- savesthedayrocks
- Mar 18, 2004
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Why is the college thing coming up again? You're too poor to pay for your kid's college. They can get loans for school but nobody will give you a loan to retire.
Not an empty quote.
Why anything other than paying off debt or retirement/investments comes up I have no idea.
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Jan 6, 2020 03:32
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May 20, 2024 16:46
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- savesthedayrocks
- Mar 18, 2004
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B for Blue Buffalo, which is what you are going to be eating in 20 years.
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Jan 8, 2020 03:27
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- savesthedayrocks
- Mar 18, 2004
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Good stuff tates, a lot to think about.
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Jan 8, 2020 22:45
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- savesthedayrocks
- Mar 18, 2004
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Except zaurg 
Glad you guys like it though! I had the same reaction myself when I found it.
You need to mark these transactions as transfers between accounts:
https://learn.pocketsmith.com/article/367-transfer-marking-in-pocketsmith
Basically when you have both an asset (checking) and a liability (loan) in Pocket Smith, it will apply double entry book keeping like a proper accounting software. In strict accounting terms, a loan payment is not an expense, it is a reduction of a liability. The true expense component of the loan is the interest.
You can set up transfer categories to budget the loan repayments as a way of monitoring cash flow.
https://learn.pocketsmith.com/article/132-dealing-with-transfers-in-pocketsmith
You need to create an actual filter, then you should be able to set rules with multiple parameters:
https://learn.pocketsmith.com/article/507-everything-you-need-to-know-about-filters
More so than other budgeting software, it really puts this in your face and it's actually a good practice. It uses what you've categorized as the basis for trends analysis and a few of the other features like forecasting.
If it bothers you a lot, pick a cut off date beyond which you won't categorize stuff and delete the transactions from Pocket Smith. Or do what I do, which is just chip away at 10 or so old transactions at a time. When you have your categorization rules and auto filters set up, you spend like zero effort categorizing news transactions so eventually you'll get them all.
Don't feel dumb! The key is to persist and ask questions.
EDIT: ^^^
On that note, since a few others have started using Pocket Smith, should Pocket Smith chat go to a separate thread? I'm happy to get one going if there's interest.
I’d appreciate it. I tried it and my credit card came up with a negative $45,0000 balance. Most of my transactions were categorized from using mint for years so I gave up troubleshooting for now.
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Feb 3, 2020 02:25
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- savesthedayrocks
- Mar 18, 2004
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Main reason I brought it up is because you (and I) know you can juggle the income uncertainty.
Other thing to mess with is, if you need 18 months to get squared away on low-risk passive income, you could also go for something with higher risk but as a stepping stone. REITs like EARN, NYMT or SVC pay dividends in the 8-13% range which would quarter your time to getting predictable(ish) income to be squared away as priority 1 within a few months, and then you go for the HYSA / CDs for priority 2 to truly de-risk your move.
Once you're at that low-risk passive build-up, then you can play games with either rebalancing the total portfolio so that the total return covers your expenses but progressively derisks, or reinvest the dividends to accelerate how quickly you're stabilized.
Good luck, I'm sure you'll nail it.
Thanks for the effort in the sea of poo poo posts. I’m not anywhere close to this point in my life, but appreciate the perspective.
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Feb 4, 2020 21:44
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- savesthedayrocks
- Mar 18, 2004
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It will! loving guaranteed! I bet guaranteed would agree.
Seriously this is awesome. I wish my local credit union would implement this. I'm just going to move all my savings to Ally and keep a minimum like maybe 5k in checking account.
Hey if I really needed 10k or something for a true EMERGENCY, how quickly could I get that money from Ally? Do any of you use an online bank like that? What's your action plan in that scenario?
I’m interested to hear what kind of emergency you think will happen where you need liquid access to 10k quickly.
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Feb 6, 2020 05:14
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May 20, 2024 16:46
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- savesthedayrocks
- Mar 18, 2004
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taters, read my post
NOTE: $348.07 windfall was added to my March budget, as you can see. 250.00 of that has been transferred to savings. The remaining 98.07 has been dispersed between Car Replacement, Gifts, and Home Furniture/Upgrades, like a boss.
So you spent a windfall? Is that what we are calling it now?
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Mar 10, 2020 14:58
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Jan 6, 2020 03:32
