Search found 38 matches

by Minou33
Tue Sep 12, 2017 7:06 pm
Forum: Investing - Help with Personal Investments
Topic: Full-Time Business Owners Planning & Financial Advice
Replies: 8
Views: 1006

Full-Time Business Owners Planning & Financial Advice

My husband and I own a full-time business (professional services). As our business grows each year, I am realizing just how little I know about the numbers behind our business. I have no business degree or prior business experience myself. Our business has grown substantially over the last 7 years, ...
by Minou33
Tue Jun 06, 2017 10:20 am
Forum: Personal Consumer Issues
Topic: Worth it to buy expensive clothes?
Replies: 91
Views: 10667

Re: Worth it to buy expensive clothes?

I wouldn't pay retail for clothing. I buy gently used, last season designer clothes on ThredUp. I also shop at high end thrift or consignment shops. Unless you are in a field where people will especially focus on your clothing and it will cost you business if you aren't dressed impeccably, then I se...
by Minou33
Mon Mar 20, 2017 12:44 pm
Forum: Investing - Help with Personal Investments
Topic: Selling a business?
Replies: 0
Views: 235

Selling a business?

We're planning ahead on a exit strategy for our small business. I have never believed it to be the sort of business that could be sale-able. And a lawyer we had met with (to discuss other questions) didn't think it would be either.. but I'd like to explore this possibility so that maybe we could ben...
by Minou33
Mon Mar 06, 2017 7:36 pm
Forum: Investing - Help with Personal Investments
Topic: Is Early Retirement A Realistic Goal???
Replies: 13
Views: 1747

Re: Is Early Retirement A Realistic Goal???

Thank you all for such great advice!!! To answer some questions, we are not planning to sell our business. Without going into boring detail, I just don't think it would saleable. However, making it it saleable might be something we could work towards (although still kind of unlikely). Right now we p...
by Minou33
Mon Mar 06, 2017 3:30 pm
Forum: Investing - Help with Personal Investments
Topic: Is Early Retirement A Realistic Goal???
Replies: 13
Views: 1747

Is Early Retirement A Realistic Goal???

Hi There! We're small business owners who would like to exit our business in the next 5 years. After that we're hoping to work just part-time with the goal of retiring early. We'd appreciate some of your input on how realistic this is for us based on our numbers below. Tax Rate: We're in the 25% tax...
by Minou33
Sat Jan 21, 2017 2:49 pm
Forum: Personal Consumer Issues
Topic: How much is your cell phone bill?
Replies: 263
Views: 29190

Re: How much is your cell phone bill?

I would love to know how you all are doing this too! Our cell phone bill is about $280 a month through Verizon. We write it off through our business. Verizon is the only company that offers cell service in our rural area (we had Tmobile previously).
by Minou33
Sat Jan 21, 2017 2:05 pm
Forum: Personal Consumer Issues
Topic: Help with car buying decision
Replies: 5
Views: 601

Help with car buying decision

My husband and I own 3 vehicles (no financing). They are all older models all with over 100k mileage. The vehicle I drive is a 2010 Corolla with about 150k miles. We have made this our business car and the value of the car, commercial insurance, and maintenance for the vehicle are all tax write-offs...
by Minou33
Mon Jan 16, 2017 9:14 am
Forum: Personal Finance (Not Investing)
Topic: What monetary value has your education provided you?
Replies: 107
Views: 7069

Re: What monetary value has your education provided you?

Worth it as long as you are pursuing some sort of license or certification. I got a BA and MA in psychology.. which is otherwise useless. Most of my peers ended up going back to school for a second masters in education because they realized after graduating that there's absolutely nothing you can do...
by Minou33
Sun Jan 15, 2017 4:17 pm
Forum: Personal Finance (Not Investing)
Topic: Who here owns a small business?
Replies: 0
Views: 311

Who here owns a small business?

What is your best advice for other small business owners? After being in business for 5 years, we have grown enough to begin hiring employees last year and now have 8. I feel like small business finance is an area I really need to learn more about now. Are there any forums like this dedicated to sma...
by Minou33
Sun Jan 15, 2017 1:03 pm
Forum: Personal Finance (Not Investing)
Topic: Limiting retirement contributions?
Replies: 2
Views: 375

Limiting retirement contributions?

My husband and I both have Roth IRAs, SIMPLE IRAs and HSAs. We max out our Roth IRA, HSA, and as much as the simple IRA as we can each year. However, it is unlikely that we will ever be able to max out everything. Is there ever a point where you just contribute enough and can actually be able to hav...
by Minou33
Sun Jan 15, 2017 12:50 pm
Forum: Personal Finance (Not Investing)
Topic: Health insurance and LLC
Replies: 10
Views: 1094

Re: Health insurance and LLC

As an owner of a small business (with 8 employees including my husband and I) to be eligible for small business health you insurance, you must have a least one other full-time employee (not your spouse) and all full-time employees must be offered the same plan. So if it were just you and your spouse...
by Minou33
Tue Jan 10, 2017 5:09 pm
Forum: Personal Finance (Not Investing)
Topic: What would you do with $200k???
Replies: 2
Views: 605

What would you do with $200k???

My husband has about $200k in a CD that is reaching maturity. This was the remainder of an inheritance left over after purchasing a home and paying off all debts. We wanted to put it away someplace until we had a better idea what to do with it. Unfortunately, we still don't know what to do with it. ...
by Minou33
Tue Jan 10, 2017 4:45 pm
Forum: Personal Finance (Not Investing)
Topic: Best Financial Moves You've Made
Replies: 158
Views: 21651

Re: Best Financial Moves You've Made

We have made lots of mistakes and started out late in the game.. but the best financial move we've made so far (and against the advice of several users of this forum) was to expand our business last year. This was just a small initial investment, but has dramatically increased our income and future ...
by Minou33
Tue Jan 10, 2017 4:36 pm
Forum: Personal Finance (Not Investing)
Topic: How to build passive income
Replies: 45
Views: 5497

Re: How to build passive income

I'm curious about this too. Are there other options besides rental properties?
by Minou33
Tue Aug 30, 2016 7:38 pm
Forum: Investing - Help with Personal Investments
Topic: Advice on what to do with an inherited condo
Replies: 10
Views: 742

Advice on what to do with an inherited condo

My mother in law is needing some advice on how best to handle a condo that she has inherited from her late sister over a year ago. The condo is located in Boca Raton, FL and is valued at over $400k and has ocean and intercoastal views. There is no mortgage, however, she estimates her annual fees for...
by Minou33
Sat Jul 02, 2016 5:41 pm
Forum: Personal Consumer Issues
Topic: What do you spend your money on???
Replies: 149
Views: 17185

Re: What do you spend your money on???

Awesome! I compete in bodybuilding competitions. It's an expensive hobby--but I love it and it keeps me healthy and focused year round.
by Minou33
Sat Jul 02, 2016 2:46 pm
Forum: Personal Consumer Issues
Topic: What do you spend your money on???
Replies: 149
Views: 17185

What do you spend your money on???

I'm curious to know what hobbies you have that you splurge on?
by Minou33
Thu Apr 07, 2016 6:22 pm
Forum: Investing - Help with Personal Investments
Topic: Should we invest in our business?
Replies: 8
Views: 929

Re: Should we invest in our business?

Would having a location for the business enhance or hinder the services you provide for your clients? Would having a location make it more difficult to be flexible with the location for providing services? Many people on the autism spectrum have sensory difficulties, so the physical location, dista...
by Minou33
Thu Apr 07, 2016 6:08 pm
Forum: Investing - Help with Personal Investments
Topic: Should we invest in our business?
Replies: 8
Views: 929

Re: Should we invest in our business?

How much would a one year lease be compared to your last year business income? It's hard to say because we can get very cheap office space just to satisfy our current needs or we could get a large office space in a noticeable location to grow into. It would be less than 20% of our previous income--...
by Minou33
Thu Apr 07, 2016 12:05 pm
Forum: Investing - Help with Personal Investments
Topic: Should we invest in our business?
Replies: 8
Views: 929

Should we invest in our business?

My husband and I currently run a successful autism consulting business. We have been in business for almost 5 years now and it is our sole source of income (neither of us work outside of the business). We have now grown to include three additional part-time employees. We are happy with our current s...
by Minou33
Fri Mar 25, 2016 9:20 am
Forum: Investing - Help with Personal Investments
Topic: How would you prioritize these investments?
Replies: 14
Views: 1131

Re: How would you prioritize these investments?

Latestarter1975 wrote: I would do it this way: 1. SIMPLE IRA (12,500 x2) 2. Roth IRA (5,500 x 2) 3. General savings for vacations and home remodeling projects (you have to enjoy your life too) 4. Paying extra towards student loans (small balance of $10K will be knocked off much faster than if you w...
by Minou33
Thu Mar 24, 2016 11:36 am
Forum: Investing - Help with Personal Investments
Topic: How would you prioritize these investments?
Replies: 14
Views: 1131

Re: How would you prioritize these investments?

retiredjg wrote:I"m not sure there is enough information to answer. For example, what's your tax bracket? But here's one opinion.

2 (if choices are low cost), 1, 5, 3, 4


25%
by Minou33
Wed Mar 23, 2016 6:55 pm
Forum: Personal Finance (Not Investing)
Topic: Financially, how have you done/doing vs. your parents?
Replies: 134
Views: 13756

Re: Financially, how have you done/doing vs. your parents?

It's hard to say because I never really understood my parent's financial situation. But growing up I always thought that we were rich. We lived in the best neighborhoods with the nice house and fancy cars. My mom never worked and was always remodeling or buying new furniture for the house. My educat...
by Minou33
Wed Mar 23, 2016 6:25 pm
Forum: Personal Consumer Issues
Topic: Don't understand nutrition and exercise
Replies: 340
Views: 34455

Re: Don't understand nutrition and exercise

I see that this post has gotten a lot of responses. I just wanted to add in my two cents since this is an area I am hugely passionate about and it is often overlooked by the frugally minded (because what is money if you don't have your health?!) My husband and I both follow a whole foods, plant-base...
by Minou33
Wed Mar 23, 2016 6:00 pm
Forum: Investing - Help with Personal Investments
Topic: How would you prioritize these investments?
Replies: 14
Views: 1131

How would you prioritize these investments?

In what order would you prioritize funding these investments? We don't make enough to pay for all of them and struggle with deciding which ones are most important to fund. 1. Roth IRA ($5k for both) 2. SIMPLE IRA ($12,500 per year x2) 3. Paying extra towards home mortgage 3.85% ($180k left) 4. Payin...
by Minou33
Fri Sep 25, 2015 8:06 pm
Forum: Investing - Help with Personal Investments
Topic: Should tax advantaged accounts always be the priority?
Replies: 8
Views: 982

Should tax advantaged accounts always be the priority?

When allocating a lump sum (from a windfall) should we focus on maxing out all retirement contributions first and then allocating the rest to taxed investments (after EF, etc.) ? This means maxing out both Roth-IRAs, Simple IRAs, and HSAs first and then taking whatever is left over after and putting...
by Minou33
Tue Sep 08, 2015 8:20 pm
Forum: Personal Finance (Not Investing)
Topic: Vacation home. Can we afford it?
Replies: 41
Views: 5888

Re: Vacation home. Can we afford it?

Thanks for the input. We were not actually thinking ski in/out condo. We were thinking more like a cabin/house in either Jamestown or Golden. I am not sure if this would have any real rental value since it's not near the resorts--but having access to Denver would be nice. We are considering signing ...
by Minou33
Tue Sep 08, 2015 4:00 pm
Forum: Personal Finance (Not Investing)
Topic: Vacation home. Can we afford it?
Replies: 41
Views: 5888

Vacation home. Can we afford it?

My husband and I are trying to decide if we can realistically afford to purchase a vacation home. We have our primary residence in Southern Colorado, but are avid skiiers and are thinking of purchasing a second home closer to the mountains (we are currently 2.5 hours away from the slopes). This is n...
by Minou33
Sat Aug 15, 2015 11:14 am
Forum: Investing - Help with Personal Investments
Topic: Investment Advice with Windfall
Replies: 8
Views: 1450

Re: Investment Advice with Windfall

It sounds like he may have a government job with PERA. Does he have access to a 457 or 403, etc. retirement account? Maybe consider Roth option if available, since you will have a pension in retirement. You should be in the 15% tax bracket with just a few thousand in your SEP IRA (bring AGI down to...
by Minou33
Sat Aug 15, 2015 11:04 am
Forum: Investing - Help with Personal Investments
Topic: Investment Advice with Windfall
Replies: 8
Views: 1450

Re: Investment Advice with Windfall

We also historically are not very good savers. This is all I need to see. Put the money towards the mortgage. That becomes the forced savings plan. I have plenty of friends who can't save and they all need this same advice every time a bonus or windfall comes their way. I had suggested this to my h...
by Minou33
Sat Aug 15, 2015 10:59 am
Forum: Investing - Help with Personal Investments
Topic: Investment Advice with Windfall
Replies: 8
Views: 1450

Re: Investment Advice with Windfall

We also historically are not very good savers. Um, you put 50% down on a home, have a 30k EF, basically $200k in investments/retirement, and minimal debt at a low interest rate (other than mortgage)... and, you're mid-30's. Quit selling yourselves short!! As for the windfall, sit on it for 6 months...
by Minou33
Thu Aug 13, 2015 10:15 pm
Forum: Investing - Help with Personal Investments
Topic: Investment Advice with Windfall
Replies: 8
Views: 1450

Investment Advice with Windfall

I'll try my best to fill this out. Unfortunately, we are not the most financially organized people. Emergency funds: $30K Debt: Mortgage $183,706 principal 3.875% Fixed, Student loan debt $10k 1% Interest. No other debt. Tax Filing Status: Married Filing Jointly Tax Rate: ?? 25% State of Residence:...
by Minou33
Tue Mar 10, 2015 3:27 pm
Forum: Personal Finance (Not Investing)
Topic: 15 or 30 year mortgage?
Replies: 37
Views: 4098

Re: 15 or 30 year mortgage?

Thank you all for the advice and concerns. The money was received in December. We had also been expecting it for 6 months...so when it came we had already have plenty of time to get over all those impulse purchases and make some plans about what to do with it. We also read the Boglehead guide about ...
by Minou33
Tue Mar 10, 2015 2:37 pm
Forum: Personal Finance (Not Investing)
Topic: 15 or 30 year mortgage?
Replies: 37
Views: 4098

15 or 30 year mortgage?

My husband had inherited a large windfall and we are now looking to purchase our first home. We had met with financial advisors who suggested that rather than buy our home in cash, we put 50% or less down and instead invest our money elsewhere at a higher return. We feel comfortable putting down 50%...
by Minou33
Thu Dec 18, 2014 2:22 pm
Forum: Investing - Help with Personal Investments
Topic: Newbie and how to manage a large inheritance
Replies: 21
Views: 3320

Re: Newbie and how to manage a large inheritance

Great advice, ulrichw. And much appreciated! :D
by Minou33
Thu Dec 18, 2014 1:08 pm
Forum: Investing - Help with Personal Investments
Topic: Newbie and how to manage a large inheritance
Replies: 21
Views: 3320

Re: Newbie and how to manage a large inheritance

I have read the links posted and my husband I both started reading the Boglehead Investment Guide. We also listened to some interviews and read some articles by Bogle. We like the philosophy, although I don't how much of it we are really understanding. What I've gotten from this so far is: 1.) Indiv...
by Minou33
Wed Dec 17, 2014 9:47 pm
Forum: Investing - Help with Personal Investments
Topic: Newbie and how to manage a large inheritance
Replies: 21
Views: 3320

Re: Newbie and how to manage a large inheritance

Thanks for the replies. When I said "playing around with the stock market" I didn't mean it to sound so irresponsible or 'Vegas-style'. We have looked into steady stocks for some time but didn't have the means to invest before. I have a personal brokerage account that I opened when the mar...
by Minou33
Wed Dec 17, 2014 8:08 pm
Forum: Investing - Help with Personal Investments
Topic: Newbie and how to manage a large inheritance
Replies: 21
Views: 3320

Newbie and how to manage a large inheritance

How would you manage a 500k inheritance? My husband and I haven't been that great with money and are kind of winging it. We have looked into financial advisors and don't know who to trust. We are both professionals in our mid-30's with no children. We have paid down all outstanding credit card/car l...