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Re: Wife doesn't want to retire - I do

Many if not most couples retire at different times due to varying ages, health conditions, career trajectories or goals. Many women start to enjoy work more in their 50s and 60s especially if they took time out to raise kids and haven't been back in the workforce that long. They maintain social bond...
by Meg77
Wed Mar 04, 2015 4:34 pm
 
Forum: Personal Consumer Issues
Topic: Wife doesn't want to retire - I do
Replies: 64
Views: 5504

Re: Real Estate - 2nd property

Hi! I just wanted to chime in and clarify a few things. I'm a banker and also just bought a new home and converted my old condo to a rental property so I can give some insight. Whether a property is legally your homestead, your second home, or an investment property has nothing to do with the financ...
by Meg77
Wed Mar 04, 2015 4:13 pm
 
Forum: Investing - Help with Personal Investments
Topic: Real Estate - 2nd property
Replies: 9
Views: 870

Re: Rich dad, poor dad

Definitely stop reading. I think there were some very good ideas in the first book that got me headed in the right direction. But some stuff in the first book, and certainly the material in the later books, is totally off the rails. Before I read the first book, just based on the title, I thought h...
by Meg77
Wed Mar 04, 2015 12:17 pm
 
Forum: Personal Consumer Issues
Topic: Rich dad, poor dad
Replies: 31
Views: 3690

Re: Millennial Inheritance Bloomberg

Haha, that was a funny little synopsis. It's weird to me that the investment companies are trying to prompt their employees to not completely ignore the youngest generation. Those inheritances are decades away - if there's any money left by then anyway. I'm one of the oldest Millennials, and my mid-...
by Meg77
Wed Mar 04, 2015 11:29 am
 
Forum: Personal Finance (Not Investing)
Topic: Millennial Inheritance Bloomberg
Replies: 10
Views: 1300

Re: ...it is madness to risk losing what you need in pursuin

I like that quote, and it's worth pondering. I'll have to check out the context of that remark, but I remember having a conversation with my 80 year old grandfather a few years back who wanted to know what I thought about how he should allocate his nearly 8 figure portfolio. How much should he move ...
by Meg77
Mon Mar 02, 2015 5:10 pm
 
Forum: Investing - Theory, News & General
Topic: ...it is madness to risk losing what you need in pursuing wh
Replies: 43
Views: 3899

Re: Should we refi our ARM if we plan to move w/in 2 years?

As a banker I recommend you definitely don't bother refinancing. The lowest rate you can get on a jumbo 30 year fixed right now is about 3.75% - and your rate probably won't even get that high in the next two years. There's a lot of chatter that we may still have 1-2 years left with these low intere...
by Meg77
Mon Mar 02, 2015 3:19 pm
 
Forum: Personal Finance (Not Investing)
Topic: Should we refi our ARM if we plan to move w/in 2 years?
Replies: 7
Views: 499

Re: Peek into my finances and life :)

Welcome to the forum! Obviously you are off to a great start in life with such high incomes and good savings habits. 1. Keep maxing out all tax advantaged space of course - do either of you have access to an HSA?. 2. If you plan to move or if your wife might be interested in buying into a private pr...
by Meg77
Mon Mar 02, 2015 2:57 pm
 
Forum: Investing - Help with Personal Investments
Topic: Peek into my finances and life :)
Replies: 9
Views: 2359

Re: What's your average ER?

I didn't know the answer to this until recently when I joined Personal Capital. They calculate it for you over all accounts and funds. My husband an I have a 0.13 total expense ratio in our investments. It would be lower except that my 401k doesn't have any funds under 60 bps, and it's about a fifth...
by Meg77
Mon Mar 02, 2015 2:18 pm
 
Forum: Investing - Theory, News & General
Topic: What's your average ER? [Expense Ratio]
Replies: 105
Views: 4894

Re: First Home Purchase - Property Tax vs Commuting Costs

Move closer to NYC! Having to buy and maintain a second vehicle is a HUGE expense that shouldn't be discounted in a footnote. That puts the financial advantage squarely on option one. But finances aren't the only factor here. Giving yourself AND your wife each 70-90 minutes of leisure time each day ...
by Meg77
Mon Mar 02, 2015 2:07 pm
 
Forum: Personal Finance (Not Investing)
Topic: First Home Purchase - Property Tax vs Commuting Costs
Replies: 17
Views: 777

Re: Can I afford my dream house?

I can't view the income and asset charts you posted, but from the discussion it sounds like you can afford this purchase - particularly if we assume you'll downsize in 10-15 years and replenish your portfolio with the home equity. Obviously you *could* get by with much less, but that isn't your ques...
by Meg77
Fri Feb 27, 2015 10:57 am
 
Forum: Personal Finance (Not Investing)
Topic: Can I afford my dream house?
Replies: 49
Views: 4028

Re: How much did you have saved up for retirement at age 30?

I'm 31 and a year ago I had $201K in retirement accounts. No idea whether it is or will be "enough," but I'm happy with my savings efforts and results so far!
by Meg77
Fri Feb 27, 2015 10:34 am
 
Forum: Personal Finance (Not Investing)
Topic: How much did you have saved up for retirement at age 30?
Replies: 172
Views: 12261

Re: What would you do?

I think I'd shift down to part time work and re-evaluate after a year. You don't really know how stressful it will be until you try it; it'll be a lot less stressful than working full time like you do now in any event! The reason I say that is because you are so young and you have two young kids. Lo...
by Meg77
Thu Feb 26, 2015 5:47 pm
 
Forum: Personal Finance (Not Investing)
Topic: What would you do?
Replies: 7
Views: 758

Re: Is the first 100k really the hardest?

I think it gets easier to save assuming your income goes up faster than your expenses, but compounding also starts to help which is the main point. Here is the trajectory of my retirement accounts and net worth since I've been keeping track. I graduated from college in 2006 for the record, with abou...
by Meg77
Thu Feb 26, 2015 4:05 pm
 
Forum: Personal Finance (Not Investing)
Topic: Is the first 100k really the hardest?
Replies: 57
Views: 8348

Re: Vanguard brokerage tax forms changed to late Feb. questi

I got Scottrade two weeks ago. Super annoyed with Vanguard regarding this. My husband has a $4000 brokerage account, and that one form is holding up our entire filing - and the $7,000 tax refund we are owed. I've had everything else in TurboTax ready to hit "file" for weeks now. Just out ...
by Meg77
Thu Feb 26, 2015 3:41 pm
 
Forum: Personal Finance (Not Investing)
Topic: Vanguard brokerage tax forms changed to late Feb. question
Replies: 90
Views: 6205

Re: Inheritance/New Investor Guidance

Well after being my own worst enemy and sitting on cash, I made my first move: Paid off $162,000 student debt. Funded HSA for 2014 $6,550, and 2015 $6,650. Next will fund wife and I IRAs for 2014 and 2015. I'm going to use 80/20, but I really mean 3 fund portfolio...I just need to research how to a...
by Meg77
Thu Feb 26, 2015 3:38 pm
 
Forum: Investing - Help with Personal Investments
Topic: Inheritance/New Investor Guidance
Replies: 13
Views: 933

Re: Vanguard brokerage tax forms changed to late Feb. questi

I am not so sure too many other brokereage serivces firms are getting out their 1099s to their clients. The only one I know that is complete is WellsFargo. There are posts by clients of other brokerage services complaining. So Vanguard appears to be the norm and not the exception. I got Etrade 1099...
by Meg77
Wed Feb 25, 2015 4:50 pm
 
Forum: Personal Finance (Not Investing)
Topic: Vanguard brokerage tax forms changed to late Feb. question
Replies: 90
Views: 6205

Re: Lucky, Now what?

This is a tough one, and a deeper question than it appears on the surface. My husband and I talk a LOT about extreme early retirement, but this week we had a snow day and found it difficult to fill even one full day with conversation and activities. Obviously with advance planning (if we knew we did...
by Meg77
Wed Feb 25, 2015 4:23 pm
 
Forum: Personal Finance (Not Investing)
Topic: Lucky, Now what?
Replies: 13
Views: 1520

Re: Inheritance/New Investor Guidance

Welcome to the forum, and congrats on what sounds like a fantastic financial start. First of all, just pay off your student loan!!! You already have half a mil sitting in cash doing nothing while you have a $165K debt at a moderately high interest rate that is begging to be paid off. There is no rea...
by Meg77
Wed Feb 25, 2015 1:13 pm
 
Forum: Investing - Help with Personal Investments
Topic: Inheritance/New Investor Guidance
Replies: 13
Views: 933

Re: Refinance Question

Don't refi. First of all as a banker who does a lot of mortgages, I can tell you that you can't get a 3.125% rate on a condo refi right now without paying points to buy down the rate. Refinances cost more than purchases, and condos cost more than SFHs when it comes to rates. And rates have risen in...
by Meg77
Wed Feb 25, 2015 12:08 pm
 
Forum: Personal Finance (Not Investing)
Topic: Refinance Question
Replies: 15
Views: 1211

Re: Refinance Question

Don't refi. First of all as a banker who does a lot of mortgages, I can tell you that you can't get a 3.125% rate on a condo refi right now without paying points to buy down the rate. Refinances cost more than purchases, and condos cost more than SFHs when it comes to rates. And rates have risen in ...
by Meg77
Mon Feb 23, 2015 8:26 pm
 
Forum: Personal Finance (Not Investing)
Topic: Refinance Question
Replies: 15
Views: 1211

Re: Please take a look at my financial world - am I doing ok

I think you guys are doing well, and I understand the impulse to finance daycare temporarily with 0% credit card offers. My husband and I used 0% cards to finance a major home improvement this year and while I've never carried a balance before this I am comfortable with that leverage. Not saying it'...
by Meg77
Mon Feb 23, 2015 8:06 pm
 
Forum: Investing - Help with Personal Investments
Topic: Please take a look at my financial world - am I doing ok?
Replies: 19
Views: 1807

Re: Large Age Gap with Spouse/Partner

The sexism in this thread is amazing, except it seems to cut both ways. Point is, men need to have things spelled out, and you need to spell them out. If someone wrote that "women need to have things spelled out, and you need to spell them out," someone would have raised a stink. Why? I s...
by Meg77
Mon Feb 23, 2015 5:34 pm
 
Forum: Personal Finance (Not Investing)
Topic: Large Age Gap with Spouse/Partner
Replies: 63
Views: 5163

Re: How much has Bogleheads contributed to your net worth?

I don't think it's changed our net worth much as a percentage, but it's definitely been a positive for our finances in general. For example, I found out about refinancing student loans for MBAs at Sofi or DrBank and lowered spouse's interest rate from 7.25% to 2.15%. How much we actually save will d...
by Meg77
Mon Feb 23, 2015 5:25 pm
 
Forum: Personal Finance (Not Investing)
Topic: How much has Bogleheads contributed to your net worth?
Replies: 58
Views: 4122

Re: To all: How have you used your emergency fund?

I may be suffering from selective memory, but I'm pretty sure I've never really had tap my emergency fund for a real emergency. My cash reserves have generally fluctuated between 1 and 3 months of expenses (when I accumulate more cash I pay off a debt or make a big purchase or move to investments). ...
by Meg77
Tue Feb 17, 2015 5:51 pm
 
Forum: Personal Finance (Not Investing)
Topic: To all: How have you used your emergency fund?
Replies: 40
Views: 2867

Re: How to handle saving for a new home?

1 - I disagree with paying off your car loan or even hers since it would put you pretty far behind on the goal of buying a home. Also if you are even a couple of years into the loan(s) most of the interest has already been paid. If you look at a car amortization schedule the vast majority of the pay...
by Meg77
Tue Feb 17, 2015 5:33 pm
 
Forum: Personal Finance (Not Investing)
Topic: How to handle saving for a new home?
Replies: 10
Views: 1021

Re: Prorating Tax Refund with Dear Wife

I agree with the above post. The refund isn't the issue, it's how much you each owe in the first place. Since you're retired I assume you aren't having any taxes withheld and aren't paying estimated taxes throughout the year. On the other hand she probably earned a lot more and owes a lot more in ta...
by Meg77
Tue Feb 17, 2015 4:42 pm
 
Forum: Personal Finance (Not Investing)
Topic: Prorating Tax Refund with Dear Wife
Replies: 18
Views: 1713

Re: Mortgage for a medical resident (before start date)

I'm a Private Banker and you *might* be able to find a private banker who would give you a loan based only on the contracts, but even if you could I'd advise waiting. Private Banks target affluent individuals as well as (specifically) physicians and attorneys who may not yet be affluent but likely w...
by Meg77
Tue Feb 17, 2015 3:58 pm
 
Forum: Personal Finance (Not Investing)
Topic: Mortgage for a medical resident (before start date)
Replies: 18
Views: 926

Re: Landlord asking for more money at Move Out than Security

You ask how you should dispute that you owe the items, and the answer is that first you simply call (or have your wife talk to the person who does the walk through today) and point out that the move out items are identical to the move in items and that no additional damage beyond normal wear and tea...
by Meg77
Tue Feb 17, 2015 3:33 pm
 
Forum: Personal Consumer Issues
Topic: Landlord asking for more money at Move Out than Security Dep
Replies: 20
Views: 1834

Re: Large Age Gap with Spouse/Partner

We've established in the beginning that we both want to get married and have children. However, now that the time has come to get serious about it, my BF says he doesn't feel he is financially prepared to start a family so late in life. It sounds like either he is changing his mind (and the terms o...
by Meg77
Tue Feb 17, 2015 1:24 pm
 
Forum: Personal Finance (Not Investing)
Topic: Large Age Gap with Spouse/Partner
Replies: 63
Views: 5163

Re: Inherited Portfolio...Thoughts?

Agree with livesoft that I'd sell the individual holdings and transition to as close to the 3 fund portfolio as you can, at least with the inherited stuff. If you make the bulk of your holdings a total stock market index or ETF then you should have enough mid and small cap exposure. If you want more...
by Meg77
Wed Feb 11, 2015 4:48 pm
 
Forum: Investing - Help with Personal Investments
Topic: Inherited Portfolio...Thoughts?
Replies: 7
Views: 511

Re: How do you figure out your W4 withholding?

It is much harder for me to estimate now that I'm married and have double the amount of income streams to guesstimate. I keep a "taxes" chart in Excel with my net worth statement and cash flow projection that is a simple version of the 1040 tax statement (which calculates your AGI and tota...
by Meg77
Wed Feb 11, 2015 11:37 am
 
Forum: Personal Finance (Not Investing)
Topic: How do you figure out your W4 withholding?
Replies: 19
Views: 1815

Re: I've maxed out my Roth IRA and my 401K, now what?

Just want to chime in and say these are all good answers you've received! With three kids though I'd want to make sure I had a big fat cash cushion as well so my investing efforts wouldn't be derailed in an emergency or job loss situation. Accumulating money in a taxable account looks like your logi...
by Meg77
Wed Feb 11, 2015 11:23 am
 
Forum: Investing - Help with Personal Investments
Topic: I've maxed out my Roth IRA and my 401K, now what?
Replies: 14
Views: 1921

Re: Rent or sell townhome

I just got married and moved to a new home and rented out my former residence (a condo). I also have other rental properties, so this idea wasn't foreign to me, but the condo - like your townhome - doesn't make an ideal rental property. It won't cash flow (in a good year I might break even with no v...
by Meg77
Tue Feb 10, 2015 5:20 pm
 
Forum: Personal Finance (Not Investing)
Topic: Rent or sell townhome
Replies: 18
Views: 1120

Re: How much was your Tax Refund (or amount DUE)

My husband and I are getting back around $7,000!! That's almost one month of net pay for us, so a big (and unexpected) windfall. We just got married last year so this is our first year filing jointly, and it was more difficult to estimate our taxes as a result. My taxable interest income was much lo...
by Meg77
Tue Feb 10, 2015 5:10 pm
 
Forum: Personal Finance (Not Investing)
Topic: How much was your Tax Refund (or amount DUE)
Replies: 110
Views: 7213

Re: Is "Financial Independence" the new "Retirement?"

It's hard to dispute that gaining financial independence early in life is a valid aspirational goal, but I'm surprised to see it promoted as something Millennials uniquely crave or have the potential to realize. Is this really a new concept? No, this isn't unique, nor is the wording. I've read hund...
by Meg77
Tue Feb 10, 2015 4:04 pm
 
Forum: Investing - Theory, News & General
Topic: Is "Financial Independence" the new "Retirement?"
Replies: 52
Views: 6740

Is "Financial Independence" the new "Retirement?"

This article from Money pulled a few concepts together for me that I've been reading and writing a lot about. It's called "Forget About Retirement Planning for Millennials." http://time.com/money/3686209/retirement-planning-millennials/ I thought it would take the stance that Millennials w...
by Meg77
Tue Feb 10, 2015 3:16 pm
 
Forum: Investing - Theory, News & General
Topic: Is "Financial Independence" the new "Retirement?"
Replies: 52
Views: 6740

Re: Guidance on Prioritization

Thank you for the response. I appreciate your perspective on maxing out her Roth, and converting 401ks to Roth IRAs if retiring early. That helps to address a concern of mine - how do I fund an early retirement if everything is getting socked away for age 59.5 or later? Let me make sure I understan...
by Meg77
Tue Feb 10, 2015 2:39 pm
 
Forum: Investing - Help with Personal Investments
Topic: [4 year update - would like another review]
Replies: 10
Views: 1190

Re: DIY Divorce in CA - what is fair asset division?

Since you say you have been keeping your own accounts separate, that indicates that you each already have a good idea of what you consider "yours" versus "mine." Whether the state of California or an attorney or a bunch of strangers on the internet think it's a fair division isn'...
by Meg77
Mon Feb 09, 2015 3:57 pm
 
Forum: Personal Finance (Not Investing)
Topic: DIY Divorce in CA - what is fair asset division?
Replies: 17
Views: 1571

Re: Newbie- Need Investing Help/overhaul!

We don't really have enough info here to give quality advice, but your number one financial problem is of course that you need a job (unless that trust is big enough to live off of indefinitely). It's very confusing to me that you're building a house right now given that you have no/little income. T...
by Meg77
Mon Feb 09, 2015 3:20 pm
 
Forum: Investing - Help with Personal Investments
Topic: Newbie- Need Investing Help/overhaul!
Replies: 4
Views: 426

Re: [4 year update - would like another review]

Questions: 1- I drive a 14-year old truck with close to 200k miles on it, and I would hate to draw from emergency fund to purchase a new-to-me vehicle if something catastrophic happens to it. I don't currently have other savings dedicated to a future car purchase. How should I handle this? Temporar...
by Meg77
Mon Feb 09, 2015 3:00 pm
 
Forum: Investing - Help with Personal Investments
Topic: [4 year update - would like another review]
Replies: 10
Views: 1190

Re: Mortgage dilemma

I agree we don't have quite enough information to make a judgment (such as your age, retirement date planned, how much you have invested, and income level), however here is my two cents. It doesn't make sense to use your cash to pay down part of the mortgage. If you had enough to pay it off in full ...
by Meg77
Mon Feb 09, 2015 12:25 pm
 
Forum: Personal Finance (Not Investing)
Topic: Mortgage dilemma
Replies: 17
Views: 2273

Re: Mr. Money Mustache: Hero or Foolish?

As a fellow banker, I've read through his numbers and they don't seem suspicious to me at all. It's pretty straightforward and not hard for me to believe that he made a lot of money in the tech boom, invested a lot of it during the stock market boom, and decided he'd like to live a super frugal life...
by Meg77
Mon Feb 09, 2015 11:36 am
 
Forum: Investing - Theory, News & General
Topic: Mr. Money Mustache: Hero or Foolish?
Replies: 430
Views: 64919

Re: Cannot refinance to 30 years

As a banker I can tell you that if you were denied due to credit and debt ratios then you are probably out of luck. I'm sure the lender did everything they could to get you approved (they usually do as they are paid to originate mortgages), but the federal regulations for what the maximum debt ratio...
by Meg77
Fri Feb 06, 2015 5:36 pm
 
Forum: Personal Finance (Not Investing)
Topic: Cannot refinance to 30 years
Replies: 12
Views: 1645

Re: Private Car Sale - Risks ?

My husband wanted to try to sell his used Mazda on CL last year, and I was super skeptical. But it ended up being super easy and pleasant. He listed it and got a buyer 3 days later. I went with him to Target parking lot to meet the guy, who also brought his wife and kid (I needed to drive my husband...
by Meg77
Fri Feb 06, 2015 5:32 pm
 
Forum: Personal Consumer Issues
Topic: Private Car Sale - Risks ?
Replies: 35
Views: 1833

Re: Physicians Loans

I work for a bank, and I can also tell you that if you are a physician you can refinance your student loan at a much lower rate than 9.5%! Try Darien Rowayton Bank or Sofi.com. My husband refinanced his student loan with DR Bank a year ago and is now paying 2.74% (floating). Fixed rates were around ...
by Meg77
Fri Feb 06, 2015 5:21 pm
 
Forum: Investing - Help with Personal Investments
Topic: Physicians Loans
Replies: 15
Views: 1545

Re: How to make this fair: gifting to kids with different me

I haven't read all the responses, but in my family this has always been handled by giving equal amounts. You'll drive yourself crazy trying to figure out who "deserves" what. Besides fortunes can turn. What if kid B strikes it rich later or marries well, and kid A loses it all in a horrifi...
by Meg77
Fri Feb 06, 2015 5:11 pm
 
Forum: Personal Finance (Not Investing)
Topic: How to make this fair: gifting to kids with different means
Replies: 108
Views: 8902

Re: When they say 10%.... [all to retirement accounts?]

Definitely do the Roth! As has been pointed out, you CAN get your contributions back out any time you need them without paying any taxes or penalties. Of course you want to avoid that at all costs, but the good news is that rule prevents young people from having to choose between funding a Roth or b...
by Meg77
Thu Feb 05, 2015 3:56 pm
 
Forum: Investing - Help with Personal Investments
Topic: When they say 10%.... [all to retirement accounts?]
Replies: 20
Views: 2611

Re: Home Buying the Boglehead Way (1st Time Buyer)

I'm a lender who does a lot of real estate financing so I'm happy to help however I can. Here are a few things to note: 1. If you have 20% to put down, by all means do so. You'll get the best rates and lowest fees that way. 2. Since you are looking for a conforming, conventional 30 year fixed loan, ...
by Meg77
Thu Feb 05, 2015 3:37 pm
 
Forum: Personal Consumer Issues
Topic: Home Buying the Boglehead Way (1st Time Buyer)
Replies: 46
Views: 5105

Re: 5 years as a Boglehead

That is awesome! Good for you, and congratulations. This is definitely inspiring. :sharebeer
by Meg77
Thu Feb 05, 2015 3:00 pm
 
Forum: Personal Finance (Not Investing)
Topic: 5 years as a Boglehead
Replies: 15
Views: 2210

Re: Paying for credit reports?

Sign up with CreditKarma.com instead! Free access to credit report including all details and score. It's a great deal. No putting in your credit card number at all. It'll also alert you any time new credit is applied for on an ongoing basis so it is good for monitoring if that's your concern.
by Meg77
Thu Feb 05, 2015 2:42 pm
 
Forum: Personal Finance (Not Investing)
Topic: Paying for credit reports?
Replies: 13
Views: 456
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