Episode-473- Listener Feedback 7-12-10

In is listener feedback Monday so I am back with another great round of your questions, comments and current event feed back.  Today we have some cool questions on things like a first gun for that woman in your life, storing guns on a budget, property tax freedom, storing food, dehydrating veggies and more.

Tune in today as we discuss…

  • Is a 22 a good first handgun for a new shooter, is it useful for self defense
  • What is the best budget friendly way to store and protect long arms
  • What is the big deal wit GMO food, one scientist says we are all nuts for even worrying about it
  • Will North Dakota soon get rid of property taxes, it could happen
  • What are the paint style cans I use for storing food, where do you get them
  • What are the penalties for withdrawal from ROTH 401Ks and ROTH IRAs
  • How good is High Mowing Organic Seed’s service, one listener says AWESOME
  • When is it time to begin ignoring laws in favor of practical preparedness
  • Any downside to “universal” rechargeable batteries
  • What is the difference between inflation and supply and demand, one “expert” doesn’t have a clue
  • How do you know when to buy, sell or refinance a house (an answer no economist will ever give you)

Resources for Today’s Show

Remember to comment, chime in and tell us your thoughts, this podcast is one man’s opinion, not a lecture or sermon. Also please enter our listener appreciation contest and help spread the word about our show.

You also now can call in questions or comments for the host at 866-65-THINK, (866-658-4465) please read the suggestions for calling in before you do for the best chance of getting your comments on the air.

10 Responses to Episode-473- Listener Feedback 7-12-10

  1. Jack, you might want to replace the paint can link with:

    http://www.thecarycompany.com/containers/paintcans/goldlined.html

    It is a bit more direct IMO.

    Also it is worth mentioning these:

    http://www.thecarycompany.com/containers/UNCartons.html#paint

    For long term storage, you can toss out a box spring and use the cans in boxes to save space.

  2. The envelope batteries are a good system. You were right the first time – the set includes mainly AA (some sets don’t include the AAA’s anymore). The set used to include a carry case. That alone was worth the cost of the batteries and I’ve been a bit PO’d since they left it out. The way I’ve used them is for things like voice recorders and my everyday carry flashlight. Occasionally I’ll get some use out of the sleeves when I need a temporary battery, but like you said the Ah capacity of any AA doesn’t compare with a D cell. The big perk to the envelope brand is that they use NMh rather than the old NiCad technology. They aren’t the only brand and other brands can be had at Walmart that include actual rechargable C and D Cells as well as 9 volt batteries. I use them for pretty much anything that has a high change rate. The NMh batteries hold a charge for about 6-8 months at room temperature, which is wher you run into issues using them in things like clocks or remotes. But for radios, flashlights, Mp3 players, etc, they are great and since they also don’t have memory issues, you don’t have to feel like you have to use them completely before swapping them for a fresh charge.

  3. Great point that the majority of Americans are betting on inflation even though they probably don’t know it.

  4. Brent Eamer

    To further expand on InBox485. I have about twenty of those adapters, all various brands. The high capacity AA’s (2700 maH) are good in a pinch for a LED flashlight. The only problem I’ve had when dealing with three or more is that I’ve had to slip a piece of aluminium foil at the “-” end to flesh it out, since the length’s are not always true ‘D’ length. I am a flashlight adddict. Check out http://www.candlepowerforums.com for all things batteries and flashlights.

  5. Brent Eamer

    Also check out

    http://www.thomasdistributing.com/shop/accupower-evolution-d-10000mah-nimh-low-discharge-batteriesbrprecharged-2-battery-pk-p-997.html?SP_id=&osCsid=a98rm8a91donrsllit8gi3gna7

    For high capacity low self discharge ‘D’s

    I’m working myself up to getting about ten of these. Yup, $230 in rechargeable batteries. But as Jack says: “Expensive, is only expensive once”

  6. TheMidwesterner

    FYI: I recently did a walk-thru of the Bargain Cave at the local Cabela’s and found that they had a couple of Excalibur 2400s for about $85 each. If you have a Cabela’s near you you, you might call and see if they have any. I recently picked up one of these on clearance at Bass Pro for $25 – you might try them too.

  7. Jack,

    I just wanted to thank you for what you said on the podcast today about our visit and what happened. My family and I had a great time talking with you and it was an amazing experience. My wife and I had talked about paying the bill before we got there, and I really appreciate what you did at the restaurant.

    Jeff
    theberkeyguy

  8. Justin in Boston

    Great Show as always Jack.

    Thanks for clarifying what you felt Mike’s position was on buying a home. We’re currently renting but plan on making an offer this month. You’re explanation covered most positions I’ve taken into consideration and had a reaffirmation effect that eased my nerves a bit.

    Free State Project- here I come!

    PS: I guess the assclown TheStreet writer is correct if you consider inflation as the supply part of Supply and Demand 😉

  9. I listened to the episode last night. The info on the Roth IRAs is misleading. Jack went through the details about qualified distributions. The thing is figure 2-1 does not apply to returned contributions. From IRS pub 590:

    “You do not include in your gross income qualified distributions or distributions that are a return of your regular contributions from your Roth IRA(s).”

    http://www.irs.gov/publications/p590/ch02.html#en_US_publink1000231057

    Additionally, the fact that the information came from someone that works at a bank lends no additional credibility. Bankers try to sell tax deferred annuities as proper investments for IRAs.

  10. I’ll add to the point on the podcast regarding Roth IRA distributions — I think you missed this one Jack.

    I re-read the Roth Withdrawals section of the IRS Pub. There’s two separate points that need to be clarified:

    1) Do you have to pay “income tax” on withdrawals of your Roth contributions.

    The IRS pub states:
    “You do not include in your gross income qualified distribution OR distributions that are a return of your regular contributions from your Roth IRA(s).”

    Answer: you do NOT have to pay income tax (read “include in your gross income”) on withdrawals (read “distributions”) of your contributions. Jack, you were describing the rules for qualified distributions — these are not relevant when you’re only talking about withdrawing the $ you actually contributed.

    2) The other point is whether there is any “additional tax” / aka 10% penalty on the withdrawal of your Roth contributions.

    This is where the 5-year holding period comes into play. Without getting into specifics of tax years vs. calendar years — if your contributions were made more than 5 years ago, there’s no penalty. If you’re withdrawing contributions less than 5 years old, you’ll pay 10% tax/penalty on the withdrawal.

    The bottom line on the Roth is this: If you put $ into it and leave it there at least 5 years, you can withdraw your contributions (what you actually put into it) at any time without penalty or tax of any kind.

    EXAMPLE:
    If in year 1 you open a Roth IRA with $1000 and leave it alone.

    In year 3 it’s value is $1200. You can withdraw $1000 and pay a 10% penalty ($100). Or you could withdraw $1200, pay income tax on $200 AND pay a 10% penalty on $1200 ($120).

    Assuming you made now withdrawal in year 3, in year 6 it’s increased to be worth $1500. You can now withdraw $1000 tax and penalty free. If you withdraw all $1500, you’ll pay income tax on $500.

    I hope this clears it all up once and for all….