Fix My Portfolio: ‘I wish my name was on somebody’s list who wanted to give money away’: How do I get the financial help I need?

by | May 24, 2023 | Stock Market

Got a question about the mechanics of investing, how it fits into your overall financial plan and what strategies can help you make the most out of your money? You can write to me at [email protected]   Dear Fix My Portfolio, 

I recently read the article you wrote about a person who had $5 million+ and couldn’t figure out how to spend it. I have felt this — but from the opposite end. I’ve got $120k in debt between car and student loans and I’m unable to shake this monkey off my back. It’s a looming shadow that never goes away. I have my head above water, but with each passing wave it becomes harder to swim. I wish my name was on somebody’s list who wanted to give away money to help because they need to “spend their money quicker.” -Stranger Dear Stranger,  When I answered the question of the person who wanted to know how to reduce his tax burden on his tax-deferred retirement accounts, I suggested he start giving some of his assets away in a structured way that reduced his taxable estate and gave him joy. I expected the responses to debate the value of Roth conversions and qualified charitable donations. Instead, my inbox turned into a kind of wishing well for financial help.  So many people need a helping hand and not always in a way that qualifies for government benefits, charitable donations or a crowdfunding campaign. It does happen e …

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