Search found 422 matches

by cshell2
Wed Sep 02, 2020 9:52 am
Forum: Personal Finance (Not Investing)
Topic: Considering whether to maintain term life insurance when financial need has lessened
Replies: 36
Views: 2026

Re: Considering whether to maintain term life insurance when financial need has lessened

I keep mine because I just know the day after I cancel I'll find out I have some terminal illness with 2 months to live. I figure $200/year is cheap to insure that I live to waste the money another year. :P
by cshell2
Tue Aug 25, 2020 9:03 am
Forum: Personal Finance (Not Investing)
Topic: Do you talk to your friends/family/coworkers about this stuff?
Replies: 210
Views: 16562

Re: Do you talk to your friends/family/coworkers about this stuff?

I try to, but a lot of people get really weird about discussing finances, so I just have a couple friends/coworkers that I talk money with. My family however, is pretty open. I like when my mom and all her siblings get together because they often have financial conversations and I get some good idea...
by cshell2
Tue Aug 18, 2020 7:50 am
Forum: Personal Finance (Not Investing)
Topic: College costs for 4 kids -- is my plan unrealistic?
Replies: 31
Views: 2813

Re: College costs for 4 kids -- is my plan unrealistic?

I think your estimate for what the student can contribute from work might be high, especially the 10K while in high school number. Some kids maybe, but my son was heavily involved in extracurriculars Sophomore and Junior year and didn't have time for a job. He started working the summer before Senio...
by cshell2
Sun Aug 09, 2020 5:05 pm
Forum: Personal Finance (Not Investing)
Topic: Front Load 529
Replies: 25
Views: 1930

Re: Front Load 529

I'd be careful about overfunding too. Sticker price for my son at a state school is 125K for 4 years, but if he plays his cards right and doesn't lose his scholarships we're looking at only about 10K/year. There are tax breaks we'll want to cash flow to get ($2500 credit on 4K of expenses) and he's ...
by cshell2
Fri Aug 07, 2020 11:25 am
Forum: Personal Finance (Not Investing)
Topic: FAFSA Income protection reduced 2021
Replies: 6
Views: 798

Re: FAFSA Income protection reduced 2021

I'm curious where you're finding 2021-2022 info already? I've been waiting for the new EFC Formula, but it says not until early September this year.
by cshell2
Thu Aug 06, 2020 6:50 pm
Forum: Personal Finance (Not Investing)
Topic: College tuitions and how to help our daughter pay them
Replies: 85
Views: 4879

Re: College tuitions and how to help our daughter pay them

This whole “skin in the game” seems to be nonsense when it’s applied to high achieving kids. Perhaps it makes sense for B/C students, but not for kids who get into selective colleges on their academic achievements. I mostly agree, but my son got into a selective school, scored high on the ACT and g...
by cshell2
Thu Aug 06, 2020 11:17 am
Forum: Personal Finance (Not Investing)
Topic: College tuitions and how to help our daughter pay them
Replies: 85
Views: 4879

Re: College tuitions and how to help our daughter pay them

This whole “skin in the game” seems to be nonsense when it’s applied to high achieving kids. Perhaps it makes sense for B/C students, but not for kids who get into selective colleges on their academic achievements. I mostly agree, but my son got into a selective school, scored high on the ACT and g...
by cshell2
Thu Aug 06, 2020 8:47 am
Forum: Personal Finance (Not Investing)
Topic: College tuitions and how to help our daughter pay them
Replies: 85
Views: 4879

Re: College tuitions and how to help our daughter pay them

If she's already taking $5500/year in student loans doesn't that show her that college isn't free? For me, that would be enough "skin in the game" if I could afford to cash flow the rest. My son starts this year and this is the deal we have, he takes the subsidized stafford loan ($3500) he was offer...
by cshell2
Sun Jul 26, 2020 11:29 pm
Forum: Personal Finance (Not Investing)
Topic: Grandparents help college funding
Replies: 15
Views: 1426

Re: Grandparents help college funding

A 529 plan is great, especially with a state tax benefit. In the states that I am most familiar, you can take the tax credit even if the parents are doing so as well. This may be state dependent. The only negative to a 529 with a grandparent owner that I am aware of is how it may impact financial a...
by cshell2
Sun Jul 05, 2020 2:18 pm
Forum: Personal Finance (Not Investing)
Topic: Should I not claim son as a dependent on taxes
Replies: 17
Views: 1234

Re: Should I not claim son as a dependent on taxes

I'm not understanding why you would want to give up the $2500 in AOTC and $500 in non-child dependent credit, so that he can claim himself? That lovely $2500 in AOTC is phased out at higher incomes, so I think the only thing OP is giving up is the $500 in dependent credit (still their child). Anoth...
by cshell2
Sun Jul 05, 2020 1:14 pm
Forum: Personal Finance (Not Investing)
Topic: Should I not claim son as a dependent on taxes
Replies: 17
Views: 1234

Re: Should I not claim son as a dependent on taxes

I'm not understanding why you would want to give up the $2500 in AOTC and $500 in non-child dependent credit, so that he can claim himself? Besides, he's been living with you this whole time without paying your rent or buying his own food. I'm not sure how that would be considered independent by any...
by cshell2
Sat Jul 04, 2020 10:58 pm
Forum: Personal Finance (Not Investing)
Topic: College in fall
Replies: 549
Views: 47011

Re: College in fall

We briefly considered a gap year, but dismissed it. I don't think taking a year off from math and science if you're going the STEM degree route is a good idea. If he took CC classes to fill his time he would have to reapply as a transfer student and would lose his freshman scholarships...and things ...
by cshell2
Thu Jul 02, 2020 7:47 pm
Forum: Personal Finance (Not Investing)
Topic: COVID 19 changing the public vs. private school value equation?
Replies: 29
Views: 2835

Re: COVID 19 changing the public vs. private school value equation?

Homeschooling wouldn't work for me. I just do not have the patience, plus I'm a single parent and am gone to work from 7am until 4:30pm. If I could afford to hire a private tutor I would in a heartbeat. Our private school is heavily subsidized by wealthy alumni and only costs $1600 a year for grade ...
by cshell2
Thu Jul 02, 2020 3:08 pm
Forum: Personal Finance (Not Investing)
Topic: 529 fairness?
Replies: 45
Views: 4184

Re: 529 fairness?

Keep in mind that 529s aren't for your kid. They are a tax savings device for YOU (as opposed to putting the same money in a taxable account). Exactly. If you think of the money as yours to help pay for their college and not the kid's money it takes all the stress of keeping things equal out of it.
by cshell2
Thu Jul 02, 2020 10:31 am
Forum: Personal Finance (Not Investing)
Topic: 529 fairness?
Replies: 45
Views: 4184

Re: 529 fairness?

Fair does not mean equal. I will give each kid what they need post high school up to the cost of in-state tuition at a 4-year school. If one decides tech school and living at home is what they want to do, then yay for me, I save money. If one chooses a spendy private school on the other side of the ...
by cshell2
Thu Jul 02, 2020 8:38 am
Forum: Personal Finance (Not Investing)
Topic: What are you paying for umbrella insurance?
Replies: 36
Views: 2046

Re: What are you paying for umbrella insurance?

$90/year for 1 million through State Farm. I don't know why it is so cheap. They pushed it on me when I transferred to State Farm 7 years ago as some bundle deal. I've had a teen driver for 2 years and my rate has not changed.
by cshell2
Wed Jul 01, 2020 11:06 pm
Forum: Personal Finance (Not Investing)
Topic: COVID 19 changing the public vs. private school value equation?
Replies: 29
Views: 2835

Re: COVID 19 changing the public vs. private school value equation?

I'm doing the same mental gymnastics right now. I had a senior in a private high school and a 4th grader in a charter Montessori. The private transitioned quickly and efficiently to the online format without having to go through all the red tape of making things equitable that the public needed to d...
by cshell2
Wed Jul 01, 2020 3:47 pm
Forum: Personal Finance (Not Investing)
Topic: College in fall
Replies: 549
Views: 47011

Re: College in fall

A big part of college is learning how to live on your own and transitioning from adolescence to adulthood. I truly do not believe this happens well for those still living with parents. I fear we might be creating a whole new generation of failure to launch children! I completely disagree with this....
by cshell2
Wed Jul 01, 2020 12:06 pm
Forum: Personal Finance (Not Investing)
Topic: Sanity Check: Career Gap Year
Replies: 40
Views: 2498

Re: Sanity Check: Career Gap Year

I'd like to see an accounting of living off of $40k a year. I also have no payments of any type and no mortgage and have tallied my expenses to be more like $60k. Family of 4 and we did ~$45k last year; with a mortgage, wife in school, and 1 in childcare. We're probably looking at <$30k this year (...
by cshell2
Wed Jul 01, 2020 11:07 am
Forum: Personal Finance (Not Investing)
Topic: Using 529 to buy laptop for college for graduated HS senior
Replies: 8
Views: 630

Re: Using 529 to buy laptop for college for graduated HS senior

What kind of financial aid does your student apply for and get? Also where will they go to school? I believe a university that uses the CSS Profile will look at a child-owned 529 plan and decide 100% of that money belongs to them which is perhaps different than a university that only uses a FAFSA. ...
by cshell2
Wed Jul 01, 2020 10:42 am
Forum: Personal Finance (Not Investing)
Topic: Using 529 to buy laptop for college for graduated HS senior
Replies: 8
Views: 630

Re: Using 529 to buy laptop for college for graduated HS senior

As long as it's a qualified expense what difference would it make? Just keep your receipt.
by cshell2
Sun Jun 07, 2020 7:20 am
Forum: Personal Finance (Not Investing)
Topic: Chase reducing credit card limits
Replies: 141
Views: 15526

Re: Chase reducing credit card limits

As Dave Ramsey says, it’s a “debt score” not a credit score. Dave Ramsey assumes you are only listening to him if you have a history of being irresponsible with debt. I believe even Dave Ramsey will let you have a mortgage, why not have a better rate on it? Well, if you follow him to the letter you...
by cshell2
Fri Jun 05, 2020 9:51 pm
Forum: Personal Finance (Not Investing)
Topic: Taxes? Legal Issues? Grandmother sent large check to Cousin she's estranged from
Replies: 59
Views: 3363

Re: Grandmother sent large check to Cousin she's estranged from

The 60K would just be the annual limit before grandparents had to fill out a form putting it against their lifetime gift limit which is 11.5 million. Taxes aren't paid on gifts above the lifetime limit until their death, so taxes really aren't an issue for either side. I believe that gift taxes are...
by cshell2
Fri Jun 05, 2020 9:50 pm
Forum: Personal Finance (Not Investing)
Topic: Taxes? Legal Issues? Grandmother sent large check to Cousin she's estranged from
Replies: 59
Views: 3363

Re: TAXES? LEGAL ISSUES? Grandmother sent large check to Cousin she's estranged from

I think this is probably grandma's way of apologizing while still alive instead of just putting her back in the will and cousin not finding out she'd had a change of heart until after she was gone. It may just be an advance on what she would have inherited anyhow. Even if it was done to be snarky, w...
by cshell2
Fri Jun 05, 2020 8:53 pm
Forum: Personal Finance (Not Investing)
Topic: Taxes? Legal Issues? Grandmother sent large check to Cousin she's estranged from
Replies: 59
Views: 3363

Re: Grandmother sent large check to Cousin she's estranged from

Specifically addressing the gift tax issue, while the tax would be the responsibility of the gift giver ... A couple (Grandmother and grandfather) is allowed to give any person $15k each, so both of them to another couple, $60k would have no issue. I would cash it, and write a gracious non-snarky n...
by cshell2
Fri Jun 05, 2020 3:58 pm
Forum: Personal Finance (Not Investing)
Topic: College in fall
Replies: 549
Views: 47011

Re: College in fall

Trust me when I tell you this there are four words that EVERY college President is terrified of...are you ready?...You sure? Gap Year and Community College. Where I work all students will be on campus to start and will be tested. The plan is to send them home by Thanksgiving and then who knows what...
by cshell2
Fri Jun 05, 2020 3:34 pm
Forum: Personal Finance (Not Investing)
Topic: College in fall
Replies: 549
Views: 47011

Re: College in fall

University of Minnesota president just recommended returning to campus this Fall with the plan to either be done by Thanksgiving or to transition to online at that point for the last couple weeks and final exams. The board meets next week to discuss and a decision is expected shortly after.
by cshell2
Fri Jun 05, 2020 1:12 pm
Forum: Personal Finance (Not Investing)
Topic: Saving/Investing for Young Child
Replies: 26
Views: 1325

Re: Saving/Investing for Young Child

A young kid can't own an account. Both my kids had their own accounts since they were babies. Oldest got a checking account when he was 12, and has a couple UTMA accounts that will be turned over to him entirely next month when he turns 18. I don't like mixing money. It was gifted to them, not me.
by cshell2
Fri Jun 05, 2020 11:03 am
Forum: Personal Finance (Not Investing)
Topic: Saving/Investing for Young Child
Replies: 26
Views: 1325

Re: Saving/Investing for Young Child

My credit union has child accounts that pay a high return (5% up to 2K), so I've always just put random cash gifts in these accounts for them until they hit the age of 13 or so, then I leave it up to them if they want to blow it or throw it in the account. Occasionally over the years the account wou...
by cshell2
Sat May 23, 2020 10:59 pm
Forum: Personal Finance (Not Investing)
Topic: College costs not covered by 529
Replies: 54
Views: 5548

Re: College costs not covered by 529

When my kids hit middle school a few years ago, the cell phone debate started. I held them off until the 7th grade...and by that time it seemed like all their peers had cell phones. It does help us communicate with them about picking up, sports practice cancellations, etc. I'm not a fan of them hav...
by cshell2
Sat May 23, 2020 10:47 pm
Forum: Personal Finance (Not Investing)
Topic: College costs not covered by 529
Replies: 54
Views: 5548

Re: College costs not covered by 529

- Travel to and from - Dorm room decor or apartment furnishings - Utilities if living off campus - Cell phone - Heath insurance of child - Car/car insurance These seem like living expenses occurred by just about everyone, whether in college or not. +1 I didn't see the point of saving for something ...
by cshell2
Thu May 21, 2020 1:13 pm
Forum: Personal Finance (Not Investing)
Topic: Dependent Care FSA - Balance After Leaving Job?
Replies: 9
Views: 640

Re: Dependent Care FSA - Balance After Leaving Job?

I just saw the comment about the mother-in-law. You could pay her for that. She would just have to claim it on her taxes. I have about $500 left that I don't know if I'll be able to use or not and am considering just paying my mom the $500 for taking my son for a week over the summer. She'd just giv...
by cshell2
Thu May 21, 2020 9:02 am
Forum: Personal Finance (Not Investing)
Topic: Dependent Care FSA - Balance After Leaving Job?
Replies: 9
Views: 640

Re: Dependent Care FSA - Balance After Leaving Job?

...due to the COVID situation our dependent care expenses have been minimal. Could you pay the day care provider what you would have paid and get a receipt for it (unless they filed for benefits as a small company)? When you resume day care, they may look favorably on you (such as putting you at th...
by cshell2
Tue May 19, 2020 3:16 pm
Forum: Personal Finance (Not Investing)
Topic: College in fall
Replies: 549
Views: 47011

Re: College in fall

Ive made it clear to the admissions officers of my HS senior's college that should they go all or mostly online we simply will not pay or enroll our daughter. As a STEM major / athlete, an online approach is simply unacceptable and would be catastrophic. No thank you. Many of my friends with HS sen...
by cshell2
Mon May 18, 2020 9:35 pm
Forum: Personal Finance (Not Investing)
Topic: College in fall
Replies: 549
Views: 47011

Re: College in fall

What are the cafeteria hours? I got the unlimited plan for my son, but his school's cafeteria offers food all the way to midnight (just pizza and snacks from 8:00-12:00), and I know there will be times when he is going to want something at 11:30 pm. We're paying the extra $200 or so for the first y...
by cshell2
Sun May 17, 2020 2:15 pm
Forum: Personal Finance (Not Investing)
Topic: College in fall
Replies: 549
Views: 47011

Re: College in fall

This was the same with both of my kids meals plans, and I think they are designed this was on purpose. Neither kid used their mail plan to the fullest as they quickly became bored with the meal choices. However it was still nice to know they had a meal available if nothing else. Some things to thin...
by cshell2
Sat May 16, 2020 8:52 pm
Forum: Personal Finance (Not Investing)
Topic: College in fall
Replies: 549
Views: 47011

Re: College in fall

........ likely a meal plan are a necessity. As I explained to DW time after time, a meal plan is simply pre-paying at exorbinant cost with no refunds. My son had no meal plan for several years while in the dorms. The difference for him? He'd meet his friends and go in for breakfast. They'd all get...
by cshell2
Sat May 16, 2020 5:50 pm
Forum: Personal Finance (Not Investing)
Topic: Do you need to worry about receiving college financial aid in 15 years if...
Replies: 28
Views: 2482

Re: Do you need to worry about receiving college financial aid in 15 years if...

This doesn't apply to the OP who expects to have significant income and/or assets in 15 years, but for the record this isn't true. Lots of "average" students from low- and moderate-income families receive grant funds in the form of Pell Grants. Agreed. Federal and most state grants have nothing to ...
by cshell2
Fri May 15, 2020 4:14 pm
Forum: Personal Finance (Not Investing)
Topic: How to use up $300 Chase Sapphire Reserve Travel Credit
Replies: 23
Views: 1670

Re: How to use up $300 Chase Sapphire Reserve Travel Credit

I bought a Marriott gift card with my travel credit last year.
by cshell2
Fri May 15, 2020 3:56 pm
Forum: Personal Finance (Not Investing)
Topic: 529 vs reducing FAFSA assets
Replies: 15
Views: 997

Re: 529 vs reducing FAFSA assets

Income is hit much harder on FAFSA than assets, and you're going to have to add back in all that money you stuck into tax-preferred space as untaxed income when they calculate financial aid. While I think sheltering as much of your assets as you can is a good idea, if you're making 150K/year you're...
by cshell2
Fri May 15, 2020 2:18 pm
Forum: Personal Finance (Not Investing)
Topic: 529 vs reducing FAFSA assets
Replies: 15
Views: 997

Re: 529 vs reducing FAFSA assets

If your income will be high, your assets might be irrelevant. E.g., see How FAFSA Calculates Your EFC | Road2College , How Parent Income Can Impact Your Federal Student Aid , etc., for some background, and Estimate Your Aid | Federal Student Aid for one estimating tool. +1 Income is hit much harder...
by cshell2
Fri May 15, 2020 8:37 am
Forum: Personal Finance (Not Investing)
Topic: College in fall
Replies: 549
Views: 47011

Re: College in fall

I wonder if all schools will take a similar approach or if some will decide to open and others not? If so, I wonder if there will be a movement of students towards schools opening their campus? I know a lot of people are sitting on acceptances and schools are pushing back the date you have to commi...
by cshell2
Mon May 11, 2020 12:37 pm
Forum: Personal Finance (Not Investing)
Topic: What age do you use for retirement end date?
Replies: 68
Views: 4355

Re: What age do you use for retirement end date?

I use 100. My great grandma lived to 101, grandma 97. My mom is currently in her mid-70's and traveling the world constantly. My neighbor lady just passed away in her sleep this January at 94. Last Fall she was still out mowing her 4 acres of land and chasing coyotes off my property with a shotgun. ...
by cshell2
Sun Apr 26, 2020 3:19 pm
Forum: Personal Finance (Not Investing)
Topic: College in fall
Replies: 549
Views: 47011

Re: College in fall

Additionally for tuition, State schools and JCs have little to no difference in price. The cost difference occurs with room and board, not basic tuition. Private schools will differ. That's not really true about state schools in California, although I realize California has a different higher educa...
by cshell2
Fri Apr 24, 2020 7:17 pm
Forum: Personal Finance (Not Investing)
Topic: Moving out of NYC due to pandemic
Replies: 164
Views: 13158

Re: Moving out of NYC due to pandemic

I always have gone by the personal motto to not make decisions during a time of crisis. Not sure if that's helped me any or not. :happy However, as has been pointed out, the hospitals probably aren't hiring right now anyhow. But, if you want to leave NYC, my vote is Minnesota and Mayo clinic for a s...
by cshell2
Tue Apr 21, 2020 8:13 pm
Forum: Personal Finance (Not Investing)
Topic: College in fall
Replies: 549
Views: 47011

Re: College in fall

Sounds like for now Purdue plans on resuming in the Fall.

https://www.purdue.edu/president/messag ... 1587517622
by cshell2
Tue Apr 21, 2020 2:42 pm
Forum: Personal Finance (Not Investing)
Topic: Now a baby is coming, do I need more life insurance?
Replies: 24
Views: 1372

Re: Now a baby is coming, do I need more life insurance?

I think yours is fine, but I'd want some on your wife as well, even if it's just a 250K or so policy. If she is gone, besides the loss of income you're probably going to be paying for more help if you have a young child to take care of.
by cshell2
Tue Apr 21, 2020 12:52 pm
Forum: Personal Finance (Not Investing)
Topic: College in fall
Replies: 549
Views: 47011

Re: College in fall

I wonder if all schools will take a similar approach or if some will decide to open and others not? If so, I wonder if there will be a movement of students towards schools opening their campus? I know a lot of people are sitting on acceptances and schools are pushing back the date you have to commit...
by cshell2
Mon Apr 20, 2020 7:30 am
Forum: Personal Finance (Not Investing)
Topic: College in fall
Replies: 549
Views: 47011

Re: College in fall

I highly doubt we'll be deferring if school is online as DS would just spend his days playing video games. :? I'm sure he'd up his hours at work, but that's about it. He couldn't take community college classes without withdrawing from the university and then reapplying as a transfer student which wo...
by cshell2
Mon Apr 20, 2020 7:14 am
Forum: Personal Finance (Not Investing)
Topic: How many paid for kids' college?
Replies: 282
Views: 14315

Re: How many paid for kids' college?

For those who look back at those tough times as a character building/ earning grit, why do you not want your kids to have the same experience? Well, I also consider myself having survived/escaped a domestic violence situation as character building, but I don't want them to have that same experience...