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Bonus dividend

January 20th, 2006 at 07:15 pm

I belong to a credit union in Oklahoma. We haven't really been able to use it for several years now (because we don't live in the same city) but we maintain a small-ish savings account there, accounts for our boys and my IRA (paying a whopping 2.5%). This year they had a great year and paid a bonus dividend. Because the dividend is taxable, the bonus on my IRA was paid into my account tied to the IRA (I had to open a separate account just for me). That account had the $25 I was required to deposit to open the account. I opened the account in July and I ended 2005 with $12.50 in dividends. So, that little $25 account now has $37.50. LOL.

I need to talk to my bosses about what paperwork I need to do to open an account in their profit sharing plan. From what I understand it performs very well. They buy real estate notes (for a substantial discount), collect on them (at 10-13% interest) and if they default, I foreclose on them. Since we do all the work in the office, we don't lose much. We have no attorney's fees - it costs the $9 for certified mail, $2 to post the notice of sale and $65 to record the deed and affidavit - so less than $100. We then have a real estate developer who sells the property for us for a discount on his attorney fees (he carries notes and we do the closings and foreclosures for him). So, the profit sharing plan is generally paying out at 7-8% or more (they do have some administrative costs). I haven't been there long enough to get a match, but in April, I'll start getting a match.

I love my job, my bosses are great. My co-workers complain all the time about how cheap they are, etc. They have no idea how great they have it. Having worked places where the bosses seemed to think their job was to reduce you to tears and destroy any self-esteem you have, I almost cry when they praise me. They trust my judgment and turn me loose all the time. "We need such-and-such, bring me a draft when you're done". They just assume I can draft the document and be right. And I surprise myself by what I can do. It gives me great satisfaction.

2 Responses to “Bonus dividend”

  1. Anonymous Says:

    I have the same opinion about my co-workers. I have to laugh at them and call them horseflies, but a few of them are such babies. If you've worked for a boss where you padded his expense account with strip club receipts...well, how bad was your boss, now? Smile

  2. Very good site. Thanks for author! Says:

    Very good site. Thanks for author!

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