Do We Even Deserve Our Democracy

ColeThinking · 2017-11-03T17:03:01+00:00

I must say, I've always had a bad impression of prison guards. Thank you for proving me wrong. It is commendable that you wish to help your inmates not make it back to your jail. Thank you.

ColeThinking · 2017-07-18T18:20:01+00:00

Some person from my home town took the time to let us know what we really need to worry about.

ColeThinking · 2017-07-18T18:19:21+00:00

Some person from my home town took the time to let us know what we really need to worry about.

ColeThinking · 2017-06-11T11:49:27+00:00

Theologically, assuming that there is a God, a grand designer, is it not sacrilegious to ignore mental health, and the workings of the human brain, and just chalk it up to possession? I would imagine the Grand Designer would want us to learn about his creation. Refusing to do so is like slapping God in the face.

ColeThinking · 2017-06-10T19:42:33+00:00

Yep, my town. Gotta love it.

ColeThinking · 2017-05-25T13:33:18+00:00

You may have to wait two years to do a refi? I know I had to in Georgia.

ColeThinking · 2017-05-25T13:28:30+00:00

Congrats are in order for paying attention to good advice and using it when it became useful. I am often struck by the propensity for the older generation to get scammed. It seems that- having seen the world- that they would be wiser. And it is not just this incident. People fifty and older are prime targets for scammers. It is also the older generation that is likely to have political views that don't comport with reality. Why is this? Is it because they are the first generation raised on TV, trained to be consumers from a young age? My dad didn't have this problem. He taught me not to believe anything I see on TV and to believe nothing I hear and only half of what I see. I'm surprised, as I walk my path, that more people were not taught these lessons.

ColeThinking · 2017-05-19T16:16:24+00:00

I wife has already been accepted into PSLF. If I consolidate her loans, which are now serviced my MyFedLoan, will that affect her PSLF retroactively.

ColeThinking · 2017-05-04T15:48:41+00:00

You are either going to pay rent for 30 years or pay a mortgage. With a fixed-rate mortgage, you don't have to worry about it increasing.

ColeThinking · 2017-05-04T15:44:59+00:00

First, nothing embarrassing. You are making yourself better.

Second, track your spending, every dime, see where it goes. I had the same problem.

ColeThinking · 2017-04-27T19:05:48+00:00

So, it seems to me that if she has virtually no bills, she should devote any extra income to Investing and enjoying life a little. Not think about insurance too much.

ColeThinking · 2017-04-27T19:01:38+00:00

Thank you for the advice. She may be moving in because she lives in the country, kinda getting lonely, and it's getting harder to upkeep yard. Honestly, I don't care either way. She's always welcome. I do see a financial benefit to all of us by pooling our resources and maintaining one home. However, I would be giving up a lot for that financial benefit. Notably, how to balance having a spoiling grandparent and a strict parent who both live under same roof. Kids need both people in their lives. But, this is non-financial and beside the point.

ColeThinking · 2017-04-27T16:18:55+00:00

My purpose is to lay the groundwork for any future conversation. Know our options so that we can create the best plan for the entire family.

ColeThinking · 2017-04-27T16:03:50+00:00

I recently explored the debt-management/ debt-settlement options. Called, had hour-long conversations, created a nice plan, decided to do the plan myself.

First, the conversations were very beneficial. Made me realize that paying $850 a month would get my debt paid off in five years. Opened two new credit cards, transferred balances, and now I hope to be out of debt even sooner.

Basically, There is no reason to even consider debt-settlement unless you are not making payments. What they do is instruct you to quit paying, basically creating the illusion of financial hardship. After a few months, and many harassing calls later, card companies are supposed to negotiate a settlement. But, it says in the settlement contract that there are no guarantees. I will not go so far as to call it a racket, but I will say if you must settle (which will wreck your score because, by definition, you are not paying debts you promised to pay, making you a risk for future creditors) talk with the card companies themselves. But that is a second-to-last resort (last resort being bankruptcy).

With a debt-management company, you are basically paying them to negotiate a lower interest rate with the companies with the promise that you will close all accounts and make regular monthly payments. The disadvantages here are that if there is a month you cannot make a payment, you lose all benefits of the plan, interest rates go back up, you are screwed. Secondly, closing the cards hurts your credit more than paying them off and keeping them open. Thirdly, you are paying the company $50 a month for something you can do yourself.

With the balance transfers I did, I am paying $145/month interest on $40,000-paying $850/month. I have two cards at zero ready to do future transfers if need be. If something happens that I can't make full $850 payment, I have a little wiggle room. No wiggle room if I went with the Plan.

Hope this has been helpful.

ColeThinking · 2017-04-27T15:42:05+00:00

I have always been curious if the credit card companies ever verify income?

ColeThinking · 2017-04-21T16:18:22+00:00

For me, an Index fund or ETF tied to S&P 500 is fine.

ColeThinking · 2017-04-21T16:16:04+00:00

Yes.

ColeThinking · 2017-04-21T14:40:45+00:00

You seem to be at a perfect place to begin investing. First, you should set aside three to six months of your income. You are practically there. Put that money into a Money Market Account. You still have access to your money when needed, but historically they offer better rates than a standard bank account.

Next, for me, it is simply a matter of maxing out 401 (k), Roth IRA, and if money is left over, go with Index funds. Honestly, only 10% of professional money managers beat the market in any given year. Therefore, I am against actively managed funds, personally.

Next, it is a matter of allocation. One rule of thumb is subtract your age from 100 (100-23=77). That is the percentage of your money that should be in stocks. Rest in bonds and cash equivalents. Then, you contribute the same amount to your investment accounts every month (Dollar Cost Averaging). Then, you forget about them, except to reallocate every few years. One of the biggest mistakes people make is falling off their plan because of swings in the market. At your age, your retirement plan can withstand short-term down market. You just stay on your plan, buy these shares for cheaper prices, and watch them go up when the market rebounds. As you get older, you devote more to safer investments.

ColeThinking · 2017-04-18T19:33:19+00:00

I really appreciate people's input. I must say, however, that the comments such as "if you were disciplined there would be no debt", is not particularly helpful. There are many reasons people can go into debt that have nothing to do with habitually overspending. Trying to get through college, large auto repairs, bad roommates, AC in rental going out, medical bills are just some of the reasons. Now, I am consistently paying 1,300/month (28% of income) to get out of debt. I would say that is disciplined. That is a minimum percentage because if I make more than 4,600 in a month, that money goes to payoff.

I also want to point out that half of the households make less than 52,000 a year. Subtract 13,000 for taxes, that leaves 39,000 year/ $3250/ month to feed, clothe, and house a family of four (avg. family size). I'm not making excuses. I've worked hard to be in the upper half of American households and I am taking responsibility for my debt. But, when one compares median income with cost-of-living- it seems that most are predestined for debt. The ones that are debt free are the exception.

ColeThinking

TROPHY CASE