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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.
by Abe
Tue Sep 16, 2014 7:27 pm
 
Forum: Personal Finance (Not Investing)
Topic: Any success stories of ppl who never made >$50,000?
Replies: 81
Views: 2930

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: 5957

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: 5957

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

I don't think my home is a foolproof investment. By the same token, I don't think any investment is foolproof. I paid cash for my home because I don't like to make payments or pay rent. I doubt I will make much money if I ever sell it but that's okay. I have a roof over my head and I don't have to m...
by Abe
Mon Sep 15, 2014 6:06 pm
 
Forum: Investing - Theory, News & General
Topic: Why do so many think their home is a foolproof investment?
Replies: 125
Views: 5957

Re: The dangerous practice of rebalancing...

But isn't this essentially what Dr. Bernstein recommends: Bernstein recommends a rule of thumb, based on annuity payouts and spending patterns late in life, that you should have 20-25 times your residual living expenses (after pensions/Social Security) invested solely in safe assets. No stocks at al...
by Abe
Fri Sep 12, 2014 6:04 pm
 
Forum: Investing - Theory, News & General
Topic: The dangerous practice of rebalancing...
Replies: 175
Views: 10077

Re: Vangaurd STAR

First, a kool aid stand is an active business. The Star Fund is a passive investment. Five dollars per month equates to 6% per year on $1,000. So your $1,000 grows to roughly $7,700 over 35 years. No you can't retire on that, but it's a good example of the power of compounding. Invest $9,000 per yea...
by Abe
Wed Sep 10, 2014 2:41 pm
 
Forum: Investing - Help with Personal Investments
Topic: Vangaurd STAR
Replies: 31
Views: 1892

Re: Drawing down a windfall...

Your problem is you are spending way too much. If it was me and I was your age, I would NOT be drawing anything from my investments unless I had to. I would let my investments continue to work for me as long as possible. Your 250k salary should be plenty to live on. I would start now looking for ano...
by Abe
Mon Sep 08, 2014 6:14 pm
 
Forum: Investing - Help with Personal Investments
Topic: Drawing down a windfall...
Replies: 55
Views: 4062

Re: POLL: What was the first stock you ever bought?

I'm not sure, but I believe it was IBM. It was either in the late 60's or early 70's, and I invested $5,000 which was a lot for me at that time. IBM shares were extremely high at the time. I still have it. It's worth a little over $67,000 now.
by Abe
Fri Sep 05, 2014 6:17 pm
 
Forum: Investing - Theory, News & General
Topic: POLL: What was the first stock you ever bought?
Replies: 74
Views: 2715

Re: ATM did not dispense cash but account was debited

You could write on a piece of paper the following: "This ATM just shorted me $400" along with your name and phone number and hold it up to the camera. I guess you could also drop the same note in their drop box. I am assuming they were closed. :happy
by Abe
Thu Sep 04, 2014 5:53 pm
 
Forum: Personal Finance (Not Investing)
Topic: ATM did not dispense cash but account was debited
Replies: 8
Views: 1794

Re: Gas station etiquette

Where I live it's whoever gets there first. If the driver does not like pulling around you, that's his problem. It wasn't like you had him blocked off where he couldn't get out.
by Abe
Thu Aug 28, 2014 3:57 pm
 
Forum: Personal Consumer Issues
Topic: Gas station etiquette
Replies: 46
Views: 2893

Re: Is it me, or are "collectibles" worthless in 2014?

Cherokee: I wouldn't trash it. As I said earlier, collectibles go in cycles. Apparently airline collectibles are out of favor right now. It may not benefit your uncle, but at some point the airline stuff will probably come back.
by Abe
Tue Aug 26, 2014 12:01 pm
 
Forum: Personal Consumer Issues
Topic: Is it me, or are "collectibles" worthless in 2014?
Replies: 79
Views: 6139

Re: Is it me, or are "collectibles" worthless in 2014?

Regarding Abe's story, it's safe to say that true ANTIQUES are different from plain old collectibles... Yes, that is true. I was just responding to the post regarding Antiques Roadshow. As I posted earlier, my wife and I buy and sell antiques and collectibles as a hobby. We never run across anythin...
by Abe
Mon Aug 25, 2014 5:30 pm
 
Forum: Personal Consumer Issues
Topic: Is it me, or are "collectibles" worthless in 2014?
Replies: 79
Views: 6139

Re: Is it me, or are "collectibles" worthless in 2014?

The only place I see people pay high prices for antiques/collectables is on TV. I attend quite a few auctions in my area. Now I know location and market are everything but the prices for the antiques/collectables are pennies of what you would expect if you bought into all of those auction shows on ...
by Abe
Mon Aug 25, 2014 5:23 pm
 
Forum: Personal Consumer Issues
Topic: Is it me, or are "collectibles" worthless in 2014?
Replies: 79
Views: 6139

Re: Is it me, or are "collectibles" worthless in 2014?

It is harder to sell on eBay now, but there is money to be made if one is knowledgeagle and careful about what they buy. My wife and I do this as a hobby. We find items on a regular basis at flea markets and other places that we buy and resale on eBay for several times our cost. The stuff is out the...
by Abe
Mon Aug 25, 2014 2:23 pm
 
Forum: Personal Consumer Issues
Topic: Is it me, or are "collectibles" worthless in 2014?
Replies: 79
Views: 6139

Re: Newbie nervous and just invested 55k with Vanguard

You've already done the hardest part. As time goes on it should get easier although you may second guess yourself from time to time. This is natural. Everything in life is a tradeoff. Investing is no exception. You are taking some risk now with your money in order to have more later. I promise you w...
by Abe
Mon Aug 25, 2014 11:45 am
 
Forum: Investing - Help with Personal Investments
Topic: Newbie nervous and just invested 55k with Vanguard
Replies: 20
Views: 2279

Re: Is it me, or are "collectibles" worthless in 2014?

Back in the early days of eBay you could sell almost anything. I don't know why, but it's much harder to sell on eBay now. Another thing is the demand for collectibles runs in cycles. About 2 years ago, my wife had an item to sell on eBay, but she found they were not bringing much so she set it asid...
by Abe
Sun Aug 24, 2014 4:49 pm
 
Forum: Personal Consumer Issues
Topic: Is it me, or are "collectibles" worthless in 2014?
Replies: 79
Views: 6139

Re: Why do we tip restaurant servers?

gwrvmd wrote:Abe: The reason for shaking hands goes back to Medieval times.....Extending your dominant hand palm up to a stranger was a way of showing that you didn't have a weapon......Gordon


Okay, see there is even a logical reason for shaking hands.
by Abe
Fri Aug 22, 2014 9:47 pm
 
Forum: Personal Consumer Issues
Topic: Why do we tip restaurant servers?
Replies: 44
Views: 2235

Re: Why do we tip restaurant servers?

A logical reason for speaking English would be so that other people can understand you.
A logical reason for driving on the right would be so you wouldn't have a head on crash.
I can't think of a logical reason for shaking hands.
by Abe
Fri Aug 22, 2014 7:25 pm
 
Forum: Personal Consumer Issues
Topic: Why do we tip restaurant servers?
Replies: 44
Views: 2235

Re: Why do we tip restaurant servers?

HardKnocker wrote:Why is 20% now considered a normal tip?

15% used to be the norm.


Okay. Just substitute 15% for 20%. :happy
by Abe
Fri Aug 22, 2014 6:53 pm
 
Forum: Personal Consumer Issues
Topic: Why do we tip restaurant servers?
Replies: 44
Views: 2235

Why do we tip restaurant servers?

I know this is a controversial subject, but why do we tip restaurant servers? There is no logical reason that I know of except to say it is customary. Grocery store clerks, and most other retail employees get paid minimum wage or more, but restaurant servers are only paid around $2.13 per hour and a...
by Abe
Fri Aug 22, 2014 4:42 pm
 
Forum: Personal Consumer Issues
Topic: Why do we tip restaurant servers?
Replies: 44
Views: 2235

Re: Online classes?

by Abe
Mon Aug 18, 2014 10:53 am
 
Forum: Investing - Theory, News & General
Topic: Online classes?
Replies: 14
Views: 1937

Re: Where do you buy clothes?

mojave wrote: I fund my clothing by selling vintage housewares that I find at Goodwill, so I don't even use our paychecks for that.


What kind of vintage housewares and where do you sell it? Just curious. :happy
by Abe
Thu Aug 14, 2014 1:22 pm
 
Forum: Personal Consumer Issues
Topic: Where do you buy clothes?
Replies: 105
Views: 9223

Re: Where do you buy clothes?

cfs wrote:Military Exchange

I buy at the military exchange stores.

Thanks for reading.


Who can buy at military exchange stores?
by Abe
Sun Aug 10, 2014 5:50 pm
 
Forum: Personal Consumer Issues
Topic: Where do you buy clothes?
Replies: 105
Views: 9223

Re: Where do you buy clothes?

I buy blue jeans at Walmart. Most everything else, I buy a thrift stores.

I forgot: I order Rockport Eureka shoes from sears, usually $65.00 a pair on sale with free shipping. :beer
by Abe
Sun Aug 10, 2014 3:33 pm
 
Forum: Personal Consumer Issues
Topic: Where do you buy clothes?
Replies: 105
Views: 9223

Re: Dave Ramsey still defending 12% and still angry at "nerd

Either Ramsey believed that the market would return 12%, or he falsely stated that it would return 12% even though he knew it would not. This is the way I think Ramsey rationalizes this. In the first case, he can't admit he was wrong because he would be admitting that he was ignorant about something...
by Abe
Sun Aug 10, 2014 12:49 pm
 
Forum: Investing - Theory, News & General
Topic: Dave Ramsey still defending 12% and still angry at "nerds"
Replies: 194
Views: 22761

Re: Roof replacement

I recently replaced the roof (shingles) on my personal residence with 30 year architectural shingles. I have been replacing shingles on rentals with 25 year 3 tap shingles. I have a contractor who does this for $160.00 per square for 3 tap or $180.00 per square for architectural. This includes all l...
by Abe
Fri Aug 08, 2014 1:59 pm
 
Forum: Personal Consumer Issues
Topic: Roof replacement
Replies: 13
Views: 1165

Re: Public Speaking-help

When I was very young, I was asked to speak to a small group about some story in the bible. It was not supposed to last but about 5 minutes. I never dreamed it would be a problem, but when I got up there, I started shaking, my voice trembled, I started sweating, I thought I was going to die right th...
by Abe
Thu Aug 07, 2014 5:04 pm
 
Forum: Personal Consumer Issues
Topic: Public Speaking-help
Replies: 79
Views: 5231

Re: Volatility: Oh how I love thee.

Many years ago, I was discussing investing with someone. A lady who worked for me and knew nothing at all about investing was listening to the conversation. After a while, she said, "all you have to do is buy when it's low and sell it when it's high". She was not joking. :happy
by Abe
Thu Aug 07, 2014 12:37 pm
 
Forum: Investing - Theory, News & General
Topic: Volatility: Oh how I love thee.
Replies: 44
Views: 3131

Re: Peak Money Market Fund Yields in 1981-82

I think interest rates peaked out in 1981 or 1982. After that, they started down and have been going down ever since. I remember in about 1993 I was getting 7% on 1 year CD's. For about 3 or 4 years after that, I managed to renew them at 7% even though rates were creeping down. In about 1997 when my...
by Abe
Wed Aug 06, 2014 4:52 pm
 
Forum: Investing - Theory, News & General
Topic: Peak Money Market Fund Yields in 1981-82
Replies: 24
Views: 1697

Re: It seems Warren Buffett believes in DCA

Unlike your experts, Swedroe provides a reference to the peer-reviewed literature that is a logical proof that DCA does not make sense (assuming selling out and DCAing back in would not make sense) from a purely investment standpoint: This is my exact post back in Dec 9, 2013 in a thread titled Dol...
by Abe
Tue Aug 05, 2014 11:39 am
 
Forum: Investing - Theory, News & General
Topic: It seems Warren Buffett believes in DCA
Replies: 44
Views: 4011

Re: Dave Ramsey still defending 12% and still angry at "nerd

pkcrafter wrote: I had a pretty high regard for Dave Ramsey, at least for his advice on debt, but after seeing this video, I've lost respect for him. Paul


I lost respect for him after I saw this:

https://www.youtube.com/watch?v=6E0FVr0Uzf0#t=65
by Abe
Sat Aug 02, 2014 6:10 pm
 
Forum: Investing - Theory, News & General
Topic: Dave Ramsey still defending 12% and still angry at "nerds"
Replies: 194
Views: 22761

Re: It seems Warren Buffett believes in DCA

Here are some experts who advocate DCA. Bogle on Mutual Funds by John Bogle, page 31, "It seems only logical that making many investments in the stock market at periodic intervals -- known as dollar cost averaging -- will provide greater stability of return than a single all at once commitment ...
by Abe
Sat Aug 02, 2014 5:26 pm
 
Forum: Investing - Theory, News & General
Topic: It seems Warren Buffett believes in DCA
Replies: 44
Views: 4011

Re: Landlording for long-term wealth? Who's doing it?

Thanks for the alternate perspectives. Certainly makes a good case for just kicking back and picking up some shares of a REIT index when they go on sale. Really appreciate all the food for thought from this thread. Thanks all! One strategy for getting out of the landlord business when you are getti...
by Abe
Fri Aug 01, 2014 2:41 pm
 
Forum: Personal Finance (Not Investing)
Topic: Landlording for long-term wealth? Who's doing it?
Replies: 68
Views: 7761

Re: Public Speaking-help

Warren Buffett was terrified of public speaking. This is what he said: “I was terrified of public speaking. You can’t believe what I was like if I had to give a talk. I was so terrified that I just couldn’t do it. I would throw up. In fact, I arranged my life so that I never had to get up in front o...
by Abe
Fri Aug 01, 2014 1:17 pm
 
Forum: Personal Consumer Issues
Topic: Public Speaking-help
Replies: 79
Views: 5231

Re: Dave Ramsey still defending 12% and still angry at "nerd

Dave Ramsey apparently still gets very angry when questioned about his “12%” assertions, even in mid-2014. For one, he’s wrong, so I don’t see why he is sticking to his guns about 12%. I realize that the subject of Dave Ramsey has been beaten to death here on Bogleheads. But it’s interesting that h...
by Abe
Thu Jul 31, 2014 3:17 pm
 
Forum: Investing - Theory, News & General
Topic: Dave Ramsey still defending 12% and still angry at "nerds"
Replies: 194
Views: 22761

Re: How does car trade-in works?

htdrag11 wrote:Abe, convenience always has a price.


Yes indeed, everything has a price.
by Abe
Tue Jul 29, 2014 10:08 pm
 
Forum: Personal Consumer Issues
Topic: How does car trade-in work?
Replies: 71
Views: 4468

Re: Help with a new $5m portfolio for an old lady

As other posters have recommended, I too think one of the conservative Lifestrategy funds would be ideal for your mother. It has built in asset allocation, less risk through broad diversification, automatic rebalancing and low cost. This is very simple, only one fund. She can withdraw 2% and have $1...
by Abe
Tue Jul 29, 2014 6:03 pm
 
Forum: Investing - Help with Personal Investments
Topic: Help with a new $5m portfolio for an old lady
Replies: 59
Views: 4519

Re: How does car trade-in works?

A dealer will not give you more than wholesale if you trade-in. It could be less but not more. They try to determine what's important to you. If you want more for your trade-in than wholesale, they may give you more and make up the difference in the price of the car you are buying. They are good at...
by Abe
Tue Jul 29, 2014 5:31 pm
 
Forum: Personal Consumer Issues
Topic: How does car trade-in work?
Replies: 71
Views: 4468

Re: How does car trade-in works?

A dealer will not give you more than wholesale if you trade-in. It could be less but not more. They try to determine what's important to you. If you want more for your trade-in than wholesale, they may give you more and make up the difference in the price of the car you are buying. They are good at ...
by Abe
Tue Jul 29, 2014 2:01 pm
 
Forum: Personal Consumer Issues
Topic: How does car trade-in work?
Replies: 71
Views: 4468

Re: Landlording for long-term wealth? Who's doing it?

I have been a landlord for 50 years. I'm sure you know this, but it's more hands on than Boglehead type investing. You are lucky to have a good tenant. I am almost 71 years old. All my rentals are paid off, so I have good cash flow. It can be financially rewarding but keep in mind there will be many...
by Abe
Tue Jul 29, 2014 12:37 pm
 
Forum: Personal Finance (Not Investing)
Topic: Landlording for long-term wealth? Who's doing it?
Replies: 68
Views: 7761

Re: Rules of thumb that shouldn't be

From Wikipedia, the free encyclopedia

A rule of thumb is a principle with broad application that is not intended to be strictly accurate or reliable for every situation. :beer
by Abe
Fri Jul 25, 2014 2:52 pm
 
Forum: Investing - Theory, News & General
Topic: Rules of thumb that shouldn't be
Replies: 39
Views: 4645

Re: Mortgage Prepayment Question

my original loan was over 300K, and the interest rate is 3.5%. I made a substantial prepayment mid month (July 08) ~$100K - almost half of the remaining loan. I thought my interest payment on my next month's (August) mortgage statement should reduce at least several hundred dollars, but it did not ...
by Abe
Thu Jul 24, 2014 6:40 pm
 
Forum: Personal Finance (Not Investing)
Topic: Mortgage Prepayment Question
Replies: 43
Views: 3206

Re: Cheap Wall St Journal?

I had a friend who subscribed to the WSJ. He would bring them to me after he read them. As I remember, there was not much in it that I was interested in reading. I finally told him to stop bringing them.
by Abe
Wed Jul 23, 2014 5:45 pm
 
Forum: Personal Consumer Issues
Topic: Cheap Wall St Journal?
Replies: 64
Views: 8153

Re: If you own a car, do you have a car payment?

I have never made a car payment. I didn't even own a car until the early eighties. Before that, I drove pickup trucks. That way I could kill two birds with one stone: use it for my business or personal use. :beer
by Abe
Wed Jul 23, 2014 4:25 pm
 
Forum: Personal Consumer Issues
Topic: If you own a car, do you have a car payment?
Replies: 112
Views: 7444

Re: I'm a genius!

Several years ago, my wife's sister had some money to invest, and she asked me where I thought she should invest it. I recommended one of the Vanguard Life Strategy funds. Well, she picked two, the Life Strategy Growth and the Life Strategy Moderate Growth. I thought she should have picked only one ...
by Abe
Wed Jul 23, 2014 2:51 pm
 
Forum: Investing - Theory, News & General
Topic: I'm a genius!
Replies: 19
Views: 5224

Re: POLL: Walmart vs Amazon

Walmart is a profitable business. Amazon is not. It is my understanding that Amazon doesn't make a profit and never has. If they do, it's very little. I'm certainly not an expert in these matters, but the only way I see for them to make a profit is to cut expenses or raise prices or both. They alrea...
by Abe
Thu Jul 17, 2014 4:23 pm
 
Forum: Personal Consumer Issues
Topic: POLL: Walmart vs Amazon
Replies: 137
Views: 8640

Re: If interest rates would ever reach double digits again

I knew someone who told me they bought 30 year treasury bonds yielding around 16% in the late 70's or early 80's. I'm not sure about the exact rate, but it was somewhere in that neighborhood.
by Abe
Thu Jul 17, 2014 3:11 pm
 
Forum: Investing - Theory, News & General
Topic: If interest rates would ever reach double digits again
Replies: 36
Views: 3079

Re: Inherited a promissory note--what to do?

I am not a lawyer. Anything I tell you is from my personal experience only and not legal advise. I am assuming that you only have a promissory note and no collateral such as a mortgage or some other security instrument. A promissory note is only the borrowers promise to pay. If all you have is the p...
by Abe
Wed Jul 16, 2014 11:54 am
 
Forum: Personal Finance (Not Investing)
Topic: Inherited a promissory note--what to do?
Replies: 22
Views: 2476

Re: POLL: Walmart vs Amazon

There is a lot of anti-Walmart sentiment out there. Some may be justified, but I think most of it is not. Walmart does what they do according to their business plan, and some bad things happen as a result of that, such as small businesses going out and small towns drying up. I had a small business a...
by Abe
Sat Jul 12, 2014 1:56 pm
 
Forum: Personal Consumer Issues
Topic: POLL: Walmart vs Amazon
Replies: 137
Views: 8640

Re: POLL: Walmart vs Amazon

I buy a lot more from Walmart than Amazon because of shipping charges, convenience and return policy. Example: I bought a watch from Walmart about 3 months ago. It quit keeping good time, so I took it back and they gave me another one, no questions asked. We go to Walmart about once a week. Most of ...
by Abe
Sat Jul 12, 2014 11:38 am
 
Forum: Personal Consumer Issues
Topic: POLL: Walmart vs Amazon
Replies: 137
Views: 8640
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