Search found 1702 matches

by JGoneRiding
Sat Jul 20, 2019 2:33 pm
Forum: Personal Finance (Not Investing)
Topic: Are RMDs that bad if you're not an over-saver?
Replies: 185
Views: 17877

Re: Are RMDs that bad if you're not an over-saver?

I am not assuming a flat tax rate. Due to the graduated nature of our tax system, the majority of one's lifetime savings should generally be to tax-deferred accounts. Even if you can 'fill up' the standard deduction for a MFJ couple with SS benefits, you still need almost $2 million with 4% withdra...
by JGoneRiding
Sat Jul 20, 2019 12:27 pm
Forum: Personal Finance (Not Investing)
Topic: Are RMDs that bad if you're not an over-saver?
Replies: 185
Views: 17877

Re: Are RMDs that bad if you're not an over-saver?

why in your right mind would you want to limit growth of an Ira One word: taxes. Assuming you’re speaking of a pre tax IRA. You can get the growth in a Roth also and pay lower tax. It depends on one’s portfolio composition and circumstances To expound upon your last statement, it makes sense to put...
by JGoneRiding
Sat Jul 20, 2019 11:30 am
Forum: Personal Finance (Not Investing)
Topic: Should relative incomes be a factor in wedding gift?
Replies: 43
Views: 2034

Re: Should relative incomes be a factor in wedding gift?

No you should give what you are comfortable giving. We generally give $100-$200 depending on if we have to travel. We also fortunately have not been invited to 100 weddings like some people my age have been so it’s been manageable. We also don’t “give back” what we received from people. I will tell...
by JGoneRiding
Sat Jul 20, 2019 11:25 am
Forum: Personal Finance (Not Investing)
Topic: Mortgage or HELOC?
Replies: 4
Views: 194

Re: Mortgage or HELOC?

I prefer a heloc for several reasons, it's cheaper and easier to get. It's very flexible you can borrow return funds and borrow again later if you want. Once you take a mortgage you can't go back and borrow more without a refi.
by JGoneRiding
Sat Jul 20, 2019 11:23 am
Forum: Personal Finance (Not Investing)
Topic: The skyrocketing cost of long term care and how to pay for it
Replies: 24
Views: 1663

Re: The skyrocketing cost of long term care and how to pay for it

We've had to manage this for a family member and it boils down to this: Find a facility who will take private pay for a set period of time, then guaranty that they will continue care, taking in continued streams of income (pension, social security, annuity payment). For said relative, we found such...
by JGoneRiding
Fri Jul 19, 2019 11:08 pm
Forum: Personal Finance (Not Investing)
Topic: Updating / Modify a Revocable Living Trust
Replies: 20
Views: 894

Re: Updating / Modify a Revocable Living Trust

IRA is always individual so husband can't just take it and in almost all states inheritance is none joint so an inheritated IRA is a great way to control funds and not allow spouse access or rights to the money!
by JGoneRiding
Fri Jul 19, 2019 11:05 pm
Forum: Personal Finance (Not Investing)
Topic: Down payment for second mortgage before selling first
Replies: 3
Views: 318

Re: Down payment for second mortgage before selling first

The 2 options for loans most commonly discussed are a bridge loan for the new place, I dont actually know anyone that got one. Or a heloc ahead of time on the current residence.
by JGoneRiding
Sat Jul 13, 2019 9:51 pm
Forum: Personal Finance (Not Investing)
Topic: Has anyone inherited a obligation/burden/responsibility?
Replies: 76
Views: 7439

Re: Has anyone inherited a obligation/burden/responsibility?

90-year-old widow Carol, husband deceased, no children, moved to FL assisted living to be near her only sibling (my MIL). She had houses in two others state. She let her sibling sell the vacation home, but not the other house or her car. It was obvious to everyone else that she would never drive or...
by JGoneRiding
Sat Jul 13, 2019 9:29 pm
Forum: Personal Finance (Not Investing)
Topic: Pay student loans via cash-out refinance?
Replies: 41
Views: 1855

Re: Pay student loans via cash-out refinance?

Thank you for all the response. I hear a lot of great inputs from this discussion and I'll keep that in mind. Just want to provide additional details based on the postings. -We both work in healthcare, so our employment/job is secured. -$1,500 of His student loan is required because I refinanced it...
by JGoneRiding
Sat Jul 13, 2019 9:24 pm
Forum: Personal Finance (Not Investing)
Topic: Pay student loans via cash-out refinance?
Replies: 41
Views: 1855

Re: Pay student loans via cash-out refinance?

OP, This may not be one of your consideration. But, you are exchanging student loan that you cannot get rid off in bankruptcy into a non-recourse mortgage loan that you can walk away. KlangFool The primary mortgage is non recourse but I believe once you do a cash out refi it becomes recourse or at ...
by JGoneRiding
Sat Jul 13, 2019 4:27 pm
Forum: Personal Finance (Not Investing)
Topic: Pay student loans via cash-out refinance?
Replies: 41
Views: 1855

Re: Pay student loans via cash-out refinance?

So I personally haven't done it for the simple reason I can't stomach taking 15 yr debt and recasting it as 30 yr debt. Plus the interest rates where always to close to make sense to do it from a rate reduction idea.
by JGoneRiding
Fri Jul 12, 2019 9:56 pm
Forum: Personal Finance (Not Investing)
Topic: 10k every year to mortgage or taxable brokerage
Replies: 20
Views: 1867

Re: 10k every year to mortgage or taxable brokerage

How much is in the 401k? If more than enough I would pay the mortgage after filling the 401k. If questionable then safe first. You can make a lot of mortgage payments from the savings but get nothing from a partially paid down mortgage. Sounds like eventually you will sell.
by JGoneRiding
Fri Jul 12, 2019 9:52 pm
Forum: Personal Finance (Not Investing)
Topic: 3 kids and 2 working parents - childcare costs
Replies: 17
Views: 1592

Re: 3 kids and 2 working parents - childcare costs

Nanny is affordable where I live. But I put my oldest in to day care in part bec I thought he needed the training and extra interaction with others. It's really tough watching a 2 yr all by yourself all day. Day care has multiple staff and breaks for people. Plus they have a nutrition guide. I don't...
by JGoneRiding
Wed Jul 10, 2019 4:18 pm
Forum: Personal Finance (Not Investing)
Topic: How much should I have saved for retirement by age 40?
Replies: 111
Views: 17568

Re: How much should I have saved for retirement by age 40?

Has anyone tried the simple spreadsheet I linked to earlier that translates retirement age goals into retirement income projections, based on current portfolio and current salary, while also assessing the impact of unfavorable market returns? If yes, did it help you assess the robustness of your pl...
by JGoneRiding
Wed Jul 10, 2019 4:10 pm
Forum: Personal Finance (Not Investing)
Topic: Selling a rental property - taxes
Replies: 41
Views: 2099

Re: Selling a rental property - taxes

We bought it for $200,000 in 2009. We haven't done any major improvements to it since we bought it. I'm not sure at this time what it was worth in 2016 when we started renting it out. We enjoyed getting a monthly rent check over the past three years without ever a late payment. But our renters move...
by JGoneRiding
Wed Jul 10, 2019 4:00 pm
Forum: Personal Finance (Not Investing)
Topic: When to refinance
Replies: 6
Views: 400

Re: When to refinance

Generally I will.do it for a min if 0.3% change if fees are low or 0.5% for more normal fees. So yes you should do it!
by JGoneRiding
Tue Jul 09, 2019 9:24 pm
Forum: Personal Finance (Not Investing)
Topic: If there are no close or trusted relatives close by, who will care for you, pay your bills, etc.
Replies: 140
Views: 10533

Re: If there are no close or trusted relatives close by, who will care for you, pay your bills, etc.

There are professional guardians and/or conservators that can either be hired by an individual or appointed by the Court to manage the financial and life affairs of someone. ... Guardianships are cumbersome. A revocable trust with a corporate trustee is much better even if it costs 1% a year. And i...
by JGoneRiding
Tue Jul 09, 2019 9:12 pm
Forum: Personal Finance (Not Investing)
Topic: If there are no close or trusted relatives close by, who will care for you, pay your bills, etc.
Replies: 140
Views: 10533

Re: If there are no close or trusted relatives close by, who will care for you, pay your bills, etc.

On "aranage funeral " make sure you prepay everything not just part. My aunt contracted with a funeral home for cremation, urn, and shipping. What she had not considered. The internment fee for where she wanted to end up ---this fee is insane for sticking a box inside another already occupied box bu...
by JGoneRiding
Sun Jul 07, 2019 7:12 pm
Forum: Personal Finance (Not Investing)
Topic: Small Windfall + Baby On the Way
Replies: 9
Views: 971

Re: Small Windfall + Baby On the Way

With a baby ON THE WAY.... I wouldn’t do much of anything with the cash. Maybe refinance the mortgage if it works to your advantage. Otherwise, wait until the baby is born and all is good. Then figure out what to do with the remaining cash (I am thinking you will hold back a minimum of 75k-100k). I...
by JGoneRiding
Sun Jul 07, 2019 6:05 pm
Forum: Personal Finance (Not Investing)
Topic: Staying the course is so hard (support thread)
Replies: 110
Views: 10505

Re: Staying the course is so hard (support thread)

Forget the house go back and buy the Porsche. Its cheaper and it sounds like you would get more enjoyment out of it.
by JGoneRiding
Tue Jul 02, 2019 5:10 pm
Forum: Personal Finance (Not Investing)
Topic: Buying a house for Mom - Pros, cons, pitfalls?.
Replies: 55
Views: 3505

Re: Buying a house for Mom - Pros, cons, pitfalls?.

Why don you think a "house environment " would be better for her? My mom is a similar age in excellent health and active. All she talks about is moving to a small 2 bed condo where someone else cooks, cleans, and does meal prep! Of course my parents have lived 40 years in a large house and mom is si...
by JGoneRiding
Tue Jul 02, 2019 4:55 pm
Forum: Personal Finance (Not Investing)
Topic: How much should I have saved for retirement by age 40?
Replies: 111
Views: 17568

Re: How much should I have saved for retirement by age 40?

Has anyone tried the simple spreadsheet I linked to earlier that translates retirement age goals into retirement income projections, based on current portfolio and current salary, while also assessing the impact of unfavorable market returns? If yes, did it help you assess the robustness of your pl...
by JGoneRiding
Tue Jul 02, 2019 4:53 pm
Forum: Personal Finance (Not Investing)
Topic: How much should I have saved for retirement by age 40?
Replies: 111
Views: 17568

Re: How much should I have saved for retirement by age 40?

We are close to 40. We have 250k saved in retirement (well I do) and another 250k in real estate holdings equity. I think we would actually be ok if we stopped saving. (We won't and I wont tell the DH that) because in 20 years we should have greater than 1.5 mil in real estate free and clear generat...
by JGoneRiding
Tue Jul 02, 2019 10:55 am
Forum: Personal Finance (Not Investing)
Topic: Big Hospital Bill - Any way to negotiate ?
Replies: 130
Views: 7583

Re: Big Hospital Bill - Anyway to negociate ?

Not the OP. I am not in a hdhp I would actually like to be. And our oopm is over 6k. And the combined family is 11.5k. This has become a hardship as I had thought it was 4k. I will be calling the hospital as soon as I finally get the bill. Ty for tips! But I will definitely pay promptly. I think it ...
by JGoneRiding
Tue Jul 02, 2019 10:41 am
Forum: Personal Finance (Not Investing)
Topic: Buy new home before putting current home on the market?
Replies: 25
Views: 1522

Re: Buy new home before putting current home on the market?

My parents are reversed. My dad has to much stuff and refuses to down size and my mom would have moved yest. They bought the second house, they have much lower assets so used va loan option. 3 years later they have not moved. The house is entering its second year of rental use. Though my dad had nev...
by JGoneRiding
Fri Jun 28, 2019 9:01 pm
Forum: Personal Finance (Not Investing)
Topic: Landlords - assessing amount security deposit to return?
Replies: 50
Views: 3418

Re: Landlords - assessing amount security deposit to return?

I did charge tenants for light bulbs once. They had 16 burned out bulbs and, since I am a remote LL, I had to pay the local handyman to check every fixture, drive to the hardware store, buy the bulbs and replace them. 1-2-3 light bulbs, no, but 16 in easily reached fixtures was too much. These same...
by JGoneRiding
Fri Jun 28, 2019 8:43 pm
Forum: Personal Finance (Not Investing)
Topic: Landlords - assessing amount security deposit to return?
Replies: 50
Views: 3418

Re: Landlords - assessing amount security deposit to return?

So the PM needs to be informing me of the grade/lifespan of the carpet & paint being used. Good to know. OTOH I read a comment from an owner on BH saying that his lease specified leaving it in "move in conditon." I very specifically list out damages and costs for each. I have and do charge for uncl...
by JGoneRiding
Thu Jun 27, 2019 5:04 pm
Forum: Personal Finance (Not Investing)
Topic: NYC Apartment to sue or not to sue
Replies: 44
Views: 5307

Re: NYC Apartment to sue or not to sue

With NYC, rent control, a change in occupant, a change in owner, and a change in laws: I'm not sure that even people from NYC can tell you what your chances are ... ... and he was subletting for the first two years. Does that affect his windfall chances? Right was the subletting legal? Ianal and fi...
by JGoneRiding
Thu Jun 27, 2019 3:40 pm
Forum: Personal Finance (Not Investing)
Topic: Tenant identity theft issue on lease
Replies: 40
Views: 4086

Re: Tenant identity theft issue on lease

In my state, the standard lease document has a place for tenant signature and a witness signature. I'm assuming your lease does not have that. Lesson learned here. I have been renting out for about 9 years and first time, I have seen this type of issue. In future, I plan to ask for copy of driver l...
by JGoneRiding
Mon Jun 24, 2019 5:17 pm
Forum: Personal Finance (Not Investing)
Topic: Buying Parent's Home Below Market
Replies: 47
Views: 4570

Re: Buying Parent's Home Below Market

Leave your siblings out of it as long as your mom is stable and competent. And if she feels ok with it. If you are convincing her and this isnt her idea then maybe you need to move and buy what you can afford and your mom can sell the house and at some point you will get an inheritance
by JGoneRiding
Sun Jun 23, 2019 2:57 pm
Forum: Personal Finance (Not Investing)
Topic: Sale of elderly parents' home
Replies: 42
Views: 3106

Re: Sale of elderly parents' home

Why did they buy a $1 mil house? Are they in an extremely high cost of living area? They actually bought a $1.5M house, with a $1M mortgage. They did so to be closer to family (me). I am in a VHCOL, they are adjacent to that in a HCOL. So what is the plan of dd passes first? At that point your mom ...
by JGoneRiding
Sun Jun 16, 2019 12:11 pm
Forum: Personal Finance (Not Investing)
Topic: Short-term money needs for Executor of Estate
Replies: 57
Views: 3901

Re: Short-term money needs for Executor of Estate

That assumes you have heirs that can and will get along. Have you missed the 3 separate nightmare threads where one won't sell? At least many in here told an heir to walk away from a 50k inheritance rather than deal with an unreasonable sibling. I think tod is great if you have only 1 heir and othe...
by JGoneRiding
Sun Jun 16, 2019 12:05 pm
Forum: Personal Finance (Not Investing)
Topic: Short-term money needs for Executor of Estate
Replies: 57
Views: 3901

Re: Short-term money needs for Executor of Estate

I guess you are describing a situation where there are no liquid funds available in the estate, but there are expenses that need to be covered. I am assuming the estate has sufficient illiquid assets. I think the kosher thing to do is to arrange a loan to the estate. If I was the executor and had t...
by JGoneRiding
Sun Jun 16, 2019 11:53 am
Forum: Personal Finance (Not Investing)
Topic: Should we retire in 4 years?
Replies: 31
Views: 4022

Re: Should we retire in 4 years?

If you retire and travel more will expenses go up? Are you considering down sizing? Is this a business you could sell? Even a basic service oriented business that has built up a good name and clientele is worth something. Especially if it includes a lot if special tools you have. People get loans fo...
by JGoneRiding
Fri Jun 14, 2019 1:49 pm
Forum: Personal Finance (Not Investing)
Topic: Short-term money needs for Executor of Estate
Replies: 57
Views: 3901

Re: Short-term money needs for Executor of Estate

"I have decided that the kindest thing you can do for estate planning is having dealt with the house ahead of time." Some states have TOD deeds that work just like a TOD bank account (the mechanics of that were that after the last parent died, we (the kids named as TOD beneficiaries) sold the house...
by JGoneRiding
Fri Jun 14, 2019 1:19 pm
Forum: Personal Finance (Not Investing)
Topic: Why are you NOT buying rental properties?
Replies: 555
Views: 49329

Re: Why are your NOT buying rental properties?

I want nothing to do with rental properties. In fact, we currently own 2 homes (1 inherited), and will dispose of that within 2 years at most. Being a landlord is not a fun task. If you had owned these properties in the housing crash, you'd be singing a different toon. I don't own REITs either. Nor...
by JGoneRiding
Thu Jun 13, 2019 5:41 pm
Forum: Personal Finance (Not Investing)
Topic: Got a refund today they only would put in back on the visa card. Later I found out that card has been closed nine months
Replies: 22
Views: 2477

Re: Got a refund today they only would put in back on the visa card. Later I found out that card has been closed nine mo

Well I knew my card was canceled (bank had an issue on their end and reissued a different card) I was able to get a manager over ride to put on a different card. I think you will get a check at some point.
by JGoneRiding
Thu Jun 13, 2019 5:37 pm
Forum: Personal Finance (Not Investing)
Topic: Currently Viable Refinance Options when 30-YR Mortgage is Currently at 3.875%?
Replies: 23
Views: 1756

Re: Currently Viable Refinance Options when 30-YR Mortgage is Currently at 3.875%?

OP. I could have written your post! I am looking so if I find something will let you know. I am looking at better right now on others recommendation. Rate is good but I haven't figured out cost yet. They are a bit annoying to get to the rate level. I am also checking with Costco refi options (I used...
by JGoneRiding
Thu Jun 13, 2019 11:23 am
Forum: Personal Finance (Not Investing)
Topic: Is POD the best designation for Mom’s checking account?
Replies: 38
Views: 2751

Re: Is POD the best designation for Mom’s checking account?

I have expressed several time that this is a concern and people tend to ignore it! I have recently completed probate training for state of Oregon. They said intent matters so technically they should pay final expenses but reality matters more and the banks do not care about intent they will split ev...
by JGoneRiding
Thu Jun 13, 2019 11:15 am
Forum: Personal Finance (Not Investing)
Topic: Short-term money needs for Executor of Estate
Replies: 57
Views: 3901

Re: Short-term money needs for Executor of Estate

I am co executor and power of attorney for my mom. All accounts are set up with me and my 2 siblings as beneficiaries. Her car is titled to her and TOD to me. Her funeral is prearranged and prepaid. Upon her passing, all assets will be divided equally by the financial institutions and mailed to the...
by JGoneRiding
Thu Jun 13, 2019 11:12 am
Forum: Personal Finance (Not Investing)
Topic: Short-term money needs for Executor of Estate
Replies: 57
Views: 3901

Re: Short-term money needs for Executor of Estate

My wife is the beneficiary of all accounts in my name. As soon as the institutions have my death certificate, the money is hers. No probate would be needed. Nice way to avoid probate without the need for trusts to accomplish this transfer. Simplicity is usually a good thing. Yes but what happens wh...
by JGoneRiding
Wed Jun 12, 2019 8:29 pm
Forum: Personal Finance (Not Investing)
Topic: Short-term money needs for Executor of Estate
Replies: 57
Views: 3901

Re: Short-term money needs for Executor of Estate

I sent the heirs an email (I have 6 to deal with) informing them there was no funds to pay the June mortgage. They decided to pay it together. Do you mean as you are setting up the estate? My aunt (i am probating it now) had everything set to auto pay! Despite informing the bank with in 7 days of he...
by JGoneRiding
Tue Jun 11, 2019 10:34 am
Forum: Personal Consumer Issues
Topic: Tips for new pet owner [puppy]
Replies: 71
Views: 4014

Re: Tips for new pet owner

I am a vet. My dogs eat Costco and I am very happy with their maintenance. There have been some recent issues with "fancy" boutique expensive foods so cost doesn't nessisitate quality. Vaccine depend a lot on your area and exposure risk. Basic vaccine do not. Expect about $100 for the first visit an...
by JGoneRiding
Tue Jun 11, 2019 10:26 am
Forum: Personal Finance (Not Investing)
Topic: Planning for potential second home purchase
Replies: 8
Views: 1167

Re: Planning for potential second home purchase

Maybe I miss understood the question. I thought it was how to or if you should sell to maintain liquidity for a vague future move. I might do some but I wouldn't bother with all of it. I would instead set aside the next 2 years saving for it and sell slowly as it might make sense. I would try to spl...
by JGoneRiding
Tue Jun 11, 2019 10:07 am
Forum: Personal Finance (Not Investing)
Topic: Late Life/End of Life Expenses
Replies: 38
Views: 3833

Re: Late Life/End of Life Expenses

My family experience: grandpa died fast from chf and declined advanced intervention, as a result he spent 4 days in the hospital and had otherwise been at home (this cost was covered by standard Medicare insurance) His wife has out lived him by 25 years, due to a fall and thinking she might not live...
by JGoneRiding
Mon Jun 10, 2019 7:58 pm
Forum: Personal Finance (Not Investing)
Topic: Home Loan from Parents
Replies: 38
Views: 4463

Re: Home Loan from Parents

If they give you a lower-than-market rate, the difference is considered a gift. That might not be a problem as long as their estate won't owe inheritance taxes. That isn't exactly true. IRS has a base rate dependent on length of loan. It changes regularly so you need to look it up. Every time I hav...
by JGoneRiding
Mon Jun 10, 2019 3:07 pm
Forum: Personal Finance (Not Investing)
Topic: Efficiently giving to an individual
Replies: 32
Views: 2636

Re: Efficiently giving to an individual

I'm seeking advice on efficiently giving money to another individual with a terminal illness. I've searched around the forum but haven't come across any similar posts; this is my first post, though I wish it were under different circumstances. A friend of mine (30s, married, no kids) is entering en...
by JGoneRiding
Mon Jun 10, 2019 2:57 pm
Forum: Personal Finance (Not Investing)
Topic: Please critique my budget
Replies: 8
Views: 896

Re: Please critique my budget

Critique or brag??

You are "living" on 15% of your take home.pay (everything else is debt or savings) are you living enough? It would take a very high income for me to be happy at that level. Are you kids getting what they need to thrive? Is your wife content?
by JGoneRiding
Mon Jun 10, 2019 12:41 pm
Forum: Personal Finance (Not Investing)
Topic: Paying for rent is throwing away money...myth?
Replies: 302
Views: 19329

Re: Paying for rent is throwing away money...myth?

I am sure it's been said, but the fact is most Americans do not save much of anything their entire net worth is in the home. My aunt did not need to save. She had an awesome government pension and SSA between the 2 she made significant more than I do as a professional working. She didn't save out of...
by JGoneRiding
Mon Jun 10, 2019 10:30 am
Forum: Personal Finance (Not Investing)
Topic: W/O comp and collision, how does reimbursement from a not at fault accident work?
Replies: 20
Views: 1296

Re: W/O comp and collision, how does reimbursement from a not at fault accident work?

If the other driver doesn’t have insurance, then you could sue, small claims court if relatively low damage, regular court otherwise. But unless they have no insurance due to extenuating circumstances [ forgot to mail check, etc) most likely they have no money, so even if you win good luck getting ...