Search found 1921 matches

by JGoneRiding
Mon May 18, 2020 3:55 pm
Forum: Personal Finance (Not Investing)
Topic: Social Security Issue
Replies: 13
Views: 1102

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: 1725

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: 3755

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: 593

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: 6587

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: 1034

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: 2742

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: 1980

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...
by JGoneRiding
Thu Apr 09, 2020 9:02 pm
Forum: Personal Finance (Not Investing)
Topic: COVID-19 Stimulus Payment Issue
Replies: 86
Views: 7810

Re: COVID-19 Stimulus Payment Issue

The only way to have resolved this fairly would have been to not have done a stimulus check at all and instead, simply provide a bigger boost to unemployment benefits so those loosing their jobs would get all the needed benefits. I actually think this would have been better. As a retiree who had my...
by JGoneRiding
Thu Apr 09, 2020 8:52 pm
Forum: Personal Finance (Not Investing)
Topic: Unicorn mortgage still just a dream
Replies: 29
Views: 4547

Re: Unicorn mortgage still just a dream

We locked in at 2.875 on 30 year fixed refinance at our local credit union. They portfolio their mortgages. I am afraid that our current “stay at home” order will stop the closing for long enough to lose our rate lock. So we had this Thursday we were on track to close and Friday morning they would ...
by JGoneRiding
Thu Apr 09, 2020 7:19 pm
Forum: Personal Finance (Not Investing)
Topic: Insurance Rates
Replies: 10
Views: 863

Re: Insurance Rates

Allstate ua giving all customers a 15% break for april and may. Insurance is highly regulated so yes I do expect to share in the savings from less claims
by JGoneRiding
Thu Apr 09, 2020 6:27 pm
Forum: Personal Finance (Not Investing)
Topic: I was denied a mortgage refinance due to a "net tangible benefit rule". Is this a real thing?
Replies: 22
Views: 3178

Re: I was denied a mortgage refinance due to a "net tangible benefit rule". Is this a real thing?

The last couple of refis that I have completed were thru a broker. Wouldn't hurt to call one or two local brokers or credit unions (or check mortgage professor online) and ask their rates for a no-cost refi and if they have any special requirements. Have you found that your broker is able to get yo...
by JGoneRiding
Tue Apr 07, 2020 9:10 am
Forum: Personal Consumer Issues
Topic: Charity during the pandemic
Replies: 73
Views: 4460

Re: Charity during the pandemic

The CARES act provides that even those who don't itemize on their tax returns can deduct up to $300 in charitable contributions. Because of this I plan to immediately disperse $300 to charity when our check arrives. But thanks to the high cost of daycare which hasn't changed despite cut hours we ha...
by JGoneRiding
Sun Apr 05, 2020 12:51 pm
Forum: Personal Finance (Not Investing)
Topic: Canceling Auto Insurance for Few Months? Any down sides?
Replies: 56
Views: 4307

Re: Canceling Auto Insurance for Few Months? Any down sides?

Every state I've lived in requires insurance for a registered motor vehicle and will come after you if you let the insurance lapse. Some (like CA) may have a "not operated" status, which waives this requirement, but I'm not familiar with the details of how to put a vehicle into (and then get it out...
by JGoneRiding
Sun Apr 05, 2020 12:37 pm
Forum: Personal Finance (Not Investing)
Topic: COVID-19 Stimulus Payment Issue
Replies: 86
Views: 7810

Re: COVID-19 Stimulus Payment Issue

But what about people that OWED money so the government doesn't have a bank account? Most likely they will get a check eventually but who knows when. There are about 130 million households in the U.S. The Treasury Secretary said they will mail out 5 million checks a week. So you could be waiting a ...
by JGoneRiding
Sun Apr 05, 2020 12:30 pm
Forum: Personal Finance (Not Investing)
Topic: COVID-19 Stimulus Payment Issue
Replies: 86
Views: 7810

Re: COVID-19 Stimulus Payment Issue

Not sure if it’s appropriate to hijack but also what about the opposite? We qualify for a check with 2019 income but not 2018 and also have an additional dependent. I immediately mail filed my taxes last week when I heard this was becoming a likely situation, but it seems like I’m not guaranteed th...
by JGoneRiding
Sun Apr 05, 2020 12:16 pm
Forum: Personal Finance (Not Investing)
Topic: COVID-19 Stimulus Payment Issue
Replies: 86
Views: 7810

Re: COVID-19 Stimulus Payment Issue

My daughter also had a weird and complex scenario. She filed jointly with her husband in 2018 and claimed their son as dependent. In 2019 she got divorced and earlier this year she filed for 2019 as HOH, claiming her son as a dependent. But her ex-husband has most likely not filed yet. So her situa...
by JGoneRiding
Sun Apr 05, 2020 11:19 am
Forum: Personal Finance (Not Investing)
Topic: Medicaid eligibility and unearned income?
Replies: 8
Views: 464

Re: Medicaid eligibility and unearned income?

I am no Medicaid expert but as you are no longer employed I believe they will be looking at the year as a whole. I suggest if you are feeling you need Medicaid long term to stop trying to game the system. They dont say "oh you made $42k in capital gains but only in May so only for May where you inel...
by JGoneRiding
Sat Apr 04, 2020 11:37 am
Forum: Personal Finance (Not Investing)
Topic: Help for Landlords in the Stimulus Bills?
Replies: 198
Views: 13402

Re: Help for Landlords in the Stimulus Bills?

What makes you think they'll suddenly become fiscally responsible by giving them "free" money? I hope you are not that naive. I find the judgement against tenants on this thread, well, judgy. I find it incredibly ironic that many landlords are complaining about the financial responsibility of their...
by JGoneRiding
Sat Apr 04, 2020 11:33 am
Forum: Personal Finance (Not Investing)
Topic: Help for Landlords in the Stimulus Bills?
Replies: 198
Views: 13402

Re: Help for Landlords in the Stimulus Bills?

Part of being a responsible successful residential landlord is knowing when to hold firm and when to show mercy. In my view everyone ought to get some grace in April that needs it. This might be waived rent, it might be "don't worry about paying it now and we'll figure out when to pay it later," or...
by JGoneRiding
Sat Apr 04, 2020 11:28 am
Forum: Personal Finance (Not Investing)
Topic: Lifespan assumptions and personal finance
Replies: 31
Views: 1793

Re: Lifespan assumptions and personal finance

We make many investment-related decisions considering our baseline assumptions re: personal lifespan. Examples: - Whether to take a lump sum v. pension upon retirements - When to take Social Security - Assessing the need to purchase (or keep) life insurance policies - Asset allocation - Estate plan...
by JGoneRiding
Sat Apr 04, 2020 11:21 am
Forum: Personal Finance (Not Investing)
Topic: Lifespan assumptions and personal finance
Replies: 31
Views: 1793

Re: Lifespan assumptions and personal finance

Maybe I’m too simplistic, but really, what has changed? If you get this disease and do not die or have dreadful complications, then aren’t you on the same lifespan track as before? Correct. I nearly said something very similar myself a few posts above. Either (1) you die or (2) you live. There is e...
by JGoneRiding
Tue Mar 31, 2020 12:15 pm
Forum: Personal Finance (Not Investing)
Topic: Lease is up--what would you do?
Replies: 57
Views: 5710

Re: Lease is up--what would you do?

I am a landlord and as long as you are paying rent you have the power. Ask for what fits your family best. Just make sure and communicate so your rental record isnt dinged. Either inform her you will continue with .onth to month per the terms of the original lease. Or ask for a 6 month lease. A 6 mo...
by JGoneRiding
Mon Mar 30, 2020 1:15 pm
Forum: Personal Finance (Not Investing)
Topic: What is best option for freeing up a lot of cash?
Replies: 30
Views: 1875

Re: What is best option for freeing up a lot of cash?

They are adults and need to figure their money situation themselves. IMHO, don't borrow money to give to them, at least this early in the game. Or even mention that you might. Since we know nothing about the kids that isnt necessarily true. I am an adult I have a good job. In normal times I have no...
by JGoneRiding
Mon Mar 30, 2020 1:10 pm
Forum: Personal Finance (Not Investing)
Topic: What is best option for freeing up a lot of cash?
Replies: 30
Views: 1875

Re: What is best option for freeing up a lot of cash?

I like option 3 especially since for now it involves doing nothing till the rate drops at which point you might have a better idea of need and can always be like well they dont need today so I will just put the 1800 towards the mortgage this month.
by JGoneRiding
Mon Mar 30, 2020 1:06 pm
Forum: Personal Finance (Not Investing)
Topic: Penfed 5/5 ARM – refi or wait for rate reset?
Replies: 4
Views: 526

Re: Penfed 5/5 ARM – refi or wait for rate reset?

If you go from a 5/5 to a 15 yr wouldn't your min payment go up? Does that affect you at all? If not I would go ahead and lock in the 15 yr and be done with the worry
by JGoneRiding
Sat Mar 28, 2020 3:02 pm
Forum: Personal Finance (Not Investing)
Topic: how much cash do you keep at home?
Replies: 130
Views: 8594

Re: how much cash do you keep at home?

Any where from $200 to $2000 depending. I try for about $800 to $1500. I have seen situations where power was out no atms or Visa machine worked. You needed cash. Definitely times I think I should have a little more
by JGoneRiding
Sat Mar 28, 2020 11:42 am
Forum: Personal Finance (Not Investing)
Topic: How are you going to use your stimulus money?
Replies: 222
Views: 12676

Re: How are you going to use your stimulus money?

Until I know what is happening all "extra' money is padding the ef. Part if my ef was in stocks and the Roth was our extreme back up ef. I think we will be fine because even if we both loose our jobs the unemployment payments are so high we can survive fine. But I have learned my lesson. When this i...
by JGoneRiding
Sat Mar 28, 2020 11:30 am
Forum: Personal Finance (Not Investing)
Topic: pay off mortgage in 6 months or pay large chunk and recast it?
Replies: 25
Views: 1416

Re: pay off mortgage in 6 months or pay large chunk and recast it?

Let's pretend you're the bank...I recast and you calculate a new reduced monthly mortgage payment. Great, now I am gonna ask you a question...how did you calculate this new payment? Show me the amortization table. The bank provides the table. Under "balance" column....what do you think the first ro...
by JGoneRiding
Wed Mar 25, 2020 8:38 pm
Forum: Personal Finance (Not Investing)
Topic: Housing Market Response in this environment?
Replies: 57
Views: 7307

Re: Housing Market Response in this environment?

No one knows but i have been renting out a house since 2005, and have never lowered the rent. Even during previous downturns. It might be a great time to buy though. Low interest rates and unfortunately people will lose their jobs and need to sell. I am worried this time might be different. At leas...
by JGoneRiding
Sun Mar 22, 2020 2:42 pm
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

A very simple thing. Get multiple copies of the death certificate. You may need them to make changes in accounts. You will want to look at existing accounts and update beneficiaries. If the cash is available to do so, I would pay off the car loan. Do maintain an emergency fund however. I needed 2 "...
by JGoneRiding
Sun Mar 22, 2020 1:38 pm
Forum: Personal Finance (Not Investing)
Topic: Down payment cash
Replies: 7
Views: 584

Re: Down payment cash

When were you planning to buy? I might lock up some of it but not all.
by JGoneRiding
Sun Mar 22, 2020 1:33 pm
Forum: Personal Finance (Not Investing)
Topic: Upside down car: advice [car loan]
Replies: 57
Views: 2918

Re: Upside down car: advice

I might not sell it. If he sells it now he might have a bad loan at a HIGHER RATE essentially making everything worse. Then he is still paying the car loan for nothing. Either way he has to pay back the loan that is a sunk cost so if he keeps the car for 10 yrs is the insurance and gas on THIS car e...
by JGoneRiding
Fri Mar 20, 2020 9:06 pm
Forum: Personal Finance (Not Investing)
Topic: Is it possible to enter a negative value for "inventory purchased"?
Replies: 5
Views: 360

Re: Is it possible to enter a negative value for "inventory purchased"?

Most likely the refund goes under "other income" but ig you got it in 2020 you don't need to figure it out till 2021
by JGoneRiding
Fri Mar 20, 2020 7:47 pm
Forum: Personal Finance (Not Investing)
Topic: Corona and the “barebones” budget
Replies: 45
Views: 5919

Re: Corona and the “barebones” budget

Unfortunately for us almost 50% of our budget is mortgage and day care. Then taxes are about 25% ish. So the 25% left doesn't leave a lot of weight room. Most is consumed by basics. Where I can control: eat cheaper food, no entertainment besides Netflix and the internet, no new clothes. Less gas. We...
by JGoneRiding
Fri Mar 13, 2020 9:36 pm
Forum: Personal Finance (Not Investing)
Topic: Planned to pay off debt, now wondering if liquidity is more important.
Replies: 37
Views: 3220

Re: Planned to pay off debt, now wondering if liquidity is more important.

I have thr EXACT SAME PROBLEM. I am.going yo get a chunk of cash next month and had planned to zero all debt. Right now the credit card debt is at 0% and thanks to a barely noted help so are my Studnet loans, yes in case you missed it Trumo just zeroed the interest on all federally held studnet loan...
by JGoneRiding
Thu Mar 12, 2020 9:06 am
Forum: Personal Finance (Not Investing)
Topic: Coming Into Money-Need Help With Savings/Debt/Investing-29 year old
Replies: 9
Views: 672

Re: Coming Into Money-Need Help With Savings/Debt/Investing-29 year old

I didn't see it what is your hhi with the 40k expected for 2020? This affects how if you can do Roth easily.
For 2019 you should be fine so max that now.
by JGoneRiding
Tue Mar 10, 2020 8:03 pm
Forum: Personal Finance (Not Investing)
Topic: Unmarried home ownership, joining his preexisting purchase
Replies: 72
Views: 3674

Re: Unmarried home ownership, joining his preexisting purchase

Why is your rent so high? To me it sounds like your bf is getting way touch from you considering your current descrpency in income You should pay market rate for a room NOT half of his expenses. He choice the house and controls the utilities. For my area that is $500 per month includes all utilities...
by JGoneRiding
Sun Mar 08, 2020 8:37 pm
Forum: Personal Finance (Not Investing)
Topic: Is tax owed if I sell a gift?
Replies: 24
Views: 1625

Re: Is tax owed if I sell a gift?

If a used car is given to me as a gift, will I owe taxes on it when I sell it? For example, assume the car is worth $5k today but it’s given to me as a gift. And if I sell the car tomorrow for $4,500 will I owe taxes on the $4,500 sale? Probably not since you are not selling it for a profit. Would ...
by JGoneRiding
Sun Mar 08, 2020 8:36 pm
Forum: Personal Finance (Not Investing)
Topic: Possible to spread cap gains from investment prop over several years?
Replies: 4
Views: 296

Re: Possible to spread cap gains from investment prop over several years?

You could also do an installment sale... and recognize the gain over several years (as well as interest) See IRS pub 537 Mike Yes that is what I was going to say. Most likely why I got a decent rate on my first rental with only 10% down. He wanted to sell and the installment helped his taxes. I alw...
by JGoneRiding
Sun Mar 08, 2020 8:31 pm
Forum: Personal Finance (Not Investing)
Topic: Refinancing when it's NOT your "forever" house
Replies: 29
Views: 2170

Re: Refinancing when it's NOT your "forever" house

My rate was 3.875% so I am refi to lower rate. Generally and I have always agreed the rate needs to drop by 0.5% to be worth the bother.

I also couldn't afford a 15 or would have but I have 2 in day care. We almost did a 20 yr but I just couldn't quiet swing it.
by JGoneRiding
Sun Mar 08, 2020 8:28 pm
Forum: Personal Finance (Not Investing)
Topic: Is tax owed if I sell a gift?
Replies: 24
Views: 1625

Re: Is tax owed if I sell a gift?

How was the car transfered to you? Was the "car" gifted to you or did someone gift you some money that you used to buy the car? If you paid $1k for a car worth $5k, I think that is treated differently that if someone gifted you a $4k car. Also, if the car was for personal use and since a car is a d...
by JGoneRiding
Sun Mar 08, 2020 8:22 pm
Forum: Personal Finance (Not Investing)
Topic: Is tax owed if I sell a gift?
Replies: 24
Views: 1625

Re: Is tax owed if I sell a gift?

If a used car is given to me as a gift, will I owe taxes on it when I sell it? For example, assume the car is worth $5k today but it’s given to me as a gift. And if I sell the car tomorrow for $4,500 will I owe taxes on the $4,500 sale? Probably not since you are not selling it for a profit. Would ...
by JGoneRiding
Sun Mar 08, 2020 7:55 pm
Forum: Personal Finance (Not Investing)
Topic: teenager saving for college - bank? Roth IRA? other?
Replies: 19
Views: 974

Re: teenager saving for college - bank? Roth IRA? other?

Double check this but it was my understanding that you can withdrawal retirement funds for college without penalty. Which makes the Roth ideal if they are a few years out as until they take the money out the FAFSA is blind to it.

You just have to invest with care if course
by JGoneRiding
Tue Mar 03, 2020 9:24 pm
Forum: Personal Finance (Not Investing)
Topic: The unicorn mortgage: 30 year fixed under 3%
Replies: 82
Views: 12243

Re: The unicorn mortgage: 30 year fixed under 3%

Well shoot now you are making my 3.24% no lender fees but do have to pay title look bad! And I was so excited.

But no goldilocks zone for me. Only a 355k loan but I plan to.keep this one for 20 years or so so I am excited!
by JGoneRiding
Tue Mar 03, 2020 9:12 pm
Forum: Personal Finance (Not Investing)
Topic: Retire at 55, what's the magic number
Replies: 205
Views: 35732

Re: Retire at 55, what's the magic number

I see many different scenarios here but if I were 52 and still have young kids, I don't think I would even consider retiring early. I'd wait until they were out of the home and working. watchman1675, 2) If you receive a windfall of 10 million, would you retire? Yes. KlangFool So, retiring early whi...
by JGoneRiding
Sun Mar 01, 2020 7:55 pm
Forum: Personal Finance (Not Investing)
Topic: How to get free $20K credit for about one year?
Replies: 22
Views: 2130

Re: How to get free $20K credit for about one year?

Chase slate is still doing o fee balance transfer and boa might maybe have a card For future reference it's way easier if you put it on a 0% card to start with. My capital one is always offering 2% fee transfer which of course isnt bad. I regularly rotate cards to keep a 0% in my pocket. Works as a ...
by JGoneRiding
Fri Feb 28, 2020 3:43 pm
Forum: Personal Finance (Not Investing)
Topic: Mortgage shopping. Best practices?
Replies: 11
Views: 797

Re: Mortgage shopping. Best practices?

I have found it best to work with a mortgage broker. They generally get the best rates often with low fees
by JGoneRiding
Thu Feb 27, 2020 9:09 pm
Forum: Personal Finance (Not Investing)
Topic: 1031 Exchange with Related Party
Replies: 8
Views: 439

Re: 1031 Exchange with Related Party

I am still struggling to understand WHY you want to do this. You are giving up all equity. If you and wife were to divorce you would get nothing. It's my understanding that to do a 1031 exchange the new property does have to be worth more so you are ok there. I am going in record as saying this is a...