April MM Randoms

[zaneyzoo]

Apr 7, 2021 12:32:30 GMT -5 ohgillian said:

Apr 7, 2021 12:07:57 GMT -5 zaneyzoo said:

I hope you were able to find a suitable solutions on this.  I meant to ask earlier and totally forgot.  

So actually I was debating posting to ask the board what to do. There's no right answer here, but here's where I'm at.

Option 1: cash out, which means we get the ~ $8600 value, but that's taxable and we're in the 24% bracket (I know our effective rate isn't 24% though...). 

Option 2: Turn the $8600 into a reduced paid up policy, not dividend producing, has value of $23,000.

I ran the math and it's kind of a toss up, not knowing how long anyone will live. But I am pretty sure I'm doing Option 1, just for the simplicity of it. We don't really need this policy, and I would rather not have one more thing to keep track of. I called the guy yesterday and he emailed me the cash out form.

Thanks again for advising me!

Did they say the $8400 was taxable for sure?  I would find out if the entire amount is or partial or any at all.

If you're comfortable where you are with your life insurance and can take the tax hit, there's nothing wrong cashing it out.  Personally, I would probably just do the reduced paid up and let it sit.  If anything, it can be a small future burial policy.   But it doesn't sound like you'll go wrong either way.

[keweenawlove]

Apr 6, 2021 16:36:19 GMT -5 jewel said:

My kids also planted popcorn all over the yard, and they believe they will have snack-producing popcorn trees by summer.

I could totally see me and my sisters as having tried something like that. At one point in school, a teacher said rice grows easily so I was throwing it in my midwest backyard thinking it would grow there. 

[keweenawlove]

On the MM front, we're refinancing our house next week! Taking almost 6 years off our mortgage and our payment is going down a bit - going from a 30 year to 20 year.

Also professionally, I feel like a lot of things have been clicking for me. I just had a call with representatives from 3 international societies and I was asked to lead task force on developing technical standards within our field! I was looped into the call because a friend I shared an office with in grad school saw a talk I gave at a conference and told his boss I should be included. So you never know when past connections come back into your life.

[ny96]

I did our taxes a few days ago expecting to get 3k to 4k back because we always have in the past, nope we owe $7500. Our income increased last year about 20% and it looks like we’re not withholding enough. I’m annoyed 😒

[chpmnk1015]

Apr 10, 2021 13:52:22 GMT -5 ny96 said:

I did our taxes a few days ago expecting to get 3k to 4k back because we always have in the past, nope we owe $7500. Our income increased last year about 20% and it looks like we’re not withholding enough. I’m annoyed 😒

Oh no! Ugh

[ohgillian]

I ordered two sofas this morning after agonizing forever. But they won't be in for 6 months. It was pay half up front and half maybe when it comes in?

[chpmnk1015]

Apr 10, 2021 15:16:40 GMT -5 ohgillian said:

I ordered two sofas this morning after agonizing forever. But they won't be in for 6 months. It was pay half up front and half maybe when it comes in?

We ordered new sofa as well last month and paid half then and will pay rest when it comes in

[Covergirl82]

Apr 10, 2021 13:52:22 GMT -5 ny96 said:

I did our taxes a few days ago expecting to get 3k to 4k back because we always have in the past, nope we owe $7500. Our income increased last year about 20% and it looks like we’re not withholding enough. I’m annoyed 😒

Oh man, I'm so sorry!  DH and I are in the same boat!  I got a new job last year and didn't have enough withheld for Fed taxes last year.  Usually we'd get 2-3k back, and we owe 5k for 2020. 

[Covergirl82]

I took a bunch of my kids' old clothes to Once Upon a Child last week and got $250! And we're still cleaning out their closets, so I'm sure I can take another 2 totes worth of clothes and get more money. For now we're just putting that money in our savings account.

My goal is to clean out a bunch of clutter this spring and then organize what's left. (I'm terrible at de-cluttering and organizing at home, so for me, this is a big task.)

[melmel48]

Apr 3, 2021 18:02:26 GMT -5 sadlebred said:

My car needed two major repairs last week. The check engine light came on last Saturday. The emissions system was going to be about $1300 and $750 for a starter from the dealership*. I had a warranty I bought when I purchased the car--7 years or 120,000 miles, it expires Dec. 31 this year. I think I paid $1500 for it. Yeah, I know, don't buy it, but this was 6 years ago. All I had to pay was the $100 deductible. I got a loaner for 3 days free from the dealership since they had to order specialty parts for the emissions system. I feel like I at least broke even on the old warranty!

*I've had much better luck at my local dealership than independent shops in my area--even on price and with the speed of repairs. Plus, they give you a free loaner if you ask for it and one is available.

Since I saved $$ I know something else is going to break now.

I told my Uncle I wanted to throw $1,000 at paying down my car loan but I knew something was going to happen if I did that.

Sure enough, I was at my Uncle's last week having him pulling my car apart because of the transmission and it is in the shop now! Luckily as long as it is what I think it is... I have the $$ to pay for this repair. 

I was going to bring it to the shop and pay for a rental. I told my Aunt my plan as my Uncle was looking at my car and she said "NO! Use one of our cars!"  Thanks, Auntie! She saved me a bunch of money on a rental!

[melmel48]

Apr 10, 2021 13:52:22 GMT -5 ny96 said:

I did our taxes a few days ago expecting to get 3k to 4k back because we always have in the past, nope we owe $7500. Our income increased last year about 20% and it looks like we’re not withholding enough. I’m annoyed 😒

I video chat with my best friend every day.. He makes a really good salary and also sold his company this year, so he made a lot of $$ of of the sale. 

I was joking with him and asked if he wanted to venmo me $$ for my car repair. He said "Sure. If you want to pay my $20,000 tax bill for me".      Next year he is anticipating to owe between $200,000 and $300,000 because of the sale of the company.  I cannot fathom this at all! 

[simpsongal]

It's only halfway through April but I'm using my extra paycheck to pay off my CCs from the orgy of spending the past ~6 weeks (summer camps, new sectional, costco, plants, etc.).

I've paid nearly $8K this month (this isn't a long term balance, this is just spending, I pay my cards off every month).

But I can't WAIT to feel like I'm not playing catch up next month w/these card balances looming.

[ny96]

Apr 15, 2021 10:39:32 GMT -5 simpsongal said:

It's only halfway through April but I'm using my extra paycheck to pay off my CCs from the orgy of spending the past.

I’m also using the extra paycheck to pay off the credit card this month. During most of the last year we have carried 10k-15k extra in our checking. Summer camps, restarting kid’s activities, a recent vacation, and unexpected medical and vet bills have brought that to basically $0. I just looked at our budget and with the extra paycheck the balance in our checking account after bills are paid almost matches the current balance on our credit card.

[aprilsails]

I asked my direct manager for a raise today with some back up documentation so I didn’t crack due to impostor syndrome. I have a meeting with a partner tomorrow about my path to partnership and what that looks like.

I really don’t feel I can take on more now as I’m already working 9 hour days with a kid in virtual school underfoot, but if life is more normal next fall I want to have my ducks in a row.

DH is super proud of me. He asks for raises all the time and gets them every time so he’s been nudging me along in this process. I’ve been with the same company for 14 years so I haven’t had as much practice as he has. Wish me luck!

[namasteak]

We are having the hardest time getting a contractor to come give us a quote so we can hire someone to replace our fence. We have 220 feet and want part of it brick so it’s a $$$ project. We have been saving for it for over a year so I’m itching to get it done.

[pumpkin]

I finally got my act together and called and set up an umbrella policy.

Aside from that I need to get back to budgeting saving after the mess the last couple years have been. I kind of just want to keep my head in the sand, but know I’ll feel better when I get back on track.

[aprilsails]

Oh my gosh I got more than I expected! I set my anchor for the raise request higher than I expected, and they came up to it less $1/per hour. It’s a 14% raise and I just broke 6 figures. Holy shit.

[minzy]

Apr 17, 2021 20:31:36 GMT -5 aprilsails said:

Oh my gosh I got more than I expected! I set my anchor for the raise request higher than I expected, and they came up to it less $1/per hour. It’s a 14% raise and I just broke 6 figures. Holy shit.

Way to go!!