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Re: Bank account to teach kids

My kids are 6 (twins). They earn $4.00 per week if they do all of their chores. They save it in their banks and every three months I give them a $10 bonus for being good savers (trying to equate that to investment returns in the mind of a 6 year old). As they get older I will make it percentage base...
by Acesalad
Wed Aug 06, 2014 3:34 pm
 
Forum: Personal Finance (Not Investing)
Topic: Bank account to teach kids
Replies: 17
Views: 881

Re: Taking out mortgage with zero down. Smart or no?

He buys a 200k house and a invests the 40k. House price drops 30% and stocks drop 50%, he is laid off and takes a new job 200 miles away who is better a) 140k house with a 160k mortgage and zero dollars b) 140k with a 200k mortgage and 20k in investments? Clearly b. He sends the keys back to the ba...
by Acesalad
Tue Jul 29, 2014 9:20 am
 
Forum: Personal Finance (Not Investing)
Topic: Taking out mortgage with zero down. Smart or no?
Replies: 64
Views: 3238

Re: Taking out mortgage with zero down. Smart or no?

All of this talk of no money down, leveraging with debt, walking away from mortgages, and investing the down payment in something other than the home, is making me think we haven't learned our lesson. I remember back in 2000, all of my friends were taking out HELOCs and daytrading their equity. I w...
by Acesalad
Mon Jul 28, 2014 3:53 pm
 
Forum: Personal Finance (Not Investing)
Topic: Taking out mortgage with zero down. Smart or no?
Replies: 64
Views: 3238

Re: Taking out mortgage with zero down. Smart or no?

Yes it was unfortunate that I bought at the top of the market. Who here wants to guarantee that the market won't go down again? I guess if you can time the real estate market you can time the stock market too, but wait, I thought one of the core principals of Bogleheads is that market timing is a fu...
by Acesalad
Mon Jul 28, 2014 3:52 pm
 
Forum: Personal Finance (Not Investing)
Topic: Taking out mortgage with zero down. Smart or no?
Replies: 64
Views: 3238

Re: Taking out mortgage with zero down. Smart or no?

No, No, NO! My wife and I bought a house 9 years ago with no money down. We thought prices will never go down and only keep going up so we better buy now even though we have to finance 100%. Well the bottom dropped out and we are still underwater. You can tell yourself this will not happen to you bu...
by Acesalad
Mon Jul 28, 2014 1:49 pm
 
Forum: Personal Finance (Not Investing)
Topic: Taking out mortgage with zero down. Smart or no?
Replies: 64
Views: 3238

Re: Personal finance podcast to replace Marketplace Money?

I agree with the others that The Money Guy is a good pocast, but it only comes out every two weeks. Ric Edelman's "The Truth About Money" podcast is also very good. He usually starts off with financial news commentary. He takes many calls and usually ends with a short Bitcoin segment and h...
by Acesalad
Fri Jul 25, 2014 2:53 pm
 
Forum: Personal Finance (Not Investing)
Topic: Personal finance podcast to replace Marketplace Money?
Replies: 14
Views: 1953

Re: Dip into IRAs to pay off CC debt?

I'd sell the $40K car as you don't need a 3rd car, nor do you need one that expensive. At the same time I would check out Dave Ramsey's program for getting out of debt and living within your means. He has a six step program for getting you back on track but it requires work and sacrifice. You're no...
by Acesalad
Wed Jul 09, 2014 8:45 am
 
Forum: Personal Finance (Not Investing)
Topic: Dip into IRAs to pay off CC debt?
Replies: 28
Views: 2060

Re: Help holding persoanl finance workshops

Ok Gerry. I will PM you in August to see how it is going. ThePrune and mhalley, thanks for your advice. It is useful and inspiring. Looks like I have to be tenacious in my pursuit of this goal and hopefully it will lead to some opportunities.
by Acesalad
Wed Jul 09, 2014 8:37 am
 
Forum: Personal Finance (Not Investing)
Topic: Help holding persoanl finance workshops
Replies: 18
Views: 1367

Re: Help holding persoanl finance workshops

Where are you located? In Oregon there is a nonprofit called Financial Beginnings (http://www.financialbeginnings.org/) that recruits volunteers to offer financial literacy workshops for students of different ages and young adults. I am signed up to go to their volunteer orientation this month. If ...
by Acesalad
Tue Jul 08, 2014 3:37 pm
 
Forum: Personal Finance (Not Investing)
Topic: Help holding persoanl finance workshops
Replies: 18
Views: 1367

Re: Dip into IRAs to pay off CC debt?

I am from the Dave Ramsey School and I think you should do everything you can to simplify your life and get out of debt as fast as possible. My wife and I have been doing it for two years and out of $100,000 in debt we have $37,000 left. You are trying to do too many things at once. Pay off CC debt,...
by Acesalad
Tue Jul 08, 2014 3:34 pm
 
Forum: Personal Finance (Not Investing)
Topic: Dip into IRAs to pay off CC debt?
Replies: 28
Views: 2060

Re: Help holding persoanl finance workshops

Thanks for all of your great suggestions and advice. I will continue to try.
by Acesalad
Mon Jul 07, 2014 3:18 pm
 
Forum: Personal Finance (Not Investing)
Topic: Help holding persoanl finance workshops
Replies: 18
Views: 1367

Re: Do you tell your kids how much you make?

My father never told me how much he made. He also never taught me anything (beyond the basics) about money, probably because he didn't know much. All I did know was we never had much money but somehow he made too much for me to get much financial aid for college. When I started working I assumed inv...
by Acesalad
Mon Jul 07, 2014 10:46 am
 
Forum: Personal Finance (Not Investing)
Topic: Do you tell your kids how much you make?
Replies: 58
Views: 6044

Help holding persoanl finance workshops

I am trying to establish myself as a volunteer to help teach people basic personal finance and the enormous benefits of this knowledge. I would like to hold workshops from the National Endowment for Financial Education. My problem is I have no platform from which to hold these workshops. So far I ha...
by Acesalad
Mon Jul 07, 2014 10:35 am
 
Forum: Personal Finance (Not Investing)
Topic: Help holding persoanl finance workshops
Replies: 18
Views: 1367

Re: Budget or create saving buckets?

My wife and I use the Goodbudget (formally Easy Envelope Budgeting Assistant) app on our iPhones. It is a virtual envelope system. We set it up on the website but once it is set we do 98% of tracking on the iPhone, only returning to the website if you need to adjust the amounts going into the envelo...
by Acesalad
Wed Jul 02, 2014 5:42 pm
 
Forum: Personal Finance (Not Investing)
Topic: Budget or create saving buckets?
Replies: 109
Views: 7611

Re: Poll: Dave Ramsey - Harmful or helpful?

I spent years trying to learn about personal finance and in the process got in a mess, primarily by buying a house with no money down right before the real estate market tanked. I am now using his methods to get out of our horrible 2nd mortgage (amortized over 30 years with a balloon payment due aft...
by Acesalad
Fri Jun 27, 2014 10:48 am
 
Forum: Personal Finance (Not Investing)
Topic: Poll: Dave Ramsey - Harmful or helpful?
Replies: 65
Views: 5201

Re: Employer provided financial education

@bigirish: I am a Dave Ramsey deciple. My wife and I got in a bad position, mainly due to buying a house in 2005 with 100% financing with an 80%/20% loan. We are underwater and the 20% HELOC is strangling us. We are using his program, have paid off all of our other debt and now are concentrating on ...
by Acesalad
Fri Feb 28, 2014 10:54 am
 
Forum: Personal Finance (Not Investing)
Topic: Employer provided financial education
Replies: 8
Views: 617

Re: Employer provided financial education

Thanks for your input. I guess I will have to be content with being on the 401(k) review board.
by Acesalad
Wed Feb 26, 2014 8:46 pm
 
Forum: Personal Finance (Not Investing)
Topic: Employer provided financial education
Replies: 8
Views: 617

Employer provided financial education

I would like to get more involved with educating my fellow employees on matters of personal finance at my job. I feel many adults in the USA are woefully uninformed on how to handle their personal finances and should at least be made aware of the benefits of sound personal finance practices. I have ...
by Acesalad
Wed Feb 26, 2014 1:10 pm
 
Forum: Personal Finance (Not Investing)
Topic: Employer provided financial education
Replies: 8
Views: 617

Re: Kiplinger's,Money or any other publication.....

I have had a subscription to Kiplinger's for the last 3 years which is when I became seriously interested in learning more about personal finance. I think it helped to foster my interest in the beginning. As I have learned more, including the Boglehead philosophy I look at it differently. I skip ove...
by Acesalad
Tue Feb 25, 2014 3:44 pm
 
Forum: Personal Consumer Issues
Topic: Kiplinger's,Money or any other publication.....
Replies: 10
Views: 1050

Re: Smart Home Purchase?

I am an avid Dave Ramsey fan also. 9 Years ago my wife and I bought a house with no down payment. We are now underwater and we want to get out of the house but can't because we are underwater. I wish I heard of him 9 years ago and followed his advice. My life, financially, would be SO MUCH better to...
by Acesalad
Wed Feb 19, 2014 3:33 pm
 
Forum: Personal Finance (Not Investing)
Topic: Smart Home Purchase?
Replies: 21
Views: 2414

Re: When to drop auto collision insurance?

I would use edmunds.com or similar to find out the value of your car. Select dealer or private sale depending on which you would use to buy a car to replace it. When the care gets to be worth only $3,000 or so it is not worth keeping collision. Not too many accidents cost less than that to repair, s...
by Acesalad
Wed Feb 19, 2014 11:35 am
 
Forum: Personal Finance (Not Investing)
Topic: When to drop auto collision insurance?
Replies: 21
Views: 2187

Re: Need advice: My Auto Insurer dropped me.

Thanks everyone! After reading all of your input I think I will try both routes. First I will call several places on my own, then I will try a broker and see how their results compare. I may try also combining my home and auto and see if that will save me anything. I have had a homeowner policy for ...
by Acesalad
Wed Feb 19, 2014 11:25 am
 
Forum: Personal Finance (Not Investing)
Topic: Need advice: My Auto Insurer dropped me.
Replies: 8
Views: 1158

Need advice: My Auto Insurer dropped me.

I just was notified that I am being dropped by State Farm for our auto insurance coverage. We have been with them for 6 years. In August of 2011 we had to file a claim for damage to the hood from Hurricane Irene. In April 2012 we had another front end claim due to an accident my wife caused. In both...
by Acesalad
Tue Feb 18, 2014 3:21 pm
 
Forum: Personal Finance (Not Investing)
Topic: Need advice: My Auto Insurer dropped me.
Replies: 8
Views: 1158

Re: Short on income/prospects, long on time: How to maximize

Since you say you have a lot of time why are you saving so much for your retirement, 1/3 or 33% of your salary? Is your goal to retire at 50? What if you saved 15% toward retirement and saved the other 18% for a downpayment on a house. Saving 15%, especially if you are starting in your 20's, should ...
by Acesalad
Wed Oct 16, 2013 12:15 pm
 
Forum: Personal Finance (Not Investing)
Topic: Short on income/prospects, long on time: How to maximize?
Replies: 7
Views: 1244

Re: 401(k) dilemma. Is an index fund the best choice?

Is it possible to transfer money from the 401(k) at the company I am currently working at to an IRA account, at say Vanguard, where I could then have more choices available to invest in?
by Acesalad
Wed Sep 18, 2013 8:23 am
 
Forum: Investing - Help with Personal Investments
Topic: 401(k) dilemma. Is an index fund the best choice?
Replies: 51
Views: 4175

Re: Drowning in low-interest debt--pls help me prioritize

It looks like you got into this situation because you had a frame of mind that excessive debt is OK. Now you seem to be in the frame of mind where you want to get out of debt. If this is the case you should not be driving a $27K car that you owe that much on and you have debt coming out of your ears...
by Acesalad
Fri Sep 13, 2013 9:16 am
 
Forum: Personal Finance (Not Investing)
Topic: Drowning in low-interest debt--pls help me prioritize
Replies: 85
Views: 5893

Re: Who taught you about money?

Dave Ramsey. Unfortunately I was 45 by the time it happened, it's been about a year and a half since we completed the course. I tried teaching myself from time to time over the years but it never really clicked. Then I took his Financial Peace University course and it started making sense. It also s...
by Acesalad
Wed Sep 11, 2013 8:21 am
 
Forum: Personal Finance (Not Investing)
Topic: Who taught you about money?
Replies: 91
Views: 5861

Re: 401(k) dilemma. Is an index fund the best choice?

The rate on the HELOC is 8.75%. Regardless of that it is a horrible loan. As I said it is amortized over 30 years but has a balloon payment due at the end of 15 years. The original amount was $75,300. At the end of the 15 years we would have only paid off $16,000 leaving $59,000 to come up with or r...
by Acesalad
Fri Sep 06, 2013 3:19 pm
 
Forum: Investing - Help with Personal Investments
Topic: 401(k) dilemma. Is an index fund the best choice?
Replies: 51
Views: 4175

Re: 401(k) dilemma. Is an index fund the best choice?

Right now this is all the investing I have. I am not even currently contributing to it because we are underwater on our house that we financed in 2005 with 100% financing. It was 80% with a conventional mortgage and 20% with a HELOC. the HELOC in amortized over 30 years with a balloon payment after ...
by Acesalad
Thu Sep 05, 2013 7:55 pm
 
Forum: Investing - Help with Personal Investments
Topic: 401(k) dilemma. Is an index fund the best choice?
Replies: 51
Views: 4175

Re: 401(k) dilemma. Is an index fund the best choice?

OK, I did some digging. I found the Participant Disclosure Notice for my plan. It talks about Asset Based fees which it describes as basically the ER. The next section is Plan Administrative Fees and Expenses Plan administrative fees may include legal, accounting, trustee, recordkeeping, and other a...
by Acesalad
Thu Sep 05, 2013 3:38 pm
 
Forum: Investing - Help with Personal Investments
Topic: 401(k) dilemma. Is an index fund the best choice?
Replies: 51
Views: 4175

Re: How would my 401(k) transfer to my children if I die?

Bogleblitz, I am wondering if it happened anytime before I reached retirement age. I don't know what the siginificance is of 70.5 years old, I thought the money was available without penalty here in the USA at 59.5 years old. When my ex died (at the age of 64) he had 3 sons (all over age 18). His 40...
by Acesalad
Wed Sep 04, 2013 3:24 pm
 
Forum: Personal Finance (Not Investing)
Topic: How would my 401(k) transfer to my children if I die?
Replies: 12
Views: 1197

How would my 401(k) transfer to my children if I die?

Really wondering, if both my wife and I died in, let's say, a moped accident, and the children were named beneficiaries, would they have the money available (through a trust or something, they're only 5 years old) immediately or would they have to keep it until they were 59 and a half to be able to ...
by Acesalad
Wed Sep 04, 2013 2:33 pm
 
Forum: Personal Finance (Not Investing)
Topic: How would my 401(k) transfer to my children if I die?
Replies: 12
Views: 1197

Re: New Bogelhead - paying off debt / investing

I am reminded of the mantra of Dave Ramsey: Live like nobody else so you can live like nobody else. Paying off the debt as soon as you can ("with gazelle intensity") might not feel a lot of fun right now, but in the end, will ultimately pay off. My wife and I thought we would miss the boa...
by Acesalad
Wed Sep 04, 2013 2:24 pm
 
Forum: Personal Finance (Not Investing)
Topic: New Bogelhead - paying off debt / investing
Replies: 8
Views: 1042

Interested in Long Island Local Chapter?

Looking for Bogleheads in the Long Island area that would like to start a local chapter. I became seriously interested in learning all that I can about personal finance about a year and a half ago. I discovered this forum about two months ago and I am thrilled with knowledge and dedication of the me...
by Acesalad
Tue Sep 03, 2013 11:27 pm
 
Forum: Local Chapters and Bogleheads Community
Topic: Interested in Long Island Local Chapter?
Replies: 0
Views: 319

Re: What Personal Finance Magazines do you read?

tomd37 wrote:I have had a continuous subscription to Kiplingers Personal Finance (formerly Kiplingers Changing Times) since January 1965. As you can surmise, I am pleased with it.

Wow, that's pretty impressive.
by Acesalad
Sat Aug 31, 2013 10:42 pm
 
Forum: Personal Finance (Not Investing)
Topic: What Personal Finance Magazines do you read?
Replies: 60
Views: 4193

What Personal Finance Magazines do you read?

I know a common conception is that personal finance magazines give glorified views of financial strategies. I have been reading Kiplinger's for a few years. While I don't agree with everything I find some of the articles to be useful. I mostly gloss over the ones about picking individual stocks or e...
by Acesalad
Sat Aug 31, 2013 10:05 pm
 
Forum: Personal Finance (Not Investing)
Topic: What Personal Finance Magazines do you read?
Replies: 60
Views: 4193

Re: 401(k) dilemma. Is an index fund the best choice?

I will reach out to my Human Resources department for this information, but that could take a while. They don't always respond promptly to emails. I want to thank everyone for all the advice and help. This is a truly an amazing forum. What a great resource for personal finance information! I hope on...
by Acesalad
Fri Aug 30, 2013 4:15 pm
 
Forum: Investing - Help with Personal Investments
Topic: 401(k) dilemma. Is an index fund the best choice?
Replies: 51
Views: 4175

Re: 401(k) dilemma. Is an index fund the best choice?

please edit your list of 401K available funds to show the total cost of each

When you say "the total cost of each", is that just the expense ratio I would find on Morningstar or is it something more invlovled?
by Acesalad
Fri Aug 30, 2013 2:55 pm
 
Forum: Investing - Help with Personal Investments
Topic: 401(k) dilemma. Is an index fund the best choice?
Replies: 51
Views: 4175

Re: 401(k) dilemma. Is an index fund the best choice?

So what should my strategy be going forward? Following the premise of The Bogleheads Guide to Investing it seems I shoud have a 55/45 mix of stocks and bonds (I am 46 years old). Do I just put 55% of my holdings in the Spartan 500 Index Fundfund and the other 45% in a bond fund? +1. What bond fund ...
by Acesalad
Fri Aug 30, 2013 12:28 pm
 
Forum: Investing - Help with Personal Investments
Topic: 401(k) dilemma. Is an index fund the best choice?
Replies: 51
Views: 4175

Re: What Book Are You Currently Reading? Part V

Just finished listening to Secrets of the Millionaire Mind and QBQ! The Question Behind the Question. Both were great SotMM was better than I expected. Very inspirational. Currently listening to Mindset by Carol Dweck which is also excellent. Next is reading Thou Shall Prosper and listening to Milli...
by Acesalad
Fri Aug 30, 2013 9:56 am
 
Forum: Personal Consumer Issues
Topic: What Book Are You Currently Reading? Part V
Replies: 3196
Views: 1082677

Re: 401(k) dilemma. Is an index fund the best choice?

We say to hold a representation of the whole US + international stock market. The 500 index is large US stocks and only covers about 80% of US stocks, so we would want to add in some mid and small cap indexes to represent the other 20%. Then also 20% to 30% (even up to 50%) of stocks should be inte...
by Acesalad
Fri Aug 30, 2013 9:15 am
 
Forum: Investing - Help with Personal Investments
Topic: 401(k) dilemma. Is an index fund the best choice?
Replies: 51
Views: 4175

Re: 401(k) dilemma. Is an index fund the best choice?

So what should my strategy be going forward? Following the premise of The Bogleheads Guide to Investing it seems I shoud have a 55/45 mix of stocks and bonds (I am 46 years old). Do I just put 55% of my holdings in the Spartan 500 Index Fundfund and the other 45% in a bond fund?
by Acesalad
Thu Aug 29, 2013 3:05 pm
 
Forum: Investing - Help with Personal Investments
Topic: 401(k) dilemma. Is an index fund the best choice?
Replies: 51
Views: 4175

Re: 401(k) dilemma. Is an index fund the best choice?

A question for anyone... Does the return shown for any fund already take into account the ER?

I would like to know this for sure also. As I mentioned, the members of my local chapter were of the opinion that ER is already taken into account.
by Acesalad
Thu Aug 29, 2013 12:06 pm
 
Forum: Investing - Help with Personal Investments
Topic: 401(k) dilemma. Is an index fund the best choice?
Replies: 51
Views: 4175

Re: 401(k) dilemma. Is an index fund the best choice?

DaveG wrote:Does your S&P 500 Index fund really have an ER of 1.59% ? I assume that was a typo.

Yes, that was a typo. It is 0.06%
by Acesalad
Thu Aug 29, 2013 12:01 pm
 
Forum: Investing - Help with Personal Investments
Topic: 401(k) dilemma. Is an index fund the best choice?
Replies: 51
Views: 4175

401(k) dilemma. Is an index fund the best choice?

This is my first post so please be gentle :happy I am having trouble with the concept why lower cost funds are more beneficial than ones with higher costs if the returns are the same. In a recent meeting with my local Bogleheads chapter, the members told me that if a low cost index fund (let’s say w...
by Acesalad
Thu Aug 29, 2013 9:44 am
 
Forum: Investing - Help with Personal Investments
Topic: 401(k) dilemma. Is an index fund the best choice?
Replies: 51
Views: 4175

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