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Husband. Father. Musician. Mighty Bargain Hunter.

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http://www.mightybargainhunter.com

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@mbhunter

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Total Points: 43

Questions Asked: 0

Answers Given: 33

Best Answers: 1

401k rollover

May I rollover 401k funds to a residential second mortgage?

Asked by: Fshugh in Financial Planning - 24 days ago

mbhunter's Answer

I don't think so. "Rolling over to a residential second mortgage" would be paying it down, right? At that point you've taken a distribution, which is different than a rollover.

Answered 2 days ago

Do I have to pay personal income taxes if money is made out to my business?

If I get a business License and business tax ID number and have the companies make the checks out to the company instead of my name. Then not pull any money out to pay myself until 2nd quarter or 3rd quarter of 2010 to myself. Do I personally have to claim the money on personal taxes for 2009? I only worked for three weeks on my independent contractor basis in 2009 and don’t want to claim it if I don’t have to. I also opened a business bank account so it won’t appear in my personal account.

Asked by: MarkMares in Taxes - 80 days ago

mbhunter's Answer

I'm not sure Pinyo is 100% correct here. General partnerships, limited parnerships, and limited liability companies are pass-through entities. This means that any profit or loss passes through to the partners, member managers, etc. In essence, you record the portion of the income (loss) attributable to you on your personal income tax. It's only when you get into the realm of corporations that they behave as their own tax entity.

Answered 77 days ago

Best way to setup a joint investment account

Hello, I am trying to set up an investment vehicle with 9 other friends for the purpose of both going on trips after together after college and growing savings. What I am looking for help on is setting it all up in the most advantageous manner. We have all discussed it several times, and we would like to set up a holding account that we each have automatic payments delivered to each month and then a brokerage account to invest our funds. Furthermore, we would like to set it up as an LLC to cover legal issues etc down the line. I am curious if setting up an LLC is the best option both legally and financially (tax liability) or if we should explore other options. If an LLC is the way to go, does it matter what state (or even abroad?) we decide to go with? Thanks for your help!

Asked by: djpederson in Investing - 170 days ago

mbhunter's Answer

Maybe a dumb question on my part, but why would you want to do this? I'd just plan trips together and keep your finances separate. There's no reason to intermingle your finances like that. It's a recipe for destroying your friendships. I could see some people subsidizing other members of the group, and it would lead to hard feelings.

Answered 169 days ago

How much financial help is too much for adult children?

What about when they lose their jobs? Razor thin line between helping and hurting. Any advice, especially for reasonably well-off parents?

Asked by: paddygirl in Personal Finance - 184 days ago

mbhunter's Answer

Very good question. Thomas Stanley (Millionaire Next Door) talks about Economic Outpatient Care ... basically a fancy term for enabling adult children to spend beyond their means. It's not a situation I'd want to be in, on either end (as the child or as the parent). If you're well-off, I certainly wouldn't let my kids starve. But I've also seen the other side of the coin where not only were the adult kids living there, rent-free and (mostly) job-free, the mother was also raising the grandkids, and the great-grandkids. That's far too much on the other side. Perhaps a wise thing to do is to make any monetary support contingent on a plan of action (taking interviews, sending out resumes, getting part-time work, working in the family business, whatever). This might only be needed if it's necessary to do so. Hopefully the adult child won't need any more motivation besides their own work ethic and their pride for not taking assistance. The short answer: If they're unemployed and comfortable, you're giving too much. ;)

Answered 169 days ago

How to make money on the ideal mone in your bank?

Is it advised to take a fixed deposit at this time of state investing in stock market

Asked by: rosariodsouza in Banking - 206 days ago

mbhunter's Answer

Sorry, I don't understand. Are you asking whether you should hold cash, or invest in the stock market?

Answered 169 days ago

How do I pay back taxes for a deceased person to obtain ownership of their house which is otherwise paid off?

My mom's neighbor passed away leaving no relatives or will. He was pretty much unsocialable leaving no friends either, just a few nosey neighbors who looted his place after he died. His body is now in the state's hands. I found out he owed a few years back taxes & I am wondering if I can pay off the taxes to get ownership of the house so I can live next door to my aging mom.

Asked by: RainbowCrow in Real Estate - 253 days ago

mbhunter's Answer

This is too complicated to answer in detail here. Estate laws differ from state to state, as do tax liens. Many states have some kind of tax lien auction, "sheriff's sale" or the like, where you may be able to lay a claim to the property (a) should you win and (b) the responsible party doesn't stay current on repaying you. But those situations are more the exception than the rule. You may be able to track down the owner and buy it off them. Who knows? They may just want the cash. Due diligence is the key.

Answered 252 days ago

International Finanical Reporting Standards

Is IFRS a decision-useful or effective approach in times of economic crisis?

Asked by: suiechan in Business and Economy - 260 days ago

mbhunter's Answer

I'll go out on a limb, and say that it makes no difference. Surviving a time of financial crisis means research and preparation. If IFRS do that for you, great. Personally, I'm working to build extra income streams and not making any huge purchases.

Answered 259 days ago

What are the corporate strategies an organization could have?

Information about types of corporate strategy

Asked by: Kamal Mustafa in Business and Economy - 260 days ago

mbhunter's Answer

1) Buy an operating system, license it out, build an empire. (Microsoft) 2) Sell lots and lots of syrup. (Coca-Cola) 3) Etch the numbers 3 and 8 into everyone's brains, build a false religion. (NASCAR) 4) Build lots and lots of cool financial websites, make embarrassingly large amounts of money. (Moolanomy) Hopefully you get the idea. ;)

Answered 259 days ago

What is meant by Pull the Trigger mentioned by Cramer on stocks?

On TV Cramer said "That's computer software security and I want to pull the trigger. What is meant by "Pull the Trigger?" Mentioned by Cramer on stocks. Thanks, lameyer1

Asked by: lameyer1 in Investing - 261 days ago

mbhunter's Answer

Pull the trigger = buy or sell. It's a hunting analogy. You have a deer in your sights, and you're waiting for just the right moment to shoot.

Answered 259 days ago

What insurance companies provide the best service after the sale?

What home and auto insurance companies provide the best service after the sale? I've been looking around, for example on FreeAdvice.com and it appears no company is particularly stellar. A cheap rate doesn't mean much if the company isn't responsive when you have a claim.

Asked by: wreinus in Insurance - 262 days ago

mbhunter's Answer

Kemper dropped me like a rock after I had an accident. They never sent me a renewal notice. I had to call them to find out that they weren't renewing me. I'll never go back there again. Progressive has been all right. A little slow with our one claim around Christmastime, but otherwise very good. Their legal defense was excellent (a driver sued me).

Answered 259 days ago

Anyone tried Bing Cashback yet?

I've been looking at it but haven't tried it yet. I wonder how it compares to Ebates, which I am using currently.

Asked by: Kelly in Miscellaneous - 263 days ago

mbhunter's Answer

Occasionally there have been eBay deals for up to $200 (I think) or up to 25% of the price, whichever is less. Gold coins are a great thing to buy with that kind of markdown.

Answered 259 days ago

Which debt first?

What order should I pay the following debts off or should I be refinancing instead.The problem I have with refinancing is that I do not believe my home is worth enough at this time to bundle up all these debts into one new mortgage.Here are my debts. <ul> <li>Mortgage: $190000 owed @ 5.85% monthly interest $924</li> <li>Heloc: $44000 owed, variable rate. 3.99% atm. Monthly interest $145</li> <li>Credit card 1: $7850 owed 3.99% for most of it 18% on about $1500 of it. Monthly interest $60</li> <li>Credit card 2: $9400 owed 3.99% on most of it. monthly interest $44</li> <li>Credit card 3: $9300 owed 3.99% monthly interest $29.00</li> <li>Credit card 4: will be payed off in a couple of weeks. I pay $400.00 a month against this.</li> </ul> After credit card 4 is payed off, where should I focus my snowball payment? The Heloc worries me because although I am paying 3.99% today it could be 9% tomorrow.

Asked by: jconnon in Credit and Debt - 264 days ago

mbhunter's Answer

Good job getting rid of one credit card balance! It looks like CC 1 has the highest average APR, right? And also the lowest balance? Seems like that should get most of your attention for now. Knock it out. If you throw the whole $400 you're paying against CC 4 now, it will be gone in under two years. If the mortgage is fixed-rate, then just pay your regular payment there. No reason to pay extra on that one when you have the others. Keep it up!

Answered 264 days ago

Build emergency fund or pay credit card debt first?

My finances are horrible. Trying to budget/figure things out. should i build an emergency fund first or should i pay my credit card debt first?

Asked by: orchid in Personal Finance - 267 days ago

mbhunter's Answer

If you can, build a bit of an emergency fund since the economy is lousy at the moment. The more you have saved up, the longer you have to look for another job (should you lose your current one). Without income your credit card balances will go right back up again.

Answered 267 days ago

Should I let my daughter and son-in-law take over my mortgage?

Currently I have a monthly payment of $1,004. My daughter and son-in-law want to take over my mortgage. He is just getting out of the Marine Corp after 8 years. Should I allow them to make the payment? I am concerned that they would not be able to get a home loan since he has been in the Military. So I was thinking that allowing them to pay the mortgage until they can get their own loan might work.

Asked by: mperea in Real Estate - 268 days ago

mbhunter's Answer

There's a lot missing here in details but this seems risky on the face of it. They're not on the hook if they don't pay. You are.

Answered 267 days ago

Is their any representive introduction for the financial crisis of 2008?

i want to make a good presentation on my financial topic about the financial crisis of 2008

Asked by: nive in Business and Economy - 268 days ago

mbhunter's Answer

YouTube has a bunch. For a libertarian view you can start here.

Answered 267 days ago

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