Many are nervous about preparing their own returns, and rightly so. I suggest to them that if their return is simple, do it yourself and pay for it one year to confirm the results are the same. This will give one confidence in doing it themselves in the future. Try with more complex returns if feeling confident. Also, if using a preparer, go to the right level of preparer, few need a CPA, most can get by with a competent preparer for lower cost.
You follow your plan. In my case, if the market drops any amount, I do nothing. I have cash reserves for the next few years, so no action is required, as per the plan. “Smile and wave boys smile and wave”
I recommend giving earlier than later. In my case, a small inheritance allowed me to purchase a starter home, which greatly aided my financial trajectory. Giving a large sum now would have minimal impact on my life.
First off, if you have a "tax bomb" to worry about, thank yourself for winning the game. There is no doubt that one is better off with retirement accounts (of whatever type) than without them. This is an optimization problem, how much Roth should I have invested in, Roth conversions, etc. The whole Roth question - I suspect that after we have the data on many full retirements, both with and without Roth, that the results will be inconclusive. For some it will have been a good financial move, others no. Results will vary by individual circumstances. The only general consensus is that "a mix of retirement accounts is likely a good financial move."
Spot on. The land is still very desirable. Similar to I have observed in Florida after disasters, generally wealthier buyers move in (private, or increasingly investment companies). They can afford to live elsewhere until the new home is constructed. As you note, on the plus side, the homes will be constructed to current code and likely survive future fires (as newer homes survived the recent fire).
There was a chance that the existing housing stock would have fared better had they retrofitted their homes for fire resistance. None of what happened was not predictable - winds, fire, happens every year and has gotten progressively worse....
It is good to hear about alternate lifestyle choices. Gives one more options to think about when considering their personal life choices. For me, I sold a long term rental (that paid my mortgage & taxes) for a 100% profit. So I am happy with my buying choice. That said, while my purchase was a thoughtful, calculated, buying decision, this was no genius move on my part. A return based largely on a decade of Fed interest rate manipulation. I had a previous home in the same market for 10 years and sold it for the same as the purchase price (where was the Fed to bail me out?)! We make the best decisions we can but lady luck has significant say in the outcome.
My insured value of my home is well more than the market value (which includes land). Per my agent the reasons are:
-building to current code is more expensive
-replacing my home is a custom, one off, build even if it is straightforward construction (no economies of scale)
-clearing the lot
-building in an existing neighborhood has many additional expenses
-everything about building is more expensive (one area of our economy that we seemingly can’t make more efficient)
Comments
Many are nervous about preparing their own returns, and rightly so. I suggest to them that if their return is simple, do it yourself and pay for it one year to confirm the results are the same. This will give one confidence in doing it themselves in the future. Try with more complex returns if feeling confident. Also, if using a preparer, go to the right level of preparer, few need a CPA, most can get by with a competent preparer for lower cost.
Post: Taxing Situations
Link to comment from April 26, 2025
The road atlas maps still have info the GPS/Google Maps does not, such as scenic roads and such. Handy also for when there is no cell signal.
Post: Car talk- Quinn likes friendliness
Link to comment from April 21, 2025
Cheaper than an F150! My how the markets have changed....
Post: Car talk- Quinn likes friendliness
Link to comment from April 21, 2025
You follow your plan. In my case, if the market drops any amount, I do nothing. I have cash reserves for the next few years, so no action is required, as per the plan. “Smile and wave boys smile and wave”
Post: Tariffs and our retirement assets
Link to comment from April 5, 2025
I recommend giving earlier than later. In my case, a small inheritance allowed me to purchase a starter home, which greatly aided my financial trajectory. Giving a large sum now would have minimal impact on my life.
Post: Giving Advice
Link to comment from April 5, 2025
First off, if you have a "tax bomb" to worry about, thank yourself for winning the game. There is no doubt that one is better off with retirement accounts (of whatever type) than without them. This is an optimization problem, how much Roth should I have invested in, Roth conversions, etc. The whole Roth question - I suspect that after we have the data on many full retirements, both with and without Roth, that the results will be inconclusive. For some it will have been a good financial move, others no. Results will vary by individual circumstances. The only general consensus is that "a mix of retirement accounts is likely a good financial move."
Post: Trouble Ahead
Link to comment from February 8, 2025
Spot on. The land is still very desirable. Similar to I have observed in Florida after disasters, generally wealthier buyers move in (private, or increasingly investment companies). They can afford to live elsewhere until the new home is constructed. As you note, on the plus side, the homes will be constructed to current code and likely survive future fires (as newer homes survived the recent fire). There was a chance that the existing housing stock would have fared better had they retrofitted their homes for fire resistance. None of what happened was not predictable - winds, fire, happens every year and has gotten progressively worse....
Post: Would You Rebuild?
Link to comment from January 18, 2025
It is good to hear about alternate lifestyle choices. Gives one more options to think about when considering their personal life choices. For me, I sold a long term rental (that paid my mortgage & taxes) for a 100% profit. So I am happy with my buying choice. That said, while my purchase was a thoughtful, calculated, buying decision, this was no genius move on my part. A return based largely on a decade of Fed interest rate manipulation. I had a previous home in the same market for 10 years and sold it for the same as the purchase price (where was the Fed to bail me out?)! We make the best decisions we can but lady luck has significant say in the outcome.
Post: Home Free
Link to comment from January 18, 2025
Why no affordable housing: zoning. NIMBY. I would love to downsize and stay in my neighbor. But only SFH are allowd.
Post: My Humble Abode
Link to comment from December 21, 2024
My insured value of my home is well more than the market value (which includes land). Per my agent the reasons are: -building to current code is more expensive -replacing my home is a custom, one off, build even if it is straightforward construction (no economies of scale) -clearing the lot -building in an existing neighborhood has many additional expenses -everything about building is more expensive (one area of our economy that we seemingly can’t make more efficient)
Post: Pricing Catastrophe
Link to comment from December 15, 2024