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2022 Personal Finance - What Action Steps Have You Taken?

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  • disneysteve
    replied
    Originally posted by Jluke View Post
    I thought there was a five year rule too for i bonds where you lose the previous 3 months of interest if removed early
    You do, but with the interest rate close to 10%, even with that penalty, you'd still end up with way more than from anything else you could have done with that money.

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  • Jluke
    replied
    Thinking about moving next years school taxes to a 12M CD with 1.5% rate (CapitalOne)

    I thought there was a five year rule too for i bonds where you lose the previous 3 months of interest if removed early

    Leave a comment:


  • scfr
    replied

    Prepped the 5500-EZ for DH's solo 401k.

    Next up: The 6-year plan restatement. That will be a first, so it will be a bit stressful for me.

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  • LivingAlmostLarge
    replied
    The real problem is that once it's in i bonds i find myself reluctant to cash it out and use it as a EF like it's meant to be

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  • kork13
    replied
    Originally posted by Nutria View Post

    Buy ten $1,000 bonds. It's easy to do, and means you don't have to cash out the whole $10,000 just for a couple of thousand dollars.
    You can actually redeem I-bonds for almost any amount. The only rules are that you must cash out at least $25, and must leave at least $25 remaining in the I-bond. Otherwise, you can redeem any amount in $0.01 increments at any time after your 12-month waiting period has expired.

    What all that means is that one can safely buy a single I-bond for the full $10k -- it'll simplify your account, and if/when you need to pull money from it, you can redeem only the amount you need while leaving the rest to continue growing.

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  • Nutria
    replied
    Originally posted by kork13 View Post
    Just put in the order for another $10K I-Bond, set for purchase on 28 Jan.
    Buy ten $1,000 bonds. It's easy to do, and means you don't have to cash out the whole $10,000 just for a couple of thousand dollars.

    Leave a comment:


  • kyliemack
    replied
    At the beginning of 2022, I decided to invest all my accumulated money in my small business. I want to start selling different types of coffee, but I do not give up my main job as a software developer because this is my constant earnings and a big one. It turns out that I will have at least two jobs, and therefore this year, my income should grow noticeably. I want to save up some money this year and invest next year in cryptocurrencies and stocks. It is also possible that I will invest money in real estate because I see that real estate prices are only growing every year, which means this is a promising investment.
    Last edited by kyliemack; 06-06-2022, 01:55 AM.

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  • amarowsky
    replied
    my 2022 changes = put more investment into durable capitol assets , and reduce some investment into securities. (I was too equity heavy.... I wanted more durable difficult to aquire assets, that create value in other ways).

    I'm still heavy in the market. my trust in the market is waning at a slow and consistent rate...... I feel better having more invested in land/buildings/durable tools so they'll either gain equitable value through time, or continue to earn money through my lease contracts & unique opportunities that present themselves.

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  • disneysteve
    replied
    Originally posted by scfr View Post
    we may cash out some joint taxable investments and move to a MYGA. We're just mulling that one over.
    I've read up on MYGAs but can't say I totally understand them or the risks involved. I know the penalty to get out of one early is pretty steep. They are paying somewhat better than bonds which makes sense since they are much less liquid. I'm not sure how to assess if that added return is worth it. It looks like right now we could get a 5-yr MYGA for 3.75%, but can get a 5-yr brokered CD for 3.2% or a 5-yr government agency bond for 3.63% (which may have tax advantages). That spread doesn't seem big enough to mess with the annuity but again, I'm not well-versed on them.

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  • scfr
    replied
    The last step of the insurance switch was finalized a couple days ago when I completed the defensive/mature driver course and sent our certificates to the insurance agent.

    Put in the I-bonds buy order today, scheduled to execute 5/23. Anyone wanting to buy in May, don't forget about the Memorial Day holiday --- think about putting the order in early next week.

    Opened a new bank account to earn a bit more interest.

    Discussed next steps with DH: 1) Looked at upcoming variable expenses (esp 2nd estimated tax payment due 6/15) and made sure we have enough in our primary bank account to cover them. 2) Some of his "stock trading fun money" is sitting in a MMF settlement account and we're going to look into whether he can invest that in a brokered CD. He's adamant that he won't buy any more stocks "ever" (he's the emotional investor in the family) but at least he's not panic-selling. 3) And we may cash out some joint taxable investments and move to a MYGA. We're just mulling that one over.

    On it goes.

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  • BobbySands
    replied
    I'm buying I bonds with every paycheck. And 3 year, 30 year treasury bonds every month. I also opened up a College 529 account for a good friend child. 2022 is going to be a year I'm catching up on my investments.

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  • scfr
    replied
    Originally posted by LivingAlmostLarge View Post
    I opened a solo 401k and dumped $20,500 in it. I am so excited. I am also going to use it to play market timing since it's a small part of our portfolio. Decided to leave the rest alone but try something new.
    Congratulations!

    Leave a comment:


  • LivingAlmostLarge
    replied
    I opened a solo 401k and dumped $20,500 in it. I am so excited. I am also going to use it to play market timing since it's a small part of our portfolio. Decided to leave the rest alone but try something new.

    Leave a comment:


  • scfr
    replied
    After researching insurance companies, insurance brokers, etc. I chose 2 companies to get quotes from to compare to our current insurer. Today I called to get the quotes. On Monday I'll get the final piece of information I need to make my decision, but I've narrowed it down to either our current insurer or 1 of the alternates.

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  • scfr
    replied
    Just paid our first quarter estimated taxes and property taxes. Last week I moved funds into checking to make sure I had enough to cover these.

    When paying the property tax, I showed DH how I did it (eCheck online). Making sure he knows how to handle financial tasks in the event of my demise or incapacity is high on my list of goals for the year.

    Next items on the list: Decide if we want to use an insurance broker and if we do, shop around for one (homeowners insurance coming due in May is prompting me to do this). File Form 5500-EZ with the IRS for DH's solo 401K. Do plan reinstatement for DH's solo 401K (because the plan was started 6 years ago).

    It never ends . . .

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