All Things Personal Finance

[Hotteok]

1 hour ago, Hotteok said:

Can we trust bitcoin wallets though? Can they hack into individual wallets? 

 

And makers of the wallets going crazy and stealing coins?

[computerwiz]

7 hours ago, Hotteok said:

Can we trust bitcoin wallets though? Can they hack into individual wallets? 

 

Anything is possible.  Though Bitcoin could hardly survive if it was that easy to steal people's money.  We take fears, like that, and blow them way out of proportion.  It's like worrying about an airplane falling out of the sky and right onto your house.  Yeah....it can happen.  But will it?

 

Use a hardware wallet if you're extra paranoid.  Or a software wallet on an offline phone (after downloading the wallet first).  They are not connected to the internet and will not transmit your info to anyone...

[computerwiz]

Get ready!  😎

 

 

[computerwiz]

My top crypto holdings & the returns I've made on them (so far):

 

 

 

Lots of green today!  And we're just getting started....

[bigvince]

1 minute ago, computerwiz said:

My top crypto holdings & the returns I've made on them (so far):

 

 

 

Lots of green today!  And we're just getting started....

I'm available for adoption, just putting that out there.

[computerwiz]

16 minutes ago, bigvince said:

I'm available for adoption, just putting that out there.

 

You're older than me!  😅

 

When I say things are just getting started, I mean I was looking at 1600% and 1200% gains for some coins last bull run.  The numbers I have now are exciting....but we've got a ways to go.  January is supposed to be a massive month for crypto adoption (ETF approvals are expected in January & some positive court decisions are expected to be made)

 

 

$1 billion is chump change to Bitcoin.  But we'll see what happens....it will be positive for sure!  Just how positive is the question...

[Cushi]

On 11/29/2023 at 6:34 PM, *Jack* said:

I should finish up reading one book tonight so I’m going to start this one tonight or tomorrow. I was going to read it later but since I plan to start investing early next year, I want to learn more about investing and will read it now. I’ve heard a ton about the book from the Ramsey show and am looking forward to it. I’ll let you guys know what I think.

Actually, I read this book first, since it came before Baby Steps Millionaires. This book discusses the 7 baby steps he teaches, which are:

 

Step 1. Save $1,000 for your starter emergency fund.

 

Step 2. Pay off all debt (except the house) using the debt snowball.

 

Step 3. Save 3-6 months of expenses in a fully funded emergency fund.
 

Step 4. Invest 15% of your household income in retirement

 

Step 5. Save for your children’s college fund.
 

Step 6. Pay off your home early

 

Step 7. Build wealth and give.

 

I agree with all the baby steps except #1. I think $1,000 is good to have as a starter emergency fund. It’s better than nothing. But I don’t think it’s a one size fits all scenario. $1,000 may be good for a starter emergency fund but not for everyone. If a person has $6,000 in savings, $10,000 in credit card debt and a mortgage, Dave will always advise the person to take $5,000 of his $6,000 savings to pay down his credit card debt and bring his savings down to $1,000. Then he would encourage them to pay off all debt except the house (Baby Step 2). Then, he will encourage them to fully fund their emergency fund after paying off all debt except the house. 
 

The problem with this is in his book, Dave says it takes the average person about 20 months to finish Baby Step 2. According to fresh data, the average mortgage payment is $2,823 for a 30 year fixed and $3,724 for a 15 year fixed. 20 months is a long time to be paying a mortgage payment of $2,823 to $3,724 per month with only $1,000 in savings. If you were to lose your job, $1,000 could evaporate really fast and put you at risk of getting behind in mortgage payments and possibly losing your house. It’s not worth the stress and anxiety to have only $1,000 in your emergency fund when you could have more before paying off debt. In the scenario I mentioned, I’d rather keep the $6,000 in savings and attack the credit card debt if I had a mortgage.

 

Besides this one thing, I agree with pretty much everything Dave says in the book. It’s a must read 😊

 

 

[Witness1970]

I have set up my 2024 budget spreadsheet.  I have been doing this since 2011.  My first budget spreadsheet was rather archaic, but it has been refined over the years.

 

For the 2024 program, all I did was copy the 2023 budget spreadsheet into a new spreadsheet.  I changed the dates from 2023 to 2024. Regular payments stay the same, although the credit card balances change, the payment date remains the same.  Regular utility bills have the same pay dates, but those amounts also change.  I changed the dates of the Social Security payout to the correct day since it is always on Wednesdays.  Items such as food purchases and other discretionary items were changed to miscellaneous so that I can now put in the correct amounts when they come up.

 

I have also done sheets for Cash flow analysis, balance sheets, income and expense sheets, etc.

 

I am ready for 2024 finances.

[bigvince]

11 minutes ago, Witness1970 said:

I have set up my 2024 budget spreadsheet.  I have been doing this since 2011.  My first budget spreadsheet was rather archaic, but it has been refined over the years.

 

For the 2024 program, all I did was copy the 2023 budget spreadsheet into a new spreadsheet.  I changed the dates from 2023 to 2024. Regular payments stay the same, although the credit card balances change, the payment date remains the same.  Regular utility bills have the same pay dates, but those amounts also change.  I changed the dates of the Social Security payout to the correct day since it is always on Wednesdays.  Items such as food purchases and other discretionary items were changed to miscellaneous so that I can now put in the correct amounts when they come up.

 

I have also done sheets for Cash flow analysis, balance sheets, income and expense sheets, etc.

 

I am ready for 2024 finances.

I so need to do this. I am not ready for 2024.

[Tortuga]

Nice stock market rally today. I hope it's just the beginning of a good year end rally.

[computerwiz]

Just now, Tortuga said:

Nice stock market rally today. I hope it's just the beginning of a good year end rally.

 

Oh it is!  

 

[Tortuga]

On 12/4/2023 at 6:18 AM, computerwiz said:

 

You win!! 😝

My YTD is 17% and that's after the 1% advisor fee. Am I still the winner? 

[computerwiz]

11 minutes ago, Tortuga said:

My YTD is 17% and that's after the 1% advisor fee. Am I still the winner? 

 

Yep, I'm 15.07% up YTD with my Wealthfront. 😝😝😝

[bobby]

would love to do this but Medicare & Medicaid penalize you if you have any investment 

and i make over the limit 

[trottigy]

You two are both doing great - My Northwestern Mutual is only up 8.5% ytd and it hasn't fully recovered yet from Feb 2022 (Overall that time I'm still down 2.5%). You definitely win!

 

note: I am glad I'm not vested in just one place - my Empower is up 19.23% 

 

You know it's interesting - you have to look at these things from different angles, eh. I looked at that one from the same overall time frame (from Feb 2022) and that's up only 4% from then.

 

The last 5 years or so have been quite the rollercoaster. 

 

I hope you are all are doing ok.

 

EDIT: I had time to listen to the Fed poicy info update yesterday. Their outlook was to keep things at this rate for the next 3 to 6 months and then MAYBE start brining interest rates back down from 5.25'ish, but only .75% OR close to 4.5% by the end of 2024. 

 

It will be ineteresting to see how the housing market reacts.

 

Edited December 14, 2023 by trottigy

[Tortuga]

6 minutes ago, trottigy said:

The last 5 years or so have been quite the rollercoaster.

My 5 year average is 6.4%. I need to check the math but I don't think that includes the annual 1% advisor fee or my monthly draw.

[computerwiz]

5 minutes ago, Tortuga said:

My 5 year average is 6.4%. I need to check the math but I don't think that includes the annual 1% advisor fee or my monthly draw.

 

My 5 year average is 5.932%.  

[bobby]

13 minutes ago, trottigy said:

 

 

It will be ineteresting to see how the housing market reacts.

 

i like watching the Reits and Breits stocks and funds 

like the HIW stock is up by 1.75 this morning 

[trottigy]

7 minutes ago, Tortuga said:

My 5 year average is 6.4%. I need to check the math but I don't think that includes the annual 1% advisor fee or my monthly draw.

 

That's the real tell-tale isn't - the 5 or 10 year average. It usually is really close to 6%.

 

I'm just gald that the saving account with Ally is finally getting over 4%.

 

This sytem continues to limp on ......

[Tortuga]

3 minutes ago, trottigy said:

 

That's the real tell-tale isn't - the 5 or 10 year average. It usually is really close to 6%.

 

I'm just gald that the saving account with Ally is finally getting over 4%.

 

This sytem continues to limp on ......

I have a conservative portfolio and all I need is 5% to support me, the advisor and the taxman. I'm happy so far.

[trottigy]

I was getting ready to post something a little more personal and then went and saw that this forum is "Available to the public". They can see comments .... It's good to remember that.

 

Anyway, we love being in California. It's been just a little over a year and soon (March'ish) we'll be looking for a home to buy. After I know the final price for where we want to live, I can make a decision as to retiring. I'm getting closer .....

[trottigy]

On 12/13/2023 at 6:00 AM, Witness1970 said:

I have set up my 2024 budget spreadsheet.  I have been doing this since 2011.  My first budget spreadsheet was rather archaic, but it has been refined over the years.

 

For the 2024 program, all I did was copy the 2023 budget spreadsheet into a new spreadsheet.  I changed the dates from 2023 to 2024. Regular payments stay the same, although the credit card balances change, the payment date remains the same.  Regular utility bills have the same pay dates, but those amounts also change.  I changed the dates of the Social Security payout to the correct day since it is always on Wednesdays.  Items such as food purchases and other discretionary items were changed to miscellaneous so that I can now put in the correct amounts when they come up.

 

I have also done sheets for Cash flow analysis, balance sheets, income and expense sheets, etc.

 

I am ready for 2024 finances.

 

I have been using YNAB (You Need a Budget - https://www.ynab.com/ ) for several years now. Having a system that you can review and see your spending trends is really helpful IMO.

 

As the old saying goes - "You can't manage what you don't measure."

 

[computerwiz]

1 minute ago, trottigy said:

Anyway, we love being in California. It's been just a little over a year and soon (March'ish) we'll be looking for a home to buy. After I know the final price for where we want to live, I can make a decision as to retiring. I'm getting closer .....

 

One of the cheapest places to live is where I'm at.  You can get a nice townhouse for about 150k.  Or a "regular" house in a nice neighborhood for about 200k.  Gas is cheap, goods are cheapish...I haven't had to modify my budget, even with inflation, though we do eat out less.

 

Got an excellent naturopathic in the nearby city (if you're into that sort of thing).  Our congregation could use more brothers.  And we have the best food around!  No contest!!!  😁

 

Only downside is flat land & sugar mill smoke (during grinding season).  😷

[ChrisW]

19 minutes ago, computerwiz said:

One of the cheapest places to live is where I'm at

My family is from NOLA.  We moved away when I was 11 yrs and moved to OK.  I still have family there.  I think I would like to be close to the gulf again (not the city)even though I was fairly young.  It still feels like home when I go visit. 

[computerwiz]

11 minutes ago, ChrisW said:

My family is from NOLA.  We moved away when I was 11 yrs and moved to OK.  I still have family there.  I think I would like to be close to the gulf again (not the city)even though I was fairly young.  It still feels like home when I go visit. 

 

Cool deal!  Well if there's any tips or advice I can give ya, lemme know.  I technically live in a "city" but it's not what you think when you imagine a city.  I feel like it's in the best spot...nearby entertainment & good food/shopping, good small community banks (I can get you a part-time job if needed), and our lovely little (69 publishers) congregation that is in the middle of very receptive territory.  And hurricanes seem to go around us.  We just seem to get a mini freak tornado every 10 years, give or take.  Just had that last year so we're good for a while.  😅