Search found 571 matches

by JGoneRiding
Sun Apr 30, 2017 10:57 pm
Forum: Personal Finance (Not Investing)
Topic: Umbrela Insurance is it worth?
Replies: 16
Views: 1064

Re: Umbrela Insurance is it worth?

I recently hit 2M net worth and looking to get a umbrella insurance to protect my assets. - I own home and have condo insurance. - I don't have Car and Don't Drive. When I called insurance company they said I must have car insurance to get umbrella coverage. one option they suggested is get no-car-...
by JGoneRiding
Sun Apr 30, 2017 10:52 pm
Forum: Personal Finance (Not Investing)
Topic: Favorite Financial Indulgences
Replies: 41
Views: 2445

Re: Favorite Financial Indulgences

kelway wrote:Game tickets for my kids and me... That's it. I have no interest in buying any toys -- except a bread maker ... I want that.


Try Craigslist, varage, let go, your local free cycle chapter. Pretty sure someone will just give you one!
by JGoneRiding
Sun Apr 30, 2017 9:42 pm
Forum: Personal Finance (Not Investing)
Topic: If I delay SS to age 70, could spousal benefit start earlier?
Replies: 21
Views: 1794

Re: If I delay SS to age 70, could spousal benefit start earlier?

Is this possible? My wife applies for her own SS at age 62. I wait till FRA and apply for half of her benefit (So, I am applying for spousal benefit). Then I apply for my own SS at age 70 (The spousal benefit I was receiving will of course stop) and have my wife receive half of my benefit of what m...
by JGoneRiding
Sun Apr 30, 2017 9:23 pm
Forum: Personal Finance (Not Investing)
Topic: Retirement and renting vs. home ownership
Replies: 12
Views: 540

Re: Retirement and renting vs. home ownership

It doesn't make any sense to buy unless you plan to stay put for at least 5 years. When you think that likely then run the rent vs buy calculator. In the mean time you should be saving one big down payment up for what you are not spending on a house otherwise you are loosing the advantage of not own...
by JGoneRiding
Sat Apr 29, 2017 12:54 pm
Forum: Personal Finance (Not Investing)
Topic: Moving money from 401k rollover IRA to a Roth IRA possible?
Replies: 9
Views: 282

Re: Moving money from 401k rollover IRA to a Roth IRA possible?

Yes it was a mistake to put the money in a non dedictible ira when you were eligible for a direct roth. Do not compound thay error by rolling over now! Wait and move that money out using the form lifesoft talks about. Going fwd simply put 5500 directly into the roth along with the 18k into the 401k ...
by JGoneRiding
Fri Apr 28, 2017 11:04 pm
Forum: Personal Finance (Not Investing)
Topic: What should I do with my money
Replies: 8
Views: 1895

Re: What should I do with my money

Next step. Refi the truck loan!!! Omg that is insane!

If for some reason you can't get a better rate tHan that you should sale and buy a 1k junker till you can actually afford a vehicle like that.
by JGoneRiding
Fri Apr 28, 2017 9:41 am
Forum: Personal Finance (Not Investing)
Topic: Hit $1.5 million, another $1 million to go
Replies: 20
Views: 3887

Re: Hit $1.5 million, another $1 million to go

Just totaled up the net worth numbers, and financial assets have hit $1.5 million...wanted to share with someone, but couldn't think of anyone other than the crew at BH. About 10 years until retirement, 60% of the way to the $2.5 million goal (which will adjust up every year with inflation). Contri...
by JGoneRiding
Fri Apr 28, 2017 9:36 am
Forum: Personal Finance (Not Investing)
Topic: putting more than 20% down on new home purchase
Replies: 29
Views: 2717

Re: putting more than 20% down on new home purchase

All this in an effort to keep the monthly payment low, due to my monthly obligations. Wise? Or no need to put down more than 20%. With only 20% down, my monthly payment is more than I would like to pay , or can really afford at this time.... riptide, A) Put 30% down and have a smaller monthly payme...
by JGoneRiding
Thu Apr 27, 2017 10:22 pm
Forum: Personal Finance (Not Investing)
Topic: How and where to invest if 401k is not offered on W2
Replies: 4
Views: 301

Re: How and where to invest if 401k is not offered on W2

Be thankful its only 6 months!! A lot are a year. BUT that said won't 6 months make you eligible before the end of the year?? If so that box is going to be checked on your w2 most likely making a T-IRA not a good idea this year. So therefore JIMB idea is best, save it up and then put in all you can ...
by JGoneRiding
Thu Apr 27, 2017 10:11 pm
Forum: Personal Finance (Not Investing)
Topic: Major health issue - finding new employment with health coverage
Replies: 35
Views: 2400

Re: Major health issue - finding new employment with health coverage

I haven't had time to read all the replies. I have read of scenarios like this: small company one employee has giant medical bills insurance company raises the small company's rates through the ceiling small company has to let the employee go as it just can't afford the rates. This is the scenario ...
by JGoneRiding
Wed Apr 26, 2017 7:58 pm
Forum: Personal Finance (Not Investing)
Topic: putting more than 20% down on new home purchase
Replies: 29
Views: 2717

Re: putting more than 20% down on new home purchase

Why i think it makes sense to put all the proceeds of the proceeding house down I wouldn't go beyond that. TSP money is future self money don't steal from your future self.

If you can't afford the payments with that amount down you need to look at smaller less expensive or less amenities houses.
by JGoneRiding
Wed Apr 26, 2017 2:56 pm
Forum: Personal Finance (Not Investing)
Topic: grandparent college loan options
Replies: 16
Views: 883

Re: grandparent college loan options

It's my understanding if the grandparents write checks directly to the school it won't be counted against the child.

Do Google searches for scholarship money.
by JGoneRiding
Wed Apr 26, 2017 2:29 pm
Forum: Personal Finance (Not Investing)
Topic: Major health issue - finding new employment with health coverage
Replies: 35
Views: 2400

Re: Major health issue - finding new employment with health coverage

I think you could have a significant issue with a small employer. They have no obligation to cover family members and the smaller pool could massively drive up costs for them. I would avoid any company with less than 100 and for sure less than 50 as that level has no obligation to cover you at all. ...
by JGoneRiding
Wed Apr 26, 2017 9:37 am
Forum: Personal Finance (Not Investing)
Topic: grandparent college loan options
Replies: 16
Views: 883

Re: grandparent college loan options

Definitely have the grandchild max out loans in their name first--through the federal government only--those are going to be the lowest rates. You can always pay them off later if you want too. Make grandkid apply for every scholarship you can find that she even sort of qualifies for (there are webs...
by JGoneRiding
Tue Apr 25, 2017 11:44 pm
Forum: Personal Finance (Not Investing)
Topic: Revocable trust worth paying attorney for?
Replies: 21
Views: 1394

Re: Revocable trust worth paying attorney for?

But we don't know what state he lives in. The heirs could potentially do their own probate and even if involved a lawyer it STILL might be cheaper than on going trust fees and fights. Which comes back to my question. Why does the OP friend think he wants a trust? And what is the estate worth? And I ...
by JGoneRiding
Tue Apr 25, 2017 10:00 pm
Forum: Personal Finance (Not Investing)
Topic: Continue to rent or sell condo
Replies: 21
Views: 1921

Re: Continue to rent or sell condo

it was a primary residence, he doesn't have to pay capital gains tax for the most part--there is a split for the partial years it was in rental service.

Regardless of how he does it he has to pay recapture depreciation, its only been 2.5 years this shouldn't be to much.
by JGoneRiding
Tue Apr 25, 2017 8:28 pm
Forum: Personal Finance (Not Investing)
Topic: Revocable trust worth paying attorney for?
Replies: 21
Views: 1394

Re: Revocable trust worth paying attorney for?

He is a widower. His wife passed away last year so he is the only one on the title. I think a trust is the only way to go without going through probate. Why does he want a trust? How much is the house worth? It would need to be A LOT forme to think it's a good idea if only real asset and fully grow...
by JGoneRiding
Tue Apr 25, 2017 8:20 pm
Forum: Personal Finance (Not Investing)
Topic: Using Roth IRA as a savings account?
Replies: 26
Views: 2317

Re: Using Roth IRA as a savings account?

This is exactly what I am doing. I max my 401k and that's my main retirement account. I also max my Roth IRA but I don't count on that for retirement. It's my secondary EF, potential car replacement fund, kids college fund, etc. I'm hoping not to have to use it and pay for that stuff from other sav...
by JGoneRiding
Tue Apr 25, 2017 8:14 pm
Forum: Personal Finance (Not Investing)
Topic: What type of mortgage should we get?
Replies: 2
Views: 310

Re: What type of mortgage should we get?

The one with the promised lowest closing costs.
by JGoneRiding
Tue Apr 25, 2017 8:08 pm
Forum: Personal Finance (Not Investing)
Topic: Continue to rent or sell condo
Replies: 21
Views: 1921

Re: Continue to rent or sell condo

I would 1031 it and buy two or three houses in Memphis, KC, or other cash flow cities. Probably turn a $300k cash investment into almost $4k a month gross so you'll come out way ahead. A lot of info at biggerpockets.com on investing remotely. It's very easy. What ever you do NOT that. Right now the...
by JGoneRiding
Tue Apr 25, 2017 9:33 am
Forum: Personal Finance (Not Investing)
Topic: First Mortgage, need help with financial considerations (15 vs. 30 year)
Replies: 24
Views: 1925

Re: First Mortgage, need help with financial considerations (15 vs. 30 year)

I am looking at refi right now. I am getting quoted 3.85% with about 2300 in closing costs (less of course since a few things aren't nec in refi) I think you can do a LOT better than your rate quote. Try Costco lending, try bank rate, try National Mortgage. One of those should do tons better. Shoot ...
by JGoneRiding
Tue Apr 25, 2017 9:28 am
Forum: Personal Finance (Not Investing)
Topic: House sale to cover long term care expense
Replies: 5
Views: 767

Re: House sale to cover long term care expense

Is there a question? That is how it SHOULD work, sale the house pay for long term care, when/if the money runs out Medicaid kicks in. Its a viable plan for many people.
by JGoneRiding
Mon Apr 24, 2017 8:23 pm
Forum: Personal Finance (Not Investing)
Topic: As a business owner, what happens if the 401k company I picked goes bankrupt?
Replies: 6
Views: 843

Re: As a business owner, what happens if the 401k company I picked goes bankrupt?

I have no comment on the going under side, but for only $64 a year I would assume they would be very slow to respond to need and have NO handholding for employees. Is that going to be hard for your employees to understand and invest?? Low fees are great but when they can't possible be making enough ...
by JGoneRiding
Mon Apr 24, 2017 9:35 am
Forum: Personal Finance (Not Investing)
Topic: Would You Buy This Home? Please Tell Me Why Not?
Replies: 22
Views: 3207

Re: Would You Buy This Home? Please Tell Me Why Not?

So is it just the kitchen and odd garage layout (I have seen that and would have no problem with it) that need to be replaced/updated? Or do all the bathroom/bedroom interior walls need to be put in??? If the later, no I would definitely not touch it. If the bathrooms/bedrooms where normal layout a...
by JGoneRiding
Sun Apr 23, 2017 9:13 pm
Forum: Personal Finance (Not Investing)
Topic: Options for downpayment (Good or bad?)
Replies: 13
Views: 982

Re: Options for downpayment (Good or bad?)

Also I believe that size loan would put you into "jumbo" which means there is no such thing as "conventional" or confirming. Most likely it also means you can't qualify for an FHA loan but I don't know all the details on that. Why don't you start with a detailed budget?? Nothing ...
by JGoneRiding
Sun Apr 23, 2017 9:05 pm
Forum: Personal Finance (Not Investing)
Topic: Would You Buy This Home? Please Tell Me Why Not?
Replies: 22
Views: 3207

Re: Would You Buy This Home? Please Tell Me Why Not?

So is it just the kitchen and odd garage layout (I have seen that and would have no problem with it) that need to be replaced/updated? Or do all the bathroom/bedroom interior walls need to be put in??? If the later, no I would definitely not touch it. If the bathrooms/bedrooms where normal layout an...
by JGoneRiding
Sun Apr 23, 2017 9:00 pm
Forum: Personal Finance (Not Investing)
Topic: Considering Non-tangible Assets as Part of an Estate
Replies: 6
Views: 540

Re: Considering Non-tangible Assets as Part of an Estate

I find the ebooks transfership idea fascinating. Does anyone know do you get to gift your ebook collection? Does whoever gets the device get them temp until the device dies and then what they can't be re downloaded? I know amazon accounts allow for family sharing.
by JGoneRiding
Sun Apr 23, 2017 7:04 pm
Forum: Personal Finance (Not Investing)
Topic: Options for downpayment (Good or bad?)
Replies: 13
Views: 982

Re: Options for downpayment (Good or bad?)

You are taking a lot of tax penalties. I do think that is crazy. It's a permanent fee vs renting is just exchange of goods and you are going to be "throwing away" almost that much in interest. I strongly recommend you wait. And I fully understand the baby thing. Ours is 8 weeks away. In yo...
by JGoneRiding
Sun Apr 23, 2017 10:44 am
Forum: Personal Finance (Not Investing)
Topic: please advise- are we on target ?
Replies: 17
Views: 1429

Re: please advise- are we on target ?

I think you might want a separate thread eventually on the rentals. THe ROI is poor and you didn't mean to have them, BUT you will loose 100k if you sale now and it is cash flowing reasonably well (terrible ROI considering you have it paid off but it is what it is) So if I found myself in that situa...
by JGoneRiding
Sun Apr 23, 2017 10:28 am
Forum: Personal Finance (Not Investing)
Topic: Baby on the way checklist
Replies: 34
Views: 2609

Re: Baby on the way checklist

My first is due in 8 1/2 weeks. I insisted on just in case wills--I did it online and kept it extremely simple. In most states this should suffice. Once you are settled you should definitely see a lawyer. But something is generally preferable to nothing. By simple i mean a) spouse gets everything b)...
by JGoneRiding
Sat Apr 22, 2017 11:06 pm
Forum: Personal Finance (Not Investing)
Topic: please advise- are we on target ?
Replies: 17
Views: 1429

Re: Are we on track to meet our goals ?

Why on earth do you think each kid needs 3/4 mil for education?

If that is your goal than you need to be able to cash flow their education by working until the 10 yr is done. Or at very least 100% cash flow the older child and use all the savings for the younger.
by JGoneRiding
Sat Apr 22, 2017 5:40 pm
Forum: Personal Finance (Not Investing)
Topic: PMI and too much in tax-deferred?
Replies: 4
Views: 438

Re: PMI and too much in tax-deferred?

Short ans. No. I did it I don't regret it Long ans. It's a fee for not having enough to put down, calculate it as increased Apr and if you figure it in its not the end of the world. You can get lender paid pmi. The more you put down the less thr pmi is a month. That said if the option of not doing p...
by JGoneRiding
Sat Apr 22, 2017 2:12 pm
Forum: Personal Finance (Not Investing)
Topic: Should some professions tell people how much they make?
Replies: 39
Views: 4807

Re: Should some professions tell people how much they make?

I wouldn't do a portfolio but rather have a very good about me section online.
by JGoneRiding
Sat Apr 22, 2017 11:13 am
Forum: Personal Finance (Not Investing)
Topic: Max out 401K OR Pay off Federal Student Loan
Replies: 11
Views: 1104

Re: Max out 401K OR Pay off Federal Student Loan

I suggest maxing out Traditional 401k, Roth IRA and attacking the student loans. I agree, max out 401k, backdoor Roth (if eligible i.e. no significant traditional IRA balances) and then get rid of the student loans. He doesn't need to backdoor, his income is low enough to qualify for Roth directly,...
by JGoneRiding
Fri Apr 21, 2017 3:42 pm
Forum: Personal Finance (Not Investing)
Topic: To refinance(two strategies). Please advise.
Replies: 11
Views: 559

Re: To refinance(two strategies). Please advise.

You could maybe split the difference see what a 20 yr is running. Why the 12k pay down ? Where is that money coming from?
by JGoneRiding
Fri Apr 21, 2017 9:20 am
Forum: Personal Finance (Not Investing)
Topic: Switching Insurance Companies - How painful is it?
Replies: 6
Views: 553

Re: Switching Insurance Companies - How painful is it?

I found it mildly painful. I don't plan to switch again any time soon. Biggest pain has been dealing with the mortgage company bec one house is escrowed. I have 3 houses, 2 cars, and an umbrella it wasn't simple but I have been happy overall. Not sure I really save anything--these things are a lot h...
by JGoneRiding
Thu Apr 20, 2017 10:42 pm
Forum: Personal Finance (Not Investing)
Topic: How to reduce my income tax
Replies: 31
Views: 3063

Re: How to reduce my income tax

I'm not sure that purchasing that rental property to get even more taxable income was the best idea, but I'm just not sure. Putting that $$ into a tax efficient index fund might have been better, producing untaxed growth in coming years along with dividends taxed at 15%... I definitely didn't do th...
by JGoneRiding
Thu Apr 20, 2017 10:20 pm
Forum: Personal Finance (Not Investing)
Topic: Max out 401K OR Pay off Federal Student Loan
Replies: 11
Views: 1104

Re: Max out 401K OR Pay off Federal Student Loan

I suggest maxing out Traditional 401k, Roth IRA and attacking the student loans. I agree, max out 401k, backdoor Roth (if eligible i.e. no significant traditional IRA balances) and then get rid of the student loans. He doesn't need to backdoor, his income is low enough to qualify for Roth directly,...
by JGoneRiding
Thu Apr 20, 2017 10:17 pm
Forum: Personal Finance (Not Investing)
Topic: Max out 401K OR Pay off Federal Student Loan
Replies: 11
Views: 1104

Re: Max out 401K OR Pay off Federal Student Loan

Goal33 wrote:If you're living rent free you should be able to do both, but I'd go for the 401k and roth personally.



This thought 100%, I wouldn't not max with 56k sitting in cash and an only 3% int rate but start trying to do both!
by JGoneRiding
Thu Apr 20, 2017 10:15 pm
Forum: Personal Finance (Not Investing)
Topic: Student Loan Refinancing
Replies: 4
Views: 581

Re: Student Loan Refinancing

sofi is good for md's and pharmacists, not so good for others (in my opinion) There are a LOT that are coming up since this started being a thing. For starters she should consolidate with direct loans unless she likes targeting a bunch of little loans.
by JGoneRiding
Thu Apr 20, 2017 9:49 pm
Forum: Personal Finance (Not Investing)
Topic: Calling for all the Moms: career and family.
Replies: 42
Views: 5190

Re: Calling for all the Moms: career and family.

This is just my opinion so please don't take offense, and also I realize that every family is different. What works for one family might not work for another. I personally would never put a career above my child . He's my first priority and if that means I don't work at all or I only work part time...
by JGoneRiding
Thu Apr 20, 2017 2:53 pm
Forum: Personal Finance (Not Investing)
Topic: Accidental landlord turning to for sale by owner
Replies: 29
Views: 2752

Re: Accidental landlord turning to for sale by owner

While you won't have capital gains you will have recapture taxes for depreciation
by JGoneRiding
Wed Apr 19, 2017 11:56 pm
Forum: Personal Finance (Not Investing)
Topic: IBR student loan repayment
Replies: 7
Views: 704

Re: IBR student loan repayment

Why I think it's impressive what you are saving on your income, you owe 2x what you make for just SL!! Something went wrong in your original cost benefit analysis for raking up that debt. Top priority should be too figure out how to job hop to higher income. Reading your longer post, don't let that ...
by JGoneRiding
Wed Apr 19, 2017 11:15 pm
Forum: Personal Finance (Not Investing)
Topic: To put 5k into my car loan or just keep it...
Replies: 41
Views: 2389

Re: To put 5k into my car loan or just keep it...

This is just plain silly. Is the OP planning on selling or trading this new car in 7, 15, or 23 months? No. :beer How do you make the purchase "real". The OP is asking if it is "worth" paying the car down/off early or keeping the cash? Silly to understand your "investment&q...
by JGoneRiding
Wed Apr 19, 2017 9:28 pm
Forum: Personal Finance (Not Investing)
Topic: Can I afford private school for my kids?
Replies: 67
Views: 5093

Re: Can I afford private school for my kids?

I have discovered that there is a private school that emphasizes classical Christian education in the area. This appeals to me because: 1. We are Christian and faith/values for our children are important. 2. I like the classical approach to education much better than modern/common core. Having a li...
by JGoneRiding
Wed Apr 19, 2017 9:11 pm
Forum: Personal Finance (Not Investing)
Topic: Dedicating your bonus to something
Replies: 30
Views: 2829

Re: Dedicating your bonus to something

Sometimes I Save It SometimeS I Spend it. I do think it makes sense to have a plan. Like it could be the next year's vacation fund. Not enough go cheaper or splurge on Hawaii kind of thing.
by JGoneRiding
Tue Apr 18, 2017 10:49 pm
Forum: Personal Finance (Not Investing)
Topic: To put 5k into my car loan or just keep it...
Replies: 41
Views: 2389

Re: To put 5k into my car loan or just keep it...

I find I actually pay things off early rather than just plan to do so when I do it whenever I have the money rather than wait until I have a bigger chunk. Plus you save more on int, plus if you ever wanted to you would be amazed how easy it is to refi a car and pull funds out! :D I am a little confu...
by JGoneRiding
Tue Apr 18, 2017 10:37 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance to 15 Yr Mortgage
Replies: 12
Views: 1477

Re: Refinance to 15 Yr Mortgage

I disagree on waiting as Rates are increasing. But I would wait until you either had the cash for closing or more likely I would roll closing into the new loan, I would not get a seperate loan for closing costs. Since this would make little difference in your budget I think it makes a lot of sense t...
by JGoneRiding
Tue Apr 18, 2017 10:29 pm
Forum: Personal Finance (Not Investing)
Topic: General retirement questions
Replies: 24
Views: 3503

Re: General retirement questions

Because it affects taxes. They consider every single ira you own and pro rate the taxes based on pre tax and post tax contributions. You want ALL the ira funds to be post tax so you don't pay any extra taxes now.

Otherwise you are NOT backdooring you are just converting
by JGoneRiding
Tue Apr 18, 2017 8:56 pm
Forum: Personal Finance (Not Investing)
Topic: What kind of stuff would you never DIY, assuming you could?
Replies: 75
Views: 5807

Re: What kind of stuff would you never DIY, assuming you could?

I feel the need to point out that plumers don't do gas lines. Just saying. I do agree with gas line sentiment plumving on the other hand is fairly easy. I don't diy it when it is hard to get to

Edit. Turned on auto correct swear it's worse then when off!

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