Search found 1316 matches

by basspond
Tue May 19, 2020 6:54 am
Forum: Personal Finance (Not Investing)
Topic: Discarding old tax returns
Replies: 62
Views: 5473

Re: Discarding old tax returns

I didn’t do this but before throwing out 7+ year old returns I will be cataloging and saving transactions that will have a bearing for the future (cost basis for stock, home improvements, etc). I have most records including tax returns for over 30 years. Luckily, most if not all returns were very si...
by basspond
Sat May 16, 2020 7:35 pm
Forum: Personal Investments
Topic: Should I Transfer 401K to Roth 401K?
Replies: 34
Views: 2115

Re: Should I Transfer 401K to Roth 401K?

Thanks! I'm keeping the traditional portion as is. Keeping the Roth portion as is. Great choice. As in asset management you also need to manage the balances in your after tax, before tax, and Roth. Being diversified in these will give you more options when you start pulling from these accounts and ...
by basspond
Sat May 16, 2020 7:26 pm
Forum: Personal Finance (Not Investing)
Topic: Does Delaying Social Security Deliver an 8% Return?
Replies: 92
Views: 7419

Re: Does Delaying Social Security Deliver an 8% Return?

More income diversification between 62 and 70 The way to eliminate this issue is to delay SS and put the retirement income that you would otherwise get from SS in TIPS. The TIPS will provide government-guaranteed, inflation-adjusted money. How can this increase diversification if we are pulling fun...
by basspond
Sat May 16, 2020 7:19 pm
Forum: Personal Finance (Not Investing)
Topic: Income about to be halved - what do we do?
Replies: 62
Views: 7668

Re: Income about to be halved - what do we do?

It’s hard but we had three old dogs (down to 2). They are/were all close or over 15 years old. We were given the option for treatments for two of them but they are at the end of their lives. We make them comfortable but be realistic you are almost spending as much on them as you are on your medical....
by basspond
Sat May 16, 2020 7:05 pm
Forum: Personal Finance (Not Investing)
Topic: Thinking of buying a boat during pandemic – am I CRAZY?
Replies: 80
Views: 5321

Re: Thinking of buying a boat during pandemic – am I CRAZY?

We have a boat we use for both fishing and skiing. We also just take it out for a spin and some of our best times have pulling up to a bar or restaurant and enjoying the atmosphere. Have fun.
by basspond
Sat May 16, 2020 5:59 am
Forum: Personal Finance (Not Investing)
Topic: Does Delaying Social Security Deliver an 8% Return?
Replies: 92
Views: 7419

Re: Does Delaying Social Security Deliver an 8% Return?

We both plan to take SS at the earliest we can. Here are some of the reasons: Payments are based on mortality tables which the government watches and maintains with a keen eye We opted for our company’s lump sum versus annuity. By retiring early, our lump sum was reduced by 1/2 the percent our annui...
by basspond
Wed May 13, 2020 6:28 am
Forum: Personal Finance (Not Investing)
Topic: Broke mother-in-law retiring due to COVID-19
Replies: 54
Views: 6485

Re: Broke mother-in-law retiring due to COVID-19

She needs to prove to you that she will be prudent with the money you intend to give her. Don’t agree to signup for this deal until she pays off at least half of her non mortgage debt.
by basspond
Sat May 09, 2020 7:55 am
Forum: Personal Consumer Issues
Topic: Percentage of savings to "prepping"?
Replies: 132
Views: 8258

Re: Percentage of savings to "prepping"?

We buy a lot of staples on sale so we still have two months supply of toilet paper we have not had to buy since the lockdown orders hit. As far as the rest, we could have made it 2 months without having to purchase any food. We do have a generator that will run our necessities with enough fuel for a...
by basspond
Wed May 06, 2020 6:09 am
Forum: Personal Consumer Issues
Topic: Is there anything more environmentally friendly than Drano for unclogging a drain?
Replies: 80
Views: 4784

Re: Is there anything more environmentally friendly than Drano for unclogging a drain?

Had a family friend who used Drano anytime they had slow flow. They eventually had to replace all of their drain pipes because the Drano ate through the pipes. Avoid chemicals as much as possible. I use a snake, pliers, screwdriver, and plunger and sometimes have to open the “J” under the sinks. Onc...
by basspond
Tue May 05, 2020 7:32 am
Forum: Personal Consumer Issues
Topic: Front load washing machine recommendations
Replies: 98
Views: 4656

Re: Front load washing machine recommendations

It is a lot easier to transfer clothes from a front load washer to the dryer. Also having to balance unbalanced loads in a front load is almost non-existent. Our LG has been going strong for about 10 years and the dryer cycles have been cut drastically.
by basspond
Tue May 05, 2020 7:18 am
Forum: Personal Finance (Not Investing)
Topic: Years of service
Replies: 5
Views: 700

Re: Years of service

Some companies (DW’s did) recognize experienced hires prior work history years as long as it was in a similar field. She was not an executive.
by basspond
Tue Apr 28, 2020 8:05 am
Forum: Personal Consumer Issues
Topic: [On-going Scams - Post them here]
Replies: 297
Views: 16720

Re: IMF COVID-19 Grant Scam

This is one that I worry about my aging relatives. These crooks prey on emotional vulnerabilities on the elderly. I have sat down with them and explained to avoid clicking on any electronic link. It’s just takes one small click to be stung, it has happened to us and friends who are much younger. I h...
by basspond
Tue Apr 28, 2020 7:50 am
Forum: Personal Finance (Not Investing)
Topic: How do you explain no COVID19 Stimulus Payment?
Replies: 89
Views: 7143

Re: How do you explain no COVID19 Stimulus Payment?

Mine went to someone who needed it more.
by basspond
Mon Apr 27, 2020 6:45 am
Forum: Personal Finance (Not Investing)
Topic: DD filed not dependent
Replies: 44
Views: 2604

Re: DD filed not dependent

My daughter is 21, a full-time student, she doesn't support herself, lives with us when not at school, etc. She's our dependent, at least for 2019. If she gets a full-time job this year, then she would not be our dependent for 2020, correct? We thought we did coordinate on taxes, but clearly not en...
by basspond
Sun Apr 19, 2020 11:11 pm
Forum: Personal Finance (Not Investing)
Topic: When do you walk away from whole life insurance?
Replies: 31
Views: 3557

Re: When do you walk away from whole life insurance?

Walk away. We didn’t because at the time it covered our mortgage, we were maxed out in all tax efficient accounts, over 90% of our investments were in equities, and by the time (over 10 years) we thought about walking away the cash value increase was greater then our premiums. It wasn’t all thrown a...
by basspond
Fri Apr 17, 2020 5:36 pm
Forum: Personal Finance (Not Investing)
Topic: Yet Another Keep or Discard Whole Life Policy Q
Replies: 10
Views: 767

Re: Yet Another Keep or Discard Whole Life Policy Q

It appears you were using dividends to pay premiums, so that is why the cash balance isn’t any higher. If you don’t need the extra insurance dump it.
by basspond
Fri Apr 17, 2020 4:04 pm
Forum: Personal Consumer Issues
Topic: Runners -Anyone use the old fashion Shoe Goo??
Replies: 30
Views: 1384

Re: Runners -Anyone use the old fashion Shoe Goo??

Started using it 40 years ago for tennis shoes when parts of the side of the soles would be worn. It doesn’t work as good for glueing, I use Gorilla or crazy glue for a stronger bond
by basspond
Wed Apr 15, 2020 7:42 am
Forum: Personal Finance (Not Investing)
Topic: How many paid for kids' college?
Replies: 282
Views: 13463

Re: How many paid for kids' college?

We paid for both of ours. No 529, threw all we could into retirement and house was paid off several years before college started. To us their job was to get through college in 4 years with a marketable degree and not to boomerang. They are great kids who have given back to the community. They have t...
by basspond
Wed Apr 15, 2020 7:25 am
Forum: Personal Finance (Not Investing)
Topic: How did your spending change when your kids left the house?
Replies: 41
Views: 2891

Re: How did your spending change when your kids left the house?

Broken Man 1999 wrote:
Tue Apr 14, 2020 4:37 pm
The DDs have told us when the granddaughters are teenagers they will live with us. The old mother-daughter conflicts! I'm OK with that. :D
Do not count on that happening. A close relative got their DD? back after the grandparents kicked her out of their house.
by basspond
Mon Apr 13, 2020 6:09 pm
Forum: Personal Finance (Not Investing)
Topic: How did your spending change when your kids left the house?
Replies: 41
Views: 2891

Re: How did your spending change when your kids left the house?

Monthly spend, state college

children(2/1) - Transportation, college, living, medical = -$5.5k / -$3k

Travel +$0.5k
by basspond
Sun Apr 12, 2020 7:34 am
Forum: Personal Finance (Not Investing)
Topic: Help for Landlords in the Stimulus Bills?
Replies: 198
Views: 13401

Re: Help for Landlords in the Stimulus Bills?

AlphaLess wrote:
Fri Apr 10, 2020 8:48 pm
basspond wrote:
Fri Apr 10, 2020 5:10 am
I have a relative who was notified by the tenant they lost their job. Nobody is going to get out of this unscathed. My relative reduced the rent and the tenants were very appreciative. Will probably offer reduced rents for at least 3 months.
What was the rent reduction?
About 25%.
by basspond
Sun Apr 12, 2020 7:28 am
Forum: Personal Finance (Not Investing)
Topic: How often do you login and review your investment accounts?
Replies: 68
Views: 2403

Re: How often do you login and review your investment accounts?

Actually have spreadsheets that were updated several times a week before plunge. Would logon a couple of times a month to add reinvestments to spreadsheet. After, once last week.
by basspond
Fri Apr 10, 2020 5:10 am
Forum: Personal Finance (Not Investing)
Topic: Help for Landlords in the Stimulus Bills?
Replies: 198
Views: 13401

Re: Help for Landlords in the Stimulus Bills?

I have a relative who was notified by the tenant they lost their job. Nobody is going to get out of this unscathed. My relative reduced the rent and the tenants were very appreciative. Will probably offer reduced rents for at least 3 months.
by basspond
Tue Apr 07, 2020 8:10 pm
Forum: Personal Consumer Issues
Topic: How do you maximize enjoyment after achieving FI?
Replies: 161
Views: 8455

Re: How do you maximize enjoyment after achieving FI?

Before we were FI we made a decision to donate at least 10% of our gross salary. That enabled us to live satisfying lives and attain FI earlier. Then being FI we were able to volunteer for worthwhile causes that have enriched our lives. But other then that, a boat, live theater season tickets, yearl...
by basspond
Tue Apr 07, 2020 3:14 pm
Forum: Personal Finance (Not Investing)
Topic: Life Insurance Policy - Maintain or ?
Replies: 24
Views: 1297

Re: Life Insurance Policy - Maintain or ?

We have a policy that began soon after we were married to pay off the mortgage. About 10 years after the policy we thought about getting rid of it but the cash value was going up more then the premiums. We also were over 90% in equities so this was one of the ways we balanced our portfolio.
by basspond
Tue Apr 07, 2020 2:50 pm
Forum: Personal Finance (Not Investing)
Topic: "Oil and Gas Interest" in WV: real or scam?
Replies: 30
Views: 2062

Re: "Oil and Gas Interest" in WV: real or scam?

I have a relative that had mineral rights in a field that development was held up because one small piece of property had 40 mineral right owners that had to be contacted. I would talk with other mineral right/land owners to see if they received similar letters. Try this link to search for the lease...
by basspond
Sun Apr 05, 2020 6:51 am
Forum: Personal Finance (Not Investing)
Topic: Barbell Strategy in Regards to Duo-career Couples
Replies: 16
Views: 1533

Re: Barbell Strategy in Regards to Duo-career Couples

We worked for the same company. Rather then diversifying careers, I believe the more important aspect is that both are highly motivated and performing employees. Nothing is guaranteed but each person’s drive will be able to survive and adjust if life throws you curveballs. But if you are spending al...
by basspond
Sat Mar 21, 2020 6:32 am
Forum: Personal Finance (Not Investing)
Topic: Father in law died- things to do
Replies: 30
Views: 3590

Re: Father in law died- things to do

I would make sure I would fully understand the exact terms of the reverse mortgage and did they use any of the proceeds for living expenses. Review her medical coverage. My MIL was in a similar situation and her financial advisor was able to walk her through her financial picture. She also has a rel...
by basspond
Sat Mar 14, 2020 8:27 am
Forum: Personal Finance (Not Investing)
Topic: Recent Early Retirees How are You Coping?
Replies: 29
Views: 3849

Re: Recent Early Retirees How are You Coping?

Just like we did in the previous 3 downturns in 1987, 2000, and 2008. Only differences are we are not taking advantage of the lower costs of dollar cost averaging and no work related stresses. We do have a couple of trips that we might have to cancel because DW is getting sucked into the gloom and d...
by basspond
Thu Mar 12, 2020 11:43 am
Forum: Personal Finance (Not Investing)
Topic: Keeping cash on hand during times like this???
Replies: 10
Views: 1247

Re: Keeping cash on hand during times like this???

If we don't remember history we are doomed to repeat it. This is crazy. I remember everyone before Y2K stocking up on everything because their thought was that the economy was not going to function. That was reverse from this. The market went up from uncertainty and most companies investing to ensur...
by basspond
Wed Mar 11, 2020 7:24 am
Forum: Personal Finance (Not Investing)
Topic: Pension Plan Lump Sum - Calculation Error By Employer
Replies: 17
Views: 1695

Re: Pension Plan Lump Sum - Calculation Error By Employer

I don’t know if this will help but a link to information about IRS’s employer plan correction process. I might have to study too because we received a lump sum that was higher then what we calculated.

https://www.irs.gov/pub/irs-pdf/p4224.pdf
by basspond
Tue Mar 10, 2020 9:52 am
Forum: Personal Finance (Not Investing)
Topic: Colleague is Day Trading
Replies: 43
Views: 4221

Re: Colleague is Day Trading

If it is affecting his work then I might make subtle hints about what he is actually getting paid to do.
by basspond
Mon Mar 09, 2020 7:37 pm
Forum: Personal Finance (Not Investing)
Topic: Travel Spend as % of Total
Replies: 15
Views: 993

Re: Travel Spend as % of Total

Under 5% while working, closer to 15% in retirement, but if income was the same closer to 10%.
by basspond
Fri Feb 28, 2020 8:22 am
Forum: Personal Finance (Not Investing)
Topic: Teaching kids about saving money and investing
Replies: 44
Views: 3057

Re: Teaching kids about saving money and investing

The best thing you can do is setting an example of your controlled lifestyle, saving, and charitable life. We opened a savings account for ours and matched dollar for dollar what they put in. They could use their savings for college expenses and once they graduated they got our match. We also set up...
by basspond
Mon Feb 24, 2020 4:30 am
Forum: Personal Finance (Not Investing)
Topic: Retirement expenses vs pre-retirement expenses?
Replies: 28
Views: 2998

Re: Retirement expenses vs pre-retirement expenses?

Look at items that will only be affected by retirement. Things like mortgage, school, house maintenance are not driven by your actual retirement decision. For us: Lower: transportation, food/eating out (able to better plan meals and spend more time “thrifty shopping” and less throwing out old food),...
by basspond
Sat Feb 22, 2020 8:13 am
Forum: Personal Finance (Not Investing)
Topic: Social Security reduction and breakeven
Replies: 67
Views: 5514

Re: Social Security reduction and breakeven

Would there be different numbers if the benefits would be for one with spousal benefits or for both spouses who file under their own benefit? And also the age gap between the two spouses?
by basspond
Sat Feb 22, 2020 8:01 am
Forum: Personal Finance (Not Investing)
Topic: We are where we are?
Replies: 35
Views: 3581

Re: We are where we are?

What really increased our cash flow was paying off the mortgage. It allowed us to cash flow college for two while not touching what we had saved (after tax), max out retirement, and still save some in after tax accounts to hedge our expenses from age 55 to 59 1/2. But we also have employee “subsidiz...
by basspond
Sat Feb 22, 2020 2:42 am
Forum: Personal Finance (Not Investing)
Topic: What's your target portfolio # at age 65 and your est. expenses
Replies: 2
Views: 567

Re: What's your target portfolio # at age 65 and your est. expenses

Don’t forget inflation. A modest 2% inflation rate will double your expenses in 36 years. 25x expenses is a good assumption since you plan to begin at age 65. I used at least 35x but I retired at 55.
by basspond
Sun Feb 16, 2020 7:56 am
Forum: Personal Finance (Not Investing)
Topic: SALT deduction limit & tax benefit rule
Replies: 5
Views: 1165

Re: SALT deduction limit & tax benefit rule

In our state, property tax for the year is determined by the value of January 1st of the year and the tax bill is not issued until October and final due date is February 1st of the next year. But you state might be different since it has income tax too.
by basspond
Sun Feb 16, 2020 7:46 am
Forum: Personal Finance (Not Investing)
Topic: Relative laid off - need advice
Replies: 29
Views: 5106

Re: Forced early retirement with minimal asset - please help with planning

His savings to expense ratio is too high to retire now. Look at SS number because their projections assume he will be working to full retirement age. He needs to work to at least full retirement age then reevaluate. Rolling over the 401k is a good idea but be aware of expenses of new IRA.
by basspond
Wed Feb 12, 2020 7:10 am
Forum: Personal Finance (Not Investing)
Topic: Where to leave money when we die
Replies: 68
Views: 5339

Re: Where to leave money when we die

If you do not have a person to leave the money to, consider several organizations. I know of an organization that received a huge inheritance and they had to find something to use the money on that wasn’t really necessary. Now unless you want a building named after you.
by basspond
Wed Feb 12, 2020 7:01 am
Forum: Personal Finance (Not Investing)
Topic: Join AARP for Fun and Profit
Replies: 28
Views: 3140

Re: Join AARP for Fun and Profit

AARP is a Union for old folks and being a member doesn’t give you a say on how they spend the money you give them. I pass, I’m a right to retire guy.
by basspond
Mon Feb 10, 2020 9:10 pm
Forum: Personal Consumer Issues
Topic: Troubleshoot brown tap water (cold water only)
Replies: 20
Views: 1400

Re: Troubleshoot brown tap water (cold water only)

Main causes of "brown water": Gunk is deposited sinks to the bottom of pipes. This stuff sits harmlessly on the bottom of the pipes until the pipe looses pressure and when it is repressurized it stirs it up and ends up in your house. This is temporary though. If your Municipal water supply switched ...
by basspond
Mon Feb 10, 2020 9:01 pm
Forum: Personal Consumer Issues
Topic: Best Oil?
Replies: 125
Views: 10171

Re: Best Oil?

I know of an acquaintance who used his company's synthetic oil and had a car he could switch out the oil filter without draining the oil. He put over 100,000 miles on the oil with no engine issues. The synthetic oil will lubricate a long time, but the gunk that floats around in it will destroy your ...
by basspond
Mon Feb 10, 2020 8:52 pm
Forum: Personal Consumer Issues
Topic: What is the best concert you ever witnessed?
Replies: 385
Views: 27374

Re: What is the best concert you ever witnessed?

Survivor and Bryan Adams at the now non-existent Southern Star Amphitheater at Astroworld in May 1985. The price was right (free with admission) , the show was great but what was very spectacular was the lightning show that put to shame the fireworks display.
by basspond
Mon Feb 10, 2020 4:26 pm
Forum: Personal Consumer Issues
Topic: What is your most luxury/expensive hobby.
Replies: 262
Views: 19154

Re: What is your most luxury/expensive hobby.

I wish I could spend as much money on golfing and fishing as we do traveling.
by basspond
Thu Feb 06, 2020 11:24 pm
Forum: Personal Finance (Not Investing)
Topic: long term care insurance versus self-insuring
Replies: 98
Views: 5312

Re: long term care insurance versus self-insuring

My parents have a long term insurance policy. My dad basically died within a day of hitting his deductible days. I will self insure.
by basspond
Thu Feb 06, 2020 2:41 am
Forum: Personal Finance (Not Investing)
Topic: Should We Buy A House
Replies: 17
Views: 1853

Re: Should We Buy A House

Here are some things to consider before going forward: Put at least 20% down on a 15 year (or less) mortgage Buying a house locks in one of your highest expense items, housing. Do you plan on upgrading later? Would you buy a house in your current neighborhood? Are you ready for the added expense and...
by basspond
Tue Feb 04, 2020 6:45 am
Forum: Personal Finance (Not Investing)
Topic: 22 year old - Should I focus more on saving for a house or retirement?
Replies: 41
Views: 3165

Re: 22 year old - Should I focus more on saving for a house or retirement?

Your older self will thank your younger self that you maxed out your 401k. Still save for a house, who knows what your future life partner will like and they might be saving for a house too.
by basspond
Tue Feb 04, 2020 6:38 am
Forum: Personal Finance (Not Investing)
Topic: Health Insurance In Retirement
Replies: 32
Views: 3155

Re: Health Insurance In Retirement

Our subsidized company retirement medical insurance is a little under $300 per person, which is about doubled what our employed rate was. Not that I am complaining.