So, my application at work is going away

[GrandSportC3]

Originally Posted by Mick

It's great to find out that the resident expert on "making your money work for you", is planning on emptying his retirement savings as soon as he becomes eligible to withdraw without penalty. Clearly, this must be the best path to follow, and guys like me (who are past our 60th birthday and have not yet touched that money) are all doing it wrong.

Unlike others, I don't rely on my 401k to provide me with a monthly income when I'm old. I have income from 6 rentals for that. I'm not retiring off my 401k. I have had that extra income since 2010 when I bought my first rental. I never wanted to wait until I'm old before I can get the 401k money. I make more than sufficient monthly income from my rentals. Once I'm able to collect social security at age 62 my total monthly income will be over $9k net.. With no debts, $9k is plenty income. Yes, I make $13k net monthly now but I still have a little bit of debt. Once the debt is gone, $9k monthly is more than enough.

[Yadkin]

Originally Posted by Vandelay Industries

"Engineer"

Isn't that a thing of beauty.

[Yadkin]

Originally Posted by dvarapala

Yeah, good luck doing that without CAD software.

CAD software is awesome. But I learned how to draft with pencil and paper in middle school, high school, then again in college. Road layouts were done using COGO (the C does not stand for computer), trig tables, and basic math. Checked by plotting on 4' wide rolls of vellum on long tables.

I'd be inconvenienced without a computer, and the work would take a lot more time, but I wouldn't be lost. You, sir, would be up the creek without a paddle.

[higgyburners]

Originally Posted by Big bob

You really think he endured anything? Have you seen his incompetence that he has posted. He has the about the same skills and mental capabilities as the drunk with a drill. The only difference is he had better luck with his meal ticket.

I love it D-WAD will be his new nickname.... awesome stuff bob...

[Vandelay Industries]

Originally Posted by Yadkin

Isn't that a thing of beauty.

Almost worthy of a participation trophy.

[Frankie the Fink]

Originally Posted by GrandSportC3

Unlike others, I don't rely on my 401k to provide me with a monthly income when I'm old. I have income from 6 rentals for that. I'm not retiring off my 401k. I have had that extra income since 2010 when I bought my first rental. I never wanted to wait until I'm old before I can get the 401k money. I make more than sufficient monthly income from my rentals. Once I'm able to collect social security at age 62 my total monthly income will be over $9k net.. With no debts, $9k is plenty income. Yes, I make $13k net monthly now but I still have a little bit of debt. Once the debt is gone, $9k monthly is more than enough.

I was a landlord for a few years, about as pleasurable as a sharp stick in the eye, never again. Between my "old school" Federal pension and my portfolio banked when I consulted for 15 years as a second career...my "take home" tops out at your higher figure monthly. No (zero) debt. Frankly we spend a lot of it helping other struggling family members and paying for private school for the granddaughter so she never has to set foot in the taxpayer-funded public indoctrination centers called "schools" now.

[Frankie the Fink]

Originally Posted by KenHorse

I have my Bachelors in both Electrical Engineering and Computer Science.

And still, nobody likes me!

Somebody told me about 10 years ago that there are two categories of people that will tell you when you first meet them one of two things:

1) I'm an engineer
2) I'm from Texas

and I have found it to be true...

And, an engineer from Texas ? Well, I don't have to say any more...

[Mick]

Originally Posted by GrandSportC3

Unlike others, I don't rely on my 401k to provide me with a monthly income when I'm old. I have income from 6 rentals for that. I'm not retiring off my 401k. I have had that extra income since 2010 when I bought my first rental. I never wanted to wait until I'm old before I can get the 401k money. I make more than sufficient monthly income from my rentals. Once I'm able to collect social security at age 62 my total monthly income will be over $9k net.. With no debts, $9k is plenty income. Yes, I make $13k net monthly now but I still have a little bit of debt. Once the debt is gone, $9k monthly is more than enough.

I knew going in that you were doing it the exact right way, and all of us enjoying one of the few tax advantages our government allows us common folk are just stupid.

And you missed the point as well. Like I said, I retired 3 years ago at 57, and have not yet taken a cent from my tax deferred accounts. I was also a landlord for 15 years, and yes, that is work. In fact, I declared myself officially retired when I closed on the sale of my last rental property.

[Yadkin]

Originally Posted by Vandelay Industries

Almost worthy of a participation trophy.

More like a blue ribbon.

By the way, how do you store yours?

[GrandSportC3]

Originally Posted by Mick

I knew going in that you were doing it the exact right way, and all of us enjoying one of the few tax advantages our government allows us common folk are just stupid.

And you missed the point as well. Like I said, I retired 3 years ago at 57, and have not yet taken a cent from my tax deferred accounts. I was also a landlord for 15 years, and yes, that is work. In fact, I declared myself officially retired when I closed on the sale of my last rental property.

If I was single without kids, I would have stopped working years ago and would probably have a Lambo in the garage.. Having to take care of 4 instead of 1 slows things down. My goal in life was always to make my money work for me and never kept a significant of cash around. Invested all my money and as long as I have debt, there will never be more than like $11k in my checking account. As I still have about $190k in total debt (with $2M worth of total assets), every single cent I have left over at the end of the month goes towards the highest interest debt. ALL but one debt is very low interest. The only high interest debt I have is $80k in my HELOC at 8.5%. All other debt is < 4% interest. So, if I'd get laid off right now, I would use the money from my severance package to pay off my HELOC and part of my car loan and a year later, I would take out the 401k to pay off the remaining debt (my car loan) and the rest goes into my savings account. Once I'm debt free, I want to get to about $200k or so in my checking account. However, as long as I have any debt, every extra $ I have will go towards my debt. I rather take out my money from the 401k than leaving it in there as we don't know how tax laws are going to change. If income taxes go up and I wait, then I'll have to pay more tax on it. I rather have a nice amount in my checking account. One major consideration about taking out the 401k is also my daughter in case she decides to go to college. She is 11 right now and once she is in college age, her in state tuition depends on the household income. If I cash out BEFORE she is ready to go to college, my income will be low enough by the time she enters college to qualify for a lower tuition. In state tuition is NOT based on assets. It is entirely based on income. You can have 20 million in assets but if your family income is below a certain number, you qualify for lower in state tuition. So, I will just pay her tuition in cash and it won't affect my monthly income. However, I have to cash out BEFORE she gets to college to have a lower income to qualify for lower tuition. Goal is to keep my income below the threshold during she is in college so we pay less. If we need any additional money, I can pull from cash in the bank and don't need to take out from the 401k which adds to my income. I'm working closely with my CPA to know how to get my income low enough during that time. As I said, money in the checking account is not income and I'm planning on paying my daughters college tuition in cash from my checking account. We will use any legal tax trick in the book to qualify for the lowest possible in state tuition.

[Yadkin]

Originally Posted by Frankie the Fink

Somebody told me about 10 years ago that there are two categories of people that will tell you when you first meet them one of two things:

1) I'm an engineer
2) I'm from Texas

and I have found it to be true...

And, an engineer from Texas ? Well, I don't have to say any more...

3) I'm a helicopter pilot

[RedLS1GTO]

Originally Posted by GTOguy

When the shit hits the fan, real engineers like Yadkin will be needed to built actual things.

Won't lie, that made me laugh.

[Vandelay Industries]

Originally Posted by Yadkin

More like a blue ribbon.

Tell us you're delusional without saying you're delusional.

Originally Posted by Yadkin

By the way, how do you store yours?

Every chainsaw I've owned was stored on a shelf or *gasp* on the floor.

I have no problem admitting I've never tried to store one like it was a dustbuster.

[Mick]

Originally Posted by GrandSportC3

If I was single without kids, I would have stopped working years ago and would probably have a Lambo in the garage.. Having to take care of 4 instead of 1 slows things down. My goal in life was always to make my money work for me and never kept a significant of cash around. Invested all my money and as long as I have debt, there will never be more than like $11k in my checking account. As I still have about $190k in total debt (with $2M worth of total assets), every single cent I have left over at the end of the month goes towards the highest interest debt. ALL but one debt is very low interest. The only high interest debt I have is $80k in my HELOC at 8.5%. All other debt is < 4% interest. So, if I'd get laid off right now, I would use the money from my severance package to pay off my HELOC and part of my car loan and a year later, I would take out the 401k to pay off the remaining debt (my car loan) and the rest goes into my savings account. Once I'm debt free, I want to get to about $200k or so in my checking account. However, as long as I have any debt, every extra $ I have will go towards my debt. I rather take out my money from the 401k than leaving it in there as we don't know how tax laws are going to change. If income taxes go up and I wait, then I'll have to pay more tax on it. I rather have a nice amount in my checking account. One major consideration about taking out the 401k is also my daughter in case she decides to go to college. She is 11 right now and once she is in college age, her in state tuition depends on the household income. If I cash out BEFORE she is ready to go to college, my income will be low enough by the time she enters college to qualify for a lower tuition. In state tuition is NOT based on assets. It is entirely based on income. You can have 20 million in assets but if your family income is below a certain number, you qualify for lower in state tuition. So, I will just pay her tuition in cash and it won't affect my monthly income. However, I have to cash out BEFORE she gets to college to have a lower income to qualify for lower tuition. Goal is to keep my income below the threshold during she is in college so we pay less. If we need any additional money, I can pull from cash in the bank and don't need to take out from the 401k which adds to my income. I'm working closely with my CPA to know how to get my income low enough during that time. As I said, money in the checking account is not income and I'm planning on paying my daughters college tuition in cash from my checking account. We will use any legal tax trick in the book to qualify for the lowest possible in state tuition.

We've been around this circle before. I am married with 2 children.

You sound like one of those "snowflake" people who think "everyone had it easier than I have", when that is clearly not the case.

With the possible exceptions of stuff like a major family emergency, emptying out your tax deferred accounts as soon as you are able to do so without tax penalty is possibly the WORST financial decision us regular folk CAN make.

But, you do you.

Edited to add: When applying for financial aid, the value in your primary home, and the amount you have in tax deferred retirement savings are NOT counted as assets. Just another reason to keep that money in the tax deferred account.

[LATB]

Originally Posted by GTOguy

IMO, software engineers are useless. I could easily go back to living in a software-free world. When the shit hits the fan, real engineers like Yadkin will be needed to built actual things. Not stupid computer code.

Yadkin is not a builder.

[6spdC6]

Originally Posted by Vandelay Industries

Tell us you're delusional without saying you're delusional.




Every chainsaw I've owned was stored on a shelf or *gasp* on the floor.

I have no problem admitting I've never tried to store one like it was a dustbuster.

I have had 4 chain saws over 50+ years, and up till now all have leaked when left sitting too long. I leave mine down in the garage close to the outside doors. Its quick that way to grab it and clear out the tree or branch that fell and blocked the driveway. Because of the leaking I set the saw (20'') on two five gallon cans full of sand. Nothing leaks to the floor and its close by to grab and go after the downed tree. I use only stabilized none E gas and Steihl synthetic oil!

I just recently bought a Steihl battery saw (12") as due to medical problems its getting harder and-harder to pull start a gas one. No leakage yet of bar oil.

FWIW I have only cut up 2 fallen long branches (A 3'' & A4'') but the saw ripped right through it. I will still keep the bigger gas saw if a big/bad enough situation calls for it.

[Yadkin]

Originally Posted by Vandelay Industries

Tell us you're delusional without saying you're delusional.




Every chainsaw I've owned was stored on a shelf or *gasp* on the floor.

I have no problem admitting I've never tried to store one like it was a dustbuster.

Past sense, so

Also, 'spalins why you are so envious of my ability to create and organize.

[dvarapala]

Originally Posted by Yadkin

CAD software is awesome. But I learned how to draft with pencil and paper in middle school, high school, then again in college. Road layouts were done using COGO (the C does not stand for computer), trig tables, and basic math. Checked by plotting on 4' wide rolls of vellum on long tables.

I'd be inconvenienced without a computer, and the work would take a lot more time, but I wouldn't be lost.

Even with CAD software you're still off by 1/8".

Without CAD you couldn't design anything more complex than a dog house and you know it.

[Vandelay Industries]

Originally Posted by Yadkin

Uh-oh. Yaddy's gone to his response of last resort! It's quite the burn.

I guess.

If you're 12 years old...

Originally Posted by Yadkin

Also, 'spalins why you are so envious of my ability to create and organize.

spalins?

I'll give you this: you're the master of self-owns. Keep it up!

[GrandSportC3]

Originally Posted by Mick

We've been around this circle before. I am married with 2 children.

You sound like one of those "snowflake" people who think "everyone had it easier than I have", when that is clearly not the case.

With the possible exceptions of stuff like a major family emergency, emptying out your tax deferred accounts as soon as you are able to do so without tax penalty is possibly the WORST financial decision us regular folk CAN make.

But, you do you.

Edited to add: When applying for financial aid, the value in your primary home, and the amount you have in tax deferred retirement savings are NOT counted as assets. Just another reason to keep that money in the tax deferred account.

So, your wife never worked? Single income?

The 401k is not considered income BUT if I have to pull out money to pay the tuition, it becomes income. So, if I pull it out before she goes to college and then pay the tuition with that money, it's NOT considered income. If I pull it out to have money to pay her tuition, it becomes income.