Where are you spending your stimulus checks?
6 years ago
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- 6 years ago
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Will you spend your stimulus on new
Comments (2)After doing my federal taxes yesterday, I'll still be 23.00 in the hole after the rebate - grrrrr!...See MoreProblem with Stimulus Check/Tax Refund
Comments (19)Hi Jock Ewing, Being a furriner - I have no useful advice to offer regarding your Incentive funds, tax refund, etc. ... sorry about that. However - I'm with dadoes ... wouldn't it be a good idea for you to plan to reduce your tax refund to close to $0.00? Over the years that I've worked as a personal financial advisor, one of my major suggestions to clients and others was that they reduce their income tax refund to $0.00. Even at low rates of interest ... money in your bank account does develop a small amount of interest, during the year and a quarter to a half or so that some of it would be there. I'd like to suggest that, during the year while your extra large withholding is being held back and sent to the IRS as an interest-free loan, you check with your bank as to the amount of interest that the extra amount withheld would have earned. Then when you receive your tax refund, suppose you take an equal amount and, in the presence of your family, throw it into the street. Do you figure that they would, on the strength of that act, judge you to be a wise manager of money? Not only are you losing the small amount of interest (let's call it a "pittance") that that amount of money would earn if you'd taken it and put it into a separate and inviolable bank account ... it would have been available in case of need to deal with a major emergency expense. The IRS wouldn't have been too sympathetic had you, facing such a need, asked them to pay you a portion of that potential refund during that year. Which relates to another major suggestion that I made to my clients ... that they try to have at least 3 months' income available in easily accessible asset in case of an emergency. With six months', nine months' or a year's amount being built up in case of substantial unexpected need - including, in recent years, a possible extended period of unemployment. I shared with a number of them the information that I often did not have that on hand myself during my years of recent employment, as I held a "credit" (really "debt") card with, usually, zero or almost zero owing, with full amount paid off monthly prior to due date, plus a line of credit at the bank, usually sitting unused (with no set-up or maintenance fee if unused) which I could draw on to pay off the credit card balance due after use to cover an emergency. Actually, I recently signed up for another card, with 1.9% interest rate for 9 mos. on transferred balances, to use to purchase stock, should I so choose, as I would have to pay 5.00% currently on my line of credit but can buy the stock using the first card, then transfer the balance. But - the first card will charge interest at regular rate (about 18%) from the date that I draw on it till the date that it moves to the second card. By the way - I'm 80 and live on less than the income from my three pensions (one governmental with residence requirement, so housewives qualify, a second contributory related to my former income, and a third private contributory one) plus a small annual required amount of withdrawal from a tax-deferred retirement account. That income is much more secure that most employment income, as all that I need do to qualify is ... ... stay topside the grass! Which makes my pension income almost a guaranteed income (as long as the private carrier and the government stay solvent - and ours is a lot closer to that than yours). Do yourself a favour, Jock, please - set up a bank acocunt that you promise to leave alone except in case of extreme emergency ... and deposit the amount of withholding overcharge from every paycheque. With a name such as yours - you may have a drop or two of Scottish blood in your veins ... and you know their reputation for being careful with the use of money. Good wishes for what's left of winter, the spring - and the rest of the year. ole joyful...See MoreHave You Checked Out Your Dryer Lint Filter & Vent? Check Out My
Comments (20)Been there, done that...lint is such a HUGE annoyance to my life. We're in a 2nd floor condo where the dryer vent ducting goes to the roof through the attic over 20 feet and several elbows. My husband bought the condo years before we met, and the ducting was clogged after several years. At the time, he decided to disconnect the vent from the duct. The resulting moisture did some damage to the cabinetry (swelling of the particle board, even under layers of oil-based paint). Soon after we married, he decided we needed to fix the problem correctly. He went up into the attic and disassembled the ducting, brought it outside, and blew it out with his air compressor. I pushed some cleaning tool through it as well. We can't be doing this regularly! I mean preferably, never again! So, I had him put a filter -- a gallon paint strainer -- over the dryer vent where it connects to the machine. This clogs every month or so, we pull the machine out, disconnect the vent, clean the strainer, and put it back. This is still an annoying chore, but not the nightmare of dealing with the whole duct run. My husband had a cool idea, that what we need to do is sew a new, longer strainer that tapers to a skinny point, so that even when it clogs at the point, there can still be air flowing past the clogged strainer, and we should be able to go longer between cleanings. We got a new dryer last summer, and pulled the ducting out of the attic to clean it -- but it was already clean as a whistle. So, our secondary filter system has kept the duct run clean for 9 years. I found you can buy secondary lint traps with a door that opens to clean them out, but we don't have room to install the box in our laundry room, and I don't think it would work any better or be easier to clean than our homemade filter. When I redo the floor, I plan to put magic slider thingies under the dryer feet to make it easier to move in and out, plus I won't want to gouge my new floor. I have researched other solutions. People claim that solid metal vent will maintain better airflow than pleated, but I think it will still clog because we need 2 90-degree elbows to get it connected to the duct in the wall. And if it clogs, how do we pull out the machine with a non-stretching vent? If we could move the duct in the wall to match the dryer vent outlet, that would eliminate 2 elbows and would probably help... I also found you can install a secondary fan in the ducting near the exit, increasing the airspeed in long ducts so the lint won't clog. They cost $150-200, but if I never had to clean out the duct run or pull out the dryer to clean my makeshift secondary lint trap ever again, it would be well worth it. I also think that our ducting is leaky somewhere, because rooms on the other side of the wall (our master bath) get crusted with lint all the time. Finding and sealing those leaks would probably improve airspeed some, plus save me tons of work cleaning the lint all the time. I think the additional fan is the way to go. In 2 other areas where we replaced an ineffective low-cfm cheap fan with a high-cfm good one, like the hood over our cooktop, it made an amazing difference, night and day. Here is a link that might be useful: example of dryer duct fan...See MoreStimulus Checks--This one takes the cake
Comments (9)Just one person's opinion--but the machine should NOT be programmed to give checks to dead people. Her taxes were filed, clearly labeled that she was deceased, and this letter acknowledges that fact. When the check arrives, it will go into the estate account. It's NOT legal for me to do anything but divide this money among the heirs. I cannot--as executor--make the decision to donate this to charity. As executor, I've got the fiduciary responsibility of doing exactly what her will specifies--no more, no less. It's illegal to do otherwise. So looks like we'll each be getting an extra $75 when I make the final distribution. Well, it's a nice dinner out with our spouses--something Mom would approve of. She LOVED going out to eat....See More- 6 years ago
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