AUTHOR: William Dorner on 6/22/2024 FIRST: Jonathan Clements on 6/22/2024 | RECENT: Jonathan Clements on 6/22/2024
Comments:
Don't forget your cars, they change net worth yearly also.
My favorite way is by spreadsheets, which I developed over the lasts 20 years. That way I get to solve the issue My Way.
Also, I agree, great articles by Adam G. Here is how I handle risk, use solid passwords and 2 factor access. Anti Virus products are almost useless, they only cover the latest hacks after the fact. Diligence is the best way to protect and have backup in case your computer gets hacked, yes that happed to me too. First, I NEVER put all my eggs in one basket. I split our family Assets in both Vanguard and Fidelity, and same for bank accounts. The way I monitor our assets, is check daily via Quicken all bank accounts, and charge cards. Charge cards are probably the safest of all, as no liability if hacked, and that has happened several times. Vegas is a hot spot for credit card theft, it happened 2 years after my visit. No loss, but you have to report it, so the charge card people can investigate. You also have to check Vanguard and Fidelity at least once per month at statement time, but those companies are on it, as any change and you get an email. Here is what is really difficult to monitor, what I call an inside job. And yes, that happened to me one time, but noticing that money was withdrawn, and reporting it quickly, solved the situation with no loss. Diligence, and daily checking, only takes one minute of my time a day, but I feel it catches all intrusions. Be safe out there in the jungle.
How much did you pay over those 23 years? I have no policy, invested the $'s and will pay when the time comes. Generally you only have to coverage for 3 years, so $120K a year times 3 = $360,000. Over those 23 years I know have a $937,000 in my Vanguard account. I know a need could have occurred earlier, but there is risk in everything. Please understand I dislike insurance companies, because they are so conservative and rarely loose. I also really dislike annuities. I favor investing in the S&P 500 and follow the Buffett rule. This all works for me.
First the best to Johnathan and Elaine and their fine families for 2025 and beyond. For sure you should fly better. I too saved as much as possible over my 55+ years of work. For you and all the other it is OK to spend. At 78 I am now spending 2X than the previous 10 years average. CCRC's can do that to you. Carry on my friend, I too am with cancer, however remember to DO what you CAN Do. You appear to be very well grounded. We sincerely wish you all the best in the coming months, and we thank you heartfeltly for all the wisdom you bestowed upon us. Blessings.
My Father made a few stock investments, and from time to time he talked about stocks. He made it very clear that when I went to get the evening newspaper, it had to say Final Markets, in other words the closing price for the day. I was determined to learn how to buy and sell stocks. As a Co-Op student I worked in downtown Chicago, near the brokerage houses. Note, I do not recommend this, I used my tuition money and invested in stocks the broker liked, restaurants and cosmetics companies, around 1967. One stock went to zero and a couple of others had modest gains. The GOOD news I graduated on time! This experience then continued when IRA's came along, and Roth's came along. My only advice for young people is to INVEST in an Index like the S&P and always invest enough to get the FREE money from any company IRA plan.
I can only remember any gift was welcome, and overall I think I liked cash! Also I was thought to say thank you and give a hug for any gift, and if the giver was not present, then write a thank you note. Thanks Mom & Dad
Blessings to ALL, we are going to need it for the insurance industry. No common person except attorneys read the 100 pages that come with Medical Insurance, just go on the SS government websites, the info is endless. Enough said. The bottom line is you get what you Pay for. What people do not know is that there is much greater risk taking Medicare Advantage, MA at 65 or 70, but want to, because they think they will save money and get more. True if you stay healthy the rest of your life, but really happens in real life. Well think again, at 72 I got a rare bone cancer, and luckily for me, my reading and research said take Medigap, cost more, get less, but there when you need it. I read all the comments in this article, before making any, and if you get the drift, and remember that oil guy, pay me now or pay me later idea. Well, we are not talking about a $1000 here or there, my Bone Marrow Transplant cost a $1,000,000, but I made the better and right choice when younger, and only had to pay for telephone calls!!
Yes, it is difficult to make all the right decisions, but that is why Humble Dollar is so good, you get opinions based on the Real Deal, and hopefully will help you in your situation. Those who say Mayo Clinic, HD Anderson and others do NOT, repeat do NO take Medical Advantage, that is correct. I do have to say, we need an organization to help us with Insurance, whether it is Medical or Car insurance to point out a roadmap that makes sense. Despite what many say, Insurance is way more complicated than believed. To me it seems you never know what Insurance is until you need it, then you learn exactly how it works. For me, I would recommend, talk to your friends, talk to your neighbors, read Humble Dollar, take in all the info, and then go to a professional that can be fully trusted, that does NOT sell insurance, to learn more before making your final decision. Some of us can get that from the government websites, or the Social Security booklet, or the policies, but it does take work to make good decisions. Most of us need some help. In the end, you get what you pay for but you have to shop around to learn what that is.
Well presented article, and so true. Some said it is selfish to think only of yourself in that you want to live out your life in your home, and I fully agree. They do not want to live with a bunch of old people, well very interesting. We chose the CCRC life, average age is 82, but we are NOT old, we are vibrant well wishing, kind and helpful people, enjoying life and not being a burden to our children. In my situation we have Independent Living, Assisted Living, Memory Care and Skilled Nursing Care, that covers your journey to death. You have to agree we will ALL die and pay taxes. Sure you can live in your home, but you should NOT expect your children to be your primary caregiver. If you stay in your home, then you have to be responsible, hire people to cut the grass, have a handyman to care for other house needs, etc. OK, some claim they cannot afford to live in a CCRC, those are the ones who need to discuss a future plan that can work for all. I love being near our children and they help us with things here and there, but to be a full time care giver, that is totally selfish on the home owners that will not incorporate a better plan with their children or others. I know we are very fortunate to be with welcoming kind people, and have more activities than a cruise ship. Life is what you make it. You need to take one day at a time, and to do what you can, and not complain about what you cannot.
Cheryl great info, however when it comes to large financial items, your home and banks and the like, use a trust. IRA's go by Beneficiary. SS wait until 70, if you can. For Medicare always choose Medigap supplement, Medical Advantage look so promising lower costs and you get Dental, Hearing and Eyes, however there are serious limitations on doctors, what hospitals, and some places will not even take Med Advantage. The resist higher costs tests and the like. I have seen it happen, and as I understand it, you cannot easily go back to Medigap if at all, from Med Advantage. Be very careful. Invest wisely using Index Funds, and always have an Emergency as best as possible, crazy things happen! Best to your Family.
I am 78, all in Trust or IRA's with beneficiaries. One of my children will be an executor to handle our finances, when we pass for the 3 children. We have a line of succession for Power of Attorney for Health and for Property. However, as we grow older I plan to give them more and more insight into all our finances, and have prepared documents with detailing the banks, Vanguard, Fidelity and the like. I think easing into it is the way to go. I hope to manage my finances until sometime in my 90's. I have done my Fed taxes since I was 16, and still do, but now get help from Turbo Tax. At 16, it was one page, now it is like 50, deepening how you count all the schedules.
Comments:
Don't forget your cars, they change net worth yearly also. My favorite way is by spreadsheets, which I developed over the lasts 20 years. That way I get to solve the issue My Way.
Post: First year of retirement by Chris
Link to comment from January 12, 2025
Also, I agree, great articles by Adam G. Here is how I handle risk, use solid passwords and 2 factor access. Anti Virus products are almost useless, they only cover the latest hacks after the fact. Diligence is the best way to protect and have backup in case your computer gets hacked, yes that happed to me too. First, I NEVER put all my eggs in one basket. I split our family Assets in both Vanguard and Fidelity, and same for bank accounts. The way I monitor our assets, is check daily via Quicken all bank accounts, and charge cards. Charge cards are probably the safest of all, as no liability if hacked, and that has happened several times. Vegas is a hot spot for credit card theft, it happened 2 years after my visit. No loss, but you have to report it, so the charge card people can investigate. You also have to check Vanguard and Fidelity at least once per month at statement time, but those companies are on it, as any change and you get an email. Here is what is really difficult to monitor, what I call an inside job. And yes, that happened to me one time, but noticing that money was withdrawn, and reporting it quickly, solved the situation with no loss. Diligence, and daily checking, only takes one minute of my time a day, but I feel it catches all intrusions. Be safe out there in the jungle.
Post: Self Defense
Link to comment from January 12, 2025
How much did you pay over those 23 years? I have no policy, invested the $'s and will pay when the time comes. Generally you only have to coverage for 3 years, so $120K a year times 3 = $360,000. Over those 23 years I know have a $937,000 in my Vanguard account. I know a need could have occurred earlier, but there is risk in everything. Please understand I dislike insurance companies, because they are so conservative and rarely loose. I also really dislike annuities. I favor investing in the S&P 500 and follow the Buffett rule. This all works for me.
Post: Obsessed with a financial stress-less retirement
Link to comment from January 11, 2025
First the best to Johnathan and Elaine and their fine families for 2025 and beyond. For sure you should fly better. I too saved as much as possible over my 55+ years of work. For you and all the other it is OK to spend. At 78 I am now spending 2X than the previous 10 years average. CCRC's can do that to you. Carry on my friend, I too am with cancer, however remember to DO what you CAN Do. You appear to be very well grounded. We sincerely wish you all the best in the coming months, and we thank you heartfeltly for all the wisdom you bestowed upon us. Blessings.
Post: Not Doing It by Jonathan Clements
Link to comment from January 6, 2025
My Father made a few stock investments, and from time to time he talked about stocks. He made it very clear that when I went to get the evening newspaper, it had to say Final Markets, in other words the closing price for the day. I was determined to learn how to buy and sell stocks. As a Co-Op student I worked in downtown Chicago, near the brokerage houses. Note, I do not recommend this, I used my tuition money and invested in stocks the broker liked, restaurants and cosmetics companies, around 1967. One stock went to zero and a couple of others had modest gains. The GOOD news I graduated on time! This experience then continued when IRA's came along, and Roth's came along. My only advice for young people is to INVEST in an Index like the S&P and always invest enough to get the FREE money from any company IRA plan.
Post: No Barriers to Entry by Jonathan Clements
Link to comment from December 28, 2024
I can only remember any gift was welcome, and overall I think I liked cash! Also I was thought to say thank you and give a hug for any gift, and if the giver was not present, then write a thank you note. Thanks Mom & Dad
Post: Am I the boring aunt?
Link to comment from December 28, 2024
Blessings to ALL, we are going to need it for the insurance industry. No common person except attorneys read the 100 pages that come with Medical Insurance, just go on the SS government websites, the info is endless. Enough said. The bottom line is you get what you Pay for. What people do not know is that there is much greater risk taking Medicare Advantage, MA at 65 or 70, but want to, because they think they will save money and get more. True if you stay healthy the rest of your life, but really happens in real life. Well think again, at 72 I got a rare bone cancer, and luckily for me, my reading and research said take Medigap, cost more, get less, but there when you need it. I read all the comments in this article, before making any, and if you get the drift, and remember that oil guy, pay me now or pay me later idea. Well, we are not talking about a $1000 here or there, my Bone Marrow Transplant cost a $1,000,000, but I made the better and right choice when younger, and only had to pay for telephone calls!! Yes, it is difficult to make all the right decisions, but that is why Humble Dollar is so good, you get opinions based on the Real Deal, and hopefully will help you in your situation. Those who say Mayo Clinic, HD Anderson and others do NOT, repeat do NO take Medical Advantage, that is correct. I do have to say, we need an organization to help us with Insurance, whether it is Medical or Car insurance to point out a roadmap that makes sense. Despite what many say, Insurance is way more complicated than believed. To me it seems you never know what Insurance is until you need it, then you learn exactly how it works. For me, I would recommend, talk to your friends, talk to your neighbors, read Humble Dollar, take in all the info, and then go to a professional that can be fully trusted, that does NOT sell insurance, to learn more before making your final decision. Some of us can get that from the government websites, or the Social Security booklet, or the policies, but it does take work to make good decisions. Most of us need some help. In the end, you get what you pay for but you have to shop around to learn what that is.
Post: Quinn’s last rant for 2024. Misinformation is frustrating. No, your wife is not a car!
Link to comment from December 22, 2024
Well presented article, and so true. Some said it is selfish to think only of yourself in that you want to live out your life in your home, and I fully agree. They do not want to live with a bunch of old people, well very interesting. We chose the CCRC life, average age is 82, but we are NOT old, we are vibrant well wishing, kind and helpful people, enjoying life and not being a burden to our children. In my situation we have Independent Living, Assisted Living, Memory Care and Skilled Nursing Care, that covers your journey to death. You have to agree we will ALL die and pay taxes. Sure you can live in your home, but you should NOT expect your children to be your primary caregiver. If you stay in your home, then you have to be responsible, hire people to cut the grass, have a handyman to care for other house needs, etc. OK, some claim they cannot afford to live in a CCRC, those are the ones who need to discuss a future plan that can work for all. I love being near our children and they help us with things here and there, but to be a full time care giver, that is totally selfish on the home owners that will not incorporate a better plan with their children or others. I know we are very fortunate to be with welcoming kind people, and have more activities than a cruise ship. Life is what you make it. You need to take one day at a time, and to do what you can, and not complain about what you cannot.
Post: The Oldest Daughter Dilemma
Link to comment from December 22, 2024
Cheryl great info, however when it comes to large financial items, your home and banks and the like, use a trust. IRA's go by Beneficiary. SS wait until 70, if you can. For Medicare always choose Medigap supplement, Medical Advantage look so promising lower costs and you get Dental, Hearing and Eyes, however there are serious limitations on doctors, what hospitals, and some places will not even take Med Advantage. The resist higher costs tests and the like. I have seen it happen, and as I understand it, you cannot easily go back to Medigap if at all, from Med Advantage. Be very careful. Invest wisely using Index Funds, and always have an Emergency as best as possible, crazy things happen! Best to your Family.
Post: Pre-Retirement List
Link to comment from December 21, 2024
I am 78, all in Trust or IRA's with beneficiaries. One of my children will be an executor to handle our finances, when we pass for the 3 children. We have a line of succession for Power of Attorney for Health and for Property. However, as we grow older I plan to give them more and more insight into all our finances, and have prepared documents with detailing the banks, Vanguard, Fidelity and the like. I think easing into it is the way to go. I hope to manage my finances until sometime in my 90's. I have done my Fed taxes since I was 16, and still do, but now get help from Turbo Tax. At 16, it was one page, now it is like 50, deepening how you count all the schedules.
Post: When should one give up control over finances?
Link to comment from December 14, 2024