Search found 8 matches

by buckskinbowman
Thu Jan 21, 2021 10:13 am
Forum: Personal Finance (Not Investing)
Topic: Millionaire Parents: Do Your Kids Know You're Rich?
Replies: 194
Views: 15139

Re: Millionaire Parents: Do Your Kids Know You're Rich?

I don't think being a millionaire nowadays is anything like it used to be a decade or more ago. So I don't think it really is anything "special" to share with the kids. I certainly don't consider ourselves "rich" by any means. Our kids know we're not hurting and see us spending money on home improvements that we long talked about but never before could afford until the mortgage was paid, but we haven't discussed our net worth with any of them.
by buckskinbowman
Sun Aug 23, 2020 3:44 pm
Forum: Personal Finance (Not Investing)
Topic: how often do you check your net worth?
Replies: 203
Views: 18709

Re: how often do you check your net worth?

I use Mint.com and have almost all assets on it, so I check daily. I also maintain a spreadsheet with each individual asset and stock/fund that I log weekly.
by buckskinbowman
Tue Oct 22, 2019 4:01 pm
Forum: Personal Investments
Topic: Portfolio gut check for early retirement
Replies: 8
Views: 1170

Portfolio gut check for early retirement

Can any of you help me determine if DW and I are in a position to start seriously thinking about retiring? I just turned 57 and DW is nearing 58. I lost my job 5 months ago and am really having difficulty finding anyone who will even give me a look in my chosen field. I've even been passed over for jobs that paid less than half of what I was making! Fortunately DW has a job with health insurance and we can survive on that for now, but I'm getting frustrated. Thinking about just taking the first menial job I can find and working until 59-1/2 when I can start tapping retirement funds. DW won't let me do it unless she can too. Following is our portfolio. Please share your thoughts: Emergency funds: $30,000 (5-6 months of expenses) Debt: No deb...
by buckskinbowman
Sun Mar 24, 2019 9:16 pm
Forum: Personal Finance (Not Investing)
Topic: Early retirement - hypothetical
Replies: 58
Views: 6938

Re: Early retirement - hypothetical

Your first problem might be your spouse working hard earning all the money while you are 'retired'. Maybe you need to just think about switching to a less stressful job.
by buckskinbowman
Thu Feb 28, 2019 1:24 pm
Forum: Personal Finance (Not Investing)
Topic: after tax money in traditional IRA and convert to Roth?
Replies: 18
Views: 1061

Re: after tax money in traditional IRA and convert to Roth?

In January of 2017, I contributed $5,000 to regular IRA for 2016 tax year. Found out while doing taxes in HRBlock software that I was not qualified to take any deductions for this.

Between 2017 and 2018, this non-deductible IRA earned only about $100.

In December of 2018, I had my brokerage recharacterize this to a Roth IRA. When I do my taxes in HRBlock for 2018, it asks me a bunch of questions, but does not complete a Form 8086. It also doesn't say I owe any additional taxes.

When I look back at my HRBlock from 2016, I don't see a form 8086 being completed back then either.

Any suggestions?
by buckskinbowman
Tue Sep 25, 2018 8:56 pm
Forum: Personal Consumer Issues
Topic: What is your single most expensive mistake?
Replies: 341
Views: 43461

Re: What is your single most expensive mistake?

Accidentally throwing $900 in the trash

Investing in UNG natural gas ETF right as fracking was starting out (-$10,000)

Not holding on to 1,500 shares of NKTR when I bought at $8 and sold at $20, and it ultimately went to over $100 earlier this year!
by buckskinbowman
Sun Jul 08, 2018 10:11 pm
Forum: Personal Finance (Not Investing)
Topic: What is/ was your career and would you recommend it now?
Replies: 517
Views: 76182

Re: What is/ was your career and would you recommend it now?

Distribution Center Manager - it can be good and bad. It can be lucrative, and you don't need to have much more than a bachelor's degree. Some companies prefer MBA's but most will take experience over education. Working with technology to make operations more efficient is challenging and rewarding. It's the people management part that can wear you out. Most workers are low-skill, uneducated and not very motivated. If they belong to a union, it really gets tough. Started my career as a warehouse worker and moved into management once out of college. After 30 years, I'm burned out on the people management aspect. Would love to find something else to finish my career.
by buckskinbowman
Sat Jun 30, 2018 10:48 am
Forum: Personal Investments
Topic: Five Year Portfolio Update
Replies: 7
Views: 1488

Re: Five Year Portfolio Update

I think you are doing great! You seem to have a good grasp of retirement investing for someone so young. Keep it up!