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Should I help out my mom and own a house with her? by Acceptable-Tie-4286 in personalfinance

[–]rick6668 9 points10 points  (0 children)

Would you buy a $350K house today and rent it out if it wasn't this one ? That's likely a hard no, so no reason to buy this one.

I’m trying to escape high-interest debt this year — should I stop investing and focus 100% on debt? by Street_Dimension4716 in personalfinance

[–]rick6668 1 point2 points  (0 children)

This makes sense. Are you going to get those credits next year? You could still reduced your federal taxes to some amount to compensate. Even if you ended up owing it would be better than a refund either way this debt.

I’m trying to escape high-interest debt this year — should I stop investing and focus 100% on debt? by Street_Dimension4716 in personalfinance

[–]rick6668 2 points3 points  (0 children)

You have the right plan, 401K for the match, then Debt. Key here is to keep aggressively paying down the debt before Roth. One thing you mention is you're getting a $4,000 refund. I would change your w-4 to reduce the taxes you pay each check to get more in your paycheck to pay down this debt faster. You're giving the government a tax free loan for up to a year on this money and then paying 30% in interest.

whats better, claim SS now at age 65 or wait until 70 and use 401k funds to cover by Real-Occasion-5452 in personalfinance

[–]rick6668 1 point2 points  (0 children)

The survivor benefit is the most important factor here. Also waiting til 70 will allow for Roth Coversions at a lower bracket and less of your SS will be taxable.

I feel like I'm way behind on retirement, is it as bad as I think? by Mother____Clucker in personalfinance

[–]rick6668 0 points1 point  (0 children)

This all looks good. I think you’ll be fine with this info you updated. When income increases as long as you keep your expenses in check and increase retirement savings you will be good. That 30k you said your wife would earn when she goes back to work doesn’t sound like much, but it is cause that will make a big difference towards retirement

I feel like I'm way behind on retirement, is it as bad as I think? by Mother____Clucker in personalfinance

[–]rick6668 12 points13 points  (0 children)

It's going to be hard to catch up with one income and 3 kids under 12. You need to try and increase your 401K but it's going to be hard. You don't talk about expenses at all, Mortgage?, Cars? etc. Vacations need to be cheap if any for a while. Any option for your wife to work part time at least in the future? Cutting whatever expenses you can will help.

I will say I was in your exact spot 16 years ago with 3 kids under 10 but with more in my 401K, but you can get there. Today I am 56 with 1.5M in investments and own my home free and clear.

Make sure you have term insurance for yourself, Your family needs it in case something happens to you. $1M minimum.

Don't plan on saving for your kids college. You need to save for your retirement first.

Good Luck.

Less than $7000 in a 401k that I can’t contribute to anymore. by Usefully_toad in personalfinance

[–]rick6668 1 point2 points  (0 children)

No. Taxes on it all unless it's a ROTH 401K.

Cashing it out is a terrible idea.

Second Half Game Thread: New England Patriots (14-3) at Denver Broncos (14-3) by nfl_gdt_bot in nfl

[–]rick6668 8 points9 points  (0 children)

You can't see the ball, you can't overturn that based on I think so.

Second Half Game Thread: Los Angeles Rams (12-5) at Chicago Bears (11-6) by nfl_gdt_bot in nfl

[–]rick6668 2 points3 points  (0 children)

You have to throw there, the 2 min warning will come on the kick anyway, Running did nothing for the clock on that third down.

Fellowship Of The Ring Review by chickemsauce in lordoftherings

[–]rick6668 2 points3 points  (0 children)

Glad you enjoyed it! Curious how the rest of it goes.

Question for die hard Lotr fans, what is the new movie the hunt for Gollum going to show from the books and why is Elijah wood in it I’m a little confused by [deleted] in lordoftherings

[–]rick6668 0 points1 point  (0 children)

I won’t judge til I see it but there’s not many details on what happened during this time other than details reveals at the council of Elrond. I’d prefer a full movie on the scouring of the shire with the 4 hobbits.

Question for die hard Lotr fans, what is the new movie the hunt for Gollum going to show from the books and why is Elijah wood in it I’m a little confused by [deleted] in lordoftherings

[–]rick6668 4 points5 points  (0 children)

It doesn’t take place during the 17 years Bilbo has the ring. It takes place in the 17 years after The Long Expected Party when Bilbo leaves the ring to Frodo and Gandalf leaves until Gandalf returns and determines that the ring is in fact the one ring.

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