Search found 95 matches

by mnnice
Fri Jul 29, 2016 10:15 pm
Forum: Personal Finance (Not Investing)
Topic: Insure Home for less than replacement value
Replies: 15
Views: 781

Re: Insure Home for less than replacement value

A structure severely damaged will cost more too replace than just building on a new lot. You might have removal of existing basement. You might have to replace electrical, water, sewer/septic hook-up which are often included in the lot price in a subdivision lot. I think the replacement cost often l...
by mnnice
Sun Jul 03, 2016 4:28 pm
Forum: Personal Finance (Not Investing)
Topic: Hedging against home value decrease
Replies: 25
Views: 1798

Re: Hedging against home value decrease

The point is buy what you can afford now. It doesn't matter if the price drops between now and when you sell it if you don't plan on selling it for a long enough time that the dip in the middle is just a minor blip in an overall upward trend. Except that people often need to sell at the bottom. Wha...
by mnnice
Tue Jun 14, 2016 3:32 pm
Forum: Personal Finance (Not Investing)
Topic: Should I liquidate my taxable for hypothetical home purchase in next two years?
Replies: 10
Views: 628

Re: Should I liquidate my taxable for hypothetical home purchase in next two years?

I would keep your "new" money is cash and leave the current 60k were it is til you have a more formed plan. If you know more in Dec think about selling some of your VTSAX to spread the gains over two years.
by mnnice
Sat Jun 11, 2016 2:02 pm
Forum: Personal Finance (Not Investing)
Topic: Firearm Insurance Pricing
Replies: 15
Views: 1582

Re: Firearm Insurance Pricing

The OP never said if he or she has $3k worth of guns or $100k
by mnnice
Tue May 31, 2016 7:34 pm
Forum: Personal Consumer Issues
Topic: "starter" vs "regular" home
Replies: 47
Views: 3557

Re: "starter" vs "regular" home

One person's aspirational starter "dump" is another person's "dream" or "forever" house all about your point of view.

I personally loathe the term "forever" house. It seems oblivious to the fact that life changes and then you die.
by mnnice
Thu May 26, 2016 9:25 am
Forum: Personal Finance (Not Investing)
Topic: 84 Year Old Aunt selling small farm
Replies: 26
Views: 2528

Re: 84 Year Old Aunt selling small farm

What is the aunt's bias on the farm? If it is very big at all it may not qualify as a primary residence and may not be exempt from long term capital gains taxes (federal and state)? Small farm 500k. We are OK thanks for the heads up jerry Dollar amount is not the only requirement. There have been i...
by mnnice
Wed May 25, 2016 9:48 pm
Forum: Personal Finance (Not Investing)
Topic: 84 Year Old Aunt selling small farm
Replies: 26
Views: 2528

Re: 84 Year Old Aunt selling small farm

What is the aunt's bias on the farm? If it is very big at all it may not qualify as a primary residence and may not be exempt from long term capital gains taxes (federal and state)?
by mnnice
Wed May 25, 2016 9:06 pm
Forum: Personal Consumer Issues
Topic: Advice w/ 62YO Mom Moving In - Rent? Resentment? Plans? (Update, Pg 2)
Replies: 101
Views: 9061

Re: Advice w/ 62YO Mom Moving In - Rent? Resentment? Plans?

My dh, our two kids, and I moved in with my mom after my dad died. This was not about money as both parties were FI. We were worried about her living rurally and maintaining a large rural place. It was as my kids would say an epic fail. The resulting bottom line is that I firmly believe her problems...
by mnnice
Mon May 23, 2016 10:43 am
Forum: Personal Finance (Not Investing)
Topic: Early Retirement and IRA's and/or Soc Sec- Bridge the Gap
Replies: 21
Views: 2222

Re: Early Retirement and IRA's and/or Soc Sec- Bridge the Gap

What year do you turn 59.5? It is actually Jan 1 of that year. I suspect you will be that in 2018 which is only 19 months and you have two year cash in taxable and you are worrying about a non-existant problem. I thought it was the actual 59 1/2 date. Are you thinking about separation from service ...
by mnnice
Mon May 23, 2016 9:48 am
Forum: Personal Finance (Not Investing)
Topic: Early Retirement and IRA's and/or Soc Sec- Bridge the Gap
Replies: 21
Views: 2222

Re: Early Retirement and IRA's and/or Soc Sec- Bridge the Gap

What year do you turn 59.5?

It is actually Jan 1 of that year. I suspect you will be that in 2018 which is only 19 months and you have two year cash in taxable and you are worrying about a non-existant problem.
by mnnice
Fri May 20, 2016 8:52 am
Forum: Personal Finance (Not Investing)
Topic: Pride in no inheritance to kids?
Replies: 233
Views: 1606

Re: Pride in no inheritance to kids?

[quote="KlangFool"][quote="ks289"] The idea has lots of truth. However, the reasons for this phenomenon are likely numerous, only one of which being that money diminishes the motivation/development of subsequent generations. Over time, the lack of talent and/or luck are likely to...
by mnnice
Tue May 10, 2016 1:44 pm
Forum: Personal Finance (Not Investing)
Topic: New house or Early Retirement?
Replies: 23
Views: 3192

Re: New house or Early Retirement?

I would certianly think that Cherry would be quieter than Wall (Wall Lake was the location of much of DH's misspent youth). And that was my incorrect assumption :wink: I am curious as to whose resposibility it will be to drain the lake when it fills up with sediment (city, HOA)? Good luck with whate...
by mnnice
Tue May 10, 2016 8:59 am
Forum: Personal Finance (Not Investing)
Topic: New house or Early Retirement?
Replies: 23
Views: 3192

Re: New house or Early Retirement?

I guess I was looking at it from the perspective that you didnt get much "lifestyle" for the extra 250-300 thousand you spent. I lived in the area and while the lake has nice houses on it nobody acted like it was a big deal. It is not great fishing or swimming. Your kids will still want a ...
by mnnice
Mon May 09, 2016 4:59 pm
Forum: Personal Finance (Not Investing)
Topic: New house or Early Retirement?
Replies: 23
Views: 3192

Re: New house or Early Retirement?

If you were telling me you wanted to downsize and buy a small house in McKenna Park I would say yes. But build a house on the lake of which you speak no way. It might be a decent investment but I dont think I would like the jetski racket and weekend ruckus. Retire early to a more pleasant lake.
by mnnice
Fri Apr 22, 2016 3:08 pm
Forum: Personal Finance (Not Investing)
Topic: How to handle large long term capital gain with respect to ACA Medicaid
Replies: 19
Views: 1575

Re: How to handle large long term capital gain with respect to ACA Medicaid

We had a similiar situation last year and needed to sell appreciated stock to buy a home. We never got a very clear answer from my states DHS either :( . We deferred almost all our earned income in my 401k and had a year with almost entirely long term gain as income and just stayed under the limits....
by mnnice
Mon Apr 11, 2016 10:19 pm
Forum: Personal Finance (Not Investing)
Topic: Balance Employee qualifying for Medicaid versus full work week
Replies: 8
Views: 466

Re: Balance Employee qualifying for Medicaid versus full work week

I am not sure contributing to a 401k or 403b works :? as most states look at gross pay and really do not care about net pay much.
by mnnice
Sat Apr 09, 2016 10:17 am
Forum: Personal Finance (Not Investing)
Topic: is keeping employer health insurance a good reason to stay in a bad job
Replies: 29
Views: 2262

Re: is keeping employer health insurance a good reason to stay in a bad job

I have found a few loopholes in ACA that can really mess things up. Without a job you have no earned income, in my state those with income levels below ~$14k for an individual or ~$29k for a family (Social security doesn't count) cannot enroll in ACA and MUST go onto the state's medicaid system. Yo...
by mnnice
Wed Mar 30, 2016 9:57 am
Forum: Personal Finance (Not Investing)
Topic: Dropping Full Coverage Auto Insurance
Replies: 6
Views: 695

Re: Dropping Full Coverage Auto Insurance

You are paying about $1000 per year to insure yourself against a loss between $1500 and $2500 depending on the value of the vehicle and the deductable. It would be a risk I would gladly take on as you have money for a replacement vehicle.
by mnnice
Mon Feb 29, 2016 3:02 pm
Forum: Personal Finance (Not Investing)
Topic: Sibling has decided not to pay for college for his future children
Replies: 47
Views: 3694

Re: Sibling has decided not to pay for college for his future children

stoptothink wrote:IMO, you are way out of line even worrying about this.

Yep as my friend Kasey Musgraves says
"Mind your own biscuits life will be gravy."
by mnnice
Mon Feb 15, 2016 9:18 am
Forum: Personal Finance (Not Investing)
Topic: Health Insurance Subsidy/Medicaid Questions
Replies: 6
Views: 764

Re: Health Insurance Subsidy/Medicaid Questions

From my experience DHS staff don't understand dividends or rental income very well. :(

Cash rent vs her current share arrangement would be easier to understand, but should be necessary.

Calling your assembly person might be another option if speaking to a supervisor does not yield results.
by mnnice
Wed Jan 13, 2016 3:03 pm
Forum: Personal Finance (Not Investing)
Topic: What exactly is "decanting" a Trust
Replies: 5
Views: 731

Re: What exactly is "decanting" a Trust

My ILs put the ag land they own in an irrevocable trust. They are in a state that allows decanting. What does that mean in real life? Are the recipents of the trust just allowed to change or pass on who get the income generated? Or can they liquidate the trusts holdings? And if you can make signific...
by mnnice
Sat Jan 09, 2016 3:16 pm
Forum: Personal Consumer Issues
Topic: Building a new small home
Replies: 37
Views: 3797

Re: Building a new small home

But often its worth because you can have chickens. Made me laugh! (And I do meant that sincerely, not with sarcasm :happy .) I mean very seriously. Last three places Ive lived were rural with chickens. I miss my chickens and awesome stars and sunsets. I do not miss being 8 miles from a gallon of mi...
by mnnice
Fri Jan 08, 2016 8:06 pm
Forum: Personal Consumer Issues
Topic: Building a new small home
Replies: 37
Views: 3797

Re: Building a new small home

Slightly off topic but I am not sure rural living is suited to people that are not at least average in handiness.

Imo all rural settings have challenges you are not going to encounter in town. But often its worth because you can have chickens.
by mnnice
Tue Jan 05, 2016 8:24 pm
Forum: Personal Finance (Not Investing)
Topic: How many streams of income do you have?
Replies: 60
Views: 6439

Re: How many streams of income do you have?

Previously, but not currently

Dh's wages
Rental income

In 2015
My wages
Long term capital gains
Unemployment
Qualified dividends
Interest

In the future
Defined benefit pension
Social security
Rental income (probabily in the form of ag land in a trust)
Ira or 401k distributions
by mnnice
Mon Jan 04, 2016 10:25 am
Forum: Personal Finance (Not Investing)
Topic: Getting health insurance for recent immigrant, above 65 in CA
Replies: 3
Views: 445

Re: Getting health insurance for recent immigrant, above 65 in CA

medi-cal or medicaid in california has essentially eliminated all asset tests: http://healthconsumer.org/New_Health_Law_CA_IssueBrief_2_Final.pdf it's also possible to buy into medicare - but I think you have to have lived in the US for 5+ years: http://www.aarp.org/health/medicare-insurance/info-0...
by mnnice
Sun Jan 03, 2016 8:25 pm
Forum: Personal Finance (Not Investing)
Topic: Getting health insurance for recent immigrant, above 65 in CA
Replies: 3
Views: 445

Re: Getting health insurance for recent immigrant, above 65 in CA

According to this http://www.coveredca.com/individuals-and-families/getting-covered/immigrants/ If she is her legally she could get either medi-cal or covered ca. If IRC Med-cal still has asset limits that are pretty low. Covered CA requires an income above poverty. I have a family member in CA that...
by mnnice
Sat Jan 02, 2016 4:00 pm
Forum: Personal Finance (Not Investing)
Topic: Purchasing term life from AIG - should we sign my wife up now or wait until after the baby?
Replies: 4
Views: 484

Re: Purchasing term life from AIG - should we sign my wife up now or wait until after the baby?

Most pregnant woman in their third trimster of pregnancy are not going to qualify for the lowest rates due to weight :wink:

Wait til this summer :happy
by mnnice
Tue Dec 01, 2015 8:44 pm
Forum: Personal Finance (Not Investing)
Topic: 2016 Obamacare-> What happens if make less than poverty level ($11800) in a state that didnt expand Medicaid?
Replies: 16
Views: 2729

Re: 2016 Obamacare-> What happens if make less than poverty level ($11800) in a state that didnt expand Medicaid?

Looks to me like you need more income (roth conversions, earned income, more dividends as a PP suggested) Or move to one of the 31 states that expanded Or be uninsured and take your chances Or as a total long shot take/find the rare part time job with insurance. I have an aqaintance with a part time...
by mnnice
Tue Sep 01, 2015 8:12 am
Forum: Personal Finance (Not Investing)
Topic: About to close on a home we have overbid on - have cold feet
Replies: 74
Views: 11090

Re: About to close on a home we have overbid on - have cold feet

*laughing* Oops. My bad. I didn't read SFO. Never mind....[/quote] I read the post twice. First as written and then with the last zero dropped off. It really helped my lcol midwestern brain comprehend. I think the no green card is a way bigger deal than any issues with this deal. While the powerline...
by mnnice
Sun Aug 16, 2015 9:36 pm
Forum: Personal Finance (Not Investing)
Topic: Cash in the house
Replies: 80
Views: 7681

Re: Cash in the house

We had a house fire and burnt up about $1200.
I have been anxious about having much cash in the house since.

OTOH We got no grief about it from the insurance co. Its replacement value was $1200 :wink:
by mnnice
Tue Aug 04, 2015 10:01 pm
Forum: Personal Finance (Not Investing)
Topic: ACA (ObamaCare) Subsidy - Early Retirement
Replies: 18
Views: 1959

Re: ACA (ObamaCare) Subsidy - Early Retirement

Alternatively, If you are in a state that expanded medicaid maybe medicaid is the best answer for 2015 and 2016. Use ACA later at 62-65. Medicaid tends to be a very poor choice for most people. You will find that most of your existing healthcare providers will not accept it. I would really hestitat...
by mnnice
Tue Aug 04, 2015 8:38 pm
Forum: Personal Finance (Not Investing)
Topic: ACA (ObamaCare) Subsidy - Early Retirement
Replies: 18
Views: 1959

Re: ACA (ObamaCare) Subsidy - Early Retirement

Alternatively, If you are in a state that expanded medicaid maybe medicaid is the best answer for 2015 and 2016. Use ACA later at 62-65. Medicaid tends to be a very poor choice for most people. You will find that most of your existing healthcare providers will not accept it. I would really hestitat...
by mnnice
Tue Aug 04, 2015 7:59 pm
Forum: Personal Finance (Not Investing)
Topic: ACA (ObamaCare) Subsidy - Early Retirement
Replies: 18
Views: 1959

Re: ACA (ObamaCare) Subsidy - Early Retirement

Alternatively, If you are in a state that expanded medicaid maybe medicaid is the best answer for 2015 and 2016. Use ACA later at 62-65.
by mnnice
Tue Jul 28, 2015 1:37 pm
Forum: Personal Finance (Not Investing)
Topic: Closing Costs with No Bank Loan
Replies: 9
Views: 1387

Re: Closing Costs with No Bank Loan

We did a cash deal for a similiarly priced home in May. Total was $636 $149 broker admin fee $250 closing fee $50 abstact search $175 title exam $12 recording fee I would argue if you have searched comps on your own and have a decent understanding of your market an apprasial is most likely a waste o...
by mnnice
Tue Jun 09, 2015 12:22 pm
Forum: Personal Finance (Not Investing)
Topic: Your Home Equity / Net Worth Ratio?
Replies: 119
Views: 9527

Re: Your Home Equity / Net Worth Ratio?

Just bought home with cash
10-15% of net worth
by mnnice
Mon Apr 27, 2015 10:29 am
Forum: Personal Finance (Not Investing)
Topic: (Living) Irrevocable Trusts 101 - Answers and Questions
Replies: 17
Views: 2208

Re: (Living) Irrevocable Trusts 101 - Answers and Questions

Could somebody explain to me why they are so common among the farming folks (specifically SE SD and SW MN where I used to live)? It seems to me to be a very expensive and inflexible way to structure your assets (in this example land). I know several people IRL that have them that will never have an ...
by mnnice
Fri Apr 24, 2015 8:36 am
Forum: Personal Finance (Not Investing)
Topic: Advice For Buying A House From A Big-Box Builder
Replies: 11
Views: 2145

Re: Advise For Buying A House From A Big-Box Builder

Take lots of pictures during construction, of everything, even things that do not seem important or that you know nothing about. Insist on "home runs" for cable and phone wiring to EVERY room. I would want 12 gauge wiring through out the home, with 20 amp circuit breakers for every circui...
by mnnice
Wed Apr 22, 2015 11:16 am
Forum: Personal Finance (Not Investing)
Topic: Friend's house burnt, Helping him start new financial life?
Replies: 20
Views: 2749

Re: Friend's house burnt, Helping him start new financial li

Unread postby Flashes1 » Tue Apr 21, 2015 4:08 pm Smells fishy. I'd tell him to go fly a kite no offence but When you will get burned in your own home, let me know how you smell..fishy or or something else..[/qu Flashes1 is correct. If you want to help fine. If you are being asked to help from some...
by mnnice
Thu Feb 12, 2015 4:30 pm
Forum: Personal Consumer Issues
Topic: Valentine’s day dinner I could cook?
Replies: 40
Views: 3184

Re: Valentine’s day dinner I could cook?

This isn't a direct answer, but it may help. The past few years I have just gone shopping with my SO to whole foods (a treat for a BH!) or some other fancy specialty market. We walk around and take our time and decide what we want or what sounds good as we shop. We buy all those expensive delicious...
by mnnice
Fri Jan 09, 2015 1:44 pm
Forum: Personal Finance (Not Investing)
Topic: Medicaid and Roth Conversion / Gain Harvesting?
Replies: 23
Views: 2723

Re: Medicaid and Roth Conversion / Gain Harvesting?

I am in a similar situation to the OP. After our employee sponsored insurance ended last summer I consulted the healthcare.gov sight and we ended up with Medicaid for the kids and an unsubsidized ACA plan for the adults. This year we will all be on Medicaid. I was working under the assertion that we...
by mnnice
Mon Nov 17, 2014 5:31 pm
Forum: Personal Finance (Not Investing)
Topic: Deciding When to Retire
Replies: 47
Views: 6761

Re: Deciding When to Retire

You are ready. Plus you make room for someone else to move up to a job that they do need.

46 and retired. It just comes down to cash flow and mentally getting over that fact that your savings are going to go down, not up. That is what you saved money for.
by mnnice
Thu Nov 13, 2014 11:07 am
Forum: Personal Finance (Not Investing)
Topic: Retirement regrets: too much in 401k
Replies: 19
Views: 4480

Re: Retirement regrets: too much in 401k

I'm a little confused. I presume you qualified for medicaid based on low income and assets? or did you just qualify now under the new3 law? Many states don't have any asset tests. My state doesn't. When my employee sponsored health insurance ended this fall I looked at ACA plans. My application tol...
by mnnice
Thu Nov 13, 2014 8:39 am
Forum: Personal Finance (Not Investing)
Topic: Revocable to Irrevocable Living Trust
Replies: 7
Views: 1348

Re: Revocable to Irrevocable Living Trust

My DH's parents have placed their ag land in an irrevocable trust. Currently FIL and MIL are the beneficiaries of the trust. DH and his two siblings will be when they both pass. DH personally hates it. In his case the dynamics of this situation is that it is an attempt to control from beyond the gra...
by mnnice
Wed Nov 05, 2014 11:35 am
Forum: Personal Finance (Not Investing)
Topic: Tough spot, decided to lease a car
Replies: 209
Views: 17894

Re: Tough spot, decided to lease a car

You fear about car repairs I think is traceable to the lack of an emergency fund. Without an emergency fund, any irregular expense adds to your debt, and you correctly want to get out of debt. That's one reason you need a big-picture solution, not a car-lease solution. With an emergency fund, you c...
by mnnice
Wed Oct 22, 2014 10:01 am
Forum: Personal Finance (Not Investing)
Topic: Smart people, please help us (agriculture exemption)
Replies: 21
Views: 2188

Re: Smart people, please help us (agriculture exemption)

This is a very local issue and will vary according to your state, county, township, etc. I doubt anyone can be of much help without pretty detailed info about your location. I know my uncle in Colorado does something similar to lower his taxes. I am sure it has saved their household six figures by n...
by mnnice
Fri Oct 10, 2014 12:14 pm
Forum: Personal Finance (Not Investing)
Topic: Strategies for earned income in early retirement
Replies: 1
Views: 509

Strategies for earned income in early retirement

This spring DH and I found ourselves with 30x annual expenses in our IRA's, Roths and taxable combined :D . Then within a week or two of each other we found ourselves laid off :o . We ended up using as an opportunity to move to a new area and starting our initial period of being retired/semi-retired...
by mnnice
Tue Oct 07, 2014 12:51 pm
Forum: Personal Finance (Not Investing)
Topic: Financial preparation for a Disaster Event
Replies: 25
Views: 3572

Re: Financial perparation for a Disaster Event

We have lived through a fire. A couple of comments. Fireproof safes do work :D , but in our case many things were scorched and smelled really bad :annoyed . Also plan on having your current insurer drop you like a hot potato :twisted: . Who was your insurer? Safeco. Honestly, I think it is pretty c...
by mnnice
Tue Oct 07, 2014 10:31 am
Forum: Personal Finance (Not Investing)
Topic: Financial preparation for a Disaster Event
Replies: 25
Views: 3572

Re: Financial perparation for a Disaster Event

We have lived through a fire. A couple of comments. Fireproof safes do work :D , but in our case many things were scorched and smelled really bad :annoyed . Also plan on having your current insurer drop you like a hot potato :twisted: We were renting a home owned my an elderly family member. I was g...
by mnnice
Tue Oct 07, 2014 9:27 am
Forum: Personal Consumer Issues
Topic: Road trip to Chicago with kids- what to do/recommendations?
Replies: 44
Views: 4257

Re: Road trip to Chicago with kids- what to do/recommendatio

I don't know where you live, but I would consider buying a science museum pass from you local science museum (if you have one) instead of the city pass. I think it would be cheaper even if you did the Aquarium or the Art Institute ala carte. It can be used lots of other places too. http://astc.org/m...
by mnnice
Tue Sep 16, 2014 5:36 pm
Forum: Personal Consumer Issues
Topic: [can my family live in a] Tiny house
Replies: 60
Views: 5546

Re: Tiny house movement.

Not a tent but something like this may works http://www.tumbleweedhouses.com/products/whidbey/ Have you added up the dimensions of ground level and loft? This is NOT a 500sqft home. And it's not 1BR, 1BA, as stated at the bottom. Looks to be about 1,000sqft, with 2BR + large loft. Even so, the furn...

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