Search found 1101 matches

by JGoneRiding
Thu Aug 16, 2018 10:43 pm
Forum: Personal Finance (Not Investing)
Topic: Savings rate per month???
Replies: 63
Views: 4844

Re: Savings rate per month???

I thought I was doing decent at 25% of gross ($63,500 income with stay-at-home wife and a one-year-old), not including employer match or extra mortgage principal payments. You are! That is a very above average savings rate in that situation and you should be very proud. We have the 1 yr old and a l...
by JGoneRiding
Fri Aug 10, 2018 9:19 am
Forum: Personal Finance (Not Investing)
Topic: Huge mortgage mistake
Replies: 58
Views: 8441

Re: Huge mortgage mistake

I'm not intimately familiar with every step of the process, but I thought when your remaining balance hits 78% of the original they are required to remove PMI? If you have a ton of cash sitting around, just make a lump sum payment against principal and PMI should be gone. There's probably a formal ...
by JGoneRiding
Fri Aug 10, 2018 9:08 am
Forum: Personal Finance (Not Investing)
Topic: Rental Property - Keep, sell or refinance
Replies: 20
Views: 1248

Re: Rental Property - Keep, sell or refinance

Don't use a realtor there isn't any need. You aren't truly selling the house as much as restructuring the partnership and removing your interest. A title company can easily handle that. There should be no need for additional title insurance use the title company used last. The cost of the title comp...
by JGoneRiding
Thu Aug 09, 2018 10:06 pm
Forum: Personal Finance (Not Investing)
Topic: Rental Property - Keep, sell or refinance
Replies: 20
Views: 1248

Re: Rental Property - Keep, sell or refinance

Property is not cash flowing and it looks like appreciation is not that great either. https://docs.google.com/spreadsheets/d/1uKk-f2aAGNtGNGdXnWvVQWuMR5JmR8Dz425poxCIC2s/edit?usp=sharing I would sell the property. I would only have rental property that cash flowed. What do you think about the possi...
by JGoneRiding
Sat Aug 04, 2018 11:48 pm
Forum: Personal Finance (Not Investing)
Topic: Do you think I am being too conservative on buying a house?
Replies: 46
Views: 3645

Re: Do you think I am being too conservative on buying a house?

Whatever and whenever you do, buy a house you can pay for on just your income. Wife may want to stay home. If you buy a forever home, she may need to work full time. Scale the wedding way down. Save money for the house. Stop paying extra on home. Get rid ofother loans asap. This is good advice. I l...
by JGoneRiding
Fri Aug 03, 2018 2:53 pm
Forum: Personal Finance (Not Investing)
Topic: Home is *just* outside flood zone - how much flood insurance do I buy?
Replies: 50
Views: 2853

Re: Home is *just* outside flood zone - how much flood insurance do I buy?

You should of course check but it's my understanding that flood insurance does NOT cover below grade structure. It doesn't matter how nicely finished your basement is it's pretty much uninsurable . Might be able to cover possessions. I think this very important as I understand a lot of people were h...
by JGoneRiding
Fri Aug 03, 2018 9:35 am
Forum: Personal Finance (Not Investing)
Topic: Impact of higher property taxes on home price
Replies: 45
Views: 2301

Re: Impact of higher property taxes on home price

The rent/buy decision becomes very interesting since, as I understand it, if I rent my house (to someone else) I can still deduct all property taxes as well as all interest. Are you sure that you can deduct all rental property taxes and expenses if your income is more than 150K (which is a common t...
by JGoneRiding
Thu Aug 02, 2018 10:08 pm
Forum: Personal Finance (Not Investing)
Topic: Joint Ownership of home with second wife
Replies: 184
Views: 11850

Re: Joint Ownership of home with second wife

OP is going to marry a lady not his children for life. leave nothing but sentimental things(childhood toys) to children. Remind the children they are going to make their own life. If OP thought money is more important, why marry? The children are still juveniles he has a moral obligation to provide...
by JGoneRiding
Thu Aug 02, 2018 9:52 pm
Forum: Personal Finance (Not Investing)
Topic: Joint Ownership of home with second wife
Replies: 184
Views: 11850

Re: Joint Ownership of home with second wife

I would say that gender role is not accurate at all in our case - I'm 100% responsible for transporting the kids, cooking for them, etc. She has a minor supporting role with the kids - and will step in occasionally, but that is the exception rather than the norm. Ditto with the current house. See I...
by JGoneRiding
Mon Jul 30, 2018 5:23 pm
Forum: Personal Finance (Not Investing)
Topic: Joint Ownership of home with second wife
Replies: 184
Views: 11850

Re: Joint Ownership of home with second wife

Wait she doesn't want to live in your perfectly fine house but she also doesn't want tobpaybfor your kids but she also wants it all if you die... I think you need to take 2 steps back on marriage and figure out where your kids fall in all if this and then plan as if she would screw them out of every...
by JGoneRiding
Mon Jul 30, 2018 4:45 pm
Forum: Personal Finance (Not Investing)
Topic: Boy's first job
Replies: 38
Views: 3564

Re: Boy's first job

I would do a ROTH IRA, if your son leaves his employer and the value of account is less than $5K they will send a check that he can rollover. However, if the value of son's 401K plan is less than say $1K, where can you roll it over to? Maybe Schwab but then it will get eaten up by fees. Maybe a bro...
by JGoneRiding
Sat Jul 28, 2018 6:18 pm
Forum: Personal Finance (Not Investing)
Topic: are dividends taxed as a "step bracket" ?
Replies: 8
Views: 950

Re: are dividends taxed as a "step bracket" ?

Qualified dividends are taxed in brackets, just as ordinary income is. If your ordinary taxable income plus qualified dividends is less than $X (where $X depends on your filing status), you pay no tax on the qualified dividends. For every dollar of qualified dividends which brings the total above $...
by JGoneRiding
Sat Jul 28, 2018 6:12 pm
Forum: Personal Finance (Not Investing)
Topic: Should I retire early?
Replies: 18
Views: 3305

Re: Should I retire early?

Unless the ssa drama you able to work the ssdi should continue until you are technical Fra at which point it technically changes to regular ss but no change in pay out . The bigger question is why is your wife not working? I think if she has been a sahs it's time for her to go back to work NEVER tel...
by JGoneRiding
Sat Jul 28, 2018 1:33 pm
Forum: Personal Finance (Not Investing)
Topic: Traditional IRA to Roth IRA - Tax Planning Question
Replies: 12
Views: 860

Re: Traditional IRA to Roth IRA - Tax Planning Question

I think your plan makes sense for the year you are at 48k. That is the only year you will have real taxes to pay. But basically you will get the tax benefit in 2019 of the 5500 deduction in income and then since it looks like converting that in 2021 you will be under the taxable income level you sho...
by JGoneRiding
Sat Jul 28, 2018 1:20 pm
Forum: Personal Finance (Not Investing)
Topic: Best vehicle to administer budget for sil [sister-in-law]
Replies: 42
Views: 2467

Re: Best vehicle to administer budget for sil

she's a nightmare client who: - lies - does not act or reason rationally - calls repeatedly with peripheral questions - doesn't pay her bills Don't let her meet the lawyer. Set up the trust then.put her money into it. Your wife controls it vanguard keeps and administers the funds. No contact with h...
by JGoneRiding
Sat Jul 28, 2018 12:22 pm
Forum: Personal Finance (Not Investing)
Topic: Best vehicle to administer budget for sil [sister-in-law]
Replies: 42
Views: 2467

Re: Best vehicle to administer budget for sil

thanks again for all the helpful posts! - we're researching spias. My wife's initial reaction was the same as mine: she'll immediately blame us for not having enough money and demand $ - we haven't provided for her in our estate plan but it's worth thinking about. thanks for that! - good point on t...
by JGoneRiding
Fri Jul 27, 2018 8:12 pm
Forum: Personal Finance (Not Investing)
Topic: Should I pay off my auto loan?
Replies: 36
Views: 5646

Re: Should I pay off my auto loan?

Does it matter if you have ever owed significant amounts of money if you have a solid credit score just from credit card usage? I didn't think so, but maybe someone else will have the answers ... You can easily get into the high 700s simply by using credit cards. I think I got there in two years wi...
by JGoneRiding
Thu Jul 26, 2018 12:43 pm
Forum: Personal Finance (Not Investing)
Topic: Out of pocket max reached on one plan. New job offering different plan starting soon.
Replies: 6
Views: 561

Re: Out of pocket max reached on one plan. New job offering different plan starting soon.

At my work yearly to every other year we get a new plan about Nov. Every time they tell us to turn in the last eob to carry our opm over into the new plan (often a totally different company) so I know there is some transferabiltiy if you have been continually covered
by JGoneRiding
Wed Jul 25, 2018 11:01 pm
Forum: Personal Finance (Not Investing)
Topic: Inheritance and order of deaths
Replies: 49
Views: 2922

Re: Inheritance and order of deaths

OP: at first I assumed that your question was based upon you being "A," but now I'm starting to think you might be either D, F or G in this scenario. Which are you? All of the above. As I have grandparents still alive, I could be D,F,G relative to them, and could be A relative to any future descend...
by JGoneRiding
Wed Jul 25, 2018 10:55 pm
Forum: Personal Finance (Not Investing)
Topic: Inheritance and order of deaths
Replies: 49
Views: 2922

Re: Inheritance and order of deaths

You can specify in your will exactly how long some one needs to out live you in order to inherit but yes there is always potential for issue. Take my gr. Gr. Uncle for example. Only person in 6 generations to make real money. Had no children and never adopted. Had 6 siblings presumably in order to ...
by JGoneRiding
Wed Jul 25, 2018 10:40 pm
Forum: Personal Finance (Not Investing)
Topic: Best vehicle to administer budget for sil [sister-in-law]
Replies: 42
Views: 2467

Re: Best vehicle to administer budget for sil

A spia sounds like the perfect solution really. She would have whatever that provides plus 1900. So you could guarantee a basic life style.

Otherwise the money should go into a trust with your wife as trustee
by JGoneRiding
Wed Jul 25, 2018 8:03 pm
Forum: Personal Finance (Not Investing)
Topic: Inheritance and order of deaths
Replies: 49
Views: 2922

Re: Inheritance and order of deaths

Technically if we die close together but not at the same time then all of the inheritance would go to either her family or my family based on the order of death instead of being evenly split across families. Not technically. And it has nothing to do with dying close together. It will turn out that ...
by JGoneRiding
Wed Jul 25, 2018 8:00 pm
Forum: Personal Finance (Not Investing)
Topic: Inheritance and order of deaths
Replies: 49
Views: 2922

Re: Inheritance and order of deaths

I've recently had some discussions with family members about their wills and trusts. My wife and I haven't set anything up yet, so it's got me reading up on estate planning. Something that many articles discuss is "fairness", that is, that different descendants receive "fair" shares of the inherita...
by JGoneRiding
Wed Jul 25, 2018 7:58 pm
Forum: Personal Finance (Not Investing)
Topic: Inheritance and order of deaths
Replies: 49
Views: 2922

Re: Inheritance and order of deaths

You can specify in your will exactly how long some one needs to out live you in order to inherit but yes there is always potential for issue. Take my gr. Gr. Uncle for example. Only person in 6 generations to make real money. Had no children and never adopted. Had 6 siblings presumably in order to ...
by JGoneRiding
Wed Jul 25, 2018 2:33 pm
Forum: Personal Finance (Not Investing)
Topic: Inheritance and order of deaths
Replies: 49
Views: 2922

Re: Inheritance and order of deaths

You can specify in your will exactly how long some one needs to out live you in order to inherit but yes there is always potential for issue. Take my gr. Gr. Uncle for example. Only person in 6 generations to make real money. Had no children and never adopted. Had 6 siblings presumably in order to k...
by JGoneRiding
Wed Jul 25, 2018 12:10 pm
Forum: Personal Finance (Not Investing)
Topic: Passing the second SSA Bend Point - Reversible?
Replies: 53
Views: 4804

Re: Passing the second SSA Bend Point - Reversible?

Late saver- Terran has provided a good data point for you to consider, a few additional comments. You would need to earn an additional $866K in indexed earnings to hit the 2nd bend point. In doing so that would add @ $660/mo to your FRA benefit (total $2,246.25/mo). At this point extra income earne...
by JGoneRiding
Wed Jul 25, 2018 9:59 am
Forum: Personal Finance (Not Investing)
Topic: Help with Budget Please...(detailed income added)
Replies: 28
Views: 2221

Re: Help with Budget Please...

Few items that I can think of: Essentials & fixed costs House + utilities+ Pool+ maintenance 3,350 --- Unless you think too much house, you cannot change it Did we get into too much off house for our incomes? Ours is a 2,800 sqft single level house with pool in a good community. We really like our ...
by JGoneRiding
Wed Jul 25, 2018 9:17 am
Forum: Personal Finance (Not Investing)
Topic: Help with Budget Please...(detailed income added)
Replies: 28
Views: 2221

Re: Help with Budget Please...(Updated)

Well my dh doesn't make a lot so we don't have your income, I can make 100 to 120k a year if I do max work but i don't want to and I want another child. So to make our budget work we agreed no pools no boats! And we have to get rid of a car loan before we have child #2 (really can t get pregnant unt...
by JGoneRiding
Wed Jul 25, 2018 9:09 am
Forum: Personal Finance (Not Investing)
Topic: Mortgage on Upcoming Home Purchase
Replies: 12
Views: 1783

Re: Mortgage on Upcoming Home Purchase

The no closing costs loan will cost more only if the borrower keeps the loan for more than 11 years, or longer if you consider the opportunity cost of forking over $3,800 up front. I am not a fan of buying down interest rates with upfront money, which is effectively what is happening. That is a pre...
by JGoneRiding
Tue Jul 24, 2018 11:20 pm
Forum: Personal Finance (Not Investing)
Topic: Buy house for retired mother?
Replies: 72
Views: 4981

Re: Buy house for retired mother?

OP, welcome to the forum, and kudos for appreciating what your parents did for you. You probably know that some members like to play the “more frugal than thou” game; please ignore it, it’s their version of walking uphill to AND from school. I lean towards renting, for ease of transitioning, but I ...
by JGoneRiding
Tue Jul 24, 2018 5:00 pm
Forum: Personal Finance (Not Investing)
Topic: Passing the second SSA Bend Point - Reversible?
Replies: 53
Views: 4804

Re: Passing the second SSA Bend Point - Reversible?

This is how your Average Indexed Monthly Earnings (AIME) is calculated Up to 35 years of earnings are needed to compute average indexed monthly earnings. After we determine the number of years, we choose those years with the highest indexed earnings, sum such indexed earnings, and divide the total ...
by JGoneRiding
Tue Jul 24, 2018 4:25 pm
Forum: Personal Finance (Not Investing)
Topic: Legacy across generations......
Replies: 66
Views: 4199

Re: Legacy across generations......

Look into the concept of "per stirpes" (I think that's the spelling). It's a legal principle - basically a default way of splitting inheritances across various generations. Particularly important if things are not evenly balanced, when you die. (i.e. If you have 3 kids, who have 2, 4, and 3 grandki...
by JGoneRiding
Thu Jul 19, 2018 9:37 pm
Forum: Personal Finance (Not Investing)
Topic: Selling mom's house
Replies: 50
Views: 4077

Re: Selling mom's house

I suppose one other approach would be for the three non-resident siblings to consolidate their holdings so that the person who is most interested in pursuing a solution is the sole owner of 75%. Let's say "A" is the sister living in the house and that "B", "C", and "D" are the other three siblings....
by JGoneRiding
Thu Jul 19, 2018 1:51 pm
Forum: Personal Finance (Not Investing)
Topic: Early retirement
Replies: 145
Views: 14134

Re: Early retirement

We seem to have this disagreement about what "retired" means pretty regularly. It is generally a subjective thing to many people. I don't personally care what people want to call themselves. But, for the purposes of conversations, it does help to have common meaning for words. Perhaps we could bene...
by JGoneRiding
Tue Jul 17, 2018 12:10 am
Forum: Personal Finance (Not Investing)
Topic: Buy a vacation home while renting
Replies: 61
Views: 3826

Re: Buy a vacation home while renting

I not understanding why you are even considering this.? Are you just thinking you need to build equity or something? 350 k buys a lot of weekends away where you don't have to worry about upkeep or wear and tear of others.

I have several rentals but rent my vacations
by JGoneRiding
Mon Jul 16, 2018 10:43 pm
Forum: Personal Finance (Not Investing)
Topic: Who are heirs? No will.
Replies: 56
Views: 7967

Re: Who are heirs? No will.

I thought of another wrinkle. Are there grand neices/nephews of brother 2 that do NOT have a living parent that is a neice/nephew? Essentially every child of brother 1 and 2 is due a share. And every grandchild of the brothers that doesn't have a living parent is due a share which depends on how man...
by JGoneRiding
Mon Jul 16, 2018 9:01 pm
Forum: Personal Finance (Not Investing)
Topic: Who are heirs? No will.
Replies: 56
Views: 7967

Re: Who are heirs? No will.

Ianal (do you understand this appriviation) I did however quote from your link what appears to be the correct section of code. It appears the estate would be essentially split in two. All the children of brother 1 would evenly split that share. All the grand children of brother 2 would split that sh...
by JGoneRiding
Mon Jul 16, 2018 8:46 pm
Forum: Personal Finance (Not Investing)
Topic: Social Security Questions for my Parents
Replies: 19
Views: 1374

Re: Social Security Questions for my Parents

I understand your frustration my parents are much the same except a good notch lower in income/value of house/expenses . There is nothing to do but nod and smile. Eventually they will realize they can t afford the house and will either sell or reverse mortgage it. But some how in the next 2 years th...
by JGoneRiding
Mon Jul 16, 2018 2:05 pm
Forum: Personal Finance (Not Investing)
Topic: Who are heirs? No will.
Replies: 56
Views: 7967

Re: Who are heirs? No will.

(4) If there is no surviving parent or brother or sister of the intestate, then to the issue of brothers and sisters. If the distributees described in this subdivision are all in the same degree of kinship to the intestate, they shall take equally or, if of unequal degree, then those of more remote ...
by JGoneRiding
Mon Jul 16, 2018 2:00 pm
Forum: Personal Finance (Not Investing)
Topic: Who are heirs? No will.
Replies: 56
Views: 7967

Re: Who are heirs? No will.

Why have you not consulted a lawyer in Indiana and or the probate court by now? I think only they can fully answer this question. Ianal . I think the section you are looking at deals with cousins. Some states never get to cousins. But most likely the other says the same. You add up the total number ...
by JGoneRiding
Mon Jul 16, 2018 1:47 pm
Forum: Personal Finance (Not Investing)
Topic: College funds spendown...
Replies: 6
Views: 722

Re: College funds spendown...

In 1.5 years you will most likely have a better idea if your daughter is going. If she doesn't go to college are you going to pay for other things for her? Like trade training? A wedding?
by JGoneRiding
Mon Jul 16, 2018 1:43 pm
Forum: Personal Finance (Not Investing)
Topic: Unclaimed property
Replies: 13
Views: 1017

Re: Unclaimed property

Interesting.
None for me.
by JGoneRiding
Mon Jul 16, 2018 1:37 pm
Forum: Personal Finance (Not Investing)
Topic: Inherited retirement account
Replies: 12
Views: 1574

Re: Inherited retirement account

Thanks to all who have commented thus far. The information is very helpful. I'll re-read the comments several times over the next few days to ensure I understand all the considerations. My father just passed away a week ago so my thinking is a bit muddled. Initially I thought my mother had only 30 ...
by JGoneRiding
Mon Jul 02, 2018 11:17 pm
Forum: Personal Finance (Not Investing)
Topic: IRS publishes draft 2018 1040 - Huge changes made
Replies: 156
Views: 16903

Re: IRS publishes draft 2018 1040 - Huge changes made

Does anyone know when they intend to release the draft instructions? I think I am one of the few that fall into the "luddite" category. I am intimately familiar with instructions from the past, and I have had numerous instances across the years where I have to reread many times to ensure compliance...
by JGoneRiding
Mon Jul 02, 2018 7:07 pm
Forum: Personal Finance (Not Investing)
Topic: Why visa
Replies: 55
Views: 5548

Re: Why visa

You don't need to use credit cards to get the Visa protection, just run your debit card as credit. That causes the transaction to go through the credit network and you get all the Visa fraud protections (which you do NOT get on debit card transactions). If someone steals your debit number and runs ...
by JGoneRiding
Mon Jul 02, 2018 6:59 pm
Forum: Personal Finance (Not Investing)
Topic: Why visa
Replies: 55
Views: 5548

Re: Why visa

As others have said, I'm not at all against using Visa Credit cards. I actually have five of them (there is a reason, but it's a long explanation). I don't use cash unless it is something small, and the only checks we write any more are mostly the ones my wife writes to nieces and nephews for birth...
by JGoneRiding
Sat Jun 30, 2018 12:55 pm
Forum: Personal Finance (Not Investing)
Topic: Should I have an umbrella policy? Odd situation + other advice.
Replies: 5
Views: 864

Re: Should I have an umbrella policy? Odd situation + other advice.

You have about 600k in easily gone after assets. I would definitely have an umbrella policy. Assume you will make no money just barely enough going fwd to cover a basic lifestyle. I would try to channel as much as I could into protected assets every year. I would treat the 325 k as an income stream ...
by JGoneRiding
Fri Jun 29, 2018 5:45 pm
Forum: Personal Finance (Not Investing)
Topic: [Ally online savings now at 1.80%]
Replies: 214
Views: 34103

Re: ALLY BANK savings account RATE increase 1.75%

Oh good! I just stuck 50k proceeds from selling house in there. Will appreciate the extra boost
by JGoneRiding
Fri Jun 29, 2018 1:22 pm
Forum: Personal Finance (Not Investing)
Topic: Mortgage deductibility on HELOC
Replies: 9
Views: 544

Re: Mortgage deductibility on HELOC

The new interest rules apply to itemized deductions which is personal property. A property used exclusively for business is an investment property. But isn't OP considering taking out a HELOC on his residence in order to buy an investment property? How does that change things? So I did something si...
by JGoneRiding
Thu Jun 28, 2018 10:18 pm
Forum: Personal Finance (Not Investing)
Topic: Retire at 55, what's the magic number
Replies: 169
Views: 23044

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

I alway hear 25-30 times expenses for retirement. What if one has a pension. Then what is the % of investments needed? Don't make it complicated. If expenses are z you subtract the y is the pension from them leaving you with x expenses not covered by pension/as and you need 25x that number. If y pl...