I think frugality is in my DNA; can one even change that? I use the Gas Buddy app to determine the best price. Two years ago we drove from SW Missouri to Breckenridge, CO using Gas Buddy and Costco apps to help plan our trip. Is that a sickness?
I am one of those who track everything, the results of being a CPA for 40 years. We only have 1 joint checking account and 2 credit cards, both cash back. I use Quickbooks, and reconcile all my accounts monthly. I have never budgeted because we never spend all of our monthly cash inflows. We are frugal, but buy when we need to. Mortgages were paid off decades ago, and we paid cash for our last car purchase. I track because it is a sick habit I have, and I enjoy doing it!
That's how I dress now in retirement. I generally wore slacks and a polo or buttondown shirt to the office. I live in a tourist town, and few wear suits...even bankers and attorney's dress business casual. My theory is ties reduce bloodflow to the brain!
We are not daily spenders, rather, we buy when we need something. I'm a retired CPA, and started with Quicken in 1992, but converted my file to QuickBooks as it is geared more to accountant minds. I deferred SS until 70, and our combined amount more than covers our expenditures. I had to fund my own retirement, and had to start my RMD in 2024, which I deposit into 529 accounts for grandchildren. I'm also a jeans and t-shirts guy, and wear items far too long...my wife lets me know when something needs to go. Most of our purchases are local stores, but we do online purchases. I'm a DIYer and a woodworker with a very nice shop, so I can always spend money on tools, but I have every tool I need and ruminate when considering acquiring another. I know we can more of our money, but a lifetime of frugality and saving is hard to change. Oh yeah, my maternal grandfather was Dutch and my wife has Scottish blood in her veins!
I was never a big sports fan, and have never gambled, other than one trip to a horse race; I calculated how many hours I worked to cover the total cost. Not worth it! Now, when I watch games and concerts, I ask “how much credit card debt did they incur, and how many years will they be making payments?” Sad.
I’m going on 74; I grew up north of Seattle; we, and 5 houses on our side of the street, each had 1 acre lots. Covered with tall virgin pine, fir and cedar; a perfect playground for us! We only came inside to eat, sleep and shower. Sometimes we slept in the treehouses we made! I remember gas at $.10 in the late 60’s!
I’ve had young ladies hold a door for me many times, talk about reverse chivalry! Consumer Cellular gives a discount for AARP members that is greater than the AARP cost.
I describe people as spenders or savers; my years as a CPA confirmed this. I have always been a saver, starting with a savings program in elementary school. Even now, a settlement check for a few dollars from a class action lawsuit goes into the bank. My Black Friday shopping is for a few tools for my shop, if I can convince myself I really need them!
This is a quick thought, to which I haven’t given analysis, but, the forgiven mortgage to your daughter has several income and gift tax considerations. IRC 108 addresses COD, Cancellation of Debt income, which creates taxable ordinary income to the debtor; could consider to be a gift, which would require a gift tax return. Also, the IRS scrutinizes “Related Party Transactions,” IRC 267. There are also rules about below market interest rate loans between related parties; the IRS scrutinizes related party transactions for potential tax evasion. As I said, I did not read the statutes, related regs and other substantial authority. I’ve been “out of the game” since I retired 5 years ago. Just thoughts and concerns off the top of my head.
Comments
I think frugality is in my DNA; can one even change that? I use the Gas Buddy app to determine the best price. Two years ago we drove from SW Missouri to Breckenridge, CO using Gas Buddy and Costco apps to help plan our trip. Is that a sickness?
Post: Ah, nuts! I just don’t care about my spending any longer. RDQ
Link to comment from March 21, 2025
I am one of those who track everything, the results of being a CPA for 40 years. We only have 1 joint checking account and 2 credit cards, both cash back. I use Quickbooks, and reconcile all my accounts monthly. I have never budgeted because we never spend all of our monthly cash inflows. We are frugal, but buy when we need to. Mortgages were paid off decades ago, and we paid cash for our last car purchase. I track because it is a sick habit I have, and I enjoy doing it!
Post: Detailed tracking expenses and spending. Is there real value?
Link to comment from March 7, 2025
That's how I dress now in retirement. I generally wore slacks and a polo or buttondown shirt to the office. I live in a tourist town, and few wear suits...even bankers and attorney's dress business casual. My theory is ties reduce bloodflow to the brain!
Post: Where and When Do You Spend?
Link to comment from March 4, 2025
We are not daily spenders, rather, we buy when we need something. I'm a retired CPA, and started with Quicken in 1992, but converted my file to QuickBooks as it is geared more to accountant minds. I deferred SS until 70, and our combined amount more than covers our expenditures. I had to fund my own retirement, and had to start my RMD in 2024, which I deposit into 529 accounts for grandchildren. I'm also a jeans and t-shirts guy, and wear items far too long...my wife lets me know when something needs to go. Most of our purchases are local stores, but we do online purchases. I'm a DIYer and a woodworker with a very nice shop, so I can always spend money on tools, but I have every tool I need and ruminate when considering acquiring another. I know we can more of our money, but a lifetime of frugality and saving is hard to change. Oh yeah, my maternal grandfather was Dutch and my wife has Scottish blood in her veins!
Post: Where and When Do You Spend?
Link to comment from March 3, 2025
I was never a big sports fan, and have never gambled, other than one trip to a horse race; I calculated how many hours I worked to cover the total cost. Not worth it! Now, when I watch games and concerts, I ask “how much credit card debt did they incur, and how many years will they be making payments?” Sad.
Post: Sports Fan by Scott Martin
Link to comment from February 11, 2025
I’m going on 74; I grew up north of Seattle; we, and 5 houses on our side of the street, each had 1 acre lots. Covered with tall virgin pine, fir and cedar; a perfect playground for us! We only came inside to eat, sleep and shower. Sometimes we slept in the treehouses we made! I remember gas at $.10 in the late 60’s!
Post: Join me on a trip down memory lane. It’s likely too long a trip for many readers
Link to comment from January 10, 2025
I wonder how many insurers will cease doing business in CA? If people cannot get insurance, will lenders continue to make loans?
Post: The Twenty Billion Dollar Problem
Link to comment from January 10, 2025
I’ve had young ladies hold a door for me many times, talk about reverse chivalry! Consumer Cellular gives a discount for AARP members that is greater than the AARP cost.
Post: Golden Perks by Andrew Forsythe
Link to comment from January 5, 2025
I describe people as spenders or savers; my years as a CPA confirmed this. I have always been a saver, starting with a savings program in elementary school. Even now, a settlement check for a few dollars from a class action lawsuit goes into the bank. My Black Friday shopping is for a few tools for my shop, if I can convince myself I really need them!
Post: The Stories We Tell by Jonathan Clements
Link to comment from November 29, 2024
This is a quick thought, to which I haven’t given analysis, but, the forgiven mortgage to your daughter has several income and gift tax considerations. IRC 108 addresses COD, Cancellation of Debt income, which creates taxable ordinary income to the debtor; could consider to be a gift, which would require a gift tax return. Also, the IRS scrutinizes “Related Party Transactions,” IRC 267. There are also rules about below market interest rate loans between related parties; the IRS scrutinizes related party transactions for potential tax evasion. As I said, I did not read the statutes, related regs and other substantial authority. I’ve been “out of the game” since I retired 5 years ago. Just thoughts and concerns off the top of my head.
Post: A Time to Give
Link to comment from August 24, 2024