Search found 1963 matches

by JGoneRiding
Sat Sep 26, 2020 5:31 pm
Forum: Personal Finance (Not Investing)
Topic: Schwab closed my checking $0 account without a warning. Is that common?
Replies: 26
Views: 2196

Re: Schwab closed my checking $0 account without a warning. Is that common?

Fyi I was told this week by us bank that activity was loosely defined and could.just be logging on and or a balance enquiry. But she was unable to tell.ke exactly how long inactive was. Inwas checking because I need to leave an estate account open forn6 to 9 months to deal with taxes but there shoul...
by JGoneRiding
Sat Sep 26, 2020 5:14 pm
Forum: Personal Finance (Not Investing)
Topic: estate planning attorneys: how to split an inheritance?
Replies: 28
Views: 2240

Re: estate planning attorneys: how to split an inheritance?

I would just leave a flat dollar amount to each grandkid, sufficient for reasonable college expenses. Assuming the grandparents have $2M now, and there are 2 kids, 8 grandkids. $2m x 6.25% = $125k. Presumably you'll have spent some of the $2m, but maybe it appreciates. Who knows? Therefore, I'd fee...
by JGoneRiding
Sat Sep 26, 2020 10:59 am
Forum: Personal Finance (Not Investing)
Topic: estate planning attorneys: how to split an inheritance?
Replies: 28
Views: 2240

Re: estate planning attorneys: how to split an inheritance?

We have our estate set to split equally between two children no matter how many children they have. My wife's mother decided to bequeath her IRA to her six grandchildren. Our two kids got 1/3, a brother's three got half, and another brother's kid got the rest. This obviously favored the brother who...
by JGoneRiding
Sat Sep 26, 2020 10:44 am
Forum: Personal Finance (Not Investing)
Topic: House equity split
Replies: 13
Views: 1228

Re: House equity split

No equity. Write up a straight fwd loan repayment plan with him having second place as a lein on the home. For this to work she buys and closes on the home before he gives her a dime. Then he loans her the money. This will be a lot simpler. There is NO Way to record what you are saying with a deed. ...
by JGoneRiding
Sat Sep 26, 2020 10:33 am
Forum: Personal Finance (Not Investing)
Topic: Pay off auto loan?
Replies: 14
Views: 861

Re: Pay off auto loan?

I can honestly say in similar circumstances I absolutely would not. What I might do if I wanted to mentally pay off the car is refi that primary loan and take from the ef to do so. You should be able to get 1% or close to it nocked off that loan if you act now. Then you can say you only owe in your ...
by JGoneRiding
Sat Sep 26, 2020 10:20 am
Forum: Personal Finance (Not Investing)
Topic: Avoiding Estate Tax
Replies: 39
Views: 2992

Re: Avoiding Estate Tax

I think its important to know which estate tax we are talking about. The federal tax limit is very high and only uber rich need worry. But some states have much lower like Maryland and so the irrevocable or spousal trusts make a lot of sense.
by JGoneRiding
Sat Sep 26, 2020 12:21 am
Forum: Personal Finance (Not Investing)
Topic: Hospital bill for deceased parent...received 2 years later.
Replies: 67
Views: 7190

Re: Hospital bill for deceased parent...received 2 years later.

Yes she was on Medicare (she was 85) but I don’t know details about deductibles. I will have to see if I can find any files at their house that may give insight. If she had been in the hospital I am confident that she had already met her deductible for the year. This is highly likely a clerical err...
by JGoneRiding
Fri Sep 25, 2020 9:28 am
Forum: Personal Finance (Not Investing)
Topic: What happens if your income comes in below the minimum for the ACA?
Replies: 70
Views: 5009

Re: What happens if your income comes in below the minimum for the ACA?

Forgive me for not reading all the answers. Are you confusing maximum and minimum? The maximum income in my state - California - for a couple is $24,690. You can't go over. If you are substantially under, as we accidentally were one year, it was suggested we could have gone with Medicaid. The quest...
by JGoneRiding
Fri Sep 25, 2020 9:14 am
Forum: Personal Finance (Not Investing)
Topic: One house or two?
Replies: 3
Views: 767

Re: One house or two?

The only thing that matters is what does your wife think? I personally wouldn't do 3 unless rental real estate was already your plan. It gets very complicated with a rental to family at below market rent. For how many years do you plan to provide housing for your parents? For most that is not a sust...
by JGoneRiding
Sat Sep 19, 2020 1:14 pm
Forum: Personal Finance (Not Investing)
Topic: Preparing for retirement in mid 30s
Replies: 311
Views: 20651

Re: Preparing for retirement in mid 30s

I plan to semi retire at 40. I will continue to work to pay expenses ( 20 hrs a week covers expenses comfortably) and not go into my savings/ investments as they continue to grow. I suppose what I am saying is I will stop accumulating at 40, and work enough so I dont dig into my savings. This will ...
by JGoneRiding
Sat Sep 19, 2020 9:46 am
Forum: Personal Finance (Not Investing)
Topic: Too good to be true? [Refinance]
Replies: 9
Views: 2307

Re: Too good to be true? [Refinance]

We refied with UWM in march. No issues closing was fast. Only hiccup was that at signing suddenly all the notaries wouldn't meet anywhere but per our title agent that has been resolved in the last 6 months.

Yes they were significant lower than others at the time.
by JGoneRiding
Wed Sep 16, 2020 9:29 pm
Forum: Personal Finance (Not Investing)
Topic: ethics concern with trust
Replies: 68
Views: 4206

Re: ethics concern with trust

I assume that S has a different set of beneficiaries than the 16 that your father's Trusts do? Are any S's beneficiaries aware of what happened? They are the group that is out 25k. If you feel strongly about this, then maybe you should advise one of them and let them decide whether to take action. ...
by JGoneRiding
Wed Sep 16, 2020 8:22 pm
Forum: Personal Finance (Not Investing)
Topic: Preparing for retirement in mid 30s
Replies: 311
Views: 20651

Re: Preparing for retirement in mid 30s

My only recommendation would be to buy a small house in cash to limit risk of rent increases. You can easily have a 3/2 1500 sqft for $150,000 in the Midwest/South. Yes, I am seriously considering this. It will require working several more years, but it means my family will not be beholden to landl...
by JGoneRiding
Fri Sep 11, 2020 9:55 pm
Forum: Personal Finance (Not Investing)
Topic: Bet that 30-year mortgage rates are below 2.00% by July 2021
Replies: 37
Views: 3814

Re: Bet that 30-year mortgage rates are below 2.00% by July 2021

United Wholesale Mortgage ALREADY has (or had, a month ago) 30 year rates under 2%. Some caveats, but they were there. https://www.housingwire.com/articles/uwm-announces-1-99-rate-for-30-year-fixed-mortgage/ I went with them at 3.24 in march rates then went up but then down so I haven't looked at a...
by JGoneRiding
Fri Sep 11, 2020 9:47 pm
Forum: Personal Finance (Not Investing)
Topic: Bet that 30-year mortgage rates are below 2.00% by July 2021
Replies: 37
Views: 3814

Re: Bet that 30-year mortgage rates are below 2.00% by July 2021

David Jay wrote: Fri Sep 11, 2020 11:18 am I read in a recent thread that someone had snagged a 2.25% 30 year fixed.
My parents did but it was a va refi.
by JGoneRiding
Thu Sep 10, 2020 1:31 pm
Forum: Personal Finance (Not Investing)
Topic: Tenants screening
Replies: 32
Views: 2645

Re: Tenants screening

As for whether or not to rent to the tenant you describe, did you do all the background checks, verify all the data on their rental application, and meet them personally and ask 5x as many questions as on your rental app? j :D +1 to this. Basically what I said in my above post, I think Sandtrap wil...
by JGoneRiding
Thu Sep 10, 2020 1:22 pm
Forum: Personal Finance (Not Investing)
Topic: Payoff Mortgage from 401K
Replies: 8
Views: 769

Re: Payoff Mortgage from 401K

Are you planning on 1099 income next year? From a taxed stand point it makes most sense to wait until the year after you finish collecting the 1099 income. Esp if you are able, planning on living on the pension plus SSA income. I would personally keep doing what you are doing until you are like yeah...
by JGoneRiding
Thu Sep 10, 2020 1:15 pm
Forum: Personal Finance (Not Investing)
Topic: Question for owners of residential rental property.
Replies: 7
Views: 821

Re: Question for owners of residential rental property.

I have been using venmo and very happy or I was going to figure out another service I would use zillow
by JGoneRiding
Thu Aug 27, 2020 12:21 pm
Forum: Personal Finance (Not Investing)
Topic: Cousin died He did not leave a will
Replies: 85
Views: 11256

Re: Cousin died He did not leave a will

I am currently an executor on a state with a will and only 6 heirs. Then thanks to covid probate got extended then the youngest most obnoxious but chronically Ill beneficiary DIED then we had to wait again to get his estate set up to receive his share of funds, which was most of his estate! That cau...
by JGoneRiding
Wed Aug 26, 2020 12:14 pm
Forum: Personal Finance (Not Investing)
Topic: Finding balance in life: When do you let up off the gas?
Replies: 105
Views: 9619

Re: Finding balance in life: When do you let up off the gas?

Now seems like a good time :sharebeer I am 41 and have a net worth slightly less than yours. For many years I had your mindset, pedal to the metal toward an early-as-possible retirement. But as my two children were born in the past five years and our net worth passed 3 million, we decided to take a...
by JGoneRiding
Sun Aug 23, 2020 10:02 am
Forum: Personal Finance (Not Investing)
Topic: Are emergency funds for suckers?
Replies: 202
Views: 15739

Re: Are emergency funds for suckers?

My personal checking is one of those high interest accounts that requires transactions, but pays currently 2.5% on the 1st $30k. That works out to be plenty of cash on hand to also count as my "emergency fund," but it's all just in my main checking and not earmarked specifically. Is this a bank any...
by JGoneRiding
Sat Aug 22, 2020 3:25 pm
Forum: Personal Finance (Not Investing)
Topic: Cousin died He did not leave a will
Replies: 85
Views: 11256

Re: Cousin died He did not leave a will

I think gill idea is very good. Someone needs to step up or the state and county will get everything. Generally speaking intestate estates go like this. Spouse/ children Parents Siblings Grand parents Forgot niece/nephew here Aunt/uncle 1st cousins 2ne cousins The state/sometimes 3rd cousins. I am g...
by JGoneRiding
Sat Aug 22, 2020 3:19 pm
Forum: Personal Finance (Not Investing)
Topic: Mortgage refi math
Replies: 1
Views: 287

Mortgage refi math

I need your help making a decision. I have a rental property I intend to keep.long term. Currently at 4.5 % about 160k loan. I have been looking to refi just to save money no cash out. Though I dislike resetting the loan time Because if the current political climate rentals are being considered high...
by JGoneRiding
Wed Aug 12, 2020 10:50 am
Forum: Personal Finance (Not Investing)
Topic: Rec'd Unsolicited Offer for Land
Replies: 27
Views: 2165

Re: Rec'd Unsolicited Offer for Land

How many acres and what are you currently leasing for?
by JGoneRiding
Wed Aug 12, 2020 10:15 am
Forum: Personal Finance (Not Investing)
Topic: Covid Salary Reduction, Debt vs. Investing v. Saving
Replies: 32
Views: 3065

Re: Covid Salary Reduction, Debt vs. Investing v. Saving

My plan is to pay off the car loan and credit cards by spring, salary restored or not. When back to $130k, I plan to max the 401k (15%), and try to max the Roth IRA. I'm currently contributing only 4%. Or, with a restored salary, and only 4% contribution, I could pay about $3k per month toward debt...
by JGoneRiding
Wed Aug 12, 2020 10:08 am
Forum: Personal Finance (Not Investing)
Topic: Covid Salary Reduction, Debt vs. Investing v. Saving
Replies: 32
Views: 3065

Re: Covid Salary Reduction, Debt vs. Investing v. Saving

Thank you for your replies. I have been going back and forth on the car vs. the lower balance credit card. Mainly, freeing up the $469 car payment will "feel" better, but also enable me to put more toward retirement earlier. There is no deferred interest on the 0% card, it will just start to accrue...
by JGoneRiding
Tue Aug 11, 2020 9:19 am
Forum: Personal Finance (Not Investing)
Topic: Rental property investing and #'s explained (why real estate can be a great investment)
Replies: 138
Views: 9003

Re: Rental property investing and #'s explained (why real estate can be a great investment)

Here is my more realistic scenario: $500k 2/2 condo in downtown Chicago Annual rent: $35k Annual HOA: $11k Annual property tax: $9k Unleveraged Annual profit: $15k (only 3% return!) Leveraged up 50% at 3%, annual interest cost: $7.5k Leveraged annual profit: $7.5k (still only 3% return!) :oops: Nev...
by JGoneRiding
Mon Aug 10, 2020 9:58 pm
Forum: Personal Finance (Not Investing)
Topic: Wedding Finances during COVID
Replies: 26
Views: 3108

Re: Wedding Finances during COVID

This is one thing I hope people getting engaged will realize they dont need super fancy expensive weddings and stupid fancy "venues" kiss
by JGoneRiding
Sun Aug 09, 2020 9:50 am
Forum: Personal Finance (Not Investing)
Topic: What percent of net worth should a persons house be?
Replies: 201
Views: 18632

Re: What percent of net worth should a persons house be?

I also think that it is strange to use net worth as a yard stick. For a regular Joe who is working, I find that it is more appropriate to use annual income. The one that I use is between 2x and 3x annual income. When I purchased mine close to 20 years ago, it was 3x my income, now it is under 2x. (...
by JGoneRiding
Sun Aug 09, 2020 9:37 am
Forum: Personal Finance (Not Investing)
Topic: Large windfall - impact on financial plan
Replies: 29
Views: 3564

Re: Large windfall - impact on financial plan

I would definitely fund staying home for a year with the baby. You dont get that time back and nearly every other developed society gives it to moms. Also with this money and what you have you dont really need to save any more. So yes you can totally live on 200k a year. Especially since there isnt ...
by JGoneRiding
Sat Aug 08, 2020 9:40 am
Forum: Personal Finance (Not Investing)
Topic: Charitable giving in an estate will/trust
Replies: 12
Views: 703

Re: Charitable giving in an estate will/trust

As an executor I can promise I would refuse any future executor role (I have 2 more madian aunts) that donated to charity. My suggestion create an IRA at a seperate brokerage and leave the remainder to charity. This is what my gma did. Now of course all the money has been spent but it was seperate f...
by JGoneRiding
Wed Aug 05, 2020 10:17 pm
Forum: Personal Finance (Not Investing)
Topic: second home or primary home?
Replies: 3
Views: 515

Re: second home or primary home?

I did this. Just told them we were going to rent home 1. As long as you have the income it's fine. In my case we had other rentals so while close it wasnt bad
by JGoneRiding
Mon Jul 27, 2020 9:09 am
Forum: Personal Finance (Not Investing)
Topic: Driveway On Neighbor's Land
Replies: 139
Views: 4589

Re: Land Border Issues & Aggressive Neighbor - Help Wanted Please

In most states he gave up right to that land 3 years ago. 7 years after the fence was established
by JGoneRiding
Wed Jul 22, 2020 11:00 pm
Forum: Personal Finance (Not Investing)
Topic: Financial Crisis: Advice needed
Replies: 90
Views: 8076

Re: Financial Crisis: Advice needed

OP. The basic question becomes are YOU willing to support sibling? If not then remove your self completely from the situation and practice things like here is the number for senior assistance. Your fil plan is most likely to die before he has to admit failure. Your mil will have more than most if th...
by JGoneRiding
Wed Jul 22, 2020 10:42 pm
Forum: Personal Finance (Not Investing)
Topic: Financial Crisis: Advice needed
Replies: 90
Views: 8076

Re: Financial Crisis: Advice needed

atikovi wrote: Wed Jul 22, 2020 2:43 pm
livesoft wrote: Wed Jul 22, 2020 2:39 pm I don't understand how someone with income of $300K is collecting Social Security because isn't Social Security reduced $1 for every $2 of earned income?
Yikes! Good call.
Not after you reach fra which it sounds like they have. Which is great means they have medicare but are paying irma
by JGoneRiding
Wed Jul 22, 2020 10:30 pm
Forum: Personal Finance (Not Investing)
Topic: Financial Crisis: Advice needed
Replies: 90
Views: 8076

Re: Financial Crisis: Advice needed

What about the MIL? Does she not work? Is she able to work? No she is not, she has mobility issues. and other health problems. Why are you trying to pay off this debt at all then? Pay the irs as agreed drag the student plus loan out as long as possible. Safe the rest. The IRS can go after the estat...
by JGoneRiding
Tue Jul 21, 2020 9:40 pm
Forum: Personal Finance (Not Investing)
Topic: It is okay to spend money on depreciating assets?
Replies: 51
Views: 3686

Re: It is okay to spend money on depreciating assets?

So I am 39 2 young kids nw about 300k not counting real estate (so I guess really 700k, crazy) Only make about 80k average and going down. Any way I have excepted I will be working longer to pay for the toys. Like others have said no need to buy top of the line. We are on the camper grow up plan. Fi...
by JGoneRiding
Tue Jun 16, 2020 10:42 am
Forum: Personal Finance (Not Investing)
Topic: Choosing an executor?
Replies: 25
Views: 1704

Re: Choosing an executor?

I just want to say it should.be the most honest person you know. I can't even begin to tell you how much estate funds I have received in my name.
by JGoneRiding
Sun Jun 07, 2020 9:21 pm
Forum: Personal Finance (Not Investing)
Topic: Can we afford 600k house?
Replies: 95
Views: 8980

Re: Can we afford 600k house?

Yes, you can; but, you will have to give up a lot of things and have not much room for error. Good luck! Yes that. We bought a $425k house with 10% down in a 130k income. 2 kids in and some drop in income (because I wasn't going to work 60hr weeks with 2 littles) and I can assure you ita very tight.
by JGoneRiding
Sun Jun 07, 2020 9:17 pm
Forum: Personal Finance (Not Investing)
Topic: Escape from the House of Dust and Mold
Replies: 7
Views: 1227

Re: Escape from the House of Dust and Mold

It’s probably not going to be worth your time and effort to contest paying July rent. I’d ask the landlord if he would be willing to let June be your last month. At the very least, I’d definitely write a letter memorializing the verbal agreement to terminate the lease at the end of July and get LL ...
by JGoneRiding
Sat Jun 06, 2020 10:30 am
Forum: Personal Finance (Not Investing)
Topic: Seller breach of contract on home. I need advice.
Replies: 64
Views: 6785

Re: Seller breach of contract on home. I need advise.

What does your realtor say? You have a professional handling things, right? A seller who’s willing to bail over a $3500 difference either knows they can quickly sell it to someone else, or they’re so sick of trying to deal with a difficult buyer that they’re willing to take the risk of relisting. I...
by JGoneRiding
Sun May 31, 2020 5:34 pm
Forum: Personal Finance (Not Investing)
Topic: 50% pay cut: moving advice
Replies: 68
Views: 5025

Re: 50% pay cut: moving advice

I rented out my first home. But I wanted to be a LL. My debt to income ratios were tight. They absolutely counted the rent I was getting. I do not know at what ratio though it helped on the most recent refi where my income had gone down that my rentals are now "seasoned" yes the wilp most likely dis...
by JGoneRiding
Mon May 18, 2020 3:55 pm
Forum: Personal Finance (Not Investing)
Topic: Social Security Issue
Replies: 13
Views: 1149

Re: Social Security Issue

Wife will only owe for what she feels like paying. I personally might see they were buried properly. The rent they will have to pay if they asked the landlord to extend the lease otherwise they should have been out in 30 days. Funeral expenses and then last hospital usually take precedence for being...
by JGoneRiding
Sun May 17, 2020 10:21 pm
Forum: Personal Finance (Not Investing)
Topic: College Student: The Lost Summer
Replies: 10
Views: 1757

Re: College Student: The Lost Summer

Daycares are open in lots of places. Mine never closed at all though I do know attendance is WAY down they also lost a lot of the college caretakers that normal fill in between hours as they all went "home" we are a college town. So I am sure there is still need.
by JGoneRiding
Sun May 17, 2020 9:53 pm
Forum: Personal Finance (Not Investing)
Topic: Mountain cabin?
Replies: 24
Views: 3818

Re: Mountain cabin?

750 ft cabin with the great outdoors to play in and presume some out door living space sounds great ri me! Personally I wouldn't want the bigger and more expensive house unless I was going to have a lot of people living there.
by JGoneRiding
Wed May 13, 2020 12:07 pm
Forum: Personal Finance (Not Investing)
Topic: Second Mortgage Questions
Replies: 10
Views: 633

Re: Second Mortgage Questions

Well you dont have any options then. The reason for the insistence is that they wont be first in line and or the second (if they retain first status) can still force foreclosure if they arent paid. There is no way you are getting a normal refi in this current market with those restrictions. Either c...
by JGoneRiding
Thu Apr 30, 2020 4:37 pm
Forum: Personal Consumer Issues
Topic: Has Your Spending Changed Since The Shutdown?
Replies: 180
Views: 7224

Re: Has your budget changed? What items have you cut out?

Day care and mortgage (in that order) make up about 60 to 70% of our budget. If one of us stops working daycare has to go! We spend nothing else significant. Next highest is food at $500 to 600.
by JGoneRiding
Thu Apr 23, 2020 9:25 pm
Forum: Personal Finance (Not Investing)
Topic: How best to swap houses in 2 different cities?
Replies: 11
Views: 1062

Re: How best to swap houses in 2 different cities?

I would look into a 1031 exchange. This is an ideal situation for it
by JGoneRiding
Thu Apr 16, 2020 8:58 am
Forum: Personal Finance (Not Investing)
Topic: Can I afford a home in this range?
Replies: 31
Views: 2852

Re: Can I afford a home in this range?

Technically you can afford it. Personally I would knock out your SL and get your wife's refi done before deciding to buy.
by JGoneRiding
Sat Apr 11, 2020 1:50 pm
Forum: Personal Finance (Not Investing)
Topic: CARES Payroll Protection Program From Employee Standpoint
Replies: 35
Views: 2034

Re: CARES Payroll Protection Program From Employee Standpoint

Sounds like he didn't "reduce" your pay, you're still getting the same rate, just working less hours right? Or did he actual cut your pay, i.e. from making $100/hour to $40/hour? He will only get whatever he is paying you forgiven. If I were you and I didn't respect the guy I was working for and th...