Planning on dropping Health Insurance. Change my mind.

[Travelover]

That is a "stepped up basis" to market value.

Yes, thanks, I couldn't think of the correct term, but bottom line that appreciation goes untaxed if it is left to the next generation.

 

[plowhog]

Can you elaborate on what happened? I pay my property taxes on an auto withdrawal.

At one property we had AT&T land line and DSL internet. I (foolishly) signed up for the convenience of AT&T autopay. Then they automatically deducted the monthly fee from my credit card.

After a while we did not need the landline, which was $50/mo. I canceled the landline, kept the DSL internet only. They kept billing the same amount. I tried to sign into my AT&T account-- it was deleted by them (they did not tell me) when I cancelled the landline. I called AT&T-- after hours on the phone they said I had to go to the AT&T store to sort it out. I went there-- their advice was to sign into my AT&T account. We tried that there-- which did not work since they had cancelled the login (without telling me.) Now I am 6 months into this, no end in sight.

I disputed the charge on my credit card. AT&T responded by doubling the amount they billed the next month. NOBODY at AT&T could even find my account since it represented only a deleted account number. Desparate, I reported the credit card stolen and asked that the card company send me a new card. They did-- with a new number-- and AT&T somehow kept billing me even though all that had changed. I am now into this 18 months.

I finally called again (probably the 10th time) and refused to get off the phone until it was fixed. It was nearly a 3 hour phone call. All seemed fine-- they fixed it, credited back the charges. A month later I received a notice from a collection company-- saying I owed AT&T a potful of money. I wrote a long letter, attached all copies, and then heard nothing for 4 months. Then a different collection company started chasing me.

I finally contacted a friend who works for AT&T. He got me the "back number" to a senior person at AT&T. One phone call, it all got fixed. Only took nearly two years.

Today, I use online banking, which I control. Nobody has permission to debit my bank account or credit card account. I manage who I send money to, and when.

 

[D2Cat]

Yes. That's why I asked in this thread a long time ago if the OP had ever done a net worth statement for himself.

The net worth statement will tell you exactly what you have at stake to lose.

Many, my guess is, do not do a net worth statement because the answer they come up with is not pleasing!! However, have you ever seen a class in HS or college teach anything about financial management? Once again, many would have to look up on the internet what it is and how to proceed.

I learned a real simple statement that you don't have to have a PHD to understand. When your outgo exceeds you income, you upkeep becomes your downfall!!

 

[MossRoad]

Many, my guess is, do not do a net worth statement because the answer they come up with is not pleasing!! However, have you ever seen a class in HS or college teach anything about financial management? Once again, many would have to look up on the internet what it is and how to proceed.

I learned a real simple statement that you don't have to have a PHD to understand. When your outgo exceeds you income, you upkeep becomes your downfall!!

Both of our kids were required to take a personal finance course in high school. :thumbsup:

 

[plowhog]

When your outgo exceeds you income, you ...

You can become very popular with the opposite sex, and lots of friends and hanger's-on. And when you run out of money, they scatter like cockroaches when the light is flipped on.

 

[MossRoad]

I use a program called "Mint" to keep track of our finances. It's free. You enter all of you accounts, investments, personal property, etc... and all of your debts. It keeps track of everything. You can't make changes to your finances through this program, you can only monitor it. I keep that app on my phone. It updates with my credit union, investment firm, etc... automatically. It gives you a net worth statement, shows spending by categories like food, entertainment, automobile, etc... tracks your income. It's a really handy app to see everything in one place. :thumbsup:

 

[buckeyefarmer]

I use a program called "Mint" to keep track of our finances. It's free. You enter all of you accounts, investments, personal property, etc... and all of your debts. It keeps track of everything. You can't make changes to your finances through this program, you can only monitor it. I keep that app on my phone. It updates with my credit union, investment firm, etc... automatically. It gives you a net worth statement, shows spending by categories like food, entertainment, automobile, etc... tracks your income. It's a really handy app to see everything in one place. :thumbsup:

Sounds neat, but dont think i want one program having access to all accounts, even if only monitoring.

 

[MossRoad]

Sounds neat, but dont think i want one program having access to all accounts, even if only monitoring.

It can't make any transactions, only reports. It's made by Intuit.

Mint: Money Manager, Personal Finance, and Budgeting

 

[goeduck]

Both of our kids were required to take a personal finance course in high school. :thumbsup:

That was probably the best course they could have taken in high school. Hopefully they absorbed it. And I sure hope the class did not teach how to obtain a credit card.
:shocked:

 

[MossRoad]

That was probably the best course they could have taken in high school. Hopefully they absorbed it. And I sure hope the class did not teach how to obtain a credit card.
:shocked:

No. You hope it DOES teach them how to obtain a debit/credit card and use it responsibly. Both of our kids have had debit/credit cards since age 16. Used as a debit card, it's just a plastic check book. You have to have the money in the account before you can spend it. Used as a credit card, you can get into trouble IF you don't have the means to pay it off at the end of the month. Great lessons. Low limits at first! :laughing: