Search found 1296 matches

by JGoneRiding
Mon Jan 14, 2019 6:00 pm
Forum: Personal Finance (Not Investing)
Topic: Took on too much mortgage, seeking advice on where to put money going forward
Replies: 42
Views: 4631

Re: Took on too much mortgage, seeking advice on where to put money going forward

If you hope to buy another in a few years liquidity is important it's difficult to get money out of real estate so I would safe money and invest in 401k. Not pay down mortgage
by JGoneRiding
Mon Jan 14, 2019 5:46 pm
Forum: Personal Finance (Not Investing)
Topic: Amazon Rewards Visa -- predatory lending?
Replies: 27
Views: 3192

Re: Amazon Rewards Visa -- predatory lending?

I've been thinking about possibly getting the Amazon Rewards Visa card , and the very first review said this: This card has sneaky interest rate policies... I received my first statement and paid all but $25 (by accident, meant to pay in full) on time. So my carryover balance was $25, which I would...
by JGoneRiding
Fri Jan 11, 2019 3:20 pm
Forum: Personal Finance (Not Investing)
Topic: Under $100k Avg Annual Income Millionaires and How You Did It?
Replies: 117
Views: 13750

Re: Under $100k Avg Annual Income Millionaires and How You Did It?

This thread is an inspirational one. It's been a good read. I'd like to hear from the parents here. Average cost of raising a kid in the US is $2k/month. With daycare in a high COLA area, earning less than $100k and saving sufficiently to eventually net over a millionaire has got to be a struggle. ...
by JGoneRiding
Fri Jan 11, 2019 10:17 am
Forum: Personal Finance (Not Investing)
Topic: Is buying a $700K first home crazy?
Replies: 70
Views: 7229

Re: Is buying a $700K first home crazy?

Real estate has huge transaction costs. So it actually does make better sense to skip the starter and just buy a nice family home. This is why you see so few starter homes being built this does make it hard for people that need want small houses. You can afford this type of home but if you aren't pl...
by JGoneRiding
Thu Jan 10, 2019 10:27 pm
Forum: Personal Finance (Not Investing)
Topic: Pay off a 30 year mortgage in 15 years? The cost of flexibility
Replies: 75
Views: 6895

Re: Pay off a 30 year mortgage in 15 years? The cost of flexibility

For a $100,000 mortgage paid off in 15 years with a 5.01% interest rate (i.e. paying off a 30 year mortgage in 15 years), the principal and interest payment would be $791.31, and the total interest paid over the 15 years would be $42,435.80. In contrast, the same mortgage paid off in the same time ...
by JGoneRiding
Thu Jan 10, 2019 10:29 am
Forum: Personal Finance (Not Investing)
Topic: Under $100k Avg Annual Income Millionaires and How You Did It?
Replies: 117
Views: 13750

Re: Under $100k Avg Annual Income Millionaires and How You Did It?

It never ceases to amaze me when I read post from people making $100k a year and more. I never earned $100k in my life. Best I can remember, the most I ever made was around $67k, and most years much less. Of course I can remember when the people across the street built a nice house for $12k. I'm re...
by JGoneRiding
Thu Jan 10, 2019 12:29 am
Forum: Personal Finance (Not Investing)
Topic: Debt free...now what?
Replies: 10
Views: 1523

Re: Debt free...now what?

Congratulations! Take just a moment and relax in it!

I rec keeping a small journal of thoughts on your personal finance process. Investing and how to do it and where to do it and how much to put in will be a thought process. You are on a good path but it's a marathon
by JGoneRiding
Tue Jan 08, 2019 10:57 pm
Forum: Personal Finance (Not Investing)
Topic: Child # 3 - seeking advice from older members
Replies: 87
Views: 6410

Re: Child # 3 - seeking advice from older members

No advice, just well wishes. I think we're done at two, a little older than you. A third child is a lifestyle upgrade as many people have suggested, but it's overwhelmed in our case by the fact that I'm nearly 40 (yikes), and I don't think I have another one physically in me. I don't think I've sle...
by JGoneRiding
Tue Jan 08, 2019 10:28 pm
Forum: Personal Finance (Not Investing)
Topic: Too many credit cards?
Replies: 54
Views: 2784

Re: Too many credit cards?

First you should have called right away and asked for the late fee to be waved almost always wave a late fee on the first go! I don't fine 3 excessive but if you do then it is. I find 5 to much and am deciding which to cancel. I hear the citi 2 to 3 % on every thing is a good card. If you travel out...
by JGoneRiding
Tue Jan 08, 2019 9:32 pm
Forum: Personal Finance (Not Investing)
Topic: Bonus toward student loans or 401(k)?
Replies: 18
Views: 908

Re: Bonus toward student loans or 401(k)?

Congrats on the bonus! I vote Option 4: put 100% to the student loan and pay it off completely. Then you'll have $1000 per month that can go to other goals from here on out. I just think you'll be much more satisfied crossing off a big balance/goal, than making incremental bites on all your goals. ...
by JGoneRiding
Tue Jan 08, 2019 4:01 pm
Forum: Personal Finance (Not Investing)
Topic: Home Addition Financing
Replies: 16
Views: 1182

Re: Home Addition Financing

Sounds like you have done your homework . I too was thinking just move :) I would probable qualify and start the heloc about 3 months before the plan start date. Then I would pay as much in cash as I could, draw the heloc for what was needed to the max, and consider the 401k loan as a last ditch nee...
by JGoneRiding
Tue Jan 08, 2019 10:24 am
Forum: Personal Finance (Not Investing)
Topic: Should I pay more than the minium on my mortgage?
Replies: 39
Views: 5172

Re: Should I pay more than the minium on my mortgage?

I lean towards paying it off fast, selling it, or refinancing at a fixed rate. Contributing to 401k is great, but only if you can afford it. When that ARM runs out, the rate is not going to fall. Really, you can predict 6 years out??? It might fall. There are people on here who had arms that fell e...
by JGoneRiding
Mon Jan 07, 2019 11:51 pm
Forum: Personal Finance (Not Investing)
Topic: Taking a pay cut now for potential of higher pay later
Replies: 19
Views: 1537

Re: Taking a pay cut now for potential of higher pay later

To me it's a no brainer bec he doesn't have A job he has 2. And that kind of never ending stress doesn't bode well.

I am concerned though that despite what qualifies as good to high income he hasn't seen fit to get health insurance. It doesn't bode well for his budget
by JGoneRiding
Mon Jan 07, 2019 10:00 pm
Forum: Personal Finance (Not Investing)
Topic: $40,000 in debt, bankruptcy seems to be the best option right now
Replies: 258
Views: 20151

Re: $40,000 in debt, bankruptcy seems to be the best option right now

OP has debt problem. Bankrupt won't solve this problem. Wrong. OP appears to have had a SPENDING problem in the past. Bankruptcy may indeed solve the debt problem but if the spending problem isn't solved separately, things could recur in five years... Spending on borrowed the money, isn't it a debt...
by JGoneRiding
Mon Jan 07, 2019 10:38 am
Forum: Personal Finance (Not Investing)
Topic: $40,000 in debt, bankruptcy seems to be the best option right now
Replies: 258
Views: 20151

Re: $40,000 in debt, bankruptcy seems to be the best option right now

Or he can just default on it. Pretty sure they take it back at that point. Seriously he absolutely has to be defaulting on something. He has no choice he has been robbing Peter to pay Paul and he can t any more. I would go to the dealer and be honest you can t afford the car, you won't keep it if y...
by JGoneRiding
Mon Jan 07, 2019 10:34 am
Forum: Personal Finance (Not Investing)
Topic: Child # 3 - seeking advice from older members
Replies: 87
Views: 6410

Re: Child # 3 - seeking advise from older members

Similar situation, we are early/mid 30s and have an almost 2/almost 4 pair of knuckleheads and we're so close to regaining some of that freedom that's been gone for so long. We always assumed we'd go for 3 since we both came from 3 kid families but having gone from 1 to 2, I know that going from 2 ...
by JGoneRiding
Sun Jan 06, 2019 6:26 pm
Forum: Personal Finance (Not Investing)
Topic: Downsizing to fund early retirement - where's the cutoff?
Replies: 14
Views: 1547

Re: Downsizing to fund early retirement - where's the cutoff?

We upsides when we got married with the idea being we would enjoy the bigger house while we had kids. I plan to downsize when the stairs become annoying but that will be after we are already retired so not part if the overall calculations
by JGoneRiding
Sun Jan 06, 2019 6:18 pm
Forum: Personal Finance (Not Investing)
Topic: $40,000 in debt, bankruptcy seems to be the best option right now
Replies: 258
Views: 20151

Re: $40,000 in debt, bankruptcy seems to be the best option right now

Discover card $250.00 All other credit cards $463.00 City Furniture -684 Chase Slate -4804.91 Barclay Card -1845.77 Amex -996.18 Citi Double Cash -4083.12 Discover Credit Card -13662.36 Amaz CC -3044.41 Chase Freedom -4309.62 BankAmericard -5196.83 If it were me, the very first thing I'd do TODAY ,...
by JGoneRiding
Sun Jan 06, 2019 5:57 pm
Forum: Personal Finance (Not Investing)
Topic: $40,000 in debt, bankruptcy seems to be the best option right now
Replies: 258
Views: 20151

Re: $40,000 in debt, bankruptcy seems to be the best option right now

A lot of people are going to focus on the car lease, and yeah, it is probably too much for OP's income (especially given all of the other debt), but it is probably the hardest thing to fix. Most leases, most of the time, you are underwater (in this case, meaning the car is less than the lease payof...
by JGoneRiding
Sun Jan 06, 2019 3:07 pm
Forum: Personal Finance (Not Investing)
Topic: $40,000 in debt, bankruptcy seems to be the best option right now
Replies: 258
Views: 20151

Re: $40,000 in debt, bankruptcy seems to be the best option right now

I don't know if we lost the OP or not but I have one last piece of advice. This will be hard, you know that so you have avoided it. Do NOT ask your wife to five up stuff where you aren't, she should see you lead by example. If you like steaks don't ask her to not buy food she likes if you aren't giv...
by JGoneRiding
Sat Jan 05, 2019 6:10 pm
Forum: Personal Finance (Not Investing)
Topic: $40,000 in debt, bankruptcy seems to be the best option right now
Replies: 258
Views: 20151

Re: $40,000 in debt, bankruptcy seems to be the best option right now

On the cards: the thing to do is get one paid off. You then use that one for monthly bare necessities giving you a 30 day float and pay it off monthly. I would then throw all you got at the card with the next lowest balance that is not in a zero % period. Destroy that card when done unless it's rate...
by JGoneRiding
Sat Jan 05, 2019 5:10 pm
Forum: Personal Finance (Not Investing)
Topic: $40,000 in debt, bankruptcy seems to be the best option right now
Replies: 258
Views: 20151

Re: $40,000 in debt, bankruptcy seems to be the best option right now

Seriously, why did you think you could afford the house when it puts a fairly basic budget $478 a month in the hole? You need Dave Ramsey, it's your only hope and you need some serious gazelle focus. You MUST get your wife on board. Anything that isn't tied down needs to be sold or given back to its...
by JGoneRiding
Sat Jan 05, 2019 12:27 pm
Forum: Personal Finance (Not Investing)
Topic: RE: Big Down Payment vs Small Down Payment
Replies: 11
Views: 1236

Re: RE: Big Down Payment vs Small Down Payment

Only a hand ful of people have the either or option. I can tell you for rentals I put down the least amount nec. That said the banks want that amount to be 25 to 30% if I want a straight line deal with a "standard" 30 yr mortgage. I am sure most LL on here will tell you they only get one of those as...
by JGoneRiding
Fri Jan 04, 2019 9:51 pm
Forum: Personal Finance (Not Investing)
Topic: Does a PMI in lieu of 20% down ever make sense?
Replies: 48
Views: 2883

Re: Does a PMI in lieu of 20% down ever make sense?

PMI is you paying another entity for their insurance. i cannot see how it would ever in any situation make sense financially, as you are paying money and receiving nothing in return. It makes sense when appreciation is so.high that if you take to long to safe you can't buy, we were approaching that...
by JGoneRiding
Fri Jan 04, 2019 10:28 am
Forum: Personal Finance (Not Investing)
Topic: What Do You Spend The Most On Annually?
Replies: 158
Views: 8226

Re: What Do You Spend The Most On Annually?

Vettel Leclerc wrote:
Fri Jan 04, 2019 10:17 am
4) Horses. And not for me....
Lol yeah in our budget they come out about number 4 too!

In order:
Mortgage
Taxes
Retirement
Cars
I think those 4 things combined count for about 75% of the budget but would need better analysis to be sure. I.have yet to figure out our net income for the year.
by JGoneRiding
Thu Jan 03, 2019 10:32 am
Forum: Personal Finance (Not Investing)
Topic: Time to Sell Rental Property?
Replies: 26
Views: 1638

Re: Time to Sell Rental Property?

I am mildly debating this myself. Real estate as I said in another thread is hugely up right now. I could sell for 100k profit on one place (maybe). But I do enjoy the cash flow. 1) did you mean to become a LL or was it accidental 2) do you just have one place or do you own the building, if just one...
by JGoneRiding
Wed Jan 02, 2019 3:47 pm
Forum: Personal Finance (Not Investing)
Topic: Tithing by Proxy (Legal Tax Avoidance?)
Replies: 32
Views: 1608

Re: Tithing by Proxy (Legal Tax Avoidance?)

Technically (as discussed numerous times) it isn't legal due to irs step transaction rules. Functionally getting caught very low. Never explain it to any one else in real life if you do it. The double gift would get you in most potential trouble so just have your parents give you less and you can ch...
by JGoneRiding
Wed Jan 02, 2019 10:29 am
Forum: Personal Finance (Not Investing)
Topic: Evaluating my 2018 Spending
Replies: 32
Views: 2292

Re: Evaluating my 2018 Spending

What will you do differently in terms of spending in 2019? I got tired of my wife just simply charging things to her credit card and paying it off without me being in the loop for every purchase (aside from things meant to be surprises), so we will be discussing every day's purchases over dinner ev...
by JGoneRiding
Tue Jan 01, 2019 10:30 pm
Forum: Personal Finance (Not Investing)
Topic: Moving to online banking (Ally)
Replies: 35
Views: 1823

Re: Moving to online banking (Ally)

I use the combo. It works for us. I use a more "local" bank
by JGoneRiding
Tue Jan 01, 2019 9:15 pm
Forum: Personal Finance (Not Investing)
Topic: 2019 Expenses > 2019 Income – Help us close the gap
Replies: 128
Views: 7791

Re: 2019 Expenses > 2019 Income – Help us close the gap

I didn't see this in the first 2 pages: is the silly $400 of savers credit really worth this pain anxiety? You aren't willing to cut housekeeping or cable so I would loose this credit In your shoes. In which case I think you looked at family of 2 and not 3, my quick Google search (very fast didn't r...
by JGoneRiding
Tue Jan 01, 2019 8:47 pm
Forum: Personal Finance (Not Investing)
Topic: 529 yes or no?
Replies: 33
Views: 2324

Re: 529 yes or no?

I am in Indiana, the grandchildren are here and AZ. The monies are currently growing in Roth, Rollover, and Traditional IRA's There is no guarantee that they will attend college (although likely - maybe :oops: ) so why take a risk and just fund as needed later - or would / does the payment later ef...
by JGoneRiding
Mon Dec 31, 2018 12:55 pm
Forum: Personal Finance (Not Investing)
Topic: Can my employEE Solo 401K contribution be funded from 2 separate businesses (S-Corp and LLC)
Replies: 5
Views: 275

Re: Can my employEE Solo 401K contribution be funded from 2 separate businesses (S-Corp and LLC)

Does one of the llc not provide enough income to do the max? Otherwise ibdont know why you would want to do this since the taxes would add together either way.
by JGoneRiding
Mon Dec 31, 2018 12:31 pm
Forum: Personal Finance (Not Investing)
Topic: what do you think about my advice to my brother please help!
Replies: 24
Views: 2476

Re: what do you think about my advice to my brother please help!

Put 100k in loan now Leave 35k emergency fund Live below your means Starting next year fund 2018 retirement 10-13k a month until 55k limit (sep Ira ) before April deadline After paying tax liability April pay more to loan if any money left over then direct all extra money to loan until end of the y...
by JGoneRiding
Mon Dec 31, 2018 12:28 pm
Forum: Personal Finance (Not Investing)
Topic: what do you think about my advice to my brother please help!
Replies: 24
Views: 2476

Re: what do you think about my advice to my brother please help!

I would actually say step 1 is refi loan. I would call sofi and check if a lump sum gives him a better rate or the higher amount (I had gotten mine down so got worse rate offer) then I would refi to a 10 yr loan.

The rest sounded great!
by JGoneRiding
Mon Dec 31, 2018 12:23 pm
Forum: Personal Finance (Not Investing)
Topic: Home buying advice
Replies: 21
Views: 1807

Re: Home buying advice

I am not as conservative as a lot on here. All I can say is in similar circumstances we did so. And don't regret it. Our piti was a little lower not sure why as we are in a similar no income tax state but guessing lower int rate and lower taxes. We paid pmi and only put 10% down. Refied about 18 mo...
by JGoneRiding
Mon Dec 31, 2018 12:11 pm
Forum: Personal Finance (Not Investing)
Topic: Home buying advice
Replies: 21
Views: 1807

Re: Home buying advice

I am not as conservative as a lot on here. All I can say is in similar circumstances we did so. And don't regret it. Our piti was a little lower not sure why as we are in a similar no income tax state but guessing lower int rate and lower taxes. We paid pmi and only put 10% down. Refied about 18 mos...
by JGoneRiding
Mon Dec 31, 2018 12:36 am
Forum: Personal Finance (Not Investing)
Topic: Withholding Calculator for 2019 and Shutdown...
Replies: 4
Views: 816

Re: Withholding Calculator for 2019 and Shutdown...

The withholding tables should shift minimally this next year as the only change is for inflation so if you had it set well last year you should be good
by JGoneRiding
Sun Dec 30, 2018 1:35 pm
Forum: Personal Finance (Not Investing)
Topic: Capital One 360 no beneficiary option
Replies: 41
Views: 7943

Re: Capital One 360 no beneficiary option

I have an account with them also. Forgive me if this has been mentioned somewhere (haven't read all the replies yet), but you could just leave your user/password somewhere with your beneficiary (envelope marked "open when I die"), in a safe that they have a password to, in a will, and have them tra...
by JGoneRiding
Sun Dec 30, 2018 12:32 pm
Forum: Personal Finance (Not Investing)
Topic: Father-in-law denied apartment for lack of income even though he has assets. What to do?
Replies: 77
Views: 7585

Re: Father-in-law denied apartment for lack of income even though he has assets. What to do?

My (disabled) son had the same problem, when he wanted to rent his current apartment. Without a job but with assets and SSDI income (which did not completely cover the rent), the landlord would not accept him as a tenant, even if he would pre-pay for a year. He/we got around it by co-signing the le...
by JGoneRiding
Sat Dec 29, 2018 12:41 pm
Forum: Personal Finance (Not Investing)
Topic: How much house can my daughter afford
Replies: 52
Views: 3685

Re: How much house can my daughter afford

She can probably afford a house around $270K 3X income, but she "should" continue renting. She should wait to buy a house until she is ready to get married and have kids, her wants/needs will change a lot and she may then end up having a house she regrets.... IE right now it may appeal to her to ha...
by JGoneRiding
Sat Dec 29, 2018 12:36 pm
Forum: Personal Finance (Not Investing)
Topic: Share your net worth progression
Replies: 903
Views: 232557

Re: What is your Year 2018 networth change?

Just finished the accounting for the year. Portfolio ROI: -6.5% (standard 70/30 portfolio with 40% INTL, plus 10% REITS and SCV tilts) Net Worth change: +45% (finally a significant portion of a former employer's stocks became liquid, so I sold it and started counting it against my NW) I just want t...
by JGoneRiding
Sat Dec 29, 2018 12:25 pm
Forum: Personal Finance (Not Investing)
Topic: Share your net worth progression
Replies: 903
Views: 232557

Re: What is your Year 2018 networth change?

I have avoided looking and calculating. We are most likely flat nw if I am generous in the house prices which went up. We paid down a decent amount of debt but I don't think it was enough to balance out the losses.

I was so looking forward to clearing 500k nw but may be next year
by JGoneRiding
Fri Dec 28, 2018 9:02 pm
Forum: Personal Finance (Not Investing)
Topic: Side Hustle? Passive Income?
Replies: 71
Views: 8225

Re: Side Hustle? Passive Income?

There are markets where you can get at least 10% return cash on cash. But, make no mistake. It is not as passive as index funds. The real benefits are a combination of: income, depreciation, equity growth, appreciation and leverage. Spend some time at https://www.biggerpockets.com I spent some time...
by JGoneRiding
Fri Dec 28, 2018 10:27 am
Forum: Personal Finance (Not Investing)
Topic: Will I be renting forever?
Replies: 44
Views: 3123

Re: Will I be renting forever?

There are several studies that suggest most people are better off renting IF they invest the difference. For the vast majority of people they will buy more house then they rent and therefore spend more money. The mortgage int on 750k putting down 10% (which I realize isn't very boggle head but is in...
by JGoneRiding
Thu Dec 27, 2018 3:54 pm
Forum: Personal Finance (Not Investing)
Topic: Anyone familiar with Knights Of Columbus Permanent Life Insurance?
Replies: 7
Views: 942

Re: Anyone familiar with Knights Of Columbus Permanent Life Insurance?

We have some insurance through them. While I wouldn't do the whole life (as I don't like whole life) my husband had the small policy in affect when we married, the premium is small, it isn't worth arguing. I was happy with getting term life through them. Competitive rates just like applying to other...
by JGoneRiding
Tue Dec 25, 2018 11:33 pm
Forum: Personal Finance (Not Investing)
Topic: Rental property as a means of wealth capture?
Replies: 20
Views: 2946

Re: Rental property as a means of wealth capture?

I Think you would be better off dca into the market. I am a LL I wouldn't spend over 400k for 3k a month rent. Basically at 650k plus maintenance you are giving mom a heck of a deal. This only makes since if you want to support her. How much do 650k condos go for on the open market? I would be hopin...
by JGoneRiding
Tue Dec 25, 2018 7:52 pm
Forum: Personal Finance (Not Investing)
Topic: Wow, Behaviorial Finance is Real
Replies: 49
Views: 9006

Re: Wow, Behaviorial Finance is Real

"Investors are experiencing a real, live, bear market now. How do you feel about it?" I feel about the same as I have every other time the market has taken a big dive - resigned to the setback. <sigh> And my options are the same now as they were 10, 20, 30 or 40 years ago... 1) ride it out, or 2) s...
by JGoneRiding
Tue Dec 25, 2018 7:47 pm
Forum: Personal Finance (Not Investing)
Topic: House Protector Trust
Replies: 8
Views: 630

Re: House Protector Trust

You are the trustee but I assume your mom is the beneficiary? So the trust income would either be it's own tax filling or your mom's until she dies. You wouldn't gift her your money you would give her a distribution from the trust which sounds like is basically just the house. Since the trust has so...
by JGoneRiding
Tue Dec 25, 2018 7:40 pm
Forum: Personal Finance (Not Investing)
Topic: SEP or pay off mortgage
Replies: 24
Views: 1672

Re: SEP or pay off mortgage

I am about your age, but will never have that income but have similar quandry at times. I think the savings on the taxes at that high income make the Sep a no brainer. Obviously if need be you cut back in savings to make the monthly mortgage. Or borrow from savings. Chances are you will do great and...
by JGoneRiding
Sat Dec 22, 2018 1:41 pm
Forum: Personal Finance (Not Investing)
Topic: Having minor panic about finances with second child, best way to budget?
Replies: 54
Views: 3040

Re: Having minor panic about finances with second child, best way to budget?

jstatton wrote:
Fri Dec 21, 2018 11:12 am
Nannys are for rich people....

You guys aren't rich.
Not nec true if you can do one nanny for 2 children. My nanny costs about $100 more per month then infant care and gives me more flexabilty. (I don't have 2 yet) she isn't willing to do 2 kids so when 2 arrives both will go to day care.