Search found 828 matches

by mnnice
Wed Feb 21, 2024 4:37 pm
Forum: Personal Finance (Not Investing)
Topic: Roth conversion options and strategies...
Replies: 27
Views: 3333

Re: Roth conversion options and strategies...

Not sure of the optimal strategy but maybe taking money out of our spouse’s tax deferred 403b/rollover IRA would be a good choice in order to be able to cash flow your life and make a make Roth contribution?

The Iowa tax code is going to look much more favorably to a 403b distribution than selling a winner in a taxable account.

Selling in taxable is favorably to a retirement account distribution from federal perspective. Not the case at all on your Iowa tax. It is the exact opposite. Selling taxable winners is taxed like regular earned income, a distribution from your spouses 403b will have no state liability.

I think you are going to have to do some tax modeling to know for sure.
by mnnice
Sun Jan 28, 2024 6:45 pm
Forum: Personal Finance (Not Investing)
Topic: Controlling income and paying off mortgage rather than taxable investing might be worthwhile for a top 20 school
Replies: 97
Views: 12761

Re: Controlling income and paying off mortgage rather than taxable investing might be worthwhile for a top 20 school

For the latest year we have data 2022.

About 28% of households nationwide are below 200% of poverty. Hardly a small number when looking at total Americans or the percentage of all Americans.

Is my situation an outlier? Absolutely.

Are people living under 200% of poverty outliers? Absolutely not.

https://www.kff.org/other/state-indicat ... 2asc%22%7D
by mnnice
Sun Jan 28, 2024 2:10 pm
Forum: Personal Finance (Not Investing)
Topic: Controlling income and paying off mortgage rather than taxable investing might be worthwhile for a top 20 school
Replies: 97
Views: 12761

Re: Controlling income and paying off mortgage rather than taxable investing might be worthwhile for a top 20 school

$100k dividends and interest IS income. That's why you are still getting SAI $100k. If you can report AGI < 175% FPL, SAI = 0 and no asset reporting (MFJ; 225% for single parent). I guess I should say no earned income, just passive income. Got it. Yeah someone told me 5.64% of taxable account is where the number is going to hit us. I mean I guess I could lie on the EFC calculators, how do they check? Is it just honesty based. I mean if you quit working and then live off cash savings or stocks without gains you can make your 1040 minimal. But then they ask the question how much assets you have and aren't you screwed at that point? FAFSA requires that you report non-retirement assets. If that’s the “they” you are speaking of. If you want to ...
by mnnice
Sun Jan 28, 2024 2:09 pm
Forum: Personal Finance (Not Investing)
Topic: Controlling income and paying off mortgage rather than taxable investing might be worthwhile for a top 20 school
Replies: 97
Views: 12761

Re: Controlling income and paying off mortgage rather than taxable investing might be worthwhile for a top 20 school

$100k dividends and interest IS income. That's why you are still getting SAI $100k. If you can report AGI < 175% FPL, SAI = 0 and no asset reporting (MFJ; 225% for single parent). I guess I should say no earned income, just passive income. Got it. Yeah someone told me 5.64% of taxable account is where the number is going to hit us. I mean I guess I could lie on the EFC calculators, how do they check? Is it just honesty based. I mean if you quit working and then live off cash savings or stocks without gains you can make your 1040 minimal. But then they ask the question how much assets you have and aren't you screwed at that point? FAFSA requires that you report non-retirement assets. If that’s the “they” you are speaking of. If you want to ...
by mnnice
Sat Jan 27, 2024 8:04 pm
Forum: Personal Finance (Not Investing)
Topic: Controlling income and paying off mortgage rather than taxable investing might be worthwhile for a top 20 school
Replies: 97
Views: 12761

Re: Controlling income and paying off mortgage rather than taxable investing might be worthwhile for a top 20 school

Is that true? Zero income with a lot of assets I did the npc calculator fron the other threads and it says our efc is $100k. I put in $0 work income and $100k dividends and interest and it's still full freight $100k dividends and interest IS income. That's why you are still getting SAI $100k. If you can report AGI < 175% FPL, SAI = 0 and no asset reporting (MFJ; 225% for single parent). I guess I should say no earned income, just passive income. Got it. Yeah someone told me 5.64% of taxable account is where the number is going to hit us. I mean I guess I could lie on the EFC calculators, how do they check? Is it just honesty based. I mean if you quit working and then live off cash savings or stocks without gains you can make your 1040 mini...
by mnnice
Tue Jan 23, 2024 7:31 pm
Forum: Personal Finance (Not Investing)
Topic: Controlling income and paying off mortgage rather than taxable investing might be worthwhile for a top 20 school
Replies: 97
Views: 12761

Re: Controlling income and paying off mortgage rather than taxable investing might be worthwhile for a top 20 school

I have to follow this since our kids are the same age and I probably made a mistake overfunding their 529s. Our income is a lot less because we decide to take a paycut for other reason. So we might qualify since our income is lower without trying :D But we oversaved in our taxable, retirement, and 529s so i doubt we'll get any financial aid. :oops: Of course it's a nice problem to have, to have more money and not qualify. So I'm curious how it'll play out. Even if we quit working in the next year, our assets are around $1m in taxable, $500k in 529s alone plus retirement and home, and likely more if we cash out equity. I don't think going even to $0 income will help us. Zero income will help tremendously because you would not have to report...
by mnnice
Mon Jan 22, 2024 9:09 pm
Forum: Personal Finance (Not Investing)
Topic: Does Medicare pay for Hospice care?
Replies: 23
Views: 2753

Re: Does Medicare pay for Hospice care?

Hospice is a service not a location.

You can get hospice service in your home, a skilled nursing facility, hospital, or a specialized end of life hospice facility.
by mnnice
Wed Jan 17, 2024 9:14 pm
Forum: Personal Finance (Not Investing)
Topic: Have you completed the revised FAFSA for 2024-2025?
Replies: 23
Views: 3652

Re: Have you completed the revised FAFSA for 2024-2025?

Another difference is that the EFC (Expected Family Contribution) has been changed to SAI (Student Aid Index). Here is a link to explain the difference: https://www.investopedia.com/terms/e/expected-family-contribution.asp#:~:text=The%20significance%20of%20the%20Student,for%20federal%20financial%20aid%20programs. Because we saved for college, are married and have no debt, our SAI number is too high to qualify for a Federal Pell grant. However, we still filed the FAFSA in order to receive a merit scholarship that is renewed annually. I wonder how the number would be different if we saved nothing, had tons of debt and were divorced? :shock: That’s a bit of a distortion. The formula really is mostly income based. Debt is fairly immaterial. Sa...
by mnnice
Wed Jan 17, 2024 5:13 pm
Forum: Personal Finance (Not Investing)
Topic: FAFSA Revisions Due to Consolidated Appropriations Act, 2021
Replies: 74
Views: 11525

Re: FAFSA Revisions Due to Consolidated Appropriations Act, 2021

The FAFSA is buggy IMO

It told me I was done and spit out info about the current school year

Then it said I hadn’t submitted
by mnnice
Sun Jan 14, 2024 7:52 pm
Forum: Personal Finance (Not Investing)
Topic: How much term life insurance?
Replies: 21
Views: 2122

Re: How much term life insurance?

I think your overall thinking is sound.

I do think that most people have their highest need for life insurance at the moment the youngest child is conceived.

Since your buying fairly high dollar amounts I would think about maybe having three “chunks” to your ladder a larger dollar ($2mil) 20 year and two smaller (500k) 10 year polices when subsequent kids show up. Then as your net worth increases and you get past the daycare heavy years you can purposefully let the one or more of the polices lapse.

Also remember pregnant women often have suboptimal BMI’s especially at the very end. Life insurance tables don’t account for pregnancy. Your spouse should get on this project quickly or wait til post baby.
by mnnice
Fri Jan 12, 2024 5:37 pm
Forum: Personal Finance (Not Investing)
Topic: FAFSA Revisions Due to Consolidated Appropriations Act, 2021
Replies: 74
Views: 11525

Re: FAFSA Revisions Due to Consolidated Appropriations Act, 2021

I don’t think he got as far as submitting anything.

Previously it has been more of a group project student submitting student’s information with me in earshot. Then me submitting parent information with the student in earshot.

This time we are in different countries which is also an additional complexity.

I suggested he work on something else on his to do list.
by mnnice
Fri Jan 12, 2024 1:41 pm
Forum: Personal Finance (Not Investing)
Topic: FAFSA Revisions Due to Consolidated Appropriations Act, 2021
Replies: 74
Views: 11525

Re: FAFSA Revisions Due to Consolidated Appropriations Act, 2021

DS was working on his FAFSA for the upcoming school year.

I think the system might be down.

Anyone else want to confirm or deny that assessment?
by mnnice
Thu Jan 11, 2024 10:22 am
Forum: Personal Finance (Not Investing)
Topic: Where do I claim residency?
Replies: 12
Views: 2367

Re: Where do I claim residency?

If your income is all/nearly all earned and you are single your residence is probably moot from a North Dakota income tax standpoint (Other than if you use the regular or non-resident form.)

South Dakota residency isn’t some sort of free pass on income earned elsewhere.
by mnnice
Wed Nov 29, 2023 4:03 pm
Forum: Personal Finance (Not Investing)
Topic: Please poke holes in our early retirement plan
Replies: 45
Views: 7327

Re: Please poke holes in our early retirement plan

We early semi-retired 10 years ago at 45 recently stopped working entirely. We ended up with about 1\3 of our total nest egg in taxable and the promptly bought a house with 40% of the taxable.

Some of this was by design but some of it was because we had a casualty loss that we never replaced the destroyed items.

Anyway we have about twice the nest egg as we started with and still have taxable and have not touched any retirement funds yet.
by mnnice
Sat Nov 04, 2023 10:26 am
Forum: Personal Finance (Not Investing)
Topic: Is it a bad idea to have the guardian and trustee be separate people
Replies: 17
Views: 1375

Re: Is it a bad idea to have the guardian and trustee be separate people

We had family member as a guardian and a corporate trustee per the recommendation of our lawyer.

He said he had seen to many kids overindulged by trustees that were too emotionally involved.
by mnnice
Thu Nov 02, 2023 4:53 pm
Forum: Personal Finance (Not Investing)
Topic: List with a realtor vs FSBO?
Replies: 58
Views: 5228

Re: List with a realtor vs FSBO?

We are getting ready to move on and sell our house. Not sure if we should hire a realtor or try it ourselves? I will try to share the germane information. Please ask if you have any questions? Real Estate climate— Seller’s market not much inventory that is existing homes. Midwest Small town (~15,000) commutable to much larger community. House down the street that would be a pretty good comp was sold as is in just a couple days. I suspect it had significant foundation issues. Most of the listings here are new construction and 45-50% more expensive. House— Boring little ranch. Lower end of the market here. Most of the mechanicals are newer (appliances, washer, furnace, water heater). Roof is 20 years in on a 30 year roof. AC is ancient but w...
by mnnice
Thu Nov 02, 2023 4:35 pm
Forum: Personal Finance (Not Investing)
Topic: List with a realtor vs FSBO?
Replies: 58
Views: 5228

Re: List with a realtor vs FSBO?

We are getting ready to move on and sell our house. Not sure if we should hire a realtor or try it ourselves? I will try to share the germane information. Please ask if you have any questions? Real Estate climate— Seller’s market not much inventory that is existing homes. Midwest Small town (~15,000) commutable to much larger community. House down the street that would be a pretty good comp was sold as is in just a couple days. I suspect it had significant foundation issues. Most of the listings here are new construction and 45-50% more expensive. House— Boring little ranch. Lower end of the market here. Most of the mechanicals are newer (appliances, washer, furnace, water heater). Roof is 20 years in on a 30 year roof. AC is ancient but w...
by mnnice
Mon Oct 23, 2023 10:04 pm
Forum: Personal Finance (Not Investing)
Topic: List with a realtor vs FSBO?
Replies: 58
Views: 5228

Re: List with a realtor vs FSBO?

We listed as a FSBO in early July. Had an accepted offer 5-6 weeks later and closed in late September.

We paid the buyer agent 3%. Comparing the settlement paper from when we were buyer we paid less in closing costs than they did with 100k less in sale price.

Would do again.
by mnnice
Sat Sep 23, 2023 2:56 pm
Forum: Personal Finance (Not Investing)
Topic: How much to target in 529 for covering full tuition?
Replies: 75
Views: 8368

Re: How much to target in 529 for covering full tuition?

I think you should change your thread title. You probably already have enough saved tuition with current contributions and time. You have enough for 4 years tuition at UMass Amherst right now. Many (most?) students at state universities pay more for living expenses than tuition. To save for full freight tuition and housing/board at an expense private school for two in 529’s seems like a plan that is suboptimal in it’s flexibility and highly likely that you will over saved (although the new rules about transferring to a Roth are handy). I would probably just save more in taxable instead. How college is paid for in this could change a lot in the next ten years. You could get a kid with an appointment to a service academy or someone that would...
by mnnice
Mon Sep 18, 2023 2:40 pm
Forum: Personal Finance (Not Investing)
Topic: Leaving inheritance to grandchildren-Will you?
Replies: 57
Views: 6981

Re: Leaving inheritance to grandchildren-Will you?

I don’t presently have any grandchildren. I do have two young adult offspring. I would consider giving to grandchildren but since my family is known for being in no hurry to either marry or reproduce I will wait till one or more actually show up the included them in any estate planning. I wish my surviving parent would start giving to grandchildren with a warm hand. She is 80 and clearly not in danger of outliving her money. Her grandchildren range in age from 8 to 22. One in elementary, one in middle, one in high school, one in college, and one working. The oldest grandchild’s higher education was cheap because his state of residence paid all his tuition because he was getting a degree in a shortage area. The youngest is likely to have fun...
by mnnice
Tue Sep 05, 2023 9:44 am
Forum: Personal Finance (Not Investing)
Topic: Sell the house and FIRE now?
Replies: 63
Views: 7364

Re: Sell the house and FIRE now?

I probably should contribute since we did downshift at that age and never went back to full time work. I am also half of a straight married couple with two kids. They were 12 and 9 when we started. I am seriously curious about your current lifestyle and its spending and the general cost of living in your current area? A $830k home in present day America could be a lot of things. We opted to be more stationary and stay in public school and travel a lot of the United States with a couple dashes of other countries too. We now have one kid who has completed his higher education (2 year degree in his case). He works full time, has is own place, health insurance all that adult stuff. Other offspring is a college freshman. FAFSA with low EFC or wh...
by mnnice
Fri Sep 01, 2023 6:51 pm
Forum: Personal Finance (Not Investing)
Topic: Retirement income at Medicaid/ACA threshold - what's best?
Replies: 31
Views: 1838

Re: Retirement income at Medicaid/ACA threshold - what's best?

Another germane question is dental. If Medicaid offers decent dental coverage that is a pro in the Medicaid column.

ACA will require a separate dental plan for adults.
by mnnice
Mon Aug 28, 2023 12:09 pm
Forum: Personal Finance (Not Investing)
Topic: Pre-pay credit card for a large purchase
Replies: 15
Views: 1883

Re: Pre-pay credit card for a large purchase

OP
How did it work out for you?
Thinking of doing something similar.
by mnnice
Sat Aug 05, 2023 2:48 pm
Forum: Personal Finance (Not Investing)
Topic: Home Insurance Claim and Premium
Replies: 14
Views: 1680

Re: Home Insurance Claim and Premium

talzara wrote: Sat Aug 05, 2023 2:41 pm
mnnice wrote: Sat Aug 05, 2023 2:39 pm Honestly, I would plan on getting dropped. Then if it doesn’t happen you will be pleasantly surprised. Your CLUE report will be bad for the next five years.
It is very unlikely that the OP will be dropped for one claim.
I was and my claim was a lower or dollar amount.
by mnnice
Sat Aug 05, 2023 2:39 pm
Forum: Personal Finance (Not Investing)
Topic: Home Insurance Claim and Premium
Replies: 14
Views: 1680

Re: Home Insurance Claim and Premium

Duplicate
by mnnice
Sat Aug 05, 2023 2:39 pm
Forum: Personal Finance (Not Investing)
Topic: Home Insurance Claim and Premium
Replies: 14
Views: 1680

Re: Home Insurance Claim and Premium

So I recently had a water leak that resulted in flooding inside the house and caused almost 100k damage I have filed the claim with my insurance. My friends are telling me my home insurance premium will go up because I have claim. Is that true? i never had a claim before (auto or home), so I do not know how this process works? One homeowners claim will usually increase your premium by 30-60%, depending on the company. Some companies will forgive one claim for long-term customers. Sometimes claim forgiveness is advertised, and sometimes it's hidden in the rating tiers. However, most companies do not have claim forgiveness and will start surcharging after the first claim. Homeowners insurers will usually drop customers after two claims in 3-...
by mnnice
Thu Aug 03, 2023 8:32 am
Forum: Personal Finance (Not Investing)
Topic: Mother is house rich but cash poor-Would love advice!
Replies: 51
Views: 6533

Re: Mother is house rich but cash poor-Would love advice!

SuzBanyan wrote: Wed Aug 02, 2023 12:09 pm She could sell the Primary residence and downsize into a smaller place that has less upkeep and no mortgage.
Perhaps her own existing rental even?
by mnnice
Sun Jul 30, 2023 11:49 am
Forum: Personal Finance (Not Investing)
Topic: Social Security COLA's Not Meeting Medicare Inflation
Replies: 13
Views: 1504

Re: Social Security COLA's Not Meeting Medicare Inflation

You also aren’t mandated to buy it either. My mom is almost 80 and has never had it.

If that’s a good idea is a separate question. So far self insuring has worked for her.
by mnnice
Sat Jul 29, 2023 9:19 am
Forum: Personal Finance (Not Investing)
Topic: How much did you spend on your cars?
Replies: 96
Views: 9594

Re: How much did you spend on your cars?

Not sure we have much strategy beyond buy and hold.

DH and I brought our first non-clunker, post college car to the marriage. In the proceeding 23 years we have bought 5 (two new, two late model, one about 5-6 years old) vehicles, sold three in private party sales, traded in one, and totally one (teenagers :annoyed).

My dream is to live somewhere with a 90+ walk score and good public transport.
by mnnice
Sat Jul 29, 2023 8:38 am
Forum: Personal Finance (Not Investing)
Topic: Social Security Eligibility - 40 Quarters
Replies: 6
Views: 1343

Re: Social Security Eligibility - 40 Quarters

I would be more concerned about the making sure she had 20 quarters in the last 10 years for the disability coverage since coverage is often hard to get for SAHP.


But contributing to the first bend point seems like a good deal.

https://www.physicianonfire.com/ssa2017/
by mnnice
Wed Jul 26, 2023 12:26 pm
Forum: Personal Finance (Not Investing)
Topic: Early Retirement and College Financial Aid
Replies: 140
Views: 11805

Re: Early Retirement and College Financial Aid

SpaghettiLegs wrote: Wed Jul 26, 2023 11:23 am There is usually more than just an annual income requirement in most states to qualify for Medicaid. There is usually some review of assets as well. I think that FAFSA exclusion for the different aid programs is in some sense a cost savings as they defer the income and asset screening to those programs.

I am in agreement that it is a bad look to use the social safety net as part of FIRE strategy.
Most that’s not true 40 states and one pending.

https://www.kff.org/medicaid/issue-brie ... ctive-map/

I am in agreement that it is done mostly to reduce paperwork as the bulk of people on Medicaid indeed aren’t asset heavy.
by mnnice
Wed Jul 26, 2023 11:04 am
Forum: Personal Finance (Not Investing)
Topic: Early Retirement and College Financial Aid
Replies: 140
Views: 11805

Re: Early Retirement and College Financial Aid

For the folks on this thread. FAFSA has changes some rules. https://www.csac.ca.gov/sites/main/files/file-attachments/summary_of_changes_for_the_2024-25_fafasa.pdf I am particularly interested in that if you are on medicaid, you don't need to report assets. I feel like this works out for FIRE folks who can manage to live on a low income. My kids are still young, I hope this rule remains for many years -- do you folks know how often they change? Any FIRE folks with low income planning to use the rule to fill in FAFSA this October (not sure if it's December this year)? I always thought the I in FIRE stood for Independent, not Irresponsible. Never mind. No need for this kind of comments. It's ok to follow the rules. Well, we can agree to disa...
by mnnice
Wed Jul 19, 2023 8:00 pm
Forum: Personal Finance (Not Investing)
Topic: Are we buying too much house?
Replies: 216
Views: 17531

Re: Are we buying too much house?

What's the interest rate on the student loan once it starts back up? It might make sense to get that paid off by the end of the year. I wouldn’t pay off a 0% loan and forgo the 4.5% you are getting but that party is just about over. September 1 is only about six weeks away. Valuethinker nailed it “Many of us were in the position of looking forward to one lifestyle and income level, and then having to reset our sights when things career-wise or otherwise did not work out that way. To the extent that we had "slack" in our lifestyles, i.e. high savings rates and low personal debt, that protected us from the sort of shocks that 2000-03 (dot com blowout and recession) and 2008-09 (Global Financial Crisis & then sluggish recovery i...
by mnnice
Wed Jul 19, 2023 8:58 am
Forum: Personal Consumer Issues
Topic: Asia trip next year. How does one minimize flight costs?
Replies: 43
Views: 2497

Re: Asia trip next year. How does one minimize flight costs?

The Bilt app has a useful function where you can put in two cities and the class of flight and give you flights across several airlines and the corresponding points needed and fees/fuel surcharges.

The points needed for four in business to Asia was very hefty. I would suspect that you need a couple million at bare minimum.
by mnnice
Sat Jul 15, 2023 7:56 am
Forum: Personal Finance (Not Investing)
Topic: Early Retirement Budget with $2M Portfolio
Replies: 110
Views: 16446

Re: Early Retirement Budget with $2M Portfolio

Just want to add that, personally, I would not be comfortable for my (young, and then older) kids seeing that neither parent worked for a living. It's one thing if you've got $10m or a $100m and you live an amazingly rich life, able to do anything and everything, without working. In that case, sure, focus on your philanthropy. It's quite another to see your family just "getting by" on $60k/year (which is not realistic for this poster) and also not bothering to work. "Sorry kids, no vacation this year, Dad retired." Just don't like the message that this would send. In the famous words of Claus Von Bulow: I don't want my kids to think a father's place is in a deck chair. YMMV of course. I whole heartedly agree with this s...
by mnnice
Sun Jul 09, 2023 10:02 pm
Forum: Personal Finance (Not Investing)
Topic: Dollars to Euros
Replies: 57
Views: 5354

Re: Dollars to Euros

Hmm a few euros maybe but $1000.

I did find bars and restaurants in touristy areas in Germany that were cash only when we went late 2022. We bought a couple of beers and then figured out that we didn’t have anything to pay for them. I found an ATM while DH told the bartender what was up.
by mnnice
Tue Jul 04, 2023 5:37 pm
Forum: Personal Finance (Not Investing)
Topic: ACA and in fair/poor health
Replies: 26
Views: 3035

Re: ACA and in fair/poor health

Considering retirement, 4 yrs till 65, and in fair/poor health. Employer health plan now, but thinking of ACA bridge to Social Security. $30,000/mo sticker-price for maintenance drugs (Stelara). Wife healthcare taken care of, no kids. Beyond the cost aspects of ACA, any experience with 4 years of ACA with Doctor acceptance/prescriptions , etc? If I did retire and ACA doesn't age well, I'm sunk. Regarding the bolded/underlined above, you can enter the drugs you need and your doctor and hospital as filters when you search for ACA plans in your county. It will show you all that cover those requirements and the premiums (etc) you will need to pay based on your MAGI (at least here in my county in FL). Just searching your one listed drug and the...
by mnnice
Sat Jun 24, 2023 8:39 am
Forum: Personal Finance (Not Investing)
Topic: Super high COLA: rent + vacation home?
Replies: 22
Views: 2515

Re: Super high COLA: rent + vacation home?

What about renting a studio or one bedroom in the neighborhood for the nanny? I think it would be a good retention tool.
by mnnice
Thu Jun 22, 2023 9:30 am
Forum: Personal Finance (Not Investing)
Topic: List with a realtor vs FSBO?
Replies: 58
Views: 5228

Re: List with a realtor vs FSBO?

We had a meeting with a realtor and she sent us a document with expenses and proceeds estimates. It had a 7% commission and $1300 in fees that seemed very junky plus $575 for a home warranty that is another profit center for them.

Leaning harder at FSBO. Still working on decluttering and repainting the basement.
by mnnice
Sun Jun 18, 2023 1:24 pm
Forum: Personal Consumer Issues
Topic: Best tool for sharpening kitchen knives?
Replies: 49
Views: 4295

Re: Best tool for sharpening kitchen knives?

I've been using a Chef'sChoice 130 Professional Electric Knife Sharpening Station (https://www.amazon.com/gp/product/B000CSK0DM/ref=ppx_yo_dt_b_search_asin_title?ie=UTF8&th=1) for 15 years +1 I’ve had one of these for about 15 years as well. I like how it consistently gets my knives razor sharp in seconds. I’ve had a half dozen whet stones, strops and other gadgets but none would sharpen consistently in my hands and took a lot lot longer when I was able to successfully sharpen something. I’v seen on past threads on here people warn about it being abrasive and removing metal. While true, in 15 years of regular use on the same set of knives, I can’t notice any excess wear by eye. At this rate the knives will still be around long after I’...
by mnnice
Tue Jun 13, 2023 3:05 pm
Forum: Personal Finance (Not Investing)
Topic: Too much tax deferred?
Replies: 21
Views: 2343

Re: Too much tax deferred?

I think it is humanly possible to save too much in tax deferred. You are doing fine but hardly in danger yet. I had a similar balance at a similar age (albeit less salary.)

457 might be a good choice as it is more flexible for distributions since you can take them out when you separate service.
by mnnice
Thu Jun 08, 2023 1:08 pm
Forum: Personal Finance (Not Investing)
Topic: Cash or Mortgage
Replies: 54
Views: 5197

Re: Cash or Mortgage

What expenses if any are you saving if you pay cash?

You won’t pay any loan origination fees. When we bought our house with cash eight years ago we skipped the appraisal and inspection. Which was fine in our situation but would not necessarily be the right play in many situations.

In retrospect, borrowing money would have been smarter. At the time I couldn’t find any lenders wanting to loan money to two underemployed 40-somethings despite have 25x expenses saved up.
by mnnice
Mon Jun 05, 2023 12:49 pm
Forum: Personal Finance (Not Investing)
Topic: List with a realtor vs FSBO?
Replies: 58
Views: 5228

Re: List with a realtor vs FSBO?

I assume you’re contemplating this because you think you’ll save money. Have you done the math? There are fixed costs you’ll pay anyway, percentage to the buyer’s agent, etc. For a lower end home in what sounds like a lcol area, what is the savings? I would guess $13k. Definitely not chump change. We sold two houses previously and used a realtor both times. The first sold so quickly I was left wondering what the realtor did other than let the others in her office know it was for sale. I did worry about it too much as we got that money back as part of a corporate relocation package. The second was during the Great Recession. We tried BSBO when prices were falling and the market was near comatose. Listing with a realtor eventually worked but...
by mnnice
Sat Jun 03, 2023 1:32 pm
Forum: Personal Finance (Not Investing)
Topic: List with a realtor vs FSBO?
Replies: 58
Views: 5228

Re: List with a realtor vs FSBO?

Get in touch with an attorney who does residential real estate routinely and have them offer some guidance about the process and pitfalls of FSBO, as you're going to need them in the end anyway. Probably won't cost you any (or much) more than their routine closing fees as you are bringing them the business. If your property goes onto Zillow you're not really losing much in the way of marketing. As a realtor said to me not long ago - "whatever you can see on Zillow is the same as what I can see via MLS." If I was doing it again now (have sold and bought FSBO multiple times), I'd offer an open house or two, and then ask followup folks to provide something evidencing their ability to pay, get a loan, etc. Attorneys aren’t commonly u...
by mnnice
Sat Jun 03, 2023 11:08 am
Forum: Personal Finance (Not Investing)
Topic: List with a realtor vs FSBO?
Replies: 58
Views: 5228

List with a realtor vs FSBO?

We are getting ready to move on and sell our house. Not sure if we should hire a realtor or try it ourselves? I will try to share the germane information. Please ask if you have any questions? Real Estate climate— Seller’s market not much inventory that is existing homes. Midwest Small town (~15,000) commutable to much larger community. House down the street that would be a pretty good comp was sold as is in just a couple days. I suspect it had significant foundation issues. Most of the listings here are new construction and 45-50% more expensive. House— Boring little ranch. Lower end of the market here. Most of the mechanicals are newer (appliances, washer, furnace, water heater). Roof is 20 years in on a 30 year roof. AC is ancient but wo...
by mnnice
Fri Jun 02, 2023 6:54 pm
Forum: Personal Finance (Not Investing)
Topic: How to plan for helping financially precarious parents in retirement?
Replies: 36
Views: 4269

Re: How to plan for helping financially precarious parents in retirement?

If you’re talking about $9000 per month combined social security for 2 people, that sounds extremely high. I hope that number is correct but with a $5K to $9K range, it looks like you are estimating. Maybe you could sit down with them & explain that you’re concerned that they will be financially okay in retirement. At that point, possibly they will share some financial information with you. If they choose not to then I would not fret over their potential retirement outcomes. They made their own decisions, bad or good. FWIW, I’m 70 & I’ve shared very little with our children with regards to our finances. When I’m ready, or when I’m dead, they’ll find out. That’s an overestimate unless both of them have 35 years at or over the Social...
by mnnice
Thu May 25, 2023 8:20 am
Forum: Personal Finance (Not Investing)
Topic: For those of you that bought right before the 2008 housing crash how did you cope?
Replies: 146
Views: 18845

Re: For those of you that bought right before the 2008 housing crash how did you cope?

We bought a place in 2001. We sold it in 2012 for a loss. All these stay the course people don’t seem to have had lay-offs and be surrounded by other laid off people.

You house can start to feel like a boat anchor real fast. It limits your mobility and ability to find a new job. A real estate downturn can be a real PITA. Sure staying the course works as long as you have still have the cash flow to service the principal, interest, and taxes.

Anyway this experience didn’t kill us financially. Many other great non financial things happened in our lives during that time. The house thing still stunk.
by mnnice
Sun May 21, 2023 6:05 pm
Forum: Personal Finance (Not Investing)
Topic: So we made the mistake of trying to build a home...
Replies: 170
Views: 29539

Re: So we made the mistake of trying to build a home...

The style is really not that compatible with winter. I live in a similar climate and my mid century ranch doesn’t have enough pitch during a snowy winter. We have ended up scooping the roof a couple of times to avoid ice dam issues.

My google search of aforementioned Keck and Keck houses look like even more trouble although people have had years to figure out solutions/mediate the problem.

The reason they are so prominent in the desert is they are more practical there. I like the aesthetic myself but it doesn’t necessarily make it a very good idea in the climate you have.
by mnnice
Sun May 21, 2023 9:19 am
Forum: Personal Finance (Not Investing)
Topic: So we made the mistake of trying to build a home...
Replies: 170
Views: 29539

Re: So we made the mistake of trying to build a home...

After all these replies...I'm leaning towards holding on to the land another year, see how my bonus goes this year, see if rates come down and bid it out again in the winter when things slowdown. Could be another year wasted...but the used-housing market is pretty terrible right now also. I'm kinda favoring this approach actually. At your current comp, the cost of your rent and carrying the lot is tiny. The reason you're stressed is because you don't have enough saved yet to do what you want. Since your shovel is so huge, dig a couple more years while you keep renting. You can always sell the lot and move on if prices don't return to sensible levels, or pounce if there's a local slowdown that reduces building prices. So wait a bit longer a...