I love these articles and the knowledge that can be passed on from generation to generation. I also wrote about Fatherly financial advice at blogsofstuff.com and already find myself teaching the same lessons to my children that my father taught me!
With regard to the precaution with regard to the annual cap and paying it back, according to the MyRA website's tax information section you may be able to pay back a little. Any contribution that is withdrawn on or before the due date (including extensions) for filing a tax return for the year is treated as an amount not contributed. (https://myra.gov/roth-ira/)
That means that for your scenario, if there had already been contributions of at least $2,500 during the year that the furnace had to be replaced, one would have the opportunity to re-contribute that same $2,500 prior to their filing date. Not a huge exception, but one worth considering depending on the timing of contributions.
A few further additions to Ryan's informative note:
* At least where we live in Colorado, the municipal water quality reports only provide **average** hardness... over a several year period. We purchased a highly rated hardness-strip test system from Amazon, with 50 tests for $10. In one month, we tested an "average" day and a day where it just seemed hard in the shower. Average was 5 gpg, hard was 15 gpg. So, we've purchased a simple lower cost softener.
* The "two independent piping systems" really isn't all that bad... IF you either plan for it, or have a home that's not too hard to adjust. We just built a new home. Planning for a softener, we ran hard water lines to: kitchen sink cold (cooking), two outside faucets (garden), and our sprinkler system. I think we paid $150 for that.
* A small recalculation on the power use: if it is 5 watts, and there's 8760 hours a year, that's all of 5*8760/1000 = 44 kwH a year. Less than $5 a year in electricity :) (And that's what Whirlpool claims as well, BTW.)
ONE IMPORTANT CAUTION: A water softener tends to use up the "Anode Rod" more quickly in your water heater. DO learn to check it every 2-3 years. If you fail to do this, your heater can corrode MORE quickly and fail. The anode is not that costly... and MUCH cheaper than a new water heater these days.
Many if not most of the Hobby Lobby prices are way out of line. I guess it is to compensate for their frequent 40 percent off coupon. I was looking for the Martha Stuart paper trimmer the other day and at HL it was $49.99 and at Amazon and most other places is $35.99. So obviously this is some kind of business strategy by HL.
I agree. Education is key. Alas, you don't know what you don't know. A lot of people who start on DIY projects have no idea what could go wrong, until it goes wrong, (for example, my neighbor who knocked out the load bearing wall), so they are clueless that research is the first step for any DIY project!
In defense of my husband, who does pretty much 100% of the housework, he offered to help me paint, but I don't like the quality of his paint job. I am a far superior painter and super nitpicky. (I really have OCD. That is not just a cute explanation of my behavior).
But, thank you so much for being grumpy on my behalf! I appreciate that you and your husband took the time to discuss and comment. I totally agree that their should be an equal division of house labor between spouses.
I often wonder how poor I'd be if I hadn't lost my vanity years ago. Plenty of amazing people work jobs that are beneath their talent their entire lives. The job is what they do for money. It's not who they are.
Thanks for taking the time to comment. My husband and I basically came to the conclusion that we could spend more money on food now, or more money on medical care later.
Going vegan falls into the eat less meat category! And yes, provided that you are decent cook, a vegan diet is an excellent way to help the environment and save money.
I completely support your desire to be surrounded by beauty. Who doesn't want to own things that make them happy? People--who don't budget--often mistakenly believe that budgeting=deprivation. In actuality, a good budget can be what liberates you. It can provide a financial roadmap that allows you to prioritize your spending so you can achieve your life goals. Your comment about separating "need" from "blow" money tells me that you already know this. Sadly, 68% of Americans don't have a budget, so they end up spending money on things that don't "happify" them. This leads to a lot of debt and stress.
You don't have to have my tenacity to still benefit from compounded savings! This is one of those skills that scales up and down. Also, I think it's a great way to reward yourself for exchanging a bad habit (like smoking) for a good habit (saving money for something that will truly enrich your life). To get started, just decide on a savings goal that you can be passionate about. Do you want extra tutoring for your kids? A nice vacation? Early retirement? Cute shoes?
I am / was selling an item on Craigslist. Within minutes of posting it, it was sold. Buyer agreed to pay the asking price and would be sending payment. Received a cashiers check for $1380 more than the asking price. The balance is now for the "shippers". I can over night to him and back 4 times for that. Did some digging with Capital One and they said it was a bogus cashiers check. Cops should be visiting me here shortly to do their thing. Oh well... Back to the drawing board.
Bring a cooler packed with cold cuts, bread, water, fruit ect., paper towels help too. Not only is the food at rest stops expensive, but for the most part it stinks too. Pick up ice and additional supplies as needed. We make our sandwiches to order when we stop, people look jealous when they see us eating our fresh peaches from our local farm.
I love these articles and the knowledge that can be passed on from generation to generation. I also wrote about Fatherly financial advice at blogsofstuff.com and already find myself teaching the same lessons to my children that my father taught me!
Veterinarians. Who come out school with debt far above their incomes and euthanize sweet little animals.
Dan,
With regard to the precaution with regard to the annual cap and paying it back, according to the MyRA website's tax information section you may be able to pay back a little. Any contribution that is withdrawn on or before the due date (including extensions) for filing a tax return for the year is treated as an amount not contributed. (https://myra.gov/roth-ira/)
That means that for your scenario, if there had already been contributions of at least $2,500 during the year that the furnace had to be replaced, one would have the opportunity to re-contribute that same $2,500 prior to their filing date. Not a huge exception, but one worth considering depending on the timing of contributions.
Cheers,
john
We serve breakfast in bed and then later have a bbq for lunch/dinner
Anyone know how to hack a JVC-DR-MV7 or a
Panasonic DMR-E75V
None of the links work anymore for the hacks.
A few further additions to Ryan's informative note:
* At least where we live in Colorado, the municipal water quality reports only provide **average** hardness... over a several year period. We purchased a highly rated hardness-strip test system from Amazon, with 50 tests for $10. In one month, we tested an "average" day and a day where it just seemed hard in the shower. Average was 5 gpg, hard was 15 gpg. So, we've purchased a simple lower cost softener.
* The "two independent piping systems" really isn't all that bad... IF you either plan for it, or have a home that's not too hard to adjust. We just built a new home. Planning for a softener, we ran hard water lines to: kitchen sink cold (cooking), two outside faucets (garden), and our sprinkler system. I think we paid $150 for that.
* A small recalculation on the power use: if it is 5 watts, and there's 8760 hours a year, that's all of 5*8760/1000 = 44 kwH a year. Less than $5 a year in electricity :) (And that's what Whirlpool claims as well, BTW.)
ONE IMPORTANT CAUTION: A water softener tends to use up the "Anode Rod" more quickly in your water heater. DO learn to check it every 2-3 years. If you fail to do this, your heater can corrode MORE quickly and fail. The anode is not that costly... and MUCH cheaper than a new water heater these days.
We have a BBQ at home with the family and I will usually do the main course and someone will bring sides and my sister always brings dessert.
Many if not most of the Hobby Lobby prices are way out of line. I guess it is to compensate for their frequent 40 percent off coupon. I was looking for the Martha Stuart paper trimmer the other day and at HL it was $49.99 and at Amazon and most other places is $35.99. So obviously this is some kind of business strategy by HL.
Unfortunately, my dad and my husband's dad are both gone. I'll hope to stop at the cemetery.
I just cook at home, and make a Father's Day cake. My daughter and step daughter will both come. We usually have a fun day.
Hi guest!
I bow down to your credit card abilities! You are 65 and have NEVER paid interest? That is an excellent achievement.
Hi Guest!
I agree. Education is key. Alas, you don't know what you don't know. A lot of people who start on DIY projects have no idea what could go wrong, until it goes wrong, (for example, my neighbor who knocked out the load bearing wall), so they are clueless that research is the first step for any DIY project!
Hi Guest!
In defense of my husband, who does pretty much 100% of the housework, he offered to help me paint, but I don't like the quality of his paint job. I am a far superior painter and super nitpicky. (I really have OCD. That is not just a cute explanation of my behavior).
But, thank you so much for being grumpy on my behalf! I appreciate that you and your husband took the time to discuss and comment. I totally agree that their should be an equal division of house labor between spouses.
Hi Guest--
I often wonder how poor I'd be if I hadn't lost my vanity years ago. Plenty of amazing people work jobs that are beneath their talent their entire lives. The job is what they do for money. It's not who they are.
Hi Josh!
Thanks for taking the time to comment. My husband and I basically came to the conclusion that we could spend more money on food now, or more money on medical care later.
Hi Matt!
Going vegan falls into the eat less meat category! And yes, provided that you are decent cook, a vegan diet is an excellent way to help the environment and save money.
Hi Olivia--
I completely support your desire to be surrounded by beauty. Who doesn't want to own things that make them happy? People--who don't budget--often mistakenly believe that budgeting=deprivation. In actuality, a good budget can be what liberates you. It can provide a financial roadmap that allows you to prioritize your spending so you can achieve your life goals. Your comment about separating "need" from "blow" money tells me that you already know this. Sadly, 68% of Americans don't have a budget, so they end up spending money on things that don't "happify" them. This leads to a lot of debt and stress.
Thanks Donna for taking the time to comment!
Thank you Linda!
You don't have to have my tenacity to still benefit from compounded savings! This is one of those skills that scales up and down. Also, I think it's a great way to reward yourself for exchanging a bad habit (like smoking) for a good habit (saving money for something that will truly enrich your life). To get started, just decide on a savings goal that you can be passionate about. Do you want extra tutoring for your kids? A nice vacation? Early retirement? Cute shoes?
I am / was selling an item on Craigslist. Within minutes of posting it, it was sold. Buyer agreed to pay the asking price and would be sending payment. Received a cashiers check for $1380 more than the asking price. The balance is now for the "shippers". I can over night to him and back 4 times for that. Did some digging with Capital One and they said it was a bogus cashiers check. Cops should be visiting me here shortly to do their thing. Oh well... Back to the drawing board.
Efficient smaller houses, better gas mileage vehicles and lower taxes will help build that cushion faster!
Bring a cooler packed with cold cuts, bread, water, fruit ect., paper towels help too. Not only is the food at rest stops expensive, but for the most part it stinks too. Pick up ice and additional supplies as needed. We make our sandwiches to order when we stop, people look jealous when they see us eating our fresh peaches from our local farm.
How do Home Equity Loans factor into al of this?
Great overview! Thanks for the article.
I'm happy with what we have, but still need to be less concerned about what others think of our financial choices.