Search found 1089 matches

by basspond
Sat Dec 15, 2018 9:51 am
Forum: Personal Finance (Not Investing)
Topic: Received IRS notice CP 2000 asking more tax. Need help.
Replies: 28
Views: 3540

Re: Received IRS notice CP 2000 asking more tax. Need help.

I too got a notice for under paying 2017 taxes. I used the capital gains work sheet in instructions to calculate the taxes, like I have done for many years without any problems, but this year they didn’t and the letter said I should use the calculation to lower my payment. Wrote them back with the w...
by basspond
Sat Dec 15, 2018 2:37 am
Forum: Personal Finance (Not Investing)
Topic: Social Security Claiming dilemma-Would love opinions
Replies: 26
Views: 2517

Re: Social Security Claiming dilemma-Would love opinions

If you have to rely on your earliest SS payment to provide over 30% of your retirement expenses then delay, over 50% you might have to work longer also.
by basspond
Sat Dec 15, 2018 12:17 am
Forum: Personal Finance (Not Investing)
Topic: Can I retire
Replies: 90
Views: 6851

Re: Can I retire

After you clear your debts without slowing or using your savings.
by basspond
Wed Dec 12, 2018 9:46 pm
Forum: Personal Consumer Issues
Topic: Is a New Car Okay if Driven 15+ Years?
Replies: 92
Views: 7147

Re: Is a New Car Okay if Driven 15+ Years?

I will never buy another used car in my life. The only one I have bought in the last 35 years the engine had to be replaced with less then 70k miles so we dumped it. You never know what you are buying. Other then that clunker, we have kept our new vehicles around 10 years.
by basspond
Wed Dec 12, 2018 6:16 pm
Forum: Personal Finance (Not Investing)
Topic: Received IRS letter - be proactive or sit back?
Replies: 25
Views: 2981

Re: Received IRS letter - be proactive or sit back?

I don’t understand that the ex wanted no contact but you and your wife had custody only 80%. Let him know immediately, it could be identity theft.
by basspond
Tue Dec 11, 2018 7:56 am
Forum: Personal Finance (Not Investing)
Topic: Too Much Savings Regret
Replies: 112
Views: 16894

Re: Too Much Savings Regret

I would rather be in the boat of having saved too much then in the one that you spend your last penny at your last breath. The later would give me more stress. Savings instills discipline. I think it would be harder to cut back spending. There are a lot of things in life that are more worthwhile and...
by basspond
Sat Dec 08, 2018 9:26 am
Forum: Personal Finance (Not Investing)
Topic: My ACA premiums went up 128% in 2019 anybody else get hit with big increases
Replies: 21
Views: 3363

Re: My ACA premiums went up 128% in 2019 anybody else get hit with big increases

I am not on ACA but our insurance changed from being only a copay to a percentage of costs. Hard to determine what that cost increase will be.
by basspond
Thu Dec 06, 2018 7:22 pm
Forum: Personal Finance (Not Investing)
Topic: Retirement itch- when did you get it?
Replies: 127
Views: 11878

Re: Retirement itch- when did you get it?

When I was about 20, retired at 55, loving every minute!
by basspond
Thu Dec 06, 2018 7:20 pm
Forum: Personal Finance (Not Investing)
Topic: Climate Concerns re: small Jersey Shore Vacation Home
Replies: 54
Views: 2939

Re: Climate Concerns re: small Jersey Shore Vacation Home

As more people Inhabit this earth the risks increases of having a major disaster just by the sheer numbers in almost any area you choose to live. Choose somewhere you like and is affordable and you will not regret your decision.
by basspond
Thu Dec 06, 2018 7:13 pm
Forum: Personal Finance (Not Investing)
Topic: County not accepting 2018 property taxes in 2018 - need help with ideas.
Replies: 138
Views: 6782

Re: County not accepting 2018 property taxes in 2018 - need help with ideas.

Taxing entities base the 2019 taxes on the value of property on January 1st, 2019. The entities in Texas don’t set their tax rate until October so we can’t pay our official 2019 taxes until November 2019 when they send out their tax bills. At first I was confused with tax year, tax bill, and propert...
by basspond
Thu Dec 06, 2018 6:57 pm
Forum: Personal Finance (Not Investing)
Topic: What are your property taxes?
Replies: 359
Views: 20527

Re: What are others paying for property taxes around the US?

1.92% in Houston area, but no income tax.
by basspond
Wed Nov 21, 2018 1:21 am
Forum: Personal Finance (Not Investing)
Topic: Downing sizing home
Replies: 15
Views: 2569

Re: Downing sizing home

What does your house mean to you? If it is not a home then whatever you do doesn’t matter.
by basspond
Wed Nov 14, 2018 11:50 pm
Forum: Investing - Help with Personal Investments
Topic: I can't take this anymore=) I'm selling stocks and buying bonds!
Replies: 129
Views: 19779

Re: I can't take this anymore=) I'm selling stocks and buying bonds!

I can only give you guidance on my personal history. When the market went down or unstable I kept buying which gave me some assets on the cheap and my portfolio more then recovered in less then two years. I have talked to several people who sold in the .com downturn and the financial crisis. They co...
by basspond
Wed Nov 14, 2018 2:02 pm
Forum: Personal Finance (Not Investing)
Topic: Enjoying Your Work
Replies: 27
Views: 3459

Re: Enjoying Your Work

You have to realize that even though you spend a high percentage of your time at work, it should not be your most important aspect of life. In my journey in life I learned that faith, family, friends and personal interests were more important priorities then work. I did work hard for almost 40 years...
by basspond
Sun Nov 11, 2018 6:30 pm
Forum: Personal Finance (Not Investing)
Topic: IRS publishes draft 2018 1040 - Huge changes made
Replies: 177
Views: 23815

Re: IRS publishes draft 2018 1040 - Huge changes made

jeffyscott wrote:
Tue Jun 26, 2018 9:11 pm
90% file electronically, they should be figuring out how to convince the remaining 10% to join the 21st century, rather than fooling around with the paper forms.
It costs to file electronically unless you are poor. So unless they provide a free application I will file on paper.
by basspond
Sun Nov 11, 2018 6:11 pm
Forum: Personal Finance (Not Investing)
Topic: [Financial] Habits of the Rich
Replies: 222
Views: 29284

Re: [Financial] Habits of the Rich

Give 10%
Save at least 10%


Never impulse buy or invest. I just bought something that I know I had a coupon back home. Could have saved several bucks. And believe me small bucks do add up.
by basspond
Sun Nov 11, 2018 9:42 am
Forum: Investing - Help with Personal Investments
Topic: Max Retirement Contribution for couples.
Replies: 5
Views: 717

Re: Max Retirement Contribution for couples.

And don’t forget about the catch up of an additional $6,000 in your 401k if you are 50 or over. Your spouse total if 50 or over total IRA contribution goes to $6,500.
by basspond
Sat Nov 10, 2018 9:07 am
Forum: Personal Finance (Not Investing)
Topic: IRA Early withdrawal penalty ?
Replies: 9
Views: 507

Re: IRA Early withdrawal penalty ?

I had some stranded dividends in my company 401K account and transferred the money to a taxable account. I didn’t have to pay the 10% penalty because it was a qualified non-penalized distribution made in the year I retired. I think your Fidelity account will be spared the penalty but your Merrill Ed...
by basspond
Thu Nov 08, 2018 12:10 pm
Forum: Personal Finance (Not Investing)
Topic: If expenses are low, are some of us over saving?
Replies: 120
Views: 11956

Re: If expenses are low, are some of us over saving?

My parents retired with a pension less then $30k a year. Had a couple of rentals that they made less then $5k yearly. Their investment balance was low 6 digits. Everything paid for, made a couple very cheap vacations yearly and were happy watching the grass grow. My dad had two major heart surgeries...
by basspond
Wed Nov 07, 2018 9:44 am
Forum: Personal Finance (Not Investing)
Topic: How much money are you leaving your kids after you die?
Replies: 234
Views: 15040

Re: How much money are you leaving your kids after you die?

Whatever we have left, ours will be over 2 commas. Just like my mom will and her parents did before. Our family’s philosophy is to make your children’s life better then yours. But we also raised our children to be religious, generous, savers, and thrifty, in that order.
by basspond
Wed Nov 07, 2018 9:28 am
Forum: Personal Finance (Not Investing)
Topic: How much money did you receive from family? (Gifts/inheritance)
Replies: 46
Views: 4485

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

Jr college for one year, $1,000 CD (I still have almost 40 years later) from the proceeds of a life insurance policy they had on my brother, and my grandparents compact used car.
by basspond
Sat Oct 20, 2018 4:19 am
Forum: Personal Finance (Not Investing)
Topic: Property Tax - Deliquency date
Replies: 11
Views: 886

Re: Property Tax - Deliquency date

That is the payment deadline to avoid any penalty or interest fees.

On a side note I feel for citizens of states that don’t have a deadline in late January that would give their customers an opportunity to pay taxes in either year.
by basspond
Sat Oct 20, 2018 4:13 am
Forum: Personal Finance (Not Investing)
Topic: What do you consider 'enough'?
Replies: 96
Views: 11378

Re: What do you consider 'enough'?

Based on spending percentages: If you have a mortgage: 10%-Giving 20%-Retirement savings 10%-Emergency fund and big ticket item savings 15%-Mortgage 30%-Taxes (including SALT) 15%-Living expenses Non-mortgage: 10%-Giving 20%-Retirement savings 10%-Emergency fund and big ticket item savings 35%-Taxes...
by basspond
Mon Oct 15, 2018 2:01 pm
Forum: Personal Finance (Not Investing)
Topic: Kids and Money
Replies: 38
Views: 1888

Re: Kids and Money

Live your life like money is not the most important thing in life or is to be hidden. Instill morals especially your spiritual life, charity, and volunteerism. If they have a strong moral base then money will not be an issue. So far it seems to be working for ours. It’s sad some parents don’t have f...
by basspond
Thu Oct 11, 2018 11:30 am
Forum: Personal Finance (Not Investing)
Topic: Lump sum instead of pension
Replies: 23
Views: 1291

Re: Lump sum instead of pension - a no brainer?

Just looking at the rule of 72 you would roughly have only about $70k at 65. Review your calculation, it looks like you might be adding a yearly contribution of $25k.
by basspond
Sun Oct 07, 2018 7:06 am
Forum: Personal Finance (Not Investing)
Topic: A strategy to pay off home at retirement?
Replies: 57
Views: 4360

Re: A strategy to pay off home at retirement?

If you are using your portfolio principal and less then 10 years left or your can pay it off in 7 years by cash flowing then no.
by basspond
Thu Sep 27, 2018 2:48 pm
Forum: Personal Finance (Not Investing)
Topic: How to pay for upcoming medical / IVF expenses
Replies: 73
Views: 4831

Re: How to pay for upcoming medical / IVF expenses

One of the companies we worked for had a pretax medical plan. We scheduled IVF the 1st month of the plan year so basically we had a free loan. We only did one IVF (it didn’t work) after over year of exhausting less invasive/expensive options like surgery, fertility meds, and other fertility protocol...
by basspond
Tue Sep 25, 2018 4:42 am
Forum: Personal Finance (Not Investing)
Topic: Side Hustle Options/Suggestions.
Replies: 99
Views: 10472

Re: Side Hustle Options/Suggestions.

Your best opportunity is to focus on your job and go beyond normal to advance your pay.
by basspond
Tue Sep 25, 2018 3:56 am
Forum: Personal Finance (Not Investing)
Topic: FIL bought land with 6 other people, and one passed away
Replies: 8
Views: 1672

Re: FIL bought land with 6 other people, and one passed away

If the group doesn’t have a legal document on how it is to handle ownership and survivorship they need one now. Review the loan terms but at this stage it apppears they need legal counsel based on the bank’s action.
by basspond
Wed Sep 05, 2018 6:54 am
Forum: Personal Finance (Not Investing)
Topic: Analysis Paralysis - Mortgage, Emergency Fund, etc.
Replies: 51
Views: 4412

Re: Analysis Paralysis - Mortgage, Emergency Fund, etc.

I think most “savers’” nature is to second guess what one would do with a large pot of money. Our strategy, it is boring, is to adjust our dollar cost averaging contribution investments (including accelerating mortgage payout) when our cash fund started to grow. I would have at least a 6 month plan ...
by basspond
Sun Sep 02, 2018 8:22 am
Forum: Personal Finance (Not Investing)
Topic: How Much Home to Buy?
Replies: 4
Views: 919

Re: How Much Home to Buy?

If your take home income after taxes and at least 15% savings is closer to $200k then $100k yearly then whatever you decide should be fine.
by basspond
Sun Sep 02, 2018 8:07 am
Forum: Personal Finance (Not Investing)
Topic: Under insured motorist insurance
Replies: 19
Views: 1057

Re: Under insured motorist insurance

Yes, I have had to use it twice especially if you live in an area where there is a large population of people living under the radar. Also there are insurance companies that sell 30 day policies that allow people to renew their licenses and then cancel the insurance once they have their new licenses...
by basspond
Thu Aug 30, 2018 7:32 am
Forum: Personal Finance (Not Investing)
Topic: Do I need Term Life Insurance?
Replies: 17
Views: 1555

Re: Do I need Term Life Insurance?

We both had life insurance through work but also had insurance to cover our debt and kiddos college. We should have had some of our own disability insurance but our work did provide some.
by basspond
Thu Aug 30, 2018 7:23 am
Forum: Personal Finance (Not Investing)
Topic: Which formula to use to calculate personal Savings Rate?
Replies: 9
Views: 1007

Re: Which formula to use to calculate personal Savings Rate?

To feel good and to “show off”, use your formula. To actually get ahead, savings / gross. But give yourself credit. Some even count their debt payments as savings.
by basspond
Wed Aug 29, 2018 6:42 am
Forum: Personal Finance (Not Investing)
Topic: How to Pass on Money Against My Sister's Wishes (Ethics and Finance)
Replies: 74
Views: 7630

Re: How to Pass on Money Against My Sister's Wishes (Ethics and Finance)

The issue is the relationship between your sister and her fourth child. It seems your sister has been hurt by this child and her state of mind is hindering any reconciliation. I would let her know that her decision to leave out her child will put you in a bad situation after she passes and will just...
by basspond
Tue Aug 28, 2018 11:18 pm
Forum: Personal Finance (Not Investing)
Topic: high RMD withdraw from 401k question
Replies: 31
Views: 3397

Re: high RMD withdraw from 401k question

Use distributions before RMD to fund your charitable giving.
by basspond
Sun Aug 26, 2018 7:16 am
Forum: Personal Finance (Not Investing)
Topic: How do you calculate net worth with pensions?
Replies: 105
Views: 6818

Re: How do you calculate net worth with pensions?

Many reasons not to count the pension.

http://www.pensionrights.org/publicatio ... sion-plans

They have to remember who actually reports the assets that are used to fund the pension.
by basspond
Sun Aug 26, 2018 7:07 am
Forum: Personal Finance (Not Investing)
Topic: What is your stealth way to save monthly?
Replies: 87
Views: 9911

Re: What is your stealth way to save monthly?

Automatic 401K contributions from paycheck

Transfer monthly amount to another account used for big anticipated expenses

Monthly amount transferred to Vanguard to invest automatically
by basspond
Sun Aug 19, 2018 6:35 am
Forum: Personal Finance (Not Investing)
Topic: Health Check at 30. What Can I Do To Improve?
Replies: 23
Views: 2771

Re: Health Check at 30. What Can I Do To Improve?

Main thing is to avoid lifestyle creep. Once people get a little extra dough in their pocket they don’t comprehend that dropping pocket change here or there really adds up. We never really ran on a budget but we always made sure that the first expenses that came out of our income was to save at leas...
by basspond
Fri Aug 17, 2018 8:27 am
Forum: Personal Finance (Not Investing)
Topic: Continue flood insurance after mortgage paid off?
Replies: 15
Views: 1140

Re: Continue flood insurance after mortgage paid off?

I think there is a 90 day waiting period and hurricane season will be over by then. The waiting period is 30 days. Back to original post, it can’t be determined with any confidence what year event flood (100, 500, etc) that was encountered with Harvey. Look at a map of the Houston area and you can ...
by basspond
Thu Aug 16, 2018 3:39 pm
Forum: Personal Finance (Not Investing)
Topic: Take auto loan 0.9% if I can afford cash?
Replies: 162
Views: 10881

Re: Take auto loan 0.9% if I can afford cash?

What are the guaranteed benefits of taking a loan? Only thing I can think of is to have more cash on hand to spend on more things. Pay with cash and enjoy life without being subject to the lender.
by basspond
Mon Aug 13, 2018 1:53 pm
Forum: Personal Finance (Not Investing)
Topic: Paper checks yes or no?
Replies: 116
Views: 6957

Re: Paper checks yes or no?

Our main use of checks these days are for charitable contributions and gifts.
by basspond
Mon Aug 13, 2018 7:22 am
Forum: Personal Finance (Not Investing)
Topic: how much car can we afford?
Replies: 130
Views: 6763

Re: how much car can we afford?

Whatever you can pay with cash.
by basspond
Sun Aug 12, 2018 4:33 am
Forum: Personal Finance (Not Investing)
Topic: Mid 30s Crisis: Personal budget, savings and goals
Replies: 36
Views: 7421

Re: Mid 30s Crisis: Personal budget, savings and goals

You are doing great. We never really had a budget. What we did was transfer a set amount monthly into a money market in our brokerage account. When it got a certain size we would invest it or used it to buy big ticket items. By the way, pay off your debts and pay for most things with cash. Can’t bea...
by basspond
Sat Aug 11, 2018 6:07 am
Forum: Personal Finance (Not Investing)
Topic: Comfortably Retired and charity giving?
Replies: 25
Views: 2199

Re: Comfortably Retired and charity giving?

A percentage based on our living expenses.
by basspond
Sat Aug 11, 2018 5:56 am
Forum: Investing - Help with Personal Investments
Topic: Preparing for a bear market
Replies: 43
Views: 5460

Re: Preparing for a bear market

Why would it be any different now then when you lived through Black Monday in 87, dot com bubble in 2000, and 2008? Only thing is to have enough investments in stable funds to live off for at least four years.
by basspond
Fri Aug 10, 2018 7:26 am
Forum: Investing - Help with Personal Investments
Topic: Should I pay for a 401k?
Replies: 32
Views: 2370

Re: Should I pay for a 401k?

I would not if it depended on the other employees to pay. What if one or more decides not to partipate?