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My buddy has a small website business that he runs on the side. I think he's pulling in $5,000-$15,000 a year. Is it worth it for him to form an LLC or should he continue to run as a sole proprietorship? I think he's making around $50,000-$60,000 from his regular job and he lives in California.
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Mar 24, 2014 15:47
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| # ¿ May 3, 2024 12:07 |
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I made BFC proud today I think. I ordered a window regulator + motor for my 2003 ford focus off ebay for $25 rather than taking it into a shop. My Dad says he's replaced them in the past on various cars so we'll do it ourselves. On the downside the window fell in the door so now it's lodged up with a door stop which looks pretty silly.
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Aug 12, 2014 19:06
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Juanito posted:I'd love to see a photo. I'll post one when I get home if I remember. I've been parking it in the garage too since it's pretty obvious if you wiggled the window enough you could probably get it to fall.
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Aug 12, 2014 19:20
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Reddit posted:Hello, Personal Finance! Your daily dose of Reddit. A person who literally has no idea how a credit card works. I hope they aren't older than about 18 or someone did them a huge disservice.
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Aug 15, 2014 18:01
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Grumpwagon posted:That has to be a troll. You might be right, but I've seen some things. In college someone didn't know that you had to make a payment on your credit card every month. They thought they could just make payments when it was convenient. Apparently they thought "due date" was a suggestion. Some people truly don't understand how personal finances work.
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Aug 15, 2014 18:04
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A lot of food talk comes down to personal preference. I love watching shows like extreme couponing where people brag about being able to bring grocery bills from $500 all the way down to $5 (or more in some cases). However then they start talking about how much time they spend couponing and you can quickly realize at the very best they're breaking even with a minimum wage job. 60+ hours a week finding, clipping, compiling coupons 5-7+ hours at the store, and spending money on storage. Plus you have a poo poo load of products you're just never going to use. I also remember previously in this thread (or maybe it was somewhere else) where someone was talking down on people about how much money they spent on lunch only to find out the guy got free lunch through his work everyday. My wife and I spend about $600 a month on food/household for everything. That includes eating out + occasionally going out for drinks with coworkers / friends (very easy to have a $100 bill for just one outting). We're probably a little on the high side, but I can't stand the BFC approved diet of rice, beans, and whole chickens.
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Aug 20, 2014 16:04
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Leroy Diplowski posted:Gotta go with cloth diapers. They're greener, cheaper, cuter, and not really that much trouble once you get a system down. That's pretty insane to be honest. On average $.66 - $0.88 per meal per person $180-$240/(30 days * 3 Meals * 3 People). I find this really hard to believe without some free food coming in (either from work or somewhere else). However I don't see it as impossible. If you love generics, always cook in bulk, and shop the discounts + coupons it's probably feasible. You can't eat out very much or expensively because then the budget is impossible ($15*3*1.15) = $51.75 for one middle of the line restaurant assuming no alcohol would put you at $180-$240 - $52 = $128-188 / ((30 days * 3 Meals * 3 People)-1)269. $0.47-$.70 per meal.
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Aug 20, 2014 18:39
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Quick work related question: Can a company "force" you to take "PTO" time? Back story: The company my wife works for (that I also used to work for) has a lump "PTO" bucket (like a lot of companies these days). She's entitled to 10 PTO days per year which are supposed to be used for sick time, vacation time, personal time etc. She can rollover from year to year, but can't exceed accruing 10 days. Long story short she's been interviewing around because it's a pretty lovely place to work at the end of the day and has taken a few days off "sick" in the last week. We have a vacation coming up so she was just planning on going unpaid on the time she's been taken off to interview. However she got her pay stub yesterday and she got a full paycheck. When she inquired to the payroll/HR person about it they claimed it was now "company policy" to "use any available PTO when you miss time". This is not something that was in her original employer agreement and previously if you forgot to "fill out the correct forms prior to your vacation or when you came back from being sick" they would often refuse to pay you. At the end of the day it doesn't really matter to us (2 extra paid days this paycheck and 2 unpaid days in a few paychecks) I was just curious if that's really even legal. I live in California by the way in case that changes anything. EDIT: Nevermind. Revised my Google search and found the answer. Link below if anyone is curious. http://www.shrm.org/templatestools/hrqa/pages/canwelimitorrequireemployeestousepto.aspx Bugamol fucked around with this message at 15:16 on Aug 21, 2014 |
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Aug 21, 2014 15:13
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Folly posted:I can't read that link, takes me to a join-wall. Not sure about California specifically, but generally a company isn't required to give you PTO at all in the US. So they can usually create whatever policy they want about how you use it. I'm guessing it says that the only limit is that they have to provide PTO if they say they're going to, and they have to tell you their policies in advance? Weird that it takes you to a join wall. Was just the first click or two off Google after I revised my search and I didn't have any problems getting to it. That's basically what it says. The only argument she could have is that they did not provide 90 days written notice that the policy was changing. At the end of the day she's looking for a new job anyway so we don't really care.
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Aug 21, 2014 15:54
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This is BFC. You're supposed to eat rice and beans. Live in a box. Bike to work. Then you can retire at 30, move your box to a cheaper location, and continue to eat rice and beans for the rest of your life! But you won't be a slave to the man anymore. The basic rules of thumb I was always taught were: 1. Spend less than you earn. 2. Set a retirement goal and save for it. Whether this means retiring at 45, 55, 65, 75 everyone has different goals. 3. Have a decent emergency buffer. 3-12 months depending on how risk adverse you are. 4. Avoid consumer debt. In my mind everything else is noise. After that everyone is going to prioritize things differently. You will have a different expense mix based on your situation (single, married, kids, divorced, etc.). Trying to proclaim the right way to spend what is essentially luxury income is pretty silly.
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Aug 21, 2014 17:20
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Nail Rat posted:I'd disagree with this in a slightly nitpicking way. I would say pick a safe withdrawal percentage, then pick a retirement income in today's dollars you want. Then save for that. You might not know exactly whether it'll come at 45 or 55, because you don't have a crystal ball into future earnings, windfalls and emergencies. This is probably the more correct answer. I was trying to get across more so that not everyone wants to retire at 35.
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Aug 21, 2014 17:28
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Sephiroth_IRA posted:If someone is prioritizing luxury over necessity and then complaining about how they can't afford the necessity I think it's fair to be critical. This is 100% true, however I feel that the conversation has switched into. How you spend your luxury income is not okay! I am making the assumption that the people posting are meeting the basic rules of thumb that I posted. If you're putting groceries and eating out on credit cards or not saving for retirement so you can get another beer that's a completely different conversation.
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Aug 21, 2014 17:42
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For reference my fixed expenses are $2,587.50 a month (ie Rent, Utilities, Car Payment, Insurance etc.). Between my wife and myself we bring in $6,237.50 a month (after insurance, hsa, 401k matches etc.) Biweekly pay so it's a little less than that with "bonus checks" throughout the year. That leaves us with about $3,650 a month for variable costs. If I want to spend $600 on food and eating out I'm not hurting anyone. EDIT: We're in our mid 20's, don't have kids, and don't currently plan on having kids. EDIT: Fixed food and eating out since that's the budget we stick to for both. It also includes household goods. Bugamol fucked around with this message at 17:50 on Aug 21, 2014 |
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Aug 21, 2014 17:48
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/r/personalfinance at it's best.quote:Quick background: My husband and are currently trying to reconcile after he filed for divorce and tensions are high. I drove a 2013 Chevy Equinox as a stay at home mom and our finances were fine. Now Our children are in daycare which is costing us about $2200 per month. TL/DR: Should I trade in my 2 year old car that is $7000 underwater for a brand new car so that I can save $50 per month? Also we spend $2200 per month on daycare.
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Aug 21, 2014 23:27
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Rurutia posted:Holy poo poo, she doesn't even have a job yet. She's been looking for 2 months but their kid's in daycare for some reason. Don't focus on those details. She could save $600 a year by buying a brand new car AND by her napkin math with no backup $1000 a year on gas. The answer is pretty clear. Don't muddy things up with details.
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Aug 21, 2014 23:53
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What options do I have in California trying to get rid of a 2003 Ford Focus with ~100k miles on it. It needs new tires, brakes, the check engine light is on, and it recently died on me while driving on the freeway (battery light issue). The thing is only worth about ~$2,000-$3,000 in working condition and we don't need two cars so I'd rather just get rid of it, but not sure what my options are with the check engine light on. Anyone know if it can be sold as a PNO to a scrap yard or something? Can I donate it with the check engine light on and just write it off? Any suggestions? Tried Googling it and the answers were mixed and matched so figured if anyone had gone through this before maybe they could shed some light.
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Jan 12, 2015 23:12
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I took up golfing. What have I done. 
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Mar 16, 2015 22:26
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| # ¿ May 3, 2024 12:07 |
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Sephiroth_IRA posted:Golf is a valid sport deserving of respect but one of the douchiest people I have ever met in my life is an avid golfer so I can't help but hate it. I did it primarily to network with people at work, so it's "career centered". However I've found that I actually really do enjoy playing and it gets me outdoors which is good. I've met two pretentious people who play golf and take it way too seriously, but the majority of them are laid back and just want to have a good time / drink a few beers. I joined my work golf club which was somewhat expensive ($60) and the monthly tournaments cost $30-$150 each. I bought some used Callaway x series irons/wedges + a few hybrid woods + driver from my father in law for trade in value ($300 for a full set of clubs that are about a year old) so I got a good deal. Still I had to make some budget cuts to cover the $100-$200 a month I'm spending golfing now.
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Mar 18, 2015 18:43
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