Search found 125 matches

by Firewood42
Wed Oct 29, 2014 9:36 am
Forum: Personal Investments
Topic: Investment Advice
Replies: 15
Views: 1857

Re: Investment Advice

Yes, my wife and I are in good shape. But what I meant in being in a position we shouldn't be in is having $250,000 in cash reserves that should be invested in something.
by Firewood42
Mon Oct 27, 2014 5:22 pm
Forum: Personal Investments
Topic: Investment Advice
Replies: 15
Views: 1857

Re: Investment Advice

Grt2bOutdoors, you are right, I do have a lot to be thankful for. Also married to a beautiful wife for over 50 years.

Now if I can just get this money invested properly. :)
by Firewood42
Mon Oct 27, 2014 2:24 pm
Forum: Personal Investments
Topic: Investment Advice
Replies: 15
Views: 1857

Re: Investment Advice

Real Estate is out at my age as an investment. I wish I would have got into rentals when I was younger. Some of my friends did really well but are now selling because they just don't want the trouble.

I didn't pay any charge when I bought the Pimco Fund through Fidelity.

Will check out the balanced funds at Fidelity.

Funny we talk about a 5 percent return as being high yield. Most of my life I enjoyed 6 to 8 percent cd's and even had some at 10 percent. I know, we were supposed to have inflation then and no inflation now.

I have $200,000 plus to invest and it is real scary with the way interest rates are and the volatile stock market. I know I shouldn't be in this position, but I am.
by Firewood42
Mon Oct 27, 2014 9:52 am
Forum: Personal Investments
Topic: Investment Advice
Replies: 15
Views: 1857

Re: Investment Advice

Thank you very much for the advice. I have never invested in any mutual fund but the low cost no load funds from Fidelity. I have also looked into an annuity through Fidelity but would rather keep control of my money. I should say that the $15,000 that I would like to spend from our IRA is for being able to play golf, travel to see grandkids, and spend 2 months in the south. We could do with a lot less, especially as we get older. As far as inflation goes, We don't worry about it. Our land has some very valuable timber that goes up with inflation. We have our own natural gas well that produces all the heat and power free we need to run our home and the value of it goes up with inflation. We raise most of our own food and fill our freezer wi...
by Firewood42
Mon Oct 27, 2014 7:49 am
Forum: Personal Investments
Topic: Investment Advice
Replies: 15
Views: 1857

Investment Advice

We have $350,000 in a Fidelity IRA. Our goal is to make 5 percent on this money as safely as possible and eventually leave the principal to our children. Our original plan was to invest this in CD's at this point in life and make 5 to 6 percent on it like my dad and grandpa did in their retirement. Of course those days are gone. I am 72, my wfe is 69. We need to spend about $15,000 of this a year to live the type of life we want. We made this money investing in stock mutual funds and sold out just before the big crash in the 80's. Then we did very well investing heavily in Fidelity's GNMA fund and bond funds. We were able to spend our 5 percent and our IRA was still growing in value. This has changed now and so we sold our GNMA's and bond f...
by Firewood42
Thu Oct 17, 2013 8:32 pm
Forum: Personal Investments
Topic: Want income but preserve capital
Replies: 40
Views: 4384

Re: Want income but preserve capital

Since this is a taxable IRA, I have to pay regular income tax on the approx. $10,000 minimum withdrawal. So I do want to keep the funds in an IRA no matter what I invest in. I pay very little income tax at a $10,000 withdrawal rate. Will be looking into some of the funds mentioned. Would also like to keep it in Fidelity if possible although I have been looking into Vanguard funds. Don't want to give any money to my children now as we may need it. They are doing fine, but when they finish raising their children, it would be nice to leave them something to help with their retirement.
by Firewood42
Wed Oct 16, 2013 3:49 pm
Forum: Personal Investments
Topic: Want income but preserve capital
Replies: 40
Views: 4384

Re: Want income but preserve capital

Thanks for the advice. I am going to have to make a decision pretty soon as it has been in cash too long. Ah for the good old days when my dad and grandpa enjoyed 6 per cent cd's and 30cent a gallon gasoline. Looks like we won't be able to travel as much as they did.
by Firewood42
Wed Oct 16, 2013 7:02 am
Forum: Personal Investments
Topic: Want income but preserve capital
Replies: 40
Views: 4384

Re: Want income but preserve capital

I have looked into annuities but the idea of giving my hard earned money for a monthly income doesn't appeal to me. I would really like to leave my children some money. We are a real close family and they have done everything right but educating 9 grandchildren is so expensive these days that they could use some money when we are gone.
by Firewood42
Wed Oct 16, 2013 6:34 am
Forum: Personal Investments
Topic: Want income but preserve capital
Replies: 40
Views: 4384

Want income but preserve capital

I am 71 and my wife is 68. We have $300,000 in cash that we would like to get 5 percent income from with total safety. Our original plan was to use CD's but the interest rates are next to nothing. We own our own home, new vehicle, totally out of debt but would like to enjoy our retirement more with income from this money. Any suggestions?

I should add this money is all in an IRA with Fidelity.
by Firewood42
Sat May 18, 2013 9:57 am
Forum: Personal Investments
Topic: Are Short Term Bond Funds My Answer
Replies: 10
Views: 1769

Re: Are Short Term Bond Funds My Answer

Thanks for the advice. I guess if I wanted to change my allocations, I should have did it Thursday as Friday my FGMNX dropped 5 cents a share, the most I have ever seen it drop in one day.
by Firewood42
Thu May 16, 2013 11:17 am
Forum: Personal Investments
Topic: Are Short Term Bond Funds My Answer
Replies: 10
Views: 1769

Are Short Term Bond Funds My Answer

At age 71 and 67, my wife and I have been heavily invested in Fidelity's gnma fund for many years. We have also purchased the short term bond fund in smaller amounts and are keeping a signifigant amount in cash to hopefully invest in bonds or cd's at 5 or 6 percent interest some day.

Our goal is asset preservation and finding higher interest rates with safety as we will soon have to live off our investments. Should we take a proportion of our gnma funds and invest in short term bond funds to preserve capital until we can find higher interest rate bonds or cd's. I have noticed that our Gnma fund has lost 2 percent in the last year while our short term bond funds are actually up in value.

.
by Firewood42
Wed Mar 06, 2013 7:23 pm
Forum: Personal Consumer Issues
Topic: For Windows 8, is a touchscreen laptop preferable?
Replies: 39
Views: 3465

Re: For Windows 8, is a touchscreen laptop preferable?

My Vista Windows laptop died on me so I bought a new Windows 8 HP laptop. Actually I was forced to buy Windows 8 since that was the only system the Staples store offered and I needed it immediately. I absolutely hate it. In fact so much that I will switch to Apple when my old XP desktop crashes, since Microsoft will no longer support them. I am not alone, if you go on the internet you will find a lot of people are unhappy with the system
by Firewood42
Tue Feb 26, 2013 11:16 am
Forum: Personal Consumer Issues
Topic: is window 8 good ??
Replies: 49
Views: 4866

Re: is window 8 good ??

Is Windows 8 any good. In a work NO. My vista laptop crashed on me and I needed a laptop immediately. All they offer now is Windows 8. What a piece of junk. It took me and hour to figure out how to turn it off. Better security, hardly. Almost immediately I got something called Babylon Tool bar on it which I found out on the internet was some kind of virus. Still haven't been able to get rid of it all. Downloaded Spybot and Malwarebytes ant virus soft ware and found other "problems" that they go rid of. Still don't know how to turn off some programs like Iheart radio. It was loaded with software that you could try and then had to buy. When you move the mouse around you will suddenly go to the tiles page. I found out to stop this yo...
by Firewood42
Sat Feb 09, 2013 12:17 pm
Forum: Personal Consumer Issues
Topic: Is it safe to cook/heat food in a tin can?
Replies: 29
Views: 6693

Re: Is it safe to cook/heat food in a tin can?

Back around the early 1960's my friends and I did a lot of backpacking and camping. Typical meal was a can of pork and beans. Punch a hole in it, lay it up next to the fire. Add some hotdogs or fish we caught and we had a hot meal. All of us are still healthy 50 years later but of course we didn't go camping every day.
by Firewood42
Sat Feb 09, 2013 12:07 pm
Forum: Personal Consumer Issues
Topic: Live in rural area, need internet provider
Replies: 12
Views: 2407

Re: Live in rural area, need internet provider

We live in a very rural area surrounded by high hills. Tried for years to find decent internet service. Tried Verizon wireless, inside antennas, nothing worked. Then like the answer to our prayers, our local phone company put in DSL in the little bitty town less then a mile from us. We signed up immediately, it works great. We still don't have TV because of the high hills but can live without that. I think there is some kind of state program to ensure that rural areas get good internet service as farmers need this to run their farm business.
by Firewood42
Sat Feb 02, 2013 12:46 pm
Forum: Investing - Theory, News & General
Topic: PenFed 1.8 3 yr cd
Replies: 20
Views: 4706

Re: PenFed 1.8 3 yr cd

As I understand it the best part about a PenFed cd is if you are facing RMD, you can withdraw money for it with no penalty.
by Firewood42
Wed Jan 30, 2013 11:19 am
Forum: Personal Consumer Issues
Topic: How Can I Tell If My Dentist is Good One?
Replies: 133
Views: 22405

Re: How Can I Tell If My Dentist is Good One?

I may be wrong but I have noticed when a new young dentist takes over a practice, I think they push treatment on you that is unnecessary. Probably because they are in debt with with loans and start up costs. I dropped two dentists that took over from my old dentists because of this.
by Firewood42
Wed Jan 30, 2013 11:09 am
Forum: Personal Consumer Issues
Topic: How Can I Tell If My Dentist is Good One?
Replies: 133
Views: 22405

Re: How Can I Tell If My Dentist is Good One?

Grt2bOutdoors wrote:Brush your teeth 2x a day, floss, and use a fluoride rinse.
Eliminate the chance of caries and you'll never need to find out.

Now I just need to take my dentist's advice. :oops:
Yes my wife does that and never has a cavity, nor does any of her immediate family. I on the other hand have spent a lot of my life in a dental chair. I keep care of my teeth the same way but still have mouth full of cavities. Bad teeth just run in my family.
by Firewood42
Wed Jan 30, 2013 10:56 am
Forum: Personal Consumer Issues
Topic: Do I need a passport for Mexico
Replies: 38
Views: 7551

Re: Do I need a passport for Mexico

I have been going to Mexico for some serious dental work. I don't see any shortage of dentists. I am getting 13 crowns and a permanent bridge at a price of $3200 from a superb Mexican dentist that us "Winter Texans" have been going to for years. Of course if you are going to a poor area and doing your work for free, I can see the value in your trip. My next appointment is next Monday and I will get all this work done in 4 appointments.

You should have a pass port, sometimes one of us Winter Texans, being old, forget our passport. Usually it isn't much trouble getting back in the States but the Border Patrol are used to this happening at this crossing.
by Firewood42
Sat Jan 26, 2013 1:00 pm
Forum: Personal Investments
Topic: "Kick Me" sign on the back of my 401k bond fund
Replies: 37
Views: 7364

Re: "Kick Me" sign on the back of my 401k bond fund

How would you like to be retired, subject to RMD, need all the income you can get from your IRA, so you are totally in bond and Gnma funds with a small amount in a CD. Then are faced with such low interest rates and the possibility of Bond funds crashing when rates do go up. For the first time in my investing life, I don't know what to do. I would like to be in all cd's but they won't produce enough income. So do I keep my bond funds, or go to money market funds in case interest rates suddenly rise. I don't have the biggest portfolio so investing back in stocks or even income stocks would be very scary in case of a market downturn. Sounds like SPIAs are something for you to consider. I have been considering SPIA's but hate to give up contr...
by Firewood42
Sat Jan 26, 2013 11:34 am
Forum: Personal Investments
Topic: "Kick Me" sign on the back of my 401k bond fund
Replies: 37
Views: 7364

Re: "Kick Me" sign on the back of my 401k bond fund

How would you like to be retired, subject to RMD, need all the income you can get from your IRA, so you are totally in bond and Gnma funds with a small amount in a CD. Then are faced with such low interest rates and the possibility of Bond funds crashing when rates do go up. For the first time in my investing life, I don't know what to do. I would like to be in all cd's but they won't produce enough income. So do I keep my bond funds, or go to money market funds in case interest rates suddenly rise. I don't have the biggest portfolio so investing back in stocks or even income stocks would be very scary in case of a market downturn.
by Firewood42
Tue Jan 22, 2013 11:26 am
Forum: Investing - Theory, News & General
Topic: Mr. Market Doesn't Care What You Think!
Replies: 16
Views: 2542

Re: Mr. Market Doesn't Care What You Think!

LondonJimmy wrote:
tadamsmar wrote:Depressed markets are good if you are young and have lots of accumulation ahead of you. Not so good for a retiree with a nest egg that's not large relative to projected consumption.

Yes, deff.
Exactly, 5 percent cd's would have taken all the worry out of my retirement but now I am faced with Mr. Market again. And he doesn't care.
by Firewood42
Fri Jan 04, 2013 9:26 am
Forum: Personal Investments
Topic: If you're Retired, Please share how 2008 affected You.
Replies: 30
Views: 3264

Re: If you're Retired, Please share how 2008 affected You.

I went from 80 per cent stock mutual funds in January of 2000 to 10 percent and invested the money in GNMA's, cd's and bond funds. I was 58 years old So when i retired in 2004, 2008 didn't affect me much. In fact I was enjoying 7 to 8 per cent returns from the time I sold my stock funds until just lately. Now I am being affected with low interest rates. I planned on putting my money in CD's at 5 percent at this point in my life, age 70 so I wouldn't have any worries. Now I don't know what to do.
by Firewood42
Thu Dec 27, 2012 4:47 pm
Forum: Personal Consumer Issues
Topic: Frustrating US-Canada Money Problem [Cross-Border Purchases]
Replies: 22
Views: 2067

Re: Frustrating US-Canada Money Problem [Cross-Border Purcha

littlebird wrote:
Firewood42 wrote: It turned out that the bank had hired a new girl
That's what you get for hiring minors. Had the bank hired a fully grown woman, I'm sure this wouldn't have happened.
Sorry I guess she was a woman. May still work there.
by Firewood42
Thu Dec 27, 2012 12:05 pm
Forum: Personal Consumer Issues
Topic: Alaskan Trip
Replies: 49
Views: 10613

Re: Alaskan Trip

We may drive to Alaska again this summer. Already have another couple wanting to go with us. This time we will not drive from Ohio through Canada but will go to Montana and drive North through Glacier and some of the great Canadian National Parks. Heard you can play golf on one course on the route in Canada that will have elk on the course with you.

As the last trip, we will go to the small places, see and talk to the real Alaskans, and take the Ferry back to Washington State. Will try to see the places we missed on the last trip. Would be leaving about the 20th of July and come back around the first week of September. Can't wait to fish with the bears in Haines again.
by Firewood42
Thu Dec 27, 2012 11:45 am
Forum: Personal Consumer Issues
Topic: Frustrating US-Canada Money Problem [Cross-Border Purchases]
Replies: 22
Views: 2067

Re: Frustrating US-Canada Money Problem [Cross-Border Purcha

Years ago I had an account in a small U.S. town that was owned by a Canadian Company. They had owned this company for years and all the checks came from Canada. It was the largest employer is this small town.

One day I was surprised to see we were way overdrawn on our checking account. It turned out that the bank had hired a new girl that was really up on the rules. Since it was a foreign check, the customer was not supposed to get credit for it until the funds were actually deposited from Canada. Needless to say the bank made quick amends to everybody and straightened out the new girl to the policy they had been following for years.
by Firewood42
Wed Dec 26, 2012 9:07 am
Forum: Personal Finance (Not Investing)
Topic: Where can I get the best immediate annuity?
Replies: 9
Views: 2330

Re: Where can I get the best immediate annuity?

I have been investigating immediate annuities with Fidelity since my IRA is with them. As I understand it, they will give my wife and I at ages 70 and 66, 5.66 percent back on a "life with cash refund annuity". There are no other costs. So if I give them $200,000, they will give us back $11,320 per year for the rest of our lives.

If the amount of $200,000 is not all paid back before we both die, our heirs will receive the balance. The annuity is held by MassMutual Financial group which they claim is the 2nd best Life Insurance company next to New York Life as far a being secure.

There are many other options available and Fidelity will send you information if you call their annuity representative.
by Firewood42
Tue Dec 18, 2012 10:25 am
Forum: Personal Investments
Topic: Results from Immediate Annuity Returns
Replies: 25
Views: 2247

Re: Results from Immediate Annuity Returns

Johm221122 wrote:I think SPIA are good for some people but remember 1250 a month will be a lot less,maybe a lot less if inflation gets high in 30 years
John
Having no experience with pensions, are other pensions indexed to inflation. Like post office employees, auto workers, etc?
by Firewood42
Tue Dec 18, 2012 8:52 am
Forum: Personal Investments
Topic: Results from Immediate Annuity Returns
Replies: 25
Views: 2247

Re: Results from Immediate Annuity Returns

Also our children would get back whatever was left in the annuity if we were to die. Really? To straighten out the mental accounting, you may wish to contemplate what you are getting: 1. An immediate annuity with no residual value, plus 2. Term life insurance. Do you need life insurance? If you die and your SPIA has no residual value, trust me: You will not be there to regret it. If you want the SPIA as longevity insurance but then have shorter-term legacy needs, you may also want the life insurance. Think about it. Also, consider buying the components separately. Keith Maybe I am wrong but here is what I think I am getting: 1. A pension of $1250 a month for the rest of our lives which would still be there if we live to 100 or more. 2. A g...
by Firewood42
Mon Dec 17, 2012 1:12 pm
Forum: Personal Investments
Topic: Results from Immediate Annuity Returns
Replies: 25
Views: 2247

Re: Results from Immediate Annuity Returns

Sorry, I thought I had mentioned that my wife is 67 and I am 70. Our children are 44 and 41 and pretty successful in their lives. But they have 8 children among them and that is going to take some money to raise them through college.

The salesman also gave me a quote if the principal wasn't protected and it wasn't that much difference.
by Firewood42
Mon Dec 17, 2012 11:16 am
Forum: Personal Investments
Topic: Results from Immediate Annuity Returns
Replies: 25
Views: 2247

Re: Results from Immediate Annuity Returns

I should add, our families have long life expectancies. My wife's parents were both 87 when they died. My dad died at 89 despite being tore up in WWII and my Grandpa and Great Grandpa were in their mid 90's and were married over 60 and 65 years. My wife and I are in excellent health, I take no drugs and just finished a strenuous deer season, hiking the hills and climbing into tree stands.
by Firewood42
Mon Dec 17, 2012 11:09 am
Forum: Personal Investments
Topic: Results from Immediate Annuity Returns
Replies: 25
Views: 2247

Re: Results from Immediate Annuity Returns

The company is MassMutual Financial Group, which the salesman said is second only to New York Life as the best companies in America.

Payments are not indexed to inflation and would continue the same amount until both of us die.
by Firewood42
Mon Dec 17, 2012 10:46 am
Forum: Personal Investments
Topic: Results from Immediate Annuity Returns
Replies: 25
Views: 2247

Results from Immediate Annuity Returns

I have called Fidelity's Annuity Sales to find out what it would cost for an immediate annuity for my wife and I. I went with Fidelity because my IRA is with them now. For $264,660 I could get and immediate annuity that would pay my wife and I $15000 per year for the rest of our lives. That would be 5.66 percent. According to the salesman, there would be no additional charges. Also our children would get back whatever was left in the annuity if we were to die. For instance, if we died in 5 years, our children would get back what we paid into the annuity minus the 5 years payments of $15,000 per year or $264,660 minus $75,000 would equal $189,660. That would continue until the amount we were paid would equal the total we paid into the annuit...
by Firewood42
Sun Dec 16, 2012 8:48 am
Forum: Personal Investments
Topic: Tell Me About Immediate Annuities
Replies: 19
Views: 1775

Tell Me About Immediate Annuities

I recently saw a posting on here about immediate annuities. The rate of 7.5 percent was mentioned not as an actual amount but to try and get income tax info about one in an IRA.

This peaked my interest, is it possible to get returns close to this amount. My wife is 66 and I am 70, self employed all our life and needing more income off our savings. Just want to know more about them and what the possible returns would be, not whether they would be suitable for us or not.
by Firewood42
Mon Dec 10, 2012 4:20 pm
Forum: Personal Consumer Issues
Topic: GasBuddy.com
Replies: 26
Views: 8799

GasBuddy.com

Just discovered GasBuddy.com It looks like I can save a lot of money using this site, especially since I drive a lot across state and also interstate a couple of times a year. Also my truck has a 36 gallon fuel tank which means a 700 mile cruising range.

Anybody else use this site and have any good suggestions.
by Firewood42
Thu Dec 06, 2012 10:42 am
Forum: Personal Consumer Issues
Topic: Medicare Drug Plan: Preferred Pharmacies
Replies: 7
Views: 981

Re: Medicare Drug Plan: Preferred Pharmacies

I have lived in Texas for 38 years and 140 miles from the Border. I used to buy drugs in Mexico, not any more. I do not TRUST the pharmacies to give you what you paid for. Most of my friends also gave up on buying drugs in Mexico. My Health is to important to me to take chances with drugs from Mexico. Those cheap costs are made up by poor product and are under no controls. Even my mexican friends living in Texas do not buy drugs in Mexico. In fact they will not make family visits to Mexico because there children will be kidnapped and held for ransom. Because of the conditions in Mexico even our State Dept. warns not to go. Understand your concern. Where we go is a place set up for Winter Texans. You park your car and walk across the bridge...
by Firewood42
Thu Dec 06, 2012 7:01 am
Forum: Personal Consumer Issues
Topic: Medicare Drug Plan: Preferred Pharmacies
Replies: 7
Views: 981

Re: Medicare Drug Plan: Preferred Pharmacies

My wife and I just recently switched to Humana and can buy drugs at either Wallmart or mail order. It costs us 18.75 per month each, a huge savings over our former plans. We also have another way to get drugs. Where we stay in Texas for the winter, we can go over the border and buy prescriptions drugs over the counter for very reasonable prices. Many of our friends have been doing this for years. We went over last year with a friend and he said he saved 300 bucks for his needed supply of prescription drugs by buying them in Mexico.
by Firewood42
Mon Dec 03, 2012 6:41 pm
Forum: Personal Finance (Not Investing)
Topic: Re: Comparing Cost of Living Expenses - Part 1
Replies: 47
Views: 3704

Re: Comparing Cost of Living Expenses - Part 1

Here in our rural Ohio area, we have great internet service at a reasonable price. One big savings we have in this area is Cable or Satellite TV. May be shocking to many of you but we have not had any TV in our house for 19 years. So we save quite a bit in cable or satellite charges. We don't miss it. We do travel a lot and stay in motels or with children that do have TV so we are up to date though I haven't watched a network show in all these years. Why don't we have it. Well we would have to move out of our little "holler" to get Satellite, the hills around us are too high. Or we could move 5 miles to another area where we could get cable TV. But we don't miss it we don't want it and we spend the money for something else in life...
by Firewood42
Mon Dec 03, 2012 5:35 pm
Forum: Personal Finance (Not Investing)
Topic: Re: Comparing Cost of Living Expenses - Part 1
Replies: 47
Views: 3704

Re: Comparing Cost of Living Expenses - Part 1

One post stated that in HCOL areas you have more access to professional sports or high quality college sports. I beg to disagree again. Yes we do have to travel farther so you may say it costs us more money to attend these events. Yet in my little home town in rural Ohio, many of us attend regularly sporting events like the Cleveland Browns, Cincinnati Bengals, Ohio State Buckeyes, (12-0) this year, Memorial Golf Tournament and many other major sporting events. Despite the fact that it is a hour and a half drive to Cincinnati, some families in our town have had Cincinnati Reds season tickets for several generations. Everybody in town knows that if you want to go to a game, call one of these families and you might get tickets at a reasonable...
by Firewood42
Mon Dec 03, 2012 4:13 pm
Forum: Personal Finance (Not Investing)
Topic: Re: Comparing Cost of Living Expenses - Part 1
Replies: 47
Views: 3704

Re: Comparing Cost of Living Expenses - Part 1

Many successful people live in central parts of major cities, in areas with walkable streets, efficient public transportation, parks, museums, restaurants. A McMansion owner has only his 4,000 sq ft in his disposal; a city dweller has the entire city at his feet. He is not claustrophobic in his small apartment, because he does not spend most of his time at that apartment. The streets of Manhattan, San Francisco, NW DC, or Boston have much more to offer than any suburban house. Victoria I agree - I would consider an equivalent quality of life to require fewer square feet in an urban area than in a suburban or rural one, so I have no idea how you would compare housing costs across such different lifestyles. But it may be fair to constrain th...
by Firewood42
Mon Dec 03, 2012 6:41 am
Forum: Personal Consumer Issues
Topic: High Salary & High COL vs Low Salary & Low COL
Replies: 80
Views: 13277

Re: High Salary & High COL vs Low Salary & Low COL

Potential hidden financial benefit of "high COL" places: Superior public schools often are most responsible for the "high COL" in many places. If you would send your kids to public schools in a high COL district, as opposed to private schools in a low COL district, that can make a huge difference. 3 kids, $20K each for private school= $60K/yr or $720K difference over a twelve year period. Plus if you put that $720K into, for example, a home mortgage or certain investments, it may be tax deductible....private school tuition is not. But mainly it is important to live where you are most happy, if you can afford it. To some that may mean acres of land and horses and rivers and trees, to others a third story walk-up on a bus...
by Firewood42
Sun Dec 02, 2012 8:20 am
Forum: Personal Consumer Issues
Topic: What kind of car are you driving?
Replies: 368
Views: 45690

Re: What kind of car are you driving?

A 2012 F-150 XLT 4 door 4x4 with 6.5 foot bed and Ecoboost engine. Paid cash. Commuting mileage is 22 mpg, lifetime mileage including some towing, off road driving is 19.1. I use if for all the things country people need a truck. If we have snow I can't get out of my lane or down our gravel road without 4wheel drive. I tow a trailer with lawnmowers in the summer. I have even towed a trailer with a bulldozer to grade my lane. Haul fertilzer, seed, manure, and top soil. Go off road for the best deer hunting and may have 2 or 3 deer to take to where my wife and I butcher them. Have a tonneau cover on the bed and when we head south for the winter we have the bed full of luggage, home canned food, and all the essentials to stay in the south for ...
by Firewood42
Sun Dec 02, 2012 7:22 am
Forum: Personal Consumer Issues
Topic: High Salary & High COL vs Low Salary & Low COL
Replies: 80
Views: 13277

Re: High Salary & High COL vs Low Salary & Low COL

When I think about how much a person's location can affect his or her salary and cost of living, it seems that the individuals, who live in a higher cost of living (COL) area and are compensated fairly for this variable , are at a clear advantage than those who live in a lower cost of living with their salary lowered accordingly.. I don't think people are compensated fairly for living in high COL areas. Housing costs are 4x as much, yet the people there only make 150% of what I make Yes, but often, high COL areas are just flat out MORE FUN places than living in the sticks, so that counts for more, right? I don't think so. Living in the "sticks" all my life, I find much more to do here then in the High COL areas. Also from most pl...
by Firewood42
Mon Nov 26, 2012 4:02 pm
Forum: Personal Consumer Issues
Topic: For those who work PT [Part Time] in retirement
Replies: 6
Views: 1618

Re: For those who work PT [Part Time] in retirement

I am 70 now and my wife and I have been lucky enought to be able to work our service business for three months a year full time since we retired 5 years ago. In fact we are very much in demand. However, this next year we will retire nearly full time as the work requires long hours and accuracy and I don't think we can still do it good enough to satisfy our customers.

We have continued to work this long because of changes in monetary policy. Having been self employed all our life and retired only on our IRA and savings, the low interest rates of today have really hurt our cash flow.
by Firewood42
Sat Nov 24, 2012 5:00 pm
Forum: Personal Investments
Topic: Help With Retirement Planning.
Replies: 16
Views: 1197

Re: Help With Retirement Planning.

Thank you very much for all the suggestions. You have given me some ideas that I hadn't thought of before. I will be looking into all this before making my decisions.
by Firewood42
Sat Nov 24, 2012 10:37 am
Forum: Personal Investments
Topic: Help With Retirement Planning.
Replies: 16
Views: 1197

Re: Help With Retirement Planning.

We own our home with 7 acres, and another 10 acres in a different area. These are our backup plans I am not interested in the stock market ... don't think we could survive a large pullback at our age[/size] So your theory is that the stock market is risky but a single piece of land is stable? Yes, this land is highly desirable here in the midwest. It has valuable timber on it and is excellent hunting. I know I could quickly sell it. My kids and grandkids love it and my oldest grandson 18, has already asked my about owning it. Hunting land here is more valuable sometimes then farm land. Put an ad in any city paper and you will be swarmed with people interested in it. I know, I already thought I might have to sell it and had dozens of offers...
by Firewood42
Sat Nov 24, 2012 9:37 am
Forum: Personal Investments
Topic: Help With Retirement Planning.
Replies: 16
Views: 1197

Help With Retirement Planning.

I am 70 years old and my wife is 66. We are planning on full retirement next year. We have been working 3 months a year and then retirement the rest of the year. We have $ 500,000 in our normal IRA'S invested 75 percent in Fidelity GNMA's, 20 percent in cash and short term bonds and 5 percent in a Pen Fed Cd. We have been living very well the last 5 years on our social security plus about $20,000 that we banked each year from our part time work. Now we need to quit our work altogether and just live off our IRA and social security. We are healthy and very active, enjoy golf traveling to visit grandkids and relatives and spending 2 months snowbirding in the south. Had no problem doing this with our part time work but doing this off income fro...
by Firewood42
Wed Nov 21, 2012 1:06 pm
Forum: Personal Consumer Issues
Topic: Farming and Homesteading Thoughts/Advice?
Replies: 27
Views: 2909

Re: Farming and Homesteading Thoughts/Advice?

Not if your farm sits above the Marcellus or Utica shales, it isn't. Yes I live in that area and wish I had more then 10 acres. I was raised on a farm but my father was a rural mail carrier also. So I learned how to raise hogs, chickens, and a huge garden that fed the family. I also belonged to 4H and Future Farmers of America and learned a lot from those groups All my life I have had a huge garden and tried to live off the land even though I held a regular job. Now my wife and I are mostly retired. We try to raise all our own food. We have canned and frozen over 350 quarts of fruits, vegetables and meat. We don't raise livestock or chicken anymore because it ties you down and we like to travel also. Our meat comes from deer that overpopul...
by Firewood42
Fri Nov 16, 2012 11:50 am
Forum: Investing - Theory, News & General
Topic: My thoughts on the [current market] in a nutshell ...
Replies: 42
Views: 5232

Re: My thoughts on the Fiscal Cliff in a nutshell ... [Image

Those logarithmic return graphs are sooooo misleading. Especially when you cherry-pick the start time as the low following the 2000-2002 market wipeout. If you pick Jan 2000 instead, and then use real returns instead of unreal returns you see that $10K invested then has turned into about $8600 today in real money. We fell off the fiscal cliff 12 years ago and are still on the way down. January of 2000 was when I decided to change my asset allocation from 80 per cent stocks to 10 percent stocks. Not so much because i thought the market would go down but because I was 59 years old and if I did this my retirement was assured no matter what happened to the market. I am still glad I did, I did very well these last 12 years with GNMA's, bonds an...
by Firewood42
Wed Nov 14, 2012 8:53 am
Forum: Personal Consumer Issues
Topic: Capitol One cashback vs Fidelity Rewards Visa
Replies: 14
Views: 2214

Re: Capitol One cashback vs Fidelity Rewards Visa

I use the Fidelity 2 percent Amex and the PenFed 5% off on gasoline. Also have a Choice Privileges Visa with Barclay Bank which I use when they don't take Amex or when we are traveling for points and discounts on motels.

Like to use the Pen Fed only for gasoline. I like to know how much I spend on gasoline per month as sometimes it is business tax deductible.