Search found 967 matches

by JGoneRiding
Sun Oct 22, 2017 11:55 am
Forum: Personal Finance (Not Investing)
Topic: 1031 exchange for selling rental, building ADU at existing OO property?
Replies: 3
Views: 125

Re: 1031 exchange for selling rental, building ADU at existing OO property?

You are correct. You have to be buying "new" not improving old. Also you have to plan it out kind of ahead of time because you can't take possession of the funds in order to do an "exchange" oh and the exchange has to be higher in value or you have to pay taxes on the part that isn't
by JGoneRiding
Sun Oct 22, 2017 11:43 am
Forum: Personal Finance (Not Investing)
Topic: Better to sell house ~ every 15 years?
Replies: 47
Views: 6132

Re: Better to sell house ~ every 15 years?

I will point out something I don't think was originally, you are restarting the mortgage clock. Basically taking all the equity out to get "new" so unless after 15 years you can afford to sell and buy and put the equity down AND only get a 15 year mortgage and the next time pay cash plus the 8% "tax...
by JGoneRiding
Sun Oct 22, 2017 11:23 am
Forum: Personal Finance (Not Investing)
Topic: Helping college costs of grandchildren
Replies: 2
Views: 112

Re: Helping college costs of grandchildren

All I can say is I was the grandchild in the situation you describe. It wasn't really an issue. Between the "children" money was given equally but grandma never attempted to give the childless children (3 of them) amounts to make up what she gave the grandkids (3 all to the same child). My aunts are...
by JGoneRiding
Sat Oct 21, 2017 4:56 pm
Forum: Personal Finance (Not Investing)
Topic: On selling home to a child
Replies: 20
Views: 1038

Re: On selling home to a child

Why involve a real estate agent? I believe CA is like WA in that title companies are the standard. They do all the real work. Simply submit a signed purchase agreement to them. And they will make sure everything is checked and recorded. All a real estate agent does is help identify a buyer. That par...
by JGoneRiding
Sat Oct 21, 2017 4:51 pm
Forum: Personal Finance (Not Investing)
Topic: How does/can Walmart offer such inexpensive prescriptions?
Replies: 65
Views: 2521

Re: How does/can Walmart offer such inexpensive prescriptions?

Not sure it was said. But Costco/Walmart etc get better than average prices for the drugs they buy in the first place. So the pass that along. Where I know private pharmacies that make like 1-2 an rx from medicare because they can't buy the drugs as cheap to start
by JGoneRiding
Sun Oct 15, 2017 12:03 pm
Forum: Personal Finance (Not Investing)
Topic: Help me understand what happens with the new law and ACA subsidies
Replies: 80
Views: 5638

Re: Help me understand what happens with the new law and ACA subsidies

Actionable items: 1.) and this is key, have a paid off house in a lcol area with low property taxes such as Colorado. 2.) don't work so hard, make less, if your wife works considered letting her stay home and take care of the kids. Take the time to do the math and make sure it's really worth it to ...
by JGoneRiding
Sun Oct 15, 2017 10:19 am
Forum: Personal Finance (Not Investing)
Topic: Annuities - how does insurance company know you died?
Replies: 49
Views: 2666

Re: Annuities - how does insurance company know you died?

I am not a lawyer and can't give a legal opinion on something like the above, but surely legal opinions exist. Are you citing actual case law or simply expressing your own lay presumptions? Neither, I am a lawyer. LOL I think that is one of the best quotes on here!!! Back to the OP. The SSA "bribes...
by JGoneRiding
Sun Oct 15, 2017 10:10 am
Forum: Personal Finance (Not Investing)
Topic: Need help with family financial situation - sheltering money / medicaid
Replies: 22
Views: 2129

Re: Need help with family financial situation - sheltering money / medicaid

WA state recognizes all inheritance as separate property. So your mom should be totally fine there as long as she puts her inheritance in her own account. I might open a new one just for this inheritance so there is never any question of it having any marital funds and then I would add nothing to th...
by JGoneRiding
Fri Oct 13, 2017 9:25 am
Forum: Personal Finance (Not Investing)
Topic: Need help with family financial situation - sheltering money / medicaid
Replies: 22
Views: 2129

Re: Need help with family financial situation - sheltering money / medicaid

I KNOW people in WA state that went the legal separation route. It has worked well for them for the intended purpose of dividing assets (in their case assigning all debt to one spouse so they could get a home loan under the other) WA might be a little unique as it is one of 7? that is community prop...
by JGoneRiding
Tue Oct 03, 2017 9:31 am
Forum: Personal Finance (Not Investing)
Topic: Cash on hand for emergencies
Replies: 41
Views: 2811

Re: Cash on hand for emergencies

We keep a few thousand dollars in a safe. Frankly, it's come in handy a few times to get the "pay cash get the 10% discount" than emergencies but I wouldn't get too comfy with ATM reliability. They don't work in power outages. We also have a portable generator and a moderate supply of canned goods/...
by JGoneRiding
Tue Oct 03, 2017 9:17 am
Forum: Personal Finance (Not Investing)
Topic: Cash on hand for emergencies
Replies: 41
Views: 2811

Re: Cash on hand for emergencies

In these days, I'd recommend keeping the following at home. 1) 2.5k - 5k in cash (in a hidden safe preferably bolted to the ground). 2) Legally licensed gun and ammo (in a hidden safe preferably bolted to the ground). 3) Water for up to 2 weeks for you and your family. 4) MRE's which last for ever....
by JGoneRiding
Mon Oct 02, 2017 10:54 am
Forum: Personal Finance (Not Investing)
Topic: Cash on hand for emergencies
Replies: 41
Views: 2811

Cash on hand for emergencies

I know this has been disgust a bunch, BUT the recent natural disaster in Puerto Rico has me thinking about it again. According to reports gas stations are rationing, people cant use Credit cards cause power is still limited. ATMs are limiting withdrawals to $40 after you stand in hour long line. And...
by JGoneRiding
Sun Oct 01, 2017 11:25 am
Forum: Personal Finance (Not Investing)
Topic: Trust or ?
Replies: 13
Views: 1216

Re: Trust or ?

IANAL but I think you are making it unnec complicated. Consult a lawyer and set up a LRT. That becomes final on your death that your wife gets 100% of the income but zero of the principle EXCEPT for long term health issues. Then your children get the remainder trust when you pass. your wife would on...
by JGoneRiding
Sun Oct 01, 2017 11:12 am
Forum: Personal Finance (Not Investing)
Topic: Using investments to pay student loans.
Replies: 8
Views: 474

Re: Using investments to pay student loans.

No DO NOT do that. And for what its worth I have the same situation (actually now my investments are worth a lot more than my remaining SL debt) I understand the temptation. Start tracking Net worth and you will feel better because those investments will keep going up as you add to it and the SL wil...
by JGoneRiding
Sun Oct 01, 2017 11:03 am
Forum: Personal Finance (Not Investing)
Topic: Moving from one paid-for house to another
Replies: 22
Views: 1896

Re: Moving from one paid-for house to another

You sell your house first and negotiate a rent-back from the buyer for while you're looking for the new place. I disagree if the property you are selling is as hot as described, Then find the house your wife wants first so there is no pressure to hurry up. Put in a good offer on property B continge...
by JGoneRiding
Sun Oct 01, 2017 10:40 am
Forum: Personal Finance (Not Investing)
Topic: loosening the purse strings a bit at 37?
Replies: 30
Views: 3903

Re: loosening the purse strings a bit at 37?

I suggest this: Set your retirement savings at 20% of gross, save your target amount for kids 529s, pay taxes, Then save 10% of remainder in taxable as "money to spend on long term wants or needs" save up a 10 mos EF. Enjoy spending the rest as long as the spending pattern isn't a permanent life sty...
by JGoneRiding
Sun Oct 01, 2017 10:26 am
Forum: Personal Finance (Not Investing)
Topic: My boneheaded financial mistakes
Replies: 77
Views: 9642

Re: My boneheaded financial mistakes

We've been pretty good. Biggest mistake was probably choosing a career in a nonprofit profession. Started a recovery community center for people dealing with addictions and mental health issues. As they say "When you work for a nonprofit, you make no profit." ;) Spouse works for state gov't. Thankf...
by JGoneRiding
Sun Oct 01, 2017 10:18 am
Forum: Personal Finance (Not Investing)
Topic: My boneheaded financial mistakes
Replies: 77
Views: 9642

Re: My boneheaded financial mistakes

Got must-buy-a-home fever in 2005. Decided it was a bubble market, so held off...for an entire year, finally relenting and buying in 2006, at the exact peak as luck would have it. Watched as house dropped >60% in value over the next 5 years. It's rebounded some, but is still down quite a bit, and e...
by JGoneRiding
Sat Sep 30, 2017 11:47 pm
Forum: Personal Finance (Not Investing)
Topic: Moving from one paid-for house to another
Replies: 22
Views: 1896

Re: Moving from one paid-for house to another

You sell your house first and negotiate a rent-back from the buyer for while you're looking for the new place. I disagree if the property you are selling is as hot as described, Then find the house your wife wants first so there is no pressure to hurry up. Put in a good offer on property B continge...
by JGoneRiding
Sat Sep 30, 2017 11:58 am
Forum: Personal Finance (Not Investing)
Topic: 20% Down Payment Sub-optimal?
Replies: 54
Views: 4390

Re: 20% Down Payment Sub-optimal?

The OP doesn’t consider that by not saving up 20% you haven’t demonstrating your ability to live below your means which is usually a prerequisite for being able to afford a home. If your rent is $1000/mo and the refrigerator goes, you still pay $1000 that month. If you get an invasion of ants and t...
by JGoneRiding
Sat Sep 30, 2017 10:18 am
Forum: Personal Finance (Not Investing)
Topic: Should my wife start a 401k
Replies: 25
Views: 1157

Re: Should my wife start a 401k

I agree with your wife as well. You are likely to save a lot more from optimizing your taxes than the 3.25% return on the mortgage. I hear you on wanting to be free of debt. I had the same attitude before discovering Bogleheads. If I had to do it over, I would have maxed the 401k first. If you real...
by JGoneRiding
Fri Sep 29, 2017 10:16 pm
Forum: Personal Finance (Not Investing)
Topic: Question: Why do people put/keep millions of dollars in investment accounts?
Replies: 66
Views: 8253

Re: Question: Why do people put/keep millions of dollars in investment accounts?

..Sure, you keep a few hundred thousand dollars in safe CDs, money market, and/or bonds, but burying much more than that doesn't make sense. Not sure where the risk concern is coming from. Obviously, you can do stupid stuff with real estate like with anything, but we're not talking about that. I un...
by JGoneRiding
Tue Sep 26, 2017 9:17 am
Forum: Personal Finance (Not Investing)
Topic: Recasting right after home purchase
Replies: 6
Views: 856

Re: Recasting right after home purchase

I would try to switch the closing order. Close on the old house first. if nec "rent" back for 3 days. then close on the new with the old for down payment. Extra win the title company will hold the proceeds and you don't have to worry about closing check
by JGoneRiding
Mon Sep 25, 2017 10:53 am
Forum: Personal Finance (Not Investing)
Topic: AirBnB Hosting - In lieu of traditional rentals
Replies: 13
Views: 2111

Re: AirBnB Hosting - In lieu of traditional rentals

So I tried it for a little bit when basically I wanted to keep a unit empty till I could move a different renter in there later. I didn't like it. It was WAY to hands on for me. It is significantly simpler to traditionally rent as long as the renter isn't to needy. Neediness is a screening factor fo...
by JGoneRiding
Mon Sep 25, 2017 10:38 am
Forum: Personal Finance (Not Investing)
Topic: Protecting Checking Account Info
Replies: 12
Views: 959

Re: Protecting Checking Account Info

This goes back to the "cash" vs credit argument. and as such I use much more credit. I do give checks to businesses at times and to my church (though I do think they have a credit option) But as far as ACH goes they would need to want to steal your identity in part too. While it is WAY to easy to se...
by JGoneRiding
Sun Sep 24, 2017 1:29 pm
Forum: Personal Finance (Not Investing)
Topic: Spouse Money Management
Replies: 94
Views: 6195

Re: Spouse Money Management

If you were married i would agree with your coworkers but as two single people unless you signed on to help put her through college you should both be paying half of the nec expenses (rent, utilities, basic food) you should pay for upgrades--cable, internet, nicer apt, dinner out. She should pay all...
by JGoneRiding
Sat Sep 23, 2017 2:36 pm
Forum: Personal Finance (Not Investing)
Topic: The Magic of Savings Rate
Replies: 97
Views: 10886

Re: The Magic of Savings Rate

Folks, It is very simple but hard. 1) Average American at all income level saves nothing. 2) So, if you want to save money, do not live like average American at your income level. Live like the average American at one income level below you. Then, you could save money. 3) The key question is where ...
by JGoneRiding
Sat Sep 23, 2017 11:38 am
Forum: Personal Finance (Not Investing)
Topic: Bogleheads monthly costs of dog ownership?
Replies: 83
Views: 5137

Re: Bogleheads monthly costs of dog ownership?

I am a vet. Honestly min cost for maintenance. Set aside a dog emergency fund of 1200-2500 and you are good to go. Yearly vet maintenance on a young dog should be about $150 or less. If you live in an area with flea infestations or heartworm assume 25-50/mos for that. Food should be about $50/mos. T...
by JGoneRiding
Sat Sep 23, 2017 11:20 am
Forum: Personal Finance (Not Investing)
Topic: No down payment for home purchase: what is worst-case scenario?
Replies: 39
Views: 2312

Re: No down payment for home purchase: what is worst-case scenario?

Doesn't PMI have to be paid for the life of the mortgage on a conventional loan if 20% isn't put down? Only on FHA loans all other loan types have automatic removal of PMI after a certain number of years/payments assuming you don't screw up. For mine with 10% down it was a max of 5 years (well real...
by JGoneRiding
Sat Sep 23, 2017 10:54 am
Forum: Personal Finance (Not Investing)
Topic: No down payment for home purchase: what is worst-case scenario?
Replies: 39
Views: 2312

Re: No down payment for home purchase: what is worst-case scenario?

To answer the original question. You can only buy a true 0% down if doing a VA loan but most sellers will take less money if the option exists because the VA is hard to deal with. Ditto for fha for which you must first qualify and then have 3.5%. After that you generally need 5 to10% to make a deal ...
by JGoneRiding
Wed Sep 20, 2017 9:16 am
Forum: Personal Finance (Not Investing)
Topic: online security questions and some comments
Replies: 16
Views: 1157

Re: online security questions and some comments

6. I try my best to use security questions whose answers can not be easily researched. Never use the real answers. Just make up stuff and keep track of your phony answers. Example: What was the model of your first car? Real answer: Mustang Security answer: goofymobile I find I forget them. But who ...
by JGoneRiding
Mon Sep 18, 2017 2:58 pm
Forum: Personal Finance (Not Investing)
Topic: Worth buying an excessive priced house?
Replies: 43
Views: 3998

Re: Worth buying an excessive priced house?

I bought a house 3x income. Some what of a stretch but not as much as BH would make you think. It mostly is more expensive to heat and maintain. So that is more of an issue than the mortgage (but it is also 11.3 acres so that is relevant) I would do it again! :D Where I live there is minimal school ...
by JGoneRiding
Sun Sep 17, 2017 9:30 pm
Forum: Personal Finance (Not Investing)
Topic: Pocket money allowance for college student
Replies: 48
Views: 2678

Re: Pocket money allowance for college student

gasdoc wrote:
Sun Sep 17, 2017 4:32 pm
We give our freshman college student daughter $500 per month.

gasdoc
crap now I wish my dad was a doc :D I have letters after my name and don't get 500/mos in general spending money. I bet your daughter is popular
by JGoneRiding
Sat Sep 16, 2017 3:03 pm
Forum: Personal Finance (Not Investing)
Topic: 15 vs 30 year refinance vs cash out refinance
Replies: 32
Views: 2114

Re: 15 vs 30 year refinance vs cash out refinance

So i am a LL. it wasn't very long after the crisis that I started so equity in my house was zero. I actually took a personal loan to buy the first. To buy the second i took out loans on my vehicles, which worked great and at 2.3% definitely lowest capital. I also bought it with owner financing from ...
by JGoneRiding
Fri Sep 08, 2017 11:33 am
Forum: Personal Finance (Not Investing)
Topic: Protecting moms assets from nursing home expenses
Replies: 96
Views: 8556

Re: Protecting moms assets from nursing home expenses

Keep in mind, Medicaid facilities are not the same as I might choose if I had the means to pay myself. My preferred solution to this "problem" is by entering a Type A CCRC (continuing care retirement community). Once in, they assume the cost of higher level care if needed. Of course, you have to ha...
by JGoneRiding
Fri Sep 08, 2017 11:04 am
Forum: Personal Finance (Not Investing)
Topic: Equifax customer information leak
Replies: 711
Views: 47274

Re: Equifax customer information leak

So i am already signed up for Experian protect my ID due to a much smaller security breach, which scares me more bec it may have been more intentional. Does anyone see a need for more protection? I am going to add fraud alerts but freezing has always seemed like a lot of bother.
by JGoneRiding
Thu Sep 07, 2017 8:00 pm
Forum: Personal Finance (Not Investing)
Topic: Protecting moms assets from nursing home expenses
Replies: 96
Views: 8556

Re: Protecting moms assets from nursing home expenses

Threads like this tend to concentrate on the ethical issues of transitioning to Medicaid, while retaining a legacy once assets are exhausted. In our case, no one in my wife's family cares about a legacy, other than my MIL. She is under the impression that her savings still exist, which we don't cor...
by JGoneRiding
Thu Sep 07, 2017 7:46 pm
Forum: Personal Finance (Not Investing)
Topic: Married, owning two homes, file as HOH?
Replies: 43
Views: 2243

Re: Married, owning two homes, file as HOH?

I see... I guess we were thinking that yes, we are screwed for this year but going forward, how do we save ourselves the taxes (other than getting a divorce). We are both high income earners but have pretty straightforward taxes other than the rental income. Currently maxing out our retirement acco...
by JGoneRiding
Wed Sep 06, 2017 9:11 am
Forum: Personal Finance (Not Investing)
Topic: Protecting moms assets from nursing home expenses
Replies: 96
Views: 8556

Re: Protecting moms assets from nursing home expenses

Yeah, it's kind of the way the system is set up right. I'm pretty sure I funded others nursing home expenses too. From a family history perspective, none of my grandparents nor my father needed a nursing home, but it is prudent to take precautsions. Why??? She lacks sufficient assets to protect. if...
by JGoneRiding
Tue Sep 05, 2017 11:28 am
Forum: Personal Finance (Not Investing)
Topic: Moving in with my parents [how to handle financing]
Replies: 12
Views: 1361

Re: Moving in with my parents [how to handle financing]

How about this: Let's say the total project is 1m. Can I cut out the bank and just get a 1m mortgage from my dad? That way I pay all the interest to him instead of the bank, and I still get a mortgage interest tax deduction. Of course dad would have to pay tax on the mortgage interest, but that see...
by JGoneRiding
Sun Sep 03, 2017 10:15 am
Forum: Personal Finance (Not Investing)
Topic: Primary residence and capital gains
Replies: 11
Views: 993

Re: Primary residence and capital gains

If you subtract all your improvements and then put the rest in your taxes you will be fine. Your net gains will be only $150k or less so maybe $10k taxes. Not bad IMO. The real challenge will be to buy a retirement house at moderate cost. Good Luck I want to point out its not so much subtracting im...
by JGoneRiding
Sun Sep 03, 2017 10:02 am
Forum: Personal Consumer Issues
Topic: Things to buy/repair before (early) retirement
Replies: 32
Views: 3678

Re: Things to buy/repair before (early) retirement

Besides the roof which is the second thing I thought of after car. I would think any appliances in the house that are getting close to going out or significantly aged would be good. Though really if you have done your retirement budget to include replacement costs it shouldn't matter.
by JGoneRiding
Sun Sep 03, 2017 9:57 am
Forum: Personal Finance (Not Investing)
Topic: 2 or 3 W-$ allowances for MFJ, no kids, 1 spouse w/taxable earned income?
Replies: 16
Views: 1128

Re: 2 or 3 W-$ allowances for MFJ, no kids, 1 spouse w/taxable earned income?

Technically you can claim whatever you want, did you see the other thread where guy was claiming 10 and now wants to claim 15? The real question is "what should you claim in order to not have a penalty" for most people in the situation you describe that will be 2 to get some refund. If you want to h...
by JGoneRiding
Sat Sep 02, 2017 9:28 am
Forum: Personal Finance (Not Investing)
Topic: Homeowners Insurance - value to insure?
Replies: 14
Views: 1877

Re: Homeowners Insurance - value to insure?

State farm has a fairly vigorous costv to replace model. maybe they need to recalculate, but it is NOT a cost to buy model. Also I believe they generally write it such that as long as you don't reject their pricing structure if it is a total loss they will still pay full replacement cost.
by JGoneRiding
Fri Sep 01, 2017 10:21 am
Forum: Personal Finance (Not Investing)
Topic: Stop income tax withholding
Replies: 15
Views: 1544

Re: Stop income tax withholding

NOt a CPA. But I believe there is a limit on the exemptions. I don't think more than 10 will change how much is withheld at all. The exempt line would be effective. I don't think the IRS is going to have an issue as long as they get the money they should. I imagine the fine would be significant if y...
by JGoneRiding
Fri Sep 01, 2017 10:03 am
Forum: Personal Finance (Not Investing)
Topic: 2 comma club (my way)!!
Replies: 60
Views: 12401

Re: 2 comma club (my way)!!

randomizer wrote:
Thu Aug 31, 2017 8:57 pm
Mrxyz wrote:
Thu Aug 31, 2017 7:46 pm
Update:

Made it to 2M
That sure was fast. Good times in the markets, certainly helps.
That was really fast! Can you share how much you think is market returns and how much is new money??? They aren't kidding apparently when they say the second is easier!
by JGoneRiding
Thu Aug 31, 2017 4:26 pm
Forum: Personal Finance (Not Investing)
Topic: Earthquake insurance - worth it?
Replies: 2
Views: 338

Re: Earthquake insurance - worth it?

There are several other threads on this exact issue for same area. I suggest you search and read them
by JGoneRiding
Thu Aug 31, 2017 10:36 am
Forum: Personal Finance (Not Investing)
Topic: Help me help my grandmother (nursing home negotiation and best way to clear out a home for sale)
Replies: 29
Views: 2362

Re: Help me help my grandmother (nursing home negotiation and best way to clear out a home for sale)

My grandma is in a similar type of home. the tiered living, care levels have been hugely beneficial as the years passed. On paying, she paid a larger deposit to guarantee no increases but still monthly rent dependent on level of care needed. Her nursing home guaranteed permanent acceptance no matter...
by JGoneRiding
Wed Aug 30, 2017 8:56 pm
Forum: Personal Finance (Not Investing)
Topic: Estate Administration Question
Replies: 65
Views: 4331

Re: Estate Administration Question

Sell the car....pay bills with proceeds....then sell the house....pay the rest....distribute. Joe just discovered that there is an outstanding loan of $9000 on the car which has a low book value of $11,000. Looks like he can try to sell the car and pay $2000 to his lawyer to get things started. Now...
by JGoneRiding
Wed Aug 30, 2017 11:42 am
Forum: Personal Finance (Not Investing)
Topic: How much sooner could you retire with NO property taxes?
Replies: 116
Views: 7363

Re: How much sooner could you retire with NO property taxes?

Didn't you say you had no state income tax. Marginal state tax for me is 7.85%. We also have a sales tax of about 7%. So total taxes may not be so different. I also bought a very low cost condo which is valued around 160k. So am not living in luxury here. What state is this? (I want to make sure I ...