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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: 119
Views: 6768

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: 627

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?
Replies: 42
Views: 3076

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?
Replies: 42
Views: 3076

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: 9139

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: 1944

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: 4494

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: 2008

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: 3520

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: 2008

How to automatically transfer tenants rent to my account?

My tenant gets a direct deposit government check each month into her account. She wants to have her rent automatically transferred to my account each month. My bank says they can't do this even if my tenant has her account at the same bank as mine. They say that my tenant can call them each month an...
by Abe
Thu Dec 11, 2014 12:05 pm
 
Forum: Personal Finance (Not Investing)
Topic: How to automatically transfer tenants rent to my account?
Replies: 22
Views: 2008

Re: Buying a casket

This conversation makes me wonder if the funeral director would react in the same way as the mechanic if you buy your filter & oil at K-Mart and then take the car to him for an oil change. He will probably charge more for the labor since he is foregoing the profit on the parts, so essentially y...
by Abe
Wed Dec 10, 2014 6:04 pm
 
Forum: Personal Consumer Issues
Topic: Buying a casket
Replies: 19
Views: 2309

Re: Buying a casket

by Abe
Tue Dec 09, 2014 6:06 pm
 
Forum: Personal Consumer Issues
Topic: Buying a casket
Replies: 19
Views: 2309

Re: Is it safe to leave Laptop in hotel room

Okay, thanks everyone. I think we'll just take it with us and lock it in the trunk of the car during the day when we're away from the room. Just to be on the safe side.
by Abe
Sat Dec 06, 2014 12:48 pm
 
Forum: Personal Finance (Not Investing)
Topic: Is it safe to leave Laptop in hotel room
Replies: 65
Views: 7949

Is it safe to leave Laptop in hotel room

My wife and I will be out of town during the Holidays for a couple of days. She wants to take our laptop computer. I am not a traveler, so I have no experience with this. Is it safe to leave the laptop in our room? We will be staying at Days Inn at night but we will be out of the room during most of...
by Abe
Sat Dec 06, 2014 12:10 pm
 
Forum: Personal Finance (Not Investing)
Topic: Is it safe to leave Laptop in hotel room
Replies: 65
Views: 7949

Re: Dealing with unauthorized (lawyer) bill

What is the OP talking about. We started out talking about dealing with a contractor. Now we are talking about a lawyer. What is it?

Edited to add: I went back and read the OP's second post, and it appears he is talking about a bill from a lawyer and not a contractor. Not very clear.
by Abe
Thu Dec 04, 2014 2:15 pm
 
Forum: Personal Consumer Issues
Topic: Dealing with unauthorized (lawyer) bill
Replies: 61
Views: 7075

Re: Dealing with unauthorized (professional services) bill

I am not a lawyer, but according to your post, I don't believe you had a contract with the first contractor. There was no offer and acceptance which is one of the requirements of a valid contract. I would write him a letter stating there was no contract therefore no money owed. Keep a copy of the le...
by Abe
Thu Dec 04, 2014 1:47 pm
 
Forum: Personal Consumer Issues
Topic: Dealing with unauthorized (lawyer) bill
Replies: 61
Views: 7075

Re: Buying a home and cold feet!!

If you have a signed contract for a set price, why are you offering another $9,000? Have you talked to a real estate attorney about this? Until Attorney review is complete, the seller or buyer can back out. No penalty. Where I live, if the sales contract (sometimes called offer and acceptance contr...
by Abe
Tue Dec 02, 2014 3:28 pm
 
Forum: Personal Finance (Not Investing)
Topic: Buying a home and cold feet!!
Replies: 40
Views: 3522

Re: A simple coffee maker

I have this one. Works fine.

Black and Decker 12 Cup Digital Coffee Maker $19.67

http://www.walmart.com/search/?query=coffee%20maker
by Abe
Mon Dec 01, 2014 2:51 pm
 
Forum: Personal Consumer Issues
Topic: A simple coffee maker
Replies: 38
Views: 3183

Re: How to use Vanguard Portfolio Watch for rebalancing

livesoft: Thanks for posting this. I have a hodgepodge of investments accumulated over the years, and I didn't know exactly where I was as far as a breakdown on asset allocation. I sat down Sunday and entered mostly everything I have in Portfolio Watch. I have more work to do, but at least now I hav...
by Abe
Mon Dec 01, 2014 11:44 am
 
Forum: Investing - Theory, News & General
Topic: How to use Vanguard Portfolio Watch for rebalancing
Replies: 20
Views: 3856

Re: Selling gold jewelry

I buy gold and have had good experience with Mid West Refineries. http://www.midwestrefineries.com/
You will get about 90% after the smoke clears. The local pawn shops and jewelry stores pay 50% or less.
by Abe
Thu Nov 27, 2014 5:41 pm
 
Forum: Personal Consumer Issues
Topic: Selling gold jewelry
Replies: 29
Views: 2901

Re: "Shot by Robbers, Dies Clutching His Rolex Watch"

Nicolas wrote:I, too, was robbed of my Rolex, only it wasn't a Rolex, it was a $20 counterfeit. Still, it was noticed and snatched (off my wrist). These things are dangerous.


It's sort of like carrying $5,000 in cash around in your pocket, only it's on your wrist.
by Abe
Thu Nov 27, 2014 5:27 pm
 
Forum: Personal Consumer Issues
Topic: 23 year old... Can I afford a Rolex?
Replies: 167
Views: 14032

Re: "Shot by Robbers, Dies Clutching His Rolex Watch"

Something to consider: Businessman, Shot by Robbers, Dies Clutching His Rolex Watch Man pleads guilty to killing man over fake Rolex Rolex Robbers Guilty of Murdering Millionaire Man U.S. tourist dies in Naples after Rolex assault Best wishes. Taylor If you buy a Rolex, also buy a gun. I was robbed...
by Abe
Tue Nov 25, 2014 2:03 pm
 
Forum: Personal Consumer Issues
Topic: 23 year old... Can I afford a Rolex?
Replies: 167
Views: 14032

Re: What if you only invested at market peaks?

Even though he only bought at the very top of the market, Bob still ended up a millionaire with $1.1 million. And if he would have simply dollar cost averaged into the market on an annual basis with his savings he would have ended up with much more money in the end (over $2.3 million). What does thi...
by Abe
Thu Nov 13, 2014 3:24 pm
 
Forum: Investing - Theory, News & General
Topic: What if you only invested at market peaks?
Replies: 4
Views: 1189

Re: More money equates to feeling poor?

There is another thread discussing about how to reach $3M. If you don't have $3M, do you feel poor? How about after you have $3M? I still have an account at Wells Fargo. I told my "financial adviser" how much my net worth was and he said, "you're a wealthy man". I said I don't f...
by Abe
Thu Nov 13, 2014 1:13 pm
 
Forum: Personal Finance (Not Investing)
Topic: More money equates to feeling poor?
Replies: 50
Views: 6128

Re: More money equates to feeling poor?

Yes, the older I get the harder it is for me to spend money. I've spent my whole life scrimping and saving to the point where I have it down to a science. It's like if I loosen up, something bad will happen. Having said that, I am relatively happy with my life. I just don't want much.
by Abe
Thu Nov 13, 2014 11:47 am
 
Forum: Personal Finance (Not Investing)
Topic: More money equates to feeling poor?
Replies: 50
Views: 6128

Re: 22, I want to be rich, looking for a high reward fund

Matt: Everybody wants to get rich. You can do it too. It's not that hard if you have the time, but it probably won't happen investing in sector funds. Most people who get rich do it the old fashioned way. Save, invest and compound over a long period of time and you will get there. You are doing the ...
by Abe
Thu Nov 06, 2014 5:36 pm
 
Forum: Investing - Help with Personal Investments
Topic: 22, I want to be rich, looking for a high reward fund
Replies: 67
Views: 6469

Re: 22, I want to be rich, looking for a high reward fund

I think most people here would tell you that investing in a fund that focuses on one industry (Solar Energy) is sector investing. Sector investing is putting all your eggs in one basket. Solar energy may boom or it may not. Also, the expectation that solar stocks will outperform is probably already ...
by Abe
Thu Nov 06, 2014 5:06 pm
 
Forum: Investing - Help with Personal Investments
Topic: 22, I want to be rich, looking for a high reward fund
Replies: 67
Views: 6469

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 11:07 am
 
Forum: Investing - Theory, News & General
Topic: When people put all their eggs in the wrong basket
Replies: 233
Views: 29888

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 5:20 pm
 
Forum: Investing - Theory, News & General
Topic: How to think about expected returns--continuing discussion
Replies: 105
Views: 8705

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 4:42 pm
 
Forum: Investing - Theory, News & General
Topic: When people put all their eggs in the wrong basket
Replies: 233
Views: 29888

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 9:16 am
 
Forum: Personal Finance (Not Investing)
Topic: Anyone here buy land/houses at public auctions
Replies: 6
Views: 1078

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 4:41 pm
 
Forum: Personal Finance (Not Investing)
Topic: How did you get from $1M to $10M
Replies: 46
Views: 4154

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 4:19 pm
 
Forum: Personal Finance (Not Investing)
Topic: How did you get from $1M to $10M
Replies: 46
Views: 4154

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 10:30 am
 
Forum: Personal Finance (Not Investing)
Topic: Mortgage from family member
Replies: 21
Views: 1676

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 11:13 am
 
Forum: Personal Finance (Not Investing)
Topic: Sale of house-closing tomorrow, buyer is backing out
Replies: 60
Views: 5399

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 10:23 am
 
Forum: Personal Consumer Issues
Topic: Cast Iron Skillet Cooking
Replies: 108
Views: 11242

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 12:41 pm
 
Forum: Investing - Theory, News & General
Topic: Why choose a LifeStrategy Fund?
Replies: 41
Views: 3885

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 12:22 pm
 
Forum: Personal Consumer Issues
Topic: Cast Iron Skillet Cooking
Replies: 108
Views: 11242

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 2:43 pm
 
Forum: Investing - Theory, News & General
Topic: Retirees only, what was you average investment return?
Replies: 49
Views: 3578

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 11:14 am
 
Forum: Investing - Theory, News & General
Topic: Retirees only, what was you average investment return?
Replies: 49
Views: 3578

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 12:08 pm
 
Forum: Investing - Theory, News & General
Topic: Read too many books... help untangle
Replies: 48
Views: 4432

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 10:57 am
 
Forum: Investing - Theory, News & General
Topic: Is there an "upper limit" on Boglehead theory?
Replies: 58
Views: 4676

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 9:42 am
 
Forum: Investing - Theory, News & General
Topic: Is there an "upper limit" on Boglehead theory?
Replies: 58
Views: 4676

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 5:03 pm
 
Forum: Investing - Theory, News & General
Topic: Is there an "upper limit" on Boglehead theory?
Replies: 58
Views: 4676

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 5:52 pm
 
Forum: Investing - Theory, News & General
Topic: Dave Ramsey says asset allocation does not work
Replies: 86
Views: 7705

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 5:26 pm
 
Forum: Investing - Theory, News & General
Topic: what is risk?
Replies: 116
Views: 4832

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 4:42 pm
 
Forum: Investing - Theory, News & General
Topic: Dave Ramsey says asset allocation does not work
Replies: 86
Views: 7705

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 3:47 pm
 
Forum: Investing - Help with Personal Investments
Topic: Hard Money Lending, flipping houses 12% return Lets hear it
Replies: 56
Views: 3289

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 2:36 pm
 
Forum: Investing - Help with Personal Investments
Topic: Hard Money Lending, flipping houses 12% return Lets hear it
Replies: 56
Views: 3289
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