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CoronitaParticipantThe other thing you can consider, svelte, is if your kids are still young and planning to go to college, and you are planning to pay for all/part of it, you can increase your contributions to a 529 plan.
As far as your solar + mortgage question. I would probably just put the extra cash aside and keep it as emergency cash, maybe split it 50/50 with half paying of mortgage and half as emergency cash.
I would mention tax exempt munis, but the moment I do that, I think phaster would hijack this thread.
I would contribute to a Roth IRA via backdoor if I could. Unfortunately, I made the mistake of rolling out one of my previous employer’s 401k into a rollover IRA. So I can’t do a backdoor Roth IRA without paying taxes for the conversion. But my then again, my current and previous employer both offered a traditional 401k and a Roth 401k account.
CoronitaParticipantI think the contributions limits for a Roth and Traditional IRA are the same, but tha the Roth IRA’s also get phased out as your M-AGI increases, and could be completely phased out.
If you have no other IRA’s (just 401k’s), you could do a backdoor traditional IRA to Roth IRA conversion, I believe without incurring any tax consequences if done correctly.
CoronitaParticipant[quote=flyer]
Actually, my point, flu, was that, imo, if the 80%+ of the population, which encompasses all parties, who are not in the top net worth categories in this country (another pesky little fact) are expecting any candidate to change their lives in any meaningful, bottom line way, they are SOL.That said, if the voting masses are happy with the meaningless bones the candidates are throwing them–in exchange for their votes–they will, most likely, get what they deserve.[/quote]
Well, I’d say 80% of the population that aren’t the top income earners aren’t really screwed if they know how to manage their money well. Their fate has very little to do with what ‘rich’ people do, or what politicians do, especially in this country.
It has a lot to do with what they did with their own money when they were in their prime years earning. It has a lot to do with what they taught their kids to do with their money too, since financial education is rarely taught in the U.S.
There are plenty of solid middle class americans that will do just fine, because they manage their money just fine. This is not a lopsided country in which the wealth is concentrated in the %0.0001 of the wealthy owning 95% of the country’s wealth. If folks want to talk about wealth inequality, go to Russia, China, some of the eastern block, or the middle east, and most asian countries. People here really don’t realize how much “fairer” things are in this country relative to the rest of the world..This is not to say we don’t have structural issues, but clearly it’s not anywhere near as bad is it could be. Its just most people in this country have not really experienced extreme financial hardship to really understand what it means.
The problem is, many of the people in this country suck at money management. It’s a problem of how they spend, versus what they make. Most of the complainers about pay/job/income wouldn’t be complaining if along the way, they just took their education more seriously, or took their opportunities more seriously, or listened more to people who had a track record of investing better than them, or just didn’t spend their hard earned money on useless crap.. A small percentage of the population went through health crisis, which unfortunately in this country will probably bury you if you don’t have insurance. That is probably one of the few things that a person have very little control with. You’re just born with that. But beyond that, a lot of the financial hardships that people endure in this country were self-induced.
I’d say a good portion of the richer folks in this country would even fail miserably trying to survive if they hit a financial snag, since many of them do the exact thing same, except spend on a much larger scale.
CoronitaParticipant[quote=flyer]If Americans are really concerned about their future and the future of their children, they should be very concerned that only 10% of Americans are millionaires, and around 80% of all workers (which would encompass those from both parties) earn around $50K a year.
It’s clear that the wealth gap, among all economic strata is continuing to widen in this country, and it will be interesting to see if either candidate, if elected, can change this trend going forward. If not, there should be a lot of very disappointed voters.[/quote]
No, they should quit whining and start doing. This county was about doing, not about whining. Everyone wants to feel like a victim now, and wants government to take care of them. Home prices too high? Regulate it? Too many people doing well? Regulate that.. Too many people occupying a certain profession? regulate that. Even if you regulate everything, those people that whine still most likely can’t obtain, because they never bothered to try.
This is not a zero sum game. Your multi-millions don’t impact my well being. My net worth does not impact someone else’s net worth.
People just dont’ want to admit that they took things for granted and now that there are people willing to work harder and faster then them.. Funny that those that talk about fiscal responsibility all the sudden wants government to take care of them. Ironic actually.
CoronitaParticipantDamn those pesky facts SK.
CoronitaParticipantPhaster, speaking of peak oil…
Hey look, I can google things and cut, copy, and paste too. Because you know if you read it on the internet, it must be true!Here’s One Sign That ‘Peak Oil’ Is Dead
http://www.bloomberg.com/news/articles/2016-09-12/here-s-one-sign-that-peak-oil-is-deadOh look, another article about Peak Oil being dead
http://www.wsj.com/articles/why-peak-oil-predictions-haven-t-come-true-1411937788And another
http://www.wsj.com/articles/peak-oil-debunked-again-1417739810I’m a control-x control-c and control-v master now…
I’ve conducted extensive research. It was part of my PhD.
Let me google that for ya!
http://lmgtfy.com/?q=Peak+oil+debunkedTime to short oil when it’s $45/gallon… That must be it!!!!
Time to put on my…
Nice repeat of those pictures about peak oil BTW. They certainly look familiar, don’t they?….
CoronitaParticipant.
CoronitaParticipant[phaster blah blah rant]
upon reflection my excuse for a proclivity of using fact based zingers is caused by formidable years spent sitting through various theology (parochial school) and physics (university) lectures and trying to reconcile the two schools of thought, which admittedly in practice makes for unique analysis given each discipline has at its basis diametrically opposed ways of analyzing issues (i.e. belief vs logic)
[/phaster]News flash: none of the things you post is “factual”. You cut, copy, paste articles you seem fit to “support” whatever your opinion is. And the bottom line is, none of your sht your are shoveling moves the needle for anyone’s wallet. You’ve wasted your life and time doing whatever the heck motivates you. You’re not trying to reconcile your thoughts. You have an opinion that you’re married to. And the moment someone disagrees you pile on a boatload of clippings of internet articles as the defacto god’s truth, because obviously everything you read on the internet must be true.
People that disagree, you keep beating the “sky is fallen, end of the world” crap, and then “you’re an idiot” crap….Lol, the same crap you whine about how everyone else is doing. Pot, meet kettle.
Go chase after a public pension crisis to your heart’s content, which is now what you’ve got your head so wrapped up again, just like you did peak oil. After all, being wrong about peak oil, you need to find another windmill to chase after…
You’ll be wrong again. There will be no crisis. Pensions will get re-negotiated, contract laws will be changed, pension holders will take a bath. Just like it happened in the private sector, just like it happened in places like Detroit. No nuclear meltdown, certainly not going to happen before you’re dead because of old age. And once again, all your posts about all opinions about the end of the world will be wrong. again. You can post all you want, you’re entitled to your opinion, and you certainly aren’t going to change mine, especially with your terrible track record.
And certainly, I’ve become your object of reply ever since I disagreed with your wacko opinion of the end of the world.And if I recall, this all started with one post from someone about a Vanguard Muni fund, asking about opinions. Which, among someone of us, we said we had and it wasn’t bad, but don’t expect huge returns. You jumped right into that thread and hijacked it with your bullshit doomsayer pension crisis posts, despite no one giving a shit about the thread you started yourself about it. And yes, that did annoy me because just like some (cough) other posters(cough), I was like why the fck do you want to turn this thread into your windmill chasing pension crisis crap again? You went further to flood the thread, again originally about the Vanguard fund, with your crap about a pension crisis. Go revisit that thread. No one else responded to your “enlightening opinion” about a nuclear meltdown. People kept asking questions, about “what are the returns so far”, what are they invested in etc.
I responded to you simply saying, well it takes a long time for things to break down, and when they do, usually there’s some government intervention. Then you went off the deep end of making an ASSumption that I’m heavily invested in bonds. The truth is I have $40,000 in bonds instead of cash, and like I said, it’s not even close to be “heavily invested” in one thing. Thankfully, I’m not listening to you for any financial advice. Otherwise that $40,000 probably would still be earning 0.00000001% in that liquid savings account, like it probably is for you. My ASSumption is that people like you who are so afraid of everything, that think the sky is falling everywhere, ends up leaving their money in a savings or their mattress. How far off am I from the truth, in your case? I’m certainly allowed to be off, since you certainly were way off with me.The interesting part accuse me of saying I’m an expert. I’ve never claimed to be. Meanwhile you keep running off about peak oil and public pension crisis. We get it. You’re a doomsayer, and the end of the world is going to happen. The sky is falling. Good luck with that one. How’s that worked out for your financial well being so far?
This isn’t about having a dissenting opinion. This is perfect example of you having an opinion to the point that you’re so convicted of it, that anyone that says anything to the contrary, you go off the deep end trying to convince others you are right..to the point that you end up being an asshole…And most people would probably just say whatever. Me, I can reciprocate that and multiply that by a factor of 100.
Your original opinions, which all they are are interesting, crossed into “wacko” by the shear obsession with one thing, and then rubbing your nose and bombarding people who don’t subscribe to your doomsayer mentality is exactly what you accuse others of doing. And then hijacking other threads with your pension nuclear meltdown drivel you keep posting about. Followed up with an obsession with people that disagree with you. Why you bother, I have no idea why. Mental illness maybe?
I mean, if you’re so fascinated with peak oil an public pension crisis, why don’t you start your own blog dedicated to it? I’m sure there are plenty of people that share your view of doom and gloom. You shouldn’t have a problem finding eyeballs, if that’s your motivation. Or maybe you already did, and you’re just trying to get eyeballs?
It’s kinda funny that a few of you are grouping together in a gang, like “we’re the dissenting opinion” and we’ve been “victimized” by folks on this blog.
No one is being a dick to you guys because of your opinion itself. Some of us are being a dick to you because we’re sick of you trying to shovel your unsolicited opinion up our asses religiously, and trying to back it up with what you think are facts, but in most cases editorials, clippings taken out of context, and/or flat out lies, and even hijacking threads to push your agenda. You certainly didn’t like it when some of us started to do the same thing as an example of own medicine…
CoronitaParticipantI would know about smart watches either. Most people probably don’t really need Bluetooth and WIFI unless they plan on using it with the latest carkits and or pair with a bunch of IOT devices (such as a fitbit), or use it to control home automation.
CoronitaParticipant[quote=AN]You know what they say, there are lies, damn lies, and statistics. They split out the millennial when show that they desire to unplug. But combine the % when it comes to actually unplug. My bet is that, millennial are much less likely to actually unplug.[/quote]
millenials don’t unplug, because the phones they use no longer have earplugs anymore. Everything is wireless!
Well off to work…To deal with more connectivity issues….lol…
When you guys whip out your Android phone runnning Marshmallow, and click on the nice little WIFI icon or Bluetooth icon and you get a nice little message that says “connected”, even if you are using a really shitty android phone or tablet, you can thank me…CoronitaParticipantI have to admit, sometimes I’m sick of dealing smartphones.
I miss my motorola krzr.My mom asked for a new phone, I got her and iPhone since I don’t want to deal with supporting an android phone if something doesn’t work. lol.
CoronitaParticipantEarlier I meant FU money not meaning it’s just going to sit there and do nothing. FU money means you have money that is working to provide you sufficient income so you don’t need to work for the same income.
It’s one of the main reasons I’m not a huge proponent of increasing taxes on capital gains, dividend, and investment income. For those of us that don’t have pension (which is long gone), or who don’t have a profession which you could practice indefinitely, who took the time to plan financially ahead and try to achieve financial independence, many of us are counting on that passive income to live on so we don’t need to work. And those sort of “breaks” are available to anyone else that have put in an effort to save/invest and plan…
The problem though, is a majority of the people in this country don’t save/invest/plan, and spend almost everything they earn when they are still a paycheck slave. And some others even if they don’t necessarily splurge on their paycheck, don’t bother to learn how to invest/earn (typically the doomsayers that think the sky is always falling)., but gripe about how their paycheck/benefits/etc is getting smaller and eaten away by inflation.
Short of having a guaranteed pay from a retirement plan, doing nothing is a sure way to almost guarantee failure when you are old and can’t (for whatever reason) work.
CoronitaParticipant[quote=scaredyclassic][quote=The-Shoveler]Multiple streams of income (Better than FU money).
FU money can disappear or be inflated away faster than you can accumulate it.
I would advise working on getting multiple streams of income as soon as possible (I would put this as a higher priority than college).
anyway my 2 cents.[/quote]
or find a line of work or small business that you can somewhat enjoy and do to an older age? this seems more probable for the majority. also better fir the mind and body, to be engaged?[/quote]
Some professions don’t require to to do this. For example, in your case if you’re a doctor or a lawyer, you can easily practice all they way until you are 70. First, you can’t easily be outsourced (maybe paralegal/clerical work can, but you can’t). Second, all the skills and knowledge you learn and know pretty much is still useful 20-30 years from now. Maybe you need to brush up here and there, but for the most part, your skills aren’t going to be completely outdated. My kid’s pediatrician is turning 70 and he is being forced to retire by his organization. So he is moving to UCSD, so he can continue to practice.
Same could be said about plumbing, electricians, etc,but those things have another issue…they are physically demanding and it may be difficult to continue doing those things when you are 70+.
Technology, unfortunately, changes quickly, so you have to constantly keep up. If you like it, it’s great. If you are only in it for the money, you won’t last very long because you won’t be motivated to keep up.
Running a small business, is not a walk in the park. And it’s probably not something you want to start doing when you are 70. While there are some people who probably succeeded having a auto-pilot small business, what I’ve seen is small business needs active participation from the owners for it to remain profitable, which means “working”. Most small business owners I’ve seen work hard to generate income, which is then used to invest to generate passive income. The only difference is probably the take home income from a small business can be more than take home income from a salaried paycheck, with all the special tax variables you can play with a business versus just a W2/1099 paycheck. So you might be able to reach financial independence quicker…or not…
By the time you are 70, you’re money should be on autopilot working for you.
CoronitaParticipantOh, there’s a very nice “feature” on Samsung phones wrto your WIFI settings. IF you happen to configure and connect to a WIFI network, and then the WIFI network goes out of range, you will never be able to remove (forget) that WIFI setting again unless the phone can see access point….
You see, normal Android phones have a little button in the upper right corner called “saved networks”, where you can delete all your previous wifi settings, even the ones that are not in range.. Well, Samsung decided to get “creative” and removed that settings menu option. So the only way to remove a network setting to wait until you are nearby the network, long press the configured network that is in range and click on the “forget” popup menu….And of course this will only show up if the WIFI AP is actually in range. If it’s not in range, you won’t even see the configured setting in the WIFI list activity….
Why is this a problem? Well, if you were traveling and decided to connect to a WIFI hotspot at the airport, or hotel, and now you are home, you can’t remove that wifi settings anymore. It will never show up… And yet, it’s buried inside the setting app on the phone..And pretty soon, over time, you end up having 200+entries that are just sitting around…. If you have an IOT app that needs to connect over WIFI, it gets to fetch all 200+ entries that the phone decided to keep around…And since that API to fetch those entries returns the entire list, chances are the app will end up getting a runtime error because the size of those 200+ entries exceeds the maximum payload that can be set between two apps.
Oh, and normally, in previous versions of Android, you would be able to write a simple app that you could run that would simply remove those WIFI entries that you no longer needed, as long as the app had permissions to read and write WIFI settings.
Well, starting in Android 6.0.1, an app can only remove WIFI settings it created…. So for example, if you manually went to the WIFI settings to connect to a WIFI network, my app can’t delete the settings you created outside of the app.
And so the only way you can really remove these unused entries is, factory resetting the phone and wiping everything…. (Or rooting your phone and knowing which files to delete)
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