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by Goodman60
Fri Mar 06, 2015 2:25 pm
Forum: Personal Finance (Not Investing)
Topic: Does My Daughter Need A Prenup?
Replies: 175
Views: 7086

Re: Does My Daughter Need A Prenup?

I think you have received more than a fair share of unpleasantness today, but I also think your daughter has already decided (even unconsciously) that she is not interested in a pre-nup. If she did have an interest, she would probably have asked you directly about it. I fear that you will be sorry ...
by Goodman60
Fri Mar 06, 2015 2:02 pm
Forum: Personal Finance (Not Investing)
Topic: Does My Daughter Need A Prenup?
Replies: 175
Views: 7086

Re: Does My Daughter Need A Prenup?

For clarification, as I stated above, the engagement has not happened yet, although the said they are looking at rings. It's gonna happen this summer. But has not happened yet.
by Goodman60
Fri Mar 06, 2015 1:43 pm
Forum: Personal Finance (Not Investing)
Topic: Does My Daughter Need A Prenup?
Replies: 175
Views: 7086

Re: Does My Daughter Need A Prenup?

Basically that's not true. I would probably have this issue with most. I admit that I should have become more focused on this earlier. And I admit that if it appeared that she was marrying someone who stood to lose more than she, I might not be as concerned. But it's not a personal thing, just look...
by Goodman60
Fri Mar 06, 2015 1:39 pm
Forum: Personal Finance (Not Investing)
Topic: Does My Daughter Need A Prenup?
Replies: 175
Views: 7086

Re: Does My Daughter Need A Prenup?

It's hard to argue that's unfair to either party in today's world. "In today's world". Yeah. It's not your father's Mad Men or Leave it to Beaver world. As a longtime reader of Bogleheads, it's very surprising to me that a very frank discussion of such a huge financial risk is still somew...
by Goodman60
Fri Mar 06, 2015 1:19 pm
Forum: Personal Finance (Not Investing)
Topic: Does My Daughter Need A Prenup?
Replies: 175
Views: 7086

Re: Does My Daughter Need A Prenup?

Except a prenup accomplishes none of those things. You've been told that repeatedly, but continue to ignore it. I don't know your fixation with prenups; but they are the wrong tool for the job, provided you don't want to protect assets already in your daughter's name. Future earnings and inheritanc...
by Goodman60
Fri Mar 06, 2015 12:19 pm
Forum: Personal Finance (Not Investing)
Topic: Does My Daughter Need A Prenup?
Replies: 175
Views: 7086

Re: Does My Daughter Need A Prenup?

The OP is looking for a constructive advice; not for cheerleading, reprimand, or an opinion poll. The OP's family has a much greater wealth, the OP's daughter has a much higher income, and he understandably wants to protect the family wealth and the daughter's well-being. The future son-in-law bein...
by Goodman60
Fri Mar 06, 2015 11:49 am
Forum: Personal Finance (Not Investing)
Topic: Does My Daughter Need A Prenup?
Replies: 175
Views: 7086

Re: To the OP - a question

To the OP: Is there a reason you are refusing to consider dealing with this via trusts, while you do indeed still control the money? There seems to be an ongoing issue here with some sort of insisting upon working on daughter to get a pre-nup, and presumably a pre-nup that meets with your approval....
by Goodman60
Fri Mar 06, 2015 11:46 am
Forum: Personal Finance (Not Investing)
Topic: Does My Daughter Need A Prenup?
Replies: 175
Views: 7086

Re: Does My Daughter Need A Prenup?

Thank you so much! Exactly! +100 on the last sentence especially. (I am the OP) It sounds like you came here with your mind already made up. Perhaps your spouse has a different opinion and you are looking for justification for your side of the argument. From your last few comments, I just don't fee...
by Goodman60
Fri Mar 06, 2015 11:32 am
Forum: Personal Finance (Not Investing)
Topic: Does My Daughter Need A Prenup?
Replies: 175
Views: 7086

Re: Does My Daughter Need A Prenup?

Have the discussion and let her decide. I wish someone was there to suggest a prenup when I was her age. Yes! Also to all the posters who say, there isn't any reason to do this now since they don't have that much ..... Ummm have you thought that things might change during the next decade or two of ...
by Goodman60
Fri Mar 06, 2015 11:30 am
Forum: Personal Finance (Not Investing)
Topic: Does My Daughter Need A Prenup?
Replies: 175
Views: 7086

Re: Does My Daughter Need A Prenup?

If there is any risk of your daughter taking the advice as "you doesn't trust my decisions or believe my marriage will work," then no, you should not say anything. No, there is not much risk of this. And we will convey that it's not that we think that something is wrong with the pending m...
by Goodman60
Fri Mar 06, 2015 11:25 am
Forum: Personal Finance (Not Investing)
Topic: Does My Daughter Need A Prenup?
Replies: 175
Views: 7086

Re: Does My Daughter Need A Prenup?

I find it disturbing that any parent believes they do or should have that kind of control over their adult children. You need to recognize your role in the relationship. She's 25, let her make her own decisions. You can make suggestions but I'd caution that unsolicited advice can often be received ...
by Goodman60
Fri Mar 06, 2015 11:23 am
Forum: Personal Finance (Not Investing)
Topic: Does My Daughter Need A Prenup?
Replies: 175
Views: 7086

Re: Does My Daughter Need A Prenup?

FRANK2009 wrote:Have the discussion and let her decide. I wish someone was there to suggest a prenup when I was her age.


That. (I am the original poster)
by Goodman60
Fri Mar 06, 2015 11:14 am
Forum: Personal Finance (Not Investing)
Topic: Does My Daughter Need A Prenup?
Replies: 175
Views: 7086

Re: Does My Daughter Need A Prenup?

Another reason why so many single guys my age despise the idea of marriage. Too many daughters raised by parents like you. (I am the OP). I used to be a single guy your age. It's funny how, after 30 years of risking and sacrificing to accumulate wealth, perspective on how that wealth gets utilized ...
by Goodman60
Fri Mar 06, 2015 9:04 am
Forum: Personal Finance (Not Investing)
Topic: Does My Daughter Need A Prenup?
Replies: 175
Views: 7086

Re: Does My Daughter Need A Prenup?

tibbitts wrote:
It doesn't sound like she or her kids are going to be destitute no matter what happens.


I see that as Irrelevant. I won't be destitute either if I lose half my wealth, but that's no reason to take an enormous risk of doing just that (losing half).
by Goodman60
Fri Mar 06, 2015 8:56 am
Forum: Personal Finance (Not Investing)
Topic: Does My Daughter Need A Prenup?
Replies: 175
Views: 7086

Re: Does My Daughter Need A Prenup?

ShowMeTheER wrote:It sounds to me like your daughter is capable of making the decision on her own without pressure or prompting.


I guess the bigger question is whether it really is HER decision or OUR (including wife and) decision.
by Goodman60
Fri Mar 06, 2015 8:45 am
Forum: Personal Finance (Not Investing)
Topic: Does My Daughter Need A Prenup?
Replies: 175
Views: 7086

Does My Daughter Need A Prenup?

Our daughter, age 25, is a high earning professional with zero debt. Her boyfriend is 27 and is a very nice guy...my wife and I like him a lot. He shares our family values. He is in sales and does "OK", but earns only about 1/3 of what daughter earns. This probably won't change. Daughter s...
by Goodman60
Sat Aug 02, 2014 3:52 pm
Forum: Personal Finance (Not Investing)
Topic: Help With Employment Process
Replies: 4
Views: 481

Help With Employment Process

My wife worked for a major retailer, full time, for 10 years. The pay was lousy but the family health insurance made it a winner, and she liked the job until pressures from a shrinking industry forced out many of the full timers in favor of cheaper (no bennies) part timers. So she left the job at th...
by Goodman60
Sun Jul 07, 2013 6:53 pm
Forum: Personal Finance (Not Investing)
Topic: Trusts for grown kids
Replies: 29
Views: 2922

Re: Trusts for grown kids

If important money is involved, consultation with a lawyer competent in the trust and estate law of the relevant state would almost certainly be worth the cost. I would want a good deal more information than has surfaced in this discussion before giving legal advice to the op. General advice, yes. ...
by Goodman60
Sat Jul 06, 2013 2:42 pm
Forum: Investing - Help with Personal Investments
Topic: Deja vu: Bond funds lose money every year
Replies: 54
Views: 5949

Re: Deja vu: Bond funds lose money every year

What's different this time is the magnitude of the potential losses compared to prior periods. Bond yields are starting from close to zero this time.
by Goodman60
Sat Jul 06, 2013 1:53 pm
Forum: Investing - Theory, News & General
Topic: Why 4 Percent Annual Withdrawals are Still Safe
Replies: 38
Views: 3597

Re: Why 4 Percent Annual Withdrawals are Still Safe

It sounds like an alternate title could be: "You Probably Won't Live to 95, So Why Worry?"
by Goodman60
Fri Jul 05, 2013 5:04 pm
Forum: Personal Finance (Not Investing)
Topic: Portability, Bypass Trusts, Basis Step-ups, etc.
Replies: 18
Views: 1830

Re: Portability, Bypass Trusts, Basis Step-ups, etc.

I don't disagree. But it would just seem that if they accumulated this much this late in life and still haven't made an estate plans, they're PROBABLY going to shy away from anything that seems complex. But if the OP can get them to do it, he certainly should. I'm just saying if he CANNOT, a simple ...
by Goodman60
Fri Jul 05, 2013 1:50 pm
Forum: Investing - Theory, News & General
Topic: Fidelity GWLB (Guar Lifetime Withdrawal Benefit)
Replies: 3
Views: 506

Fidelity GWLB (Guar Lifetime Withdrawal Benefit)

A friend asked me about the Fidelity Guaranteed Lifetime Withdrawal Benefit. It appears to be an annuity. Can anyone explain this product? What are the pros and cons?
by Goodman60
Fri Jul 05, 2013 10:54 am
Forum: Personal Finance (Not Investing)
Topic: Portability, Bypass Trusts, Basis Step-ups, etc.
Replies: 18
Views: 1830

Re: Portability, Bypass Trusts, Basis Step-ups, etc.

I'm no estate attorney and BSteiner ALWAYS gives good advice here. But it sounds like your parents are going to recoil at complexity. That being said, PAYABLE UPON DEATH/TRANSFERABLE UPON DEATH accounts probably is the easiest to understand, allows them continued lifetime control, and will at least ...
by Goodman60
Wed Jul 03, 2013 9:31 am
Forum: Investing - Theory, News & General
Topic: 2% 2-year CD
Replies: 12
Views: 2948

Re: 2% 2-year CD

I tried to find this through all the links provided and can find nothing.
by Goodman60
Fri Jun 14, 2013 8:45 am
Forum: Investing - Theory, News & General
Topic: Star Gazing Doesn't Help Your Return
Replies: 5
Views: 931

Re: Star Gazing Doesn't Help Your Return

Isn't there a current "mainstream" financial press writer who once wrote a book or two on investing based on astrology?
by Goodman60
Fri Jun 14, 2013 8:18 am
Forum: Personal Consumer Issues
Topic: Premium Products That Are Worth It To You
Replies: 361
Views: 43949

Re: Premium Products That Are Worth It To You

My THERMOPEN arrived today. Fabulous. Thank you for the recommendation.
by Goodman60
Fri Jun 14, 2013 8:14 am
Forum: Investing - Theory, News & General
Topic: Is 2% (1.8%) the new 4%?
Replies: 72
Views: 5109

Re: Is 2% (1.8%) the new 4%?

So are you saying this: Mr. Pfau says 1.8% is the inflation adjusted SWR number. But that assumes a 1% advisor fee. So the real number for Bogleheads is 2.8%. Right? No so punishing as merely 1.8%. And if this is true, the advisor fee amounts to 33% of a non-Boglehead's annual spending amount. In th...
by Goodman60
Thu Jun 13, 2013 10:11 pm
Forum: Investing - Theory, News & General
Topic: Is 2% (1.8%) the new 4%?
Replies: 72
Views: 5109

Re: Is 2% (1.8%) the new 4%?

I just listened to this podcast. One of the things Tressider talks about is how badly the situation is for someone who retired in 2000 and used a 4% withdrawal rate with annual inflation adjustments. I'm curious, has anyone done the numbers on that with a 50/50 or maybe 40/60 portfolio?
by Goodman60
Wed Jun 12, 2013 6:16 pm
Forum: Investing - Theory, News & General
Topic: Is 3% the new 4%
Replies: 148
Views: 10404

Re: Is 3% the new 4%

What happens after a bad stock market year? I retired with $2M on 4/1/08. My twin also has $2M then, but works exactly one year longer. It's now 4/1/09. We both now have about $1.6M. I'm taking about $80,000 but how does the money know he can only take $64,000?
by Goodman60
Tue Jun 11, 2013 12:07 pm
Forum: Investing - Theory, News & General
Topic: Is 3% the new 4%
Replies: 148
Views: 10404

Re: Is 3% the new 4%

For most people 2% is an oppressive number and perhaps more detrimental than 4%, which is more oppressive than the old 5 and 6 % numbers. Because they give up saving. Running out of money after 15-20 years at 4% is way better than retiring broke to begin with because retirement seemed unattainable. ...
by Goodman60
Tue Jun 11, 2013 9:30 am
Forum: Investing - Theory, News & General
Topic: Is 3% the new 4%
Replies: 148
Views: 10404

Re: Is 3% the new 4%

MaryMom The only true Safe Withdrawal rate is the annuity (SPIA) rate (technically, the inflation linked SPIA rate-- but those are relatively rare). Even if you ignore the risk of insurance company failure, this is STILL a problem for high net worth investors in taxable (or even traditional IRA) ac...
by Goodman60
Tue Jun 11, 2013 9:27 am
Forum: Investing - Theory, News & General
Topic: Is 3% the new 4%
Replies: 148
Views: 10404

Re: Is 3% the new 4%

SnapShots wrote: There's no perfect SWR. Cutting expenses and being flexible in spending is the best advice.


+1
by Goodman60
Tue Jun 11, 2013 9:26 am
Forum: Investing - Theory, News & General
Topic: Is 3% the new 4%
Replies: 148
Views: 10404

Re: Is 3% the new 4%

TIPS won't work like this for large taxable accounts if inflation heats up. The actual effect on withdrawal rates is second-order and fairly limited, since you'd primarily be spending principal. In terms of liquidity, since taxes are due on phantom interest, one would need to plan accordingly or he...
by Goodman60
Mon Jun 10, 2013 7:36 pm
Forum: Investing - Theory, News & General
Topic: Is 3% the new 4%
Replies: 148
Views: 10404

Re: Is 3% the new 4%

What safe asset today keeps up with inflation, doesn't fluctuate in value, can be bought in sufficient quantities and either doesn't have adverse tax consequences or can be held in a tax-advantaged account? ibonds and SPIAs seem the most promising, but they fail on at least one criteria. TIPS held ...
by Goodman60
Mon Jun 10, 2013 6:17 pm
Forum: Personal Consumer Issues
Topic: Used Hondas & Toyotas
Replies: 41
Views: 4324

Re: Used Hondas & Toyotas

Personally, I think the differences in the cars for the model years themselves has a big influence on if it is "worth it" to buy new or not. For example I wouldn't buy a 2012 Civic, it got so much criticism that even though it was a redesign, they did another redesign for 2013 which every...
by Goodman60
Mon Jun 10, 2013 1:17 pm
Forum: Personal Finance (Not Investing)
Topic: Transactional Existence vs Experiential Existenene
Replies: 1
Views: 258

Transactional Existence vs Experiential Existenene

A friend's adult daughter pointed out something to me that might be worth discussion here: The difference between transactional existence and experiential existence. One relative of hers lives for the next new toy...car, TV, bike, electronic...and another likes that stuff but mainly lives for winter...
by Goodman60
Mon Jun 10, 2013 10:05 am
Forum: Investing - Theory, News & General
Topic: Is 3% the new 4%
Replies: 148
Views: 10404

Re: Is 3% the new 4%

Stock market doubles in 3 years. We have people thinking 2.5% SWR is the new normal. Can someone fill me in what was being said between September 2008 and March 2009? Because I think it would be hilarious. While I know that past performance =/= future performance, we have the Trinity study that say...
by Goodman60
Sun Jun 09, 2013 9:09 pm
Forum: Investing - Theory, News & General
Topic: Is 3% the new 4%
Replies: 148
Views: 10404

Re: Is 3% the new 4%

The comments above about cat food with 5% are ridiculous; the vast majority of people could have taken 5% or more and been fine. The vast majority of people could ave saved a substantial sum, over time, by forgoing fire insurance in their home. But the consequences of being in the small unlucky gro...
by Goodman60
Sun Jun 09, 2013 8:41 pm
Forum: Investing - Theory, News & General
Topic: Is 3% the new 4%
Replies: 148
Views: 10404

Re: Is 3% the new 4%

The comments above about cat food with 5% are ridiculous; the vast majority of people could have taken 5% or more and been fine. The vast majority of people could ave saved a substantial sum, over time, by forgoing fire insurance in their home. But the consequences of being in the small unlucky gro...
by Goodman60
Sun Jun 09, 2013 8:26 pm
Forum: Personal Consumer Issues
Topic: Cutco Knives
Replies: 17
Views: 2919

Cutco Knives

On the "premium products" thread, Cutco knives keeps coming up. I'd like to get the basics...which knifes would be best for say a 4-6 knife basic set. For preparing food...not for the table. (Steak knives I have.) what about used on EBay. Can I buy them that way then send them for free sha...
by Goodman60
Sun Jun 09, 2013 8:21 pm
Forum: Investing - Theory, News & General
Topic: Is 3% the new 4%
Replies: 148
Views: 10404

Re: Is 3% the new 4%

I think Rick Ferri's "old fashioned" idea to live off the dividends and interest, currently 2-3% depending on asset allocation, makes sense and is simple to follow. And roughly follows SWR theory. If you are a little older, you might occasionally spend down a little principal (for a new ca...
by Goodman60
Sat Jun 08, 2013 8:03 pm
Forum: Personal Consumer Issues
Topic: Free Cars for Life [POLL]
Replies: 77
Views: 4858

Re: Free Cars for Life [POLL]

cheese_breath wrote:
Goodman60 wrote:While it would be nice in this instance, it's unreasonable to expect every state to mirror PA laws. Each state determines it's own. For example, some states don't tax income. Should I expect PA to abolish it's income tax laws because of them?


I agree...but am just surprised.
by Goodman60
Sat Jun 08, 2013 3:24 pm
Forum: Personal Consumer Issues
Topic: Free Cars for Life [POLL]
Replies: 77
Views: 4858

Re: Free Cars for Life [POLL]

cheese_breath wrote:It's just part of the cost of owning the car.


Not in Pennsylvania.
by Goodman60
Sat Jun 08, 2013 3:18 pm
Forum: Personal Consumer Issues
Topic: Free Cars for Life [POLL]
Replies: 77
Views: 4858

Re: Free Cars for Life [POLL]

How would I expect it to work? And why would I expect it to work differently? Because unlike TV's, cars are generally traded. It's one of the few (only?) consumable items that generally retains a substantial portion of the original purchase price and is sold before it becomes worth nothing. I guess ...
by Goodman60
Sat Jun 08, 2013 1:50 pm
Forum: Personal Consumer Issues
Topic: Premium Products That Are Worth It To You
Replies: 361
Views: 43949

Re: Premium Products That Are Worth It To You

Someone mentioned SPYDERCO knifes. I never heard of them so I looked them up. Shockingly expensive. And they don't appear to be table knifes. What are they used for besides fishing and hunting? What might an average (non hunter or fisherman) consumer like me use them for?
by Goodman60
Sat Jun 08, 2013 1:45 pm
Forum: Personal Consumer Issues
Topic: Premium Products That Are Worth It To You
Replies: 361
Views: 43949

Re: Premium Products That Are Worth It To You

sounds like a lot of overpriced stuff, just sayin' for the cars: isn't high quality and American made an oxymoron414k To address your two points: 1. Overpriced is a very subjective term. As you progress thru net worth thresholds, fewer things are overpriced....so maybe we're at different thresholds...
by Goodman60
Sat Jun 08, 2013 1:43 pm
Forum: Personal Consumer Issues
Topic: Free Cars for Life [POLL]
Replies: 77
Views: 4858

Re: Free Cars for Life [POLL]

I get that. I am just trying to confirm that the state gets the full sales tax rate on the full sale amount every time someone buys any car, new or used? There is never a credit for the value of the used car. Wow. That chills the car market.
by Goodman60
Sat Jun 08, 2013 1:21 pm
Forum: Personal Consumer Issues
Topic: Free Cars for Life [POLL]
Replies: 77
Views: 4858

Re: Free Cars for Life [POLL]

You also have to pay sales tax on the full purchase price every time you buy a car in Michigan. No offset for the trade in value of the old vehicle. How can this be? If this is true, there would be huge advantage in the used car market. And how much is this sales tax? If just a few percent maybe it...
by Goodman60
Sat Jun 08, 2013 1:18 pm
Forum: Personal Consumer Issues
Topic: Used Hondas & Toyotas
Replies: 41
Views: 4324

Re: Used Hondas & Toyotas

That's what I did a few years ago. Civics depreciated so little that the cost per year for a new Civic driven for eight years was less than the cost for a three-year-old Civic driven for five years, so I bought a new one to get the benefit of three extra years with a car under warranty. The car is ...
by Goodman60
Sat Jun 08, 2013 11:55 am
Forum: Personal Consumer Issues
Topic: Free Cars for Life [POLL]
Replies: 77
Views: 4858

Re: Free Cars for Life [POLL]

You also have to pay sales tax on the full purchase price every time you buy a car in Michigan. No offset for the trade in value of the old vehicle. How can this be? If this is true, there would be huge advantage in the used car market. And how much is this sales tax? If just a few percent maybe it...

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