Search found 345 matches

by jlcnuke
Thu Dec 14, 2017 6:50 am
Forum: Personal Finance (Not Investing)
Topic: Taxes on Crypto Currency Short-Term Profit
Replies: 8
Views: 1075

Re: Taxes on Crypto Currency Short-Term Profit

I invested $1K in Ethereum a week ago and sold it last night at $1400 using Coinbase. Two questions: 1. Am I obligated to report the gain? (I'm presuming so) 2. If so, what should I set aside for taxes on this gain? 1. Yes. 3. You don't have to set any aside, but it will be taxed as short-term capi...
by jlcnuke
Thu Dec 14, 2017 6:50 am
Forum: Personal Finance (Not Investing)
Topic: Taxes on Crypto Currency Short-Term Profit
Replies: 8
Views: 1075

Re: Taxes on Crypto Currency Short-Term Profit

I invested $1K in Ethereum a week ago and sold it last night at $1400 using Coinbase. Two questions: 1. Am I obligated to report the gain? (I'm presuming so) 2. If so, what should I set aside for taxes on this gain? 1. Yes. 3. You don't have to set any aside, but it will be taxed at your short-term...
by jlcnuke
Thu Dec 14, 2017 6:47 am
Forum: Personal Finance (Not Investing)
Topic: How much did you contribute to your 401k in 2017?
Replies: 92
Views: 4689

Re: How much did you contribute to your 401k in 2017?

1. Will be $18k as of the paycheck on the 29th.
2. 40
by jlcnuke
Wed Dec 13, 2017 11:49 am
Forum: Personal Finance (Not Investing)
Topic: 2018 financial goals - what are yours?
Replies: 79
Views: 6353

Re: 2018 financial goals - what are yours?

1. Max contributions to 401k. 2. $5.5k into Roth IRA. 3. Contribute enough to get full company match into HSA. 4. Put another $10k into taxable account. 5. Spend less money on food (been spending way too much on groceries). 6. Spend less "misc" money (cash out of ATMs used to purchase crap I don't k...
by jlcnuke
Tue Dec 12, 2017 9:54 am
Forum: Personal Finance (Not Investing)
Topic: Conflicting goals, and limited income
Replies: 25
Views: 2254

Re: Conflicting goals, and limited income

Howdy! The very first piece of advice I'd like to give you is to stop thinking about "now" as your only plan. Sure, it's great to have a plan for "now" (and you should), but it's better to have a continual plan for your financial future. I put the following together years ago, and you're already doi...
by jlcnuke
Thu Dec 07, 2017 1:52 pm
Forum: Personal Finance (Not Investing)
Topic: At what age your investments start making more money than you?
Replies: 107
Views: 7300

Re: At what age your investments start making more money than you?

When my investments start making more money than I do consistently will be either when, or sometime after, I retire in all likelihood. As when the growth of my money surpasses my income, it will also be well surpassing my spending so I'll have no reason to continue working..
by jlcnuke
Wed Dec 06, 2017 1:22 pm
Forum: Personal Finance (Not Investing)
Topic: Mortgage as percentage of take-home pay
Replies: 79
Views: 5731

Re: Mortgage as percentage of take-home pay

PITI + extra payment (15 year mortgage) currently comes out to 18% of net pay (minus taxes only, not after 401k contributions, payroll deductions etc). I think I'd be comfortable at up to ~25%, but lower is more comfortable.
by jlcnuke
Tue Dec 05, 2017 3:55 pm
Forum: Personal Finance (Not Investing)
Topic: Lowering real estate agent costs when selling?
Replies: 34
Views: 2588

Re: Lowering real estate agent costs when selling?

Be wary of anyone who tells you that 6% is the going rate or ‘normal’ in your area. Many realtors wish that were so, but it hasn’t been in most places for a long time. Everything is negotiable. There are realtors here that might disagree, but it’s true. That price model has been on life support for...
by jlcnuke
Tue Dec 05, 2017 2:40 pm
Forum: Personal Finance (Not Investing)
Topic: Lowering real estate agent costs when selling?
Replies: 34
Views: 2588

Re: Lowering real estate agent costs when selling?

I don't understand why anyone would agree to pay the person who was hired by and worked for someone else. Pay someone to list it on the MLS (because that's cheap). Then only bother paying a realtor if you find you can't sell the house on your own AND you are sure it is priced appropriately AND you d...
by jlcnuke
Tue Dec 05, 2017 9:32 am
Forum: Personal Consumer Issues
Topic: After financial independence, do you lose motivation for work?
Replies: 156
Views: 11163

Re: After financial independence, do you lose motivation for work?

My primary motivation to go to work is because I want the paycheck. All other motivational reasons to go to work can be achieved without working. As such, when I achieve FI, I don't plan on going to work anymore.
by jlcnuke
Mon Dec 04, 2017 8:23 am
Forum: Personal Consumer Issues
Topic: Hard time deciding how much to spend on rent
Replies: 24
Views: 1400

Re: Hard time deciding how much to spend on rent

What do you spend currently on housing + commuting? How does that total compare to what you would spend on housing + commuting if you moved? How much "more" are you really going to spend? How much do you value your time? Those 4 hours every day commuting have value. How much do you value your health...
by jlcnuke
Sun Dec 03, 2017 11:01 am
Forum: Personal Finance (Not Investing)
Topic: Thinking of going "back" to school nearing 40?
Replies: 22
Views: 2361

Re: Thinking of going "back" to school nearing 40?

I think the biggest problem I see with your plan is that it's lacking a plan. The primary purpose of getting a college education (B.S. degree) is to prepare you for a career (with Masters degrees to advance your career). What career do you want it to prepare you for? That's the first question. With ...
by jlcnuke
Fri Dec 01, 2017 9:26 am
Forum: Personal Finance (Not Investing)
Topic: I Can "Afford" This Right? (New Car)
Replies: 60
Views: 4603

Re: I Can "Afford" This Right? (New Car)

My only concern would be paying cash for it. $60k cash, $120k taxable $75k eats up ~40% of your current liquid cash. If you're okay with spending 40% of your liquid savings/investments, however, then go for it. I personally prefer to "save up" separately for specific large purchases since using savi...
by jlcnuke
Fri Dec 01, 2017 8:07 am
Forum: Personal Consumer Issues
Topic: 2018 Goals - Financial or Otherwise
Replies: 67
Views: 5060

Re: 2018 Goals - Financial or Otherwise

1. Lose weight - working on it, but need to get more serious about it.
2. Travel more... fewer "staycations".
3. Try not to let #2 interfer "too much" with my savings rate.
4. Work on learning Spanish.
by jlcnuke
Thu Nov 30, 2017 10:36 am
Forum: Personal Finance (Not Investing)
Topic: FIRE [financial independence/retire early]
Replies: 136
Views: 12590

Re: FIRE [financial independence/retire early]

Neither figures take into account SS, but those retiring very early are generally not going to get much from SS anyway. If I retire at 47 instead of 62, my benefits are reduced by 1/3rd because it uses the average wage for 35 years of your highest earnings. Start adding a bunch of zeros in (or just...
by jlcnuke
Thu Nov 30, 2017 10:33 am
Forum: Personal Finance (Not Investing)
Topic: How much home can we afford?
Replies: 29
Views: 1705

Re: How much home can we afford?

It's not about how much house can you afford it's what area you want to be in and the things around it . We have bought three houses now with at least one more to go and the conversation has never been about how much can we afford it's where and what. The wife has never wanted to hit our maximum am...
by jlcnuke
Thu Nov 30, 2017 6:38 am
Forum: Personal Finance (Not Investing)
Topic: How much home can we afford?
Replies: 29
Views: 1705

Re: How much home can we afford?

It's not about how much house can you afford it's what area you want to be in and the things around it . We have bought three houses now with at least one more to go and the conversation has never been about how much can we afford it's where and what. The wife has never wanted to hit our maximum am...
by jlcnuke
Thu Nov 30, 2017 6:33 am
Forum: Personal Finance (Not Investing)
Topic: FIRE [financial independence/retire early]
Replies: 136
Views: 12590

Re: FIRE [financial independence/retire early]

So the 25X rule applies no matter one's age? I find it hard to believe that someone with $50K in annual expenses can retire with $1.25M at age 35. Now if that person with the same $50K in expenses was 50 or 55, the $1.25M is more likely enough to retire. That same $1.25M needs to last the 35 year o...
by jlcnuke
Wed Nov 29, 2017 2:34 pm
Forum: Personal Finance (Not Investing)
Topic: When to tell the SO about my financial situation?
Replies: 109
Views: 5477

Re: When to tell the SO about my financial situation?

Seven months is a new relationship, although the same advice would apply (in general): Since you've seen her looking at your financial information, you can take it as an opportunity to sit down and re-assure that you're comfortable and that there are no significant debts in your portfolio. I don't ...
by jlcnuke
Wed Nov 29, 2017 2:24 pm
Forum: Investing - Theory, News & General
Topic: Jack Bogle Says ‘Avoid Bitcoin Like the Plague’
Replies: 187
Views: 17234

Re: Jack Bogle Says ‘Avoid Bitcoin Like the Plague’

TheRightKost87 wrote:
Wed Nov 29, 2017 2:20 pm
jlcnuke wrote:
Tue Nov 28, 2017 10:38 pm
Then again, for all I know, 15 of the top 10 companies in the S&P 500 will file bankruptcy next year... I can't predict the future.
15 of the top 10? That'd be quite the feat for sure.
bah.. you mean what I know..... ;)
by jlcnuke
Wed Nov 29, 2017 8:30 am
Forum: Personal Finance (Not Investing)
Topic: A good friend has nearly $1M in BitCoin what do I tell him?
Replies: 147
Views: 15194

Re: A good friend has nearly $1M in BitCoin what do I tell him?

If he asked for advice, I'd say take some profits and let whatever amount you think is appropriate ride if you want to keep gambling on it.

If he didn't ask for advice, I'd say nothing. It's his business.
by jlcnuke
Wed Nov 29, 2017 8:28 am
Forum: Personal Finance (Not Investing)
Topic: Too much house, right?
Replies: 88
Views: 8094

Re: Too much house, right?

0% of one's take-home pay in the scenario I posited... is 0% of your income on a house too high in your opinion?? ~60% of take home is what this particular poster appears they would be spending. The numbers are actually high, based on what I pay.. and what most Americans spend... The average househ...
by jlcnuke
Wed Nov 29, 2017 7:43 am
Forum: Personal Finance (Not Investing)
Topic: FIRE [financial independence/retire early]
Replies: 136
Views: 12590

Re: FIRE [financial independence/retire early]

I should have been more specific. From what I can read from their websites and listening to podcasts I hear them talk about having annual expenses of $25k, for example. There is no way that I can see based on what they write/talk about that they include health care in the annual spending. So, my qu...
by jlcnuke
Wed Nov 29, 2017 6:09 am
Forum: Personal Finance (Not Investing)
Topic: Too much house, right?
Replies: 88
Views: 8094

Re: Too much house, right?

Property taxes, insurance - homeowners, car, umbrella liability, perhaps flood or earthquake -, medical and dental costs, utilities, food, clothing, those will make mincemeat of that $5K a month. Depends on the rates for everything. Using mine (and one other since my food costs are likely way diffe...
by jlcnuke
Wed Nov 29, 2017 6:05 am
Forum: Investing - Theory, News & General
Topic: Jack Bogle Says ‘Avoid Bitcoin Like the Plague’
Replies: 187
Views: 17234

Re: Jack Bogle Says ‘Avoid Bitcoin Like the Plague’

Big lottery jackpot? Paid for by those buying in? When more players/buyers/sellers start to cash out/sell instead of buying into the game will the jackpot start to shrink? Can it go all the way to nothing? My speculation into most lottery jackpots have gone to $0.... every drawing I don't win somet...
by jlcnuke
Tue Nov 28, 2017 10:38 pm
Forum: Investing - Theory, News & General
Topic: Jack Bogle Says ‘Avoid Bitcoin Like the Plague’
Replies: 187
Views: 17234

Re: Jack Bogle Says ‘Avoid Bitcoin Like the Plague’

Had I invested the $18k I put in my 401k in 2012 in bitcoin instead I'd have ~$15,000,000 today. Needless to say, my index investing hasn't produced those returns either. Don't confuse result with strategy. You can let it ride 10 times on red at a roulette table and win. It's still a bad idea. The ...
by jlcnuke
Tue Nov 28, 2017 10:31 pm
Forum: Personal Finance (Not Investing)
Topic: Too much house, right?
Replies: 88
Views: 8094

Re: Too much house, right?

I covered "cable/internet" in my "utilities" for myself. OP didn't mention owning pets. "Eating out" I include in my "food" budget (and so does the source I cited iirc). So we're left with cell phone plans (available for much less, but let's go with your numbers), car stuff, sitters, and "misc expe...
by jlcnuke
Tue Nov 28, 2017 10:18 pm
Forum: Investing - Theory, News & General
Topic: Jack Bogle Says ‘Avoid Bitcoin Like the Plague’
Replies: 187
Views: 17234

Re: Jack Bogle Says ‘Avoid Bitcoin Like the Plague’

Did you expect someone of Jack's experience to support a crypto currency that has ballooned in value over a short period of time. This is one of those stories that the "happily ever after" is not known until the end of the book. I would be shocked if he did recommend it!! I don't expect ANY financi...
by jlcnuke
Tue Nov 28, 2017 10:10 pm
Forum: Personal Finance (Not Investing)
Topic: Too much house, right?
Replies: 88
Views: 8094

Re: Too much house, right?

Depends on the rates for everything. Using mine (and one other since my food costs are likely way different than a family of 4) Property taxes + homeowner's insurance - ~$100/month each Umbrella insurance ($1M) - $10/month Medical- $272.50 max Dental - $25 (assuming no problems... the normal.. prob...
by jlcnuke
Tue Nov 28, 2017 9:59 pm
Forum: Investing - Theory, News & General
Topic: Jack Bogle Says ‘Avoid Bitcoin Like the Plague’
Replies: 187
Views: 17234

Re: Jack Bogle Says ‘Avoid Bitcoin Like the Plague’

Had I invested the $18k I put in my 401k in 2012 in bitcoin instead I'd have ~$15,000,000 today. Needless to say, my index investing hasn't produced those returns either. In order for you to have these returns, you would have to sell today. So the question is, had you invested the $18k you put in m...
by jlcnuke
Tue Nov 28, 2017 6:38 pm
Forum: Investing - Theory, News & General
Topic: Jack Bogle Says ‘Avoid Bitcoin Like the Plague’
Replies: 187
Views: 17234

Re: Jack Bogle Says ‘Avoid Bitcoin Like the Plague’

Big lottery jackpot? Paid for by those buying in? When more players/buyers/sellers start to cash out/sell instead of buying into the game will the jackpot start to shrink? Can it go all the way to nothing? My speculation into most lottery jackpots have gone to $0.... every drawing I don't win somet...
by jlcnuke
Tue Nov 28, 2017 5:40 pm
Forum: Investing - Theory, News & General
Topic: Jack Bogle Says ‘Avoid Bitcoin Like the Plague’
Replies: 187
Views: 17234

Re: Jack Bogle Says ‘Avoid Bitcoin Like the Plague’

I invest in stocks (index funds) and bonds. I speculate on any number of things (I throw some money at the lottery, I gamble in casinos, I own some crypto-currencies). Buffet told the world in 2014 that bitcoin was a "mirage" and we should stay away. $11k at that time is worth $100k today; a much be...
by jlcnuke
Tue Nov 28, 2017 5:29 pm
Forum: Personal Finance (Not Investing)
Topic: Too much house, right?
Replies: 88
Views: 8094

Re: Too much house, right?

Property taxes, insurance - homeowners, car, umbrella liability, perhaps flood or earthquake -, medical and dental costs, utilities, food, clothing, those will make mincemeat of that $5K a month. Depends on the rates for everything. Using mine (and one other since my food costs are likely way diffe...
by jlcnuke
Tue Nov 28, 2017 2:05 pm
Forum: Personal Finance (Not Investing)
Topic: The fallacy of spending money on "experiences" vs hard assets
Replies: 336
Views: 17407

Re: The fallacy of spending money on "experiences" vs hard assets

If I evaluated every purchase based on the "happiness ratio" of "intrinsic happiness gained per dollar spent" then I'd say the vast majority of assets I've purchased would have a very low happiness ratio while vacations and other "experience" outings would generally have a very high happiness ratio....
by jlcnuke
Tue Nov 28, 2017 9:17 am
Forum: Personal Finance (Not Investing)
Topic: Yet another can I afford this house post- please weigh in
Replies: 27
Views: 2666

Re: Yet another can I afford this house post- please weigh in

Hello! I am a long-time lurker, first time poster and would appreciate BH opinions on whether I can afford to purchase a 760K home. Relevant info: - mid 30s single, do not want kids. - live in a high cost of living area and currently renting a 2 bedroom apartment- my share of the rent is $1,300/mon...
by jlcnuke
Tue Nov 21, 2017 3:28 pm
Forum: Personal Finance (Not Investing)
Topic: Dave Ramsey says don't use credit cards, even if you pay them off
Replies: 221
Views: 14041

Re: Dave Ramsey says don't use credit cards, even if you pay them off

If using cash, I would ask for a 2~3% discount from vendor since I saved them fees. Does Wal-Mart give you a 2-3% discount when you pay cash? Lowes? Publix? etc? I knew many gas stations do. In many places on this planet, cash is the only payment method. I know of one gas station in my area that ha...
by jlcnuke
Tue Nov 21, 2017 1:01 pm
Forum: Personal Finance (Not Investing)
Topic: How much longer do I need life insurance?
Replies: 19
Views: 1310

Re: How much longer do I need life insurance?

I have no life insurance to speak of that I pay for (small policy my employer provides). The reason for this is simple - my net worth upon passing exceeds what I think is necessary to support those who rely on me for the time I think they will need such support. Figure out who you financially suppor...
by jlcnuke
Tue Nov 21, 2017 12:55 pm
Forum: Personal Finance (Not Investing)
Topic: Dave Ramsey says don't use credit cards, even if you pay them off
Replies: 221
Views: 14041

Re: Dave Ramsey says don't use credit cards, even if you pay them off

WhiteMaxima wrote:
Tue Nov 21, 2017 12:46 pm
If using cash, I would ask for a 2~3% discount from vendor since I saved them fees.
Does Wal-Mart give you a 2-3% discount when you pay cash? Lowes? Publix? etc?
by jlcnuke
Tue Nov 21, 2017 12:54 pm
Forum: Personal Finance (Not Investing)
Topic: Dave Ramsey says don't use credit cards, even if you pay them off
Replies: 221
Views: 14041

Re: Dave Ramsey says don't use credit cards, even if you pay them off

Dave Ramsey's advice is exceptionally helpful "to his target audience". His target audience is not "financially responsible people who stick to a budget and spend responsibly as a force of habit". His target audience is "people who have leveraged themselves into significant debt and who do not have ...
by jlcnuke
Sun Nov 19, 2017 2:50 pm
Forum: Personal Finance (Not Investing)
Topic: 2018 Budget Helps/Comments
Replies: 4
Views: 416

Re: 2018 Budget Helps/Comments

Overall, I would classify ourselves as "poor" savers and that's why I've been reading this board. Some of this is by choice - we love traveling and teaching our children through experiences - and some of it is just poor planning/budgeting. We have also been more focused on paying down debt vs. taxa...
by jlcnuke
Fri Nov 10, 2017 2:14 pm
Forum: Personal Finance (Not Investing)
Topic: Is using a Roth IRA for saving for a vacation in 10 years a good idea?
Replies: 11
Views: 887

Re: Is using a Roth IRA for saving for a vacation in 10 years a good idea?

If the options are: 1. Fund a Roth and take the contributions out later to pay for a vacation OR 2. Do not fund a Roth and leave that money in a savings account until you use it to pay for a vacation. Then I'd say fund the Roth.. at least you'll have the gains in there after your vacation. If "fund ...
by jlcnuke
Fri Nov 10, 2017 1:39 pm
Forum: Personal Finance (Not Investing)
Topic: Why NOT make more money?
Replies: 213
Views: 19503

Re: Why NOT make more money?

The simple answer is: There is only so much time you get in this life, and making money (for the vast majority of people) takes time away from doing the things we'd like to do. The more complicated answer is: Just about anyone in our society can quit working and "live" off of what they have. Similar...
by jlcnuke
Fri Nov 10, 2017 9:03 am
Forum: Personal Consumer Issues
Topic: Flying first class, business, versus economy.
Replies: 184
Views: 16835

Re: Flying first class, business, versus economy.

6 hours and under I'll look to fly economy. Over 6 fly business or first. Also something to consider is booking business or first for the leg you sleep on and economy for the leg you'd be awake on. This is exactly what my "general" policy is right now. In addition, since I won't fly economy, I won'...
by jlcnuke
Thu Nov 09, 2017 8:06 am
Forum: Personal Finance (Not Investing)
Topic: Interviewing at a former employer, should I give them my current salary when they ask?
Replies: 94
Views: 6049

Re: Interviewing at a former employer, should I give them my current salary when they ask?

If going for a higher position: "My current salary is approximately on par with the average industry compensation for my current position" (can also say slightly below if it is). If going for a similar position: "My current salary is a little below the average industry compensation for my current po...
by jlcnuke
Thu Nov 09, 2017 7:59 am
Forum: Personal Finance (Not Investing)
Topic: Term Life - Time to cancel?
Replies: 33
Views: 2819

Re: Term Life - Time to cancel?

$2.8M, assuming an effective tax rate of 35%, would still leave $1,820,000 for your heirs. Assuming they needed to be taken care of for 14 years (until your youngest turns 18), that would give them about $130,000/year. Can your family not "get by" without you on $130k/year? If they can't, then you s...
by jlcnuke
Mon Nov 06, 2017 1:39 pm
Forum: Personal Finance (Not Investing)
Topic: Disposable income... how?
Replies: 106
Views: 9862

Re: Disposable income... how?

Some filler information. I am military and so are all my friends. There is currently (minuses the BRS scam) no matching for retirement. I guess they are truthfully broke or receiving economic outpatient care from their parents. The 33% I am putting away in not enough! Id save more but my wife needs...
by jlcnuke
Mon Nov 06, 2017 12:35 pm
Forum: Personal Finance (Not Investing)
Topic: Disposable income... how?
Replies: 106
Views: 9862

Re: Disposable income... how?

Seriously I don't understand how people can just buy new phones, new vehicles and still go out every Friday eat a nice dinner and drink craft beers. How can people do that? Here is my life in a nutshell.. I am above the national average for income. Our household pulls in 100k a year with no cost me...
by jlcnuke
Mon Nov 06, 2017 12:22 pm
Forum: Personal Finance (Not Investing)
Topic: Should I decline Grand Prize trip because of taxes on winnings?
Replies: 93
Views: 8540

Re: Should I decline Grand Prize trip because of taxes on winnings?

If you heard about a "deal" on the exact trip and it would cost $4k to go, would you take advantage of that deal? If yes, then go. If not, then don't.
by jlcnuke
Mon Nov 06, 2017 12:21 pm
Forum: Personal Finance (Not Investing)
Topic: Why make more money?
Replies: 134
Views: 13237

Re: Why make more money?

How is it possible to earn a living and then be able retire at a very young age without paying a decent amount in taxes? What do you mean when you say people who retire early are subsidized by those who continue to work? When you're retired you still have to pay property taxes, sales tax, and incom...
by jlcnuke
Mon Nov 06, 2017 12:09 pm
Forum: Personal Finance (Not Investing)
Topic: Why make more money?
Replies: 134
Views: 13237

Re: Why make more money?

Just because it supports your "current" lifestyle doesn't mean that you want to settle for that lifestyle I hope your "current" lifestyle makes you happy, and would continue to make you happy in retirement. I love to travel. However, since I have to work 47 weeks every year, that's 47 weeks I can't...