
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Mr. Jelly Mr. Jelly is offline
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Default RMD Guitars?

So what if any guitars have you bought with your RMDs? Did you go for something special? If you have a story I'd like to hear it.

Required Minimum Distribution
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Old 11-24-2019, 11:30 AM
Wade Hampton Wade Hampton is offline
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Okay, maybe I’m beyond the pale living in Alaska as I do, but what does “RMD” stand for?


whm
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Old 11-24-2019, 11:32 AM
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Quote:
Originally Posted by Wade Hampton View Post
Okay, maybe I’m beyond the pale living in Alaska as I do, but what does “RMD” stand for?


whm
Yeh, I was wondering the same thing...
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Old 11-24-2019, 11:37 AM
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Required Minimum Distribution?
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Old 11-24-2019, 12:03 PM
The Bard Rocks The Bard Rocks is offline
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I had no idea. RMD, like annuities eventually provide? I have never wanted to buy anything just because I could afford to, so do not spend money when I get windfalls.
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Old 11-24-2019, 12:05 PM
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If that's the correct definition, I'm still about 16 years away. At least I have plenty of time to consider my options
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Last edited by Ed66; 11-24-2019 at 02:04 PM.
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Old 11-24-2019, 01:58 PM
AZLiberty AZLiberty is offline
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RMD = Required Minimum Distribution refers to withdraws from traditional IRAs and 401(k) that are required by the US Federal Government.

These are tax advantaged accounts that one pays taxes on upon withdrawal, and the .gov wants their cut, so eventually you have to take the money out.
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Old 11-24-2019, 09:32 PM
Wade Hampton Wade Hampton is offline
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Originally Posted by AZLiberty View Post
RMD = Required Minimum Distribution refers to withdraws from traditional IRAs and 401(k) that are required by the US Federal Government.

These are tax advantaged accounts that one pays taxes on upon withdrawal, and the .gov wants their cut, so eventually you have to take the money out.
Okay.....

In answer to the OP, the precise number of guitars I've bought with an RMD is zero.


whm
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Old 11-24-2019, 09:51 PM
M Hayden M Hayden is offline
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RMD is something to take and reinvest elsewhere. I mean, yeah, it’s spendable, but really, putting it into a fund that generates more income is what I’ll do for a while yet.
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Old 11-25-2019, 06:13 AM
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Quote:
Originally Posted by Wade Hampton View Post
Okay.....

In answer to the OP, the precise number of guitars I've bought with an RMD is zero.


whm
Once more in the same thread, I'm with Wade....
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Old 11-25-2019, 06:55 AM
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Originally Posted by The Bard Rocks View Post
I had no idea. RMD, like annuities eventually provide? I have never wanted to buy anything just because I could afford to, so do not spend money when I get windfalls.
RMD isn't a windfall, it's your own hard earned money that you have previously saved and invested.

I agree that it makes no sense to buy something just because you happen to have some available funds. Folks who do that tend not to have to worry about RMD since they may do alot more spending than saving.
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Old 11-25-2019, 07:16 AM
Goodallboy Goodallboy is offline
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Quote:
Originally Posted by pszy22 View Post
RMD isn't a windfall, it's your own hard earned money that you have previously saved and invested.

I do agree that it makes no sense to buy something just because you happen to have some available funds. Folks who do that tend not to have to worry about RMD since they may do alot more spending than saving.
Yes, it's "your own hard earned money" and is subject to being used for anything you might choose to use it on.

Wishfully, he probably expected a discussion about guitars being bought with his "hard earned money".

As a professional financial planner I see that most of my clients don't really need their RMD's for living expenses and would rather not be forced to take them. They didn't "do a lot more spending than saving", quite the opposite.

I'd imagine that the OP fits this category and probably didn't need the financial advice.
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Old 11-25-2019, 07:36 AM
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If you people are waiting for the cash from your RMD's to flow in before purchasing new instruments you're priorities are askew.

Instruments are to be purchased near the top of your list - right after food. And buy cheaper food if you're not leaving enough for nice instruments.

RMD's are for financing the addition on the house for all your instruments.
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Old 11-25-2019, 07:53 AM
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Quote:
Originally Posted by musicman1951 View Post
If you people are waiting for the cash from your RMD's to flow in before purchasing new instruments you're priorities are askew.

Instruments are to be purchased near the top of your list - right after food. And buy cheaper food if you're not leaving enough for nice instruments.

RMD's are for financing the addition on the house for all your instruments.
I like the way you think

I'm still shy by a couple calendar years for the RMD switch to flip. Have to wait for it to see if my fingers still work and whether the stock market still exists, for that matter... (Not trying to start anything!!!)
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Old 11-25-2019, 08:28 AM
Ed66 Ed66 is offline
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Quote:
Originally Posted by Goodallboy View Post
Yes, it's "your own hard earned money" and is subject to being used for anything you might choose to use it on.

Wishfully, he probably expected a discussion about guitars being bought with his "hard earned money".

As a professional financial planner I see that most of my clients don't really need their RMD's for living expenses and would rather not be forced to take them. They didn't "do a lot more spending than saving", quite the opposite.

I'd imagine that the OP fits this category and probably didn't need the financial advice.
Agreed. Those I know who are taking a RMD are doing so since it's forced; they usually don't need the money. If they needed the funds for living expenses, they would have already taken a distribution and thus the RMD would be a non-issue.

Viewed in that light, dealing with the RMD would just be an issue of: do I want to re-invest or park the $'s somewhere else or do I want to purchase something that will give me enjoyment.
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Breedlove Masterclass Concert - Sitka/BRW
Seagull Artist Deluxe CE
Seagull Artist Element
Furch G22CR-C

Several other exceptional guitars, but these make me smile and keep me inspired!
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