Search found 1171 matches

by basspond
Sat May 18, 2019 1:05 pm
Forum: Personal Finance (Not Investing)
Topic: At what NW do I have disposable income?
Replies: 68
Views: 3690

Re: At what NW do I have disposable income?

When your income exceeds payments for shelter (only basic phone and internet, no streaming services or cable), food (at home), taxes, medical, basic transportation, 15% retirement savings, giving, and adequate insurance. Our non disposable income would be roughly 1/2 of our total income. Then multip...
by basspond
Sat May 18, 2019 5:14 am
Forum: Personal Finance (Not Investing)
Topic: Aiming to Retire End of 2019 - Abit Scared
Replies: 26
Views: 2568

Re: Aiming to Retire End of 2019 - Abit Scared

Congratulations! We were DIY investor until I retired. We had a similar sized portfolio and the FP I have was most concerned about the first five years. If you dip into your principle it’s hard to make up that money. Also there was a discount for their services with the size of our portfolio. They p...
by basspond
Thu May 16, 2019 1:50 pm
Forum: Personal Finance (Not Investing)
Topic: Logistics of splitting tuition costs with child
Replies: 77
Views: 3348

Re: Logistics of splitting tuition costs with child

What was the tradition for your dad’s college expenses? What about your grandfather, great-grandfather, etc..? The motto in our family is to make our children’s lives better then the parents. The tradition you should be focused on is teaching your children the value of hard work, financial basics, h...
by basspond
Wed May 15, 2019 8:28 am
Forum: Personal Investments
Topic: How to calculate exactly how much money you'll have by retirement?
Replies: 54
Views: 5012

Re: How to calculate exactly how much money you'll have by retirement?

I used 7-9%. I use Excel spreadsheet and run different interest rates, savings, expenses, etc and got a range of numbers. As I aged the rate of return got closer to 5%. It was a good tool to track our progress and motivated us to save even more. In the end the projections were within 10%. We even we...
by basspond
Sun May 12, 2019 8:08 pm
Forum: Personal Investments
Topic: Donate appreciated shares vs. income?
Replies: 9
Views: 717

Re: Donate appreciated shares vs. income?

Just be weary of the 30% AGI limit. Almost got us last year. The appreciation of the stock we transferred was 7 fold so our tax bite would have been significant if we just cashed in. We are planning to keep up this strategy.
by basspond
Sun May 12, 2019 6:55 am
Forum: Personal Finance (Not Investing)
Topic: Continue working for benefit of adult children or retiring earlier?
Replies: 87
Views: 6093

Re: Continue working for benefit of adult children or retiring earlier?

If your number one goal in life is money and that it will buy you acceptance with your offspring after you die then work, work, work till you drop. If spending quality time with your relatives and enriching your lives with experiences you can’t put a price on then enjoy as much time with them. I am ...
by basspond
Wed May 08, 2019 5:57 am
Forum: Personal Finance (Not Investing)
Topic: What’s in your pocket?
Replies: 22
Views: 2001

Re: What’s in your pocket?

Keys
Phone
Comb
Wallet:
Cards-2 CC, ATM, 2 store, 2 insurance, DL
Misc- $120 cash, car insurance, fishing license, receipts (used to put in pockets but too many ended up in washing machine).
by basspond
Tue May 07, 2019 9:47 pm
Forum: Personal Finance (Not Investing)
Topic: College Expenses
Replies: 232
Views: 10864

Re: College Expenses

We maxed out our retirement accounts (401 and Roths) and paid our house off five years before our first of two children started college. We increased our emergency fund a bit and cash flowed our two children's college expense but both went to state schools.
by basspond
Mon May 06, 2019 4:19 pm
Forum: Personal Finance (Not Investing)
Topic: College credit for HS courses or not?
Replies: 49
Views: 2107

Re: College credit for HS courses or not?

Definitely. Allowed my child to graduate in 3 years.
by basspond
Mon May 06, 2019 9:14 am
Forum: Personal Finance (Not Investing)
Topic: How much do you donate?
Replies: 100
Views: 7144

Re: How much do you donate?

At least 10% gross yearly income.
by basspond
Mon May 06, 2019 9:12 am
Forum: Personal Finance (Not Investing)
Topic: Calculating Savings Rate
Replies: 15
Views: 1543

Re: Calculating Savings Rate

Including the match gives one a false sense of living a more frugal lifestyle. I did not include in either gross or savings.
by basspond
Mon May 06, 2019 9:08 am
Forum: Personal Finance (Not Investing)
Topic: Marriage or No Marriage? (Home, children, HSA, IRA, etc.)
Replies: 62
Views: 4898

Re: Marriage or No Marriage? (Home, children, HSA, IRA, etc.)

Since you are only looking at marriage only through financial terms, would you enter into a long term financial contract with just a handshake? There are obligations from each side and if no contract is in place it is easier to break the terms of said contract which could have devastating financial ...
by basspond
Tue Apr 30, 2019 9:34 pm
Forum: Personal Finance (Not Investing)
Topic: Infertility treatments/insurance/job situation
Replies: 44
Views: 3298

Re: Infertility treatments/insurance/job situation

First thing is to make sure you have gone through all testing protocols and any exploratory surgeries. We went through Clomed, IUIs, injectables, studies, IVF, and ICSI. Most of the testing was covered but none of the fertility treatments were covered by our insurance. The main thing we took advanta...
by basspond
Tue Apr 30, 2019 7:21 am
Forum: Personal Consumer Issues
Topic: EXTREMELY frugal things from our parents and grandparents
Replies: 110
Views: 9295

Re: EXTREMELY frugal things from our parents and grandparents

Processing animals from shooting in pen or chopping off head, skinning (I remember the warmth of the body heat on my hands on a cold day), processing and having a smoke house for sausage. No running water, kept water in sink all day to wash hands. Made gruel for pets or table scraps Used baling wire...
by basspond
Tue Apr 30, 2019 2:09 am
Forum: Personal Finance (Not Investing)
Topic: Retirees: I'm not going to run out
Replies: 62
Views: 8494

Re: Retirees: I'm not going to run out

At least 5 years before I retired at 55.
by basspond
Wed Apr 24, 2019 4:23 pm
Forum: Personal Investments
Topic: Techniques for doing NOTHING?
Replies: 48
Views: 4551

Re: Techniques for doing NOTHING?

My technique is to remember what others have told me when they did something and ended up in worse situations.
by basspond
Wed Apr 24, 2019 4:12 pm
Forum: Personal Investments
Topic: What to do? Sitting on the bench since October
Replies: 66
Views: 7212

Re: What to do? Sitting on the bench since October

You didn't have any apprehension of pulling almost 7 figures out at one time? I have talked to several people who kicked themselves for selling during the 2000 and 2008 downturns and not getting back in. Get in soon but not at one time. Stagger in 10% monthly increments. Hopefully the lesson has bee...
by basspond
Wed Apr 24, 2019 7:38 am
Forum: Personal Finance (Not Investing)
Topic: What, if anything, do I owe this guy?
Replies: 82
Views: 8073

Re: What, if anything, do I owe this guy?

Everybody that takes a “free” lunch with investment advisors should realize they are ingesting the returns of the advisors’ clients. I attended a couple of these and saw the light. Just tell him the truth. I would focus on the issue he could not give you a definite answer on what is considered your ...
by basspond
Wed Apr 24, 2019 7:27 am
Forum: Personal Finance (Not Investing)
Topic: Savings rate
Replies: 104
Views: 8854

Re: Savings rate

My motto is KISS, Keep It Simple Save. Amount “you save”/Gross Salary. The reason to do this is motivation and it gives you a good number of your expenses you will not need in retirement.
by basspond
Wed Apr 24, 2019 12:04 am
Forum: Personal Finance (Not Investing)
Topic: Marriage and Student Loans
Replies: 62
Views: 4113

Re: Marriage and Student Loans

According to your numbers you and your spouse have over $3k monthly to tackle the debt after the marriage. Until then have her aggressively pay down her debt and with the numbers you have given that would be $9k while you pile up more cash. You could "split" your mutual fund selling in 2019(not unti...
by basspond
Tue Apr 23, 2019 8:01 pm
Forum: Personal Finance (Not Investing)
Topic: Spread Sheets [for retirement planning]
Replies: 15
Views: 1820

Re: Spread Sheets

My spreadsheet is very big (spouse has a hard time looking at it), has many calculations (they are not too complicated), and is an ongoing project. The main thing is that I have a column for each account, another column for the amount I will be pulling from each account, a column for anticipated/inf...
by basspond
Tue Apr 23, 2019 7:51 pm
Forum: Personal Finance (Not Investing)
Topic: What is the Magic Formula for when One can RETIRE ?
Replies: 26
Views: 4107

Re: What is the Magic Formula for when One can RETIRE ?

30-40 times retirement expenses plus list of activities/hobbies/travels plus service/charitable work = Happy Retirement
by basspond
Mon Apr 22, 2019 8:30 pm
Forum: Personal Finance (Not Investing)
Topic: travel budget in retirement
Replies: 47
Views: 3305

Re: travel budget in retirement

What is considered annual income in retirement? I look at my budgeted expenses and it is between 20-30%. It would be a lot less if I based it on my “returns”.
by basspond
Sat Apr 13, 2019 6:32 am
Forum: Personal Finance (Not Investing)
Topic: One-more-year - am I done or not?
Replies: 50
Views: 7404

Re: One-more-year - am I done or not?

The most important advice I received from a retirement class was making sure you had plans for your time in retirement. I get the impression from others that being board, having no structure and not feeling relevant are worse then having a bad work situation, I am definitely not in that camp. Set go...
by basspond
Tue Apr 09, 2019 8:03 am
Forum: Personal Finance (Not Investing)
Topic: Wife hates new job...wants to quit after 1 day
Replies: 191
Views: 18763

Re: Wife hates new job...wants to quit after 1 day

Sounds like there could be at least 3 scenarios in work here: First everyone was blind sided, were shocked and didn’t handle the situation correctly. Second the management are awful Third this was a test and the people sharing her work space were her new team. If she is supposed to be managing peopl...
by basspond
Tue Apr 09, 2019 7:48 am
Forum: Personal Finance (Not Investing)
Topic: CP2000 Education Credit Denied
Replies: 11
Views: 1158

Re: CP2000 Education Credit Denied

Don’t know if this applies but my child received a grant that we had to claim as income and the 1098T showed the total paid with the grant included.
by basspond
Sun Apr 07, 2019 3:22 pm
Forum: Personal Finance (Not Investing)
Topic: Married couples: can you have a team mentality with separate finances?
Replies: 183
Views: 8547

Re: Married couples: can you have a team mentality with separate finances?

Like most have said this appears to be a relational issue not financial. Do you remember what marriage is? Two shall become one and for better or worse. It’s hard for me to defend your spouse but since there is a business that had a lot of equity before you came along that might be skewing your spou...
by basspond
Sat Apr 06, 2019 7:48 am
Forum: Personal Finance (Not Investing)
Topic: Best thing to prepare for care for parents
Replies: 17
Views: 1624

Re: Best thing to prepare for care for parents

Not only talk with your parents about their finances, medical/personal care, wishes, but if you have any your siblings. Review the fine print of their long term care policy (LTCP). My mom took care of my dad, dementia, for several years at home. It was not until the last 9 months that she had a care...
by basspond
Fri Apr 05, 2019 8:15 am
Forum: Personal Finance (Not Investing)
Topic: Is our household budget crazy?
Replies: 141
Views: 11795

Re: Is our household budget crazy?

Yes it is. What got our budget and our minds in line is when we decided to put charitable giving as our top priority.
by basspond
Fri Apr 05, 2019 8:07 am
Forum: Personal Finance (Not Investing)
Topic: What? No Income?
Replies: 62
Views: 7043

Re: What? No Income?

My business is such that it provides more income to me if I just keep it and run it on a part time basis for a couple of years than selling it outright. So the "run the business to the ground and just close it" has been on my mind a lot. This doesn’t sound like a sound plan and you are setting your...
by basspond
Thu Apr 04, 2019 1:12 pm
Forum: Personal Finance (Not Investing)
Topic: Help! Having a Baby - Stay Home Cost analysis
Replies: 33
Views: 2407

Re: Help! Having a Baby - Stay Home Cost analysis

You said not to consider the emotional aspect of your decision but if everyone just looked at the financial implications of having children, we would not exist. I would encourage to do your plan to take off until September then plan to spend every free time and day nurturing your bundle of joy and m...
by basspond
Thu Apr 04, 2019 12:59 pm
Forum: Personal Consumer Issues
Topic: Folks in their 60s and above. What early investment on health do you recommend.
Replies: 193
Views: 13081

Re: Folks in their 60s and above. What early investment on health do you recommend.

Exercises that helps your balance. One in four Americans over 65 report falling in a year and falls are the number one cause for deaths related to unintentional injuries. I bought a Boso ball that the Olympic ski team uses. It also came with several workout DVDs.
by basspond
Thu Apr 04, 2019 12:49 pm
Forum: Personal Finance (Not Investing)
Topic: What? No Income?
Replies: 62
Views: 7043

Re: What? No Income?

Retire in the middle of the year. That way you ease into it and do a catch-up contribution to your IRA. Main thing is to control expenses the first couple of years. I have heard so many stories and advice that your success in retirement is doomed if you have to dip into your principal the first coup...
by basspond
Tue Apr 02, 2019 7:59 am
Forum: Personal Finance (Not Investing)
Topic: 11-year old with iPhone - advice on how best to manage?
Replies: 68
Views: 4409

Re: 11-year old with iPhone - advice on how best to manage?

Parents give in to the everyone has it excuse. I used the same excuse when I was that age but my parents held fast. Taught me a lot about delayed gratification and making due with what you have. We put conditions on when they got their’s. They had to be 13, and either made straight A’s or was part o...
by basspond
Tue Apr 02, 2019 2:32 am
Forum: Personal Finance (Not Investing)
Topic: What is your annual cost for health insurance?
Replies: 155
Views: 12823

Re: What is your annual cost for health insurance?

Not only did our premiums go up, now instead of co-pays for everything, we are subject to $6k a year in deductibles. Our family plan with employer costs over $16k a year. After company contributions our premiums are close to $6k yearly.
by basspond
Tue Apr 02, 2019 2:21 am
Forum: Personal Finance (Not Investing)
Topic: Retirement: What expenses did you reduce?
Replies: 63
Views: 4195

Re: Retirement: What expenses did you reduce?

Weird - I wouldn't consider SS, FICA, etc taxes and 457/401k deductions as "savings". For retirement we are planning based on what we spend money on, with our take home pay - the above items never hit our bank account and aren't counted as "earnings" that need replacement. We aren't planning based ...
by basspond
Mon Apr 01, 2019 4:43 am
Forum: Personal Finance (Not Investing)
Topic: [Retiring before 65: How do you deal with health insurance?]
Replies: 87
Views: 10731

Re: [Retiring before 65: How do you deal with health insurance?]

We can keep company health care until 65 (non union) and then Medicare supplement but the very low employee premium doubled.
by basspond
Sun Mar 31, 2019 6:22 am
Forum: Personal Finance (Not Investing)
Topic: When to take social security for maximum inheritance?
Replies: 31
Views: 2805

Re: When to take social security for maximum inheritance?

I believe this cliche says it best: A bird in hand is better then two in the bush. As long as you aren’t eating the whole bird.
by basspond
Sat Mar 30, 2019 4:53 pm
Forum: Personal Finance (Not Investing)
Topic: Does anyone here with net worths north of $1 mil use financial advisors?
Replies: 334
Views: 49479

Re: Does anyone here with net worths north of $1 mil use financial advisors?

I have a board of directors I get advice from. None have charged me a fee. Each has taught me a valuable lesson. My financial advisers are: J.D Rockefeller J.P.Morgan Andrew Carnegie Hetty Green Jack Bogle Warren Buffet Daniel Lapin Elon Musk Charlie Munger Jeff Bezos Richard Branson Bill Gates and...
by basspond
Sat Mar 30, 2019 4:44 pm
Forum: Personal Finance (Not Investing)
Topic: Does anyone here with net worths north of $1 mil use financial advisors?
Replies: 334
Views: 49479

Re: Does anyone here with net worths north of $1 mil use financial advisors?

Yes, after retiring. Since we have a “minimum” invested no extra fees and the funds we are in have between .5-.8% expense fees. Gives me and especially my spouse peace of mind.
by basspond
Sat Mar 30, 2019 4:33 pm
Forum: Personal Finance (Not Investing)
Topic: How often do you check your net worth?
Replies: 257
Views: 14555

Re: How often do you check your net worth?

Now that I am retired several times a week. Mainly to update additions to my spreadsheet and to tweak it.
by basspond
Fri Mar 22, 2019 10:07 am
Forum: Investing - Theory, News & General
Topic: The $4,026,858.95 Car or a Worry-Free Retirement?
Replies: 245
Views: 11715

Re: The $4,026,858.95 Car or a Worry-Free Retirement?

One of the best advices I received was from a Reader’s Digest article on the expense of buying a new car every three or four years as opposed to keeping a car 10 years. At the time it was over $400k. We adhere to that philosophy and it has helped us to be worry free.
by basspond
Fri Mar 22, 2019 9:59 am
Forum: Personal Finance (Not Investing)
Topic: Is Staying in the Same Home for a Long Time Good for Wealth Building?
Replies: 18
Views: 1753

Re: Is Staying in the Same Home for a Long Time Good for Wealth Building?

By staying in a house you lock in your highest expense, housing.
by basspond
Fri Mar 22, 2019 9:57 am
Forum: Personal Finance (Not Investing)
Topic: Canceling escrow account
Replies: 25
Views: 2301

Re: Canceling escrow account

When we did this years ago the taxing entities didn’t receive the memo so they kept sending the bills to the mortgage company. Luckily we knew when the bills were sent and corrected before they were late.
by basspond
Sun Mar 17, 2019 5:32 am
Forum: Personal Finance (Not Investing)
Topic: Setting up Joint/Individual Accounts with Spouse
Replies: 27
Views: 1982

Re: Setting up Joint/Individual Accounts with Spouse

Does anyone else have this 3 account setup and do you pay monthly fees? If you do, how do you justify the fees? Is it worth it for the convenience and should I chuck it up to a necessary evil? Or does anyone else have a bank that they like that doesn't charge fees for a similar 3 account setup? Tha...
by basspond
Wed Mar 13, 2019 6:33 pm
Forum: Personal Finance (Not Investing)
Topic: How many companies have you worked for?
Replies: 125
Views: 6407

Re: How many companies have you worked for?

I’m over 55 and worked for one company 30 plus years. However, within that company I worked in three different departments.
by basspond
Mon Mar 11, 2019 2:03 am
Forum: Personal Finance (Not Investing)
Topic: Choosing a mortgage for the next home in TX
Replies: 16
Views: 1514

Re: Choosing a mortgage for the next home in TX

Property taxes are horrible in many parts of Texas. Our son is stationed there and we were looking at a home in Rough Hollow until we saw the 3.25% property tax rate. I will take California's 1.15% rate without complaint as it's based on about the price we paid for our home 20 years ago. Property t...
by basspond
Sun Mar 10, 2019 11:46 pm
Forum: Personal Finance (Not Investing)
Topic: What are your personal experiences with downside of early retirement?
Replies: 69
Views: 10163

Re: What are your personal experiences with downside of early retirement?

JoeRetire wrote:
Sat Mar 09, 2019 7:53 am
Nobody is truly "irreplaceable".
In my career I replaced several and sometimes multiple people at the same time. I knew then that everyone is replaceable. You are only fooling yourself if you feel like you or anyone else is irreplaceable.
by basspond
Sat Mar 09, 2019 11:49 am
Forum: Personal Finance (Not Investing)
Topic: Choosing a mortgage for the next home in TX
Replies: 16
Views: 1514

Re: Choosing a mortgage for the next home in TX

We started with a 30 year note but refinanced after a year to 15. But this was back when the original 30 was 8.25% and the new 15 was 5.625 so our payment stayed the same. If I had to do a mortgage again, it would be for 15 year or less because it makes you adhere to the plan.
by basspond
Sat Mar 09, 2019 11:43 am
Forum: Personal Finance (Not Investing)
Topic: 2018 House property tax and utilities nearly the same -- any insight?
Replies: 5
Views: 431

Re: 2018 House property tax and utilities nearly the same -- any insight?

None whatsoever. Taxes depend on states that rely on property taxes vs income taxes also.