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Fiscal Chores

November 11th, 2010 at 06:31 am

Ugh! I am drowning in fiscal chores, it feels like.

**Got my new Target card & ordered one for dh. I just put him as an authorized user, since it seemed easier. (We usually own all our cards jointly).

I couldn't add him until my card arrived, which I thought was kind of a pain. (I've always just applied for a joint card).

**My boss gave us the distribution forms for our profit sharing plan. He announced January that he was closing the plan - lord knows what took so long. I opened an IRA in Feb or March and have been waiting to roll it over.

I got to update my net worth by $1k (current year returns) - I presume it's been sitting in cash for quite a while, while getting the paperwork ready, etc.

The rollover into my IRA should be rather easy. But, now I have to figure out how to invest it. Doubling the retirement funds in our control will give me considerably more leeway to diversify (more funds, etc.). On the flip side, it is a lot more to manage. I haven't had control of this money before, so now I have to consider putting all the high return stuff in the ROTHs and the lower return stuff in the regular IRA. I will probably just stick it somewhere simple to begin with, and will think long and hard about our strategy. It's a lot of pressure, to suddenly double the retirement funds that I manage on my own, but without the fees in the profit sharing plan I think I can fare better for the long haul.

**Refinance? I think the odds are slim.

I have had mixed feelings on our mortgage broker, but don't want to go through the hassle for so little benefit, without knowing it is going to be an easy process with no B.S. So, I only want to refi with this guy.

Our broker was hard to reach. He was playing conservative (partly probably because he was just SWAMPED). He really didn't think it made sense for us to refi, and I tried to convince him otherwise.

Reverse psychology- genius, eh?

Sounds funny, but we quickly figured out our disconnect. I presume we will stay in this house forever. We've already been here a decade. (I also presume we will pay off the house in about 15 years' time, anyway. Maybe faster when dh returns to work).

For him, the presumption is everyone moves every 5 years, anyway. So he asked me point blank, "How long are you planning to stay in this house?" My reply? Forever!

He then conceded that it might make sense. IT would shave 3 years off the loan, afterall, if we stayed to the bitter end. Which is why I think it's a bit of a no brainer.

He then told me that he couldn't get the rate lock for long enough because it's so crazy. So, to just call him if rates drop slightly.

He was talking 4.25%/no points, but with the forever factor, I think I rather go 4% and pay a point. BUT, I since ran the numbers and the 4.25% was "keep the same payment and shave 3 years off our current payoff time." The numbers say it is worthwhile, though I hesitate to go through the whole process to save just over 0.5%. But, I suppose it makes sense if we can get the rate lock. (If no rate lock - forget about it!)

This will be a case of if rates drop at all, we will probably go for it. If not, oh well. It's hard to cry about 4.875%. Wink

Now I have to keep an eye on rates. I just printed out rates on Bankrate yesterday and will check it daily to see if it drops.

Psychologically, without the 4%, not sure I want to bother! I admit that part is psychological. 4%!!!!!!!

1 Responses to “Fiscal Chores”

  1. ThriftoRama Says:

    So we both gave in and got the Target card, huh? Let's see how it works out. I notice I am extra careful to only buy what's on my list when I am there. I don't want to get discount fever!

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