Search found 205 matches

by Not Law
Sat Jan 25, 2020 9:14 pm
Forum: Personal Finance (Not Investing)
Topic: What age did you reach 100K networth?
Replies: 433
Views: 94328

Re: What age did you reach 100K networth?

40, hit double commas at 60
by Not Law
Sat Jan 04, 2020 2:49 pm
Forum: Personal Finance (Not Investing)
Topic: How is a 'buyout' typically calculated for multiple beneficiaries inheriting property?
Replies: 8
Views: 574

Re: How is a 'buyout' typically calculated for multiple beneficiaries inheriting property?

There appears to be enough equity that the siblings who want to keep it could refinance to buy the others out.
by Not Law
Sun Nov 10, 2019 3:21 pm
Forum: Personal Finance (Not Investing)
Topic: Early Financial Independence. - Healthcare costs
Replies: 65
Views: 5783

Re: Early Financial Independence. - Healthcare costs

When switching to Medicare, the medical portion of your auto insurance rates increase. Also, the penalty for exceeding the ACA 138-149.9% is $600 if under 200% and $1500 if under 300%.
by Not Law
Sat Oct 26, 2019 12:25 pm
Forum: Personal Finance (Not Investing)
Topic: Forgot to cancel marketplace health ins
Replies: 9
Views: 1363

Re: Forgot to cancel marketplace health ins

NOT paying my December 2013 premium, covered the first 8 months under the ACA.
by Not Law
Sun Sep 29, 2019 2:52 pm
Forum: Personal Finance (Not Investing)
Topic: Success stories of NOT buying more/too much house
Replies: 109
Views: 19215

Re: Success stories of NOT buying more/too much house

Never bought a home that was priced at more than a year's income, which never exceeded $100k. Allowed us to raise two kids, take annual vacations and join the double comma club, all before age 60. In the last two homes, we took marginal space and turned it into a second bath, doing the work ourselves.
by Not Law
Sun Sep 29, 2019 1:38 pm
Forum: Personal Finance (Not Investing)
Topic: social security benefit - confused about choosing start date
Replies: 35
Views: 3407

Re: social security benefit - confused about choosing start date

Regarding the claw back of benefits: Is it possible the entity demanding a refund of benefits paid was actually a pension, which does often pay in advance and requires a refund for the month of death as the benefit is not "earned" if the recipient does not live the full month?
by Not Law
Wed Sep 11, 2019 11:27 am
Forum: Personal Finance (Not Investing)
Topic: When do you start gifting the max to your family members? When is enough NW totally enough?
Replies: 80
Views: 10015

Re: When do you start gifting the max to your family members? When is enough NW totally enough?

"But if I were a parent of teens or twenty somethings (and was financially able to do so), I would also consider funding Roth IRA up to their wage compensation or the annual IRS limit whichever is smaller - at least through HS and college. This would hopefully reinforce good savings habits and get t...
by Not Law
Fri Jul 12, 2019 5:33 pm
Forum: Personal Finance (Not Investing)
Topic: Paying cash for a vehicle
Replies: 87
Views: 12115

Re: Paying cash for a vehicle

Since about 1990, I have paid between $3k and $5k for a used Park Avenue/LeSabre (3800 engine) with between 100k and 150k miles. All have gotten beyond 200k miles, and have averaged far less than 10 cents per mile for acquisition cost. Normal maintenance costs typical of all vehicles. As a mass prod...
by Not Law
Wed May 15, 2019 7:46 pm
Forum: Personal Finance (Not Investing)
Topic: Error with Social Security Earnings History
Replies: 26
Views: 1557

Re: Error with Social Security Earnings History

I had to file an "amended" return for a missing year, with no changes from the original return. The purpose for filing was noted to allow SS to record the income for that year. This was because the only way SS knows you had (schedule C) income is via IRS tax forms, and obviously SS had missed the ye...
by Not Law
Sat May 04, 2019 2:06 pm
Forum: Personal Finance (Not Investing)
Topic: Perspective [How much is left for spending in retirement?]
Replies: 47
Views: 4450

Re: Perspective [How much is left for spending in retirement?]

With the current tax law for a married couple, the first $26,600 (standard deduction plus over 65 add on). Times 30 years = $792,000 of withdrawals that are not subject to tax. The balance of $208,000/30= $6,933 per year that is taxable at 10% or $693 per year in tax. Capital gains/qualified diveden...
by Not Law
Tue Mar 19, 2019 5:11 pm
Forum: Personal Finance (Not Investing)
Topic: Struggling with debts and upcoming events, what are my options?
Replies: 51
Views: 4681

Re: Struggling with debts and upcoming events, what are my options?

Consult a bankruptcy attorney. Chapter 13 can reduce CC interest rate to 0% and spread payments up to 5 years and discharge the rest when the payment plan is complete. $10k cash could be exempt, depending on your state. Lease can be cancelled with little or no penalty. Conceptually, you tell the cou...
by Not Law
Tue Mar 19, 2019 3:35 pm
Forum: Personal Finance (Not Investing)
Topic: College for average kids
Replies: 126
Views: 15022

Re: College for average kids

Having an advance degree myself, I told each of two kids I would cover 4 years of college, but if they did not go they were not going to be supported. Oldest eventually graduated from law school. Youngest, who is smarter, hated school. Calculated the scores he would need to graduate HS with a 1.0 (D...
by Not Law
Wed Dec 12, 2018 1:26 pm
Forum: Personal Finance (Not Investing)
Topic: Non-taxable investment income in order to qualify for ACA subsidies?
Replies: 12
Views: 829

Re: Non-taxable investment income in order to qualify for ACA subsidies?

Non-taxable income is included in the MAGI (modified adjusted gross income) that is used to determine ACA eligibility, as are traditional IRA withdrawals. Increase in the value of retirement accounts is not, nor is the withdrawal of funds from a Roth IRA.
by Not Law
Sat Dec 08, 2018 8:45 pm
Forum: Personal Finance (Not Investing)
Topic: ACA - prove you don't have income
Replies: 22
Views: 3297

Re: ACA - prove you don't have income

I have used ACA since 2014. I have only had to state my expected income with no evidence to take advantage of the subsidies. Careful management of withdrawals from IRA, Roth and Traditional accounts, along with a heightened awareness of passive income through the end of the year have kept me in the ...
by Not Law
Mon Sep 24, 2018 3:35 pm
Forum: Personal Consumer Issues
Topic: Acoustic Pianos
Replies: 42
Views: 2384

Re: Acoustic Pianos

College music departments sell slightly used good quality pianos annually. Usually well cared for and treated with respect by budding virtuosos. The acoustics of your foyer might leave something to be desired.
by Not Law
Mon Sep 24, 2018 11:53 am
Forum: Personal Finance (Not Investing)
Topic: IRA contribution made income too LOW ... thoughts?
Replies: 5
Views: 820

Re: IRA contribution made income too LOW ... thoughts?

When I was planning for the ACA in 2013 I did substantial research on this as my state had not expanded Medicaid at the time, and I had the ability to set my income as needed for eligibility. There did not appear to be any consequence of OVER estimating my income to reach the 138% threshold. I actua...
by Not Law
Tue Sep 11, 2018 12:48 pm
Forum: Personal Finance (Not Investing)
Topic: Father Wants a Home Mortgage (Bad Credit Score)
Replies: 43
Views: 3814

Re: Father Wants a Home Mortgage (Bad Credit Score)

Grandparents may be doing some medicaid planning in advance of anticipated future nursing home care. Father needs his attorney to contact grandparent's attorney and attempt to negotiate a resolution that satisfies everyone.
by Not Law
Wed Aug 01, 2018 7:33 pm
Forum: Personal Finance (Not Investing)
Topic: Three questions about Social Security
Replies: 3
Views: 797

Re: Three questions about Social Security

1. It is not indexed. When it was implemented in the early 80's, about 3% of SS recipients were taxed. Now it is about 50%.
2. 1/2 plus the other sources is my understanding.
3. 32k income plus 1/2 of SS is 44k of income, deduct 24k standard deduction, leaves 20k taxable, as I read the law.
by Not Law
Tue Jul 31, 2018 7:16 pm
Forum: Personal Finance (Not Investing)
Topic: Question to retirees - money or work/life balance?
Replies: 46
Views: 5936

Re: Question to retirees - money or work/life balance?

It is not all or nothing. 50% or 60% for the future and 50% or 40% for the now is just fine. It all depends on when you want to be financially independent, and what it will take to get there. Not spending every cent you make does not equal deprivation.
by Not Law
Mon Jul 02, 2018 6:40 pm
Forum: Personal Consumer Issues
Topic: Recommend a vehicle for $24,000 or less
Replies: 47
Views: 4509

Re: Recommend a vehicle for $24,000 or less

2000 to 2005 Buick Park Avenue or LeSabre. Cost is between $2k and $4k. Engines last forever. 4 years ago I bought 2003 and 2002 Park Avenues for about $7,500 for both, with 125k miles each. Both are still running fine. MPG is in the 22 to 30 range, depending on driving distance. No major maintenanc...
by Not Law
Mon Jul 02, 2018 5:35 pm
Forum: Personal Consumer Issues
Topic: Retiring in Michigan (Ann Arbor)
Replies: 65
Views: 5960

Re: Retiring in Michigan (Ann Arbor)

The last two winters in SE Michigan had several 8 to 10 inch snowfalls, which melted relatively quickly - did not require shoveling if you could wait a day or two for the melt. The long term average snowfall as far north as Bay City is under 40" per season. Of course anomalies occur - this last wint...
by Not Law
Sun Jul 01, 2018 11:10 am
Forum: Personal Finance (Not Investing)
Topic: How to document a verbal conversation for future legal reasons.
Replies: 21
Views: 3264

Re: How to document a verbal conversation for future legal reasons.

littlebird wrote:
Sun Jul 01, 2018 9:38 am
Most communication is verbal, that is, consisting of words. The correct term for non-written communication is “oral”.
+1
by Not Law
Thu Jun 28, 2018 3:44 pm
Forum: Personal Finance (Not Investing)
Topic: Pre nups.
Replies: 70
Views: 9845

Re: Pre nups.

A few decades ago, prenuptial agreements were against public policy as they related to pre-planning one's divorce. Their primary purpose was to design a death related distribution to protect one's children from a previous marriage, and to avoid the presumptions in favor of the surviving spouse over ...
by Not Law
Mon Jun 25, 2018 4:36 pm
Forum: Personal Finance (Not Investing)
Topic: Settling Consumer Debt
Replies: 30
Views: 2046

Re: Settling Consumer Debt

There would be no forgiveness of debt federal income tax issue if you are "insolvent" at the time of forgiveness. You owe $150k in student loans, $10k to the credit card (among others) and have $50k in a retirement account plus $3k cash = net worth of -$107k. After payment and forgiveness, you still...
by Not Law
Sat Jun 09, 2018 8:00 pm
Forum: Personal Finance (Not Investing)
Topic: Title company asking for another warranty deed?
Replies: 12
Views: 1311

Re: Title company asking for another warranty deed?

If you don't, the title company will sue you for specific performance (and/or the return of the funds), at their cost, and seek to recover their costs in the lawsuit. I would consider adding language to the second deed that it replaces the original deed which (you as the grantor have been led to bel...
by Not Law
Sat Jun 09, 2018 7:33 pm
Forum: Personal Finance (Not Investing)
Topic: Are you including SS in your planning model? Are the benefits really that high?
Replies: 148
Views: 13691

Re: Are you including SS in your planning model? Are the benefits really that high?

Benefits at 62 = $1800 ($21.6k/year), at 66 = $2400 ($28.8/yr), at 70 = $3150 ($37.8/yr). Spousal benefit at 66 = $1200 ($14.4/yr). "Break even" for all is <80. Odds that one spouse will reach 90 when both are 65 is about 25%. Odds that at least one will reach 80 are closer to 80%. Waiting for benef...
by Not Law
Mon Jun 04, 2018 2:59 pm
Forum: Personal Finance (Not Investing)
Topic: Custodian for Parents Assets? Also, Executor of Will Question.
Replies: 4
Views: 519

Re: Custodian for Parents Assets? Also, Executor of Will Question.

Revocable living trust, with dad as trustee and OP as successor trustee. Parents are beneficiaries until both are deceased. Instructions for OP to disburse 80/20 at that point. Pour over will to trust, and beneficiary designations of 80/20 on retirement accounts.
by Not Law
Mon Jun 04, 2018 1:44 pm
Forum: Personal Finance (Not Investing)
Topic: Roommate in a house?
Replies: 32
Views: 3473

Re: Roommate in a house?

Try to fill out the schedule E that the SO would have to file. Offsetting the rental income with with the renter's half of all the expenses. Seems to me that the arrangement would be a wash as far as the taxes go. In fact, if the mortgage interest and taxes are too small to be schedule A items, it w...
by Not Law
Wed May 30, 2018 7:30 pm
Forum: Personal Finance (Not Investing)
Topic: Bank overpaid contractor and wants my daughter to be responsible
Replies: 25
Views: 4048

Re: Bank overpaid contractor and wants my daughter to be responsible

The General contractor should have provided sworn statements indicating the subs had been paid. There should be a title company involved here. The construction loan should have had a title insurance policy in place. Your daughter's attorney/the lender should be making a claim with the title insuranc...
by Not Law
Fri Mar 30, 2018 6:37 pm
Forum: Personal Consumer Issues
Topic: Portable Inverter Generator vs Standby Generator
Replies: 78
Views: 6193

Re: Portable Inverter Generator vs Standby Generator

Shutting off the water and leaving taps open will avoid freezing pipes. My biggest issue is sump pump operation. Then furnace (boiler with small pump to circulate hot water heat). And the ability to make coffee in the morning!
by Not Law
Fri Mar 30, 2018 5:50 pm
Forum: Personal Consumer Issues
Topic: Portable Inverter Generator vs Standby Generator
Replies: 78
Views: 6193

Re: Portable Inverter Generator vs Standby Generator

Portable generator tips: 1. If you buy a made in China model, it will likely require premium gasoline (at least 90 octane). 2. Make sure the fuel tank will last for eight hours (My first was a two hour tank, and it was a pain to get up every two hours to fill it over a 5 day power outage in the wint...
by Not Law
Tue Jan 30, 2018 3:58 pm
Forum: Investing - Theory, News & General
Topic: When did the bad news start in 2008?
Replies: 135
Views: 15926

Re: When did the bad news start in 2008?

The bad news was available in 2007. When I became aware of a couple receiving public assistance who had purchased a $130,000 home with 80/20 financing. They assumed since they had been approved for the loan they would be able to afford the payments - otherwise the lender would not have loaned the mo...
by Not Law
Tue Jan 30, 2018 3:40 pm
Forum: Investing - Theory, News & General
Topic: 401k & the Stock Market
Replies: 12
Views: 1997

Re: 401k & the Stock Market

Payroll processors like ADP make money off the float, so those contributions could be delayed by as much as a week (even two back in the 90's when electronic transfers were more cumbersome or non-existent).
by Not Law
Tue Jan 30, 2018 3:33 pm
Forum: Investing - Theory, News & General
Topic: Wow: Shiller PE is 34.52
Replies: 52
Views: 7964

Re: Wow: Shiller PE is 34.52

On a parallel note, those mutual fund 10 year historical earnings will be going sky high over the next 14 months.
by Not Law
Tue Jan 30, 2018 3:27 pm
Forum: Investing - Theory, News & General
Topic: Interesting Anomaly (mutual fund credited extra cent)
Replies: 4
Views: 903

Re: Interesting Anomaly (mutual fund credited extra cent)

Must be Superman III. I did not see the other two.
by Not Law
Sun Jan 28, 2018 7:41 pm
Forum: Investing - Theory, News & General
Topic: Interesting Anomaly (mutual fund credited extra cent)
Replies: 4
Views: 903

Re: Interesting Anomaly (mutual fund credited extra cent)

There was a movie in the 80"s ( I think) where those extra partial pennies were diverted and made someone millions.
by Not Law
Sun Jan 28, 2018 4:46 pm
Forum: Investing - Theory, News & General
Topic: Inflation and Constant rate (4% rule) vs. RMD-based portfolio withdrawals
Replies: 11
Views: 1503

Re: Inflation and Constant rate (4% rule) vs. RMD-based portfolio withdrawals

As I understand it the 4% (plus inflation) rule in its pure sense only takes into account the portfolio value at the time of the initial 4% withdrawal. That is, if you start with $1m, your first withdrawal is $40k and the $40k number is increased by inflation without regard to the value of the portf...
by Not Law
Sat Jan 27, 2018 8:05 pm
Forum: Investing - Theory, News & General
Topic: How do you know much retirement income is needed?
Replies: 53
Views: 5762

Re: How do you know much retirement income is needed?

"What is the percentage relationship between spending to maintain a specific lifestyle in the year before retirement and spending to maintain the same lifestyle in the year after retirement?"

100%
by Not Law
Sat Jan 27, 2018 3:51 pm
Forum: Personal Finance (Not Investing)
Topic: April vacation for 2 families
Replies: 13
Views: 1396

Re: April vacation for 2 families

Puerto Rico or the Virgin Islands
by Not Law
Sat Jan 27, 2018 3:48 pm
Forum: Personal Finance (Not Investing)
Topic: Father financial trouble
Replies: 40
Views: 5372

Re: Father financial trouble

1. Bankruptcy will eliminate all collection efforts.
2. ALL Social Security is protected from collection, not just 2 months worth.
3. Dad is judgment proof, so turn the car in and stop paying the debts. Bankruptcy if you can't handle collection efforts.
by Not Law
Wed Jan 24, 2018 5:43 pm
Forum: Personal Finance (Not Investing)
Topic: Working in the real world
Replies: 118
Views: 11587

Re: Working in the real world

Back in the 90's, Money magazine ran an article about how $125,000 was low income in New York City. The family had expenses for private schools, country club membership, etc. and were hardly getting by. When I compared my income of $50,000 in middle America, I came out far ahead, using public school...
by Not Law
Mon Jan 22, 2018 4:20 pm
Forum: Personal Finance (Not Investing)
Topic: Transfer money to family members to take advantage of lower tax rates
Replies: 35
Views: 4346

Re: Transfer money to family members to take advantage of lower tax rates

The recipient of inherited stock get a stepped up basis because the actual value at the time of death is included in the deceased's estate for tax purposes. The "standard deduction" for the estate is now $11 million.
by Not Law
Sun Jan 21, 2018 6:36 pm
Forum: Personal Finance (Not Investing)
Topic: Going to one income-seeking testimonials
Replies: 101
Views: 7198

Re: Going to one income-seeking testimonials

When we did it in the 80's, the loss of "take home" pay was 50% of spouse's gross wage. Eliminating commuting costs, day care and other such expenses made it pretty much a break even situation.
by Not Law
Tue Jan 16, 2018 4:13 pm
Forum: Personal Finance (Not Investing)
Topic: Getting your spouse on the same page
Replies: 77
Views: 9499

Re: Getting your spouse on the same page

double comma level Is that 1 million or 10 million? I am hoping you actually meant latter even though that is not the correct definition of "double comma". If you are spending like no tomorrow with the former number, you are in rude surprise. I mean 1 million in 2014, spent some and now back at 1 m...
by Not Law
Fri Jan 12, 2018 4:02 pm
Forum: Personal Finance (Not Investing)
Topic: Pay off student loans after kid graduates?
Replies: 35
Views: 2733

Re: Pay off student loans after kid graduates?

I would make sure there is not a government or employer loan repayment program before shelling out money. Some teachers, doctors, etc. that work in certain places have loan forgiveness programs. And some employers offer a loan repayment incentive. Good reason to wait for a year or so before making t...
by Not Law
Fri Jan 12, 2018 3:48 pm
Forum: Personal Finance (Not Investing)
Topic: Getting your spouse on the same page
Replies: 77
Views: 9499

Re: Getting your spouse on the same page

double comma level Is that 1 million or 10 million? I am hoping you actually meant latter even though that is not the correct definition of "double comma". If you are spending like no tomorrow with the former number, you are in rude surprise. I mean 1 million in 2014, spent some and now back at 1 m...
by Not Law
Thu Jan 11, 2018 8:32 pm
Forum: Personal Finance (Not Investing)
Topic: Work affect social security benefit?
Replies: 6
Views: 699

Re: Work affect social security benefit?

A surviving spouse with a child under 16 can receive "caretaker" benefits which are subject to income limits. This is a benefit that has no bearing on one's future ability to obtain "retirement" benefits. So a 40 year old mother with an 11 year old can collect for five years, as long as income is le...