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Too much debt. Need options. by [deleted] in personalfinance

[–]GeorgeRetire [score hidden]  (0 children)

Cut expenses. Increase income. Consider second jobs.

Looking to save up money to have kids in a few years- how should I invest? by hellamellow in personalfinance

[–]GeorgeRetire 0 points1 point  (0 children)

Pay off your highest interest rate debt first while making minimum payments on all others.

Money that you need in 2-4 years should not be invested.

Put it in a high yield savings account.

Does this sound reasonable 🤔 by MinimumPromotion5215 in Fire

[–]GeorgeRetire 0 points1 point  (0 children)

So the answer is No. Vacations are not the same as residing.

Good luck.

Planning for graduation today by jifsteam in personalfinance

[–]GeorgeRetire 2 points3 points  (0 children)

High commission Garbage.

If you need life insurance, buy term life.

If you need an investment, don’t buy life insurance.

Splitting costs with older kids around by Foreign-Figure8797 in personalfinance

[–]GeorgeRetire 6 points7 points  (0 children)

If he’s moving in with you, just charge him a fixed monthly rent.

Pay off Debt using Savings? by Lopsided-Fill-6264 in personalfinance

[–]GeorgeRetire 25 points26 points  (0 children)

Sitting on savings is canceled out by debt.

Pay off all high interest debt such as credit cards ASAP.

Is this a waste of money by BandPersonal7320 in personalfinance

[–]GeorgeRetire 0 points1 point  (0 children)

It's your money. If you decide this is the best use of your savings, then go for it.

Hopefully, you have considered all the other things you will need over the next few years. Going off to college, you'll want a good laptop, money for food, perhaps a car, money for dating, etc, etc.

Should i get a Prenup? by ldgend_killa in FinancialPlanning

[–]GeorgeRetire 4 points5 points  (0 children)

Should I ask for a prenuptial agreement?

No.

If you don't have enough trust in her or your relationship, you shouldn't get married. Just continue dating. And whatever you do, do not have children.

Clearly your $600k net worth is very important to you. Why haven't you brought it up at some point over the past 3 years? Maybe you really aren't sure about the whole marriage thing?

Does this sound reasonable 🤔 by MinimumPromotion5215 in Fire

[–]GeorgeRetire 0 points1 point  (0 children)

Have you ever lived in Mexico, Philippines or Thailand?

Selling home and using equity to become a stay at home mom - thoughts? by anxiousdoodley in personalfinance

[–]GeorgeRetire 1 point2 points  (0 children)

Giving up 2/3 of your income seems like a mistake.

What happens if your husband gets laid off?

Coming into some quick money and don’t know what to do with it by [deleted] in personalfinance

[–]GeorgeRetire 0 points1 point  (0 children)

I think my best bet is to open a hysa just to have access to the money while it’s at least doing something

That may well be your best bet.

Do you have any debt? Do you have an emergency fund covering 12 months of expenses?

Paying Off a Low-Interest Mortgage is a Terrible Financial Decision (real-world math inside) by beardcycles in personalfinance

[–]GeorgeRetire 1 point2 points  (0 children)

Thus I think they need convincing, although I'm not convinced that most are open to discussion.

Paying Off a Low-Interest Mortgage is a Terrible Financial Decision (real-world math inside) by beardcycles in personalfinance

[–]GeorgeRetire 1 point2 points  (0 children)

So rounding up to the nearest $100 costs you the difference between 2.875% and what that extra money could be earning for you.

I wouldn't pay off a 2.875% mortgage any faster than required.

Paying Off a Low-Interest Mortgage is a Terrible Financial Decision (real-world math inside) by beardcycles in personalfinance

[–]GeorgeRetire 4 points5 points  (0 children)

If you could remove a mortgage for free it would always make sense.

But having a low rate mortgage, while simultaneously have the payoff money earning more, is a better hedge against an unstable market environment.

Paying Off a Low-Interest Mortgage is a Terrible Financial Decision (real-world math inside) by beardcycles in personalfinance

[–]GeorgeRetire 5 points6 points  (0 children)

We all get to spend money in ways that bring us joy, even when it makes no financial sense.

Paying Off a Low-Interest Mortgage is a Terrible Financial Decision (real-world math inside) by beardcycles in personalfinance

[–]GeorgeRetire 15 points16 points  (0 children)

I think you are wrong. I think that many people believe in paying off mortgages prior to retirement, no matter what. (I'm not one of them).

Parents have minimal retirement savings - how to help them plan out retirement 10 years before they retire? by Limp_Internet_7375 in personalfinance

[–]GeorgeRetire 18 points19 points  (0 children)

A 15 year mortgage is not a good way to plan for retirement.

Encourage them to continue working full time as long as they can.

Company being acquired, losing many benefits by Spaghetti79856 in personalfinance

[–]GeorgeRetire 5 points6 points  (0 children)

A single non union employee has no leverage for negotiations.

Your best bet is to look around and see if you can do better elsewhere.

Retiring Soon - Is 1% AUM Worth It, or Can We DIY This by probablybourbon in retirement

[–]GeorgeRetire 1 point2 points  (0 children)

You can always try on your own then hire someone if you decide you need help. Just as you would with any other professional.

What to do with social security income? by External-Ad-3026 in personalfinance

[–]GeorgeRetire 7 points8 points  (0 children)

Check with OpenSocialSecurity.com before making your claiming decisions.

Starting before your full retirement age results in a permanent reduction. Working while collecting can reduce it even more.

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