Comments on: My Only Investing Experience http://beingfrugal.net/2007/11/19/my-only-investing-experience/ Saving money and getting out of debt from a Christian SAHM perspective Mon, 15 Mar 2010 19:04:21 -0700 http://wordpress.org/?v=abc hourly 1 By: Winners of Wise Investing Made Simple Giveaway | Moolanomy http://beingfrugal.net/2007/11/19/my-only-investing-experience/comment-page-1/#comment-7625 Winners of Wise Investing Made Simple Giveaway | Moolanomy Mon, 21 Apr 2008 16:02:58 +0000 http://beingfrugal.net/2007/11/19/my-only-investing-experience/#comment-7625 [...] My Only Investing Experience @ BeingFrugal.net [...] [...] My Only Investing Experience @ BeingFrugal.net [...]

]]> By: A Look at the Carnivals | beingfrugal.net http://beingfrugal.net/2007/11/19/my-only-investing-experience/comment-page-1/#comment-2278 A Look at the Carnivals | beingfrugal.net Thu, 29 Nov 2007 22:41:48 +0000 http://beingfrugal.net/2007/11/19/my-only-investing-experience/#comment-2278 [...] The Dividend Guy hosted the Carnival of Money Stories.  He included my post My Only Investing Experience.  Don’t [...] [...] The Dividend Guy hosted the Carnival of Money Stories.  He included my post My Only Investing Experience.  Don’t [...]

]]> By: The 36th Carnival of Money Stories http://beingfrugal.net/2007/11/19/my-only-investing-experience/comment-page-1/#comment-2234 The 36th Carnival of Money Stories Tue, 27 Nov 2007 15:13:10 +0000 http://beingfrugal.net/2007/11/19/my-only-investing-experience/#comment-2234 [...] 1. Being Frugal gave a cool run down on her only experience with investing - My Only Investing Experience. [...] [...] 1. Being Frugal gave a cool run down on her only experience with investing – My Only Investing Experience. [...]

]]> By: Giveaway: Share Your Investing Story for a Chance to Win a Book | Moolanomy http://beingfrugal.net/2007/11/19/my-only-investing-experience/comment-page-1/#comment-2114 Giveaway: Share Your Investing Story for a Chance to Win a Book | Moolanomy Tue, 20 Nov 2007 17:06:42 +0000 http://beingfrugal.net/2007/11/19/my-only-investing-experience/#comment-2114 [...] My Only Investing Experience @ BeingFrugal.net [...] [...] My Only Investing Experience @ BeingFrugal.net [...]

]]> By: Lynnae http://beingfrugal.net/2007/11/19/my-only-investing-experience/comment-page-1/#comment-2097 Lynnae Mon, 19 Nov 2007 22:45:20 +0000 http://beingfrugal.net/2007/11/19/my-only-investing-experience/#comment-2097 Wow! $10,000 is a LOT of taxes! And you managed to pay the taxes, the house, and for your daughter's wedding? You're right. That's God at work! :) Thanks for telling your story. And I'm making a mental note to myself to stay on top of estimated taxes! Wow! $10,000 is a LOT of taxes! And you managed to pay the taxes, the house, and for your daughter’s wedding? You’re right. That’s God at work! :)

Thanks for telling your story. And I’m making a mental note to myself to stay on top of estimated taxes!

]]> By: MichelleH http://beingfrugal.net/2007/11/19/my-only-investing-experience/comment-page-1/#comment-2096 MichelleH Mon, 19 Nov 2007 22:30:45 +0000 http://beingfrugal.net/2007/11/19/my-only-investing-experience/#comment-2096 Hi Lynnae, Well, it's kind of long story so bear with me. We went into business for ourselves (Dishnet Retailer) in September of 2005. That first year we took a loss on our business as we had some start-up costs and not much income generated by the end of the year. However the next year, I knew we were making more so I asked our accountant what I should do since we weren't making estimated payments to the IRS yet and she said for me to run our financial statements June 30th and she would take a look and let me know what her guess was as to our taxes. She called a few days later and said she estimated it around $5,000. This was quite a shock as we owed nothing the year before! Well we just put everything we could into paying that $5,000 in by year end. However, just as I was breathing a sigh of relief, we actually got our tax return back and out total tax was over $10,000! The $5,000 estimate was for only 6 months! I thought she had pro-rated our income for the whole year. ugh! Anyway, we had only put about $1000 into our IRA's. If we had been able to put more in it would have reduced our tax burden. This year we have kept up with our estimated payments and also put quite a bit more into the IRAs - I'll let you know how it turns out! PS We also bought a house during this year and our oldest daughter got married! God is good - we made it but I don't know how really...... Hi Lynnae,
Well, it’s kind of long story so bear with me. We went into business for ourselves (Dishnet Retailer) in September of 2005. That first year we took a loss on our business as we had some start-up costs and not much income generated by the end of the year. However the next year, I knew we were making more so I asked our accountant what I should do since we weren’t making estimated payments to the IRS yet and she said for me to run our financial statements June 30th and she would take a look and let me know what her guess was as to our taxes. She called a few days later and said she estimated it around $5,000. This was quite a shock as we owed nothing the year before! Well we just put everything we could into paying that $5,000 in by year end. However, just as I was breathing a sigh of relief, we actually got our tax return back and out total tax was over $10,000! The $5,000 estimate was for only 6 months! I thought she had pro-rated our income for the whole year. ugh! Anyway, we had only put about $1000 into our IRA’s. If we had been able to put more in it would have reduced our tax burden. This year we have kept up with our estimated payments and also put quite a bit more into the IRAs – I’ll let you know how it turns out!
PS We also bought a house during this year and our oldest daughter got married! God is good – we made it but I don’t know how really……

]]> By: Lynnae http://beingfrugal.net/2007/11/19/my-only-investing-experience/comment-page-1/#comment-2095 Lynnae Mon, 19 Nov 2007 21:17:32 +0000 http://beingfrugal.net/2007/11/19/my-only-investing-experience/#comment-2095 Thanks for the confidence booster, everyone! I feel really clueless when it comes to investing, and my husband is just as clueless. So we tend to wing it a lot. @Michelle - How did you find out the hard way, if you don't mind my asking. If my husband jumps into the realm of self-employment, I don't want to make a big mistake. @Angela - I love that idea. It's a good way to remain frugal and grow your retirement savings. And if you ever find the key to figuring out how to make the money work for you, let me know. :) Thanks for the confidence booster, everyone! I feel really clueless when it comes to investing, and my husband is just as clueless. So we tend to wing it a lot.

@Michelle – How did you find out the hard way, if you don’t mind my asking. If my husband jumps into the realm of self-employment, I don’t want to make a big mistake.

@Angela – I love that idea. It’s a good way to remain frugal and grow your retirement savings. And if you ever find the key to figuring out how to make the money work for you, let me know. :)

]]> By: Angela http://beingfrugal.net/2007/11/19/my-only-investing-experience/comment-page-1/#comment-2092 Angela Mon, 19 Nov 2007 18:49:55 +0000 http://beingfrugal.net/2007/11/19/my-only-investing-experience/#comment-2092 Okay I am co-dependent on my husband when it comes to investing and need to learn for myself but one thing I can say is evey time I am going to get a pay raise I increase my investment to my retirement account. It is a great tax break and I never get used to more money. This is especially important for us since my husbands line a work doesn't usually offer retierement benefits!! Now to do the research on how to make that money work for us....ugh! Okay I am co-dependent on my husband when it comes to investing and need to learn for myself but one thing I can say is evey time I am going to get a pay raise I increase my investment to my retirement account. It is a great tax break and I never get used to more money. This is especially important for us since my husbands line a work doesn’t usually offer retierement benefits!! Now to do the research on how to make that money work for us….ugh!

]]> By: Pinyo http://beingfrugal.net/2007/11/19/my-only-investing-experience/comment-page-1/#comment-2090 Pinyo Mon, 19 Nov 2007 17:01:41 +0000 http://beingfrugal.net/2007/11/19/my-only-investing-experience/#comment-2090 Great post Lynnae. I think you know more than you're giving yourself credit for. You did great by contributed enough to get the full match, stayed long enough for it to be vested, and rolled it into your IRA. Your 3 tips are also excellent. Great post Lynnae. I think you know more than you’re giving yourself credit for. You did great by contributed enough to get the full match, stayed long enough for it to be vested, and rolled it into your IRA.

Your 3 tips are also excellent.

]]> By: MichelleH http://beingfrugal.net/2007/11/19/my-only-investing-experience/comment-page-1/#comment-2089 MichelleH Mon, 19 Nov 2007 16:57:39 +0000 http://beingfrugal.net/2007/11/19/my-only-investing-experience/#comment-2089 Lynnae, From what I've read, the 401K's are hard to beat. You get free money from your company plus you get the tax break. We've never had access to a 401K but we try to put as much as possible into our IRA's. We found out the hard way our second year in business we should have been putting in much more than we were. This year will hopefully be better as we've been putting in quite a bit more each month by just having it drafted directly. You're right, you don't miss what you don't see! Lynnae,
From what I’ve read, the 401K’s are hard to beat. You get free money from your company plus you get the tax break. We’ve never had access to a 401K but we try to put as much as possible into our IRA’s. We found out the hard way our second year in business we should have been putting in much more than we were. This year will hopefully be better as we’ve been putting in quite a bit more each month by just having it drafted directly. You’re right, you don’t miss what you don’t see!

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