Search found 372 matches

by mnnice
Sat Jan 19, 2019 4:48 pm
Forum: Personal Finance (Not Investing)
Topic: How much money did you receive from family? (Gifts/inheritance)
Replies: 122
Views: 12759

Re: How much money did you receive from family? (Gifts/inheritance)

I was given an amount that equaled 40% of the total cost of attendance for my final year two years of undergraduate education at the cheapest state school in my state. Before that I lived at home drove a car they owned and insured. As a graduate student they bought me a used car (similar outlay as t...
by mnnice
Sat Jan 19, 2019 4:24 pm
Forum: Personal Finance (Not Investing)
Topic: 401k - withdraw all at once? check my math
Replies: 11
Views: 751

Re: 401k - withdraw all at once? check my math

Why not just rollover to Fidelity IRA? It would typically be one brief phone call and done.
by mnnice
Tue Jan 08, 2019 8:46 am
Forum: Personal Finance (Not Investing)
Topic: Best way to estimate health insurance costs in case of job loss?
Replies: 22
Views: 1143

Re: Best way to estimate health insurance costs in case of job loss?

If you have a lay-off and only have unemployment insurance as inflow you might be eligible Medicaid if you are in an expansion state.
by mnnice
Fri Jan 04, 2019 8:22 pm
Forum: Personal Finance (Not Investing)
Topic: What Do You Spend The Most On Annually?
Replies: 158
Views: 8260

Re: What Do You Spend The Most On Annually?

In declining order: Federal income tax Savings Household expenses State income tax State sales tax Property tax Everything else Leaving taxes out would be goofy, as they are more than half of our “expenses” ETA: in 2019, I think home improvements would actually be #1 Yeah but to me property taxes a...
by mnnice
Fri Jan 04, 2019 2:12 pm
Forum: Personal Finance (Not Investing)
Topic: What Do You Spend The Most On Annually?
Replies: 158
Views: 8260

Re: What Do You Spend The Most On Annually?

In 2018 travel
In 2017 food
So far in 2019 appliances
by mnnice
Thu Jan 03, 2019 10:37 pm
Forum: Personal Finance (Not Investing)
Topic: FAFSA - is it worth filling out?
Replies: 108
Views: 5486

Re: FAFSA - is it worth filling out?

FAFSA does not require value of home or 401ks, IRAs, or any other retirement accounts, so it really doesn't paint a good picture of someone's actual net worth. Can you tell me where you read that you dont have to include 401 IRA and ect? You maybe correct but that was not how i remember the questio...
by mnnice
Thu Jan 03, 2019 8:19 pm
Forum: Personal Consumer Issues
Topic: Your ideal home size
Replies: 130
Views: 8300

Re: Your ideal home size

Perfect size is a function of lots of things.

Who else would I be living with?
What is the climate like?
Does the location require a car, is a garage a mere connivence or semi essential (very cold climate)?
Do I have access to store stuff in another location?
by mnnice
Tue Jan 01, 2019 8:29 pm
Forum: Personal Finance (Not Investing)
Topic: House Built on Property Where Another House Previously Existed
Replies: 8
Views: 1246

Re: House Built on Property Where Another House Previously Existed

I wouldn’t assume that the old well, septic, and propane tank aren’t still in use. That may or may not be a problem. Propane tanks in my locale often are owned by the LP company and get moved and reused all the time. If someone built a new house and “recycled” a septic system I would be more leary b...
by mnnice
Wed Dec 26, 2018 3:26 pm
Forum: Personal Consumer Issues
Topic: Nice jeans for work with lowest average cost of ownership
Replies: 107
Views: 7301

Re: Nice jeans for work with lowest average cost of ownership

Lowest cost of ownership for jeans? really? The OP is an engineer :D I am personally have the best luck with thrift store finds. Older stuff has better quality denim. Grab darker, plainer styles try on a bunch buy the pair with the most flattering fit. This probably works because I am female, avera...
by mnnice
Sun Dec 16, 2018 11:19 am
Forum: Personal Finance (Not Investing)
Topic: Real experiences of someone who did not have Medigap policy?
Replies: 21
Views: 2298

Re: Real experiences of someone who did not have Medigap policy?

I know a healthy 75 year old that skipped Part D for more than 10 years. So far self-insurance has worked fine. It would sure suck to start needing an expensive drug in January. :|
by mnnice
Thu Dec 13, 2018 5:36 pm
Forum: Personal Finance (Not Investing)
Topic: Agriculture Tax -- Using 401k's and Futures Contracts
Replies: 4
Views: 421

Re: Agriculture Tax -- Using 401k's and Futures Contracts

Here is another relevant link https://lawprofessors.typepad.com/agriculturallaw/2018/04/gifts-of-ag-commodities-to-children-and-the-new-tax-law.html The OP’s question is complicated and I have my suspicions it would not fly with the irs. OTOH it looks like an efficient way for people who farm to gif...
by mnnice
Wed Dec 12, 2018 6:53 pm
Forum: Personal Finance (Not Investing)
Topic: What percentage of your net worth is your home equity?
Replies: 309
Views: 22086

Re: What percentage of your net worth is your home equity?

About 11% KlangFool’ s is about 7.7% based on his own numbers. :wink: At the end of the day KlangFool and I have about the same net worth. I would tend to think I am in a more resilient position as I don’t carry a mortgage and he does.% Maybe; maybe not. My % home equity to net worth is about 12%. ...
by mnnice
Wed Dec 12, 2018 4:34 pm
Forum: Personal Finance (Not Investing)
Topic: What percentage of your net worth is your home equity?
Replies: 309
Views: 22086

Re: What percentage of your net worth is your home equity?

About 11%

KlangFool’ s is about 7.7% based on his own numbers. :wink:

At the end of the day KlangFool and I have about the same net worth. I would tend to think I am in a more resilient position as I don’t carry a mortgage and he does.
by mnnice
Tue Dec 11, 2018 11:28 pm
Forum: Investing - Theory, News & General
Topic: What Happened to you during the Financial crisis of 2007–2008
Replies: 249
Views: 20334

Re: What Happened to you during the Financial crisis of 2007–2008

I call the winter of 2008-2009 the “winter of no work”. At the time I lived in a cul-du-sac with six houses and 11 adults. Prior to the recession all 11 had paid employment (9 full time, I worked about.5 time and the guy across the street was mostly retired but did school crossing guard duty). In th...
by mnnice
Mon Dec 10, 2018 4:48 pm
Forum: Personal Consumer Issues
Topic: Why is the Honda Fit so hard to find?
Replies: 63
Views: 6055

Re: Why is the Honda Fit so hard to find?

have you looked at a Prius C? i think size/storage wise it would be similar to the Fit. I've compared the two and the Fit puts the Prius C to shame in cargo capacity. No contest. When I bought my Prius (regular size) 5 years ago I drove a C. It was a radically less pleasant car to drive than either...
by mnnice
Sun Dec 09, 2018 10:24 am
Forum: Personal Finance (Not Investing)
Topic: Teachers Who Have Net Worth of $1 million +
Replies: 137
Views: 18781

Re: Teachers Who Have Net Worth of $1 million +

After 12 years of a second career in education my guess is that very few teachers have a net worth of $1 million unless you do tortured calculations to include social security and pensions into that net worth. The exception, of course, is married teachers who have a higher paid professional spouse....
by mnnice
Wed Dec 05, 2018 1:24 pm
Forum: Personal Finance (Not Investing)
Topic: Why Is Insurance Worth It (Analytically)?
Replies: 89
Views: 4376

Re: Why Is Insurance Worth It (Analytically)?

I don't see what I am missing. You are missing the whole point of insurance - to protect against catastrophic loss. + a number I cannot count to :wink: If you can’t honestly answer the question of what would I do if I came home from work and my house was gone? What would I do if I was diagnosed wit...
by mnnice
Thu Nov 29, 2018 7:53 pm
Forum: Personal Finance (Not Investing)
Topic: Restaurant Budget
Replies: 113
Views: 6749

Re: Restaurant Budget

I have found eating out to be a function of stage of life and geography. We ate out more when childless and were urban dwellers. Way less when we lived in the boonies with two school age kids. Not really very tempting to go out when your at least 20 miles/25 minutes from any decent restaurants and e...
by mnnice
Wed Nov 28, 2018 9:09 am
Forum: Investing - Help with Personal Investments
Topic: Teacher Pension Problem
Replies: 23
Views: 2988

Re: Teacher Pension Problem

1. Yeah I used one a few years ago, but I can't seem to locate one now. Visit that state's retirement website and log into it. You may need to look up/reset password, etc. Once in, the site should have a "calculator" that allows you enter your retirement date, etc and then it will spit out some num...
by mnnice
Tue Nov 27, 2018 11:16 pm
Forum: Investing - Help with Personal Investments
Topic: Teacher Pension Problem
Replies: 23
Views: 2988

Re: Teacher Pension Problem

It is interesting that you have 12K in a pension plan where you worked for 5 years (TN) as well as a 403b where you worked for only 2 years (SC). If you compare these amounts to how much you and your employer contributed, you can see how much growth each account has. Also consider you have not stop...
by mnnice
Tue Nov 27, 2018 3:04 pm
Forum: Investing - Help with Personal Investments
Topic: Teacher Pension Problem
Replies: 23
Views: 2988

Re: Teacher Pension Problem

I think you need to read the nitty gitty of the TN plan. I am in a similar situation on two states. I have kept the money. In both I could rollover to a tIRA but I only get the employee contributions and forfeit the employeer contribution :annoyed . In my case the annuity amounts will grow some too....
by mnnice
Sun Nov 25, 2018 11:08 pm
Forum: Personal Consumer Issues
Topic: Prius Prime Looks Interesting...Price is Very Attractive
Replies: 30
Views: 7548

Re: Prius Prime Looks Interesting...Price is Very Attractive

I recently spoke with a friend who lives between MA and VT and has an older model Prius. He told me that the Prius is notoriously bad in snow and ice. I know little about this, but if you live in a wintry climate (eg most of the USA), you might look into it. It is all about tires. The default prius...
by mnnice
Sat Nov 24, 2018 11:17 am
Forum: Personal Finance (Not Investing)
Topic: Black Swan Event for Health Insurance between Jobs: COBRA vs Obamacare Exchange?
Replies: 35
Views: 1753

Re: Black Swan Event for Health Insurance between Jobs: COBRA vs Obamacare Exchange?

Your not likely to have even gotten the COBRA paperwork in the time frame you are talking about. It has usually been three or four weeks in my past experience. If you are in a coma you also won’t be able to work at all and would be Medicaid eligible in Illinois. It sounds like your bigger problem is...
by mnnice
Sat Nov 24, 2018 10:42 am
Forum: Personal Finance (Not Investing)
Topic: Should I sell my house?
Replies: 59
Views: 4846

Re: Should I sell my house?

I am in the sell camp too. Basically you have two-thirds of your net worth in your house. This is an opportunity to spend less on housing and get cracking on retirement.
by mnnice
Thu Nov 15, 2018 5:18 pm
Forum: Personal Finance (Not Investing)
Topic: How Long / Hard To Become a Millionaire on Under $100k Income
Replies: 133
Views: 12519

Re: How Long / Hard To Become a Millionaire on Under $100k Income

It's possible if you're young enough, save aggressively enough, and invest aggressively enough. If you can save $20,000 per year (inflation adjusted) and invest it aggressively enough to get a 4% real return, you'll have $1,976,531 (inflation adjusted) in forty years. Even at 3%, you'll have $1,553...
by mnnice
Wed Oct 31, 2018 1:59 pm
Forum: Personal Finance (Not Investing)
Topic: Falling off the ACA subsidy cliff
Replies: 62
Views: 5176

Re: Falling off the ACA subsidy cliff

Thanks for all the replies. My last IRA withdrawal was within the last 60 days, so I could return that and be a safe distance from the cliff. But I wouldn't have enough liquid assets to cover expenses through the end of the year. I do have a few options to cover that: 1) I have an existing HELOC (c...
by mnnice
Mon Oct 29, 2018 4:35 pm
Forum: Personal Finance (Not Investing)
Topic: Moving to Minnesota
Replies: 28
Views: 2963

Re: Moving to Minnesota

Ever thing in the Cities will be more.

Taxes are probably a wash.

I think you might find a cute apartment above a business in downtown WBL. North Saint Paul is supposed to be very neighborly. I worked a year in Mahtomedi is has a tony, we think we are fancy feel to it that I didn’t care for.
by mnnice
Sat Oct 27, 2018 4:16 pm
Forum: Personal Finance (Not Investing)
Topic: FAFSA Simplified Needs Test now that forms 1040A and 1040EZ are gone
Replies: 11
Views: 1038

Re: FAFSA Simplified Needs Test now that forms 1040A and 1040EZ are gone

Prior to 2018, every tax payer could use Form 1040. Both the 1040-A and 1040-EZ are simplified versions of the 1040. The simplified versions of the 1040 are gone. You will just have to use form 1040. And what are the implications for SNT? Maybe that you should apply for free or reduced lunch and no...
by mnnice
Fri Oct 19, 2018 7:38 am
Forum: Personal Finance (Not Investing)
Topic: Health Care Options for 26 year old
Replies: 38
Views: 2058

Re: Health Care Options for 26 year old

Hi All, I'm trying to help out a friend who is planning a career change. She is currently 26 and has been a teacher for 5 years. She has decided to leave the profession and has been accepted into nursing school which begins in May, 2019. As part of her planning for this transition she had questions...
by mnnice
Thu Oct 18, 2018 9:48 pm
Forum: Personal Finance (Not Investing)
Topic: Health Care Options for 26 year old
Replies: 38
Views: 2058

Re: Health Care Options for 26 year old

yankeefan4065 wrote:
Thu Oct 18, 2018 3:45 pm
4. Is it possible for her to get Medicaid? When applying for Medicaid do they look at all assets someone owns or simply current income? She will be attending school full-time from May 2019-June 2020 and will have no income
What is her state of residence while completing the program?
by mnnice
Sat Oct 13, 2018 9:54 pm
Forum: Personal Finance (Not Investing)
Topic: Weigh in on our Marital Argument =)-- HCOL edition
Replies: 102
Views: 10666

Re: Weigh in on our Marital Argument =)-- HCOL edition

Can you go to a hotel when they come or an air b n b? Exactly, they are doing you a favor since you get some private time with your spouse. :wink: We briefly lived in a small house in a tiny town. Both my parents and in-laws stayed in the bed and breakfast down the street. Neither side was income c...
by mnnice
Thu Oct 11, 2018 5:51 pm
Forum: Personal Finance (Not Investing)
Topic: Employer Contributions 401k/roth 401k/ Vanguard IRA confused
Replies: 10
Views: 544

Re: Employer Contributions 401k/roth 401k/ Vanguard IRA confused

My understanding is that a employer match is always traditionally (its an IRS requirement?) . I would be very surprised if your plan really works as you describe. I suspect that you have a choice between all three options (and any combo you want but the match is just on the first 8% and what type tr...
by mnnice
Fri Oct 05, 2018 10:30 am
Forum: Personal Finance (Not Investing)
Topic: Need Health Insurance (Non-ACA Options)
Replies: 80
Views: 5681

Re: Need Health Insurance (Non-ACA Options)

Maybe the OP’s spouse should find a part time job with insurance? It looks to me like a $15k job with good benefits could really yield the household more like 35-50k (depending on how much care they need in a given year).
by mnnice
Thu Oct 04, 2018 5:42 pm
Forum: Personal Consumer Issues
Topic: Thinking of moving to Texas, Iowa, Idaho, or North Carolina
Replies: 216
Views: 16001

Re: Thinking of moving to Texas, Iowa, Idaho, or North Carolina

Iowa’s weather is unpredictable. Yesterday at this time it was 87.Today it’s 57. It was about 40 first thing this morning.
by mnnice
Wed Oct 03, 2018 12:48 pm
Forum: Personal Finance (Not Investing)
Topic: Amazon Prime/Whole Foods/AMEX Blue Cash Preferred dilemma
Replies: 26
Views: 2272

Re: Amazon Prime/Whole Foods/AMEX Blue Cash Preferred dilemma

You need to figure in the $119 for prime in there somewhere or the Chase Amazon card is only 3% back.
by mnnice
Tue Oct 02, 2018 4:30 pm
Forum: Personal Finance (Not Investing)
Topic: Root of Good's cost of raising a child: $3,300 per year
Replies: 163
Views: 5870

Re: Root of Good's cost of raising a child: $3,300 per year

He shows $0 for healthcare. So is he not paying health insurance? How wonderful. :| I suspect that you and I are paying those healthcare costs. :annoyed IIRC just the youngest was on Medicaid (Because the limits from birth to 6? were very high in ROG’s state). Is he supposed to make more money to s...
by mnnice
Thu Sep 20, 2018 10:02 pm
Forum: Personal Finance (Not Investing)
Topic: Should we temporarily reduce our retirement contributions in order to pay off our $400k mortgage in 7 years?
Replies: 83
Views: 7693

Re: Should we temporarily reduce our retirement contributions in order to pay off our $400k mortgage in 7 years?

I noticed that the OP hasn’t returned. :| Am I also the only one that thinks that a 525k house seems like a lot on about a 100k income? Any place I’ve lived 525k is a lot of house and would come 8-10k tax bill. My guesstimate would be $2050 principal and interest, $750 taxes, and $75 insurance or ~$...
by mnnice
Sat Sep 15, 2018 4:24 pm
Forum: Personal Finance (Not Investing)
Topic: If you're FI, or close to FI, are still fighting to climb the Corp. Ladder?
Replies: 118
Views: 11697

Re: If you're FI, or close to FI, are still fighting to climb the Corp. Ladder?

I semi-retired and left a longstanding k-12 gig. I am not interested in climbing anything. I do want to hike the Camino like Victoria. :D I also developed a distrust and unease with some of the older administrators I worked with. They seemed like grouchy micromanagers. I often couldn’t figure out if...
by mnnice
Tue Sep 11, 2018 5:11 pm
Forum: Personal Finance (Not Investing)
Topic: Need an independent insurance adjuster?
Replies: 5
Views: 569

Re: Need an independent insurance adjuster?

My thought is to first meet with Allstate to see what they offer. If my brother is then dissatisfied, then bring in a/the independent. This seems the more prudent approach. In fact, if a lawyer ends up getting involved, let the lawyer engage a private adjuster if deemed necessary. How would the ave...
by mnnice
Tue Sep 11, 2018 8:01 am
Forum: Personal Consumer Issues
Topic: are mccormick gourmet spices better
Replies: 71
Views: 6662

Re: are mccormick gourmet spices better

I find Penzy's over priced. Some of the mixes are interesting, but I buy from local ethnic markets. The price differences are astonishing. This is fair and accurate. Penzeys has ton of promotions. I got two 1/4 cups size spices free last weekend. Overall prices are higher but deals can be had.
by mnnice
Mon Sep 10, 2018 6:28 pm
Forum: Personal Finance (Not Investing)
Topic: Need an independent insurance adjuster?
Replies: 5
Views: 569

Re: Need an independent insurance adjuster?

Is having an independent adjuster going to provide someone to do the legwork for him? We had a catastrophic fire and dealing with the insurance company was in the early days a full time job and a solid part time job for six months. How good of a self-advocate is your brother or his SO (if he had one...
by mnnice
Thu Sep 06, 2018 8:43 am
Forum: Personal Finance (Not Investing)
Topic: How to Retire in Your 30's with $1 Million in the Bank
Replies: 148
Views: 19153

Re: How to Retire in Your 30's with $1 Million in the Bank

In my opinion one would be assuming substantial risk of outliving their assets. They would have to lower their standard of living. In addition, they would not build enough credits towards Social Security. Compared to the average 55-64 year old that has saved 180k in their 401k? People that can accu...
by mnnice
Sat Sep 01, 2018 10:11 am
Forum: Personal Finance (Not Investing)
Topic: Please check my Roth Conversion Strategy
Replies: 15
Views: 1561

Re: Please check my Roth Conversion Strategy

What is your state’s tax treatment of Roth conversions and/or LTCG? My current state treats them as regular income. In no way a negative critique of your overall plan, but it may be a consideration. :wink:
by mnnice
Thu Aug 30, 2018 10:23 pm
Forum: Personal Consumer Issues
Topic: Mega Downsize....
Replies: 91
Views: 8678

Re: Mega Downsize....

4. Next take all CDs to library. Seems like a bad idea to me. CDs do not take much space at all, weigh very little, can be listened to at any time (provided you have a CD player and speakers, of course), and, best of all, you own them. Music that I loaded onto iTunes and then onto an iPhone is seld...
by mnnice
Wed Aug 29, 2018 1:15 pm
Forum: Personal Finance (Not Investing)
Topic: Ty Bernicke, FIREcalc, and SS payments paint a rosy picture
Replies: 9
Views: 700

Re: Ty Bernicke, FIREcalc, and SS payments paint a rosy picture

So, if I believe SS will be around in 2035 and onward, and Bernicke model is correct, I should be closer than I think. I'm skeptical. You should be. Remember that SS is based on your top 35 years of earnings and under your scenario there will be a lot of years with zeros in them. If you can make it...
by mnnice
Wed Aug 29, 2018 7:14 am
Forum: Personal Finance (Not Investing)
Topic: Dealing with death and the family finances
Replies: 21
Views: 3043

Re: Dealing with death and the family finances

You need homeowners yesterday. Your mom needs the liability insurance and what if there was a fire or bad storm? It seems like the rest of the stuff is not near as time sensitive.
by mnnice
Fri Aug 10, 2018 8:41 am
Forum: Personal Finance (Not Investing)
Topic: Share your net worth progression
Replies: 903
Views: 233006

Re: Share your net worth progression

I’m not sure the comparison with others is useful, but it is interesting to see that with a bull market and continued contributions balances can take on a life of their own. Sure shows the power of compounding and how it works in an individual’s favor. My DH had a paper notebook with his net worth f...
by mnnice
Mon Aug 06, 2018 9:58 pm
Forum: Personal Finance (Not Investing)
Topic: "Skin in the game"
Replies: 105
Views: 7589

Re: "Skin in the game"

I went to a state school and honestly knew very few people who entirely paid their own way or entirely had parents pay for college. Most had a combination of both. I do think struggle is underrated and have met more than a few adults (thirty and forty somethings) that have developed very few problem...