Great article! My only suggestion would be to check for a newer version of the Medicare for dummies book. Things have changed since 2020.
I agree with using the medigap plan g policy, but I plan to opt for the plan G HD (high deductible) that allows for conversion to a regular plan G without medical underwriting. Not sure which companies offer that option, and since it may be changing before I actually apply, I'll check and choose the appropriate company when it's time to enroll.
Agreed, but be careful about money market accounts. Having a return of about .01% with a cost of .42% being added to inflation is... not good. (I believe these are the current rates of Fidelity's SPAXX, which is the default money market account for my brokerage account. I switched to FCASH).
A good point, but I-bonds (at 7+ %) will provide 3.5% after 6 months; and even if the rate eventually drops to 0, you'll still have made that 3.5% after a year, even after sacrificing the prior 3-months interest.
It depends upon your location, culture, and environment. If you live in a capitalist society, all decisions should consider financial implications and ramifications.
Sometimes, when buying a car.
To make the most money, dealers will "balance" their costs and yours. For example, a vehicle price may be lower, but the finance rate higher at a dealer; and the opposite true elsewhere. Knowing this, you look at the "big picture" in terms of cost. Adding in the cost of an extended warranty as a third "bargaining chip" can improve the big picture sometimes; such as when when the finance rate has been eliminated because you're paying cash. By doing this, I purchased a "$3000" 6-yr 120k mile extended warranty on a used (demo) Honda for $420. Two transmissions later, I'm glad I did.
Buy used. A demo if it must be newer. If you absolutely MUST have a new car, try this: Find a reasonable number of dealers in your area to go to. At each dealer, explain that you're visiting each dealer in the area once to get written quotes, and then re-visiting only 1 dealer to buy the car that same day.
Comments
Great article! My only suggestion would be to check for a newer version of the Medicare for dummies book. Things have changed since 2020. I agree with using the medigap plan g policy, but I plan to opt for the plan G HD (high deductible) that allows for conversion to a regular plan G without medical underwriting. Not sure which companies offer that option, and since it may be changing before I actually apply, I'll check and choose the appropriate company when it's time to enroll.
Post: The Medicare Maze
Link to comment from May 3, 2023
Agreed, but be careful about money market accounts. Having a return of about .01% with a cost of .42% being added to inflation is... not good. (I believe these are the current rates of Fidelity's SPAXX, which is the default money market account for my brokerage account. I switched to FCASH).
Post: What’s the best place to stash money you’ll spend in the next few years?
Link to comment from December 6, 2021
A good point, but I-bonds (at 7+ %) will provide 3.5% after 6 months; and even if the rate eventually drops to 0, you'll still have made that 3.5% after a year, even after sacrificing the prior 3-months interest.
Post: What’s the best place to earn a safe yield?
Link to comment from December 6, 2021
It depends upon your location, culture, and environment. If you live in a capitalist society, all decisions should consider financial implications and ramifications.
Post: Which life decisions shouldn’t involve financial considerations?
Link to comment from December 6, 2021
Given current conditions, yes if you feel the need to have short-term bonds.
Post: Does it ever make sense to buy actively managed funds?
Link to comment from December 6, 2021
Sometimes, when buying a car. To make the most money, dealers will "balance" their costs and yours. For example, a vehicle price may be lower, but the finance rate higher at a dealer; and the opposite true elsewhere. Knowing this, you look at the "big picture" in terms of cost. Adding in the cost of an extended warranty as a third "bargaining chip" can improve the big picture sometimes; such as when when the finance rate has been eliminated because you're paying cash. By doing this, I purchased a "$3000" 6-yr 120k mile extended warranty on a used (demo) Honda for $420. Two transmissions later, I'm glad I did.
Post: When does it make sense to buy the extended warranty, if ever?
Link to comment from December 6, 2021
Buy used. A demo if it must be newer. If you absolutely MUST have a new car, try this: Find a reasonable number of dealers in your area to go to. At each dealer, explain that you're visiting each dealer in the area once to get written quotes, and then re-visiting only 1 dealer to buy the car that same day.
Post: What’s the best strategy for getting a good deal on a car?
Link to comment from December 6, 2021
That he wasn't actually immortal or omniscient.
Post: What do you wish your younger self knew?
Link to comment from December 6, 2021
1) Donating to charity 2) Gifts to my children 3) Pizza
Post: What spending brings you greatest happiness?
Link to comment from December 6, 2021
A permanent, forever-set-in-stone, never-ever-to-be-changed budget should be created and implemented every year.
Post: Should folks create and follow a written budget?
Link to comment from December 6, 2021