I definitely return gifts. One Christmas, my sister sent a whole box of brand new books from B&N.com. While I very much appreciated the gesture, they were not books we were even remotely interested in reading, so I took them all to the brick and mortar B&N near us, returned them for store credit, and we got books we really wanted. While I think it probably defeated any underlyin messages my sis might have been trying to give us within the books she chose for us, it still ended up providing us with more reading that we truly enjoyed.
Hah, great question! if it from my parents, I will return - they don't want things going to waste. They tend to buy me work clothes. Gifts from my MIL get stuffed in the closet - she buys lots of junk. LOTS of it. Hubby feels bad about tossing/returning/regifting it. So this year when she asked what we want, we said something consumable - gift certificate or something. We have all the junk we ever need (in a tiny 2BR condo!), but are a bit squeezed on our budget.
If it is from my wife, never. I did once return one from my children, but felt guilty for a while till I realized they bought my gift for themselves (a game for the Wii I did not like but they wanted). What matters is that you be sensitive to the giver, and if you are a sensitive giver you will offer the opportunity to exchange by giving a generic receipt with the gift. This should be a time of grace in giving.
I think you have an obligation to reurn a gift you don't want/need. Whatever the reason. If the person cares about you enough to buy you a gift, he/she should care enough to want you to have something you want/need.
If they don't, and you know that, you might be stuck with the gift. I think its a case-by-case basis type thing.
To return a gift, I would have to tell the person who gave it to me that I need a receipt for the return. No matter how you phrase it, no matter how close you are, you will take away some of their joy in giving. And for me the giving has always been more rewarding that the gift.
And there are great charities out there that can use the gift.
One sister is almost always right on in her purchases. Those I keep. The other is clueless. Like buying me 2x sweaters in colors she looks good in saying, "you said you gained weight...." Those go to the thrift store, no regrets. (She doesn't include receipts.) A few are hopeful replacements for items I use often and may break or wear out. Stash those on the sunroom shelf. And those that are not right for me, but perfect for another are regifted.
Good post, sound advice. Though 401(k) plans are not perfect vehicles, for most folks with access they represent an easy way to save for their retirement. The ability to defer dollars automatically from each paycheck is much easier for most of us than having to write a check to an investment account.
As a financial advisor I have seen many clients amass considerable sums in their 401(k) plan via ongoing consistent, contributions.
A few thoughts in addition to what you wrote:
1. If you have outside investments your 401(k) should be viewed as part of your overall investment allocation and not in a vacuum. This includes brokerage accounts, IRAs, a spouse's 401(k) etc.
2. As with any investment account rebalancing is key. I generally suggest participants rebalance to their target allocation at least annually or semi-annually. Some plans offer an auto rebalancing feature, this might be worth checking out.
3. Not all 401(k) plans are created equal in terms of the breadth and quality of the investment menu or having low underlying expenses. I suggest that participants become knowledgeable "401(k) consumers" and bone up on the investment line up and the plan's overall expenses as best they can. If the plan needs some improvement, I suggest they consider approaching the person responsible for the plan at their company and point out the potential areas for improvement and ask the company to consider making some changes. Obviously this should be done as a request, and not in a confrontational manner.
401(k) plans have gotten some bad press in recent months, but if utilized correctly they can be a valuable retirement savings vehicle.
Absolutely. If the gift doesn't line up with my needs (for example, I already have it, or it doesn't fit), I will try and return it. If I can't return it, I will look into selling it on Amazon, or giving it to someone else who would like it.
I would classify myself as someone who is definitely hard to buy a gift for, as all of my basic material needs are taken care of, and my hobbies, such as building computers or painting models, are things people don't feel they have enough knowledge of to buy the "right thing". Therefore I get a lot of obscure stuff from the more distant members of my family when we do exchange.
Last year I got a quesadilla maker, which I was able to return for $25 store credit to Kohls. It was a nice gesture but I already make great quesadillas using my frying pan. The gift giver knew this, so they figured it was something I might use, but I looked at it as "if it's not broke, don't fix it!" I didn't see the point in having another kitchen gadget around that I was doing find without. I appreciate the thought of the gift but I'd rather put the money toward household needs.
My wife is very opposed to returning any gifts. She interprets a return as a slap in the face to the gift giver, so we keep all of the gifts she receives, regardless of their usefulness.
Not only is that the most annoying video by two obvious tools, but they're feeble attempt at a $1 Big Mac fails.
Let's see, a Big Mac doesn't come with fries on it but it DOES come with lettuce on it.
Also a Big Mac has the small re-hydrated onions not the large onions.
if you want to make a Big Mac for the $2 they spent without being so annoying to the workers, just order a Dbl Chz Burg. with Mac sauce and a McChicken. MCChickens have lettuce and have a sesame seed bun, and you get chicken with your order. You can't get much more ghetto than chicken.
My husband's brother (who makes about 20x more per year than my husband and I) has given us quite a few things they they no longer need. He believes that if a gift is given to you, and you stop using it, it should be returned. o_0
My husband made the mistake of telling his brother that we considered ridding of a hand-me-down headboard he gave as a birthday gift years ago because our space that we live in now is too small for it. His brother actually said, "Well make sure to give me the money after you sell it." He wasn't kidding.
I would certainly max out my IRAs if I were in your shoes. If you're after tax friendly investments, then another possibility is to open a 529 account if you have a child or if you are certain you will have a dependent to whom the 529 can eventually apply (even yourself). Of course, you can only use the 529 for educational purposes, but if you do have a child, then your savings are tax deferrred. Another option is to establish a small business and set up a retirement account for that. You may want to explore that angle but make sure you contact your tax professional about this. If you have a small business on the side that makes a certain amount of money, then you can shelter your revenue in a SEP-IRA or Keough plan accordingly. But to maintain a business while working at a job can be a tough juggle, so not sure how applicable this is to people.
The way I've done it -- I just invested in regular accounts once I'd maxed out on my IRA. As for changing tax laws -- that would be something you'd have to determine, but my accountant tells me not to worry about it. Anything can happen of course, but the future is anyone's guess.
Perhaps someone else would like to share their insights on this?
I have returned gifts before, usually to exchange for something that was the correct size or that would be more useful. I am tryin to really downsize/declutter, so if is not something that I can use or is practical, I won't keep it around (goodwill, regift, etc).
I don't like to return gifts, but there are lots of times where I will exchange a gift. Whether it be a sweater that is the wrong size, or or a ps3 controller that my mom thought would do just fine on my xbox...there are some things that I have no use for. I feel like the thought is there so much, and if I am to trade in a small for a medium, or a controller for a controller it's no big deal, everyone is happy.
Of course I return gifts if I can't use them! I usually use the money or gift cards refunded to me to put toward the gift fund and get other people birthday presents throughout the year. If I don't love it, I don't keep it. I would NOT be offended if someone returned a gift from me they didn't like.
I definitely return gifts. One Christmas, my sister sent a whole box of brand new books from B&N.com. While I very much appreciated the gesture, they were not books we were even remotely interested in reading, so I took them all to the brick and mortar B&N near us, returned them for store credit, and we got books we really wanted. While I think it probably defeated any underlyin messages my sis might have been trying to give us within the books she chose for us, it still ended up providing us with more reading that we truly enjoyed.
Hah, great question! if it from my parents, I will return - they don't want things going to waste. They tend to buy me work clothes. Gifts from my MIL get stuffed in the closet - she buys lots of junk. LOTS of it. Hubby feels bad about tossing/returning/regifting it. So this year when she asked what we want, we said something consumable - gift certificate or something. We have all the junk we ever need (in a tiny 2BR condo!), but are a bit squeezed on our budget.
If it is from my wife, never. I did once return one from my children, but felt guilty for a while till I realized they bought my gift for themselves (a game for the Wii I did not like but they wanted). What matters is that you be sensitive to the giver, and if you are a sensitive giver you will offer the opportunity to exchange by giving a generic receipt with the gift. This should be a time of grace in giving.
Answer tweeted.
I think you have an obligation to reurn a gift you don't want/need. Whatever the reason. If the person cares about you enough to buy you a gift, he/she should care enough to want you to have something you want/need.
If they don't, and you know that, you might be stuck with the gift. I think its a case-by-case basis type thing.
To return a gift, I would have to tell the person who gave it to me that I need a receipt for the return. No matter how you phrase it, no matter how close you are, you will take away some of their joy in giving. And for me the giving has always been more rewarding that the gift.
And there are great charities out there that can use the gift.
One sister is almost always right on in her purchases. Those I keep. The other is clueless. Like buying me 2x sweaters in colors she looks good in saying, "you said you gained weight...." Those go to the thrift store, no regrets. (She doesn't include receipts.) A few are hopeful replacements for items I use often and may break or wear out. Stash those on the sunroom shelf. And those that are not right for me, but perfect for another are regifted.
If you haven't you need to watch Survivorman with Les Stroud. Very informative without any fake stuff.
www.lesstroud.ca
I'll return it if I can, no sense in it sitting around not being used.
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Good post, sound advice. Though 401(k) plans are not perfect vehicles, for most folks with access they represent an easy way to save for their retirement. The ability to defer dollars automatically from each paycheck is much easier for most of us than having to write a check to an investment account.
As a financial advisor I have seen many clients amass considerable sums in their 401(k) plan via ongoing consistent, contributions.
A few thoughts in addition to what you wrote:
1. If you have outside investments your 401(k) should be viewed as part of your overall investment allocation and not in a vacuum. This includes brokerage accounts, IRAs, a spouse's 401(k) etc.
2. As with any investment account rebalancing is key. I generally suggest participants rebalance to their target allocation at least annually or semi-annually. Some plans offer an auto rebalancing feature, this might be worth checking out.
3. Not all 401(k) plans are created equal in terms of the breadth and quality of the investment menu or having low underlying expenses. I suggest that participants become knowledgeable "401(k) consumers" and bone up on the investment line up and the plan's overall expenses as best they can. If the plan needs some improvement, I suggest they consider approaching the person responsible for the plan at their company and point out the potential areas for improvement and ask the company to consider making some changes. Obviously this should be done as a request, and not in a confrontational manner.
401(k) plans have gotten some bad press in recent months, but if utilized correctly they can be a valuable retirement savings vehicle.
Absolutely. If the gift doesn't line up with my needs (for example, I already have it, or it doesn't fit), I will try and return it. If I can't return it, I will look into selling it on Amazon, or giving it to someone else who would like it.
Even if it doesn't fit exactly right I'll rarely return a gift, it's just rude in my opinion.
I would classify myself as someone who is definitely hard to buy a gift for, as all of my basic material needs are taken care of, and my hobbies, such as building computers or painting models, are things people don't feel they have enough knowledge of to buy the "right thing". Therefore I get a lot of obscure stuff from the more distant members of my family when we do exchange.
Last year I got a quesadilla maker, which I was able to return for $25 store credit to Kohls. It was a nice gesture but I already make great quesadillas using my frying pan. The gift giver knew this, so they figured it was something I might use, but I looked at it as "if it's not broke, don't fix it!" I didn't see the point in having another kitchen gadget around that I was doing find without. I appreciate the thought of the gift but I'd rather put the money toward household needs.
My wife is very opposed to returning any gifts. She interprets a return as a slap in the face to the gift giver, so we keep all of the gifts she receives, regardless of their usefulness.
Not only is that the most annoying video by two obvious tools, but they're feeble attempt at a $1 Big Mac fails.
Let's see, a Big Mac doesn't come with fries on it but it DOES come with lettuce on it.
Also a Big Mac has the small re-hydrated onions not the large onions.
if you want to make a Big Mac for the $2 they spent without being so annoying to the workers, just order a Dbl Chz Burg. with Mac sauce and a McChicken. MCChickens have lettuce and have a sesame seed bun, and you get chicken with your order. You can't get much more ghetto than chicken.
I've never returned a gift.
Christine
dazed1821@aol.com
http://www.snopes.com/photos/humor/batteryhack.asp
This is a good 'description' ....
Very interesting blog, what template do you use ?
My husband's brother (who makes about 20x more per year than my husband and I) has given us quite a few things they they no longer need. He believes that if a gift is given to you, and you stop using it, it should be returned. o_0
My husband made the mistake of telling his brother that we considered ridding of a hand-me-down headboard he gave as a birthday gift years ago because our space that we live in now is too small for it. His brother actually said, "Well make sure to give me the money after you sell it." He wasn't kidding.
We decided not to sell it.
@Her Every Cent Counts,
I would certainly max out my IRAs if I were in your shoes. If you're after tax friendly investments, then another possibility is to open a 529 account if you have a child or if you are certain you will have a dependent to whom the 529 can eventually apply (even yourself). Of course, you can only use the 529 for educational purposes, but if you do have a child, then your savings are tax deferrred. Another option is to establish a small business and set up a retirement account for that. You may want to explore that angle but make sure you contact your tax professional about this. If you have a small business on the side that makes a certain amount of money, then you can shelter your revenue in a SEP-IRA or Keough plan accordingly. But to maintain a business while working at a job can be a tough juggle, so not sure how applicable this is to people.
The way I've done it -- I just invested in regular accounts once I'd maxed out on my IRA. As for changing tax laws -- that would be something you'd have to determine, but my accountant tells me not to worry about it. Anything can happen of course, but the future is anyone's guess.
Perhaps someone else would like to share their insights on this?
SVB @ The Digerati Life
I take no credit, Andrea. The brilliant folks at Consumerist did all the hard work :)
Linsey Knerl
I haven't had to (or even wanted to) return a gift yet, but if I got two of something or something truly useless, I wouldn't hesitate.
If I don't like it, and I am able to return it, I will. That simple.
I have returned gifts before, usually to exchange for something that was the correct size or that would be more useful. I am tryin to really downsize/declutter, so if is not something that I can use or is practical, I won't keep it around (goodwill, regift, etc).
I don't like to return gifts, but there are lots of times where I will exchange a gift. Whether it be a sweater that is the wrong size, or or a ps3 controller that my mom thought would do just fine on my xbox...there are some things that I have no use for. I feel like the thought is there so much, and if I am to trade in a small for a medium, or a controller for a controller it's no big deal, everyone is happy.
Of course I return gifts if I can't use them! I usually use the money or gift cards refunded to me to put toward the gift fund and get other people birthday presents throughout the year. If I don't love it, I don't keep it. I would NOT be offended if someone returned a gift from me they didn't like.