Search found 1065 matches

by basspond
Mon Oct 15, 2018 2:01 pm
Forum: Personal Finance (Not Investing)
Topic: Kids and Money
Replies: 38
Views: 1727

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: 1185

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: 4162

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: 4689

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: 10160

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: 1648

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: 4358

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: 913

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: 1046

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: 1517

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: 984

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: 7565

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: 3364

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: 6730

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: 9688

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: 2752

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: 1121

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: 10700

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: 6800

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: 6521

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: 7312

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: 2134

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: 5304

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: 2299

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?
by basspond
Fri Aug 10, 2018 7:20 am
Forum: Investing - Help with Personal Investments
Topic: Contribute extra $ into Roth or Mortgage
Replies: 12
Views: 1098

Re: Contribute extra $ into Roth or Mortgage

If you will be moving before the ARM resets, I would split between Roth and increasing your savings for a different house. If after, on the house.
by basspond
Fri Aug 10, 2018 7:15 am
Forum: Investing - Help with Personal Investments
Topic: Roth 401k vs. Traditional 401k
Replies: 36
Views: 2038

Re: Roth 401k vs. Traditional 401k

It has served me well in retirement to have three pots of money, before, after, and Roth tax accounts. Gives me more flexibility. With that said though, Roth came later in my career so I am a little light in that bucket and not willing to fork over a lot of money to the government to convert. I woul...
by basspond
Fri Aug 10, 2018 7:05 am
Forum: Personal Finance (Not Investing)
Topic: Biggest Threats to Financial Well-Being
Replies: 99
Views: 9496

Re: Biggest Threats to Financial Well-Being

Instead of saving more as your income increases, you only spend more.

You don’t have faith in something bigger then you.
by basspond
Fri Aug 10, 2018 7:02 am
Forum: Personal Finance (Not Investing)
Topic: Response from boss re: market analysis
Replies: 71
Views: 7726

Re: Rude response from boss re: market adjustment

How long have you been in this part time position? Unless you want to stay part time then don’t rock the boat, if not find out what you can do to get the added benefit of full time. Business climates change.
by basspond
Fri Aug 10, 2018 6:54 am
Forum: Personal Finance (Not Investing)
Topic: Should I tell my family/friend that they are making a financial mistake?
Replies: 87
Views: 8097

Re: Should I tell my family/friend that they are making a financial mistake?

It is probably too late to change their minds at this point. Better way is if they are really close you would have conversations with them about the things you have learned on your, hopefully successful, financial path. I was greatful, appreciative, and receptive of people who gave me advice when I ...
by basspond
Tue Aug 07, 2018 6:02 am
Forum: Personal Finance (Not Investing)
Topic: Looking for a pep talk
Replies: 39
Views: 5016

Re: Looking for a pep talk

Although our net worth was less, the first decade or so it just seemed like we were treading water too. But something “magical” happens as your investment builds and compounding interest kicks in. Hang in there.
by basspond
Tue Aug 07, 2018 5:27 am
Forum: Personal Finance (Not Investing)
Topic: Financial planning questions
Replies: 5
Views: 895

Re: Financial planning questions

How does it feel not to have those car payments? Imagine if you could do the same with your student credit line? Reduce your NQDC and 529 contribution, change from Roth to IRA (if you can) and throw everything at the SCL to have it paid off in less then 3 years. Then go back to Roth, NQDC, and 529 c...
by basspond
Sun Aug 05, 2018 7:44 am
Forum: Personal Finance (Not Investing)
Topic: Will you pay for your kids' college/graduate education?
Replies: 366
Views: 15604

Re: Will you pay for your kids' college/graduate education?

We did and are. Have been in our plan when we thought about having kids, like my plan to retire as soon as I can when I started to work over 40 years ago. Problem is most people live day to day and don’t even think about the future until it is here. Both kids work hard and value money and saving sin...
by basspond
Fri Aug 03, 2018 4:20 am
Forum: Personal Consumer Issues
Topic: Which diet soda pop do you enjoy?
Replies: 110
Views: 4906

Re: Which diet soda pop do you enjoy?

Coke Zero (with Jack). Zero carbs. Lost 10 lbs in 3 months when I switched from classic coke. Second would have to be Diet Mountain Dew. Got to have my caffeine, don’t drink coffee.
by basspond
Fri Aug 03, 2018 4:15 am
Forum: Personal Finance (Not Investing)
Topic: Charitable giving strategy
Replies: 43
Views: 2395

Re: Charitable giving strategy

Giving to local charities will give your money more bang for the buck. To really feel the affect of your giving it is best that you have some stake in the charity you are giving to. I too gave to UW, the issue with the organization is your donation not only had to pay the overhead of UW, but also to...
by basspond
Mon Jul 30, 2018 9:40 am
Forum: Personal Finance (Not Investing)
Topic: Consistently over budget on food - what are you guys eating?
Replies: 70
Views: 6129

Re: Consistently over budget on food - what are you guys eating?

Grocery stores have sales constantly. Always keep an eye out on staples/non-perishable items. Always make more for leftovers and freeze anything you are not going to consume in several days. Some vegetables, like green beans, can be blanched and frozen for later. Do not go for name brand items, most...
by basspond
Mon Jul 30, 2018 6:21 am
Forum: Personal Finance (Not Investing)
Topic: When mortgage rates are high, why invest in stock market?
Replies: 36
Views: 4506

Re: When mortgage rates are high, why invest in stock market?

We had a mortgage in that time frame, but our initial loan was over 8%, in the late 80's it was over 10%. The best way to save/invest interest expense is to reduce your mortgage term. Also, there are hidden expenses with mortgages and owning a house that is not factored in the mortgage rate.
by basspond
Sat Jul 28, 2018 5:50 am
Forum: Personal Finance (Not Investing)
Topic: Pay for college with cash flow
Replies: 78
Views: 5287

Re: Pay for college with cash flow

When our children were under 4 we had the opportunity to invest in a state sponsored tuition guarantee program. Instead of buying it we stuck the money into mutual funds thinking our investment would out pace college inflation. Well college costs doubled the amount I thought it would be and the prog...
by basspond
Sat Jul 28, 2018 5:28 am
Forum: Personal Finance (Not Investing)
Topic: Pension-Lump Sum or Monthly Payments?
Replies: 16
Views: 1668

Re: Pension-Lump Sum or Monthly Payments?

A couple of things to review before deciding. Is the pension “not” cost of living adjusted (COLA)? Can you live on your salary until you retire? Will you have a pension? Will both of you have social security? Just looking at the numbers the pension would be the way to go. But if all of your answers ...
by basspond
Fri Jul 27, 2018 7:09 am
Forum: Personal Finance (Not Investing)
Topic: The stock that got away
Replies: 40
Views: 3053

Re: The stock that got away

I have seen two different philosophies on people’s luck in the market. They either talk about the wins they have or the misses/loses. Be a combination of both and learn from both.
by basspond
Fri Jul 27, 2018 7:04 am
Forum: Investing - Help with Personal Investments
Topic: retirement calculator - most that I've seen are missing some things
Replies: 23
Views: 4216

Re: retirement calculator - most that I've seen are missing some things

With a little Excel knowledge you can customize your own retirement calculator.
by basspond
Fri Jul 20, 2018 3:21 pm
Forum: Personal Finance (Not Investing)
Topic: Salary vs. Lifestyle
Replies: 142
Views: 17566

Re: Salary vs. Lifestyle

You can't get time back. If you haven't, watch the movie "Click".
by basspond
Fri Jul 20, 2018 3:18 pm
Forum: Personal Finance (Not Investing)
Topic: Families - What's your total annual credit card spend?
Replies: 92
Views: 7202

Re: Families - What's your total annual credit card spend?

About $50k. Taxes, charity, college tuition and rent, insurance, graduation monetary gifts, some utilities, and feeding the slots are about the only things that don't go on it.
by basspond
Fri Jul 20, 2018 3:13 pm
Forum: Personal Finance (Not Investing)
Topic: Denied Umbrella Coverage Twice - What now?
Replies: 11
Views: 1569

Re: Denied Umbrella Coverage Twice - What now?

Interesting. I have an umbrella policy and they put a rider on it taking off our boat because the length and size of motor didn't fit their parameters. See if you can get a company to put a rider on the policy to not cover actions by others in your household.
by basspond
Fri Jul 20, 2018 3:04 pm
Forum: Personal Consumer Issues
Topic: An unwanted Boat
Replies: 20
Views: 2571

Re: An unwanted Boat

My guess is the boat was purchased without changing the title because then sales tax would have been owed on the transaction. It is going to be a hassle to re-title and then sales tax will be owed on the value of the boat. Had a relative with a similar situation with an auto. It happened over 20 yea...
by basspond
Wed Jul 18, 2018 11:03 pm
Forum: Personal Finance (Not Investing)
Topic: Anyone not have a Budget?
Replies: 115
Views: 7619

Re: Anyone not have a Budget?

No budget here either. Just a high savings rate (over 30%).
by basspond
Wed Jul 18, 2018 7:47 am
Forum: Personal Finance (Not Investing)
Topic: Thrift Savings Plan Loan Help/Withdrawl/Tax
Replies: 11
Views: 1025

Re: Thrift Savings Plan Loan Help/Withdrawl/Tax

...The good thing about the TSP is that I am paying my loan back to myself with interest, not some bank. It is not just you but a lot of others that this logic doesn't make sense. Why is that? Why does it matter who pays your interest on your retirement account? Does the loan interest you pay worth...
by basspond
Sun Jul 15, 2018 3:30 pm
Forum: Personal Finance (Not Investing)
Topic: Thrift Savings Plan Loan Help/Withdrawl/Tax
Replies: 11
Views: 1025

Re: Thrift Savings Plan Loan Help/Withdrawl/Tax

...The good thing about the TSP is that I am paying my loan back to myself with interest, not some bank. It is not just you but a lot of others that this logic doesn't make sense. You still have to pay interest if you borrowed from another bank and your TSP account would still be making interest. I...
by basspond
Sat Jul 14, 2018 4:59 pm
Forum: Personal Finance (Not Investing)
Topic: Early retirement
Replies: 145
Views: 14606

Re: Early retirement

The most interesting conversations I have heard or hear of someone else having is someone not understanding why we retired early yet they had a close relative that died at a younger age then when we retired.