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Personal Finance Advice and Education! (2 Viewers)
- Thread starter No. 16
- Start date
Binky The Doormat
Footballguy
-OZ-
Footballguy
Oh I know.
I still won't retire until 60 but that's not because of any of the kids. It is convenient that she'll likely be graduating college when I retire.
NajehHejan
Footballguy
Hey there. Is there any way to avoid the state inheritance tax in the state of PA? We just learned that my wife will be in her uncle’s will – looks like since she is a lineal descendant, there is a 15% tax. Wondering if a good attorney or financial planner could do a work around? I know next to nothing on this topic, but could putting the money in a trust avoid this? Thanks to anyone who can help. This is all new to us – been doing a lot of googling, but I know the FBG’s are very smart and in the know.
Tom Hagen
Footballguy
Typically the tax is paid by the estate and not the beneficiary so your wife would only pay tax indirectly in the form of a reduced inheritance. If her uncle is still alive, gifting or an irrevocable trust may work subject to a 1 year look back. Or he could move out of PA. If he is deceased or in failing health, it would probably be almost impossible to avoid.
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Instinctive
Footballguy
Maryland had like a 10% inheritance tax imposed on me when my uncle passed because I wasn't within one step (parent, sibling, offspring).
I made a deal with my mom to disclaim the inheritance so it would pass intestate to her instead, and then just keep it to wipe out a large chunk of my school debt. So maybe something like that is possible? Suggest asking an estate attorney in the state.
Sand
Footballguy
-OZ-
Footballguy
Is anyone else doing their end of year balance sheet?
Did mine this morning, will adjust after tomorrow's market if there's significant movement.
The good - our net worth increased 2% (due to equity plus increased savings account)
The bad - our retirement investments decreased around 2%
The ugly - 4th quarter alone accounted for around a 12% loss
Did mine this morning, will adjust after tomorrow's market if there's significant movement.
The good - our net worth increased 2% (due to equity plus increased savings account)
The bad - our retirement investments decreased around 2%
The ugly - 4th quarter alone accounted for around a 12% loss
GoBirds
Footballguy
Where do you recommend a good template for this? Preferably a format I could also provide lender as a personal financial statement?
-OZ-
Footballguy
culdeus
Footballguy
GoBirds
Footballguy
Just checking out the website looks like a great tool, what's the catch? Do you use free platform or do they upsell you to get the good stuff? Can you factor in business values and investment beyond financial accounts?
Do you feel having all this info in one place with access to account balances puts you at more risk if they are hacked? I'm behind the times with stuff like this and may be unnecessarily worried but always freaks me out.
-OZ-
Footballguy
If you have a decent amount of assets they'll try to sell you their advising services.
Don't do it.
culdeus
Footballguy
PinkydaPimp
Footballguy
Yea i went through the pitch. It was interesting but just say no. They didn’t press that hard so it’s not a pain in the ###. They do call me like twice a year. But otherwise i just ignore
-OZ-
Footballguy
I only get the weekly email showing my assets growth. Which is kind of funny after I unlinked all my accounts except checking.
Sand
Footballguy
Net worth -3.3%
Investments -5.5%. My allocation did about -5.75% this year, so pretty close. Hard when every asset class is down. Beat the S&P, but not nearly as much as one might expect as bonds did just about nothing to help.
On to 2019.
I've been surprised how beat up the type of assets you buy have been been hit these last few months. Leveraged loan and other high-yield corporate have taken a beating
Yeah, investment performance was poor but good savings rate and my real estate have me up ~16% in net worth this year. Was nice to be over 600k in early October.
Cheers to a better 2019 in the markets!
Sand
Footballguy
Out of leveraged munis earlier this year - minimal impact there. HY is concentrated in PDI and PCI, and those two have held up really well.I've been surprised how beat up the type of assets you buy have been been hit these last few months. Leveraged loan and other high-yield corporate have taken a beating
Yeah, investment performance was poor but good savings rate and my real estate have me up ~16% in net worth this year. Was nice to be over 600k in early October.
Cheers to a better 2019 in the markets!
What has hurt is EM, REITs, and my CVX stake. EM has sucked all year, but it' part of the AA (5%). REITs have tanked (some good values in there, IMO). Oil has sucked royally and that one did hurt. I almost sold at $125, but held it. Poor decision; I did take the opportunity to buy a bit when it dipped down below 105 - it will oscillate back up (and I will sell this time). Those three are about 20% of everything and they have not done well. Despite that investment performance beat the S&P, so I can't be too displeased there.
Biggest bummer is I was about 6% from FU forever status and now I'm well below that. S&P drawdown is about 15% right now, my NW drawdown is 8% or so. So now 15% to go, give or take. Suxors.
Let's hope next year resumes the good times.
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NutterButter
Footballguy
Nope. Doesn't really matter to me. 100% stock index funds again next year. Stay the course. Full speed ahead.
-OZ-
Footballguy
The only bonds I have are in our college accounts, but I might sell those for REITs
Long Ball Larry
Footballguy
Briefly panicking but just confirming that all mortgage interest and pmi for a loan taken in 2016 can still be deducted, right?
we should be over the 24,400 threshold.
we should be over the 24,400 threshold.
Capital One has 1YR CDs at 2.7%. That is more than a 10 year treasury. Seems hard to beat.
Dentist
***Official FBG Dentist***
Definitely did this. Never made more money than i did in '18 but between buying a new home at the beginning of the year and buying a truck, i spent almost everything. Investments down like everyone else, net worth decline. I've got to buy another vehicle this year and finish paying off the home, and am not seeing big gains in stocks this year so I'm expecting net worth to be sideways or maybe down again in 19
Leeroy Jenkins
Footballguy
Is there a post that has “the basics” and definitions?
I need to start managing my finances a bit better and more consistently. I likely need a new financial advisor locally and need to do some estate planning as well.
I have some money in mutual funds, I contribute only 3% to my 401k because that is the match, I have an IRA but havent put anything into it in some time, I have a $250k whole life policy and then another $250k policy through work plus long term disability.
I received a large bonus this year and have a large chunk of cash sitting in my checking account. I might buy a new house in the next 12 months.
I also have some cash sitting in a crap savings account that is earmarked for my two boy (4 and 2).
I need to start managing my finances a bit better and more consistently. I likely need a new financial advisor locally and need to do some estate planning as well.
I have some money in mutual funds, I contribute only 3% to my 401k because that is the match, I have an IRA but havent put anything into it in some time, I have a $250k whole life policy and then another $250k policy through work plus long term disability.
I received a large bonus this year and have a large chunk of cash sitting in my checking account. I might buy a new house in the next 12 months.
I also have some cash sitting in a crap savings account that is earmarked for my two boy (4 and 2).
xulf
Footballguy
We've cleaned up over the past few years and all this was bound to happen. For perspective to those feeling crappy, look at your overall returns over the past 5 years.
I dont claim to know #### about the market other than it trends up. We are expecting a downturn in the economy which makes no sense with job surpluses, expanding businesses and tax breaks. Who knows. Stay the course.
I dont claim to know #### about the market other than it trends up. We are expecting a downturn in the economy which makes no sense with job surpluses, expanding businesses and tax breaks. Who knows. Stay the course.
Sand
Footballguy
You should think about upping this. That isn't going to get you far down the road.
Can't complain - since I've started tracking (2007) I have averaged 10.5% a year to net worth. I just need a few more of those.
GoBirds
Footballguy
What are the best resources for tracking net worth that you can factor in business value? Have an old excel template but always want to keep an eye out for better options, preferably one that won’t hound you with sales pitches or put info at risk. You seem well I informed, just curious what you recommend.You should think about upping this. That isn't going to get you far down the road.
Can't complain - since I've started tracking (2007) I have averaged 10.5% a year to net worth. I just need a few more of those.
wilked
Footballguy
Not trying to give you too hard a time, but isn't net worth just addition and subtraction? I do mine on Google Docs. There's no personal / confidential data in there so not worried about it being in the cloud. The formulas in there are =sum(), nothing overly complicated. Every 3-6 months I update it, add a new line with date / overall sum, which auto-updates my graph. It doesn't really need to be complex
GoBirds
Footballguy
Sure, and as stated already have a basic one. When asking banks to loan you millions of dollars on projects I think it’s fair to ask if there are better presented options that are out there?
Not trying to give you too hard of a time but don't think we are creating these for the same reason.
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wilked
Footballguy
If you're applying for a business loan I wouldn't commingle personal and business money for presentation, but I assume you probably know that
Anyway, my comment was more to the people not seeking big business loans. For just tracking personal net worth I would skip fancy sites and just make a basic thing. I am of the belief that setting it up and maintaining it will give you a better understanding of your finances vs adding inputs to a black box and having a result spit back out with fancy charts
I think I've shared it before, but my two basic screens are these linked. I then have a third sheet with simply Date and Total Value, so I can track my retirement assets vs time (with a graph)
https://imgur.com/a/gsMwNAp
I update every 3-6 months, and then see if I need to rebalance (today was first update in 3 months, and as you guess I had to sell a lot of bonds and buy a lot of stock)
Anyway, my comment was more to the people not seeking big business loans. For just tracking personal net worth I would skip fancy sites and just make a basic thing. I am of the belief that setting it up and maintaining it will give you a better understanding of your finances vs adding inputs to a black box and having a result spit back out with fancy charts
I think I've shared it before, but my two basic screens are these linked. I then have a third sheet with simply Date and Total Value, so I can track my retirement assets vs time (with a graph)
https://imgur.com/a/gsMwNAp
I update every 3-6 months, and then see if I need to rebalance (today was first update in 3 months, and as you guess I had to sell a lot of bonds and buy a lot of stock)
Tom Hagen
Footballguy
In the small business world, banks almost always want a personal financial statement and personal guarantees so it's unavoidable.
dgreen
Footballguy
We're finally taking more advantage of our rewards credit card. In the past, we'd put big purchases on there and earn points but now we're expanding into daily purchases. For a couple months now, we've been using it for our food budget and paying it off immediately. We used it for all Christmas shopping and have paid that off. But, I never really looked into what my rewards were. The card I have now is 3x points on restaurants, 2x points on gas (which we hadn't been purchasing with the card), and 1x on everything else. I see my credit union offers an Amex card with no annual fee that's 3x on supermarkets, 3x on gas, 2x on restaurants, and 1x on everything else so I'm going to get one of those cards. Sounds like the perfect card for how we want to use it.
I'm going to look into setting up auto pay bills with my rewards card. I assume I can do that. And maybe even my charitable giving to church. Paying bills with a rewards card should help build points quickly and I already have a separate checking account set up with money for bills so I can easily know I have the money to pay it off regularly.
I'm going to look into setting up auto pay bills with my rewards card. I assume I can do that. And maybe even my charitable giving to church. Paying bills with a rewards card should help build points quickly and I already have a separate checking account set up with money for bills so I can easily know I have the money to pay it off regularly.
culdeus
Footballguy
GoBirds
Footballguy
Exactly, nothing is commingled it’s just presenting the full picture in the most effective way.
proteus126
Footballguy
NutterButter
Footballguy
I just made my 2018. You guys are big ballas.
culdeus
Footballguy
So I had one of those eccentric uncles that I hardly knew pass away. Never had kids or anything and hoarded silver and other crap.
So now I'm in possession of a 100oz silver bar. lol.
Not sure what to do with this. Might just display it and be like, sup, you like my bar of silver?
So now I'm in possession of a 100oz silver bar. lol.
Not sure what to do with this. Might just display it and be like, sup, you like my bar of silver?
-OZ-
Footballguy
JoeSteeler
Footballguy
-OZ-
Footballguy
I know this makes me sound like an ###, but I figure many of you have been dealing with this for a while now.
So I got my 2nd bonus ever (military doesn't give money awards), and it just doesn't do much for me. I mean it's nice to get some money, a little more than half an average paycheck, but it's just kind of
. It's good to be in a place where the money doesn't do anything for us, I'll just dump it into the vacation house fund and it will sit there for a year or two. Hookers and blow would be more fun but that's not happening.
What do y'all do when the excitement of money just isn't there any more?
So I got my 2nd bonus ever (military doesn't give money awards), and it just doesn't do much for me. I mean it's nice to get some money, a little more than half an average paycheck, but it's just kind of
. It's good to be in a place where the money doesn't do anything for us, I'll just dump it into the vacation house fund and it will sit there for a year or two. Hookers and blow would be more fun but that's not happening. What do y'all do when the excitement of money just isn't there any more?
gambleI know this makes me sound like an ###, but I figure many of you have been dealing with this for a while now.
So I got my 2nd bonus ever (military doesn't give money awards), and it just doesn't do much for me. I mean it's nice to get some money, a little more than half an average paycheck, but it's just kind of
What do y'all do when the excitement of money just isn't there any more?
