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What headaches will I have switching from Quicken to GnuCash?
What are points on a mortgage?
What are points on a mortgage?
I'm self employed. Currently planning to fund a SEP for 2010. At what threshold do I need to switch to a Solo401k? (I'm in the SEP because (a) it's easy and (b) it's cheap -- no fees. Solo401k looked like an expensive hassle last year.)
What threshold to move from SEP to Solo401k?
Are there any disadvantages to getting a mortgage from a mortgage broker? It seems like they would be in your best interest because they save time by shopping around for you. Does it typically cost money to get a mortgage one? Do they work on commission? Do they get more money from selling certain products>?
I am not much of a comparison shopper without being on the Internet, and recently the family was near one of those new outlet malls. The stuff they bought didn't seem (to me) to be any cheaper than if they bought the clothes and books at Walmar or Target. Are outlet malls cheaper, a better value, or just a differen...
Are factory outlet stores really cheaper these days?
Maybe this is not really to the point of your question as it was worded, but rather than seek out guidelines for how much one should spend on food, I would start off differently. Guidelines would suggest targets that others have found doable and sustainable. I would rather find those for myself. So here goes: My ...
I have about $7K in student loans remaining at 6.25% I also haven't made a contribution to my Roth IRA for 2010. I'm thinking off paying off my loan at the end of the year, but that'll not really leave me enough free cash to maximize my Roth contribution. What should I do?
Should I pay off my student loan before putting money into Roth IRA?
On my wife's 403(b) (like a 401(k)), she has an option to invest in a couple insurance funds. How do these work? Some seem to be low-risk, while others are moderate-risk. I'm just not quite sure how insurance policies are something that could be invested in.
How do insurance funds work?
I'm not certain how well this would fit your needs but have you taken a look at PearBudget? It is a pretty detailed Excel template. https://www.pearbudget.com/spreadsheet
[This answer][1] suggested to invest in a Bond Fund and stated that it has been working well for that person. What is a bond fund? What are it's pros and cons? [1]: http://money.stackexchange.com/questions/2314/how-to-invest-after-401k-and-roth-ira-are-maxed/2325#2325
What is a bond fund?
I used the term "bond fund" to mean a mutual fund which invests in bonds. [Vanguard has a list][1]. If you live in PA, OH, MA, FL, CA, NJ, or NY there are tax free funds you can invest in on that list. [1]: https://personal.vanguard.com/us/funds/vanguard/all?reset=true&assetclass=bond
The answer today is the [Fidelity Rewards Amex][1]. This card pays the highest cash back (2%) on ALL purchases. The answer gets more complicated if you like miles, or you want to use one card for groceries and gas and another for restaurants, etc. But the Fidelity Amex gives you 2% on everything you purchase, auto...
My wife is currently freelancing, and the IRS would want us to file and pay estimated taxes every quarter, which is a pain. I could take extra deductions out of my paycheck, but figuring out the additional amount to withhold is a bit of a pain to. Preferably I'd stick roughly the amount of taxes due in a savings acc...
Freelancers in the US: pay estimated quarterly taxes or pay when you file?
I ask this question in earnest, because I've been worrying about it for at least a year now. Here is my situation... I'm sitting on about $30k in my savings, but I'm unsure where I should be investing it because I have no confidence in the stock market or in my 401k. I lost about a third of what I had in my 401k whe...
Where should I be investing my money?
I've always been a believer in index funds, and lately have been reading books such as [The Coffee House Investor][1] and [The Lazy Person's Guide to Investing][2]. It all makes sense to me except that the S&P has been not such a great investment over the past ten years. I have a good 30 years to invest. Is the current...
In this day and age, Is Bogleheadism (index fund investing) dead?
My wife and I bought our house about 4 and half years ago, just a little before the housing market crashed. We didn't have a lot of money, so we played it safe and got into a house that most would call modest, at best. Unfortunately, interest rates peaked right around when we got into our home and so we're stuck with o...
My wife is currently freelancing, and the IRS would want us to file and pay estimated taxes every quarter, which is a pain. I could take extra deductions out of my paycheck, but figuring out the additional amount to withhold is a bit of a pain to. Preferably I'd stick roughly the amount of taxes due in a savings acc...
*Is this an unusual amount to pay for refinancing a home loan?* Yes, I would say it seems pretty high. Although credit unions usually have pretty good deals, I would shop around a bit. *Is refinancing not worth it if you might move in the next year or two?* Totally not worth it if you'll be moving in a year o...
I think you can do better than the straight indexes. For instance [Vanguard's High Yield Tax Exempt Fund][1] has made 4.19% over the past 5 years. The [S&P 500 Index][2] has lost -2.25% in the same period. I think good mutual funds will continue to outperform the markets because you have skilled managers takin...
I've heard the principle of "Pay yourself first", implying that saving some money each month should be a priority. However, I've also heard that being debt free is important, and it would be good not to lose income to the interest payment on the loan. In general, we're trying to get to a savings cushion by setting so...
Should I pay off HELOC or save?
If you can afford to put money in your 401(k) account, I would say at least you should invest enough to get your employer's matching fund. It's free money, why not get it?
I'm deathly afraid of having to report bond/stock earnings to Uncle Sam. I feel like my tax returns are complex enough and I don't want to deal with any additional complexity. I'm looking for a way to safely invest the money I'm saving for a down payment on a car (about 5 years away) without complicating my taxes. I've...
Do tax-exempt bond fund earnings need to be reported on taxes?
I have two young children that I am hoping will follow in my footsteps and choose to go to college some day. How do I go about setting up some type of an investment fund for them? I've heard there are IRA's or something similar that you can put money into for your child's college fund, but I know nothing about them and...
Investment fund for your child's education?
Have you looked at [529 plan][1] yet? There are tax benefits with it and you can roll over the remaining funds from your first child's account into your second child's, etc. Read [this article][2] to get yourself up to speed for this plan. [1]: http://en.wikipedia.org/wiki/529_plan [2]: http://money.howstu...
Have you looked at [529 plan][1] yet? There are tax benefits with it and you can roll over the remaining funds from your first child's account into your second child's, etc. Read [this article][2] to get yourself up to speed for this plan. [Coverdell Education Savings Account][3] is another plan you can look at. ...
Based on your situation, I'm not sure it should be an either/or sort of choice. The less debt you have the better, but because the HELOC is secured debt, the interest rate should be rather low. If you're trying to build a cash cushion for emergencies, it may help to figure out a few things first: - How large a ca...
I've heard in passing when discussing investments, "oh, you're crazy to invest in mutual funds". I didn't want to seem like I didn't understand at the time. What are the downsides of investing in mutual funds compared to other investments? Are they really that bad?
Why should I avoid mutual funds as an investment?
I have a checking account that I once opened to divide money into different piles. I have since stopped doing that and want to close the checking account. I still have other checking accounts with the bank. Will that affect my credit score or credit report?
Does closing a normal bank account affect my credit like closing a credit line?
I've read a few articles online about investments, and other articles about paying down home mortgages. One thing that I've noticed is that people who advocate paying down mortgages seem to emphasize that it should *not* be considered an investment. Until I read those articles, I *had* been considering it as an inve...
Can paying down a mortgage be considered an "investment"?
And if so, are there reputable places to obtain the coins (i.e. a local bank, US mint website, etc.)?
Does the US produce a gold coin?
What are the differences and/or trade-offs?
Should I save in a CD or in an online savings account?
I recently read that, based on capitalization, US stocks no longer make up the majority and that to be diversified would mean to hold 50% or more in non-US stocks. Is this good advice?
What percentage of my stock portfolio should be intenational (non-US) stocks?
This is something I heard once from a caller on a financial radio program. What does it mean and what is the logic behind this statement?
Putting debt out long when interest rates are low?
Rephrasing your question: Am I diversified if I have more than 50% US stocks? I would say that you can certainly be diversified and have more than 50% of your portfolio invested in US Stocks. I view the amount of international stocks (non-US) as a risk choice. My observations have been that my international sto...
I ask this question in earnest, because I've been worrying about it for at least a year now. Here is my situation... I'm sitting on about $30k in my savings, but I'm unsure where I should be investing it because I have no confidence in the stock market or in my 401k. I lost about a third of what I had in my 401k whe...
What percentage of my stock portfolio should be international (non-US) stocks?
When you start a job, you give your employer the [W-4 form][1] which figures out your allowances (or deductions). It's just a number. How does that translate into how much they withhold from your paycheck? [1]: http://www.irs.gov/pub/irs-pdf/fw4.pdf
How do "allowances" work on the W-4?
If this question is a duplicate then I apologize. I tried to find one that was similar to it, but surprisingly I couldn't. I understand the idea behind an investment portfolio (investing one's money in diverse ways), but I'm not sure where to begin. I have a 401k with my current employer and a savings account a...
What is a typical investment portfolio made up of?
Most people carry a diversity of stock, bond, and commodities in their portfolio. The ratio and types of the above are based on your goals and risk tolerance. I personally choose to manage mine through [mutual funds][1] which combine the three. As for where you keep your portfolio, it depends on what you're invest...
When you start a job, you give your employer the [W-4 form][1] which figures out your allowances (or deductions). It's just a number. How does that translate into how much they withhold from your paycheck? For example, if I put 1 through 10 in that box, how much difference would that be for someone making $60,000...
I'm running Quicken 2009. Quicken 2010 is currently available. When does Quicken 2011 typically come out? Do you all upgrade right away? Or do you wait until a couple of minor upgrades are patched?
When are new versions of Quicken released? Should I wait a certain period of time before upgrading?
Every time a big money contest or lottery is advertised, their big "jackpot" prize is always really a payment plan - something like $50,000 a year for the next twenty years. Is it ever preferable to wait the full twenty years for the full prize, or to take the reduced lump sum? Are the tax implications for doing so?
Is taking a lump sum from a lottery or other prize always preferable to taking the payment plan?
How can I ensure that my savings keep up with inflation, even after any tax due is taken off the returns?
How can I protect my savings against inflation? [UK]
If your primary concern is inflation, you can buy an [Inflation-index bond][1]. This is a widely available bond that many countries offer. In the UK, this is referred to as the "[Inflation-linked Gilt][2]", issued by the [UK Debt Management Office][3]. These bonds will value the investment in relation to a certain i...
Setting aside for the moment the very relevant issue of whether you need the full amount quickly, I'll just tackle comparing which option gives you to maximum amount of money (in terms of real dollars). The trick is, unless you think inflation will suddenly reverse itself or stop entirely (not likely), $50K today is...
I'm interested in tracking my net worth as a way of measuring progress and I'd like to include home equity in my net worth. How are you tracking home equity? Are you using purchase price? Average home price? How often do you update your home's value? Only with an appraisal? Based on Zillow (which seems to fluctua...
How do you value your home when calculating your net worth?
There are a number of risks to the world and its economy out there over the next several decades, e.g. - Peak oil - Global warming - Instability (e.g. a major war or uptick in terrorism) - An "unknown unknown" From the point of view of my investments, what should I focus on to maximise my chances of coming...
What should I invest in to hedge against a serious crash or calamity?
Different risks require different hedges. You won't find a single hedge that will protect you against any risk. The best way to think about this is who would benefit if those events occurred? Those are the people you want to invest in. So if a war broke out, who would benefit? Defense contractors. Security compan...
I use [Sharebuilder][1] for buying and selling stock. Since I'm still only starting out, I don't have a lot in there (no more than a couple thousand), and my purchases have never been for more than a couple hundred dollars at a time. I've always been curious how stock sales and purchases are handled with much higher ...
How do people/companies buy/sell very large amounts of stock?
Interest rates across Canada are gradually creeping up, but they're still incredibly low compared to when I started my 5.79% fixed rate mortgage a few years ago. Several lenders still seem to be offering rates in the low-mid 3% range, which is almost 50% less than what I'm bleeding away today. Of course, being a fi...
Can I take advantage of lower interest rates while I'm stuck in a fixed-rate mortgage?
What does your mortgage company do if you decide to sell? Will they let you pay it off without penalty then? You could create a corporation (owned by you) sell it to the corporation, then rent it from yourself. Seems like a lot of trouble to go through though (although it might be worth it)
This is a bit pornographic, isn't it, in that we're looking at something we'd like to do (namely, "win the big lottery!") but probably won't ever have this happen to us. :) Anyway. Ignoring the fact that this is kind of a hypothetical question... Gotta go with [The Straight Dope][1] on this one, when deciding **w...
Should I pay off my student loan before buying a house?
Should I pay off my student loan before buying a house?
Most people carry a diversity of stock, bond, and commodities in their portfolio. The ratio and types of these investments should be based on your goals and risk tolerance. I personally choose to manage mine through [mutual funds][1] which combine the three, but [ETFs][2] are also becoming popular. As for where yo...
Without knowing anything else about you, I'd say I need more information. If all of your investments are in stocks, then that's not really diversified, regardless of how many stocks you own. There are other things to invest in besides stocks (and bonds, for that matter). What countries? "International" is prett...
Should I reserve my "emergency savings" solely for times of unexpected unemployment, or keep these savings flexible enough to cover other unforeseen critical needs?
What should I reserve "emergency savings" for?
Are you willing to risk the possibility of investing to prepare for these things and losing money or simply getting meager returns if those crises don't happen? Just invest in a well diversified portfolio both geographically and across multiple sectors and you should be fine.
Do I need to keep all of my receipts or only receipts of a certain type or amount for itemized deductions?
What types of receipts do I need to keep for itemized tax deductions?
Do I need to keep all of my receipts or only receipts of a certain type or amount for itemized deductions? I've also only taken the standard deduction, but this year I plan to itemize. I keep almost every receipt in a file for each year, including fast food and gas receipts, but I'd like to get rid of most of that a...
As Michael Pryor answered, a bond fund is a mutual fund that invests in bonds. I'd also consider an ETF based on bonds to be a bond fund, but I'm not sure that all investors would consider these as "bond funds". Not all bond funds are the same -- just like stock funds. You can classify bond funds based on the issuer...
Do you mean kinda big amounts, or REALLY big amounts (like Warren Buffet-sized amounts)? Stocks on the American markets are traded in lots of 100 shares (called "round lots"). For these amounts you can either call up a broker or go to an online brokerage and place your order in directly to the floor. It's executed...
What about using the assessed tax value? Where I live the county taxes the value of my home so they calculate what they consider it to be worth periodically.
Everywhere you turn today, you hear people talk about how much they need to save or how important it is to find a good deal on things "in this economy". They use phrases like "now more than ever" and "in these uncertain times". It seems to be a lot of doom and gloom. Is there really a good reason that people should ...
Why is everyone saying how desperately we need to save money "in this economy"?
I just got a mailer from Discover offering a new card, with 5% back on some items and 1% back on everything else. However, I already have a Visa which I have had for a few years. Does it make any sense to open another account, just to get the cash back? Would it be smart to cancel the Visa if I do?
How many credit cards do I need?
Do NOT cancel old cards. The higher your total credit line, the older your credit accounts, the higher your credit score is. It's OK to apply for new cards if you get good offers, your credit score might be negatively affected in the short term, but it will recover in a couple of years. However try not to apply f...
> Does it make any sense to open another account, just to get the cash back? This depends on several things, primarily how much you spend on your card. Work out the math. If you spend $100 a month, then you would only be getting $1.00 a month back, which wouldn't be worth having the new card. Also, if you are t...
You ask a few different, though not unrelated, questions. > Everywhere you turn today, you hear > people talk about how much they need > to save or how important it is to find > a good deal on things "in this > economy". They use phrases like "now > more than ever" and "in these > uncertain times". It seems to...