All Forum Posts by: Helen Fradette

So a window opened and I have an extra $200/month that I had not accounted for coming in each month and I'm deciding what to do with it.  I can either put it in my employee retirement account which is not maxed out yet - (btw do I have to personally make sure I don't over fund this each year or is there some kind of monitoring going on?) -  or I can pay an extra $200 to the principal of my home mortgage or put it in my Tax Advantage account.  The mortgage calculator has me saving $5000 in interest over the life of my loan... 13 years left; vs $200/month invested at 10% return for 13 years is around $3120.  So it would be better to pay it towards my home mortgage, right?- Provided that I'm going to live in this home until it is paid off?  If I'm going to sell it in the next 5-7 years, does that make a difference? I don't know what I'm going to do with it yet. 

@Thomas Rutkowski I found my policy! I was in the "important papers pile."  :)   After reading over it, most of which I don't understand, I did not find exactly to which you are referring. I did, however, find a header of "Maximum (Guideline) Premium Test" which my policy does meet.  Also, I see it is a Strategic Accumulator IUL, if that has any bearing. 

Hello, I'm in the stage of figuring out where my money is going. When I hear people say, "Live off 50% of your income, invest/save the rest" how would I calculate that amount? I know the difference between GROSS and NET, but my NET income has a deduction of contributions to my employer IRA fund so I think I'd add that back into the NET amount, right? I calculated that 33% of my gross is being pulled off the top for taxes and insurance. So, if I work with the 67% amount and take 50% of the 67% = my savings goal?

@Zachary Paschke Thanks. I have a bit of dyslexia and get my letters mixed up sometimes. IUL yes - I did know enough to not do whole life, and he said it was the best way for me to grow investment while having the safety net of also acting as the life insurance if I needed it. I'll continue to research and evaluate my situation. Perhaps I threw too much into it and it will keep me from reaching some of my investing goals, losing the opportunity costs. I'm still figuring out my goals so lots to think about! Appreciate your comment.

@Drew Sygit So you are talking cash flow, in a small amount at first, which will free up more of my monthly expenses, which in turn gives me more to save. got it. Thanks!

@JD Martin Thanks for the book recommendations, JD! I see you are a Premium member and were a guest on the Real Estate Podcast #243 I'll add that to my list as well.  I love the mountains of Tennessee. Have often thought after I leave Michigan I may end up there. I'm still figuring out how to navigate this forum, I think I can send you a connection of some kind. So far I'm impressed with the software. 

EEKs! the real @Scott Trench replied on my intro post! I'm starting at episode 1 of @Mindy Jensen and your podcast (on episode late teens now and love Mindy's laugh... and your puns). You guys say you are on the forums and here you are! Thanks for the advice on the UIL. Cancelling that will put an extra $1000 in my pocket each month ( minus a short term life insurance plan). I am 47 in a couple of weeks and had nothing to retire on, so my fiduciary advisor said this was the best plan for me since my income is more than qualifies for a Roth IRA... which I don't understand but OK. this UIL is supposed to be there in the case I need it for Life Insurance, but I can use it to retire on when I need it later in life. I'll check out the Mr Mustache episode and blog. Thanks for directing me specifically to that. And both of your books are on my list to read! I'll continue to focus on educating and saving for a while. Thanks again!

Hello! I found BiggerPockets about 2 weeks ago and have been hooked on the podcasts. Three years ago, I landed a job that allows me to actually save money each month rather than living month to month. Prior to that I was living just above the poverty level, a single mother with 3 children.  I got a Financial Advisor because I had nothing for retirement. He fixed me up with a Universal Index Life Insurance fund that I now contribute to each month. In addition, I have employer match up to 4% 401/403 accounts for which I am contributing 8%.  I just got an account with Mint.com and have started to get my accounts linked. I still don't know how much I need to retire. How do I figure that out?  I own my home and it has around 150K equity in it.  I would like to have a short-term rental somewhere warm so that I can go there every once in a while, when the sun hasn't shined in Michigan for 40 days. I have tons of ideas now and I don't know what to do first. I'm only 2 weeks into this journey and I'm pretty sure that first I need to build some capital. While I'm building capital, read and listen to everything... start a blog, use affiliate marketing, get my 18-year-old to manage it, rent out a room in my home, build an addition to my home, buy some property in a town that doesn't have a Starbucks, then become a franchise owner, how do I know if it will turn a profit? Take lots of notes so I can write a book and then go on tour someday... so many ideas...I feel I might be a little crazy.  I also tend to tell too much information about myself. lol. Glad to be here. Open to any tips and tricks of navigating the site or anything that I wrote above.