Don't Noonan
Footballguy
Well, on the bright side, it sounds like she has been fortunate to have not been hurt too badly. I can't imagine what your auto insurance is now.
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PBS Frontline : The Retirement Gamble, sorta Must See (1 Viewer)
- Thread starter Smack Tripper
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Zegras11
Footballguy
-OZ-
Footballguy
Fwiw, one of my colleagues was paying around $700/month for insurance after her son got into 2 accidents.
At that point I'm revoking his license.
CR69
Footballguy
Your liability insurance only covers the injury if it's determined you were at fault though, correct? Your insurance company is going to fight that, ensuring that you and your guest are pitted against one another in court to determine who was at fault. Having higher medical payments to others insurance would prevent this scenario in a lot of cases because the insurance company is not determining fault, just that the incident occurred at your home.
Fruitbat
Footballguy
so why not SPDW (SPDR® Portfolio World ex-US ETF) in place of VEU?
I'm an amateur at this, so I'm just looking at the low fee, and the fact that it tries to track some S&P foreign index.
jamny
Footballguy
The Tick
Footballguy
I have a 401K question. How do you avoid going over the yearly limit when you change jobs mid year? I haven't switched jobs since I've been maxing my 401K, but my company was bought out last year, so yesterday we officially "switched" to a new company. Usually I just drop enough of a % into my 401K where I'm sure it will max out by the end of the year, and then it automatically stops putting money in there once I've hit the limit. I don't think that will work with the company change as the new company/pay system doesn't know what I've already contributed on the last payroll throughout January.
Is there an easy way to make sure I don't over contribute, or will I need to look at what I've put it and try to target a new % that will leave me under the max for the year?
Is there an easy way to make sure I don't over contribute, or will I need to look at what I've put it and try to target a new % that will leave me under the max for the year?
dino259
Footballguy
More than likely you will have to do most of the work. You could start with your HR/Payroll department and see if there is a way they can add this to the system to automatically track it. Otherwise as you mention about adjusting your percentage to estimate your yearly contribution to hit the max at the end of they year.
I do this part as we receive a variable reward bonus here in February. I then adjust my percentage to hit my max contribution sometime in the month of December.
Going to start researching this a bit more on my own, but figure I'd also post here for any other insight:
My 10 year old is naturally a saver. He heard my wife and I talking about what my 401K was in and was asking about if he could buy stocks/mutual funds etc. This led to a brief discussion on the importance of saving and planing for retirement, etc. and he asked if he would be able to buy mutual finds, etc. He makes a little money doing pet sitting/dog walking - has 3 main "clients" in the neighborhood. Of course they all just pay him cash for his services, anywhere from $10 for walking and feeding the dog to a bit more for that if he is taking care of animals for a week+ when they are on vacation. All told he probably gets about $1000 a year from this. Obviously none of this is reported income.
Is there anyway to set this up in such a way that he would be able to start a ROTH IRA to put a portion of his earnings in. I'm assuming we would have to report the earnings so that he would have reportable income to allow him to put money in a ROTH IRA. Just not sure if this is a good idea or even plausible.
Anyone else out there that have (or had) young children that wanted to do something like this?
My 10 year old is naturally a saver. He heard my wife and I talking about what my 401K was in and was asking about if he could buy stocks/mutual funds etc. This led to a brief discussion on the importance of saving and planing for retirement, etc. and he asked if he would be able to buy mutual finds, etc. He makes a little money doing pet sitting/dog walking - has 3 main "clients" in the neighborhood. Of course they all just pay him cash for his services, anywhere from $10 for walking and feeding the dog to a bit more for that if he is taking care of animals for a week+ when they are on vacation. All told he probably gets about $1000 a year from this. Obviously none of this is reported income.
Is there anyway to set this up in such a way that he would be able to start a ROTH IRA to put a portion of his earnings in. I'm assuming we would have to report the earnings so that he would have reportable income to allow him to put money in a ROTH IRA. Just not sure if this is a good idea or even plausible.
Anyone else out there that have (or had) young children that wanted to do something like this?
Buck Bradcanon
Footballguy
He's my little entrepreneur and the one of my 3 boys I'm hitching myself to hoping he will put me into a nice home when I am old.
DallasDMac
Footballguy
Can Kids Contribute to a Roth IRA?
While it may sound a little strange, there is no minimum age that a person must be in order to establish a Roth IRA. But, you do have to have an earned income in order to invest in a Roth IRA. A child, or anyone for that matter, can only contribute to a Roth IRA an amount equal to what they earn for the year. So, if your child earns only $3,000 mowing the grass this summer, he or she can only invest up to $3,000 in a Roth IRA despite the full contribution limit being $5,000 for someone under the age of 50.
What constitutes an earned income? Does money you give your child for chores or an allowance count towards an earned income? The IRS says that does not count. But, if your child has earned money through babysitting, lawn mowing, commercials, modeling, and other ventures, he or she may income that qualifies as earned income. You may find that your child will have to file a tax return even though they would most likely owe no taxes if they earned very little throughout the year. You should consult with a financial planner or tax advisor if you have specific questions.
https://www.rothira.com/blog/why-give-your-children-a-roth-ira
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Sand
Footballguy
Pretty cool study - how different income levels spend money. By and large the more wealth you have the more you buy time.
Do you contribute to a 529 for him? He could give you the money and you could put it in there for him.
Brony
Footballguy
This is pretty cool. Thanks for sharing. Surprising that almost every category outside of personal savings goes up fairly proportionally. I get housing and housing related costs go up as income goes up. Surprised that Gas/Oil goes up as does Health Insurance. I would have expected these to be more of a fixed cost.
After talking to a bunch of different insurance agencies I ended up getting a 1 million umbrella for $455 with RLI Corp and only carrying 100,000/300,000 which I already had on half of my vehicles anyway. I think they might be one of the few that let you use liability that low.
Not sure if that was the best deal, but, I will reevaluate next year.
Not sure if that was the best deal, but, I will reevaluate next year.
Sand
Footballguy
wilked
Footballguy
Pretty good article, but begged for analysis and recommendations
i think if you can quantify the typical spending shock (80% of spending shocks were between $5000 and $25000) you can anticipate it and have an appropriately sized “emergency fund”
Sand
Footballguy
It goes to the prevalence of unexpected bills. BTW, the author there is a bit of a hidden gem. He writes lots of good stuff.
-OZ-
Footballguy
JoeSteeler
Footballguy
Inquired with my Erie agent about a $1M umbrella. It is $154/yr + $70/yr to raise the car insurance up to the required levels. i also have my HO insurance through them,so I get a $30/yr discount. Net outlay of $194/yr 
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Doctor Detroit
Please remove your headgear
Long Ball Larry
Footballguy
Rirruto
Footballguy
I just watched this, and i thought it was really good. I try not to follow a whole lot of political news, so I'd heard about teacher protests, but I didn't really know what they were about.
The Kentucky Republicans come of looking snakey for the sewage bill move, but I'm not sure I get what the teachers are so mad about. The plan described in the doc is new hires go to a 401k-style system and current teachers have to kick in 3% (I'm assuming from some other comments that they were already contributing-- I live in a state that went from non-contributory to a contribution-based system for new hires a decade or so ago).
So, having to bump in 3% extra sucks. There's no doubt about that. But you can't be in tears because you have no savings and are relying on this pension, while your quoting stats that suggest the pension system is going to be insolvent in the next 3-5 years, and hold strikes and rallies about kicking in 3% all at the same time. That doesn't make any sense. Take your lumps on the 3% and collect your pension for 30 years. Especially the teachers profiled who were already really close to retirement. The Baby Boomers come out great in this plan.
I actually left a public sector job with a defined pension plan to take another public sector job with a 401k, and that was in my top-5 reasons for taking the job. Pension plans are a massive gamble for young people.
Steve Tasker
Footballguy
I gotta agree here. For all of the negative stuff I'd heard about Matt Bevin, he comes off like he's trying to do the right thing here for the current teachers. Current teachers are in the system knowing what benefits are promised. Teachers not yet in the system aren't promised anything, because they're not in the system. If he is, as he claims, the only governor in many years to make the actuarial required payments, then that's a good thing.
In NY, we have a tier system with benefits getting significantly worse for people hired now compared to those hired long ago.
I still will be shocked if any public pensions truly fail here in the US. If the Kentucky system fails, and then some other state/municipal systems fall like dominoes, it'll be chaos. I fully expect that municipalities will fight tooth and nail and pull all resources out of all other commitments to fund pension payments. Same with Social Security. I understand that you can't get blood from a stone, but the money is there for these pension payments. It may mean that public works are put on hold or current government employees are laid-off, but it's a bloodbath if you start missing pension payments.
In NY, we have a tier system with benefits getting significantly worse for people hired now compared to those hired long ago.
I still will be shocked if any public pensions truly fail here in the US. If the Kentucky system fails, and then some other state/municipal systems fall like dominoes, it'll be chaos. I fully expect that municipalities will fight tooth and nail and pull all resources out of all other commitments to fund pension payments. Same with Social Security. I understand that you can't get blood from a stone, but the money is there for these pension payments. It may mean that public works are put on hold or current government employees are laid-off, but it's a bloodbath if you start missing pension payments.
BeTheMatch
Footballguy
Bob Sacamano
Footballguy
Doctor Detroit
Please remove your headgear
Yeah I thought he came off as extremely sincere. I mean he didn’t create this mess and he has to bail them out. That said, the pushing of the “sewer bill” through in a day was pretty weak sauce. When you have this kind of issue you have to keep stuff on the table, not under it.Steve Tasker said:
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