Talked to a prepper once who advised me that the things to hoard would be coffee, cigarettes, alcohol and sugar, because addictions don't disappear. He also told me that although I don't have a gun and don't plan to buy one, to store .22 caliber bullets (hope I have that right) to use for trading.
I wish I had the option to never write a check but some tradespeople still don't take credit cards or ACH. I just had to pay a plumbing company that has no other options. I make a copy of the check on top of the invoice before I mail it and keep the copied invoice in my files. I also get an email every day with my bank balance and any credits/debits. Unfortunately you have a much shorter window to dispute any check problems compared to the protections given to use of a credit card.
You have made a big difference in my life - I used to be nervous making decisions on finances, but you made things easy to understand and gave me confidence. Thanks for all you have done for so many of us.
We do the same! The 5% Amazon credit card discount also applies to Whole Foods and Whole Foods frequently has additional discounts on items for Prime members.
Thank you for such a beautiful story, you put into words my feeling for this site and Jonathan. I hope you still paid Michael. I know what his mother said but the agreement was in advance of the trip and that kind of money is very significant to a young person.
While reading on the internet an article of interest pops up, click to read and you find you can’t till you subscribe to the newspaper or magazine – never, just based on principle.
To get around paywalls, try this site. Copy the article address and open this site: https://archive.ph/ Paste the address into the black “I want to search the archive for saved snapshots” bar. If the article you’re trying to bypass isn’t already archived, then put the address into the red “My URL is alive and I want to archive its content” bar. I occasionally use this, but most articles I'm interested in reading are available on my library's online access to digital copies of Washington Post, New York Times, Wall Street Journal, etc.
Regarding the couple "who cashed out their entire six-figure retirement account from a former employer, without understanding the tax consequences." I volunteer for AARP Tax Aide also and had a young couple come in this year where the husband had recently left his job and done the same thing (although it was not near six-figures). It was the first time in my life I literally saw someone turn white, when I explained the tax and penalty consequences. Fortunately, he was within the 60 day period to roll the money into an IRA account and they had not yet bought the boat they were planning to use the money for.
I also volunteer for AARP Tax Aide. Most returns are pretty straightforward but we are not trained to prepare things like rental income, farm income, certain K-1 income, AMT, etc. You might want to check if your somewhat-complex taxes, as you describe, are in scope for the service.
The tax deferred retirement plans like 401K, 403B, 457's etc. have also been a great way to shelter income from taxes. I see that the government has decided too much sheltering was taking place, first passing the SECURE act which forces many retirement plan beneficiaries into taking the entire inherited amount out in 10 years, sometimes with nasty tax consequences. And in 2026, savers aged 50+ making more than $145K/year in wages will no longer be able to make catch-up contributions to pre-tax accounts and will have to put the catch-up contribution in a ROTH account, losing the tax deduction.
Regarding whole life insurance, a business does not have to be very large to benefit from a policy. My in-laws owned a small farm in Central California that supported them in a middle-class lifestyle. But land is expensive in California. My in-laws had a second to die whole life policy in an irrevocable life insurance trust. When my mother-in-law died the family could not have kept the farm if the policy had not existed to pay the estate taxes.
Comments
Talked to a prepper once who advised me that the things to hoard would be coffee, cigarettes, alcohol and sugar, because addictions don't disappear. He also told me that although I don't have a gun and don't plan to buy one, to store .22 caliber bullets (hope I have that right) to use for trading.
Post: What About Gold?
Link to comment from June 8, 2025
I wish I had the option to never write a check but some tradespeople still don't take credit cards or ACH. I just had to pay a plumbing company that has no other options. I make a copy of the check on top of the invoice before I mail it and keep the copied invoice in my files. I also get an email every day with my bank balance and any credits/debits. Unfortunately you have a much shorter window to dispute any check problems compared to the protections given to use of a credit card.
Post: It’s 2025. Do you send checks by mail?
Link to comment from May 3, 2025
You have made a big difference in my life - I used to be nervous making decisions on finances, but you made things easy to understand and gave me confidence. Thanks for all you have done for so many of us.
Post: No Regrets
Link to comment from September 7, 2024
We do the same! The 5% Amazon credit card discount also applies to Whole Foods and Whole Foods frequently has additional discounts on items for Prime members.
Post: Best/worst deals at Costco
Link to comment from July 22, 2024
Thank you for such a beautiful story, you put into words my feeling for this site and Jonathan. I hope you still paid Michael. I know what his mother said but the agreement was in advance of the trip and that kind of money is very significant to a young person.
Post: What Friends Do
Link to comment from July 3, 2024
- While reading on the internet an article of interest pops up, click to read and you find you can’t till you subscribe to the newspaper or magazine – never, just based on principle.
To get around paywalls, try this site. Copy the article address and open this site: https://archive.ph/ Paste the address into the black “I want to search the archive for saved snapshots” bar. If the article you’re trying to bypass isn’t already archived, then put the address into the red “My URL is alive and I want to archive its content” bar. I occasionally use this, but most articles I'm interested in reading are available on my library's online access to digital copies of Washington Post, New York Times, Wall Street Journal, etc.Post: Monday is a good day for a rant. Let’s talk everything annoying. People, money, people
Link to comment from June 24, 2024
Regarding the couple "who cashed out their entire six-figure retirement account from a former employer, without understanding the tax consequences." I volunteer for AARP Tax Aide also and had a young couple come in this year where the husband had recently left his job and done the same thing (although it was not near six-figures). It was the first time in my life I literally saw someone turn white, when I explained the tax and penalty consequences. Fortunately, he was within the 60 day period to roll the money into an IRA account and they had not yet bought the boat they were planning to use the money for.
Post: Many Unhappy Returns
Link to comment from June 19, 2024
I also volunteer for AARP Tax Aide. Most returns are pretty straightforward but we are not trained to prepare things like rental income, farm income, certain K-1 income, AMT, etc. You might want to check if your somewhat-complex taxes, as you describe, are in scope for the service.
Post: Many Unhappy Returns
Link to comment from June 19, 2024
The tax deferred retirement plans like 401K, 403B, 457's etc. have also been a great way to shelter income from taxes. I see that the government has decided too much sheltering was taking place, first passing the SECURE act which forces many retirement plan beneficiaries into taking the entire inherited amount out in 10 years, sometimes with nasty tax consequences. And in 2026, savers aged 50+ making more than $145K/year in wages will no longer be able to make catch-up contributions to pre-tax accounts and will have to put the catch-up contribution in a ROTH account, losing the tax deduction.
Post: Could Be Better
Link to comment from April 21, 2024
Regarding whole life insurance, a business does not have to be very large to benefit from a policy. My in-laws owned a small farm in Central California that supported them in a middle-class lifestyle. But land is expensive in California. My in-laws had a second to die whole life policy in an irrevocable life insurance trust. When my mother-in-law died the family could not have kept the farm if the policy had not existed to pay the estate taxes.
Post: Almost True
Link to comment from April 17, 2024