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Viewing profile - josetann

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josetann
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Joined: Fri Apr 27, 2012 1:08 am
Last visited: Mon Apr 08, 2013 3:54 am
Total posts: 35
[0.04% of all posts / 0.02 posts per day]
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Most active forum: Personal Finance
[ 34 Posts / 97.14% of user’s posts ]
Most active topic: What to do with this money?
[ 8 Posts / 22.86% of user’s posts ]

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josetann Posts

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 Forum: Personal Finance   Topic: $50,000 bonus for an 18 year old - what to do??

Posted: Thu Jan 10, 2013 12:42 pm 

Replies: 28
Views: 4160


The Roth IRA or any type of retirement account is not seen as assets that are able to pay for a college education. If you withdraw from an IRA, it will be regarded as income for future years. I thought it might be something like that. Last, the OP's BIL would need at least $5k income for 2012 and $...

 Forum: Personal Finance   Topic: $50,000 bonus for an 18 year old - what to do??

Posted: Wed Jan 09, 2013 6:50 pm 

Replies: 28
Views: 4160


Question...are funds in a 529 account weighted more heavily when applying for financial aid, than funds in a Roth IRA? If so...I'd put as much in a Roth IRA as I legally could (must have earned income, etc. etc.). Even if you have no intention whatsoever for using those funds for retirement. You can...

 Forum: Personal Finance   Topic: What to do with this money?

Posted: Wed Jan 09, 2013 6:26 pm 

Replies: 35
Views: 5458


It's not that mistakes aren't allowed. It's the cavalier attitude you take that bothers me. You aren't the one who pays for your mistakes; it's the ones who listen to you that pay the penalties. I admitted my mistake right away. What would you prefer...that I didn't admit it, or perhaps do what man...

 Forum: Personal Finance   Topic: What to do with this money?

Posted: Wed Jan 09, 2013 5:15 pm 

Replies: 35
Views: 5458


Also, what has been muddled here is the accumulation phase vs drawdown. The OP is in the accumulation phase where they are not dependent on "stock market" returns. I find having the cash in hand (or at least with some reasonable liquidity) is much more powerful than a "paid off"...

 Forum: Personal Finance   Topic: What to do with this money?

Posted: Wed Jan 09, 2013 5:04 pm 

Replies: 35
Views: 5458


I should probably create a signature, something along the lines of: I ain't no stinkin' professional, any and all so-called "advice" I give should be construed as "questions to ask a real professional who knows what they're talking about." Wouldn't "Following my advice coul...

 Forum: Personal Finance   Topic: What to do with this money?

Posted: Wed Jan 09, 2013 5:51 am 

Replies: 35
Views: 5458


If the house is paid off, that's guaranteed income in the form of housing. The stock market however is not guaranteed. If you put it all into investing: Best case scenario, stock market booms and you can now buy two houses during retirement for cash with the money you have. Worse case scenario the ...

 Forum: Personal Finance   Topic: What to do with this money?

Posted: Wed Jan 09, 2013 5:38 am 

Replies: 35
Views: 5458


Indeed... josetann's key misunderstanding there is that AGI is after "reductions" but before deductions. So more itemized deductions has no effect on your eligibility for a Roth IRA. Some things do, including 401(k) contributions and other pre-tax paycheck deductions like an HSA or FSA. Y...

 Forum: Personal Finance   Topic: What to do with this money?

Posted: Wed Jan 09, 2013 5:34 am 

Replies: 35
Views: 5458


Um, it doesn't work that way actually. I should probably create a signature, something along the lines of: I ain't no stinkin' professional, any and all so-called "advice" I give should be construed as "questions to ask a real professional who knows what they're talking about." ...

 Forum: Personal Finance   Topic: What to do with this money?

Posted: Sun Jan 06, 2013 10:56 pm 

Replies: 35
Views: 5458


Having a mortgage solely so you can deduct the interest is (usually) crazy. If you're married, the current standard deduction is $11,900. This is a deduction that you can automatically take if you don't itemize. To itemize, your total deductions must be greater than $11,900. So let's say you owe $25...

 Forum: Personal Finance   Topic: Do you keep full insurance coverage on your paid-off car?

Posted: Fri Nov 30, 2012 6:50 pm 

Replies: 26
Views: 3191


I only want the bare minimum to keep me legal. Liability only, huge deductible. Right now I don't even have separate insurance, because the legal minimum is part of the car registration fees (personally, I like this setup...though if we had more than two vehicles it'd end up costing us more). The mo...

 Forum: Personal Finance   Topic: $25k in debt and no idea how to proceed

Posted: Sun Oct 21, 2012 5:14 pm 

Replies: 38
Views: 4871


I too would look into bankruptcy. I'm sure many will say that $25k is not enough to file bankruptcy over, but if you're poor enough, might as well be $250,000 (not trying to pick on you). An important consideration is... if your unsecured debts were wiped out, would you be able to live with the mone...

 Forum: Personal Finance   Topic: How do you decide if an expense is a 'want' or a 'need'?

Posted: Sat Oct 13, 2012 6:52 pm 

Replies: 17
Views: 2308


Lots of my "needs" are really just wants, but nevertheless, here's how I look at it: Needs: 1 bedroom house/apartment. Electricity, water, gas Fridge Stove Clothes of any condition At least one mobile phone Almost needs (or, really really wants): 2+ bedroom house/apartment Car 2nd mobile p...

 Forum: Personal Finance   Topic: vacation at Disneyworld possible visit to Universal

Posted: Tue Sep 18, 2012 4:39 pm 

Replies: 8
Views: 1675


I honestly can't remember the fireworks schedule as pertains to the Halloween party. But if they have fireworks before the party starts, just know that you could still see them (since you can enter as early as 4PM). I just can't see myself paying twice to be in the parks for the same day. If you do ...

 Forum: Personal Finance   Topic: vacation at Disneyworld possible visit to Universal

Posted: Tue Sep 18, 2012 2:00 pm 

Replies: 8
Views: 1675


If you're paying, then do what you want. And I agree completely...it may be seen as "wasting" your time to have an off day...but I find them very important. Do not, under any circumstances, try to get your money's worth! I.e. don't drag your kids into the park the second it opens, and forc...
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