Search found 2818 matches

by Meg77
Sat Mar 16, 2024 11:49 am
Forum: Personal Finance (Not Investing)
Topic: Intuit's Mint App Shutting Down...Replacement Recommendations?
Replies: 754
Views: 141247

Re: Intuit's Mint App Shutting Down...Replacement Recommendations?

alexp wrote: Sat Mar 16, 2024 12:13 am I moved to empower from mint recently. I was using mint mainly for net worth and investment tracking. I am finding empower to be comparable. It seems to be better in showing the performance and AA of investments.

Only downside is that I got a call from Empower next day, where the rep tried to sign me up for a free consultation. Do these calls continue? Is there any way to opt out?
I've used Empower for years. They called/emailed every 6 months or so initially, but a few years ago I politely told the rep that I'm a financial planner and have no intention of paying for their services, and I never heard from them again. Don't sweat it.
by Meg77
Sat Mar 09, 2024 3:54 pm
Forum: Personal Investments
Topic: need advice on 401 after leaving job
Replies: 17
Views: 1858

Re: need advice on 401 after leaving job

You probably should roll the 401k to an IRA at Fidelity (since you already have an account there). You'll eliminate the administration fees and have access to hundreds more investment options, many of which are likely to have lower fees than the versions in your 401k plan. Plus you can control your funds more directly yourself versus going through an administrator. Also it's one less login/account to manage/tax document to collect. You definitely should sell your company stock and get rid of that huge concentration risk. Well over half your portfolio is in one stock! And the rest is in cash. Not a great asset allocation at all. Hopefully your stable asset fund is paying you at least 5% right now. If not then for sure a brokerage will be abl...
by Meg77
Thu Mar 07, 2024 7:08 pm
Forum: Personal Investments
Topic: Career ending, getting fired. Can we FIRE ?
Replies: 149
Views: 21770

Re: Career ending, getting fired. Can we FIRE ?

What an interesting scenario. Thank you for being so open and vulnerable. My thoughts: 1. Ignore those telling you to move to a lower cost of living area. You're a gay couple with HIV and complex medical needs with deep roots and family nearby, long term medical care relationships, generous state-specific welfare benefits due to your medical status (and soon to be poverty income status), and a paid off home with a tax appraised value less than half the market rate. If there is ever an argument for anybody to stay put in the Bay Area, this is it! Culturally, socially, medically, and emotionally - I think it is the clear choice. You're multi-millionaires. You can make it work. Worst case you have to sell your home and downsize locally or rent...
by Meg77
Mon Mar 04, 2024 7:44 pm
Forum: Personal Finance (Not Investing)
Topic: FIRE-ing In, Quitting versus Getting FIRE-d - Talking to Boss Tomorrow
Replies: 148
Views: 22531

Re: FIRE-ing In, Quitting versus Getting FIRE-d - Talking to Boss Tomorrow

I DID IT! Had the follow-up conversation with my boss today, and it went wonderfully. I told her I’d done a lot of reflecting and - though the timing isn’t great for me personally as we’ve discussed - I would rather come to an agreement and take a career break at this point. She was disappointed and exclaimed that wasn’t what she wanted to hear, but said she understood. I said that I am not 100% sure what I want to do, but given the nudge I’m being faced with as a result of this coaching situation, and how long I’ve been deliberating, that I feel the timing is right professionally to take a step back and re-evaluate. We talked at length. She appreciated me being open about not being in it for the coaching and that actually it was better for...
by Meg77
Sun Mar 03, 2024 8:49 pm
Forum: Personal Finance (Not Investing)
Topic: FIRE-ing In, Quitting versus Getting FIRE-d - Talking to Boss Tomorrow
Replies: 148
Views: 22531

Re: FIRE-ing In, Quitting versus Getting FIRE-d - Talking to Boss Tomorrow

I’d feel better about it all if we had decades of experience of an unstructured life and its pitfalls and then knowingly decided it’s what we wanted. I have the impression that most of us worked hard our whole lives and had families that did the same. To that extent our knowledge of long term leisure is similar to feeling our way blindfolded in a cave. Perhaps we idealize it and don’t know what it truly involves to no longer have authority, impact, recognition, tasks, coworkers, a higher mission, income, benefits, events, context, a basis for others knowing you, etc. At a certain point it’s very difficult to get hired again, get a loan, what have you. It’s stressful watching funds dwindle as prices rise. not to hide the ball here, I’ve hea...
by Meg77
Sun Mar 03, 2024 8:35 pm
Forum: Personal Finance (Not Investing)
Topic: FIRE-ing In, Quitting versus Getting FIRE-d - Talking to Boss Tomorrow
Replies: 148
Views: 22531

Re: FIRE-ing In, Quitting versus Getting FIRE-d - Talking to Boss Tomorrow

FWIW, I did receive confirmation today that my request for a severance was successful. I am beyond excited to have landed a win/win for my employer and myself. While I can understand where many thought I lost leverage (and in a way, I definitely did), it worked out for me. The biggest things are making sure that your boss has the ability to do what you are asking, that it is in the businesses' interest, AND in their interest. I don't think if there wasn't a way to take over my work with no stress for them, that they would have went for it. If you decide to go down this path that's what I would think about - is what you are asking making your bosses life easier. If it's a "no" and they are new/not enough power, then I don't know t...
by Meg77
Sun Mar 03, 2024 8:34 pm
Forum: Personal Finance (Not Investing)
Topic: FIRE-ing In, Quitting versus Getting FIRE-d - Talking to Boss Tomorrow
Replies: 148
Views: 22531

Re: FIRE-ing In, Quitting versus Getting FIRE-d - Talking to Boss Tomorrow

I’m back fresh from a short ski vacation weekend, and I have my next convo with the boss tomorrow. I’m WAY less anxious about it this time around. And more confident about how we will both approach it and about my ultimate goal. (To decline coaching and leave sooner than later- with an April 1 last day and 4 months pay at minimum.) Hopefully she’ll have some details about what alternatives I have, in addition to details about this coaching program. If not, I’ll ask. And I’m ready to discuss my ideal separation agreement if it happens to get that far. Feelin kind of freeeeee either way! Oh also, the luxury ski resort I splurged on for the first time seemed full of my fellow finance professionals - all finance bros from NYC. A couple of dads ...
by Meg77
Wed Feb 28, 2024 7:32 pm
Forum: Personal Finance (Not Investing)
Topic: FIRE-ing In, Quitting versus Getting FIRE-d - Talking to Boss Tomorrow
Replies: 148
Views: 22531

Re: FIRE-ing In, Quitting versus Getting FIRE-d - Talking to Boss Tomorrow

There are so many wonderful posts here, and I have appreciated every reply. I cannot reply to each individually, but I wanted to note that I will be on vacation tomorrow through the weekend so I will not be checking in or responding. I will keep this thread updated as things unfold for me though.

Thank you all for your words of wisdom and support!
by Meg77
Wed Feb 28, 2024 7:28 pm
Forum: Personal Finance (Not Investing)
Topic: FIRE-ing In, Quitting versus Getting FIRE-d - Talking to Boss Tomorrow
Replies: 148
Views: 22531

Re: FIRE-ing In, Quitting versus Getting FIRE-d - Talking to Boss Tomorrow

Yes, most BH-people will run out of health/time before running out of money, but let's ask ourselves: suppose that as we age, our money doesn't grow. Is this acceptable? 20 years from now, assuming that we're still alive and still sufficiently mentally-acute to behold the matter, how would we feel, if we have less money then, than we do now? Would those 20 years of withdrawals and expenditures be gratefully ledgered as worthy investments (in our self-development, experiences, pleasures,...)? As I read this I got more excited and was thinking, "Yes! I agree!" Then I reached your conclusion. Personally, I can't fathom saying "yes". To still be living and healthy and watch one's money dwindle, even if for the best and most...
by Meg77
Wed Feb 28, 2024 11:52 am
Forum: Personal Finance (Not Investing)
Topic: FIRE-ing In, Quitting versus Getting FIRE-d - Talking to Boss Tomorrow
Replies: 148
Views: 22531

Re: FIRE-ing In, Quitting versus Getting FIRE-d - Talking to Boss Tomorrow

… Investment Property - $1.85MM [/b]with $484K in debt against it … … Each year I get the $18K gift and $12K of net rental income as a baseline of cash flow, … $12k/year of net rental income seems like a low return on your $1.4 million investment in rental properties. It is, but partly that's due to the values popping up in recent years (and property taxes along with them) - equity increasing a lot more compared to rents. The actual cash flow should be higher, but to be honest I haven't run the 2023 figures yet and backed out the rental that I sold - which didn't cash flow well which is partly why I sold it. But $12K the bare bones conservative amount I'm comfortable counting on being able to withdraw currently, which is close to my last s...
by Meg77
Wed Feb 28, 2024 11:33 am
Forum: Personal Finance (Not Investing)
Topic: FIRE-ing In, Quitting versus Getting FIRE-d - Talking to Boss Tomorrow
Replies: 148
Views: 22531

Re: FIRE-ing In, Quitting versus Getting FIRE-d - Talking to Boss Tomorrow

Have you thought about what jobs/positions/challenges make you feel exhilarated to give your best? I'm curious why you went into the rentals business; do you think you might enjoy starting up a full-time real estate business? Could be a combo of owning rentals, working as a realtor or other RE professional. Trying to find out what line of work would excite you more than your current occupation. Yes, I have considered starting a financial therapy practice. I used to think I'd go back to managing my rentals and at least fire my property manager, but that honestly does not sound appealing in the least. I may continue to be an active investor in the real estate space, but I don't anticipate doing it as a profession - certainly not in the near ...
by Meg77
Wed Feb 28, 2024 11:26 am
Forum: Investing - Theory, News & General
Topic: Retirees apparently tend to maintain assets - lessons for BH investors?
Replies: 129
Views: 16926

Re: Retirees apparently tend to maintain assets - lessons for BH investors?

I was fascinated when I learned of this fact many years ago in a Financial Planning Journal research piece. It is indeed true that most retirees do not spend down their portfolios by much in nominal terms. And I do think there are important planning lessons to take from this. Many typical retirees retire with a liquid nest egg under $500K and consider it there for irregular large expenses and long term care. They live primarily off of pensions, social security, and/or part time work or the income of relatives. So of course that pot tends to grow. On the very low end, they don't have much of a nest egg at all and live almost exclusively on social security, disability, other benefits and/or the support of relatives. They do statistically spen...
by Meg77
Tue Feb 27, 2024 9:49 pm
Forum: Personal Finance (Not Investing)
Topic: FIRE-ing In, Quitting versus Getting FIRE-d - Talking to Boss Tomorrow
Replies: 148
Views: 22531

Re: FIRE-ing In, Quitting versus Getting FIRE-d - Talking to Boss Tomorrow

… Investment Property - $1.85MM [/b]with $484K in debt against it … … Each year I get the $18K gift and $12K of net rental income as a baseline of cash flow, … $12k/year of net rental income seems like a low return on your $1.4 million investment in rental properties. It is, but partly that's due to the values popping up in recent years (and property taxes along with them) - equity increasing a lot more compared to rents. The actual cash flow should be higher, but to be honest I haven't run the 2023 figures yet and backed out the rental that I sold - which didn't cash flow well which is partly why I sold it. But $12K the bare bones conservative amount I'm comfortable counting on being able to withdraw currently, which is close to my last s...
by Meg77
Tue Feb 27, 2024 8:54 pm
Forum: Personal Finance (Not Investing)
Topic: FIRE-ing In, Quitting versus Getting FIRE-d - Talking to Boss Tomorrow
Replies: 148
Views: 22531

Re: FIRE-ing In, Quitting versus Getting FIRE-d - Talking to Boss Tomorrow

My net worth post divorce is about $4.5MM, $600K of which is home equity I have dutifully saved, maxed retirement, bought rentals, been employed, taken the safest and highest earning jobs I could find, and focused on networking and building my resume for 20 years now. (maybe self-employed or managing my rentals How much of the 4.5 my NW is real estate (rental and primary home)? What is the net income out of the rental properties? Well I'd love to dig into this and get everyone's thoughts if people care enough to keep reading. My balance sheet is a bit hectic, though I'm reassured at the global level that I'm OK based on just the net worth and spending levels alone. There is always nuance though. Cash - $250,000 Note Receivable - $275,000 B...
by Meg77
Tue Feb 27, 2024 8:20 pm
Forum: Personal Finance (Not Investing)
Topic: FIRE-ing In, Quitting versus Getting FIRE-d - Talking to Boss Tomorrow
Replies: 148
Views: 22531

Re: FIRE-ing In, Quitting versus Getting FIRE-d - Talking to Boss Tomorrow

Frankly speaking, the manager sounds like a huge jerk, with all due respect. If someone reporting to me was exceeding targets even while dealing with a major personal/life issue, I would not be minimizing their achievements as "pure luck" and pushing them to do more, right at that moment. It's a stupidly short-sighted move in my opinion. Maybe squeeze a bit more revenue but lose or demoralize the employee. I'm assuming here that you're not deliberately under-performing but dealing with life as best you can. Also I have never seen folks with over 2.5 years tenure described as "new hires". Is this a reasonable description in your opinion OP for your company/team, or yet another example of you and your achievements/role be...
by Meg77
Mon Feb 26, 2024 7:20 pm
Forum: Personal Finance (Not Investing)
Topic: FIRE-ing In, Quitting versus Getting FIRE-d - Talking to Boss Tomorrow
Replies: 148
Views: 22531

Re: FIRE-ing In, Quitting versus Getting FIRE-d - Talking to Boss Tomorrow

Glad it went well! You may want to change your user name and delete identifiable elements from your recap or risk being identified at work and accused of sharing confidential info. I trust your name isn’t Meg and you weren’t born in 1977? Do you have such enormous assets, spousal settlement or parental help that you can afford to be so devil may care about losing a $300k/year job in a competitive field with a friendly boss during a divorce? No offense but I’d have considered myself very fortunate with bosses like her. Thanks! And no that's not my name (nor is it Megan or similar) and that's not my birth year. My net worth post divorce is about $4.5MM, $600K of which is home equity (and PS I came in with more and left with more; we made abo...
by Meg77
Mon Feb 26, 2024 6:17 pm
Forum: Personal Finance (Not Investing)
Topic: FIRE-ing In, Quitting versus Getting FIRE-d - Talking to Boss Tomorrow
Replies: 148
Views: 22531

Re: FIRE-ing In, Quitting versus Getting FIRE-d - Talking to Boss Tomorrow

CONVERSATION WITH THE BOSS RECAP! So I ended up taking a middle path of sorts. I did NOT lead with telling her outright that I am open to a separation agreement. I took the advice here and did my best to deflect and defer any major decision. But it did sort of come up later... First she asked how I was and I took a deep breath and told her the last few weeks have been overwhelming settling the divorce. We joked about some of that - very conversational tone with plenty of smiling etc. I laid some groundwork by mentioning that my therapist reminded me that even though I don’t feel emotional that my nervous system is adjusting and that I know I’m still in a bit of a fog. Then she asked how my conversation went with my career coach. I demurred ...
by Meg77
Sun Feb 25, 2024 10:03 pm
Forum: Personal Finance (Not Investing)
Topic: FIRE-ing In, Quitting versus Getting FIRE-d - Talking to Boss Tomorrow
Replies: 148
Views: 22531

Re: FIRE-ing In, Quitting versus Getting FIRE-d - Talking to Boss Tomorrow

If you have children and are getting divorced I would try to keep the job until you have something else lined up, or at least until the divorce is finalized. I believe you haven’t been in the job market for a while and it may not be as easy this time. In any event, you may be out of practice interviewing, dating etc. don’t let divorce frustrations carry over into work if you can help it. Maybe the job isn’t the problem. And you mention a “mortgage assumption closing.” I wouldn’t leave a job with such things pending. Since one of your options is moving to another team why not try it? At least it will buy you some time. I don't have kids and wouldn't be considering any of this if I weren't prepared to just retire from this industry full stop...
by Meg77
Sun Feb 25, 2024 7:27 pm
Forum: Personal Finance (Not Investing)
Topic: FIRE-ing In, Quitting versus Getting FIRE-d - Talking to Boss Tomorrow
Replies: 148
Views: 22531

Re: FIRE-ing In, Quitting versus Getting FIRE-d - Talking to Boss Tomorrow

I am riddled with anxiety in anticipation of a meeting with my boss tomorrow morning. You've gotten excellent advice from a variety of people on this thread. They are all telling you the same thing. You would be wise to listen. Any one person can be wildly incorrect. But if the entire herd of people are agreeing... That's a sign that they are spot-on. Please post an update tomorrow of how the meeting goes. I will have my popcorn ready. Good luck, Meg! --- Brian Yes - when in doubt listen to wise counsel, especially when they all agree! This is why I appreciate this forum. I think in light of everything, I will do my best to let her lead the conversation and kick the can down the road a little further. In a perfect world I'd keep doing what...
by Meg77
Sun Feb 25, 2024 4:58 pm
Forum: Personal Finance (Not Investing)
Topic: FIRE-ing In, Quitting versus Getting FIRE-d - Talking to Boss Tomorrow
Replies: 148
Views: 22531

Re: FIRE-ing In, Quitting versus Getting FIRE-d - Talking to Boss Tomorrow

I'll sign whatever HR wants Absolutely do not do this without understanding and knowing every implication of what it means. HR is not your friend. HR is not their to make your transition easier. HR is there for the sole purpose of procteting the company, at all expense, including yours. Doesn't sound to me like you are ready for this conversation, which means you should deflect. Yes I totally understand this. But it has to be a win/win. The only way I can justify asking to be paid to leave is to relieve the company of any perceived legal or other liability in return. That's the only way companies ever offer severance (or even bonuses in some cases). Something along the lines of, “I am performing in the role. I am exceeding expectations. I ...
by Meg77
Sun Feb 25, 2024 4:36 pm
Forum: Personal Finance (Not Investing)
Topic: FIRE-ing In, Quitting versus Getting FIRE-d - Talking to Boss Tomorrow
Replies: 148
Views: 22531

Re: FIRE-ing In, Quitting versus Getting FIRE-d - Talking to Boss Tomorrow

My 2 cents, I would not communicate you wish to leave with a severance package, this destroys leverage for yourself. See what happens at the meeting, don't say anything, and assess after. 100% this. See what happens, digest, then schedule a follow meeting based on that. I think you are going to come off as entitled and looking to game the system. At a minimum, I would consider expressing your thoughts on where you are and letting her know that you want to discuss options. Assuming your boss called the meeting, listen and take notes. Do not quit, do not say anything adverse to your employment there and do not share details of your personal, financial or emotional life. Yes I generally agree with all of this, but the problem is this is the t...
by Meg77
Sun Feb 25, 2024 1:48 pm
Forum: Personal Finance (Not Investing)
Topic: FIRE-ing In, Quitting versus Getting FIRE-d - Talking to Boss Tomorrow
Replies: 148
Views: 22531

Re: FIRE-ing In, Quitting versus Getting FIRE-d - Talking to Boss Tomorrow

What I would tell my son (who is a finance manager for a large multinational corp) is to tell your boss how much longer you want to work. In other words, be honest. If you want to be continue to work for 6 months, then her know that and tell her that you are interested in helping to work out a transition plan that will be beneficial to your team. In truth, I would be happy to be out the door immediately! Hence the proposal of coming to a separation agreement so that they and I both can avoid sitting around for 3-6 months while they jump through the administrative hoops required to fire me. I am sincerely interested in helping transition my clients, but the reality is that won't take more than a couple of weeks. As a private banker the sale...
by Meg77
Sun Feb 25, 2024 1:29 pm
Forum: Personal Finance (Not Investing)
Topic: FIRE-ing In, Quitting versus Getting FIRE-d - Talking to Boss Tomorrow
Replies: 148
Views: 22531

FIRE-ing In, Quitting versus Getting FIRE-d - Talking to Boss Tomorrow

I am riddled with anxiety in anticipation of a meeting with my boss tomorrow morning. I plan to let her know that I am open to accepting a separation agreement. But I also need to strike a delicate balance which may include asserting that I’m happy to keep doing what I’m doing and see how things go. Effectively, I’ll be beginning the end of my career by admitting that I’m not committed and don’t intend to be there for the long term. However the part that is causing me anxiety is that I do not intend to quit. If she balks at negotiating a severance agreement - paying me to leave - then I’ll have to awkwardly sit around and wait to eventually be fired. I assume would take at least 90 days, possibly 180. I would have come to this decision even...
by Meg77
Mon Feb 19, 2024 7:39 pm
Forum: Personal Finance (Not Investing)
Topic: 20-30X income, is that the "retirement rut"?
Replies: 90
Views: 13507

Re: 20-30X income, is that the "retirement rut"?

Or maybe you're bored. After doing the same thing for 20+ years, it gets pretty boring. Sure, new technology comes out, and some things change. But you're essentially doing the same thing. ... I really don't think it's about the money. I'm good enough to coast, but I haven't gone nuts. Job is getting boring, but that what I would expect. This is what I was going to say. Most people get bored / burned out / disillusioned to some degree in their late 30s/40s if they have been in the same career for 15-20 years. You achieve mastery and get bored. Your peers / you start getting promoted to decision-maker status and the peek behind the curtain is deflating. You realize other things outside of work and promotions and bonuses are more important -...
by Meg77
Mon Feb 19, 2024 12:50 pm
Forum: Personal Investments
Topic: Let me retire! Please?
Replies: 62
Views: 8076

Re: Let me retire! Please?

Ages 56/54/Child-14 Not to be a downer, but the biggest risk to your ability to retire comfortably is divorce. I know few people ever anticipate this, but my husband came to me out of the blue last fall and, for really no good reason he can articulate, announced that was his intention. Our split is final this month. Many marriages struggle once the last kid is out of the house, as there is a major loss of identity and purpose all around when active parenting is taken off the table and the "empty nesters" phase begins. Retirement in and of itself is another marital stressor as daily habits and boundaries must all be re-negotiated and re-established. (Spending more time together is not in fact good for every relationship.) I recomm...
by Meg77
Mon Feb 19, 2024 11:35 am
Forum: Personal Investments
Topic: Let me retire! Please?
Replies: 62
Views: 8076

Re: Let me retire! Please?

You're fine! A 3.5% withdrawal rate is nearly guaranteed to last you 30 years with that asset allocation. Remember that the 4% rule is conservative by definition; following it means that you are actually quite likely to die with MORE money than you started with. Only in bad sequence of returns scenarios do you get close to running out of money (and if you find yourself in those scenarios you will adjust well before calamity strikes). Also remember the 4% withdrawal plan assumes you increase spending each year for inflation AND that you spend more and more every single year until death (which in reality few retirees do; those lucky enough to live into their 80s and 90s almost inevitably slow down consumption and travel). Also, your stated wi...
by Meg77
Mon Feb 19, 2024 11:16 am
Forum: Personal Investments
Topic: Late 30s seeking advice [portfolio review]
Replies: 20
Views: 2372

Re: Late 30s seeking advice [portfolio review]

Emergency funds: 100k (All of it in a High Yield Savings account yielding ~4.75%) This is great, but you can get 5.28% in money market funds now. Wherever your taxable account is, just move your savings there. If Vanguard, the settlement fund defaults to the Federal MMF which pays 5.28% right now. One less account/login/1099 plus better yield = no brainer. Taxable 1.03M 10% cash (for investing – Sitting in High yield savings account along with emergency cash) 45% CRM Stock Hers (Salesforce RSUs/ESPPs) 11% AVGO Stock His (Broadcom RSUs/ESPPs) Obviously this is the crux of your lack of diversification. ESPP plans aren't usually nearly as good a deal as they used to be, but to the extent you want to use them you should be selling as soon as 1...
by Meg77
Sun Feb 18, 2024 10:38 am
Forum: Personal Investments
Topic: Moving 4.5% savings account to Vanguard money market?
Replies: 9
Views: 1069

Re: Moving 4.5% savings account to Vanguard money market?

Yep! I'm a banker, and I freely tell everyone that people don't need bank savings accounts any more. I don't even understand why people open these. You found a good one with 4.5% which makes me think it's an online bank like Ally or Marcus. That's even more annoying because then you're dealing with a whole different company/login/1099 in addition to your bank and brokerage firm. Close that account and move money to Vanguard! Easy peasy. The settlement account defaults to the Federal money market fund there so you don't even have to go in and "buy" and "sell" when you need cash. Unless you're in the top tax bracket and also have many hundreds of thousands in cash, I don't think it's generally worth it to mess around with ...
by Meg77
Mon Feb 12, 2024 7:26 pm
Forum: Investing - Theory, News & General
Topic: Understanding 4% rule
Replies: 41
Views: 3884

Re: Understanding 4% rule

What you are describing is known as the "sequence of returns risk" or SORR when drawing down a portfolio. Many people talk about long term average returns and make simplistic assumptions based on them. This is how you get Dave Ramsey ranting against the 4% rule and declaring "the stock market returns 10-12% a year on average so you can withdraw 8% of your investments per year and be fine!" This rationale drives a lot of people bonkers, including financial advisors and mathematicians and people like yourself who quite reasonably intuits that the strategy sounds very risky. The 4% rule of thumb was determined based on research that took into account many different 30 year market cycles, including the very worst ones wherei...
by Meg77
Mon Feb 12, 2024 6:35 pm
Forum: Personal Investments
Topic: WSJ Article/what to do with inherited bonds in taxable
Replies: 12
Views: 1544

Re: WSJ Article/what to do with inherited bonds in taxable

Meg77, thank you for your thoughtful response. Sorry for the lack of context. I am 60, retiring in 2-3 years and have been fortunate and met all my financial goals. Have no debt other than a 2.75% 30 year mortgage that is fully tax-deductible. The question I have really is whether, if I sell these bonds (except for 2 that pay over 7%), the WSJ article about buying long bond ETFs in taxable accounts makes sense, or whether I should buy stock etfs in taxable (while selling stock etfs to buy bond etfs in tax-deferred to meet my AA.). Thanks. Ah, I see what you mean. I just read the article, and in your case the advice doesn't seem to apply. For one thing, your inherited bonds unfortunately lost their unrealized losses when they passed to you....
by Meg77
Sun Feb 11, 2024 2:14 pm
Forum: Personal Investments
Topic: Paralyzed by Investing Fears with $2M+ Post-Divorce
Replies: 15
Views: 2637

Re: Paralyzed by Investing Fears with $2M+ Post-Divorce

The longer you're out of the market, the harder it will be to get back in. Bite the bullet - but in chunks. STEP ONE - Immediately invest the 401k in the US total stock market index. That's $660K, a substantial portion of your total. You KNOW you won't touch that for decades as the prudent course is generally to spend down taxable in retirement before traditional before Roth. You KNOW the stock market will be higher decades from now. This is the easiest pot of money to just set and forget. Do not time the market, do not worry about where you're buying. Do this TOMORROW. You still have mountains of cash to figure out what to do with next. YES the market is at all time highs. That happens regularly. And it tends to happen repeatedly and consi...
by Meg77
Sun Feb 11, 2024 1:56 pm
Forum: Personal Investments
Topic: WSJ Article/what to do with inherited bonds in taxable
Replies: 12
Views: 1544

Re: WSJ Article/what to do with inherited bonds in taxable

Without knowing about your age and goals and current financial situation it's impossible to make a recommendation. I would use the windfall to accomplish the following basics if you haven't already: 1. Pay off any non-mortgage debt and ensure you have sufficient insurance coverage across health, home, auto, disability and life, if applicable. 2. Have 6 - 12 months expenses in a cash reserve (the vanguard Federal money market/settlement account is paying 5.28% currently which is a higher yield than you can get on safe bonds currently and with principal protection as well). 3. Max a Roth IRA for 2023 and also for 2024 (I'd put that in the total stock market index at almost any age as Roth funds should be spent last and often aren't spent at a...
by Meg77
Sun Feb 11, 2024 1:46 pm
Forum: Personal Finance (Not Investing)
Topic: Did we miss anything?? Looking to retire next year!
Replies: 48
Views: 3525

Re: Did we miss anything?? Looking to retire next year!

1 - No your assumptions are not realistic or even properly conservative. They are VERY conservative! Which is fine. But giving yourself a 30% budgetary cushion, assuming $36K a year in medical expenses out of pocket, and assuming only a 4% nominal rate of return (with 3.3% inflation assumption which effectively means you're assuming nearly no real growth of capital over many decades) are all conservative assumptions. I assume your tax rate assumptions are very conservative too, but you haven't listed any figures so it's hard to tell. It takes a LOT of after tax investments to end up with an effective ordinary income tax rate of 25% with no wages, even in a HCOL area. 2 - I don't note any blind spots. But again you provide no real figures so...
by Meg77
Mon Jan 15, 2024 3:59 pm
Forum: Personal Investments
Topic: Choosing between DIY and Financial Advisor
Replies: 67
Views: 6731

Re: Choosing between DIY and Financial Advisor

Is 1.35% a standard rate for ‘professional’ management? Yes, if you have less than $2,000,000 or so to invest. If you have more than that the advisory fee starts to decrease pretty rapidly. Every firm has their own fee table with different breakpoints. Keep in mind that this advisory fee is in ADDITION to the expense ratios of whatever investments they put you into however. It's the minimum you'll pay, not the maximum. Approximately how much time do you devote each month to managing a relatively uncomplicated bogle-inspired portfolio? Id like to limit the time spent so it doesn’t become a time consuming ‘job.’ It shouldn't be a job, and I can tell you any professional advisor isn't going to spend more than a few hours a month managing your...
by Meg77
Mon Jan 15, 2024 3:37 pm
Forum: Personal Finance (Not Investing)
Topic: Having trouble with "Two options, pick one". Appreciate any help.
Replies: 16
Views: 2655

Re: Having trouble with "Two options, pick one". Appreciate any help.

I have two institutions: Chase (checking and credit cards) and Vanguard (investments including savings via their Federal money market that pays 5.28% currently). Sounds like you only need two as well: BoA and Fidelity. Eliminate the noise!

You'll feel a lot wealthier as well if your liquidity isn't spread out across 10 different cash accounts. Not to mention eliminating the mental clutter of managing all those statements, logins and tax forms. With so many accounts there are that many more opportunities for you to miss something too, or suffer from identity theft.
by Meg77
Wed Jan 10, 2024 3:25 pm
Forum: Personal Finance (Not Investing)
Topic: Advice regarding CPA fees
Replies: 22
Views: 2492

Re: Advice regarding CPA fees

That's a steal in my opinion, though I don't know how complex your business tax return is. You're only paying $4K for four different household returns to be filed both at the state and federal level. Plus a business return. I don't think you'll find that deal many places. I pay $1800 for just my personal MFJ return in a state with no state income tax. I have rentals and K1s but I send over all the info in a simple spreadsheet - CPA just inputs the data (and not even correctly sometimes...). I'm in Dallas for reference. You can barely find a CPA to call you back much less get a better deal these days. I'm switching this year but will still pay about $2K. My aunt in a mid size city in Alabama pays $3K for a simple single return - which I thin...
by Meg77
Wed Jan 10, 2024 3:19 pm
Forum: Personal Finance (Not Investing)
Topic: Bank Wire to pay for car
Replies: 14
Views: 2008

Re: Bank Wire to pay for car

People are trying to make this way too complicated. I'm a banker. We do wires for things like this all day long. You don't need to accompany the buyer to the bank - he or she doesn't even need to go to the bank to request a wire in most cases. You can do wires on your app/the website at most banks for requests under $50K or $100K and the bank will just call you to verify the details.

1. Have the buyer wire you the money. To your online bank or brokerage account - whichever you prefer. He can do this any time he wants.
2. He gets the car once you see the money in your account.

Wires take a few hours to process - not days. Only reason it would take overnight is if the request came in late right before the wire room closes.
by Meg77
Wed Jan 10, 2024 12:19 pm
Forum: Personal Finance (Not Investing)
Topic: Filing for divorce. How to pay for it and other advice?
Replies: 50
Views: 7645

Re: Filing for divorce. How to pay for it and other advice?

I am going through a divorce. I was shocked to find out that our mortgage is assumable. I am able to keep our loan with our 2.75% interest rate and take my soon to be ex husband off the title and loan. I am a career banker and would have told you this isn't really a thing, but I would have been wrong. Check with your lender. My loan is a Fannie Mae mortgage and as such it qualifies to be assumed in some cases, and divorce is one of them. They won't even start the process though until the divorce is final (they need the final decree to open the file), so there's no way to ensure that your wife will qualify and be able to close prior to the divorce. But most divorce decrees contain some language like "XYZ must either refinance or assume ...
by Meg77
Mon Jan 08, 2024 8:28 pm
Forum: Personal Investments
Topic: Where to park 100k for under a year?
Replies: 32
Views: 4859

Re: Where to park 100k for under a year?

Do you already have an investment account with any brokerage firm? That will impact the advice. Every brokerage has a money market fund paying around 5.2-5.3% right now. With Vanguard it's the Vanguard Prime Money Market Fund (which happens to be the default settlement account where all cash is placed if it isn't invested). JP Morgan, Fidelity, etc all have similar versions. Just use whatever fund your current brokerage company offers. No need to open a brand new account at a new institution and deal with a whole other login and tax form for this short term need. FYI Vanguard phased out the Prime MM fund. Now they use a Federal MM fund as the default. In practice there's not much difference. The yields were always close but the Federal was...
by Meg77
Sun Jan 07, 2024 1:16 pm
Forum: Personal Investments
Topic: Where to park 100k for under a year?
Replies: 32
Views: 4859

Re: Where to park 100k for under a year?

Do you already have an investment account with any brokerage firm? That will impact the advice. Every brokerage has a money market fund paying around 5.2-5.3% right now. With Vanguard it's the Vanguard Prime Money Market Fund (which happens to be the default settlement account where all cash is placed if it isn't invested). JP Morgan, Fidelity, etc all have similar versions. Just use whatever fund your current brokerage company offers. No need to open a brand new account at a new institution and deal with a whole other login and tax form for this short term need.
by Meg77
Sat Dec 30, 2023 5:12 pm
Forum: Personal Finance (Not Investing)
Topic: Still file taxes as married when divorced before EOY?
Replies: 44
Views: 4191

Re: Still file taxes as married when divorced before EOY?

I think your lawyer was wrong too. I'm going through a divorce and everything I've heard and read including from my CPA is that we can't file jointly if we are divorced before 12/31. Which is specifically the reason why we delayed finalizing everything until January. We'll owe less as a couple, though it's also far simpler this way. I overwithheld taxes from payroll and he under withheld this year. And I didn't want to even try to figure out - or pay attorneys and CPAs by the hour to guess at - how much we'll actually owe this year and how to prorate that between us. We have fluctuating K1 income and sold a rental and tax loss harvested a ton of taxable investments... So we're writing it into the agreement that we will split any tax liabili...
by Meg77
Sat Dec 30, 2023 5:00 pm
Forum: Personal Investments
Topic: Considering dropping my FA but have a few questions
Replies: 13
Views: 1799

Re: Considering dropping my FA but have a few questions

I'm also curious what is meant by the fact that my financial advisor works for Lincoln, but my reports indicate that I have certain accounts "held at Invesco" and others "provided by Fidelity"? Are these different companies all collecting separate fees from me? Lincoln isn't a bank or a broker so they can't actually hold custody of your assets. Most small Registered Investment Advisors (including fairly large firms such as multi family offices with billions under management) use outside firms such as Pershing, Vanguard or Fidelity to hold the actual accounts/assets of their clients. You likely aren't paying any specific fee for this, but Lincoln does have to pay fees for that service. You're probably paying: 1) An advis...
by Meg77
Sat Dec 30, 2023 4:49 pm
Forum: Personal Finance (Not Investing)
Topic: Newly divorced: how to find help going forward with my finances
Replies: 22
Views: 3696

Re: Newly divorced: how to find help going forward with my finances

I'm sorry to hear about your divorce. I'm going through one too. Take your time is good advice! But as soon as the divorce is final you do need to jump on top of a few financial to do items. Get a new estate plan including a new will and powers of attorney for healthcare as well as financial matters in case you are incapacitated. (An estate planning attorney is needed here.) Update any insurance policies and review all financial accounts to remove your ex spouse as beneficiary. (You just have to call each company to do this yourself, or do it online in the case of investment accounts.) Remove your ex spouse as co-signer on any joint accounts / open new individual accounts to replace old joint ones - this includes credit cards. (Your banker ...
by Meg77
Sat Dec 30, 2023 4:35 pm
Forum: Personal Finance (Not Investing)
Topic: Update in Last Post - What To Do When Kids Can't Find the Trust Documents?
Replies: 48
Views: 6514

Re: What To Do When Kids Can't Find the Trust Documents?

I'm a banker, and I have to say that you really shouldn't need a POA for a trust/trustee. The whole point of a trust is that it should outline what happens when trustees die or are incapacitated without anyone having to go to court, through probate, or mess with POAs. You might need a temporary POA if a trustee is out of the country during a real estate closing just to sign documents (though today there are even video options for that in the days post covid that many banks and title companies will accept). Also, it's true that most banks - especially big banks - do not require and in fact cannot even ask for a full copy of the trust agreement when opening a new trust banking account. This surprised me in my current big bank job as at my pri...
by Meg77
Sat Dec 30, 2023 12:27 pm
Forum: Personal Finance (Not Investing)
Topic: Should I Add my Wife to the Home Property Deed
Replies: 26
Views: 2983

Re: Should I Add my Wife to the Home Property Deed

The only possible advantage of keeping her off the deed at this point might be that she'd get a step up in basis if she inherits the home from you if you predecease her. I'm not sure if that's actually how it works with spouses who are heirs though, even though I do know that is how it works with any other heirs. The difference is she may already be presumed to be a co-owner due to state homestead/marital rules which can be very specific (this is why non-borrowing spouses have to sign to acknowledge mortgage paperwork at least in many states I know of). Just check with a local CPA to confirm. Regardless though, I'd add her to the deed. As a wife, I'd be very uncomfortable living in and caring for a home over the long term that I didn't have...
by Meg77
Thu Dec 28, 2023 11:05 am
Forum: Personal Finance (Not Investing)
Topic: $2000 a year for $1M umbrella insurance
Replies: 73
Views: 9339

Re: $2000 a year for $1M umbrella insurance

It's not clear to me at all that you need umbrella insurance. For one thing, you don't even state what your net worth is. But regardless, if you aren't a landlord and aren't otherwise at high risk of being sued, you can probably just go without (regular home and auto policies still come with some level of liability coverage, and you can increase THAT coverage to $1MM if you want for much cheaper since it's tied to a specific car/home not to your whole financial world and everyone on every policy like umbrella coverage). You might inquire with an attorney to confirm, but since your son is 18 the question of whether HE needs umbrella insurance is separate assuming he's a legal adult in your state (in Alabama it's 19 but I believe everywhere e...
by Meg77
Wed Dec 20, 2023 1:24 pm
Forum: Personal Investments
Topic: Young, high net worth and potentially retiring
Replies: 48
Views: 8342

Re: Young, high net worth and potentially retiring

Assets: Taxable: $17M Tax-advantaged: $1M Real Estate: $7M Debt: Mortgage: $3M at 2% fixed rate for the next 5 years, floating thereafter Spending: $650k/year from years 0 to 5 $500k/year from years 5 to 15 (mortgage paid off and no longer needing nanny) $390k/year after year 15 (no longer paying for private school or college) Within 5 years, I expect to pay off the mortgage, leaving invested assets of $15M and real estate of $7M (assuming no changes in the market value of investments between now and then). Note my "spending" also includes property taxes (without considering any deductibility under SALT), but not income tax on investment gains (which I don't have a good estimate for). The main questions I was hoping to get advice...
by Meg77
Wed Dec 20, 2023 11:22 am
Forum: Personal Consumer Issues
Topic: Losing/leaving a C Level job: advice wanted
Replies: 34
Views: 4502

Re: Losing/leaving a C Level job: advice wanted

It's a tough question, especially at your relatively young age. I have seen a lot of retired executive men retain their peer group and sense of community/identity (and importance) via spending more time at their golf and country clubs. Many also "semi retire" and retain an office at their firm and take some kind of advisory title or similar. Gives them a reason to put on the suit and feel important and stroll the hallways at work. Some also start an investment company or consulting practice which can give you something to talk about and a way to identify yourself besides "retired," even if you don't actually work or earn much. I second the recommendation for counseling. Any major life transition can benefit from guided r...
by Meg77
Tue Dec 19, 2023 11:12 am
Forum: Personal Finance (Not Investing)
Topic: Retiring at age 40 with $2.4M
Replies: 210
Views: 134321

Re: Retiring at age 40 with $2.4M

...The truth is I'm wanting to retire now because my performance is not what it should be and I am not sure I care enough / have the motivation to change that. So I may be forced to find a new role/job within the next year anyway. And I am also not sure I have it in me to launch another similar sales role on another team or at another firm (where the outcome would likely be the same). ... Such thoughts are penetratingly eloquent, regarding why some of us - not necessarily the OP, but possible him/her too - are considering early retirement. To rephrase, one reaches a point, in combination with one's age, career progression, salary growth, portfolio growth, nature of expenses, lifestyle and so on, where one essentially ceases to care, what h...
by Meg77
Sun Dec 17, 2023 7:25 pm
Forum: Personal Finance (Not Investing)
Topic: How Much Do You Value Your Time At?
Replies: 126
Views: 21041

Re: How Much Do You Value Your Time At?

Humans aren't machines, and I increasingly resent and resist the impulse to put a dollar value on each hour of our lives. My life has value beyond the scope of my productivity, and cost is no longer the primary lens through which I view spending decisions. Also, unless you are paid hourly AND have the ability to work an unlimited number of hours for pay, your "cost per hour" calculation is not really meaningful at all. Even so, there are plenty of reasons to pay for something even if you could do it yourself (convenience, time savings, prioritizing some other activity), even if it is more expensive than an alternative (value, quality, beauty), even if there is no objectively rational reason to pay for it at all (delight, novelty, ...