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Re: When people put all their eggs in the wrong basket

It could be said that many small-business owners are putting all their eggs in one basket too. Since many small business owners fail, it's likely that these would have turned out to be bad baskets. Is there a difference between putting most of your wealth in your own business, and putting most of y...
by Abe
Sat Oct 25, 2014 12:07 pm
 
Forum: Investing - Theory, News & General
Topic: When people put all their eggs in the wrong basket
Replies: 226
Views: 22617

Re: How to think about expected returns--continuing discussi

This is how I see it. The correlation coefficient in a linear association has a negative association, so there are three axioms of probability. This constitutes a base rate fallacy in my opinion, and I am more inclined to look at the binomial distribution when projecting expected returns. So my conc...
by Abe
Fri Oct 24, 2014 6:20 pm
 
Forum: Investing - Theory, News & General
Topic: How to think about expected returns--continuing discussion
Replies: 97
Views: 6484

Re: When people put all their eggs in the wrong basket

Makes me really feel for a lot of people in there that lost their life savings. I also agree that it is not necessarily greed but ignorance, and that people just think that is how you are supposed to invest. A lot of people want instant gratification. They don't want to think about waiting 30 or 40...
by Abe
Fri Oct 24, 2014 5:42 pm
 
Forum: Investing - Theory, News & General
Topic: When people put all their eggs in the wrong basket
Replies: 226
Views: 22617

Re: Anyone here buy land/houses at public auctions

I have bought houses at foreclosure sales.
Edited to add: I believe I had to put up 10% at the end of the sale and then I had something like 24 or 48 hours to pay the remainder. Can't remember exactly.
by Abe
Sat Oct 18, 2014 10:16 am
 
Forum: Personal Finance (Not Investing)
Topic: Anyone here buy land/houses at public auctions
Replies: 6
Views: 1046

Re: How did you get from $1M to $10M

Happiness is not having what you want, but wanting what you have.
by Abe
Thu Oct 16, 2014 5:41 pm
 
Forum: Personal Finance (Not Investing)
Topic: How did you get from $1M to $10M
Replies: 46
Views: 4034

Re: How did you get from $1M to $10M

There is a limit to how much you can amass just by saving and investing. You say you have 1 million already. If you invest that plus a little over 25k per year at 7% for 30 years, you should have $10 million (before tax) and assuming you have a little luck along the way. As for the 100 million, that...
by Abe
Thu Oct 16, 2014 5:19 pm
 
Forum: Personal Finance (Not Investing)
Topic: How did you get from $1M to $10M
Replies: 46
Views: 4034

Re: Mortgage from family member

If you're the lender, they can stiff you by living in the house but not making the payments. Since you're family, you're not likely to foreclose and have them evicted. They know that, so if they fall on hard times --or if they're just irresponsible-- they're going to pay the people who will take th...
by Abe
Thu Oct 16, 2014 11:30 am
 
Forum: Personal Finance (Not Investing)
Topic: Mortgage from family member
Replies: 21
Views: 1649

Re: Sale of house-closing tomorrow, buyer is backing out

I agree with the other posters. It probably won't be worth the trouble to sue. The legal terminology is called Specific Performance. It is an order of a court which requires a party to perform a specific act, usually what is stated in a contract.
by Abe
Mon Oct 13, 2014 12:13 pm
 
Forum: Personal Finance (Not Investing)
Topic: Sale of house-closing tomorrow, buyer is backing out
Replies: 60
Views: 5081

Re: Cast Iron Skillet Cooking

I also use homemade buttermilk: mix store-bought buttermilk with regular milk and leave it on the counter for 24 hours until it is thick. What is the ratio of buttermilk to regular milk? When you say leave it on the counter for 24 hours, does that mean no refrigeration for that period of time?
by Abe
Mon Oct 13, 2014 11:23 am
 
Forum: Personal Consumer Issues
Topic: Cast Iron Skillet Cooking
Replies: 107
Views: 9283

Re: Why choose a LifeStrategy Fund?

For someone who doesn't want to , or is not capable of dealing with all this financial stuff it is a better plan than no plan at all. I agree with this. I recommended LifeStrategy funds to a couple of relatives, and they have both been happy with it. LS funds are a simple and easy way to get divers...
by Abe
Sat Oct 11, 2014 1:41 pm
 
Forum: Investing - Theory, News & General
Topic: Why choose a LifeStrategy Fund?
Replies: 41
Views: 3506

Re: Cast Iron Skillet Cooking

This is so exciting had to share news. For first time was able to make great cast iron skillet cornbread. Used motodoc42 recipe. Was going to use Abe's but no bacon grease. But they are very similar. And such simple recipes (power of simplicity?). Off and on over years had tried much more complicat...
by Abe
Sat Oct 11, 2014 1:22 pm
 
Forum: Personal Consumer Issues
Topic: Cast Iron Skillet Cooking
Replies: 107
Views: 9283

Re: Retirees only, what was you average investment return?

Just out of curiosity, I made some assumptions/estimates and plugged the numbers into a financial calculator. These are the numbers I used: 45 years (N) starting amount $1,000 (PV), actually it was zero but the calculator won't work with zero savings per year $20,000 (PMT) future value (FV) the doll...
by Abe
Wed Oct 08, 2014 3:43 pm
 
Forum: Investing - Theory, News & General
Topic: Retirees only, what was you average investment return?
Replies: 49
Views: 3352

Re: Retirees only, what was you average investment return?

I started at point A and arrived a point B. I can't even tell you how I got here, much less what my return was. Like Minnie Pearl said, "I'm just proud to be here". :happy
by Abe
Wed Oct 08, 2014 12:14 pm
 
Forum: Investing - Theory, News & General
Topic: Retirees only, what was you average investment return?
Replies: 49
Views: 3352

Re: Read too many books... help untangle

Don't succumb to analysis paralysis. The main thing is to select an asset allocation you can live with. It probably won't make a lot of difference which portfolio you select. There are several to choose from, but you will not know which one is optimal until later anyway. As someone once told me, &qu...
by Abe
Sun Oct 05, 2014 1:08 pm
 
Forum: Investing - Theory, News & General
Topic: Read too many books... help untangle
Replies: 48
Views: 3948

Re: Is there an "upper limit" on Boglehead theory?

Was it Roger Gibson who wrote about the client who was unhappy with passive investing only because all of his golf buddies were buying and selling stocks and actively managed funds? To fit in better, the client wanted to be invested in the same stuff as his buddies, it wasn't about achieving better...
by Abe
Sat Oct 04, 2014 11:57 am
 
Forum: Investing - Theory, News & General
Topic: Is there an "upper limit" on Boglehead theory?
Replies: 58
Views: 4151

Re: Is there an "upper limit" on Boglehead theory?

Once an investor reaches critical mass, he may want to change his strategy. (Critical Mass: when your investment portfolio can generate enough growth and income to meet your lifestyle needs and protect you against the ravages of inflation without you having to work). If you have 100 million, and let...
by Abe
Fri Oct 03, 2014 10:42 am
 
Forum: Investing - Theory, News & General
Topic: Is there an "upper limit" on Boglehead theory?
Replies: 58
Views: 4151

Re: Is there an "upper limit" on Boglehead theory?

honestly, once you have 10 million dollars, do you really need more? I don't know. I've seen clients that had well over $100 million dollars that wanted more. At that point, it's not about the actual dollars as much as it is about the chase and "keeping score". And it's not my place to di...
by Abe
Thu Oct 02, 2014 6:03 pm
 
Forum: Investing - Theory, News & General
Topic: Is there an "upper limit" on Boglehead theory?
Replies: 58
Views: 4151

Re: Dave Ramsey says asset allocation does not work

larryswedroe wrote:My question is why would anyone really care what Dave Ramsey says?

Larry


For most people here, I think it's because he claims to be an expert, and he is making a lot of money giving advise that is not very good when it comes to investing.
by Abe
Wed Oct 01, 2014 6:52 pm
 
Forum: Investing - Theory, News & General
Topic: Dave Ramsey says asset allocation does not work
Replies: 87
Views: 7161

Re: what is risk?

pkcrafter wrote: I'm beginning to think that efficient investing is not about maximizing returns; it's about minimizing unnecessary losses. :happy
Paul


You got it.
by Abe
Wed Oct 01, 2014 6:26 pm
 
Forum: Investing - Theory, News & General
Topic: what is risk?
Replies: 116
Views: 4390

Re: Dave Ramsey says asset allocation does not work

Dave Ramsey doesn't know much about investing. Same with Susie Orman.
by Abe
Wed Oct 01, 2014 5:42 pm
 
Forum: Investing - Theory, News & General
Topic: Dave Ramsey says asset allocation does not work
Replies: 87
Views: 7161

Re: Hard Money Lending, flipping houses 12% return Lets hear

I don't know what could happen where you would lose the whole $210k. The house is not worth zero dollars; it is worth something. Being a devil's advocate, let me use example of placeholder, with the house being a former meth lab making it toxic enough not to be resellable while the OP is stuck with...
by Abe
Wed Oct 01, 2014 4:47 pm
 
Forum: Investing - Help with Personal Investments
Topic: Hard Money Lending, flipping houses 12% return Lets hear it
Replies: 56
Views: 3092

Re: Hard Money Lending, flipping houses 12% return Lets hear

First let me say you are going to get little if any encouragement here regarding this. Most will say it's too much work; it's too risky; it's too stressful or whatever. Although I have never made loans to flippers, I have made hard money loans and also bought owner financed mortgages at discount for...
by Abe
Wed Oct 01, 2014 3:36 pm
 
Forum: Investing - Help with Personal Investments
Topic: Hard Money Lending, flipping houses 12% return Lets hear it
Replies: 56
Views: 3092

Re: Cast Iron Skillet Cooking

Sorry it took me so long to get back with the cornbread recipe. There is a Northern style cornbread and there is Southern style cornbread. The following recipe is for the Southern version. Ingredients: 2 cups Martha White brand self rising corn meal mix (white, not yellow) 1 3/4 to 2 cups buttermilk...
by Abe
Wed Oct 01, 2014 11:01 am
 
Forum: Personal Consumer Issues
Topic: Cast Iron Skillet Cooking
Replies: 107
Views: 9283

Re: How can I stop feeling depressed about my finances?

The way it was told to me, a degree only proves you have the ability to learn, so gets your foot in an employer's door. What you choose to learn after your degree is up to you. I agree with this. I didn't get a degree, and I did okay. Someone once told me this: You don't get your report card in sch...
by Abe
Tue Sep 30, 2014 12:20 pm
 
Forum: Personal Finance (Not Investing)
Topic: How can I stop feeling depressed about my finances?
Replies: 130
Views: 14004

Re: what is risk?

The word risk covers a lot of territory making it hard to specifically define. I think the disagreement here is because we each have our own perspective on risk.
by Abe
Mon Sep 29, 2014 6:21 pm
 
Forum: Investing - Theory, News & General
Topic: what is risk?
Replies: 116
Views: 4390

Re: Protection from a market crash

From Investopedia: Diversification can help an investor manage risk and reduce the volatility of an asset's price movements. Remember though, that no matter how diversified your portfolio is, risk can never be eliminated completely. You can reduce risk associated with individual stocks, but general ...
by Abe
Mon Sep 29, 2014 12:29 pm
 
Forum: Investing - Help with Personal Investments
Topic: Protection from a market crash
Replies: 17
Views: 1533

Re: Read too many books... help untangle

I think the common message you'll find in all of these is "own the market or markets you decide to invest in by using low-cost index funds, rebalance and then Stay The Course". I agree with the above. There is a lot of investing theory discussed which is okay I guess, but I don't think it...
by Abe
Sat Sep 27, 2014 5:39 pm
 
Forum: Investing - Theory, News & General
Topic: Read too many books... help untangle
Replies: 48
Views: 3948

Re: Cast Iron Skillet Cooking

Anyone with ultimate cornbread recipes to make on cast iron skillets? My wife does the cornbread at our house and she is out of town. When she gets back, I'll get the recipe. The trick to good cornbread is to get a good crust on the outside. The way my wife does this is she puts bacon grease in the...
by Abe
Sat Sep 27, 2014 12:56 pm
 
Forum: Personal Consumer Issues
Topic: Cast Iron Skillet Cooking
Replies: 107
Views: 9283

Re: Cast Iron Skillet Cooking

It's best not to wash cast iron with soap and water. That's what I hear, but I prefer not having the odor of fish, lamb chops, bacon,* etc. permeate other dishes, so I often use soap. So after I wash with soap, do I have to season it all over again? *Yes, I'm one of the few people who doesn't think...
by Abe
Sat Sep 27, 2014 12:34 pm
 
Forum: Personal Consumer Issues
Topic: Cast Iron Skillet Cooking
Replies: 107
Views: 9283

Re: Cast Iron Skillet Cooking

For those interested in restoring old cast iron, here is a $12 Wagner (1912 era) skillet I got. Before: (completely nasty... from ebay) http://i.imgur.com/qgTcuNa.jpg After: (this is stripped down. they are grey prior to seasoning) http://i.imgur.com/dDXfkqz.jpg OK, please tell me how you got this ...
by Abe
Sat Sep 27, 2014 11:16 am
 
Forum: Personal Consumer Issues
Topic: Cast Iron Skillet Cooking
Replies: 107
Views: 9283

Re: Cast Iron Skillet Cooking

Where can you purchase one of these for $15.00? I used to have a cast iron skillet but unfortunately, sold it prior to one of my many moves, years ago. Now I only have a Swedish pancake cast iron skillet that I love....but would like to purchase the one you recommend. Best place to purchase? Thank ...
by Abe
Fri Sep 26, 2014 2:48 pm
 
Forum: Personal Consumer Issues
Topic: Cast Iron Skillet Cooking
Replies: 107
Views: 9283

Re: Why do people buy annuities?

I think the main reason people buy them is because they eliminate uncertainty.
by Abe
Fri Sep 26, 2014 1:18 pm
 
Forum: Investing - Theory, News & General
Topic: Why do people buy annuities?
Replies: 50
Views: 3992

Re: What did you always wish for but never got?

A Red Ryder BB gun.
Funny, I just now discovered it's spelled "Ryder". I always thought it was "Rider". :wink:
by Abe
Fri Sep 26, 2014 12:54 pm
 
Forum: Personal Consumer Issues
Topic: What did you always wish for but never got?
Replies: 87
Views: 5299

Re: Let's hear your Dave Ramsey success stories

I was already doing all the things Ramsey advocated long before I ever heard of him. Recently I bought one of his books titled "Total Money Makeover" at a Goodwill store for .25c and read it just out of curiosity. The message was good as far as it goes. For some reason I was inclined to sa...
by Abe
Thu Sep 25, 2014 5:17 pm
 
Forum: Investing - Theory, News & General
Topic: Let's hear your Dave Ramsey success stories
Replies: 32
Views: 4310

Re: New kitchen cabinets or new doors?

We had the same problem. My house was built in the 70's. The cabinets were solid and in good condition, but they were dated and stained. We had a local cabinet maker replace the doors. The other part of the cabinets were covered with new veneer. They look like new cabinets now. The cost was $1,350....
by Abe
Thu Sep 25, 2014 11:52 am
 
Forum: Personal Consumer Issues
Topic: New kitchen cabinets or new doors?
Replies: 28
Views: 1827

Re: Cast Iron Skillet Cooking

Peterjens wrote:
Abe wrote:
Random Poster wrote:
Abe wrote:We have been buying and reselling old cast iron for many years.

Do you mean buying cast iron cookware at garage sales and reselling elsewhere?


Yes
by Abe
Thu Sep 25, 2014 10:42 am
 
Forum: Personal Consumer Issues
Topic: Cast Iron Skillet Cooking
Replies: 107
Views: 9283

Re: New kitchen cabinets or new doors?

We had the same problem. My house was built in the 70's. The cabinets were solid and in good condition, but they were dated and stained. We had a local cabinet maker replace the doors. The other part of the cabinets were covered with new veneer. They look like new cabinets now. The cost was $1,350.
by Abe
Wed Sep 24, 2014 5:02 pm
 
Forum: Personal Consumer Issues
Topic: New kitchen cabinets or new doors?
Replies: 28
Views: 1827

Re: Cast Iron Skillet Cooking

This is how to remove rust and grease from cast iron: Rust: Soak cast iron in vinegar and water in a plastic container. Remove excess with wire brush. Grease: Soak cast iron in lye and water in a plastic container. Remove excess with wire brush. There is a much easier method: Simply cover the affec...
by Abe
Wed Sep 24, 2014 3:14 pm
 
Forum: Personal Consumer Issues
Topic: Cast Iron Skillet Cooking
Replies: 107
Views: 9283

Re: Cast Iron Skillet Cooking

Just got into cast iron cooking myself over the summer. I own the Lodge 8", 10.5" and 12" skillets and we use them on our Kamado Joe (essentially a Big Green Egg) at least once or twice a week. Garlic, rosemary, and sea salt roasted new potatoes have become a weekly staple at our hou...
by Abe
Wed Sep 24, 2014 2:10 pm
 
Forum: Personal Consumer Issues
Topic: Cast Iron Skillet Cooking
Replies: 107
Views: 9283

Re: Cast Iron Skillet Cooking

When I was coming up, we had a 10 1/2 inch cast iron skillet which is the #8 size. We used it for almost everything. The #8 is the standard; if you're only going to have one size, the #8 is what you want. I like the old ones the best, but the Lodge brand that you can find at Walmart is pretty good. ...
by Abe
Wed Sep 24, 2014 2:02 pm
 
Forum: Personal Consumer Issues
Topic: Cast Iron Skillet Cooking
Replies: 107
Views: 9283

Re: Could one theoretically be 100% stocks your whole life?

Yes, one theoretically could be 100% stocks their whole life, but I wouldn't recommend it.
by Abe
Tue Sep 23, 2014 11:51 am
 
Forum: Investing - Theory, News & General
Topic: Could one theoretically be 100% stocks your whole life?
Replies: 43
Views: 2800

Re: The Roosevelts, PBS special

I've been watching it. Very interesting. My problem is I go to sleep and miss the last part. :happy
by Abe
Fri Sep 19, 2014 10:59 am
 
Forum: Personal Consumer Issues
Topic: The Roosevelts, PBS special
Replies: 104
Views: 8536

Re: Where do I put my cash now?

Yossarian wrote:One word: plastics.


Just think where I would be today if I had invested in plastics back when the Graduate came out. :D
by Abe
Thu Sep 18, 2014 3:39 pm
 
Forum: Investing - Help with Personal Investments
Topic: Where do I put my cash now?
Replies: 23
Views: 2576

Re: Any success stories of ppl who never made >$50,000?

Not a success story in that I'm wealthy, and I made about $50 K at my peak years. Married, 2 kids grown, one at home with a slight handicap that will keep him from being completely independent, other on her own, wife never worked since marriage, so a single income family. Currently 59 years, retire...
by Abe
Thu Sep 18, 2014 10:48 am
 
Forum: Personal Finance (Not Investing)
Topic: Any success stories of ppl who never made >$50,000?
Replies: 149
Views: 10200

Re: Any success stories of ppl who never made >$50,000?

I had joined this forum because I love personal finance topics. After posting a few questions, and hanging around a couple topics I did feel this forum was very hostile to people on lower incomes and newbies. I made around $35k last year, including what spouse contributes. I have a degree in comput...
by Abe
Wed Sep 17, 2014 5:59 pm
 
Forum: Personal Finance (Not Investing)
Topic: Any success stories of ppl who never made >$50,000?
Replies: 149
Views: 10200

Re: Student loan overpayment. How do I calculate payoff per

jasc15 I'm not familiar with student loans, but most loans require a promissory note. The note should contain the terms and conditions of the loan. In addition to the note, you should have an amortization schedule with a break down of payment amounts including interest, principal and loan balance af...
by Abe
Wed Sep 17, 2014 2:25 pm
 
Forum: Personal Finance (Not Investing)
Topic: Student loan overpayment. How do I calculate payoff period?
Replies: 18
Views: 1033

Re: Any success stories of ppl who never made >$50,000?

I wouldn't call it a success story, but the most I ever made was around 65k per year, and I have a multi million dollar networth. Now my investments produce way more than I ever made. How long did this take you to accomplish? I would definitely consider it a success story. :sharebeer Well, I delete...
by Abe
Wed Sep 17, 2014 11:19 am
 
Forum: Personal Finance (Not Investing)
Topic: Any success stories of ppl who never made >$50,000?
Replies: 149
Views: 10200

Re: Why do so many think their home is a foolproof investmen

I agree with MathWizard on this. For some people the best investment they can make is to get the highest mortgage they can afford because the only thing they will ever have is the equity in their home. Um, I'm not following this. Why should they get the largest mortgage they can afford if equity is...
by Abe
Tue Sep 16, 2014 6:04 pm
 
Forum: Investing - Theory, News & General
Topic: Why do so many think their home is a foolproof investment?
Replies: 125
Views: 6553

Re: Why do so many think their home is a foolproof investmen

I agree with MathWizard on this. For some people the best investment they can make is to get the highest mortgage they can afford because the only thing they will ever have is the equity in their home.
by Abe
Tue Sep 16, 2014 10:42 am
 
Forum: Investing - Theory, News & General
Topic: Why do so many think their home is a foolproof investment?
Replies: 125
Views: 6553
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