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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: 26
Views: 1939

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: 306
Views: 36803

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: 6616

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: 5790

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: 2673

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: 2673

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: 3068

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: 2723

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: 2384

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: 3155

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: 556

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: 7918

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: 9460

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: 641

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: 5906

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: 5906

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: 9251

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: 1963

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: 4545

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: 2083

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: 3568

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: 2083

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: 2083

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: 2392

Re: Buying a casket

by Abe
Tue Dec 09, 2014 6:06 pm
 
Forum: Personal Consumer Issues
Topic: Buying a casket
Replies: 19
Views: 2392

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: 13882

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: 13882

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: 9710

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: 9710

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: 3540

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: 3238

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: 32
Views: 8317

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: 2951

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: 16524

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: 16524

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: 1203

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: 6246

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: 6246

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: 6802

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: 6802

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: 30558

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: 8958

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: 30558

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: 1091

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: 4193

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: 4193

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: 1702

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: 5424

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: 12039

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: 3939
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