Your partner proves his income by filing taxes and formally claiming the income. Consult an accountant if you're unclear on the best way for him to file taxes at this point.

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75% is pretty standard without “substantial improvements” made to the property.

I would question buying gold simply to use it as an inflation hedge as the value has moved drastically over the last few decades.

https://www.forbes.com/advisor/investing/gold-inflation-hedge/

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Do a graphic demonstration. Pile all the money on the kitchen table. Put a clean liner in their kitchen trash bin.
Count out 2%, dump it in the trash bin and say that was 2018.
Count out 2%, dump it in the trash bin and say that was 2019.
Count out 1.5%, dump it in the bin and say that was 2020.
Count out 7%, dump it and say that was 2021.
Count out 7.5%, dump it and say that is 2022.

Maybe seeing his pile get smaller and smaller like this might help him visualize that keeping wealth in cash and close is a losing strategy. You want some cash just in case, but not too much.

Of course it’s dependent on the industry and company, which is why I said OP “may be able to work fewer hours.” I’m comparing their current OT job to a salary one, which will be an entry level position which will 99.9% of the time not be required or expected to work a great deal more than 40 hours a week.

Stay only if money was the issue. If there was other BS going on the money will only temporarily pacify you. Also, make sure they won’t skip out on a merit increase later if you take this bump (I’ve seen that A LOT: “well you’re at the top of your range now so we didn’t have room to give you a merit increase”).

But you wouldn't even go out for either of these jobs because they both have weekend requirements. OT and weekend/holiday pay shows that THEY also value your free time - they're offering to pay a premium for you.

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Im in tech. 50% match up to 7%. So not all of tech world making out like bandits. But a lot of really good benefits. I switched to software development/tech a few years ago with no experience, it’s doable. Just have to teach yourself a bit then start an entry position like jr dev or QA

>We did have an aunt that made sure to keep a substantial amount at her home, but I wouldn't call it hoarding in the same sense. It was though like a treasure hunt cleaning her home after she passed.

My grandpa passed 14 years ago today coincidentally. My grandma is still alive but the house finally got sold last year because it was too much space for her. Immediately following his passing, my family would regularly find thousands of dollars tucked away in random places. Definitely fell off for awhile but apparently even while clearing out the house before handing it over to the realtor to stage for showings money was still found.

My grandparents lived through the Great Depression and I know it had a huge impact on my grandpa in particular. I know they still had plenty in the bank but I don't think anyone figured just how much he didn't trust the banks to not fail again until all the random cash started turning up. With how much there was and how spread out it apparently was, I feel like it's a miracle that none of us grandkids ever stumbled upon any of it by accident while he was still with us. Like at holidays, pretty much the only room that didn't see any traffic was their bedroom.

Last I checked having 30k saved when I graduated from college 6 months ago isn’t poor spending habits.

Current car was bought in a rush at age 20. It was a bad decision but I was in school and needed something to get me through my doctorate. Current car got me through my doctorate but it’s time for a replacement

Ok, so I will presume the amount is in the millions.

The risk of the money being lost in fire/flood/etc is a concern. Simple theft is also a concern as burglary is not that uncommon.

At the end of the day, it is his money. He can make a fire with it if he wants. I would just present your concerns and at the end of the day, he will have to make the final decision. What else can you really do? He can also consider buying something with value (like property, precious metals, etc...) Maybe he just wants it in something he can touch?

I’d say this is exactly what happened - the argument of whether or not insurance is covering this person or not is a red herring. It sounds like the family reduced coverage to mandatory minimums, and there is not enough property liability to cover the damages.

Takeda pharmaceutical and Amgen biopharmaceutical are both a 20 minute drive from where I live. Applied to both probably 100 times and can't get an interview.

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Good point. I'm currently working at a university for 54k. And got an offer for an oil company that pays 90k in Atlanta. I was stoked at first because most of the jobs only pay 40 to 60k here. However in the interview they mentioned they preferred someone who is younger and doesn't have a family so they can travel for the job, which came across as a red flag for me.

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Agreed, definitely don’t bail on your first job within a year if you can avoid it.

Lol. Poor excuse for a combination of poor financial planning, poor decision making and poor spending habits.

Buy an affordable car and maintain it. If your car becomes unreliable every few years and you use that to justify buying another (and getting another car loan), news flash, it’s not the car that’s the problem.

Ok after reading through all your comments and trying to piece things together - this is where I'm at

1. The Jetta is registered to the Mom/Grandma but was primarily driven by the nephew before he moved and insured as such

2. When he moved, the car wasn't going to be used an coverage was reduced to the minimum and his name was removed as primary driver. It may have had liability insurance, but sometimes people choose an absurdly low limit (looks like CA is $5k minimum). To be helpful, we need more details on the exact coverage on the vehicle

3. It sounds like your nephew being the driver might be irrelevant UNLESS he was specifically excluded from the policy, but that doesn't sound like its the case.

4. My guess is that the property damage limit was just extremely low and he totaled a Sprinter, which when new can easily push $60-70K with options. A $5k limit (the state minimum) and being unfortunate enough to hit a nearly new van would explain the bill he received.

5. There isn't much to be done if the above is true. I assume insurance also didn't cover the Jetta if it was liability only. Simply put, your nephew causes north of $60k in damages that he or the family will be sued for.

What kind of industry is it? Are you going to be held tight to that 37.5/under 40 for their costs? Or are you likely to average ot?

It depends on the student loan interest rate.