Search found 207 matches

by mnnice
Mon Sep 18, 2017 6:37 pm
Forum: Investing - Help with Personal Investments
Topic: My in-laws' nest egg of $50k
Replies: 34
Views: 4176

Re: My in-laws' nest egg of $50k

Isn't there some sort of public assistance they could get with that level of income? I would look into it. They may be deserving of something. Maybe a grant or an income supplement. If they sold the condo, maybe they could get subsidized housing. A friend of mine had his mom liquidate everything an...
by mnnice
Sat Sep 16, 2017 3:18 pm
Forum: Personal Finance (Not Investing)
Topic: Who has needed to use their umbrella insurance?
Replies: 113
Views: 13895

Re: Who has needed to use their umbrella insurance?

i had to use my umbrella. after settlement it was cancelled for a period of 3 years. in the interim i increased the liability on both my autos and home to $1 million. you can be sure that i renewed it as soon as i was able. edit to add: to answer a question above at renewal the rate was basically t...
by mnnice
Fri Sep 15, 2017 10:57 am
Forum: Personal Finance (Not Investing)
Topic: Wisconsin rentals owned in LLC, how to pass to kids
Replies: 8
Views: 537

Re: Wisconsin rentals owned in LLC, how to pass to kids

You basically need to do a generational succession plan. As a rule it works better when you start sooner, get professional help planning, and either have capital or access to capital to buy out the uninterested parties. I hold no legal expertise or practical knowledge on how to do it in a tax effici...
by mnnice
Wed Sep 13, 2017 9:11 pm
Forum: Personal Consumer Issues
Topic: Flaunt Your High-Mileage Car
Replies: 350
Views: 38816

Re: Flaunt Your High-Mileage Car

I have a 2004 Pontiac Vibe with 208k. It still had the original brakes. Yes it does stop :wink:. Lots of highway miles.
by mnnice
Wed Sep 13, 2017 8:39 pm
Forum: Personal Consumer Issues
Topic: Is it really Worth it to brown bag your lunch at work?
Replies: 313
Views: 16957

Re: Is it really Worth it to brown bag your lunch at work?

What is more compelling is trying to half brown bag. Has anyone tried this? Lets say you buy some of those individual potato chip packs. Buy yourself a case of soda, water, or juice. Then, you get a sandwich (only) from a restaurant and eat the chips you have conveniently stored in your trunk. Frie...
by mnnice
Tue Sep 12, 2017 8:11 am
Forum: Personal Finance (Not Investing)
Topic: When calculating net worth, how do you value your house?
Replies: 167
Views: 8342

Re: When calculating net worth, how do you value your house?

I suspect part of the reason people want to exclude home value is their emotional attachment to their home. Personally, my situation was different. I bought a home with cash that I really would have preferred not to buy. I needed to be in a particular school district and there were pretty much no re...
by mnnice
Thu Sep 07, 2017 1:42 pm
Forum: Personal Finance (Not Investing)
Topic: Married, owning two homes, file as HOH?
Replies: 43
Views: 2143

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

There are a lot of inequities in life. I am single and never had children. I pay taxes for schools which don't directly benefit me. My tax rate is much higher than a married person with same salary. The 15% tax limit is around 37k. Very little room for roth conversions. Everyone has complaints abou...
by mnnice
Thu Sep 07, 2017 7:13 am
Forum: Personal Finance (Not Investing)
Topic: Married, owning two homes, file as HOH?
Replies: 43
Views: 2143

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

It might make sense but it is not available if you remain married :wink:
by mnnice
Thu Aug 31, 2017 5:36 pm
Forum: Personal Finance (Not Investing)
Topic: Is my understanding of Unemployment insurance correct?
Replies: 12
Views: 961

Re: Is my understanding of Unemployment insurance correct?

My understanding of EI is that every state has Byzantine rules and you don't get anything unless you ask. Right to work states are always going to be stingier. In other words I agree with KlingKlang :D
by mnnice
Wed Aug 30, 2017 12:51 pm
Forum: Personal Finance (Not Investing)
Topic: How much sooner could you retire with NO property taxes?
Replies: 116
Views: 7176

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

If I got rid of any of my biggest expense categories I would have retired sooner. Unfortunately, they tend to be for goods or services I need. My current largest monthly expense is food, but I am not giving it up to retire. On the other hand if I did my time horizon would be pretty short.
by mnnice
Tue Aug 29, 2017 4:05 pm
Forum: Personal Finance (Not Investing)
Topic: What to do when a parent's money runs out?
Replies: 218
Views: 31099

Re: What to do when a parent's money runs out?

Well, in the case of the OP, what's the worst thing that can happen if his mother goes head over heels into debt with credit cards and the like? She'll have to declare bankruptcy and then be forced to live within her means, or creditors will take whatever she owns when she passes away. "What's the ...
by mnnice
Mon Aug 28, 2017 9:33 pm
Forum: Personal Consumer Issues
Topic: T-Mobile promotion for 55+
Replies: 83
Views: 7732

Re: Just saved $1000 / year on mobile plan

We pay about $13/month for two lines on Tracfone. I need unlimited data for business reasons. Other than "business reasons," I am curious how people use so much data. I am like Nicolas. We have 2 cellphones-one uses the H2owireless $10 for 3 months plan and the other the "RealMobile $10 for 4 month...
by mnnice
Sat Aug 26, 2017 11:09 am
Forum: Investing - Help with Personal Investments
Topic: 30,000 in Checking Account
Replies: 101
Views: 12758

Re: 30,000 in Checking Account

Stop focusing on what you would get if you cashed out today. They make that painful on purpose. :wink: If you never work another day in your life you will have a pension in the $450-500 per month range at 65. If you keep working potentially way more. It also probably still in effect if you work for ...
by mnnice
Sat Aug 26, 2017 7:23 am
Forum: Investing - Help with Personal Investments
Topic: 30,000 in Checking Account
Replies: 101
Views: 12758

Re: 30,000 in Checking Account

https://www.kpers.org/active/kpers2.html

This is a good start assuming your not a cop. :wink:
by mnnice
Sat Aug 26, 2017 7:14 am
Forum: Investing - Help with Personal Investments
Topic: 30,000 in Checking Account
Replies: 101
Views: 12758

Re: 30,000 in Checking Account

I'll try to reply to all in this one post as I don't have much time. Yes, I have a HSA and a 457b plan is available. I should also note that I do not plan on being at this job forever, and if I leave this job, I do not get the 8.5% the state contributes. To get what they put in, you have to retire ...
by mnnice
Fri Aug 25, 2017 9:58 pm
Forum: Investing - Help with Personal Investments
Topic: 30,000 in Checking Account
Replies: 101
Views: 12758

Re: 30,000 in Checking Account

I'll try to reply to all in this one post as I don't have much time. Yes, I have a HSA and a 457b plan is available. I should also note that I do not plan on being at this job forever, and if I leave this job, I do not get the 8.5% the state contributes. To get what they put in, you have to retire ...
by mnnice
Thu Aug 24, 2017 6:59 pm
Forum: Personal Finance (Not Investing)
Topic: Obamacare even cheaper for millionaire early retirees
Replies: 22
Views: 7024

Re: Obamacare even cheaper for millionaire early retirees

Interesting article from the Retire Early Homepage. I retired earlier this year. DW and I decided to go on ObamaCare with a silver plan for 2017. This has worked out very well for us so far. After reading this article, maybe we will go with the bronze plan for 2018. According to the article, you ma...
by mnnice
Wed Aug 23, 2017 3:25 pm
Forum: Personal Finance (Not Investing)
Topic: When have you achieved financial independence?
Replies: 27
Views: 4219

Re: When have you achieved financial independence?

I think both render you FI. I think scenario A would be easier to accomplish for nearly all couples and most single people. It would happen faster in tax advantaged environment. Scenario B would be more likely if you sold a business or ended up with an inheritance. I suspect the most flexible would ...
by mnnice
Thu Aug 17, 2017 9:21 am
Forum: Investing - Help with Personal Investments
Topic: Cancer at 38. Going from high income to no income. Need help generating income from $5m portfolio
Replies: 45
Views: 9491

Re: Cancer at 38. Going from high income to no income. Need help generating income from $5m portfolio

I see you have life insurance as an annual expense. Is that included in your $5M portfolio or would that give you additional flexibility? It is possible that you could use any life insurance to purchase the house outright. I see a lot of flexibility in your budget. If you become a single mother, yo...
by mnnice
Wed Aug 16, 2017 2:04 pm
Forum: Personal Finance (Not Investing)
Topic: Plan for making child pay for part of college
Replies: 111
Views: 5837

Re: Plan for making child pay for part of college

I encourage all parents of prospective college goers to look at the student budgets posted on their state flagship websites. For instance, for UC Berkeley, tuition and fees combined are $14,068 . Room & board is another $15,716 if you live on campus. In a previous post I noted that public colleges ...
by mnnice
Thu Aug 10, 2017 11:55 pm
Forum: Personal Finance (Not Investing)
Topic: Life at crossroads. What would you do ?
Replies: 198
Views: 17161

Re: Life at crossroads. What would you do ?

Guys I'm not whining or being negative intentionally. Just stating my concerns. Moving to LCOL sounds awesome except when you think about the practicalities of getting a job and networking. If I can't get a job with my connections in the valley what chance do I have outside the valley. I don't know...
by mnnice
Fri Aug 04, 2017 10:43 am
Forum: Personal Finance (Not Investing)
Topic: Anyone else have trouble spending?
Replies: 91
Views: 5936

Re: Anyone else have trouble spending?

I make 250 and save almost 200 after including company 401k match. I cannot bring myself to pay $41/month on a gym membership to give me access to a climbing wall that will bring me great joy. I clicked on the link thinking I had met a kindred spirit. My strategy is to bike to work (7 miles one way...
by mnnice
Wed Jul 26, 2017 10:42 am
Forum: Personal Finance (Not Investing)
Topic: Inheritance Questions
Replies: 22
Views: 3261

Re: Inheritance Questions

Money in CalSTRS is not the same as money in a savings account. I am not sure of the exact rules nor her status at the time of death but it matters. The rules will be different if she was working at the time of death, inactive (not working a CalSTRS covered employer but not collecting a pension from...
by mnnice
Tue Jul 25, 2017 3:40 pm
Forum: Personal Finance (Not Investing)
Topic: Financial Characteristics of Physicians
Replies: 24
Views: 2247

Re: Financial Characteristics of Physicians

Maybe the actionable part of this is medical school is not worth it. :?

It is a bit mind blowing to me that my household has more retirement savings than the average 50 something doctor's household. Since DH and I have never combined made what most doctors make individually.
by mnnice
Tue Jul 11, 2017 1:37 pm
Forum: Personal Finance (Not Investing)
Topic: How to save for and finance house move up
Replies: 64
Views: 3538

Re: How to save for and finance house move up

I can't tell if you have looked at houses and DW has her heart set on a specific house or subdivision already. Or has sharing a bathroom with the rest of you gotten on her last nerve. :wink: Regardless this is not an emergency and should not be treated as such. Have you looked at at any houses? I ju...
by mnnice
Tue Jul 11, 2017 8:54 am
Forum: Personal Finance (Not Investing)
Topic: Is Medicaid eligibility based only on income or are assets included too?
Replies: 21
Views: 1520

Re: Is Medicaid eligibility based only on income or are assets included too?

They've both already qualified. I'm just confused as to how someone with a lot of assets who is intentionally not working much any more can be eligible for Medicaid. I guess what I'm trying to come to grips with is if Medicaid eligibility is that messed up that someone like them would actually qual...
by mnnice
Tue Jul 11, 2017 8:17 am
Forum: Personal Finance (Not Investing)
Topic: Is Medicaid eligibility based only on income or are assets included too?
Replies: 21
Views: 1520

Re: Is Medicaid eligibility based only on income or are assets included too?

For clarification, you are talking about health care, not long term custodial care, right? I think in that case in some states only income is considered. Right--talking about health care here. Income only seems like a stupid crazy way to determine if someone is eligible for Medicaid health care, by...
by mnnice
Thu Jul 06, 2017 7:40 am
Forum: Personal Finance (Not Investing)
Topic: Long term care insurance - is it worth it?
Replies: 156
Views: 10729

Re: Long term care insurance - is it worth it?

@Neilpilot I'm not sure that is quite true that is the only option. The healthy "community" spouse can by a SPIA after the first goes to skilled care situation and live off the monthly annuity proceeds. That greatly reduces the odds of any legacy but it keeps the healthy spouse from eating cat food ...
by mnnice
Tue Jul 04, 2017 6:23 pm
Forum: Personal Finance (Not Investing)
Topic: Long term care insurance - is it worth it?
Replies: 156
Views: 10729

Re: Long term care insurance - is it worth it?

We have owned a home for decades, and have never had a fire or any other insurance claim. Since we have no mortgage, we could drop our homeowner's insurance (except then our umbrella policy would not cover the liability portion of our current homeowners policy). Does anyone view the need for homeow...
by mnnice
Tue Jul 04, 2017 12:45 pm
Forum: Personal Finance (Not Investing)
Topic: Long term care insurance - is it worth it?
Replies: 156
Views: 10729

Re: Long term care insurance - is it worth it?

My parents were neither impoverished nor wealthy. They had LTCI policies (from a reputable company) for >25 years. Dad died one day after becoming sick enough to need the LTCI. Mom lamented that paying all those premiums for him for all those years was a complete waste. Then mom died one month afte...
by mnnice
Wed Jun 28, 2017 4:06 pm
Forum: Personal Finance (Not Investing)
Topic: Need help to sell family farm.
Replies: 19
Views: 1930

Re: Need help to sell family farm.

I inherited (much smaller scale) half of the family farm (about 120 acres) with my brother when my father died. I live a long distance away, but my brother lives there and took care of the matter. At the time of my father's death, the land was rented to a neighboring farmer - so it was simplest (an...
by mnnice
Sat Jun 24, 2017 6:44 pm
Forum: Personal Finance (Not Investing)
Topic: Can we/should we afford a $2M house?
Replies: 96
Views: 14666

Re: Can we/should we afford a $2M house?

We don't know the location either. There are $2 million dollars homes in Palo Alto equally as modest as my own 900 square foot, mid century home in a LCOL area which was 130k. I guess my question is if you have saved 500k in 10 months it might be less hassle to just to save another 30-35 months and ...
by mnnice
Thu Jun 15, 2017 7:54 pm
Forum: Investing - Help with Personal Investments
Topic: Mid-40's, single parent, "retired", $1.6M portfolio, investment advice sought.
Replies: 50
Views: 8232

Re: Mid-40's, single parent, "retired", $1.6M portfolio, investment advice sought.

Is this household collecting $4k a month in SS or $1K? How big of a hole in the budget is there going to be when it ends? If she is spending 40k from her portfolio and getting 50k in survivor benefits her situation is not very sustainable. If she is only getting 10k from SS she is doing a very good ...
by mnnice
Sat Jun 10, 2017 11:26 am
Forum: Personal Finance (Not Investing)
Topic: (Very) Early Retirement vs Parenthood
Replies: 74
Views: 5103

Re: (Very) Early Retirement vs Parenthood

Just a couple random thoughts. DH would have been totally content to be childless. I was not. He is an excellent parent and generally more patient than myself. Having kids in school makes your life revolve around that schedule. DH and I would travel more as early semi-retired people but school inter...
by mnnice
Thu Jun 08, 2017 4:05 pm
Forum: Personal Finance (Not Investing)
Topic: How to deal with a personal finance cynic
Replies: 109
Views: 6845

Re: How to deal with a personal finance cynic

Tell your friend to lop off a zero off all the numbers when you read the Silicon Valley house threads. :mrgreen: It makes them easier to understand for us regular folks in moderate cost of living areas.
by mnnice
Thu Jun 08, 2017 10:50 am
Forum: Personal Finance (Not Investing)
Topic: Any tips on creating a budget for a SAHM ?
Replies: 24
Views: 2100

Re: Any tips on creating a budget for a SAHM ?

I actually mostly hate to shop, but I did find myself engaging in some retail therapy so at that stage of my life. Try to give her time to herself (go for a walk or run, yoga, or a hot bath even). I find it filed my needs way better than shopping. Also having a do not buy list can be helpful. No mor...
by mnnice
Thu Jun 08, 2017 9:03 am
Forum: Personal Finance (Not Investing)
Topic: Small tax refund or owing taxes?
Replies: 35
Views: 2420

Re: Small tax refund or owing taxes?

My state taxes all federal refunds on your next years tax return which is a much bigger penalty than the loss of interest so I try to owe. That's because Iowa allows you to deduct your federal taxes withheld even if you don't itemize. You aren't being taxed or penalized for your federal income tax ...
by mnnice
Wed Jun 07, 2017 2:39 pm
Forum: Personal Consumer Issues
Topic: My Wife is having our 5th child. What is an appropriately extravagant push gift?
Replies: 90
Views: 7835

Re: My Wife is having our 5th child. What is an appropriately extravagant push gift?

When does material gifts have to signify that? Appreciating someone can be expressed in many ways and everyday without need for material gifts or occassion. Sorry, I may have come across as too interested in a material gift. I don't think it has to be material. Should I write her a poem? Childbirth...
by mnnice
Wed Jun 07, 2017 2:27 pm
Forum: Personal Consumer Issues
Topic: Installing Fencing to keep predators away from chickens?
Replies: 26
Views: 1985

Re: Installing Fencing to keep predators away from chickens?

Add guinea fowl to your flock. Note that I recommend this only because you live in the country. For all you backyard chicken coopers reading this, don't buy guinea fowl unless you want to be murdered by your neighbors. I have kept guineas and still had predators. I totally agree with the second part
by mnnice
Sun Jun 04, 2017 3:50 pm
Forum: Personal Finance (Not Investing)
Topic: Third-party travel insurance, anyone?
Replies: 34
Views: 2308

Re: Third-party travel insurance, anyone?

I never buy trip cancellation insurance on the grounds I should only insure that which I can't easily cover, and clearly I can do without any prepaid costs because if not I couldn't have afforded the trip in the first place. I always make sure I have adequate medical coverage, including evacuation ...
by mnnice
Sun Jun 04, 2017 12:06 pm
Forum: Personal Finance (Not Investing)
Topic: Helping parents/grandparents while raising kids
Replies: 47
Views: 4560

Re: Helping parents/grandparents while raising kids

Slightly off topic but for generation x is it more common to give or receive economic outpatient care? In my own extended family I have seen it work both ways. My household has really never gave or received. My parents funded about a third of my in state public undergraduate degree. My ILs help my s...
by mnnice
Fri Jun 02, 2017 9:26 pm
Forum: Investing - Help with Personal Investments
Topic: Does someone 60+ need more than 10 years expenses in FI?
Replies: 39
Views: 4294

Re: Does someone 60+ need more than 10 years expenses in FI?

What risk scares you most? Sequence of returns? Inflation? Not preserving your capital? Outliving your money? Working way too long ? I personally think 10 years in fixed income sounds like a lot and 25 years seems crazy. But I am semi-retired and both willing and able to work more if the sequence of...
by mnnice
Sat May 27, 2017 7:10 pm
Forum: Personal Finance (Not Investing)
Topic: Third-party travel insurance, anyone?
Replies: 34
Views: 2308

Re: Third-party travel insurance, anyone?

I never buy trip cancellation insurance on the grounds I should only insure that which I can't easily cover, and clearly I can do without any prepaid costs because if not I couldn't have afforded the trip in the first place. I always make sure I have adequate medical coverage, including evacuation ...
by mnnice
Fri May 26, 2017 3:42 pm
Forum: Personal Finance (Not Investing)
Topic: When to start talking to older parents regarding their finances (and how to do it?)
Replies: 37
Views: 4384

Re: When to start talking to older parents regarding their finances (and how to do it?)

If they are mentally competent you have no standing to butt in. If they ask, help. Otherwise let adults live their own life. As the adult child of a mentally competent 70 something parent it is frustrating. My parent seems to think it is disloyal to her deceased spouse to move (even though she live...
by mnnice
Wed May 24, 2017 3:01 pm
Forum: Personal Finance (Not Investing)
Topic: How do you find a dream/hobby/part-time job?
Replies: 13
Views: 2310

Re: How do you find a dream/hobby/part-time job?

One thing you haven't mentioned is how education saving is going for your kids-- do you have enough to fund up to $250k each for them (in today's dollars)? That sounds outrageous but it may not be, depending on where they decide to go to school. With your assets, you can kiss need-based aid goodbye...
by mnnice
Wed May 03, 2017 11:35 am
Forum: Personal Finance (Not Investing)
Topic: Banking in Marriage
Replies: 66
Views: 5102

Re: Banking in Marriage

There is a lot of good advice here, and the key is to work together . This can be done with or without separate checking accounts. All should be joint, if you do decide to opt for separate accounts. Given that money fights and money problems are the number one cause for divorce, there needs to be a...
by mnnice
Tue May 02, 2017 6:10 pm
Forum: Personal Finance (Not Investing)
Topic: Withdrawing Funds early from a state retirement system
Replies: 7
Views: 806

Re: Withdrawing Funds early from a state retirement system

Was there matching money contributed by the school system? If the employer matched the contributions, then there is 30K in the system for your wife's benefit. If so, would you lose the additional money if you withdraw? That is how most of them work. If Arizona works like most other states cashing o...
by mnnice
Mon May 01, 2017 5:41 pm
Forum: Personal Finance (Not Investing)
Topic: Withdrawing Funds early from a state retirement system
Replies: 7
Views: 806

Re: Withdrawing Funds early from a state retirement system

[quote="sport"]Was there matching money contributed by the school system? If the employer matched the contributions, then there is 30K in the system for your wife's benefit. If so, would you lose the additional money if you withdraw?[/quote That is how most of them work. If Arizona works l...
by mnnice
Mon Apr 24, 2017 7:48 am
Forum: Personal Finance (Not Investing)
Topic: Mortgage at 75 ?
Replies: 15
Views: 2381

Re: Mortgage at 75 ?

I have a parent about that age and I think that a mortgage would be better than than the tax bomb that selling her small farm would be. She currently lives in the country in a modest house on ag land bought in the height of the farm crisis in a state that treats capital gains the same as earned inco...
by mnnice
Wed Apr 19, 2017 6:27 pm
Forum: Personal Finance (Not Investing)
Topic: Adult child lack of availability at tax time.
Replies: 24
Views: 2272

Re: Adult child lack of availability at tax time.

My DH helped our 15 year old file this year so he could learn and get the small amount withheld back. That would have been the best time to teach your child. If you don't live with the child in question I find it odd that you even know that they haven't filed. My parents and in laws don't always man...