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Viewing profile - skydivingchic

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skydivingchic
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Joined: Thu Apr 02, 2009 7:22 pm
Last visited: Sun Nov 27, 2011 2:26 pm
Total posts: 14
[0.02% of all posts / 0.01 posts per day]
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Most active forum: Personal Finance
[ 11 Posts / 78.57% of user’s posts ]
Most active topic: What to do with whole-life policy?
[ 1 Post / 7.14% of user’s posts ]

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skydivingchic Posts

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 Forum: Personal Finance   Topic: Drowning but a strong swimmer

Posted: Sat Oct 01, 2011 7:34 am 

Replies: 13
Views: 1909


First, your budget is missing stuff. You should be setting aside money every month for car maintenance. You know that your car will need new tires, oil changes, some type of repairs, etc. Budget for it. I put aside $150/month for a car with over 170,000 miles on it and a motorcycle. In reality it pr...

 Forum: Personal Finance   Topic: Is this common practice for a simple IRA?

Posted: Tue Jul 05, 2011 6:21 pm 

Replies: 4
Views: 947


This does not appear to be legal. From an IRS publication : "You must deposit employees' deferrals in the IRA as soon as possible, but no later than 30 days following the month in which the employee would have otherwise received the money." That was just my quick google search and I have n...

 Forum: Personal Finance   Topic: What's the catch with high interest low max bank accounts?

Posted: Sat Feb 12, 2011 9:30 am 

Replies: 17
Views: 2840


I have had one of these accounts for almost 3 years now. My particular bank also has a savings account which is tied to meeting the checking account requirements. Here are the requirements I must meet each statement cycle in order to earn the high interest: - 10 debit card transactions - 1 direct de...

 Forum: Fiscal Fitness Journals   Topic: Finding a new path.

 Post subject: Re: Finding a new path.
Posted: Sun Dec 26, 2010 12:26 pm 

Replies: 18
Views: 3975


Sell the motorcycle. They are money pits - I know, I have one. Yes, you've put a lot of money into it, but you wouldn't get that money back no matter what - it is a sunk cost and you need to walk away. Plus you have no emergency fund and have already had 2 accidents. What happens if you lay it down ...

 Forum: Personal Finance   Topic: Tell me about your emergency fund

Posted: Mon Jul 26, 2010 2:50 pm 

Replies: 20
Views: 3076


I have a 2 tier EF. The first is 6 months worth of expenses. The second is $5k, which should cover any "normal" emergency such as the max yearly out of pocket for my medical insurance or a major car repair beyond that covered by my maintenance envelope. I'm not really sure how long it took...

 Forum: Personal Finance   Topic: Personal Finance Software Comparison Update Requested

Posted: Sun Jul 11, 2010 8:09 am 

Replies: 5
Views: 1988


DBF uses YNAB for both his personal and business accounts - he just has two separate files set up for it. Thus when he opens the program it gives him a choice to view either his personal file or his business file. He only had to purchase one copy of the program to do this. That might work for your s...

 Forum: Fiscal Fitness Journals   Topic: The long road from enormous student debt to respectability

Posted: Wed Jun 16, 2010 9:26 am 

Replies: 20
Views: 6152


How old are you? Do you have anything saved for retirement? Are you currently contributing to a 401k and/or IRA? Does your employer match any money contributed to your 401k? As to budgeting, you certainly need to spend a month or two tracking every penny spent, as you plan to do. Also, go through th...

 Forum: Fiscal Fitness Journals   Topic: Jake's Financial Diary

 Post subject: Re: Jake's Financial Diary
Posted: Sun Apr 25, 2010 6:38 pm 

Replies: 6
Views: 2569


A word of caution on the motorcycle. I've ridden for the past 6 years. Two different bikes - a Honda Shadow 750 and now a Suzuki V-Strom 650. Make sure you run the numbers and fully understand all the expenses before deciding that a bike is cheaper than a car. Your estimate for initial cost sounds a...

 Forum: Personal Finance   Topic: Advice for First Job Appreciated

Posted: Wed Mar 24, 2010 8:20 pm 

Replies: 9
Views: 1961


Sounds like you are off to a great start financially - congratulations. One note on the car. Leasing is a BAD idea. If you need a car and can't afford to pay in cash, get a loan for a modest, reliable, used car. At the end of the loan period you will own a vehicle. Drive it into the ground and start...

 Forum: Personal Finance   Topic: Debt snowballing or NOT

Posted: Tue Dec 29, 2009 1:39 pm 

Replies: 37
Views: 5199


Ramsey's method has you order your debts from lowest balance to highest balance and pay them in that order regardless of interest rates. His reasoning is that it will give you some quick wins as you knock out the lowest balance debts. That should help keep you motivated to pay off the higher balance...

 Forum: Personal Finance   Topic: What to do with whole-life policy?

Posted: Sat Dec 05, 2009 9:03 am 

Replies: 17
Views: 4386


I had to make this same decision last year. My parents had set up a whole life policy of $10,000 for me when I was 7 years old. I paid the premiums of ~$50/year (it fluctuated depending on how well the investments did as the dividends paid part of the premium) for several years. I have group term li...

 Forum: Personal Finance   Topic: Budgeting and Rewards Checking - A Conundrum - Help?!?!

Posted: Fri Apr 03, 2009 11:25 am 

Replies: 4
Views: 2096


I've been using one of these reward checking accounts for about a year now. I also use Mvelopes, which makes it incredibly easy for me to keep my "savings in checking" seperated from day to day spending money. I keep my checking account total balance close to the maximum amount for which t...

 Forum: Personal Finance   Topic: What's an emergency?

Posted: Fri Apr 03, 2009 9:43 am 

Replies: 19
Views: 5455


Like many of the above posters I use a combination of sinking funds and an EF. I have sinking funds for car maintenance, car replacement, medical costs, vet care for my cats, gifts, travel, and car registration. My EF would be used to cover living expenses if I lost my job and couldn't find another ...
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