Search found 66 matches

by Kircheis
Tue Sep 01, 2015 12:39 am
Forum: Personal Finance (Not Investing)
Topic: Books to help a couple working out a budget
Replies: 32
Views: 2089

Re: Books to help a couple working out a budget

pondering wrote:I really like the 50-30-20 plan

Has anyone implemented it?


If you are talking about the 50 necessities, 30 wants, 20 savings plan described in All Your Worth, I like it. My wants is lower and savings higher, but I think that it's a relatively easy budgeting system to implement.
by Kircheis
Mon Aug 24, 2015 12:10 am
Forum: Personal Finance (Not Investing)
Topic: Books to help a couple working out a budget
Replies: 32
Views: 2089

Re: Books to help a couple working out a budget

I would recommend All Your Worth by Elizabeth Warren.
by Kircheis
Sat Jul 04, 2015 1:29 pm
Forum: Personal Consumer Issues
Topic: Eating Out
Replies: 57
Views: 7037

Re: Eating Out

It sounds like these dinners are happening 2-3x/month? As long as these dinners are not straining your budget and you are able to maintain your savings rate, I would enjoy going out with friends. BTW, what does your fiancé think?
by Kircheis
Sat Jul 04, 2015 1:03 pm
Forum: Personal Finance (Not Investing)
Topic: Obsessing towards zero balance on credit card.
Replies: 135
Views: 11160

Re: Obsessing towards zero balance on credit card.

This post really tells me that there can be a pretty wide range of financial behavior... I personally pay my credit cards once a month (on the first of every month to keep things consistent). The closing dates of my credits are the same as are the payment due dates. Paying on the 1st gives me about ...
by Kircheis
Mon Jun 29, 2015 6:39 pm
Forum: Personal Finance (Not Investing)
Topic: Sychrony Bank - warning
Replies: 29
Views: 4431

Re: Sychrony Bank - warning

I have been using safari sine I opened an account with Synchrony and it works fine. I talked to a customer rep at the beginning, and I only waited 4-5 minutes. They also send me an email reminder when the interest comes in.
by Kircheis
Fri Jun 19, 2015 8:37 am
Forum: Investing - Help with Personal Investments
Topic: Investing advice for new physician
Replies: 10
Views: 1332

Re: Investing advice for new physician

If you are doing IBR, are you using married filing separately when doing taxes to decrease the required payment? If so, you would be over the income limit for contributing to a Roth IRA.
by Kircheis
Wed Jun 17, 2015 7:53 pm
Forum: Investing - Help with Personal Investments
Topic: Investing advice for new physician
Replies: 10
Views: 1332

Re: Investing advice for new physician

I suggest that you repost after you talk with HR and find out what choices are available to you to see what people recommend in terms of asset allocation/fund choices. I actually wish I had discovered this site when I initially set up my accounts; it would have saved me a lot of headache/money... I ...
by Kircheis
Wed Jun 17, 2015 6:21 pm
Forum: Investing - Help with Personal Investments
Topic: Investing advice for new physician
Replies: 10
Views: 1332

Re: Investing advice for new physician

Hi, Another physician here. It's great that you are getting started so early with getting your finances in order. As for your questions: 1) I think that Vanguard is the favorite on this site, although I personally use Fidelity (as it was what was available at my workplace). I also like their website...
by Kircheis
Sun May 17, 2015 10:51 pm
Forum: Personal Finance (Not Investing)
Topic: Expense tracking software with mobile app
Replies: 10
Views: 765

Re: Expense tracking software with mobile app

I use HomeBudget with Sync for iOS. It doesn't have many advanced features, but for keeping track of my expenses and accounts, it's perfect. There should be a free version that you can try out.
by Kircheis
Tue Mar 03, 2015 3:51 pm
Forum: Personal Consumer Issues
Topic: Tourists in Manhattan
Replies: 53
Views: 5602

Re: Tourists in Manhattan

I was there just this weekend. I stayed at the Holiday Inn Express next to Madison Square Garden (29th St, Between 7th and 8th Avenue) for $134 per night (including tax). The room was small, but comfortable. Free breakfast. It was very convenient as I could walk everywhere and it was very close to P...
by Kircheis
Wed Dec 31, 2014 7:03 pm
Forum: Personal Finance (Not Investing)
Topic: Vanguard Turbo Tax prices anounced
Replies: 92
Views: 16683

Re: Vanguard Turbo Tax prices anounced

If you require the Premier desktop version (there are multiple returns in my household that must be filed), the cheapest I've seen it is $54.99 at Amazon for Prime members (I'm merely Voyager at Vanguard). I just got a copy of premier at Costco for $54.99 (it's on sale). I am not flagship at Vangua...
by Kircheis
Fri Dec 26, 2014 6:36 am
Forum: Personal Finance (Not Investing)
Topic: Increasing expenditure
Replies: 10
Views: 1057

Re: Increasing expenditure

I do the same thing. Usually, I put all of the post-tax amount from salary increases and bonuses towards savings/investments.
by Kircheis
Fri Dec 26, 2014 6:31 am
Forum: Personal Finance (Not Investing)
Topic: How Have You Increased Your Savings Rate?
Replies: 50
Views: 6493

Re: How Have You Increased Your Savings Rate?

There have been great suggestions already, but the 3 things that I found worked were: 1) Automate the savings: my retirement savings is taken directly from my paycheck. Since I don't ever see it, I don't miss it. 2) Keeping track of expenses: I keep track of all of my expenses/purchases. Having to r...
by Kircheis
Thu Dec 25, 2014 11:45 pm
Forum: Personal Finance (Not Investing)
Topic: Anybody use GE Capital Bank?
Replies: 16
Views: 2751

Re: Anybody use GE Capital Bank?

Did you look at the early withdrawal penalty policy for their CD's? I seem to remember that their EWP was larger than most banks, so I ended up going with Synchrony for a CD.
by Kircheis
Fri Dec 05, 2014 5:21 pm
Forum: Personal Finance (Not Investing)
Topic: What do you do with Fidelity Rewards?
Replies: 34
Views: 2214

Re: What do you do with Fidelity Rewards?

I transfer it to a non-deductible IRA I have at Fidelity, then convert it to a Roth every January (backdoor Roth).
by Kircheis
Thu Nov 27, 2014 10:26 am
Forum: Personal Finance (Not Investing)
Topic: best bank for online billpay
Replies: 24
Views: 2841

Re: best bank for online billpay

I use B of A and have been very happy with the online billpay system. I think that their interest rate for savings is too low (I recommend an online bank for that), but other than that I really don't have any complaints.
by Kircheis
Fri Nov 21, 2014 6:42 pm
Forum: Personal Consumer Issues
Topic: What do you splurge on?
Replies: 237
Views: 26774

Re: What do you splurge on?

A hi-fi sound system. It makes listening to music so much more enjoyable. :D
by Kircheis
Sun Sep 21, 2014 8:15 am
Forum: Investing - Theory, News & General
Topic: Mechanics of paying a financial advisor?
Replies: 23
Views: 1494

Re: Mechanics of paying a financial advisor?

When I had an advisor(before I found this site), he would take the fee from my taxable account. He actually took the fee out quarterly, so I would make sure I would have enough money in cash by transferring in extra money before each pay period.
by Kircheis
Fri Sep 19, 2014 1:11 am
Forum: Investing - Help with Personal Investments
Topic: Merrill Edge free trades - is the service worth it?
Replies: 28
Views: 3053

Re: Merrill Edge free trades - is the service worth it?

I have been happy with ME so far. Also, being a platinum privileges member gives you access to the B of A privileges visa (3% cashback for gas, 2% for groceries, 1% everything else with a 75% bonus, so it becomes 5.25% gas, 3.5 % groceries, 1.75% everything else) without an annual fee. I use this ca...
by Kircheis
Wed Sep 10, 2014 5:26 am
Forum: Personal Consumer Issues
Topic: Ideas for thanking a doctor
Replies: 75
Views: 6527

Re: Ideas for thanking a doctor

Just a 'thank you!" Is good enough for me. Still, I never refuse chocolate chip cookies... :)
by Kircheis
Fri Jul 18, 2014 4:24 pm
Forum: Investing - Help with Personal Investments
Topic: 403(b)/general advice for first post-residency job
Replies: 29
Views: 2829

Re: 403(b)/general advice for first post-residency job

Yeah despite paying 1/3 plus of my take home pay for four years of residency, pay off now is still higher than when I went in... ugh. But I signed up for it so I shouldn't moan too much... Plus maybe I'll invest in some debt later on to make myself feel better! If you have been able to save that mu...
by Kircheis
Fri Jul 18, 2014 3:42 pm
Forum: Investing - Help with Personal Investments
Topic: 403(b)/general advice for first post-residency job
Replies: 29
Views: 2829

Re: 403(b)/general advice for first post-residency job

And Kircheis: I don't even have a single private loan, never have... but still interest rate 6.8... Assuming you graduated before me you probably got out before the rate went up? I was kind of on the cusp, the wrong side of the cusp I guess :) That's great that you don't have any private loans. I d...
by Kircheis
Fri Jul 18, 2014 11:49 am
Forum: Investing - Help with Personal Investments
Topic: 403(b)/general advice for first post-residency job
Replies: 29
Views: 2829

Re: 403(b)/general advice for first post-residency job

I want to... Here's the issue: I haven't received a paycheck yet, and so not sure how much I will actually be getting after taxes, etc. I want to see real numbers on that, then calculate and adopt a fairly aggressive debt pay-down strategy. After settling on a debt pay-down strategy, and saving a m...
by Kircheis
Thu Jul 17, 2014 10:04 pm
Forum: Investing - Help with Personal Investments
Topic: 403(b)/general advice for first post-residency job
Replies: 29
Views: 2829

Re: 403(b)/general advice for first post-residency job

Just out of curiosity, do you have any other retirement vehicles available? DCP, TSA, and/or ARP? Yes, TSA and DCP available. Why do you ask? Were you going to participate in those too? You can have all of those accounts at Fidelity. Also, the ORP may have an income limit above which you can no lon...
by Kircheis
Thu Jul 17, 2014 9:49 pm
Forum: Investing - Help with Personal Investments
Topic: 403(b)/general advice for first post-residency job
Replies: 29
Views: 2829

Re: 403(b)/general advice for first post-residency job

Just out of curiosity, do you have any other retirement vehicles available? DCP, TSA, and/or ARP?
by Kircheis
Wed Jul 16, 2014 8:42 pm
Forum: Investing - Help with Personal Investments
Topic: 403(b)/general advice for first post-residency job
Replies: 29
Views: 2829

Re: 403(b)/general advice for first post-residency job

I suspect that you work for the UT system like me. I also went with the ORP option and currently have an account at Fidelity. I have been very happy with their mutual funds. You may also have the option of having more fund choices through the BrokerageLink program, but you may not need to (as there ...
by Kircheis
Mon Jun 30, 2014 10:39 am
Forum: Investing - Help with Personal Investments
Topic: New Attending Physician Tomorrow Advice?
Replies: 17
Views: 2510

Re: New Attending Physician Tomorrow Advice?

First of all, congratulations! I definitely agree with "Be nice to everybody (especially to your staff)." I would also advise to do what is best for the patient, even if it means admitting that you are wrong... Also, if you can, try to increase your lifestyle/spending gradually (even thoug...
by Kircheis
Sun Jun 29, 2014 9:50 am
Forum: Investing - Theory, News & General
Topic: Suggestions for teaching new MDs about finance?
Replies: 39
Views: 3126

Re: Suggestions for teaching new MDs about finance?

I am a doctor myself and have learned the hard and expensive way over many years to avoid those who claim to be adept at taking care of my financial needs. Doctors, especially young ones, are often naive and tend to believe what people, including financial salesmen, tell them. It is important for M...
by Kircheis
Sun Jun 29, 2014 5:13 am
Forum: Personal Finance (Not Investing)
Topic: Who do you talk with about your financial goals?
Replies: 158
Views: 10941

Re: Who do you talk with about your financial goals?

When I tried to talk to my best friend about it, all she said was "you need to manage my money." I politely refused. I definitely don't have that conversation anymore...
by Kircheis
Wed Jun 25, 2014 11:53 pm
Forum: Personal Consumer Issues
Topic: Cost of car compared to Gross Income
Replies: 82
Views: 5338

Re: Cost of car compared to Gross Income

Is % of income the best indicator for the price of the car you could buy? I have heard of using % of net worth as well...
by Kircheis
Wed Jun 25, 2014 11:17 pm
Forum: Personal Finance (Not Investing)
Topic: What is the risk of having too much house
Replies: 51
Views: 4808

Re: What is the risk of having too much house

The other option would be to make a larger downpayment by selling some of the stock that you have. This should lower your monthly payment and give you more of a cushion.
by Kircheis
Tue Jun 24, 2014 6:18 pm
Forum: Personal Finance (Not Investing)
Topic: Is Medical School Worth it Financially?
Replies: 66
Views: 5911

Re: Is Medical School Worth it Financially?

Doesn't this question also depend on the student loan (if any) that will be needed and the interest rate of that loan? I hear about medical students coming out of school with loans of >500k at 6.8%. I am not sure if it is worth it financially in that case unless one can go into one of the surgical s...
by Kircheis
Mon Jun 23, 2014 12:16 am
Forum: Personal Finance (Not Investing)
Topic: Best CC for (new) purchases
Replies: 43
Views: 42462

Re: Best CC for (new) purchases

I use the fidelity Am Ex for purchases like these. 2% cashback on every purchase.
by Kircheis
Wed May 14, 2014 5:05 am
Forum: Personal Finance (Not Investing)
Topic: Int'l wire: Service providers? How fast?
Replies: 16
Views: 1186

Re: Int'l wire: Service providers? How fast?

I just wired money to South Korea, so this post is pretty timely... I used Bank of America (as I have an account with them). The wire cost $45 and took one business day to get there. I wired the money at 9 AM CST on Monday and the money was there by Tuesday afternoon Korea time. The money was sent i...
by Kircheis
Fri May 09, 2014 11:47 pm
Forum: Personal Finance (Not Investing)
Topic: CNBC - [Among millionaires, 4% are doctors]
Replies: 100
Views: 12024

Re: CNBC - [Among millionaires, 4% are doctors]

That's pretty pathetic when you think about it - only 4% of millionaires are doctors. They have the cash flow, the time from leaving residency on+, access to the latest information on cutting-edge technology and drugs (anyone who invested in healthcare companies over the last 30 years has made out ...
by Kircheis
Tue May 06, 2014 11:16 am
Forum: Personal Finance (Not Investing)
Topic: Should I be worried about my girlfriend's debt?
Replies: 57
Views: 5140

Re: Should I be worried about my girlfriend's debt?

I think that level of debt should be manageable on your income (although I realize that you are guessing about the total amount of debt and income). If you really think that she's the "one", I would talk to her about how to maximize her loan payments after she graduates to knock out the lo...
by Kircheis
Thu May 01, 2014 8:51 am
Forum: Personal Finance (Not Investing)
Topic: practicing medicine in Texas...
Replies: 56
Views: 14727

Re: practicing medicine in Texas...

I practice in Houston. I have been here 9 years from now (I grew up in Orange County, CA) and I really like it here. The summers and the heat are bearable. After all, I go to from my air conditioned apartment to my AC'ed car to the AC'ed hospital. Houston has gotten a lot more cosmopolitan since I h...
by Kircheis
Sat Apr 26, 2014 7:27 pm
Forum: Personal Finance (Not Investing)
Topic: mailed US tax check 4/13 - not cashed yet
Replies: 46
Views: 9063

Re: mailed US tax check 4/13 - not cashed yet

They are probably swamped with last minute mail. I did send my check in on 4/1/2014. It arrived at 6:40 AM on 4/4/2014 (according to the USPS); the check was cashed the same day.
by Kircheis
Fri Apr 25, 2014 3:47 am
Forum: Personal Finance (Not Investing)
Topic: How to start tracking finances
Replies: 25
Views: 2934

Re: How to start tracking finances

I use an app on my iPhone called Homebudget with Sync (which I have been using for several years). I also tried Quicken and YNAB and found Homebudget easier to use as I can enter transactions on my iPhone real time (instead of waiting until I got home). I think Quicken and YNAB both now have apps fo...
by Kircheis
Mon Apr 21, 2014 5:22 pm
Forum: Investing - Theory, News & General
Topic: Graduation books gift for a 24 year old
Replies: 22
Views: 1810

Re: Graduation books gift for a 24 year old

How about "The Millionaire Next Door" by Stanley and Danko? My cousin gave it to me when I graduated from medical school and it's really helped to put my financial goals into perspective ever since.
by Kircheis
Wed Apr 16, 2014 10:22 pm
Forum: Personal Finance (Not Investing)
Topic: Did not have fun this year doing my taxes- TT
Replies: 42
Views: 4929

Re: Did not have fun this year doing my taxes- TT

My taxes were the most complicated it has been (had capital gains in taxable account, backdoor Roth, consultant income in addition to my usual salary), but TT handled it all fine. I used the premier desktop edition (which is what I have used in the past).
by Kircheis
Sun Feb 09, 2014 9:11 pm
Forum: Personal Finance (Not Investing)
Topic: How long does it take to do your taxes?
Replies: 53
Views: 3349

Re: How long does it take to do your taxes?

It took me about 2 hours last year (about an hour to organize the information and an hour to fill up the form in Turbotax). I was able to download my W-2 and 1099's.
by Kircheis
Sat Feb 08, 2014 11:00 am
Forum: Investing - Theory, News & General
Topic: Merrill Edge anyone?
Replies: 98
Views: 17446

Re: Merrill Edge anyone?

I have a Merrill Edge account and I have had no problems so far. I got a few phone calls (which ended up going to voicemail) at the beginning asking if wanted to have an advisor, but I think they got the hint when I didn't call back. I haven't had a call from them in some time. I think another poste...
by Kircheis
Sat Feb 08, 2014 10:49 am
Forum: Personal Finance (Not Investing)
Topic: BoA Cash Rewards (1.5%+) Privileges VISA - worth a look?
Replies: 14
Views: 1725

Re: BoA Cash Rewards (1.5%+) Privileges VISA - worth a look?

I use this card for gas and groceries. Another nice thing about this card is that there are sometimes deals (called BankAmeriDeals) which give more cashback than the usual (for instance, there was a recent deal for 10% cashback at Starbuck's). I know that people complain about B of A's customer serv...
by Kircheis
Wed Feb 05, 2014 12:07 am
Forum: Personal Finance (Not Investing)
Topic: BoA Cash Rewards (1.5%+) Privileges VISA - worth a look?
Replies: 14
Views: 1725

Re: BoA Cash Rewards (1.5%+) Privileges VISA - worth a look?

I actually have this card and I find it very useful. I think that the annual fee is waived if you have a certain minimum balance in your accounts (as I have yet been charged an annual fee).
by Kircheis
Mon Dec 30, 2013 11:46 am
Forum: Investing - Theory, News & General
Topic: Hedge fund titan to pocket $3B for 2013
Replies: 16
Views: 1345

Re: Hedge fund titan to pocket $3B for 2013

So, after the usual 2 and 20 fee, the investor would have had the same return as investing in a low cost S&P 500 index fund? um, no. How are hedge fund returns reported? If this is before fees, and the investor earned (38% - 2%)x80% then the investor earned 29% and matched the S&P 500. If t...
by Kircheis
Mon Dec 30, 2013 10:25 am
Forum: Investing - Theory, News & General
Topic: Hedge fund titan to pocket $3B for 2013
Replies: 16
Views: 1345

Re: Hedge fund titan to pocket $3B for 2013

So, after the usual 2 and 20 fee, the investor would have had the same return as investing in a low cost S&P 500 index fund?
by Kircheis
Fri Dec 27, 2013 1:18 pm
Forum: Personal Finance (Not Investing)
Topic: What you wish you had known entering your late 20's
Replies: 100
Views: 23916

Re: What you wish you had known entering your late 20's

I wish I had known about the Roth IRA in my 20's when I had a resident's income.
by Kircheis
Fri Dec 27, 2013 10:59 am
Forum: Investing - Help with Personal Investments
Topic: What Was Your Best Portfolio move in 2013
Replies: 125
Views: 8148

Re: What Was Your Best Portfolio move in 2013

I left my financial advisor and started managing my portfolio myself. I went from having 20+ mutual funds to 4 in my retirement account (I don't have a total stock market fund available, so I had went with a combination of an SP500 fund and a small cap fund).
by Kircheis
Sat Dec 14, 2013 10:45 am
Forum: Investing - Help with Personal Investments
Topic: What percentage of your income are you saving?
Replies: 208
Views: 14390

Re: What percentage of your income are you saving?

If someone has before-tax income of $250K, they will generally have to pay some taxes like income tax and social security/medicare. Let's say they pay $30K in taxes, spend $40K including health care, and save/invest the rest. That's a saving/invest rate of 72%. On what planet do working $250k house...

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