Search found 206 matches

by SC Hoosier
Fri Mar 27, 2015 8:02 am
Forum: Personal Finance (Not Investing)
Topic: Mom seeking financial help - what to do?
Replies: 62
Views: 9566

Re: Mom seeking financial help - what to do?

I would offer to write a check to the IRS for her if, and when, she meets the following demands:
  • Move in with her father, without your brother and his entourage.

    Begin attending Financial Peace University

    Show you a written budget and show evidence of following it.

    Cut the financial cord with your brother
Hoosier
by SC Hoosier
Tue Mar 24, 2015 8:43 pm
Forum: Personal Investments
Topic: Excess Cash - Play Monopoly or Repay Debt?
Replies: 94
Views: 23883

Re: Excess Cash - Play Monopoly or Repay Debt?

Meg77 wrote:
Thank you! Yes I do think about my total asset allocation, though it's hard to determine a future target. Currently I'm 15% cash, 61% stocks/bonds, and 24% rental equity. Over the next two years if we keep doing what we are doing that will change only slightly to 12% cash, 64% stocks/bonds, and 24% rental equity. I like the idea of a 30-40% equity, 50% stocks/bonds, and 10-20% cash over time. But the dollar amounts make a big difference too. As our portfolio grows, 10-20% cash is just a really big drag on total return.

You shouldn't need that much cash when the all the debts are paid down.
by SC Hoosier
Thu Mar 19, 2015 11:29 am
Forum: Personal Finance (Not Investing)
Topic: [Poll] Do you have an auto loan?
Replies: 72
Views: 9442

[Poll] Do you have an auto loan?

I did a quick search of the site and couldn't find a poll on this. We were wondering in another thread and I'm curious.

Thanks for voting.

Hoosier
by SC Hoosier
Thu Mar 19, 2015 11:25 am
Forum: Personal Finance (Not Investing)
Topic: 74% of car loans are subprime.
Replies: 29
Views: 3353

Re: 74% of car loans are subprime.

Zecht wrote:Subprime tends to refer to a class of people in an algorithmic risk category. Typically, this means people with a high debt-to-income ratio that are not in very stable industries, or who have poor/low credit scores. This is further complicated by the dramatic rise in pricing of newer cars, and how expensive trucks and SUV/CUVs are currently.
You cited the reasons that subprime loans have higher interest rates. Thank you.
by SC Hoosier
Thu Mar 19, 2015 11:23 am
Forum: Personal Finance (Not Investing)
Topic: 74% of car loans are subprime.
Replies: 29
Views: 3353

Re: 74% of car loans are subprime.

jfn111 wrote:
Also how many people on this board take out a loan for a car?
You see car loans mentioned with quite a few posters listing their debts.
It seems a lot of Bogleheads don't mind a cheap loan from the car companies. :moneybag
I would agree. It seems to me that it's pretty common here.
by SC Hoosier
Thu Mar 19, 2015 11:21 am
Forum: Investing - Theory, News & General
Topic: Phil Town: "Rule #1 Investing"
Replies: 11
Views: 12463

Re: Phil Town: "Rule #1 Investing"

Toons wrote:
find great companies, know their worth and acquire them at 50 percent off.
Now THAT is a tall order!!! :shock:
by SC Hoosier
Thu Mar 19, 2015 11:16 am
Forum: Personal Finance (Not Investing)
Topic: 74% of car loans are subprime.
Replies: 29
Views: 3353

Re: 74% of car loans are subprime.

I also just heard on the radio that the average amount borrowed on a new car is up to $26,000. :shock: :oops:
by SC Hoosier
Thu Mar 19, 2015 11:00 am
Forum: Personal Finance (Not Investing)
Topic: 74% of car loans are subprime.
Replies: 29
Views: 3353

Re: 74% of car loans are subprime.

I didn't hear the radio show so I don't know, but it sounds like "subprime" was being discussed as if it meant underwater... or the loan balance being more than the car is worth. Doesn't subprime have to do with the interest rate on the loan, as in it's higher than the prime rate if subprime? I don't know that it says 74% should have bought a cheaper car (although, probably yes) because they would have likely got a subprime loan either way based on credit score. To me it says those with bad credit should avoid taking out loans if possible, and having a loan out on an item known to depreciate is a bad idea. But, then those with bad credit can improve that by having and paying off a loan, and most people need a car... sooo.... it's...
by SC Hoosier
Thu Mar 19, 2015 10:34 am
Forum: Personal Finance (Not Investing)
Topic: 74% of car loans are subprime.
Replies: 29
Views: 3353

74% of car loans are subprime.

Just heard today that Americans owe $783 billion on their cars, 74% of which is in subprime loans. So, that means that at least 74% of those with a car payment should have bought a cheaper car.

Wow. This is sad people. Anyone agree?

Hoosier

PS. My source was a radio show, don't know where they got it.
by SC Hoosier
Thu Mar 19, 2015 10:27 am
Forum: Investing - Theory, News & General
Topic: John Bogle's Don't Peek Challenge
Replies: 149
Views: 20865

Re: John Bogle's Don't Peek Challenge

stemikger wrote:As most diligent savers and investors, I look at my investments way too often.

Who would like to take the "Don't Peek Challenge with me.''

His extreme version is not to look at it until you are ready for retirement and be ready to have a cardiologist nearby because you may need one when you see how much is in there.

Or the modified version and only peek once every two or three years.

I'm in starting today!
I need to look a lot less. I'll take the challenge not to look for a year. Starting NOW!!!!!

Hoosier
by SC Hoosier
Thu Mar 05, 2015 2:34 pm
Forum: Personal Investments
Topic: What is your credit score?
Replies: 63
Views: 11880

Re: What is your credit score?

Mine is zero. I'll pay slightly higher car insurance premiums (which I don't understand because I prepay) in order to not fool with debt.

Y'all have really good "I love debt" scores. I'm impressed.
by SC Hoosier
Tue Mar 03, 2015 9:30 am
Forum: Personal Consumer Issues
Topic: What is your favorite consumer product?
Replies: 339
Views: 77366

Re: What is your favorite consumer product?

sharpjm wrote:Condoms.
I am so glad I don't have to wear those anymore!!!
by SC Hoosier
Mon Mar 02, 2015 9:48 am
Forum: Personal Finance (Not Investing)
Topic: Tom Stanley-Millionaire Next Door Author Killed in Auto Acci
Replies: 76
Views: 16869

Re: Tom Stanley-Millionaire Next Door Author Killed in Auto

Found "The Millionaire Next Door" in my early 20s and couldn't put it down. What my father had been saying for years was really true.

Thank You for doing the hard homework on the reality of American finances, Dr. Stanley.

God bless you and yours in this time of loss.

Hoosier
by SC Hoosier
Fri Feb 27, 2015 8:36 pm
Forum: Personal Finance (Not Investing)
Topic: How much did you have saved up for retirement at age 30?
Replies: 173
Views: 27861

Re: How much did you have saved up for retirement at age 30?

Envy is the sideways glance, looking at what someone else has, instead of looking at what you have with gratitude. Why is it that we always compare ourselves with people that have more instead of those who have less?
by SC Hoosier
Thu Feb 26, 2015 9:49 am
Forum: Personal Finance (Not Investing)
Topic: How much did you have saved up for retirement at age 30?
Replies: 173
Views: 27861

Re: How much did you have saved up for retirement at age 30?

1) In 3 years I will be 30 and I am projecting to have ~1.25mil in combined accounts* (this was done soley by high savings rates/low expenses- no windfalls, inheritances, business sales, etc). I also found bogleheads when I was 16 or 17 so that helped a lot. 2) This amount is just enough for my early retirement plans. Will let you know how it works out if I make it to 85ish with money left over. Edit- *I include taxable in this because it is part of my retirement savings. How in hell do you get to 1.25mil under 30 with no windfalls and inheritance ..... Can I borrow some brain cells from you to implant in my head :happy Sure! I took most of everything from the Bogleheads anyway. Also got a big "oh wow!" moment from this post -> h...
by SC Hoosier
Wed Feb 25, 2015 8:13 am
Forum: Personal Finance (Not Investing)
Topic: Is the first 100k really the hardest?
Replies: 170
Views: 66021

Re: Is the first 100k really the hardest?

I've often heard people say that the first 100k is the hardest...it only gets easier from here...now the magic of compounding begins, etc. I was wondering if anyone had any statistical support for this or if it's more of a cerebral victory. $100k: It took us 5 long years after graduation from May 2005 to Mar 2010. $200k: Then it took us another 2 full years in Feb 2012. $300k: It only took about a year and half in Jun 2013. $400k: After another year we got it in Apr 2014. $500k: Less than a year later we crossed this point in Nov 2014. The first $100k was really the hardest and longest for us. Each additional $100k is relatively easier. I'm just short of $100K and this is encouraging to me. However, these years saw quite a rise in the mark...
by SC Hoosier
Sat Feb 21, 2015 10:15 pm
Forum: Personal Consumer Issues
Topic: electric toothbrush
Replies: 48
Views: 6510

Re: electric toothbrush

retire2044 wrote:
retire2044 wrote:Excellent,,,Thanks for posting :happy
No problem. After all the great financial advice I have gotten on this site, it is nice to contribute to a topic I know well.

I'll say it again. Floss daily and brush 2x a day. Add fluoride toothpaste and fluoride rinse and you can save lots of money on dental care.
I've been reading some bad things about fluoride, like it's poison. What are your thoughts?

Thank you in advance,

Hoosier
by SC Hoosier
Sat Feb 21, 2015 7:51 pm
Forum: Personal Consumer Issues
Topic: What is your favorite consumer product?
Replies: 339
Views: 77366

Re: What is your favorite consumer product?

Cutco can opener. It's hard to find one that doesn't fall apart these days and Cutco's is worth the money. Buy one and enjoy it for life.

Edit: Also Lucas Fuel Treatment and Oil Stabilizer. Great stuff. Makes my baby purr.
by SC Hoosier
Thu Feb 19, 2015 9:24 am
Forum: Investing - Theory, News & General
Topic: Dave Ramsey Lashes Out at His Financial Critics
Replies: 89
Views: 30924

Re: Dave Ramsey Lashes Out at His Financial Critics

Haters gotta hate. Rediculous. ... Dave Ramsey has done as much for people's finances as Jack Bogle has. No that statement is ridiculous. Bogle has not taken anyone from poverty to prosperity, which Dave does daily. How can you argue against that? What makes you think that Bogle didn't do that? I'll bet there are hundreds/thousands/hundreds of thousands/millions? of people who would be in poverty or close had they not learned prudent investing skills from Bogle and Vanguard. That is hilarious!! Vanguard can't help you if you don't have money to invest. A friend of mine who is an investment advisor, always says "I'm just helping people add a few feet to their yacht. Dave Ramsey is really changing lives." I love Jack and Vanguard, ...
by SC Hoosier
Thu Feb 19, 2015 9:16 am
Forum: Investing - Theory, News & General
Topic: Dave Ramsey Lashes Out at His Financial Critics
Replies: 89
Views: 30924

Re: Dave Ramsey Lashes Out at His Financial Critics

ActionJackson wrote:
SC Hoosier wrote:Haters gotta hate. Rediculous.
...
Dave Ramsey has done as much for people's finances as Jack Bogle has.
No that statement is ridiculous.


Bogle has not taken anyone from poverty to prosperity, which Dave does daily. How can you argue against that?

PS. Thanks for the correct spelling of ridiculous. :oops:
by SC Hoosier
Wed Feb 18, 2015 8:51 pm
Forum: Investing - Theory, News & General
Topic: Dave Ramsey Lashes Out at His Financial Critics
Replies: 89
Views: 30924

Re: Dave Ramsey Lashes Out at His Financial Critics

Haters gotta hate. Ridiculous. We are on a forum celebrating a man that saved us 1-2% in fees every year. That is fine and Jack is great. How much do you think Dave is saving people when he motivates them to wake up from their financial stupor and get out of debt? Car payments that they cannot afford, credit cards with 30% interest. He's helping people change their family's bad financial habits, passed down through generations. The ramifications are huge for future generations. I have made it through the baby steps and found the Bogleheads. I have the best of both worlds. You people that attack Dave's character and motives are over the top. His character is of the highest degree. The money he makes off of ELP's is a tiny fraction of his wor...
by SC Hoosier
Wed Feb 18, 2015 9:30 am
Forum: Personal Investments
Topic: Rookie, looking to assess my investments and my plan..thanks
Replies: 9
Views: 1247

Re: Rookie, looking to assess my investments and my plan..th

If you contribute to a Roth IRA, after your house purchase, that would enable you to get money out before 59.5 without paying penalty. You can withdraw contributions at any time, tax free, because you have already paid taxes on that money. That could help you if you need it.

FYI,

Hoosier
by SC Hoosier
Wed Feb 18, 2015 8:55 am
Forum: Personal Finance (Not Investing)
Topic: Ironic Downside to Retirement Planning
Replies: 17
Views: 3856

Re: Ironic Downside to Retirement Planning

During most of my working career, I've kept a rough estimate in my mind of when I hoped to retire. The approximate date only changed twice - first, after the 2000 tech market decline and second, after my divorce. Once the dust had settled on the divorce papers and the house was sold, I sat down to plan in earnest and decided that my retirement would be within five years and now down to about 4 years. It was a good thing to get my plans and financial affairs in order, but it wasn't such a good thing for my mental state, lol...now that I have a date in mind, I've become a calendar watcher - and I don't want to wish my life away. It's becoming harder to continue engaging in the work I do - I'm like the kid in who keeps looking out the window,...
by SC Hoosier
Tue Feb 10, 2015 9:42 pm
Forum: Personal Finance (Not Investing)
Topic: How to make this fair: gifting to kids with different means
Replies: 108
Views: 15030

Re: How to make this fair: gifting to kids with different me

Lets say you want to start gifting to your kids before your death. You're a little hesitant to give too much away, though, as you're still healthy and active. If you need all your money then this all comes off the table and you spend your money! Your kids a quite different - one went in a "traditional" track and makes quite a bit of money and saves a lot (kid A), one had more trouble settling down and makes enough to have a perfectly decent life but you'd like to encourage that one to save more (kid B). You want to give the kid B enough money to fund a Roth every year (assume that the child does this as encouraged). Kid A doesn't really "need" that money right now (is saving WELL more than that amount already without pa...
by SC Hoosier
Tue Feb 10, 2015 1:19 pm
Forum: Personal Investments
Topic: [4 year update - would like another review]
Replies: 10
Views: 1800

Re: [4 year update - would like another review]

Also, after contributing 6% to 401k, my next priority would be the Roths and HSA because of better investment options. Thus, I would reduce 401k contributions to 6% and focus on: 1. ESPP 2. Car 3. Roths 4. HSA 5. Some extra on the mortgage 6. 401k above 6% SC Hoosier - Just to clarify, I have the full line up of Vanguard Target Funds in my 401k with ~0.0X% ER, so I'm quite happy with the options because I can pick the fund that matches my desired allocation. It is true that other options are pretty bad, but I have all I need in the Vanguard Target Date Funds, so the other options are a moot point. That said, does that change the order of priorities you listed? Do what you can and trust that it'll work out. That's excellent advice, thank yo...
by SC Hoosier
Tue Feb 10, 2015 9:11 am
Forum: Personal Investments
Topic: [4 year update - would like another review]
Replies: 10
Views: 1800

Re: Guidance on Prioritization

Submariner1980 wrote: I think I might feel a little better if I begin funding a 529 for each child with a portion of the proceeds from the ESPP cash out. Opinions on that thought are welcome.
Sometimes, in an attempt to be wise, I try to do too much at once. You don't have to do it all now. Your most pressing need is a vehicle. Once you check that off the list, then focus on the next thing. Remember, you'll have an income ten years from now too. Most likely it will be higher than what you make today, even considering inflation. Do what you can and trust that it'll work out. Remember that it is good for kids to have a job during college. Work has limitless benefits for kids development into independent adults.
by SC Hoosier
Tue Feb 10, 2015 9:04 am
Forum: Personal Investments
Topic: [4 year update - would like another review]
Replies: 10
Views: 1800

Re: [4 year update - would like another review]

I would maximize the ESPP and use that money to fund an upgrade in vehicle. I disagree with many on this forum on cars. Monthly cash flow is precious. Don't fill your budget with commitments. Save up $10-15k and buy the best used vehicle you can. Cost of ownership goes way down if you do this. When something unforeseen happens, job loss, medical bills, major car or home repair, you will be glad you don't have a car payment. I would stop contributing to the HSA until I got a better car. My goal would be to get the car in the next 12 months, then contribute to both roths and HSA again. Also, after contributing 6% to 401k, my next priority would be the Roths and HSA because of better investment options. Thus, I would reduce 401k contributions ...
by SC Hoosier
Wed Jan 07, 2015 10:15 am
Forum: Personal Consumer Issues
Topic: What is the best product to clean golf clubs?
Replies: 14
Views: 5341

Re: What is the best product to clean golf clubs?

dsmil wrote:I know that a lot of people live by the club cleaner that Frogger makes (http://www.froggergolf.com/brushpro-seo/).

I personally use a brush like this during rounds, and use wet towel with dish soap to clean both the heads and grips after every other round or so. Cleaning the grips definitely keeps them nicer for longer.

I use dish soap and water also. This is a great job for a kid if you've got some. Keep those grooves clean with a tee. I also keep a plastic brush in my bag and a dark colored towel specifically for wiping dirt off of clubs. You can try rubbing aluminum foil on the rusty shafts. Or you can replace the shafts. A clubmaker or Golfsmith can do this for much less than $90 per club, I would think.
by SC Hoosier
Wed Jan 07, 2015 10:08 am
Forum: Personal Consumer Issues
Topic: Transcendental meditation
Replies: 38
Views: 4682

Re: Transcendental meditation

My faith beliefs are very different from Chopra, but this is an exercise of his that I use for stress relief. https://www.youtube.com/watch?v=kWe501bBel8

It really helps with headaches. I try to do it daily. Only 15 minutes.

Hoosier
by SC Hoosier
Wed Dec 03, 2014 11:24 am
Forum: Personal Finance (Not Investing)
Topic: Avoiding lifestyle creep
Replies: 30
Views: 6882

Re: Avoiding lifestyle creep

Thank you, everyone, for your input. We may actually allow a bit of lifestyle creep with this raise... not much, but a little. We are going to spend small amounts on things like extracurriculars for our kids (circus arts classes, drawing classes), maybe some skiing locally, more experiences now that our kids are getting older. Day trips, exploring new skills, experiencing new things. Fun stuff. We are also going to start a "mortgage-free fund". IF I pay off the 2.375% mortgage, I want to do it all at once so we can see the benefit of the increased cash flow at the same time we see the decrease in liquidity. Good plan. I also wanted to applaud those who said to set aside some money for next vehicles. Of course, if you need a new v...
by SC Hoosier
Wed Dec 03, 2014 10:42 am
Forum: Personal Finance (Not Investing)
Topic: 1st Moving Violation Traffic Ticket: Lawyer Up or Pay Fine?
Replies: 18
Views: 2609

Re: 1st Moving Violation Traffic Ticket: Lawyer Up or Pay Fi

Jack FFR1846 wrote:It's different in every state. In my state, I would be more than happy to p y $400 for any chance for reductions. My son was in an accident last winter that resulted in 4 points. It's costing me $495 a year in surcharges for 6 years.
Make him pay the extra. Natural consequences are the backbone of good parenting.
by SC Hoosier
Mon Nov 24, 2014 9:28 am
Forum: Personal Consumer Issues
Topic: My grown up Christmas wish-A Warm House
Replies: 27
Views: 4982

Re: My grown up Christmas wish-A Warm House

This is why I would never buy an older house. Plumbing and efficiency issues. I don't care how good it looks or how good a deal it is. Building codes have come a long way in 100 years. Even cheaply built newer homes (mine is 2005, purchased in 2009 for $80k, 1200 sf) are built so much better than most WWII era homes and older.
by SC Hoosier
Mon Oct 27, 2014 6:47 pm
Forum: Investing - Theory, News & General
Topic: If holding cash, do you want a Great Depression?
Replies: 50
Views: 6782

Re: If holding cash, do you want a Great Depression?

I agree with what those above are saying about global suffering, but I have had the same thought as the OP. The following is what convinced me to scrap that thought: What if the depression doesn't come in your lifetime or working years? Say you set aside $100,000 just in case the Big One hits. Instead the market goes up an average of 10% over the next 30 years. How much money have you lost? Assuming your cash won't keep up with inflation, had you invested your $100k in TSM and averaged 10% you would have had $1,744,940. So you gave up roughly $1.6 mil so you'd have the chance to purchase mutual funds at a 90% discount. Guess what. If you have a 23 year plus investing horizon, you ARE buying TSM at a 90% discount! (again, based on average re...
by SC Hoosier
Fri Oct 17, 2014 10:04 pm
Forum: Investing - Theory, News & General
Topic: Why not 100% Stocks?
Replies: 293
Views: 40220

Re: Why not 100% Stocks?

I can agree with the last three posts. I am 0% bonds and my retirement accounts are 100% equities.
by SC Hoosier
Fri Oct 17, 2014 9:18 pm
Forum: Investing - Theory, News & General
Topic: Why not 100% Stocks?
Replies: 293
Views: 40220

Re: Why not 100% Stocks?

I am 100% equities. My reasons are as follows: My wife and I are under 40 with tolerance for market ups and downs. I get excited when I see red. We have no debt including our home. So our net worth is 45% home equity. Thus, in this situation, I'm not looking to temper risk. I'm looking for more risk. I need to increase my returns. My plan is to continue buying only equities until age 50 and then put all new money into Total Bond or Money market. My plan in retirement is to spend Bond/MM first and replenish from equities after market spurts. I think it's funny how so many people on this forum want to borrow all they can and then have a 20-40% bond allocation to lower risk. I lower risk by having no mortgage or debt and I get the monthly bene...
by SC Hoosier
Fri Oct 17, 2014 8:37 pm
Forum: Personal Consumer Issues
Topic: Best solution for clouded auto headlight lens?
Replies: 31
Views: 10195

Re: Best solution for clouded auto headlight lens?

I just restored my headlights with this: http://smile.amazon.com/Sylvania-38771- ... mp+cleaner

It worked great. The video was really helpful. It instilled some confidence. The final UV coating was the real difference maker. Be careful to get that step right the first time. I tried other kits that had me using my drill. This one worked WAY better.

Hoosier
by SC Hoosier
Mon Oct 13, 2014 10:40 pm
Forum: Personal Consumer Issues
Topic: Cleaning Up Leaves
Replies: 40
Views: 5467

Re: Cleaning Up Leaves

A little upgrade on the mulching idea. My family owned a golf course as I grew up. We mulched our leaves by taking our mowers over them often, sometimes daily. My dad made a cover for the discharge outlet on the riding mowers. This keeps the leaves under the deck longer, where the turning blades will keep chopping them. This way, you don't have to run over them so much. I've seen some push mowers with this no discharge option. Maybe some riders do too. Another crazy trick: We found that, when mulching, the mowers would leave an unsightly line of mulched leaves in a trail behind the mower. We learned that if we backed over them, no line was left. The leaves were spread out more evenly. There we were, driving our mowers backwards through the ...
by SC Hoosier
Thu Oct 09, 2014 9:41 am
Forum: Personal Consumer Issues
Topic: Small Moneysavers Which Add Up
Replies: 74
Views: 10672

Re: Small Moneysavers Which Add Up

Ron Ronnerson wrote:I buy sunglasses from the Dollar Store. This came to mind because I misplaced a pair just today. Hopefully it will turn up. If not, then I guess I'm out of a buck.
I buy sunglasses by the lot on ebay. I go through a lot of them so this works best. Usually works out to $2/pair. They aren't always what I would pick, but I can make sure some of them are appealing to me.
by SC Hoosier
Tue Sep 30, 2014 10:07 am
Forum: Personal Finance (Not Investing)
Topic: Home affordability
Replies: 25
Views: 4157

Re: Home affordability

yosef wrote:
SC Hoosier wrote:It doesn't seem that financial advice is what the OP is looking for here.
Because I can't pay cash? That was more or less your suggestion right?
No. That was not my suggestion. You could get this mortgage to be a LOT smaller if you'd focus on it for a while. 4% interest on $350k is &14,000 per year. That's YOUR money going to someone else! That sounds nuts to me.

Have you thought about adding onto your existing home?

Just trying to help.
by SC Hoosier
Mon Sep 29, 2014 9:08 pm
Forum: Personal Finance (Not Investing)
Topic: Home affordability
Replies: 25
Views: 4157

Re: Home affordability

It doesn't seem that financial advice is what the OP is looking for here.
by SC Hoosier
Sat Sep 27, 2014 7:55 am
Forum: Personal Finance (Not Investing)
Topic: Home affordability
Replies: 25
Views: 4157

Re: Home affordability

1) Tough it out where we are until...when? While we love the area and our house served us well until now, I can honestly say it is not the house I (nor my wife) want to live in for another 10 years. I'm almost 40 and if we are to have any hope of having our home paid for by retirement we need to get into a permenant residence soon. How long did it take you to save $80k? How much do you still owe on your home? I can't speak on how bad your current home is, I don't live there, but you'd be much better off staying there until you pay it off and possibly until you have the cash to get you to $420k. If you put your $80k on your mortgage and pay a little extra every month, you'd have no mortgage probably before you're 45. Then save for 3 more ye...
by SC Hoosier
Fri Aug 22, 2014 3:03 pm
Forum: Personal Finance (Not Investing)
Topic: convince me not to use traditional IRA for house downpayment
Replies: 23
Views: 3729

Re: convince me not to use traditional IRA for house downpay

This may draw some ire from my brethren, but the OP could stop contributing to the retirement accounts until his emergency fund is built back up again. Hopefully, even after resuming retirement contributions there will be significant margin in the budget with the new housepayment and associated costs that come with it. I would never put myself into a situation where I have no margin, or breathing room, or discretionary money. I try to keep my camel's back free of straws.

Hoosier
by SC Hoosier
Fri Jul 04, 2014 1:46 pm
Forum: Personal Consumer Issues
Topic: Adult child @ home
Replies: 23
Views: 3325

Re: Adult child @ home

It seems to me you and your wife have very different views on parenting. There are deeper issues than merely how best to deal with your daughter. It seems fundamentally your wife is focused on setting your daughter up to succeed by removing any financial burdens and barriers, while you are more interested in having her learn to be independent and responsible. How these play out are vastly different and you definitely need to hash this out with your wife before reaching any common ground solutions. IMHO, only when you and your wife are united in what's best for your daughter, can you come up with steps you both can agree upon. Good luck! Agreed. This should have been hashed out before she ever moved back in. Too many emotional decisions goi...
by SC Hoosier
Tue Jun 24, 2014 1:43 pm
Forum: Personal Finance (Not Investing)
Topic: Does rental income make one eligible for Roth IRA?
Replies: 8
Views: 1557

Re: Does rental income make one eligible for Roth IRA?

bnes,

This is a question for down the road when neither of them are working. Thank you for the thought.

Hoosier
by SC Hoosier
Tue Jun 24, 2014 1:26 pm
Forum: Personal Finance (Not Investing)
Topic: Does rental income make one eligible for Roth IRA?
Replies: 8
Views: 1557

Re: Does rental income make one eligible for Roth IRA?

Thank you for the quick answers. I really appreciate your help. So glad to be a member of this community.

Hoosier
by SC Hoosier
Tue Jun 24, 2014 1:01 pm
Forum: Personal Finance (Not Investing)
Topic: Does rental income make one eligible for Roth IRA?
Replies: 8
Views: 1557

Does rental income make one eligible for Roth IRA?

I doubt it does, but I thought I ask my very intelligent friends here at Jack's Place.

My father has farm land rental income. Can he call this self employment income on his farm and contribute to a Roth IRA?

Hoosier
by SC Hoosier
Sun Jun 08, 2014 9:51 am
Forum: Personal Finance (Not Investing)
Topic: does frugality result in lower career ambition?
Replies: 113
Views: 14712

Re: does frugality result in lower career ambition?

For me, being able to live on less has taken away some of the pressure to earn more, because I make enough to do everything I really want to do. Sure more would be nice, but I like my work and wouldn't change that to earn more. Good question.
by SC Hoosier
Wed May 28, 2014 7:48 pm
Forum: Investing - Theory, News & General
Topic: POLL: QB Aaron Rodgers disproves the EMH
Replies: 39
Views: 5770

Re: POLL: QB Aaron Rodgers disproves the EMH

I think the OP makes a good point. I disagree with in_reality. Rodgers played a position that not many teams needed that year, so his services were not as highly valued.

I think another interesting point is if Rodgers had been drafted by a team other than the Green Bay Packers he may not have had the same level of success. The Packers might have had superior coaching or an offense that Rodgers felt comfortable with. They also had Brett Favre, a Hall of Fame quarterback on the roster for Rodgers to watch and learn from for a few years. Alex Smith was taken first that year by the 49ers and that situation had far less success that Rodgers in Green Bay.
by SC Hoosier
Thu May 08, 2014 8:44 am
Forum: Personal Finance (Not Investing)
Topic: Should I be worried about my girlfriend's debt?
Replies: 57
Views: 8260

Re: Should I be worried about my girlfriend's debt?

The fact that you are so concerned about this and that it definitely doesn't deter you from wanting to marry her says to me they you should definitely marry her very soon. Until then you have no right to say "we" about anything. Tie the knot, work together to scrape by until you are both working and then kill the loans.

Here is an analogy: Two horses pulling a loaded wagon in opposite directions don't move the wagon very far. Two horses hitched together pulling the same load in the same direction can move it very far will much less struggle.

Get married and pull in the same direction. You can endure a lot if you are enduring it together.

Hoosier
Married 17 years.
by SC Hoosier
Thu May 08, 2014 8:24 am
Forum: Personal Finance (Not Investing)
Topic: I like the investment strategy , not really the lifestyle
Replies: 67
Views: 9589

Re: I like the investment strategy , not really the lifestyl

Dave Ramsey suggests putting 15% of your income into retirement accounts. If you can't live content on 85% of your income, then you've got contentment issues.

I focused on paying off mortgage early in life instead of investing. So now I put about 50% of my income into retirement accounts. We still have enough to have fun. We are going on a week vacation next week. :D

I've read about studies that surveyed retired people. Their advice to younger people was to save more money for retirement. Google it.

Hoosier

PS. I love Neurosphere's shorter term examples. Well done, Sir!