Search found 638 matches

by jimmyrules712
Mon Nov 06, 2017 12:36 pm
Forum: Personal Investments
Topic: Assessing my retirement savings rate
Replies: 9
Views: 1708

Assessing my retirement savings rate

I'm trying to asses what my minimum savings rate needs to be to retire. Desired retire date: 25 years from this year (This puts me at retiring in my mid fifties. I could go later if needed obviously.) Retirement income needed: $60,000 a year after tax ($5,000 a month) to be comfortable. $4,000 a month is the bare minimum needed. Expected SS benefit: About $2,000 a month according to the SSA.gov calculator Current retirement savings: $225k all pre-tax One calculator I looked at says that assuming a real return of 5% annually, if I save $17,500 a year then I'd have enough in 25 years ($2 million) to generate the income I need. Does that seem right? Am I missing anything else? Right now with me just putting the minimum into my 401k to get the ...
by jimmyrules712
Thu Nov 02, 2017 5:35 pm
Forum: Personal Finance (Not Investing)
Topic: A tax planning question about the proposed GOP tax plan
Replies: 7
Views: 1437

Re: A tax planning question about the proposed GOP tax plan

David Jay wrote: Thu Nov 02, 2017 5:23 pm No can do - no commenting on proposed legislation on the BH forum.
I can't ask how the proposed legislation would affect me, even if the impact requires that I take action right now?
by jimmyrules712
Thu Nov 02, 2017 5:21 pm
Forum: Personal Finance (Not Investing)
Topic: A tax planning question about the proposed GOP tax plan
Replies: 7
Views: 1437

A tax planning question about the proposed GOP tax plan

In the proposed GOP tax overhaul they are eliminating the adoption tax credit. My wife and I are planning to adopt soon and were counting on that credit to help pay for the expense (expected cost at $25k, credit is worth $13k). If these changes do get voted into law this year would they go into effect next year? So if we don't adopt by the end of this year then we would miss the window?
by jimmyrules712
Fri Oct 27, 2017 2:30 pm
Forum: Personal Finance (Not Investing)
Topic: Annual enrollment time, trying to decide on Dependent Care FSA
Replies: 9
Views: 774

Re: Annual enrollment time, trying to decide on Dependent Care FSA

PowDay wrote: Fri Oct 27, 2017 1:41 pm How much is childcare in your area? With infants at almost $2k a month near me, you could use most of it in Jan/Feb, and if you move its pretty easy to use the remaining for evening babysitters.
If we stay and use daycare we would be using a part time (2 or 3 days a week for 6 hours each day) option, which is only about $200 a month. We also wouldn't be starting until April or May. Our baby is an under-developed immune system so we've been advised to not do daycare until after flu season. If we end up moving we would be moved before daycare starts.
by jimmyrules712
Fri Oct 27, 2017 1:37 pm
Forum: Personal Finance (Not Investing)
Topic: Annual enrollment time, trying to decide on Dependent Care FSA
Replies: 9
Views: 774

Annual enrollment time, trying to decide on Dependent Care FSA

My wife and I have a 3 month old baby. There's a 50/50 possibility my job will be moved to a different state early next year and I won't know for sure until January or later. If we move then my wife won't be able to work for the first year and would stay home and we would not use daycare. If we do not move then we will start using daycare in the spring so my wife can return to her job part time.

I need to decide by November 17th if I want to put money in a dependent care FSA or not. What do you all think I should do? If we end up moving I don't know that we would have a chance to use that money.
by jimmyrules712
Fri Oct 06, 2017 1:54 pm
Forum: Investing - Theory, News & General
Topic: I'm thinking about cashing completely out of equites....
Replies: 75
Views: 11893

Re: I'm thinking about cashing completely out of equites....

If you have what you need to retire then irregardless of what the market is doing I think it makes sense to decrease your stock allocation. Maybe go more to something like 75% bonds/cash and 25% stocks?
by jimmyrules712
Wed Oct 04, 2017 11:21 am
Forum: Personal Consumer Issues
Topic: TV DVR Dilemnia: OTA or Satellite
Replies: 11
Views: 1772

Re: TV DVR Dilemnia: OTA or Satellite

What I use for an OTA DVR solution is a device called Tablo. I've had this setup for over 2 years and been extremely happy with it, and best of all my wife likes it to. It gives us OTA TV with guide and DVR on all 4 TVs in our house without needing to buy 4 DVRs. My OTA antenna is connected to the Tablo device via coax, Tablo has a USB hard drive connected to it for recording storage and Tablo is connected to my home router via ethernet. I have a Roku streaming box set up with each TV in the house. It has apps for Netflix, Hulu, Amazon Video, etc. and it has a Tablo app. You can use the Tablo app to watch live TV from the antenna (with a full guide) and to control and watch recordings. It requires some investment up front but pays off over ...
by jimmyrules712
Wed Sep 27, 2017 1:38 pm
Forum: Personal Investments
Topic: Fidelity Solo 401k Electronic Transfers
Replies: 11
Views: 1375

Re: Fidelity Solo 401k Electronic Transfers

How many Self-Employed 401k deposits do you make in a year and how hard is it really to make a phone call. Yes it is an inconvenience, but a minor one at that. I'm more bugged about them still not allowing designated Roth accounts. It's my wife's account. She's self employed but I manage her finances for her. Me needing to call in for her account, or me needing to walk her through what to say for her to call in, makes it a much bigger hassle. The fact that we only have to do it a few times a year makes it even more painful that there's not an easy way to do it online. Each and every time we need to do it we have to do some work to remember how it works and what to do or say. Given how low her self employment income is it often does not see...
by jimmyrules712
Wed Sep 27, 2017 12:07 pm
Forum: Personal Investments
Topic: Fidelity Solo 401k Electronic Transfers
Replies: 11
Views: 1375

Re: Fidelity Solo 401k Electronic Transfers

Jack FFR1846 wrote: Tue Sep 26, 2017 2:49 pm Dude.....call them or chat them now. They're super informed on the front line. I can't imagine they can't do that. It's very basic for any company not stuck in the 80's.

I ACH into my Roth without issue.
Believe it or not, they do not currently offer that capability for solo 401ks.
by jimmyrules712
Tue Sep 26, 2017 2:46 pm
Forum: Personal Investments
Topic: Fidelity Solo 401k Electronic Transfers
Replies: 11
Views: 1375

Fidelity Solo 401k Electronic Transfers

Has anyone who has a Fidelity solo 401k figured out if it's possible to make deposits through the website electronically? I know you can mail in a check and I know you can transfer money into a cash management account and then call in and ask them over the phone to transfer to the 401k. I read somewhere that the cash management account has to be owned by the business same as the 401k in order to transfer electronically...curios if anyone has tried setting that up.

It's a major PITA to mail checks or call in whenever I want to make a deposit and I'm considering moving this to Vanguard if I can't find a way to do it.
by jimmyrules712
Mon Sep 25, 2017 9:16 am
Forum: Personal Consumer Issues
Topic: Honda CRV All Wheel Drive VS Front Wheel, Which One?
Replies: 88
Views: 40634

Re: Honda CRV All Wheel Drive VS Front Wheel, Which One?

I have AWD on my ford escape and I love it. Significantly better rain/snow traction and when I need to I can accelerate better without losing traction since I'm getting power to all 4 wheels instead of just 2.

Contrary to what other's have said I think it will definitely increase resale value as well. If I were buying a used SUV/crossover I would ignore any that did not have AWD.
by jimmyrules712
Mon Sep 18, 2017 1:02 pm
Forum: Personal Finance (Not Investing)
Topic: Thoughts on adjusting withholding for an expected tax credit?
Replies: 5
Views: 651

Thoughts on adjusting withholding for an expected tax credit?

I'm currently working through the process of adopting a child. It is expected to be finalized in February 2018 and we will incur adoption related expenses and fees well over $20,000. There is a federal adoption tax credit worth $13,570 that can be claimed for any adoption expenses up to that amount which can be claimed for the tax year when the adoption was finalized. This means that despite the fact that we paid the $20k this year we can't get the credit until we file for 2018 taxes in 2019. We pay about $24k a year in taxes based on current income so that credit will be worth over half our tax obligation for the year 2018. I'm thinking ahead and wondering if it wouldn't be a bad idea to adjust my withholding at work next year to take into...
by jimmyrules712
Thu Sep 14, 2017 11:43 am
Forum: Investing - Theory, News & General
Topic: Help! - How to improve small company 401k?
Replies: 19
Views: 2484

Re: Help! - How to improve small company 401k?

I can't speak from experience but I imagine the first step should be your wife asking around to find out who is in charge of the 401k program. Once she knows who it is she should contact them and ask if they'd be open to hearing her feedback on the plan and discussing ways in which she thinks it can be improved. If they respond positively then you have your open door. If they don't then you probably need to live with it.

If they are willing to discuss it I would come in with some information on what the cost would be to move it to Vanguard or another low expense option along with fund suggestions. Provide a comparison of a hypothetical account after 20 years in each location and show the difference that the fees can make.
by jimmyrules712
Wed Sep 13, 2017 1:22 pm
Forum: Personal Finance (Not Investing)
Topic: Turned down for umbrella insurance
Replies: 57
Views: 8594

Re: Turned down for umbrella insurance

My net worth is under $1 million and my local State Farm agent made no issue of issuing me a $3 million umbrella policy. They didn't ask for any documentation or proof of assets or investments (although I do have home and auto insurance with them). Seems like Liberty doesn't want your business. I'd find someone else who does.
by jimmyrules712
Tue Aug 29, 2017 12:48 pm
Forum: Personal Finance (Not Investing)
Topic: Wife's doctor sent bill to collections without ever mailing anything to us
Replies: 10
Views: 2326

Re: Wife's doctor sent bill to collections without ever mailing anything to us

Spirit Rider wrote: Mon Aug 28, 2017 9:29 pm It is generally never a good idea to just pay a collector when they call you. You should always ask for a validation of the debt. This gives you own time to research the issue with the original debtor.

Now you have a paid collection, when at a minimum you could have negotiated a "pay for delete" arrangement and maybe this isn't even a legitimate debt.
I know, my wife paid it without asking me. I think she was worried that she had made a mistake. What I need to know is if we should do anything else now?
by jimmyrules712
Mon Aug 28, 2017 9:17 pm
Forum: Personal Finance (Not Investing)
Topic: Wife's doctor sent bill to collections without ever mailing anything to us
Replies: 10
Views: 2326

Wife's doctor sent bill to collections without ever mailing anything to us

A week or two ago my wife got a call from a debt collector saying she had a $75 unpaid bill from one of her medical specialists from a visit in January in collections. She researched it and found that it was a valid bill and she went ahead and paid the full balance to the debt collector. Later she and I dug through all of our paper bill records we've received this year and are nearly certain that we never received anything in the mail for this bill. Normally most providers send multiple notices on unpaid bills and we never got one. I'm wondering if the provider forgot to bill her and just sent it straight to collections out of laziness. I'm concerned on how this will affect her credit. Should we do anything further about it or just move on ...
by jimmyrules712
Fri Aug 18, 2017 11:51 am
Forum: Personal Finance (Not Investing)
Topic: Debt collector called, should we call them back?
Replies: 15
Views: 2931

Debt collector called, should we call them back?

My wife received a VM from someone claiming to be a debt collector and said she needs to call them back. We are normally on top of our bills and have never had any unpaid debts or been involved with debt collectors before....however my wife does incur a lot of medical bills and it would not surprise me if she mistakenly missed paying one off. As far as I know we haven't received anything in the mail about an unpaid debt. Should we return the call or just assume its not legitimate? I googled the number it came from and it does appear to be a legitimate debt collector.
by jimmyrules712
Thu Aug 03, 2017 8:51 am
Forum: Personal Investments
Topic: Request help deciding on Roth vs Traditional
Replies: 17
Views: 1341

Re: Request help deciding on Roth vs Traditional

KlangFool wrote:
jimmyrules712 wrote: [*]My wife is self employed so she doesn't get any type of employer retirement savings[/list][/list]
jimmyrules712,

She can start her own 401K plan.

https://www.bogleheads.org/wiki/Solo_401(k)_plan

KlangFool
Yes she does have a solo 401k with some monies in it (and that is accounted for in my OP details). We won't be able to contribute anything to it for the next couple years and there's no free employer match obviously.
by jimmyrules712
Thu Aug 03, 2017 8:48 am
Forum: Personal Finance (Not Investing)
Topic: Losing confidence in Ally Bank - what would you do
Replies: 58
Views: 14491

Re: Losing confidence in Ally Bank - what would you do

Not trying to downplay the significance of your issue but I'm extremely surprised. I've been using Ally for my main bank for over 5 years and have 3 checking accounts and 4 savings accounts with them. I transfer money around (internally and externally) all the time and have never experienced a "failed transfer" or a temporary loss of funds. However, I don't know if I've ever done an external transfer from a savings account. I always pull from my checking. If that issue were to happen to me I'd probably give them some slack the first time. If it happened 2 or 3 times in a short period of time then I'd start looking at other options. To be honest I would probably put up with quite a bit before I switched because overall I like Ally'...
by jimmyrules712
Wed Aug 02, 2017 10:45 am
Forum: Personal Investments
Topic: Request help deciding on Roth vs Traditional
Replies: 17
Views: 1341

Re: Request help deciding on Roth vs Traditional

FiveK wrote:
jimmyrules712 wrote:I've read the case against the 401k article....
Just curious - which one is that?
Sorry it's case against the ROTH 401k, not all 401k.
https://thefinancebuff.com/case-against-roth-401k.html
by jimmyrules712
Wed Aug 02, 2017 10:43 am
Forum: Personal Investments
Topic: Request help deciding on Roth vs Traditional
Replies: 17
Views: 1341

Re: Request help deciding on Roth vs Traditional

Hey everyone. I hope we can start maxing our Roth IRAs in the near future but this year and next year it won't be possible. We're still paying down some debt and my wife is going to go back to school part time which we're going to pay for as we go and we're saving up to adopt a baby ($20k). For now my current 401k contributions are all we can do.

And I do have a pension but I already accounted for that in my original details. About half of the $15k per year that I stated my employer contributes goes into a defined contribution cash balance pension, which later can be taken out as a lump sum and rolled into a traditional IRA. So for this discussion I counted it as part of my traditional funds.
by jimmyrules712
Wed Aug 02, 2017 8:24 am
Forum: Personal Investments
Topic: Request help deciding on Roth vs Traditional
Replies: 17
Views: 1341

Request help deciding on Roth vs Traditional

First of all I know this subject is heavily discussed and debated. I've read the case against the Roth 401k article and agree with much of it's logic. What I need help with is deciding which way to go for my 401k savings given my circumstances. Details: Married, both close to 30 yrs old. Joint income gross around $160k So far after deductions we've stayed in the 25% tax bracket but I've been getting regular raises and promotions at work so before too long we'll definitely hit 28% and shifting my contributes to Roth might speed that up although I think this year and next year I could switch and we'd still be in the 25% bracket. Current savings: $8,500 Roth funds $220,000 Traditional funds Current contributions rates: $5,500 per year that I c...
by jimmyrules712
Tue Aug 01, 2017 9:25 am
Forum: Personal Investments
Topic: 401k Rollover. Need advice
Replies: 9
Views: 814

Re: 401k Rollover. Need advice

Just open an IRA at Fidelity or Vanguard and roll it over to there. You said your new 401k will be at Fidelity. If you roll the old 401k into a Fidelity IRA then you'll be able to access the IRA and the new 401k form the same logon account.
by jimmyrules712
Mon Jul 31, 2017 10:17 pm
Forum: Personal Consumer Issues
Topic: How much should I fix up my house before selling?
Replies: 10
Views: 2494

How much should I fix up my house before selling?

I live in a small town in the Midwest and have a large 3,200 sq ft house built in 1960 that I will need to sell next year. I paid $190,000 for it when I bought it 5 years ago. I'm trying to decide what improvements I should make before selling, particularly related to the following: 1. In the corner of the living room there is a little kitchenette/bar area that the previous owner started building out and didn't finish and we haven't finished either. So right now there's a litttle section of tile floor and plumbing (water lines and drain) sticking out of the wall but no cabinets or bar installed. Should I build it out (and risk building a style that a new owner might not like) or leave it unfinished? 2. The dining and living rooms have a woo...
by jimmyrules712
Mon Jul 31, 2017 11:27 am
Forum: Personal Investments
Topic: Is it stupid to consider a defined contribution cash balance pension as part of my bond allocation?
Replies: 18
Views: 2751

Is it stupid to consider a defined contribution cash balance pension as part of my bond allocation?

I have a 401k and a defined contribution cash balance pension both through my current employer. The 401k gets 5% of my salary plus a 100% match from my employer (so total of 10% of my salary each year). My employer deposits an amount roughly equal to 7% of my monthly salary into the cash balance pension each month and it gets an interest accrual each month as well. At retirement the pension can be "cashed out" in the form of a lump sum payment or an annuity. If I leave before retirement then I can roll it into an IRA. Currently my 401k is worth about $150k and my pension is about $50k. Lately I've been thinking that since the pension is essentially a bond/cash reserve fund that just accumulates interest I should treat it as part o...
by jimmyrules712
Thu Jul 13, 2017 1:12 pm
Forum: Personal Finance (Not Investing)
Topic: Options for ending lease early
Replies: 14
Views: 1350

Re: Options for ending lease early

The lease states that it cannot be terminated early unless you find someone to take over the lease. Can they enforce that? Most likely yes. Some states impose a duty to mitigate on residential landlords. Without seeing your lease and knowing what state law applies, no one will be able to advise you of the legal enforceability of your lease provisions. Contact the landlord, explain the situation, and see if they will work something out with you or perhaps know of an interested tenant. If not, post an ad on craigslist. My state is Oklahoma. I tried calling them already but was only able to speak with one of the kids who works part time in the front office and she said that the policy requires we complete the full lease or find a subleasor. I...
by jimmyrules712
Thu Jul 13, 2017 12:48 pm
Forum: Personal Finance (Not Investing)
Topic: Options for ending lease early
Replies: 14
Views: 1350

Options for ending lease early

My wife was enrolled to start a phd program this fall at an APA accredited state university in the U.S. Last month we signed a 12 month lease starting august 1st for an apartment at the city the school is in. She has not moved in yet. Move in is scheduled mid-august. Last week she was informed that the school has decided to shut down the phd program and all of the faculty running the program have resigned or taken retirement. So now we need to get out of the lease. The lease states that it cannot be terminated early unless you find someone to take over the lease. Can they enforce that? We live over 200 miles from the school and don't know anyone attending there so I don't see how we're ever going to find someone to take over the lease. When...
by jimmyrules712
Fri Jun 16, 2017 9:51 am
Forum: Personal Investments
Topic: Is my pension a Fixed asset?
Replies: 37
Views: 7804

Re: Is my pension a Fixed asset?

It should depend on what type of pension it is. I have a defined contribution "cash balance" pension that maintains a cash balance value over time and at retirement can be cashed out as a lump sum or annuity. If I leave the company before then I can roll the cash balance it into an IRA. I classify it as part of my bond allocation.
by jimmyrules712
Fri Jun 09, 2017 10:09 am
Forum: Personal Investments
Topic: Ally Bank - Is this a safe/best place to stash some cash?
Replies: 108
Views: 43661

Re: Ally Bank - Is this a safe/best place to stash some cash?

Oops I just noticed that I'm a little late to this thread. Oh well I'll leave my below response anyway.

My wife and I have used Ally as our primary bank for over 5 years now. It is nearly our only bank. We do have a checking out with a local credit union that we keep $100 in that is pretty much only used on the rare occasions that we need to deposit cash or when we need a service that Ally can't provide (rare).

One of the reasons we use them is because they are all online. Many other banks treat their online features like an afterthought largely because at the end of the day customers can go to a branch if the website can't do something. Ally doesn't have that to use as a crutch so their online features are among the best.
by jimmyrules712
Wed May 24, 2017 9:45 am
Forum: Personal Finance (Not Investing)
Topic: Auto Insurance Question
Replies: 11
Views: 1563

Re: Auto Insurance Question

I disagree, your original question skipped over some of the crucial benefits of UM/UIM and was framed by your belief that the coverage is duplicative to what your health insurance provides. You disagree with my statement that your response didn't answer my primary question? I'm not sure why you think you could know that better than I would. You stated: UM/UIM would also provide your heirs with a settlement if you are killed by an uninsured driver. Health insurance may cover bills, but the loss of life/limb/sense/wages etc would be covered under this coverage. It's essentially a liability claim against the at fault driver, but through your insurance since they are uninsured. Your insurance can then try to pursue recovery from the uninsured ...
by jimmyrules712
Wed May 24, 2017 9:32 am
Forum: Personal Investments
Topic: When should my MIL take SS?
Replies: 5
Views: 838

When should my MIL take SS?

My MIL is currently 62. Her husband died 2 years ago and she has not remarried. She has virtually zero retirement savings and works part time (20-30 hours a week) at a school making around $10 an hour. Prior to her husband dying she worked very little, maybe 10 hours a week. She lives very frugally and so far has been able to survive off her income but it's always tight. She's in good health and active so I would expect her to easily live into her 80's and very possibly beyond.

What factors should we look at in helping her determine when to take SS? How does it work with her passed away husband's benefits>
by jimmyrules712
Mon May 15, 2017 3:36 pm
Forum: Personal Finance (Not Investing)
Topic: Auto Insurance Question
Replies: 11
Views: 1563

Re: Auto Insurance Question

I think a few of you have misunderstood my question. I know what UIM covers and generally what the benefits are. My question is what happens when there are medical claims as well as other claims (disability, lost wages, dismemberment, P&T, etc.) that combined exceed the limit of the policy? If the policy limit is $25,000 and there's justification for more than $25,000 in claims for that second group if things (such as disability) would all of that $25,000 go to me or would some be required to cover medical costs instead of my health insurance, thus giving me a smaller benefit? What is the order of preference?
by jimmyrules712
Mon May 15, 2017 2:28 pm
Forum: Personal Finance (Not Investing)
Topic: Auto Insurance Question
Replies: 11
Views: 1563

Auto Insurance Question

I'm considering increasing my uninsured motor vehicle coverage but need to better understand how this all works first. Let's say I get hit by an uninsured driver and I have $25,000/$50,000 uninsured coverage and the driver inflicts serious medical damage causing long term pain/discomfort, requiring surgeries and physical therapy, etc. Obviously in this situation there's both medical costs, disability costs, and pain and suffering and all combined likely exceed the $25k/$50k policy significantly. I already have health insurance so it doesn't really benefit me for the policy to pay for medical costs (except for maybe up to my deductibles). But does my health insurance company have a claim on some of those monies? Or would it all go to me to c...
by jimmyrules712
Thu May 11, 2017 8:27 am
Forum: Personal Consumer Issues
Topic: Should I switch my home electric bill to "Time of Day" billing?
Replies: 22
Views: 3047

Re: Should I switch my home electric bill to "Time of Day" billing?

ibanda wrote:The hassle was about 15 minutes while the OG&E contractor came in my house and wired in the thermostat. I did not see a change for about 8 months out of the year. The electric bills for July, August, September went down from $240 to $150 month. It was worth it for me! :happy
I really meant the hassle of needing to micromanage your power usage throughout the day for those summer months. Not the hassle to do the switch over. i actually already have the required thermostat so all I need to do to switch is click a button on their website.
by jimmyrules712
Wed May 10, 2017 4:54 pm
Forum: Personal Consumer Issues
Topic: Should I switch my home electric bill to "Time of Day" billing?
Replies: 22
Views: 3047

Re: Should I switch my home electric bill to "Time of Day" billing?

ibanda wrote:I am in Oklahoma. OG&E provided an A/C programmable thermostat that is connected to their time of day/surge billing. You have several choices for economy vs comfort. If we have a 105° heat wave and the surge pricing goes from .05 kWh to .49 cents per kWh hour you can tell it beforehand to wait until 7pm to start cooling down or damn the cost and keep the house cool.

I have been on it for about 2 years and I think it has saved me some money.
Do you feel like the cost savings has been worth the hassle?
by jimmyrules712
Wed May 10, 2017 3:42 pm
Forum: Personal Consumer Issues
Topic: Should I switch my home electric bill to "Time of Day" billing?
Replies: 22
Views: 3047

Re: Should I switch my home electric bill to "Time of Day" billing?

Are you usually home from 2-7? Can you switch back if you dont like it? My wife worked for water and power for a large city around here. It all depends on if you are home. I have that option too, but now she works from home so during those peak times, air conditioning is a must. We have kept the flat rate. Had we both been out of the house during the day, we would have switched to time of day billing. I had lived in the state next to you for 9 years, and I am familiar with Oklahoma humid summers. Personally, I have run the air conditioning many hours of the day and would likely keep the flat rate. I work from 8 to 5. My wife's schedule is variable and very inconsistent. Some days she's gone all day and other days she's home for 4-6 hours l...
by jimmyrules712
Wed May 10, 2017 3:27 pm
Forum: Personal Consumer Issues
Topic: Should I switch my home electric bill to "Time of Day" billing?
Replies: 22
Views: 3047

Should I switch my home electric bill to "Time of Day" billing?

I live in Oklahoma. For the months of June-October, my electric company has given me the option of switching from flat rate billing to paying higher rates for power between 2pm and 7pm M-F and lower rates for the rest of the hours. They claim it will save me money. The peak rate would be 10.18 cents per kWh and the off-peak rate would be 2.06 cents per kWh. The standard plan that I'm using now charges 3.49 cents per kWh for the first 1350 kWh per month, then 4.49 cents per kWh for everything above that. Last year my highest bill of the year was one month from mid July to mid August and I used 2,355 kWh. My current bills do nothing to tell me how much power I use at specific times during the day.

What do you guys think?
by jimmyrules712
Thu May 04, 2017 10:47 am
Forum: Personal Finance (Not Investing)
Topic: Wife getting PhD, how to fund? (student vs 401k loan vs home equity, etc)
Replies: 50
Views: 9549

Re: Wife getting PhD, how to fund? (student vs 401k loan vs home equity, etc)

Agreed an additional part-time job with a PhD program is impossible. Is it just fully funded for the first year? Are additional years of funding "guaranteed"? We recently went through a pscyhology PhD program at a similar state school/R1 research institution and only the first year's funding was "guaranteed" (though many were able to get funding for multiple years, it was often their responsibility to seek it out). I also agree that 4 years to complete (3 years on campus, 1 year internship) is absolutely the best case scenario. Of all the post-masters students we encountered during our time there (which was dozens), only 1 completed the program on the schedule you're suggesting (and most took summer courses as well). Th...
by jimmyrules712
Thu May 04, 2017 9:33 am
Forum: Personal Finance (Not Investing)
Topic: Wife getting PhD, how to fund? (student vs 401k loan vs home equity, etc)
Replies: 50
Views: 9549

Re: Wife getting PhD, how to fund? (student vs 401k loan vs home equity, etc)

She has a masters in psychology right now and is a licensed marriage and family therapist. She makes about $40k a year right now and has few career options. This is a PhD in counseling psychology and will allow her to work as a licensed Psychology. Her take home pay should get a decent increase. Ah. PhDs for professional disciplines are (somewhat) different. Still seems like you are getting a really raw deal on the "fully-funded" program. I don't want to nitpick too much, because you aren't asking for advice on whether or nor she should go, but make sure you are comfortable with the graduation/job placement rates from the program before putting down the cash. She applied for the same program at 7 different schools (University of ...
by jimmyrules712
Thu May 04, 2017 9:27 am
Forum: Personal Finance (Not Investing)
Topic: Wife getting PhD, how to fund? (student vs 401k loan vs home equity, etc)
Replies: 50
Views: 9549

Re: Wife getting PhD, how to fund? (student vs 401k loan vs home equity, etc)

livesoft wrote:It seems she can get another part-time job to help with paying expenses.
She's going to be taking 15 hours of post-graduate classes (9 hours of post grad is normally considered "full time"), working 20 hours a week for the assistantship, and will have a required 12 hours a week of "Practicum hours". There's no way she could get an additional part time job and still perform well in her studies and complete the program in 3 years. I've seen her schedule for this coming fall. Most days she's going non-stop for 10 hours or so before she gets home. Then she has homework/study I assume. She will be working significantly more hours than I do. Maybe I should get a second job?

I work full time as a software engineer BTW.
by jimmyrules712
Thu May 04, 2017 9:20 am
Forum: Personal Finance (Not Investing)
Topic: Wife getting PhD, how to fund? (student vs 401k loan vs home equity, etc)
Replies: 50
Views: 9549

Re: Wife getting PhD, how to fund? (student vs 401k loan vs home equity, etc)

DTSC wrote:Home equity loan might be a good option. You can deduct the interest.

Also, see if your state has a 529 program. Sometimes you can cycle the home equity money through as a contribution and get tax benefits. For example, in Illinois, one can deduct up to $10,000 ($20,000 per couple) and save 3.75% of that in income tax. Not a mint, but it should be good for a couple of textbooks.
Already planning on doing this. Oklahoma has a 529 that let's us deduct from our state income tax. Should save about $1,000 per year in state income tax.
by jimmyrules712
Thu May 04, 2017 9:20 am
Forum: Personal Finance (Not Investing)
Topic: Wife getting PhD, how to fund? (student vs 401k loan vs home equity, etc)
Replies: 50
Views: 9549

Re: Wife getting PhD, how to fund? (student vs 401k loan vs home equity, etc)

What field is your wife planning to get her PhD in? Attempting a non-fully funded PhD is generally not viewed as a good idea. Indeed, its generally a horrible financial deal. And WHY is she getting a PhD? Career advancement? What field? What are the alternatives? Would a higher GRE score help her get into a "better" school that might pay her to attend? Not a fan of a home equity line for such a thing. GradPlus loans? And, if she can score a gig a a nonprofit, the balances are forgiven after 10 years. (Sure, that deal could change.) She has a masters in psychology right now and is a licensed marriage and family therapist. She makes about $40k a year right now and has few career options. This is a PhD in counseling psychology and w...
by jimmyrules712
Thu May 04, 2017 9:18 am
Forum: Personal Finance (Not Investing)
Topic: Wife getting PhD, how to fund? (student vs 401k loan vs home equity, etc)
Replies: 50
Views: 9549

Re: Wife getting PhD, how to fund? (student vs 401k loan vs home equity, etc)

ponyboy wrote:My wife was paid around $30k/year to get a phd (stipend.) Seems sketch they arent paying her something.
The program is "fully funded" with a .5 assistantship that provides a full tuition waiver and $12k per year stipend. Tuition waiver does not cover about $4k per semester in "fees".
by jimmyrules712
Thu May 04, 2017 9:16 am
Forum: Personal Finance (Not Investing)
Topic: Wife getting PhD, how to fund? (student vs 401k loan vs home equity, etc)
Replies: 50
Views: 9549

Re: Wife getting PhD, how to fund? (student vs 401k loan vs home equity, etc)

I'd probably opt for the Home Equity Loan in that situation. Just curious, but what on earth generates 10K worth of "fees" at this university? Also, how realistic is the 3-4 year timeline? What field is she in? Many people take a lot long er than that to finish (though she may not need to be in residence beyond the 3-4 years). What field is your wife planning to get her PhD in? Attempting a non-fully funded PhD is generally not viewed as a good idea. Taking on debt for it is a huge red flag. https://www.insidehighered.com/blogs/gradhacker/unfunded-phds-go-or-not-go I agree. Besides, for the 20 hours of work, shouldn't she be getting a stipend as well? Also, which university? I am hoping it is one of the top ones in the field, els...
by jimmyrules712
Thu May 04, 2017 8:40 am
Forum: Personal Finance (Not Investing)
Topic: Wife getting PhD, how to fund? (student vs 401k loan vs home equity, etc)
Replies: 50
Views: 9549

Wife getting PhD, how to fund? (student vs 401k loan vs home equity, etc)

My wife is about to start a 3-4 year PhD program. I'm in my early 30's and she is late 20's. It is "fully funded" with a stipend which means it comes with a "tuition waiver" in exchange for 20 hours a week of work from her in addition to her studies. So we won't have to pay tuition however there's about $10,000 per year in "fees" that we are on the hook for. In addition to that the school is about a 3 hour drive from where we live so she's going to get an apartment to live in on the week days for about $600 a month (assuming around $750 including utilities so about $9,000 a year total). After factoring other costs (books, supplies, etc.) I'm expecting about $20,000 per year in total costs directly related to he...
by jimmyrules712
Tue May 02, 2017 9:13 pm
Forum: Personal Investments
Topic: Should I move Solo-401k to Rollover IRA?
Replies: 28
Views: 1954

Re: Should I move Solo-401k to Rollover IRA?

I have to say this is a very interesting subject and I appreciate all the discussion. My wife is currently self employed and has a solo 401k with Fidelity. She's about to stop her work for a few years to go back to school and get a post graduate degree. We expect she may resume her self employed work after that's done but it's hard to know for sure.

Based on the discussion I've read so far it sounds like some of you would argue that she should close the solo 401k when she goes back to school but other's believe she doesn't need to? We didn't realize that this was such a controversial subject.
by jimmyrules712
Thu Apr 20, 2017 3:50 pm
Forum: Personal Consumer Issues
Topic: Fidelity card 2% but NOT as statement credit
Replies: 27
Views: 4082

Re: Fidelity card 2% but NOT as statement credit

I like the Fidelity Visa card so much that I have two. One for business and one for home. In another thread we discuss that you may only be getting 1.5 percent on your deposit and it seems like one of the credit cards give me a 1.5 percent deposit into my Fidelity account and the other one does 2 percent. I don't know if it is because I have 2 cards or if as another poster said, I need to call them and request the 2 percent rather than the 1.5 percent. It bothers me when some of my non Boglehead relatives talk about "free" flights and vacations with their credit cards when they could be getting badly needed cash into a Fidelity account. Prior to this year there were 2 different Fideltiy cards, a Visa and an American Express, both...
by jimmyrules712
Thu Apr 20, 2017 1:13 pm
Forum: Personal Finance (Not Investing)
Topic: Do you have an umbrella policy?
Replies: 295
Views: 49449

Re: Do you have an umbrella policy?

I recently signed up for a $1 million umbrella policy for the first time and actually saved money overall doing it by lowering my auto and home liability coverage to the minimum required for the umbrella to kick in (they were above that minimum before) and raising the deductibles a bit.

I'm in my early 30's and just starting to build up assets. I'll probably increase it to $2-3 million in a few years.
by jimmyrules712
Thu Apr 20, 2017 12:59 pm
Forum: Personal Consumer Issues
Topic: Fidelity card 2% but NOT as statement credit
Replies: 27
Views: 4082

Re: Fidelity card 2% but NOT as statement credit

For those like me who have both Fidelity and Citi double cash and think of both as their 2% cards, I learned something interesting today. I had decided that instead of putting the money into my son's 529, that I would instead take advantage of the statement credit. Going through the process, indeed this can be done but instead of 2% coming back as a statement credit, instead, it is only 1%. Backing out before finalizing, I double checked by putting the reward into my son's 529 and indeed, the full 2% went in. Maybe this is already widely understood by others but I was surprised by it. Not a big deal....I haven't deposited anything into my own 2017 Roth yet so perhaps I'll start diverting to there. As many others have already stated you hav...
by jimmyrules712
Fri Mar 24, 2017 3:51 pm
Forum: Personal Finance (Not Investing)
Topic: Wife Getting PHD. Should I open a 529 Account
Replies: 6
Views: 1988

Wife Getting PHD. Should I open a 529 Account

My wife and i live in Oklahoma and she's going to a local in state school to get a PHD. She's going to have a "tuition waiver" that covers all tuition cost but I was told to expect about $4,000 per semester in "fees". It's far enough away that she's also going to pay for an apartment near the college to live there a few nights a week. All together I expect between $17,000 and $20,000 a year in costs associated with getting the degree. A friend suggested we open an Oklahoma 529 plan ( details here ). We were told that that we can put $10,000 per year each ($20,000 total) into the account and then immediately withdraw it to pay for the expenses and our state income tax liability would be reduced by the $20,000 that we put ...