Search found 490 matches

by mnnice
Wed May 09, 2018 8:08 am
Forum: Personal Consumer Issues
Topic: AMC Movie Theaters -- typical OR not?
Replies: 61
Views: 6346

Re: AMC Movie Theaters -- typical OR not?

The AMC closest to me it an late 1980s time warp. I have four theaters I frequent. One wins for convenience (its an easy walk). One wins for best movie choices and concessions. I have a Cinemark that wins for seats and having morning shows. The AMC stinks and I only go if I want to see a movie playi...
by mnnice
Fri May 04, 2018 8:32 am
Forum: Personal Finance (Not Investing)
Topic: Moving downtown Chicago. Should I sell my car?
Replies: 41
Views: 3740

Re: Moving downtown Chicago. Should I sell my car?

When I moved to downtown Chicago a few years ago I sold my car. I've had precisely zero regrets. Downtown is very walkable (flat, and all the essentials are a short walk). CTA is decent, and is generally convenient for crossing town or getting to either airport. Uber/Lyft are readily available and ...
by mnnice
Thu May 03, 2018 1:33 pm
Forum: Personal Finance (Not Investing)
Topic: "Gap in financial literacy widens for couples the longer the relationship lasts, study suggests"
Replies: 13
Views: 2232

Re: "Gap in financial literacy widens for couples the longer the relationship lasts, study suggests"

Classic partnership division of working roles. One is in charge of laundry and cooking. The other is in charge of home maintenance and paying bills. Trouble begins when that partnership division ends due to death, illness or divorce. And if we are honest they all end. I have stuff I do nearly every...
by mnnice
Wed Apr 25, 2018 9:09 am
Forum: Personal Finance (Not Investing)
Topic: FIRE and health insurance
Replies: 27
Views: 5980

Re: FIRE and health insurance

> How do you handle health insurance when you retire early? Simple. You're not financially independent until you have a plan to afford health care. I think the OP gets that. He or she is trying to figure out a rough estimate of what it will take to have insurance. I think if you retired right now y...
by mnnice
Mon Apr 23, 2018 8:56 pm
Forum: Personal Consumer Issues
Topic: Nomadic lifestyle in their 50s
Replies: 101
Views: 16058

Re: Nomadic lifestyle in their 50s

Hey OP! South Dakota has no income tax and is centrally located. You won't spend much of your condo profit buying this homebase. 3 bedrooms for only $29,600! https://www.zillow.com/homedetails/206-W-8th-St-Woonsocket-SD-57385/114566708_zpid/?fullpage=true That would qualify for what my SO calls “qu...
by mnnice
Thu Apr 19, 2018 8:59 am
Forum: Personal Finance (Not Investing)
Topic: Can I retire at age 40?
Replies: 158
Views: 25247

Re: Can I retire at age 40?

[quote=Tamalak 6) Ignore the widespread sentiment on this thread and elsewhere that REAL men work themselves into the grave :sharebeer [/quote] +1000 My only other comment as a semi-retired human with children still at home is that unless you homeschool, school schedules can severely limit travel ev...
by mnnice
Wed Apr 18, 2018 7:57 am
Forum: Personal Finance (Not Investing)
Topic: Retire early. Do you think it is possible?
Replies: 33
Views: 4590

Re: Retire early. Do you think it is possible?

Vacations are nowhere near the top of the list when it comes to expenses in an early retirement. You can get there, but the timing seems like it would be terrible. As mentioned, two kids in college, no access to medical coverage in early retirement, etc...... You need to do a lot more reading here ...
by mnnice
Tue Apr 17, 2018 8:41 am
Forum: Personal Finance (Not Investing)
Topic: better? Lowering taxable income to 12%, go below 63k to collect Savers credit, or max all Roths
Replies: 35
Views: 4012

Re: better? Lowering taxable income to 12%, go below 63k to collect Savers credit, or max all Roths

Roughly 3.75% of the balance needs to be taxed at 70 1/2. The amount increases as you age.

You might be okay as you could retire early and pay taxes on the 457 money much sooner. Just part of the big picture
by mnnice
Mon Apr 16, 2018 7:27 pm
Forum: Personal Finance (Not Investing)
Topic: Capital Gains Tax When Very Little Income
Replies: 7
Views: 1592

Re: Capital Gains Tax When Very Little Income

Don't forget to also figure out the impact on your state taxes since they may tax capital gains much differently. The long term capital gains may be taxed at zero percent but the income can also impact other things like getting a healthcare subsidy, or having such low income that you would be under...
by mnnice
Thu Apr 12, 2018 8:43 am
Forum: Personal Finance (Not Investing)
Topic: The "mechanics" of retiring
Replies: 20
Views: 4910

Re: The "mechanics" of retiring

Just a couple of comments. I think there are tax advantages to part-time (more so if you have dependents). We are nearly four years into semi retirement and have avoided SEPP route so far. It seems less flexible than our present “system” of Roth conversion, spending down taxable, and part time work....
by mnnice
Wed Apr 11, 2018 9:50 pm
Forum: Personal Investments
Topic: Where to invest $2200 in a 16 year old's Roth IRA
Replies: 17
Views: 1597

Re: Where to invest $2200 in a 16 year old's Roth IRA

We did something similar the past two years. Fidelity is the custodian. DS picked the investment and he chose Nvidia. Not sure if this is good or bad. The good news is that his Roth balance exceeds his lifetime w-2 earnings. The bad news is he could think he is a great stock picker.
by mnnice
Tue Apr 10, 2018 7:16 am
Forum: Personal Finance (Not Investing)
Topic: Cash flow problems - best way to handle?
Replies: 151
Views: 13716

Re: Cash flow problems - best way to handle?

Anyone that is suggesting loans here is missing the forest for the trees. This is not a short term cash flow issue but a fundamental cash flow issue. There is a reason that lenders will not lend to you if Requires half of your take home pay going to housing. They have teams of statistical data sayi...
by mnnice
Mon Apr 02, 2018 1:25 pm
Forum: Personal Finance (Not Investing)
Topic: What age is the best to give a child control of an inheritance?
Replies: 192
Views: 18218

Re: What age is the best to give a child control of an inheritance?

Shikoku wrote: Sun Apr 01, 2018 9:32 pm
mnnice wrote: Sat Mar 31, 2018 10:02 pm As it is written that we would have a testimary trust with a corporate trustee til 25 at which point each kid would get full control of his share.
It seems you mean testamentary trust.
Yes I am an awful speller. I tried a couple spellings. I think they were all wrong.
by mnnice
Sun Apr 01, 2018 9:04 pm
Forum: Personal Consumer Issues
Topic: Hand and bath towels- keep them or toss
Replies: 14
Views: 2445

Re: Hand and bath towels- keep them or toss

I realized about 5 years ago that no one in my house ever used a hand towels at all. I also realize that I like cheap thin washcloths better than fancier one. Last time I bought towels I bought ~8 nice bath towels ~18 cheap washcloths (at Target at the same time the colors match well) and zero hand ...
by mnnice
Sat Mar 31, 2018 10:02 pm
Forum: Personal Finance (Not Investing)
Topic: What age is the best to give a child control of an inheritance?
Replies: 192
Views: 18218

Re: What age is the best to give a child control of an inheritance?

I have thought about this a bit for my own situation. When the will my DH and I had written 16 years ago our potential estate was much smaller than it would be now. As it is written that we would have a testimary trust with a corporate trustee til 25 at which point each kid would get full control of...
by mnnice
Tue Mar 27, 2018 9:39 pm
Forum: Personal Finance (Not Investing)
Topic: Question about ACA Subsidy
Replies: 20
Views: 2617

Re: Question about ACA Subsidy

Would your SO quit very late in 2018 or 2019?

I would think it might give you more flexibility to have fewer tax deferred contributions for 2018 in case you need more in 2019.
by mnnice
Sun Mar 18, 2018 12:55 pm
Forum: Personal Finance (Not Investing)
Topic: no health insurance as an early retirement strategy
Replies: 30
Views: 2811

Re: no health insurance as an early retirement strategy

As someone that is semi retired brfore Medicare eligibility it can doable. Having health insurance doesn’t have to be cost prohibitive if you can engineer your life and finances give you an ACA AGI under 400% of poverty.
by mnnice
Sat Mar 17, 2018 9:21 pm
Forum: Personal Finance (Not Investing)
Topic: Say I Can Scrape Up Some Money, Then What Do I Do?
Replies: 15
Views: 1471

Re: Say I Can Scrape Up Some Money, Then What Do I Do?

(PS: I read that people should save a minimum of 3 months in an emergency fund!! That'd be $15,000! Is that usually done by making that a number for the monthly budget too? : / yuck Yep and if your income is self-employment it probably should be more than three months. I have listened to lots of Dav...
by mnnice
Fri Mar 09, 2018 10:14 pm
Forum: Personal Investments
Topic: Can I take an 85+% pay cut for fun?
Replies: 88
Views: 13653

Re: Can I take an 85+% pay cut for fun?

1. What does your spouse think of your plan? Remember that it will impact your entire family. 2. Cut your living expenses to $50K + taxes and actually live on that much for one year. If you can do that, you are ready. (I selected a number lower than others have since you already own your home.) May...
by mnnice
Wed Feb 28, 2018 8:41 am
Forum: Personal Consumer Issues
Topic: Amazon Prime Visa now 5% back at Whole Foods
Replies: 30
Views: 3759

Re: Amazon Prime Visa now 5% back at Whole Foods

I think the plan is to have prime only deals at Whole Foods. At Thanksgiving the had a prime deal that was an extra discount on turkey that was only for prime members. This doesn’t require people to have the prime card (yet).
by mnnice
Tue Feb 27, 2018 8:53 pm
Forum: Personal Finance (Not Investing)
Topic: Car & Car Loan in both names or just one?
Replies: 17
Views: 42388

Re: Car & Car Loan in both names or just one?

I don't know of any advantage of having one of you on the title and not both of you, but I'd certainly like to hear about such an advantage if it exists. Easier to sell in a private party sale. DH and I each sold the car we owned at the time we got married that way. We did not have to have the othe...
by mnnice
Tue Feb 27, 2018 2:23 pm
Forum: Personal Investments
Topic: Buying pension credit: Should I use pre or post tax dollars?
Replies: 20
Views: 1975

Re: Buying pension credit: Should I use pre or post tax dollars?

I would be tempted to do some of each as a tax diversification strategy (unless you already have lots of Roth $). Also just because both your current and previous home states are state tax free you could end up elsewhere at some point.
by mnnice
Tue Feb 27, 2018 2:02 pm
Forum: Personal Finance (Not Investing)
Topic: Understanding 2017 ACA Insurance >> Alternative to ACA until age 65 >>Possible Solutions??
Replies: 115
Views: 10758

Re: Understanding 2017 ACA Insurance >> Alternative to ACA until age 65 >>Possible Solutions??

I would look super hard at buying travel health insurance and bugging out of the US for some longer periods of 2018. I suspect that travel insurance combined with self pay on cheap routine stuff like teeth cleanings might be both cheaper and less hassle than your currently arrangement.
by mnnice
Mon Feb 26, 2018 8:40 pm
Forum: Personal Finance (Not Investing)
Topic: $500 above EITC limit and $700 above 20% savers credit instead of 10%...
Replies: 17
Views: 1338

Re: $500 above EITC limit and $700 above 20% savers credit instead of 10%...

^my wife and I already did the maximum 5,500 each for last year. If I overpaid for my ACA last year I am assuming that turbotax is taking that into account and fixing it for me? is there any way we could possibly pay less taxes if we filed seperately? IIRC Married filing separately are not eligible...
by mnnice
Sun Feb 25, 2018 10:24 pm
Forum: Personal Finance (Not Investing)
Topic: Make $90k, pay no Federal Income Tax in 2018? Check / critique this scenario.
Replies: 76
Views: 15477

Re: Make $90k, pay no Federal Income Tax in 2018? Check / critique this scenario.

I would be curious what the state tax liabilities would be in various states?

For 2017 as part of a MFJ couple with two dependents we had no federal liability. We had $5500 of state liability. :( .
by mnnice
Sat Feb 24, 2018 11:03 pm
Forum: Personal Finance (Not Investing)
Topic: Defining "House Poor"
Replies: 299
Views: 23118

Re: Defining "House Poor"

I am of the opinion that it is a poor idea to ever buy a house if everything has to work perfectly (no layoffs, no disabilities, no decreases in home values). Life is going to happen. Exactly, how conservative to be is a question I have never quite figured out. We have bought three houses. The first...
by mnnice
Fri Feb 23, 2018 9:25 pm
Forum: Personal Finance (Not Investing)
Topic: How Do People Without Computer Access Prepare and File Their Taxes?
Replies: 53
Views: 5486

Re: How Do People Without Computer Access Prepare and File Their Taxes?

There are people in this country running businesses grossing in the high six figures and netting in six figures too with no computers or smartphones... I find this hard to believe in 2018. Do you have a verifiable list of these people? Farmers and ranchers. The average farmer in this country is pus...
by mnnice
Fri Feb 23, 2018 1:55 pm
Forum: Personal Finance (Not Investing)
Topic: How Do People Without Computer Access Prepare and File Their Taxes?
Replies: 53
Views: 5486

Re: How Do People Without Computer Access Prepare and File Their Taxes?

There are people in this country running businesses grossing in the high six figures and netting in six figures too with no computers or smartphones.

The ones I know have complicated returns that they should tackle themselves anyway.
by mnnice
Wed Feb 21, 2018 12:57 pm
Forum: Personal Consumer Issues
Topic: Seeing Yellowstone National Park
Replies: 24
Views: 2861

Re: Seeing Yellowstone National Park

We want to see Yellowstone and am looking for advice. This is an adults only for 2-4. Always try and miss the peak season when we travel. Would like to go in early May. Good month or bad? How long should we plan to be in the park?  Bad month-- overcast, cold, and rainy, snow possible, and there lik...
by mnnice
Wed Feb 21, 2018 10:08 am
Forum: Personal Consumer Issues
Topic: Expat Living
Replies: 58
Views: 8560

Re: Expat Living

I'm still working, but a few years ago did some serious research into moving to Costa Rica. International Living (the magazine) sponsors living abroad seminars, which you may want to look into. In our case, I saw the seminar for Costa Rica, but found a free two day seminar that was held monthly in ...
by mnnice
Tue Feb 20, 2018 11:28 pm
Forum: Personal Consumer Issues
Topic: Expat Living
Replies: 58
Views: 8560

Re: Expat Living

I'm still working, but a few years ago did some serious research into moving to Costa Rica. International Living (the magazine) sponsors living abroad seminars, which you may want to look into. In our case, I saw the seminar for Costa Rica, but found a free two day seminar that was held monthly in ...
by mnnice
Sat Feb 17, 2018 4:11 pm
Forum: Personal Finance (Not Investing)
Topic: I'm Cancelling My Home Insurance
Replies: 156
Views: 14581

Re: I'm Cancelling My Home Insurance

If your home is 12% of your net worth and it burns down, then you lost 12% AND you have to spend another 12% to replace it (ignoring land value). So really you're down 24% to get the same quality of life. Not the way I do the math (I get 12%): BEFORE: total net worth $1,000,000 including home value...
by mnnice
Fri Feb 16, 2018 9:39 pm
Forum: Personal Finance (Not Investing)
Topic: I'm Cancelling My Home Insurance
Replies: 156
Views: 14581

Re: I'm Cancelling My Home Insurance

Anyone on here that doesn't have a home insurance policy? What's your experience? My home is paid for and worth about 12% of my net worth and I'm thinking about canceling the homeowners policy and keeping the umbrella policy. If I cancelled and the house burned down, it would just be like a 12% mar...
by mnnice
Sun Jan 14, 2018 10:17 am
Forum: Personal Finance (Not Investing)
Topic: Do you correct cashier mistakes?
Replies: 41
Views: 3090

Re: Do you correct cashier mistakes?

I guess I'll be the odd man out and so no, I don't always. There are many times when I get home and look at a receipt and notice I didn't get the sale price or was charged for two items when I only bought one and it is too much trouble to go back to the store. So when they make a mistake the other ...
by mnnice
Tue Jan 09, 2018 4:33 pm
Forum: Personal Finance (Not Investing)
Topic: Overwhelmed with how to handle taxes on large inherited portfolio.
Replies: 24
Views: 2280

Re: Overwhelmed with how to handle taxes on large inherited portfolio.

Anyone else have a large portfolio and mange it themselves? How do you handle the quarterly taxes on dividends, muni bond (national, not my state) interest, etc without getting overwhelmed? I am dumber than a sack of hammers, but I can manage a portfolio that’s a multiple of yours in size. I do use...
by mnnice
Sat Jan 06, 2018 3:57 pm
Forum: Personal Finance (Not Investing)
Topic: Creative gifting of property
Replies: 28
Views: 2704

Re: Creative gifting of property

So what about the whole idea of them selling it privately to us to avoid tax liability? I mean, even if they sell it at current market value and we take a loan against them where they gift the money back, the money is being kept within the family no? If the sell it to you privately then you parents...
by mnnice
Sat Jan 06, 2018 10:21 am
Forum: Personal Finance (Not Investing)
Topic: Creative gifting of property
Replies: 28
Views: 2704

Re: Creative gifting of property

So what about the whole idea of them selling it privately to us to avoid tax liability? I mean, even if they sell it at current market value and we take a loan against them where they gift the money back, the money is being kept within the family no? If the sell it to you privately then you parents...
by mnnice
Fri Jan 05, 2018 11:21 pm
Forum: Personal Investments
Topic: If you could live off your taxable account is it wise to put all your work money in a 401k?
Replies: 18
Views: 2606

Re: If you could live off your taxable account is it wise to put all your work money in a 401k?

Lots of unknowns, but my plan has a Roth option so I could see the OP’s idea making sense for many in that situation.
by mnnice
Mon Jan 01, 2018 9:05 pm
Forum: Personal Investments
Topic: starving artist inherits 280,000 dollars
Replies: 19
Views: 4453

Re: starving artist inherits 280,000 dollars

Can someone explain to me Obamacare vs. Medicare for someone like the OP who is seventy and does not have enough credits for Social Security? Are both Obamacare and Medicare (paying more than usual) possible? I know that as someone who has Medicare with enough credits, I believe I am prevented from...
by mnnice
Mon Jan 01, 2018 8:40 pm
Forum: Personal Finance (Not Investing)
Topic: Medicare - Duration of Paying in System for Full Eligibility
Replies: 3
Views: 598

Re: Medicare - Duration of Paying in System for Full Eligibility

Sorry if I sounded snotty in the other thread. :? Anyway I suspect that most early retirement oriented folks are in little danger of being left out in the cold on Medicare unless they either did the bulk of her/his accumulation outside of the US or the accumulated was inheritance based :) The one pe...
by mnnice
Mon Jan 01, 2018 12:50 pm
Forum: Personal Investments
Topic: starving artist inherits 280,000 dollars
Replies: 19
Views: 4453

Re: starving artist inherits 280,000 dollars

Why is OP ineligible for normal Medicare if OP is over 70? he or she does not have enough Social Security credits. It’s in the first sentence. Also, can OP roll inheritance into an IRA to avoid paying immediate taxes on the lump sum The OP has no earned income. I can see taxes being tricky the year...
by mnnice
Sun Dec 31, 2017 9:40 am
Forum: Personal Finance (Not Investing)
Topic: Target Net Worth
Replies: 39
Views: 5924

Re: Target Net Worth

To put some numbers on that: In my city a brand new 2-BR condo downtown would cost you about $350,000, plus about $700 a month in taxes and $200 in condo association dues, or about $900 a month total. The same condo would rent for $2,200 a month. [/quote] You know this is about a wash? The safe with...
by mnnice
Wed Dec 27, 2017 3:06 pm
Forum: Personal Investments
Topic: Wife's Windfall/Inheritance/Retirement/Merrill Lynch
Replies: 37
Views: 5602

Re: Wife's Windfall/Inheritance/Retirement/Merrill Lynch

Just a couple random thoughts. -why doesn’t DW have her own 457 and/or 403b? -Are you HSA eligible? -Are you both Social Security eligible and will either of you be impacted by WEP? -Not sure why you are carrying any debt? I actually don’t think your equity position is that crazy high given your sit...
by mnnice
Tue Dec 26, 2017 1:55 pm
Forum: Personal Consumer Issues
Topic: What frugal thing did you do today?
Replies: 1477
Views: 174319

Re: What frugal thing did you do today?

A pair of running shoes is all you need :beer Maybe a few dumbbells. Depends on where you live, your lifestyle and many other factors. With 70% of adults in the US overweight or obese, I applaud anyone who exercises regularly, no matter how they manage to do it. But we’re talking about being frugal...
by mnnice
Tue Dec 26, 2017 1:48 pm
Forum: Personal Finance (Not Investing)
Topic: Should we downsize?
Replies: 42
Views: 3851

Re: Should we downsize?

Was public school part of your plan? Would a house or condo in the 180k-200k range in place you in public schools of similar quality? If the answer is yes to both I would seriously consider it. DH and I have owned three homes in the last 20 years. The current one is the smallest and cheapest while o...
by mnnice
Tue Dec 19, 2017 11:01 am
Forum: Personal Finance (Not Investing)
Topic: Financial Assistance to Adult Child (health insurance)
Replies: 107
Views: 7883

Re: Financial Assistance to Adult Child (health insurance)

Maybe the conversation should be to present to the child that if she is not willing to be responsible to maintain health insurance that it places the parent in the position of choosing between bankruptcy and abandoning the child in a time of extreme need. I don't know what can be done if the child ...
by mnnice
Thu Dec 14, 2017 9:56 am
Forum: Personal Investments
Topic: Early Retirement - Lump Sum vs. Annuity
Replies: 41
Views: 3866

Re: Early Retirement - Lump Sum vs. Annuity

Is this a straightforward one or the other?

I think in your shoes I would want about 50% annuity vs. 50% lump sum.
by mnnice
Sun Dec 10, 2017 9:10 pm
Forum: Personal Finance (Not Investing)
Topic: Quit jobs to gain lower EFC [Expected Family Contribution]
Replies: 111
Views: 11743

Re: Quit jobs to gain lower EFC

If you are going to game the system, it is important to understand both the game and the system, which is something OP needs quite a bit of work on. And any first year MBA student could tell you about the error of sub-optimization. Optimizing for lower taxes or lower tuition costs or greater aid, i...