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Re: IRS Called and Asked for Personal Information

I just got the information below from the IRS website. Whoever called me gave me this number to call back 1-800-829-1040. This is the same number listed to call on the IRS website. “Taxpayers should remember their first contact with the IRS will not be a call from out of the blue, but through offici...
by Abe
Thu Feb 26, 2015 2:20 pm
 
Forum: Personal Finance (Not Investing)
Topic: IRS Called and Asked for Personal Information
Replies: 16
Views: 1625

IRS Called and Asked for Personal Information

I just received a phone call and they identified themselves as the IRS calling. They said they had received something from me in the mail and they wanted to verify some information. They then asked for my social security number and my address. I told them I was not going to give them any personal in...
by Abe
Thu Feb 26, 2015 2:05 pm
 
Forum: Personal Finance (Not Investing)
Topic: IRS Called and Asked for Personal Information
Replies: 16
Views: 1625

Re: How much has Bogleheads contributed to your net worth?

I enjoy reading it and posting occasionally, but I don't think it has had much effect on my net worth.
by Abe
Mon Feb 23, 2015 2:04 pm
 
Forum: Personal Finance (Not Investing)
Topic: How much has Bogleheads contributed to your net worth?
Replies: 58
Views: 4085

Re: Comedian Kevin Hart: "Stay in your financial lane."

Or, the people you hang out with spend money like they have money, but they actually don't have money. Been there too. :D
by Abe
Mon Feb 23, 2015 1:38 pm
 
Forum: Investing - Theory, News & General
Topic: Comedian Kevin Hart: "Stay in your financial lane."
Replies: 3
Views: 1401

Re: Should you always/usually go with the lower expense rati

As mhc said, there will always be some fund that outperforms some index. I think the problem is that we don't know which one will outperform. So, as a general rule we would be better off not trying to pick which one will outperform and just go with the lowest ER.
by Abe
Fri Feb 20, 2015 5:07 pm
 
Forum: Investing - Help with Personal Investments
Topic: Should you always/usually go with the lower expense ratio?
Replies: 20
Views: 1171

Re: Dave Ramsey Lashes Out at His Financial Critics

He's just doing what a lot of commissioned brokers do which is selling something and getting paid a commission. There is some truth to what he says. I've heard him say there is nothing wrong with paying a commission. In some cases that could be a true statement if you get what you pay for. But, for ...
by Abe
Wed Feb 18, 2015 4:24 pm
 
Forum: Investing - Theory, News & General
Topic: Dave Ramsey Lashes Out at His Financial Critics
Replies: 89
Views: 9632

Re: A Special Message From Social Security

I received the same message this morning. It may be legitimate or it may not. Why take the risk? I would never click on a link that I received by email and give personal information.
by Abe
Wed Feb 18, 2015 11:30 am
 
Forum: Personal Consumer Issues
Topic: A Special Message From Social Security
Replies: 68
Views: 6167

Re:

25: good education 35: good career, paid off student loan debt 45: $300K 55: $800K 65: $1.5 million Per person, in today's dollars, including home equity in primary residence. This would be for someone hoping to support a ~$50K/year lifestyle per person. It wouldn't even require a taxable account. ...
by Abe
Wed Feb 11, 2015 3:49 pm
 
Forum: Investing - Theory, News & General
Topic: Average amount saved for retirement by age
Replies: 133
Views: 27344

Re: Is Risk Real?

What is the risk of losing all your money in say an S&P 500 Index fund? The way I look at this risk is in degrees. If the S&P 500 lost 25% of its value, then I lose 25% assuming I sell out at the low. This is the highest risk or lets say the high range of risk. What if it loses 50%? Well, t...
by Abe
Mon Feb 09, 2015 7:30 pm
 
Forum: Investing - Theory, News & General
Topic: Is Risk Real?
Replies: 74
Views: 3821

Re: Is Risk Real?

What is the risk of losing all your money in say an S&P 500 Index fund? The way I look at this risk is in degrees. If the S&P 500 lost 25% of its value, then I lose 25% assuming I sell out at the low. This is the highest risk or lets say the high range of risk. What if it loses 50%? Well, th...
by Abe
Mon Feb 09, 2015 5:19 pm
 
Forum: Investing - Theory, News & General
Topic: Is Risk Real?
Replies: 74
Views: 3821

Re: Is Risk Real?

I went to Investopedia and found 11 types of risk listed below. I am sure there are many more. So, what exactly is risk? I think risk means different things to different people. Since risk is so hard to specifically define, I would broadly define it as, "anything that negatively effects my inve...
by Abe
Mon Feb 09, 2015 3:18 pm
 
Forum: Investing - Theory, News & General
Topic: Is Risk Real?
Replies: 74
Views: 3821

Re: Best investment for $500

Mako wrote:Plastics. There's a great future in plastics. Think about it. Will you think about it?


Dang it. I was going to do that one. :annoyed
by Abe
Thu Feb 05, 2015 5:23 pm
 
Forum: Investing - Theory, News & General
Topic: Best investment for $500
Replies: 31
Views: 2178

Re: Janitor in Vermont leaves millions

Why are we assuming he was a great investor? His 6 million could be the result of 65 years of compounding on an inheritance of $136,000. I can't speak for others here, but I didn't assume he was a great investor. I think he was a very ordinary person who saved and invested most of the money he made...
by Abe
Thu Feb 05, 2015 3:09 pm
 
Forum: Investing - Theory, News & General
Topic: [Janitor in Vermont leaves millions] A true Boglehead!
Replies: 47
Views: 2985

Re: Janitor in Vermont leaves millions

Nooo! Haven't bought store coffee in years (apart from occasional McDonald's for a buck). Secret handshake ahead! A couple of years ago I walked into McDonald's for a coffee, and they charged me 49 cents. WTH? It turns out they have a secret menu item, "Senior Coffee" that varies by store...
by Abe
Thu Feb 05, 2015 2:18 pm
 
Forum: Investing - Theory, News & General
Topic: [Janitor in Vermont leaves millions] A true Boglehead!
Replies: 47
Views: 2985

Re: Janitor in Vermont leaves millions

I can imagine Larry Swedroe saying, "Didn't this guy know the risks he was taking?" Bill Bernstein would be posting that the janitor needed thousands of stocks. There should be discussion about risk and volatility measurements, Monte Carlo simulations, efficient frontiers, and that the ja...
by Abe
Thu Feb 05, 2015 1:53 pm
 
Forum: Investing - Theory, News & General
Topic: [Janitor in Vermont leaves millions] A true Boglehead!
Replies: 47
Views: 2985

Re: Janitor in Vermont leaves millions

Although it may cost more and be less diversified, I don't see why anyone couldn't do the same thing with a portfolio of individual stocks as someone investing in a stock index fund if you buy and hold. The article said he knew how to pick stocks. That doesn't mean he was doing a lot of buying and s...
by Abe
Thu Feb 05, 2015 1:28 pm
 
Forum: Investing - Theory, News & General
Topic: [Janitor in Vermont leaves millions] A true Boglehead!
Replies: 47
Views: 2985

Re: Are car loans really that bad?

I wouldn't say that car loans are really that bad, but like a lot of questions here, the answer is, it depends. In the past, I saved enough money until I could pay cash. What's the difference in (making a payment) putting aside a certain amount of money into an account earmarked for buying a car, an...
by Abe
Wed Feb 04, 2015 5:29 pm
 
Forum: Personal Finance (Not Investing)
Topic: Are car loans really that bad?
Replies: 86
Views: 6749

Re: Bogleheads has made me obsessive about our money

Saving and investing is a learning process that never ends. Even here on this site it's not the end-all. We can all look back and see mistakes we made, but we should learn from our mistakes. That's how we got to where we are. I made a lot of "risky" investments in the past that I may not h...
by Abe
Mon Feb 02, 2015 3:01 pm
 
Forum: Personal Consumer Issues
Topic: Bogleheads has made me obsessive about our money
Replies: 41
Views: 5523

Re: House flipping investing - Am I wrong or what? Please ad

Mrxyz: I have been doing this kind of thing for many, many years. Buying discounted mortgages, making hard money loans to people who can't qualify for bank loans, creating paper, buying mobile home paper, you name it. You can make a lot of money doing this kind of thing, but you need to know what yo...
by Abe
Fri Jan 30, 2015 5:43 pm
 
Forum: Personal Finance (Not Investing)
Topic: House flipping investing - Am I wrong or what? Please advice
Replies: 30
Views: 4496

Re: what to expect back from title company after refinancing

I have never refinanced, but I would think you should get copies of paperwork just like you would with a new loan closing. You should call the title company and ask.
by Abe
Fri Jan 30, 2015 3:27 pm
 
Forum: Personal Consumer Issues
Topic: what to expect back from title company after refinancing?
Replies: 4
Views: 509

Re: Anyone know when CD rates will increase?

C D rates will increase September 16, 2015.
by Abe
Fri Jan 30, 2015 2:03 pm
 
Forum: Investing - Help with Personal Investments
Topic: Anyone know when CD rates will increase?
Replies: 70
Views: 5368

Re: Frugality regret: What thing do you regret not spending

I bought a pair of shoes one time, and later I discovered they hurt my feet. :happy

oops, sorry, this is supposed to be about things you regret not spending money on.
by Abe
Fri Jan 30, 2015 1:52 pm
 
Forum: Personal Consumer Issues
Topic: Frugality regret: What thing do you regret not spending on?
Replies: 133
Views: 21742

Re: Frugality regret: What thing do you regret not spending

Sheepdog wrote:I really try not to have any regrets, as regrets seem to hurt more. Besides, nothing changes with regrets. You can only change the future, not the past. That's basically what Lorek said


I agree with this 100%. Why worry about something you did or didn't do in the past?
by Abe
Fri Jan 30, 2015 1:49 pm
 
Forum: Personal Consumer Issues
Topic: Frugality regret: What thing do you regret not spending on?
Replies: 133
Views: 21742

Re: Workplace net worth conversations you'd like to avoid?

I lived in a small town that had one barber that everyone went to. One time I was sitting in the barber shop waiting to get a haircut. There was a man ahead of me getting a haircut. He talked the whole time the barber was cutting his hair, and he was extremely presumptuous and opinionated. This man ...
by Abe
Fri Jan 30, 2015 11:39 am
 
Forum: Personal Consumer Issues
Topic: Workplace net worth conversations you'd like to avoid?
Replies: 87
Views: 9316

Re: Initial SEC yield and subsequent 5yr and 10yr returns

As my Korean friend Mr. Lee used to say, "I'm con-foosed".
by Abe
Thu Jan 29, 2015 5:41 pm
 
Forum: Investing - Theory, News & General
Topic: Initial SEC yield and subsequent 5yr and 10yr returns
Replies: 142
Views: 7432

Re: Anyone know when CD rates will increase?

There is some speculation that the Fed will start raising rates sometime in 2015. But that is just speculation. Even if they do start raising rates, it will probably be painfully slow. As others have said, nobody knows. I made the mistake of thinking rates would not stay down very long. I figure I ...
by Abe
Thu Jan 29, 2015 3:22 pm
 
Forum: Investing - Help with Personal Investments
Topic: Anyone know when CD rates will increase?
Replies: 70
Views: 5368

Re: Anyone know when CD rates will increase?

There is some speculation that the Fed will start raising rates sometime in 2015. But that is just speculation. Even if they do start raising rates, it will probably be painfully slow. As others have said, nobody knows. I made the mistake of thinking rates would not stay down very long. I figure I a...
by Abe
Thu Jan 29, 2015 12:32 pm
 
Forum: Investing - Help with Personal Investments
Topic: Anyone know when CD rates will increase?
Replies: 70
Views: 5368

Re: Workplace net worth conversations you'd like to avoid?

This reminds me of something that happened to me many years ago. An insurance agent in the town where I lived tried to sell me a $10k life insurance policy. This policy had some kind of cash value component and he was trying to sell me on the idea that I would have $10k when I retired. He was very d...
by Abe
Wed Jan 28, 2015 4:49 pm
 
Forum: Personal Consumer Issues
Topic: Workplace net worth conversations you'd like to avoid?
Replies: 87
Views: 9316

Re: Where to get medallion signature guarantee

In the past when I was asked to provide a medallion signature guarantee, I told them I could not obtain one which was the truth. They did the transactions without the MSG. I think I have done this a couple of times.
by Abe
Sat Jan 24, 2015 11:04 am
 
Forum: Investing - Help with Personal Investments
Topic: Where to get medallion signature guarantee
Replies: 32
Views: 2780

Re: Anyone regret paying off mortgage early?

I've never had a mortgage on my principal residence. I have in the past used leverage to finance rental real estate to get higher returns on my own invested capital. These are all paid off now and I have to say I like being debt free.
by Abe
Thu Jan 22, 2015 4:50 pm
 
Forum: Personal Finance (Not Investing)
Topic: Anyone regret paying off mortgage early?
Replies: 318
Views: 38979

Re: Hedge fund loses 99.8% of all funds, $100m down to $200k

I'm "truly sorry" I lost all y'alls money. :oops:
by Abe
Thu Jan 22, 2015 3:39 pm
 
Forum: Investing - Theory, News & General
Topic: Hedge fund loses 99.8% of all funds, $100m down to $200k.
Replies: 59
Views: 6870

Re: What age did you hit $100,000?

I can't remember how old I was when I reached $100k, but I remember I was very happy to be there. I think the reason it seems so hard to reach $100k is because you are starting with nothing. If you start with $1k and you get 7% return it takes 10 years to get to $2k, but if you start with 1 million ...
by Abe
Thu Jan 22, 2015 2:59 pm
 
Forum: Personal Finance (Not Investing)
Topic: What age did you hit $100,000?
Replies: 68
Views: 6036

Re: How much does a large payment reduce mortgage

Go out and buy an HP 12-C calculator. It fits in your shirt pocket, is durable and is a handy-dandy tool for most things financial exactly like the question you posted. I've had the same one for nearly 30 years. Hands down, it is the BEST investment in your financial future you can make. It is inst...
by Abe
Fri Jan 16, 2015 5:51 pm
 
Forum: Personal Finance (Not Investing)
Topic: How much does a large payment reduce mortgage
Replies: 34
Views: 2750

Re: How much does a large payment reduce mortgage

If you paid 10k principal payment, you would knock off almost 24 payments (2 years) and save almost $14k in interest.

My calculation with a Texas Instrument BAII financial calculator came out exactly the same as ubermax.
by Abe
Fri Jan 16, 2015 5:24 pm
 
Forum: Personal Finance (Not Investing)
Topic: How much does a large payment reduce mortgage
Replies: 34
Views: 2750

Re: I have to leave Ameriprise

ewood801
I have had the Medallion signature guarantee waived two times when I told them I was not able to get it. It's worth a try.
by Abe
Tue Jan 13, 2015 5:27 pm
 
Forum: Investing - Help with Personal Investments
Topic: I have to leave Ameriprise
Replies: 22
Views: 3116

Re: Ridiculous closing costs on cash deal?

On something like this, I would just close it myself. You can go to a title company and get title insurance. Do you have a sales contract with the buyer. If so it will spell out what you agreed to do. Everything is negotiable. The buyer may pay for half the title insurance. All you need is owners ti...
by Abe
Fri Jan 09, 2015 5:53 pm
 
Forum: Personal Finance (Not Investing)
Topic: Ridiculous closing costs on cash deal?
Replies: 15
Views: 2753

Re: I see rental properties as bonds. Am I completely off b

About the only way rental property and bonds are similar is they both produce income streams.
by Abe
Fri Jan 09, 2015 12:11 pm
 
Forum: Investing - Theory, News & General
Topic: I see rental properties as bonds. Am I completely off base?
Replies: 28
Views: 2404

Re: How to break up with an advisor

My financial advisor broke up with me. I finally saw the light after 25 years. After that, every time he called advising me to buy this or sell that, I wouldn't do anything. One day I got this letter from him: Dear Abe: At "Screw The Client Advisors", we strive to provide all of our client...
by Abe
Mon Jan 05, 2015 5:09 pm
 
Forum: Personal Finance (Not Investing)
Topic: How to break up with an advisor
Replies: 33
Views: 3225

Re: Selling property bought on land contract

I'm not a lawyer, but if the buyer provides the seller with a recordable quit claim deed then that should be all they need to clear the title since the property is still in the sellers name on the record. They might write something on the face of the contract such as, "the buyer and seller of t...
by Abe
Wed Dec 31, 2014 5:46 pm
 
Forum: Personal Finance (Not Investing)
Topic: Selling property bought on land contract
Replies: 4
Views: 563

Re: Who should pay for this meal?

Seriously, you have 5 adult meals verses two adult meals. Just tell the waiter you and your wife are on your own check. If your friends are offended, they are just taking advantage of you. I agree with Robert44. Many years ago, I had "friends", who would occasionally invite me out to eat....
by Abe
Mon Dec 22, 2014 2:07 pm
 
Forum: Personal Consumer Issues
Topic: Who should pay for this meal?
Replies: 79
Views: 8048

Re: How do you define "being rich"?

My personal taxonomy: Wealthy have at least one jet Very Rich have a Netjets card and use it liberally, seldom flying commercial Rich will fly private if they are going in a group, but still need to rationalize it Very Comfortable flies Business Class, occasionally First Class, never Coach Comforta...
by Abe
Sat Dec 20, 2014 1:13 pm
 
Forum: Personal Consumer Issues
Topic: How do you define "being rich"?
Replies: 127
Views: 9549

Re: Rental expense that crosses two calendar years

I'm no expert, but I think if you stick to cash method accounting, you will be fine. In other words, record the expense in the year the cash left your wallet. Generally, businesses use either cash or accrual method, either is fine usually as long as you don't switch back and forth all the time. Thi...
by Abe
Wed Dec 17, 2014 1:48 pm
 
Forum: Personal Finance (Not Investing)
Topic: Rental expense that crosses two calendar years
Replies: 4
Views: 645

Re: Any pilots here?

How much does a new Cessna 172 cost now?
by Abe
Tue Dec 16, 2014 1:23 pm
 
Forum: Personal Consumer Issues
Topic: Any pilots here? [advice for prospective pilot]
Replies: 60
Views: 6050

Re: Any pilots here?

Many years ago, I got a private pilots license. It was fun and I enjoyed it, but I eventually dropped it mainly because it was so expensive.
by Abe
Tue Dec 16, 2014 1:15 pm
 
Forum: Personal Consumer Issues
Topic: Any pilots here? [advice for prospective pilot]
Replies: 60
Views: 6050

Re: Bought in, and then they start tumbling

Hi, Although I know I am holding for the long-term, it is demoralizing when you buy at the "peak" and then see all the red figures the following days (especially when you do a lump sum). How do you deal with this? How do you make yourself feel happier better? This is why I use DCA over lo...
by Abe
Tue Dec 16, 2014 11:26 am
 
Forum: Investing - Theory, News & General
Topic: Bought in, and then they start tumbling
Replies: 67
Views: 9269

Re: do people still steal portable GPSs from cars?

Someone stole my garden hose. :) I would not leave anything of value where people can see it.
by Abe
Sun Dec 14, 2014 5:47 pm
 
Forum: Personal Consumer Issues
Topic: do people still steal portable GPSs from cars?
Replies: 13
Views: 1972

Re: Embarrassingly stupid question

I never saved a set percentage of my income. I just saved all I could manage, but I think when people talk about saving a percentage of their income, they are usually talking about pretax. So if your income is $100k before tax and you save 10%, then you would save $10k.
by Abe
Sun Dec 14, 2014 5:38 pm
 
Forum: Investing - Help with Personal Investments
Topic: Embarrassingly stupid question
Replies: 25
Views: 4559

Re: How to automatically transfer tenants rent to my account

Thanks Carson and everyone else for your help. I think the problem is we'll have to go through a 3rd party, not the bank, as several of you have pointed out. There are several of these listed on Biggerpockets.com. I'll check these out. Thanks again.
by Abe
Sat Dec 13, 2014 11:09 am
 
Forum: Personal Finance (Not Investing)
Topic: How to automatically transfer tenants rent to my account?
Replies: 22
Views: 2103

Re: Do you get collision insurance for your car?

My collision cost $102.00 per year for my car with $500 deductible. My car is probably only worth maybe $3,000. I probably should drop the collision, but I haven't.
by Abe
Fri Dec 12, 2014 4:31 pm
 
Forum: Personal Finance (Not Investing)
Topic: Do you get collision insurance for your car?
Replies: 43
Views: 3574

Re: How to automatically transfer tenants rent to my account

I just got off the phone with my bank, and I told them I know it can be done because I pay my home security bill this way each month. She said the only way I could do it would be for me to set up an ACH account. She said this would involve a lot of paperwork and time from me, so I probably would not...
by Abe
Fri Dec 12, 2014 12:13 pm
 
Forum: Personal Finance (Not Investing)
Topic: How to automatically transfer tenants rent to my account?
Replies: 22
Views: 2103
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