I'm getting out of debt on the Dave Ramsey Plan. So I'm going to sell some my shares. Been reading a bit on the process here on the forums. Must I convert my Class B shares of UPS to Class A shares to sell them? Also is there any advantages to keeping them Class B? I thought I read somewhere on here that I didn't need to convert but I can't find the thread now. Now I have always thought that you only need to convert when you want to transfers your stocks to your normal brokerage account. Also do I have to fill out that "stock pre-clearance form" if I'm am but a lowly, feeder driver downing in some debt? Not one of those hotshot management types. Well great gurus of the Brown Café what do you think?? The first one to say "GOOGLE IS MY FRIEND" I'm going to punch you in your EYE-BALL!
Need to sell stock. Do I have to convert my shares to Class A?
- Thread starter Guppy23
- Start date
gman042
Been around the block a few times
Class A shares are the ones purchased through the Discounted Employee Stock Purchase Plan. If you have more than 100 shares built up then you can sell them directly through your account at Mellon. If you have less than 100 then I think you have to use a broker. I could be wrong on that point. Just simply select sell on your account. This has to be done while the market it open. Class B shares are available to sell also on the account page. I just recently sold some stock. The money from that sale was direct deposited to my checking 2 days later.
UpstateNYUPSer(Ret)
Well-Known Member
I was a Dave Ramsey disciple during the nearly 3 years that it took me to erase $48K of personal debt. The feeling of waking up each day debt free is well worth the struggle it took to get there. That being said, I think you are being short-sighted by looking to sell your stock. UPS stock is a good dividend stock which, if left alone, could provide a source of retirement income. There is also a tax implication if you do choose to sell your stock.
My advice would be to proceed with gazelle-like intensity without touching your stock, 401k or other retirement iinvestments. This can be hard to do. When I started my program I haad $48K in debt and a 401k balance of $60K--it didn't make sense but I am so glad I didn't touch my 401k.
Sort your debt by balance and interest rate. If all of the interest rates are fairly close to one another then start with the debt with the highest balance. Pay the minimum on your other debt while paying all that you can to the highest balance. Once that is paid off go to the next highest and so on. This is called the snowball effect.
I made myself a binder in which I kept a monthly update of my progress. I listed all of my debts and their balances on the first and last of the month. I also kept a running total of the amount my total debt was reduced. When a debt was paid off I took it off the list. When my last debt was paid I put the binder on a shelf as a reminder where it still sits today.
My advice would be to proceed with gazelle-like intensity without touching your stock, 401k or other retirement iinvestments. This can be hard to do. When I started my program I haad $48K in debt and a 401k balance of $60K--it didn't make sense but I am so glad I didn't touch my 401k.
Sort your debt by balance and interest rate. If all of the interest rates are fairly close to one another then start with the debt with the highest balance. Pay the minimum on your other debt while paying all that you can to the highest balance. Once that is paid off go to the next highest and so on. This is called the snowball effect.
I made myself a binder in which I kept a monthly update of my progress. I listed all of my debts and their balances on the first and last of the month. I also kept a running total of the amount my total debt was reduced. When a debt was paid off I took it off the list. When my last debt was paid I put the binder on a shelf as a reminder where it still sits today.
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