35 year old teacher seeking solid retirement planning advice
Curious2077
12 years ago
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Comments (15)
sherwoodva
12 years agolast modified: 9 years agosushipup1
12 years agolast modified: 9 years agoRelated Discussions
nightmare experiences - seeking consolation and advice
Comments (17)Wow you are very determined to have stayed through all that abuse. I was a member of a community garden for 3 years and it was run very well-- even in the best of situations things like theft, and accidental damamge can occur. I would absolutely confront the manager of the garden. Perhaps not with a laundry list of complaints -- but a list of "I feel" - I'm very frustrated, I care very much about..." think it out - even write out what you want to say-- with a purpose in mind. It seems to me like it would be wise to have areas of the garden which could be claimed by gardeners, where they could claim a plot and then the produce, work, etc would all be theirs-- you might suggest this be a fenced area or some other kind of barrier so that helpful community workers couldn't run mowers over the fencing or barriers, and then suggest - general areas - in which things like blueberry bushes, community projects or more pernnial projects could take place. You may need to offer some really solid suggestions to problems you see-- ie..I did all this work and now the ground I worked on-- is covered with glass. I have been a valued memeber of the garden for years and for me this represents alot of work, I need to know this won't happen again-- so here is what I suggest as a possible solution. At the beginning of every spring I would be happy to help to divide up this area into individual plots and be responsible for "renting" out each staked off area to interested parties-- we can each have our own area- with returning gardeners getting to put a claim on the area they cared for last year as a first preference. In exchange I would like for you to explain to the worker on site that this is not an area of the garden that he is responsible for-- but that once a year after the stakes are removed he may mow it to the control the weeds. Perhaps your manager is overwhelmed or burnt out and doesn't have the energy or time for enforcing common courtesy, or simply doesn't see the need-- but for your sanity -- surely that is neccessary. That may be the reason there are only two surviving gardeners on the plot..I tell you the first time someone plowed over my carrots or put broken glass in ground that I had worked -- I'd be gone.. and if a healthy discussion -- and offering to take over or assist with the situation didn't help it in some way-- I'd bug out, or at least back down on the amount of energy I expended there. Like I said -- I used to be part of a community garden and it worked fabulously-- there were no fences, but some basic rules. Here is what we did-- someone was responsible for getting names and dividing up plots-- also for getting the entire area tilled, every year. We each paid some small amount for this-- I think it was $20 or something-- that funded the tiller rental & water useage. Each plot was about 12x12. If it was your first year- you could have one plot, unless there were extras--there was usually a waiting list. After you had kept a plot for a year- you could ask to have more than one and veterans got first dibs on spaces & on extra plots. There was a letter that was sent out every year with a map of the plots- on the map was the persons first name and phone number-- this made everybody accountable-- your space, your responsibility, and your produce. If your plot wasn't weeded or cared for next year you didn't get a plot-- if someone had a problem with something in a neighbors plot or a question you could call them-- you knew it, they knew it and it helped. Everybody had the managers # and could call them too. It was also nice cause if you were out working saturday - you could say hi to bob or sue or joe and you at least knew their name. The small amount of money paid out in spring was a way of seeing who was interested enough to do it- and got some buy in and-- helped to cover some of the costs. Every fall everything was broken down and there was an end of the year potluck and work party, and every spring it was all put up again...it was somewhat limiting-- but it did make it easier and it ran very smoothly. Rules were clearly written out -- they used cheap wooden stakes and string to mark the plots, and it was a wonderful sense of community-- a joy. Rules and respect are essential in most things-- community gardens are no exception. Good luck to you!...See MoreNeed some retirement saving advice please.
Comments (18)So do I. Congratulations on realizing your need and setting out on this journey of learning about your money and how to work with it effectively. There are two basic issues ... one is your income and how to deal with it to make each of those dollars coming in work most effectively. The other is your asset base and how to manage it to make it grow well, working harder for you than for the other guys ... and avoiding having too much of snipped off by the purportedly big-deal managers to slip into their pockets. Better to learn what you're doing, over the years, and become your own manager! Pay yourself those fees that they charge (probably wise to deduct the cost of some of your mistakes, as you learn). In the investment group that I've attended monthly for about 7 years, we call them the tuition fees in the University of Learning How to Manage Your Own Money! I bought some equity-based mutual funds over 20 years ago, charging 2.5% of the value of the current asset value of the account, annually. When you multiply 2.5 by 20+ ... what do you get? 50% of the value of my asset, right? Is that the original asset amount? No - the creeping value of the asset as it grew, over time. I started a thread (I think over on KT) a couple of weeks ago asking whether people had ever seen stock certificates grow like rabbits! Had a person bought 1 share of JNJ at the beginning of 1970 (I'm using this for illustration, not suggesting that you should buy it, or not buy it) about how many shares would they think that they'd own, now? If you go to Yahoo->Finance and put JNJ in the "Get quotes" box at upper left, you'll get a page that shows a lot of info about current situation of the shares, including a chart at lower right of the stock price movements today. Clicking at a long-term period under that chart will show you share prices over your choice of various periods ... plus info about several stock splits - twice 3:1, and 4 times 2:1. What does that produce? 1->3->9->18->36->72->144 ... right? Price in 1970 $180./share (in dollars each of which was "worth" a lot more than each dollar is now). Current price about $63.00. That is, $180. grew to about $9,072. How do you like them apples? Not only that ... I read somewhere a while ago about a numberof stocks which had increased their dividend annually for 25 years ... I think JNJ has increased theirs annually for 40 years, if I'm not mistaken. Which adds some sugar to the applesauce, right? When did you ever hear of a Guaranteed Investment Certificate acting like that? Also wise for you to learn to deal with both income and assets in a tax-effective way. If you can reduce taxes now, often a good idea to do so, if the system at issue is useful in your case. Deferral is frequently a good idea, as well, when available. In Canada, a number of people look at the current rate on a GIC and at the rates paid by a stock, and say they like the interest rate better than the dividend rates usually offered. But when Canadians earn a dividend on a Canadian stock, the tax rate used to be lower, and last year the system of calculation changed to make it even lower again. I can't believe how many Canadians I've run into over the years who didn't know that! Quite often ignorance carries a substantial price. I think that I've said to thousands, over the years, that learning how money works is an interesting hobby ... **that pays well**!! (I've said it so often, around here, that I think that people must be getting sick of hearing it!) Not only that, if you put your dollars into a investment where their numbers are guaranteed not to shrink ... they're almost always guaranteed not to grow either. I bought a stock over 40 years ago for about $4. and change, which at that time paid about a (tax-advantaged) nickel or a dime. Over the years the value of that stock has gone up, down and sideways. I could have sold it last May for about $107. ... and it pays me an annual dividend now of $3.48. There's one catch - it has been doubly involved in the U.S. sub-prime mortgage debacle. The share price dropped to the $80.s, then recovered to near $100., then slipped back into the $80.s ... and in the past few weeks, as the sub-prime issue got more complex, far-reaching and distressng, the share price dropped down through the $70.s, into the $60.s, closing since the first of the year in the $60.s ... and I suspect that the dividend rate will likely be cut. Am I about to sell it? No. I paid $4.20 over 40 years ago, and if I sell now, I deduct the $4.20 amount that I paid from the current $68.20 or so, leaving me with $64.00 capital gain. I divide that by 2, leaving me with $32.00 on which I must pay tax at my usual rate (i.e., added to the top of my other income this year). But it does leave me with the other $32.00 realized free of tax. However, I'm getting close to 80 years of age (79 next Wed.) and my current tax bracket is lower that will be the case if I leave all of those assets intact till I kick the bucket - for then some of them will be taxed at lower rates, but after that's used, others will be taxed at higher rates until they get to the top rate, and my executor will have to pay that on some of those realized capital gains, then. Also ... since I have no spouse (to which the tax-deferred retirement account could be transferred, tax-free at the moment, to be added to her assets, to provide her with income and on her death to have the residue added to her income and taxed then, at whatever rate) they'll be added to my income in that year, as well. Likely taxed at top rate. I've thought of selling some of the stocks that I've held for years, in order to have the taxable portion of the capital gain taxed now, at my usual lower rate ... ... but if I do that, I have fewer dollars to re-invest, to go on not only growing, but adding to earnings in those years, until my demise. As it is, I add those $3,000. or so that I'm required to withdraw from my tax-deferred retirement account annually to my annual income. Do you think that I should follow the advice of some hot-shot financial advisors who tell how to get that payment out tax-free? Borrow $50,000. to invest it in a variety of stocks, using well over $100,000. (I wish!) of stock certificates as collateral, making it a fully secured line of credit, at interest of 6%, i.e $3,000. per year, using my $3,000. annual payout from my retirement account to pay the interest. My deal with the lender is that I pay interest only on the loan. As the loan is used for investment, the interest is deductible. As an old fart that doesn't want to take heavy risks, I invest in some quality Canadian stocks - paying about 3% interest, and as they are taxed at low rate, I have about 2.5% after-tax income, which in other circumstances I would use to help pay the interest on the loan. Suppose I'd borrowed that money 15 years ago, paying interest only through those years. If my Dad died and left me $50,000. as a legacy, and I took it to the bank to pay off the loan, how much would I owe them? That'd be $50,000., right? That would have bought a lot of good things, 15 years ago ... much more than now. I gained from inflation. Suppose you'd put $50,000. into the bank, 15 years ago, and the bank paid you the agreed upon rent on your money, in the years between ... and you went to collect the value of your GIC today ... how much would the bank give you? Right! Exactly $50,000. That would have bought a couple of good cars, 15 years ago ... not now. I gained from inflation ... you lost. Such strategies should be used with discretion, taking into account various possible scenarios, some of them quite unattractive, with the operator able to deal with them without serious inconvenience. I never want to see my friends get margin calls on such loans, unless they're able to meet the shortfall, whether with other assets ... or immediate cash. Good wishes for using both your income and assets increasingly skillfully! As you have further questions, feel free to ask. If some of them seem a bit too private for you to feel comfortable with discussing in this public place, I'm sure that several of us who have responded here would be pleased to offer you our opinions should you contact us privately. ole joyful...See MoreSanding solid oak table, seeking matte finish which will not darken
Comments (41)Thank you for the brand name! I used a water based matte seal on the underside of a leaf and didn’t like the way it yellowed the wood. It’s just the nature of the wood. So, I’ve been experimenting with stain layering and I’ve found a combination that I’m very excited about. Hopefully I’ll have the staining process done by the weekend. Busy week ahead with the kiddos! I’m going to look into that stripper you mentioned - doing the chairs (staining seats, painting the rest) is seeming like an increasingly interesting project. I’ll need stripper for that!...See MoreJust put an offer in on our first house...and it's 100-years-old
Comments (24)Continuing...our custom house needed painting after eighteen years, inside and out. We had replaced a small kitchen island with a large custom one. When we moved to our 1803 dream, it needed paint, inside and out, including our famous 1927 roof. It needed some electrical work and plumbing done because we gutted a twenty year old kitchen to install a kitchen to accommodate both of the cooks in the family. We spent a (planned) fortune to line and cap five fireplaces, but we had budgeted for that, fireplaces being so important to us. We had to remodel a twenty year old bathroom for our aesthetic, not for function. Most everything we have done has been for our design vision and to be a good steward of this historic property. My husband is an amateur woodworker and restored the shutters, showing me the difference in the construction of the shuttered on the original portion of the house versus the latter 1836 addition. We didn’t replace them with vinyl shutters, he repaired them. We haven’t ripped off the plaster from the walls, we cherish it. For those of you who don’t love an old house, that’s fine. Just please, please don’t buy an old house and “modernize” it by tearing down walls for open concept. The mantles in the front and back parlors are too formal for my taste BUT they are staying, being original to the 1836 addition. They are part of the history of the house. How many posters here are ripping out a perfectly functional fireplace to “update” it, even if it is original to the MCM or the Victorian or the 2010 house they just bought. The Scotch Irish in me cringes when people “hate” the solid maple or the cherry or the quarter sawn cabinets and rip them out or paint them gray. Stop discouraging people who buy history....See Morefeedingfrenzy
12 years agolast modified: 9 years agojakkom
12 years agolast modified: 9 years agomaifleur01
11 years agolast modified: 9 years agojoyfulguy
10 years agolast modified: 9 years agomummy1234
10 years agolast modified: 9 years agojakkom
10 years agolast modified: 9 years agojoyfulguy
10 years agolast modified: 9 years agojoyfulguy
10 years agolast modified: 9 years agomaifleur01
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8 years agolast modified: 8 years agoTroy Farwell
7 years ago
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