That is steep. We always get an extension, pay a fine and interest, but it’s never really that much.
We have really had to pay any fine or interest. WIth our old CPA, he’d always over-withhold because he was afraid we’d end up penalized and we always got an extension. WIth our current CPA, he’s generally VERY accurate and we’ve always filed before the deadline. Our income has been more stable than we expected. Our CPA is very good at setting out how much we have to pay to our local and federal tax authorities, including preparing the estimated tax coupons, envelopes addressed to the proper authorities, etc. It does make things much simpler. I put the dates and amounts on my calendar so I will be sure to be prompt at paying.
Ha! Seems like you know a bit about investing, so I hope you’re going to keep some ownership claims even if most of your investments consists of lending your hard earned money to entities of various degrees of unsavoriness.
For what it’s worth, economically speaking I don’t think you need to worry much about inflation in the US for the foreseeable future. However, if this is really a concern of yours then it’s always worth remembering that extreme inflation is not really an economic issue. In the words of the guy who literally wrote the book about inflation: “Inflation is Always and Everywhere a Monetary Phenomenon”, at least if we’re talking about runaway inflation. Or to switch from the words of this Nobel prize winner to their translation provided courtesy of Otto from Animal House:“You F’ed up … you trusted us”.
One reason why we still keep our old house is that we have a lingering concern about inflation.
However, if we got rid of our old house and immediately bought a house in this high COL area 5 or even 4 years ago, I think we would likely be ahead financially (and could possibly buy a Tesla (but not an S model) like my friend does. I knew it but I did not have the gut to do it.
If there is a high inflation, we will definitely be screwed financially. If I am sure if this will happen in the next 5-10 years, we may want to buy another property (likely not in this high housing cost area though) as the buying power of cashes will be depreciated.
“You F’ed up…you trusted us”. lol
I agree with you on inflation which is why I am not really set up for a large increase in inflation. I am willing to change my portfolio if I start seeing larger increases. I hope I do that in time. 
If you see higher inflation coming post this on the board. Actually, I am serious.
I do have some ownership claims. I was exaggerating a little bit.
I was an option market maker on an exchange floor. I traded stocks too.
I want my kids to figure things out on their own but I told them 3 things. Maybe a little more than 3.
Spend less than you make.
Compounding is your friend. Let money work for you. Let assets work for you…
Which leads to…
You have to own assets.
I told my kids the people I know in their 50’s and older, who are doing well financially, own assets.
I can tell many posters have said similar things to their kids.
You’ve done reallly well for yourself.
@mcat2, you don’t need a tesla. It’s a car.
I understand you on keeping the house.
I have plenty of land where I can grow potatoes. I love potatoes, and they are highl in Vit. C so I am not going to suffer from scurvy. I can grow beets and carrots, too. They are quite tasty.
Tesla is a car. I’m glad Mr. agrees with me. 
I only make estimated payments if there is any penalty possibility. Otherwise, I like the govt to lend money to me on my terms.
Okay, if the world goes to crap, I’m going to Bunsen’s house for nutrition. And she can come to mine for wine (we just planted grapes). And we have so many apples from our trees…maybe hard cider this year. Do you see a theme here? It could be the end of the world, but we won’t care!
Well, folks can come to my home for sunshine and warmth. We MAY have a few citrus on the trees and MAYBE a few strawberry guavas, but no promises. Oh yea, probably some sirnam/acerola cherries and basil and rosemary. I haven’t managed to kill those plants. If you get sunburned, we have aloe --LOTS of it!
Okay, I’m going to HImom’s house if the world is ending. THAT sounds like the way to go!
How did we get to the world is ending?
I am writing down busdriver11 as a glass is half empty poster.
If its the coming of the apocalypse, I’m screwed. I’m a pacifist and anti guns so I own no guns and it’s frigging cold up here a good chunk of the year. i do have well water and septic so could be self sufficient from that standpoint. I can live off my stored calories for awhile I guess. It’s a long walk and swim to HImom’s house. 
Well, if we have too much global warming, our state will end up under water, literally. Our home used to be outside the flood plane but after they revised the maps, it is now at the edge within the flood zone (tho fortunately, we gave never had a drop of floodwaters touch our property ever).
I think all of this tangent started with comments about what kind of inflation we may see and how to address it.
“I think all of this tangent started with comments about what kind of inflation we may see and how to address it.”
In other words, it’s all @dstark’s fault! 
@Himom, yes, but the inflationary expectations were not that dire until a few of you took off. Now we have to grow our own food. Own guns. Own canoes.
But don’t own gold! I never understood why people think that if the proverbial you-know-what hits the fan, that gold is going to do them any good. Warren Buffett agrees with me. http://www.usatoday.com/story/money/2014/09/21/why-warren-buffett-hates-gold/15909821/
I have been short gold for several years. I did not make money though. I don’t like gold as an investment.
@dstark, I guess we have a headstart–at least D knows how to steer a canoe, so we won’t go around in circles or run aground! I’ve never purchased gold, jewelry, or anything other than securities and real estate (and our kids’ educations) as investments.
Back to squeezed middle class:
In the “old days” when people had land attached to their homes, growing or raising food was easier than now when people live in apartments/condos etc. and multi-family units. Growing things in patios, indoors, in containers requires more organization and may impinge on already crowded living spaces.
My paternal grandparents did grow quite a lot of vegetables. H’s family grew fruits and vegetables and raised chicks to chickens and rabbits for food. My folks still grow vegetables and fruit–more as a hobby but they have land to grow it on (not acres, but a front and side yards–used to have a backyard before it was replaced by a swimming pool and deck that was used for about a decade and now takes up space).
Lots of land in our state is being taken up with housing and agricultural and preservation land is being taken because housing (especially luxury housing) is so much more lucrative for developers.
Story this morning on NPR in discussing paid family leave. Mom is a waitress, dad a warehouse supervisor. Neither have paid sick or vacation days. They live in NH. Their first child is born 2 months premature, in NICU for quite some time. Mom says she lived on the free crackers and juice in the NICU. Second child, also pre-mature, sadly died soon after birth. Mom took less than three months off unpaid, and kept her job, but now they are in a financial hole.
The issue of paid family leave:
These are the average, hard-working middle class or working class people that are struggling who NG appears to be comparing himself to. They will never get a windfall of an advance that will allow them to buy a $700K home. That is why I object to his article. NG started on at least second base, and was thrown out trying to steal third. The vast majority of middle/working class folks started out up at bat, and some are having trouble getting to first base. Rather than free college, how about ensuring all workers get at least a little bit of paid leave.
Mcat,
Post 794 was in response to post 785, not your quote of his post.
No to metion he bought the house before selling his previous house. Sorry for being mean but Grabler did NOT have a fnancial distress. He had financial mismanagement. We can sympathize with each individual misstep. We make excuses for him, those are steps I took or could have taken. So we go quoting anectotes, I did this or I know who did that and they are very decent people, etc. The difference is not many people took ALL of his missteps as he did without ever changing their ways. I think people are confusing taking some of his missteps with taking all of them in defending him.
I think dire conditions of middle-class workers is a symptom of disappearing jobs. Trying to legislate to address the unfairness wil be an uphill battle in the disappearing job market. The solution will be if we bring back middle-class jobs by renegotiating trade deals. Benefits will follow. Someone posted a graph showing how the income inequality accelerated following NAFTA. Open market is all good but we can’t allow it to threaten our own democracy. Without healthy middle-class, it will be hard not to become aristocratic society with distinct elite class and a class that serves elites. Maybe our obsession with elite colleges is a reflection of the change already underway.