GRS Home  Forum Home
Bank Rates Center
   Savings Account Rates
   Money Market Rates
   Highest CD Rates
Insurance Rates Center
  Auto           Health
   Life              Home
Mortgage Rates Center
  Mortgage Rates
  Mortgage Quotes

Last visit was:
A place for Get Rich Slowly readers to ask questions
and exchange ideas
It is currently Sat Aug 30, 2014 3:15 pm




Post new topic Reply to topic  [ 33 posts ]  Go to page 1, 2, 3  Next
Author Message
 Post subject: Sandi's Plans, 2010...
PostPosted: Tue Jan 05, 2010 11:19 am 

Joined: Tue Aug 05, 2008 3:22 pm
Posts: 548
Location: Northern CA
OK, I did very well with last year's goals. I slacked off after September, but the majority got done. My intent for this year:

- Fully max out my 403(b) account! $1375/month x 12 = $16,500 in retirement savings!
- Get the joint savings account fully re-funded (dipped into it for a car) and xfer the $$ to ING so it's less accessible.
- Start a Hills & Valleys account for DH's business.
- Pay $12K against the house principal.
- Prepay against the new car loan every time my personal savings exceeds $2K; try and get car paid off in 2.5 years, instead of 4.
- Get DH's term life policy extended/in place for the next 20 year term.
- Exercise more regularly.
- Purge stuff. Our closets are ridiculous (it's a 1923 house, but still!).
- Finish kitchen porch renovation.
- Get house closets re-done professionally.


Top
Offline Profile   
 Post subject:
PostPosted: Tue Jan 05, 2010 2:48 pm 

Joined: Sun Apr 29, 2007 8:11 am
Posts: 1088
Location: Sunny Florida
Sandy, I am with you on the closets. I love my 1920s house and limited closet space is both a blessing and a curse. I didn't post my closet goal since its not really financial but I'm working on my closet, will move on to the other closets and plan to build new closets upstairs (which is part of my house/furniture savings goal).

_________________
Sam

http://adventures-of-sam.blogspot.com
(Follow Sam's financial and real estate adventures.)


Top
Offline Profile E-mail   
 Post subject: a fine list
PostPosted: Tue Jan 05, 2010 4:23 pm 

Joined: Sun Jun 01, 2008 10:13 am
Posts: 148
Great list, Sandi. Is your husband starting a new business? Or just accomodating the the eventualities of business?


Top
Offline Profile   
 Post subject:
PostPosted: Tue Jan 05, 2010 5:37 pm 

Joined: Thu Dec 31, 2009 1:49 pm
Posts: 27
Location: Orange County, Ca
Sandy, your personal savings goal is way too low. I'd crank that up to 6 months worth of expenses before I'd fund the roof, car and vacation.

_________________
Read Ayn Rand Books so you'll no longer be a lemming. ;-) I'm debt free, 49 years of age, male, Libertarian, 3 rental properties, two grown children, and a cat.


Top
Offline Profile   
 Post subject:
PostPosted: Wed Jan 06, 2010 10:13 am 

Joined: Tue Aug 05, 2008 3:22 pm
Posts: 548
Location: Northern CA
AynRandMindSet wrote:
Sandy, your personal savings goal is way too low. I'd crank that up to 6 months worth of expenses before I'd fund the roof, car and vacation.


Dude, again, you're not reading for comprehension. Once the EF is refunded when the used car sells, we'll be back at 14 MONTHS of expenses in our savings. We currently have 4. And where in the h*ll did you come up with roof and vacation from my list? It's not there.

doo, doo, doo, doo.... Cue Twilight Zone music.

Sandi


Top
Offline Profile   
 Post subject:
PostPosted: Wed Jan 06, 2010 11:39 am 

Joined: Thu Dec 31, 2009 1:49 pm
Posts: 27
Location: Orange County, Ca
Sandi, I somehow crossed posted my response to the wrong thread.

My apologies.

Regardless, no need to be so nasty...hope you go bankrupt very soon, you angry mean person!!

_________________
Read Ayn Rand Books so you'll no longer be a lemming. ;-) I'm debt free, 49 years of age, male, Libertarian, 3 rental properties, two grown children, and a cat.


Top
Offline Profile   
 Post subject:
PostPosted: Wed Jan 06, 2010 11:55 am 

Joined: Mon Sep 29, 2008 7:32 am
Posts: 289
While I think it's a good idea to pay down a mortgage, I think that it is not a good idea to have almost as much going toward your mortgage as you're putting into retirement. I'm currently saving about $4,350/month into savings and retirement and $400/month toward the principal on my mortgage. Essentially, I'm paying toward my mortgage to take the place of the portion of my asset allocation that would go toward low-risk bonds.

Your allocation is the equivalent of 50/50 equities/bonds, which is probably a very bad idea.


Top
Offline Profile   
 Post subject:
PostPosted: Fri Jan 08, 2010 10:45 am 

Joined: Tue Aug 05, 2008 3:22 pm
Posts: 548
Location: Northern CA
tazdollars wrote:
While I think it's a good idea to pay down a mortgage, I think that it is not a good idea to have almost as much going toward your mortgage as you're putting into retirement. I'm currently saving about $4,350/month into savings and retirement and $400/month toward the principal on my mortgage. Essentially, I'm paying toward my mortgage to take the place of the portion of my asset allocation that would go toward low-risk bonds.

Your allocation is the equivalent of 50/50 equities/bonds, which is probably a very bad idea.


Tazdollars, that's not the perspective I had, so I'm interested in a more thorough explanation from you...

Our mortgage payment (15 year, 4.25% rate) pays ~ $1100 per month against the principle, so that's the minimum. We're adding on an additional $200 per month to accelerate the payoff.

For the retirement figure, I only listed my contributions (not my husband's as well). So our total contribution is working out to:

$1375 per month 403(b).
$460 per month in SEP-IRA for DH.
Total: $1835 per month into retirement.

While I could re-allocate the $200 prepayment on the mortgage to stocks, to me the prepayment is a guaranteed return. One of my fundamental investing philosophies is to not put all our eggs into one financial basket...

I am afraid of redirecting it to the SEP-IRA, since it could exceed the contribution limits for DH, and we'd simply have to remove it at the end of the year anyway. If we established a SIMPLE plan at his business, I believe he'd be eligible for a larger contribution...but he's never had a SIMPLE, and he's leery of the administration and setup of it.

Any advice on that, given the additional info I've provided? Thanks.

Sandi


Top
Offline Profile   
 Post subject: Re: Sandi's Plans, 2010...
PostPosted: Mon Jan 11, 2010 1:34 pm 

Joined: Tue Aug 05, 2008 3:22 pm
Posts: 548
Location: Northern CA
sandi_k wrote:
OK, I did very well with last year's goals. I slacked off after September, but the majority got done. My intent for this year:

- Fully max out my 403(b) account! $1375/month x 12 = $16,500 in retirement savings!


This is on auto-pillot, first month down...

sandi_k wrote:
- Get the joint savings account fully re-funded (dipped into it for a car) and xfer the $$ to ING so it's less accessible.


Car is up for sale on AutoTrader.com and Craigslist...

sandi_k wrote:
- Start a Hills & Valleys account for DH's business.


Just transferred $3K into a new ING account for this today!

sandi_k wrote:
- Pay $12K against the house principal.


Again, on auto-pilot. We pay $800 per month in required payments against the principal, and then pay an additional $200. So the first $1K is paid.

sandi_k wrote:
- Prepay against the new car loan every time my personal savings exceeds $2K; try and get car paid off in 2.5 years, instead of 4.


No excess yet. To be continued...

sandi_k wrote:
- Get DH's term life policy extended/in place for the next 20 year term.


He needs to call the company for this, during a weekday. He's in the field today, so I'll have to ask him later this week.

sandi_k wrote:
- Exercise more regularly.


No progress on this, although I did clear off the elliptical. :D

sandi_k wrote:
- Purge stuff. Our closets are ridiculous (it's a 1923 house, but still!).


Done! For the master bedroom closet. Three large garbage bags donated. Two closets left to clear out/re-organize.

sandi_k wrote:
- Finish kitchen porch renovation.


Working on it. Materials not yet received...

sandi_k wrote:
- Get house closets re-done professionally.


This is likely to wait until September...

I like progress. :D

Sandi


Top
Offline Profile   
 Post subject:
PostPosted: Mon Jan 11, 2010 2:52 pm 

Joined: Sun Apr 29, 2007 8:11 am
Posts: 1088
Location: Sunny Florida
Quote:
Done! For the master bedroom closet. Three large garbage bags donated. Two closets left to clear out/re-organize.


Wow, great progress already. I've got to get going on this project too, so keep posting to get me going.

_________________
Sam

http://adventures-of-sam.blogspot.com
(Follow Sam's financial and real estate adventures.)


Top
Offline Profile E-mail   
 Post subject:
PostPosted: Mon Jan 11, 2010 3:06 pm 

Joined: Tue Aug 05, 2008 3:22 pm
Posts: 548
Location: Northern CA
Thanks, Sam! And I didn't even mention how my mom and I spent 3 hours with a friend, helping her purge. Somehow, 2 hours with 1 person deciding, and 2 people sorting makes it go a LOT faster. We purged 5 boxes of recyclable paper for her, sorted a "happy" box of cards & photos, and another "unhappy" box of past-due bills and collection notices.

She's going in for major surgery next week, and we want her place to be a more serene place to recuperate. :D

So my advice, bring a friend along.

Sandi


Top
Offline Profile   
 Post subject: Re: Sandi's Plans, 2010...
PostPosted: Tue Jan 12, 2010 6:39 am 

Joined: Tue Mar 11, 2008 12:19 pm
Posts: 1721
Location: Ottawa, Canada
Hi Sandi. Your goals all look great, except for one:

sandi_k wrote:
- Exercise more regularly.


Strictly speaking, this is a poor goal, because it's not SMART. It's not Specific or Measurable. It's undoubtedly Attainable and Realistic, but it's not Timely. What kind of exercise - weights, cardio, or both? You want to exercise "more regularly" than what? Last year? When you were in college? Do you know how much you were exercising during the period you're comparing against, so you can know if you're meeting or exceeding your goal? If you do nothing all year, then join a spinning class in December, will you consider this goal as having been met?

I think it's a noble goal (it's one of my own, too, truth be told) - I just think you'll have a lot more success with it if you get more specific and set some time boundaries.

Good luck, I can't wait to see how you do!


Top
Offline Profile   
 Post subject:
PostPosted: Tue Jan 12, 2010 9:24 am 

Joined: Sun Apr 29, 2007 8:11 am
Posts: 1088
Location: Sunny Florida
Quote:
Thanks, Sam! And I didn't even mention how my mom and I spent 3 hours with a friend, helping her purge. Somehow, 2 hours with 1 person deciding, and 2 people sorting makes it go a LOT faster. We purged 5 boxes of recyclable paper for her, sorted a "happy" box of cards & photos, and another "unhappy" box of past-due bills and collection notices.


Yeah, I've helped my Mom purge and it goes much quicker when you have an objective person pushing you along. She'll be here for a visit soon and I think I'll ask her to help me purge a closet.

_________________
Sam

http://adventures-of-sam.blogspot.com
(Follow Sam's financial and real estate adventures.)


Top
Offline Profile E-mail   
 Post subject: Re: Sandi's Plans, 2010...
PostPosted: Mon Feb 01, 2010 12:00 pm 

Joined: Tue Aug 05, 2008 3:22 pm
Posts: 548
Location: Northern CA
kombat wrote:
Hi Sandi. Your goals all look great, except for one:

sandi_k wrote:
- Exercise more regularly.


Strictly speaking, this is a poor goal, because it's not SMART. It's not Specific or Measurable. It's undoubtedly Attainable and Realistic, but it's not Timely. What kind of exercise - weights, cardio, or both? You want to exercise "more regularly" than what? Last year? When you were in college? Do you know how much you were exercising during the period you're comparing against, so you can know if you're meeting or exceeding your goal? If you do nothing all year, then join a spinning class in December, will you consider this goal as having been met?

Good luck, I can't wait to see how you do!


Kombat, I agree it's not necessarily SMART when listed here, but in my head, it's laid out. I meant "more regularly" than 2009, when I had spinal surgery and was recuperating. I have an elliptical that I love (at home) and I'm restricted from weight lifting due to the restrictions I have post-surgery.

So:
Specific: Elliptical usage
Measurable: At least 3x per week, for 15 minutes each session
Attainable: Totally - I was doing 4-5x per week for 40 minutes/session before surgery.
Realistic: See above.
Timely: To meet this, I need to do this each week, not just lump it all in in December. :)

To date, I accomplished this 2x last week. On track to do 3x this week.

Thanks for the nudge.

Sandi


Top
Offline Profile   
 Post subject: Re: Sandi's Plans, 2010...
PostPosted: Tue Feb 02, 2010 6:11 am 

Joined: Mon Feb 04, 2008 7:35 am
Posts: 1148
Location: Maryland
Nice job with the exercising.
I've been doing Jillian Michael's 30 day shred. It's so hard, but it's only a 20 minute video. If I don't have 20 minutes to spare (plus 10 changing into my clothes), I don't have anything. hee hee. I always treat myself to sitting on the couch for 20 minutes when I'm done. :D


Top
Offline Profile   
Display posts from previous:  Sort by  
Post new topic Reply to topic  [ 33 posts ]  Moderators: kombat, bpgui, JerichoHill, Fiscal Fitness Moderator Go to page 1, 2, 3  Next


Who is online

Users browsing this forum: No registered users and 2 guests


You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot post attachments in this forum

Search for:
Jump to:  
Powered by phpBB © 2000, 2002, 2005, 2007 phpBB Group
Theme created StylerBB.net & kodeki