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About BroncosFan07

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  1. This is really what I was trying to get at. I've pinched pennies my entire life and had a ton of luck with investing. I've delayed getting knee replacements for 11 years now because I didn't want the financial expense and didn't want to miss time at work and miss my chance to impress someone for the next promotion. I've always enjoyed high levels of stress since my work adds a lot however now that you add in having young kids and being so tight on money, my health is starting to sacrifice and I'm not combatting the stressful by doing things that I enjoy in life as much as I should. My dad retired 3 years ago at age 62 and he seems pretty miserable in retirement. His knees were just replaced, he had to have an ankle fused, and he needs to get his hip replaced once his knees recover. On top of that he has high blood pressure and is diabetic and had quadruple bypass open heart surgery 20 years ago. He has way more money than he needs in retirement and will eventually pass away without barely tapping into his balance. I don't want my story to be like my dads.
  2. Thanks for the feedback. Hare are my comments and follow up questions for these points. Also, wanted to add that if we took the money out, it wouldn't be just for vacations. Vacations would be one of the biggest expenses we have but really it would just to be less strapped everywhere. The money would be a safety net incase we eat out too many times, use the babysitter too much, have unplanned medical expenses, etc. Right now we are very careful about our money and break even. If we relaxed a little, we could miss our budget by $400-$500 each month and at the end of the year learn that we spent 6k more than we earned. The 100k would be used to support the 6k we need. I have about 3 months in savings for emergencies that is not part of any of this discussion. I never want to use the 6k out of the emergency fund. I already had to tap into it twice in 2019 because we blew an engine twice 6 months apart on the same vehicle (lemon - and it's been traded in for a low mileage used car now). 1. I'm curious to learn more about a 401k loan. I thought I read at one time you could only get a 401k loan to cover new home purchases or other limited categories. I also recall that you can only take 1/2 of your vested balance, which wouldn't be ideal for me since I haven't been at my new company long enough to have much of a 401k balance. 90% of my retirement money was from the previous employee's 401k that I rolled over to a Fidelity IRA account. Are there any "catches" to a 401k loan other than you pay back the loan monthly and the interest goes into your account? 2. $500 after tax a month for my wife's side job. I live in Missouri and daycare is below average cost so the 3 of them cost $31k. My wife makes just over 40k working 3 days a week so after taxes hit that, it's virtually break even for her to watch the kids. Also, she needs the 2 days a week in order to do her side job. Having the kids home 5 days a week would probably drop the $500 per month savings. The biggest factor in her keeping her 3 days a week job is because its a great job and she still gets adult interaction and she has the ability to go back to 4 days or 5 days in the future if she would ever want to (I hope she never has to). Also, we shed 1 daycare in a few weeks so her working 3 days a week provides considerable more money than the soon to be 2 daycares. I've already factored getting 1 daycare bill back into our situation that gets us income to expenses to break even for a month. 3. I already did this 16 months ago when baby #3 was born. It was a rough 2019 because we closed on a new house but had to pay 2 mortgages, had the 2 car engines blow for about 10k in expenses, had to go from no car loans to 2 car loans because of baby #3 and needing room for car seats, and also all of the money around the birth of the child. We are back on track in 2020, but 2019 was a year I was very thankful to have that emergency savings.
  3. Does this part bother you? I'm worried about letting life pass by and waking up at 60 and realizing I'm retired and have more than enough money to retire and wishing I had more memories or special events with my family. Here are two scenarios that I have been asking myself as I go through this decision. 1. Would it be better to live paycheck to paycheck for the next 5 years with constant stress and retire at 58 or be financially stress free for the rest of my life but retire at 63? 2. If I made a big win in the Powerball for 100k, would I max out my retirement options (529, 401k, Roth) to make sure that the winnings all made it to retirement or would I keep it readily accessible. I'd probably put 90k in an investment account with the intent to leave it for 1+years to avoid capital gains on earning and keep 10 of it in a CD/high interest savings account that could be accessed within the next 12 months.
  4. First time posting in this thread and I apologize for how long it is but I value the opinions of the posters in this thread and have been reading for years. Does it makes sense for me to pull 100k out of my IRA and use the Cares Act relief to avoid the 10% early withdrawal penalty? I'm 37 and have a wife and 3 children ages 1, 3, and 5. In 2019, we had our 3rd child which caused us to have to upgrade both of our vehicles to make room for 3 car seats and they were high mileage anyway. I make a very good salary and my wife makes good money, however she dropped down to working 3 days a week because my job is time consuming and it's been a blessing for her to be able to take on most of the daycare drop off/pick-up and get everything done around the house on M/F. She started a side business that is bringing in about $500 per month in extra income and fills up her 2 days of the work week that she's off. Our bank account shrunk dramatically over the past 16 months since we've been paying 3 daycare bills and added 2 car loans. We also have a nice house with a big mortgage payment (at a very low interest rate thanks to recent refi) and my wife has a school loan that costs $500 per month and has 3 years of payments left. The school loan is at 2%, and both of the card are 4-5% interest rates. In 4 years, we will no longer have 3 daycare bills, 2 car loans, and the school loan so our financial stability will be great at the time. However, for the time being, we are very strapped for disposable cash and have been for the past 2 years. We knew that bringing on the kids would cause short term sacrifices so for the past couple of years, we have cut a lot of luxuries that we have. We decided that having the kids close in age was more important to us than spreading out the daycare bills and financial stress. I have no regrets on that decision and could live the next few years in the same manner and we would be okay. However, 2020's Covid situation has brought on a unique opportunity. Due to some well-thought out investing and mostly luck in my 401k, our retirement accounts have more than doubled this year and I already had a healthy retirement plan that was going to allow both my wife and I to retire comfortably in our early 60's. Now my retirement account is about 5 years ahead of where I thought it would be so my wife and I know that we should be "rich" once we turn 59.5. Obviously bad things can happen to anybody in life and this story could change unexpectedly. So our dilemma is that we know in 22 years, we'll be wealthy, however currently we are living on a very, very tight budget and not really doing anything fun or enjoyable (we haven't bough clothes in years, we rarely eat out and when we do we pick the cheapest thing on the menu, we haven't traveled much, we cut cable, etc). Since my job temporarily reduced my pay this year, we qualify to withdraw up to 100k per person without facing the 10% fee. I know we'd still have to pay regular income taxes on the money, however I can choose to spread the value of the tax (let's call it 24k) over the next 3 years and can even delay paying the taxes until year 3 and then at that time choose to repay the money or pay the taxes then. Of course in the mean time, I'll use the bulk of that 100k to invest so somewhere conservatively. My thought process is that our current budget will essentially break even if we continue to live our conservative lifestyle. However, would it be a bad idea to spend 5-10k of that money each year to treat our family to a vacation, or eat better food, or have date nights and not be stressed about the cost of the babysitter and the date? I have ran the numbers many times and every output says that NO scenario makes sense if the goal is to maximize our money. My wife has stated on a couple of occasions "you tell me how lucky we were with the stock market this year and how it will make us rich in retirement, but what is the point when we feel poor now. Why not use the blessings to live comfortably now in our hardest times (curse you daycare bills!)? What would you do?
  5. Now that a lot of rookie drafts are underway, where has Simmons been going? Do you see his ADP change must based on the scoring system for LBS being tackle heavy vs big play? I'm eyeing him for big play leagues since Arizona has been known to be fantasy friendly in these formats as Chandler and Hicks were both top tier LBs last year.
  6. I would take Dobbins at 3 and assume I’d make a run in 2 years when Ingram is out the door or close to it. I think in 2-3 years he will be more than what Ingram scored last year. I know this league well and they always go very heavy on RB. Almost positive the guy at 4 would take a RB and then I would take Juedy or Lamb at 5. At 7 I would most likely get the receiver I didn’t choose unless the person at six just doesn’t like Akers or Swift. He needs a RB though. I was thinking more on the lines of sell CMAC while he’s at peak value. If I get 2018 CMAC, which was still RB2 behind Gurley, it’d be easier to close the gap. Also I’m concerned with the Panthers in how they have a new qb and didn’t draft anything on offense. I’m not saying Bridgewater will be bad for CMAC but I think I have a better chance of 2018 CMAC than 2019 CMAC. My other RBs are Zeke, Conner and Breida so when you add in Dobbs who probably won’t be great in year one of his timeshare, I’d still be solid at RB. It’s a 14 team league so RBs aren’t plentiful. I think Breida and Connor lose a ton of value after this year since I could see their teams both drafting their replacement next year. Juedy and Lamb would help my aging wr corp. I have Hopkins, Adams, Theielen, and Hilton. I’m going to shop Thielen, Hilton, Breida, and Conner to see if I can get a late first and draft another rookie wr. I know my team is built to win now so losing CMAC would probably hurt my chances badly but a lot can happen in the playoffs. This team gets to the playoffs even without CMAC. Rb: Zeke, Dobbs, Connor, Breida WR: Hopkins, Adams, Juedy, Lamb, Thielen, Hilton TE: Kelce, H. Henry, Gronk I could be strong for many years to come I really appreciate the feedback even though it’s strong against my trade. It’s a gamble for sure
  7. That’s what I was thinking. Hate giving up the best player at the peak of his career but this could set my dynasty team up for many years if I can get 2 big hits out of the 3.
  8. 0.5 PPR Traded: Christian McCaffrey Recieved: 1.3, 1.5, 1.7
  9. What’s the draft pick value that you’d like to get if you give up Hunter Henry? 14 team 0.5 PPR dynasty league. Most years I would want a late first because I don’t like the miss rate in the second. With the deep class this year, what would you expect for HH?
  10. Good point. I’m definitely not getting much for Campbell.
  11. I'm trying to figure out what to do with my shares of Campbell. Wasn't he a 3-4 DE in Arizona and still consistently put up top 5-10 numbers? I don't know the history of Arizona's base defenses.
  12. 0.5 PPR pick 3 out of 4 Ekeler M. Gordon Lindsay Mostert thanks!
  13. Start 1 QB, 2 RB, 2WR, 1TE 1 FLEX 0.5 PPR. All other scoring standard. 16 Teams I'm keeping Kamara in exchange for my 1st round pick Should I keep: Kerryon Johnson for my 5th round pick or Derrius Guice for my 14th