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Re: The Financial Implications of Moving in Together

Given there isn't a time-table for marriage it might seem weird to some to have a joint account, but it really isn't. You're sharing everything including a toilet and a bed - a bank account is not nearly as big of a deal. Business partners and other non-married people do it all the time. Since you a...
by Meg77
Fri Mar 27, 2015 4:02 pm
 
Forum: Personal Consumer Issues
Topic: The Financial Implications of Moving in Together
Replies: 47
Views: 1660

Re: Excess Cash - Play Monopoly or Repay Debt?

And yes, about half our taxable brokerage is in company stock, a percentage which drops each month as we invest more in diversified ETFs. Is there a reason that you maintain such a high percentage in your employer's stock? Is there some minimum time limit you must hold it before diversifying? If th...
by Meg77
Fri Mar 27, 2015 3:03 pm
 
Forum: Investing - Help with Personal Investments
Topic: Excess Cash - Play Monopoly or Repay Debt?
Replies: 66
Views: 4638

Re: Excess Cash - Play Monopoly or Repay Debt?

If the equity markets fall 30% that will be great for us - we don't need or want to liquidate our investment portfolio for decades (hence the cash cushion), so any buying opportunity between now and then is welcome. If real estate values fall 30%, I also don't care because I'm not planning to sell....
by Meg77
Thu Mar 26, 2015 10:23 am
 
Forum: Investing - Help with Personal Investments
Topic: Excess Cash - Play Monopoly or Repay Debt?
Replies: 66
Views: 4638

Re: Excess Cash - Play Monopoly or Repay Debt?

High income, High debt/leverage, High equity allocations, High Concentration in Real Estate. You do have some reserves/investments - just run a stress test or two on some bad case scenarios. e.g. equity market plunges, loss of one job, real estate market tanks, - How will you likely fare? If that r...
by Meg77
Wed Mar 25, 2015 9:54 am
 
Forum: Investing - Help with Personal Investments
Topic: Excess Cash - Play Monopoly or Repay Debt?
Replies: 66
Views: 4638

Re: Excess Cash - Play Monopoly or Repay Debt?

Quick question, Meg77: I didn't realize that the "value" of your rental properties (and your home?) is the purchase price, and not the "current value" (which, of course, could drop dramatically in a bad RE market, etc.). RE has appreciated here quite a bit, to our (pleasant) sur...
by Meg77
Tue Mar 24, 2015 12:06 pm
 
Forum: Investing - Help with Personal Investments
Topic: Excess Cash - Play Monopoly or Repay Debt?
Replies: 66
Views: 4638

Re: Get rid of PMI or Max out 401K?

First, confirm with your lender what it takes to get rid of PMI. If you pay the loan down within the first 1-2 years of getting it, sometimes you have to pay down lower than 80% (my husband and I had to pay ours down to 78%, but our loan was originated in 2013 and I know some rules changed in 2014)....
by Meg77
Tue Mar 24, 2015 11:57 am
 
Forum: Investing - Theory, News & General
Topic: Get rid of PMI or Max out 401K?
Replies: 13
Views: 1220

Re: What to do with a chunk of cash?

I would not buy a home. It's not the best use of funds from a financial perspective, but it's also not a good idea to make such a long term commitment during a major life transition. If there is a chance you'll want to sell in less than 5 years, then don't buy real estate. The only caveat would be t...
by Meg77
Tue Mar 24, 2015 11:49 am
 
Forum: Investing - Help with Personal Investments
Topic: What to do with a chunk of cash?
Replies: 8
Views: 1407

Re: Excess Cash - Play Monopoly or Repay Debt?

Thank you so much for all the thoughtful replies. I won't try to address them all individually, since there are so many and lots of them repeat advice. Here is an update though. Bank of Mom Yesterday I called my mother after thinking about these comments and asked her sincerely if it would benefit h...
by Meg77
Tue Mar 24, 2015 11:38 am
 
Forum: Investing - Help with Personal Investments
Topic: Excess Cash - Play Monopoly or Repay Debt?
Replies: 66
Views: 4638

Re: Excess Cash - Play Monopoly or Repay Debt?

Wow if I were in your shoes I would pay off all my consumer debt, then work to quickly repay the family loans. I might even swap that around and repay the family loans even if It means selling a rental or two. Lets say this all blows up do you really want to stiff your mother for $362K? My two cent...
by Meg77
Mon Mar 23, 2015 5:00 pm
 
Forum: Investing - Help with Personal Investments
Topic: Excess Cash - Play Monopoly or Repay Debt?
Replies: 66
Views: 4638

Re: Advice for good friend

I don't suspect anything illegal or "fishy" about this situation; it sounds much more likely to just be a run of the mill financial advisor charging incredibly high fees for his or her services. This is not uncommon. And some advisors do offer to get more involved and help with actual bill...
by Meg77
Mon Mar 23, 2015 4:26 pm
 
Forum: Personal Finance (Not Investing)
Topic: Advice for good friend
Replies: 38
Views: 3278

Re: Excess Cash - Play Monopoly or Repay Debt?

Rental Mortgages: $874K total $99K 15 yr fixed at 3.25% $95K 30 yr fixed at 5.0% $142K 30 yr fixed at 5.125% $176K 30 yr fixed at 4.125% $41K 15 yr fixed at 3.0% (from my mother - unsecured/down payment loan) $155K 30 yr fixed at 3.0% (from my mother - 1st lien mortgage) $166K 30 yr fixed at 3.0% (...
by Meg77
Mon Mar 23, 2015 3:38 pm
 
Forum: Investing - Help with Personal Investments
Topic: Excess Cash - Play Monopoly or Repay Debt?
Replies: 66
Views: 4638

Re: Excess Cash - Play Monopoly or Repay Debt?

It looks like you have a nice little real estate empire in progress (it's 7 properties?), but not much equity yet? Yes, we have 6 rentals (plus our homestead) with a total of about $260K in equity. Really that would be less after sales commissions - and who knows anyway until you try to sell. I put...
by Meg77
Mon Mar 23, 2015 3:13 pm
 
Forum: Investing - Help with Personal Investments
Topic: Excess Cash - Play Monopoly or Repay Debt?
Replies: 66
Views: 4638

Excess Cash - Play Monopoly or Repay Debt?

Hi everyone. My husband and I are celebrating our first anniversary in a few weeks, and our discussions have turned to the next phase in our financial lives. From late 2013 to mid 2014 we spent a lot of money on our wedding and new home. Over the last 9-12 months though our spending has stabilized a...
by Meg77
Mon Mar 23, 2015 2:34 pm
 
Forum: Investing - Help with Personal Investments
Topic: Excess Cash - Play Monopoly or Repay Debt?
Replies: 66
Views: 4638

Re: 15 vs 30 yr mortgage

If you can truly comfortably afford the 15 year option, then that is probably the way to go. But "comfortably afford" to me means you can pay the 15 year payment while also maxing out all tax deferred investment accounts and maintaining a healthy cash cushion. Age and circumstance matters ...
by Meg77
Sun Mar 22, 2015 6:06 pm
 
Forum: Personal Finance (Not Investing)
Topic: 15 vs 30 yr mortgage
Replies: 80
Views: 5785

Re: Teaching a responsible teen about money

You may be interested to read a new book by New York Times "Your Money" columnist Ron Lieber called "The Opposite of Spoiled." I haven't read the book, but here's an interesting review of it I saw this morning. http://www.nytimes.com/2015/03/22/books/review/the-opposite-of-spoile...
by Meg77
Sun Mar 22, 2015 10:39 am
 
Forum: Personal Finance (Not Investing)
Topic: Teaching a responsible teen about money
Replies: 12
Views: 966

Re: What Age Did You First Ponder Financial Independence?

I got hooked on the idea of getting rich at age 13 when I found a Motley Fool book in my grandfather's car and saw compound interest charts for the first time. But I didn't associate having all that money with freedom or independence from the working world until many years later. Even through my 20...
by Meg77
Sun Mar 22, 2015 10:31 am
 
Forum: Personal Finance (Not Investing)
Topic: What Age Did You First Ponder Financial Independence?
Replies: 74
Views: 6632

Re: Taxes & IRA - Please help !

If your spouse earns income but you don't, you should qualify to contribute to a spousal IRA anyway. I'm not sure what all the contribution rules are, but ask your CPA about this as an alternative. You can make a contribution for 2014 for another 3 weeks and then make one for 2015 at the same time. ...
by Meg77
Fri Mar 20, 2015 10:33 am
 
Forum: Personal Finance (Not Investing)
Topic: Taxes & IRA - Please help !
Replies: 7
Views: 567

Re: Can we afford a condo?

I'm not so sure. How much of Bucket #2 is in company stock? How much more will you add to the portfolio during the next 1-2 years (if any)? How long do you plan to work part time earning $50-$100K? How will you pay for this? Liquidating taxable funds seems the only option, which will cost you a pret...
by Meg77
Fri Mar 20, 2015 10:20 am
 
Forum: Personal Finance (Not Investing)
Topic: Can we afford a condo?
Replies: 16
Views: 1930

Re: What Age Did You First Ponder Financial Independence?

I got hooked on the idea of getting rich at age 13 when I found a Motley Fool book in my grandfather's car and saw compound interest charts for the first time. But I didn't associate having all that money with freedom or independence from the working world until many years later. Even through my 20s...
by Meg77
Fri Mar 20, 2015 9:22 am
 
Forum: Personal Finance (Not Investing)
Topic: What Age Did You First Ponder Financial Independence?
Replies: 74
Views: 6632

Re: job offer, 2x salary

Just want to echo the others who support taking the new job - and that's coming from somebody who is generally against long commutes. I think time wasted in the car (not to mention money) is detrimental to most families in most cases, but in your situation the increases in compensation more than mak...
by Meg77
Thu Mar 19, 2015 12:12 pm
 
Forum: Personal Finance (Not Investing)
Topic: job offer, 2x salary
Replies: 53
Views: 4718

Re: Do you have and auto loan?

My husband financed his car at 2.15% when he bought it last year. Reason being that his student loan has $65K left on it and we'd rather put cash toward that. The rate is in the low 2% range with drbank, but it's floating so we want to pay off that loan asap. Taking low cost fixed financing on the c...
by Meg77
Thu Mar 19, 2015 11:48 am
 
Forum: Personal Finance (Not Investing)
Topic: [Poll] Do you have an auto loan?
Replies: 63
Views: 3443

Re: Help! Career Advice needed!

Here are a few more out of the box ideas: 1 - Move to a lower cost of living area (where she could possibly teach and/or her lower income would go much further) 2 - Consider her next step as being a stay at home parent Outside of pursuing additional education, which it doesn't sound like she's inter...
by Meg77
Thu Mar 19, 2015 11:45 am
 
Forum: Personal Finance (Not Investing)
Topic: Help! Career Advice needed!
Replies: 20
Views: 1936

Re: Large Loan Debt, Need some advice

PS, you should move $11K to a Roth IRA asap - $5500 for 2014 and $5500 for 2015. Hey Meg-I'm in a similar situation and wanted to know more about this 11K being put into a Roth IRA. I have a similar income to the original post. Is this to his advantage because he is over the limit to contribute to ...
by Meg77
Thu Mar 19, 2015 11:34 am
 
Forum: Personal Finance (Not Investing)
Topic: Large Loan Debt, Need some advice
Replies: 24
Views: 1767

Re: Is a larger home downpayment worth it?

I'd stick to the 20% down in your case. Use the extra funds to max out an HSA or Roth IRA instead - money invested in tax sheltered accounts is likely to be a much better use of those funds over any length of time. And yes, often ARMs are a better option for first time home buyers, particularly 10-1...
by Meg77
Wed Mar 18, 2015 2:40 pm
 
Forum: Personal Consumer Issues
Topic: Is a larger home downpayment worth it?
Replies: 18
Views: 2330

Re: Help! Career Advice needed!

Why doesn't she just get an actual teaching job if she's so passionate about teaching? The salaries aren't high but they come with GREAT benefits, not the least of which often still includes a generous pension. Plus the schedule goes really well with having kids if she/you guys are ever planning to ...
by Meg77
Wed Mar 18, 2015 2:34 pm
 
Forum: Personal Finance (Not Investing)
Topic: Help! Career Advice needed!
Replies: 20
Views: 1936

Re: Large Loan Debt, Need some advice

I wonder if income based repayment is the best route for her given these circumstances. I'm certainly no expert on the subject, but perhaps others can jump in with some details. My limited understanding is that the balance can continue to grow as interest accrues that isn't paid on income based repa...
by Meg77
Wed Mar 18, 2015 2:09 pm
 
Forum: Personal Finance (Not Investing)
Topic: Large Loan Debt, Need some advice
Replies: 24
Views: 1767

Re: 25YO Newlyweds -- Too Much Cash?

I agree with the others and think you are doing very well. 1. Yes, what you said. Keep the cash in cash but max out her 401k too. She may be "lackadaisical" about her own funds now, but that doesn't mean she should be or that she always will be. There's no reason you BOTH shouldn't be maxi...
by Meg77
Mon Mar 16, 2015 2:52 pm
 
Forum: Investing - Help with Personal Investments
Topic: 25YO Newlyweds -- Too Much Cash?
Replies: 10
Views: 1728

Re: Credit Report Very Low For No Reason? Fixing it?

Ideally here are the things you need to do to get a perfect credit score: 4. You want to have over 25 different credit accounts (past and present count). Dang!... Really?! :shock: I am not doubting it... just that one really surprised me. Giving a quick thought to my own history, I suppose I may be...
by Meg77
Mon Mar 16, 2015 2:26 pm
 
Forum: Investing - Help with Personal Investments
Topic: Credit Report Very Low For No Reason? Fixing it?
Replies: 56
Views: 2864

Re: Experienced advice wanted re inherited stocks etc

You might explore gifting the appreciated stocks to charities or family members instead of cash, assuming you were planning to do so anyway. I would definitely start maxing out any tax advantaged accounts you qualify for. To the extent you may have some losses of course you can offset them by sellin...
by Meg77
Mon Mar 16, 2015 2:11 pm
 
Forum: Investing - Help with Personal Investments
Topic: Advice wanted re inherited stocks etc
Replies: 6
Views: 791

Re: I need some help....

Okay....so I just looked through expense ratios on the available funds for each account. My husband's current 401k has only Freedom funds, no index funds for blended investment options. The one we are currently in has an expense ratio of .78%. I looked through the very limited options available in ...
by Meg77
Mon Mar 16, 2015 1:55 pm
 
Forum: Investing - Help with Personal Investments
Topic: I need some help....
Replies: 9
Views: 1097

Re: Mortgage expense and income

We don't know whether saving $5K a year is enough or whether he can afford this house because we don't know how much the OP earns or already has saved. In general, if you are making ends meet and saving on a 15 year mortgage, you can probably afford the house you're in. I agree that a 30 year paymen...
by Meg77
Mon Mar 16, 2015 1:24 pm
 
Forum: Personal Consumer Issues
Topic: Mortgage expense and income
Replies: 6
Views: 678

Re: Credit Report Very Low For No Reason? Fixing it?

Guys - I suppose I have $130,000 or so of revolving credit from a few credit cards with $35k limits. The only reason I am even remotely close to using $30,000 etc. is because I have a lawyer that takes credit cards. I have never, ever carried a balance. I may have, at some point in the last 8 years...
by Meg77
Mon Mar 16, 2015 1:09 pm
 
Forum: Investing - Help with Personal Investments
Topic: Credit Report Very Low For No Reason? Fixing it?
Replies: 56
Views: 2864

Re: At what point is it too much house? How much do we need

Why are you looking to move now versus waiting a few years? Just wondering. My husband and I want to stay in our 2,150 SF townhome as long as possible before more space and/or a better school district is required. Our place has a master suite with a small bedroom (baby room) down the hall on the thi...
by Meg77
Fri Mar 13, 2015 2:31 pm
 
Forum: Personal Finance (Not Investing)
Topic: At what point is it too much house? How much do we need?
Replies: 52
Views: 4632

Re: Do you really need 2.5 million to retire well?

I think a lot of people answer these retirement surveys as though the question had been phrased, "how much would it take in your bank/brokerage account for you to feel comfortable quitting your job today?" They assume their expenses will never decrease, don't factor in social security or o...
by Meg77
Fri Mar 13, 2015 10:42 am
 
Forum: Investing - Help with Personal Investments
Topic: Do you really need 2.5 million to retire well?
Replies: 121
Views: 12707

Re: 15 or 30 year mortgage?

Thank you all for the advice and concerns. The money was received in December. We had also been expecting it for 6 months...so when it came we had already have plenty of time to get over all those impulse purchases and make some plans about what to do with it. We also read the Boglehead guide about...
by Meg77
Tue Mar 10, 2015 3:42 pm
 
Forum: Personal Finance (Not Investing)
Topic: 15 or 30 year mortgage?
Replies: 37
Views: 2710

Re: 15 or 30 year mortgage?

There isn't nearly enough information here to make a recommendation. We don't know your age or how much you have invested already, specifically. Are you already retired? Are you in your 20s? These questions matter a lot in making this decision. If you're retired or close to it then definitely pay ca...
by Meg77
Tue Mar 10, 2015 3:35 pm
 
Forum: Personal Finance (Not Investing)
Topic: 15 or 30 year mortgage?
Replies: 37
Views: 2710

Re: 31 Year Old Seeking Financial Guidance

Welcome to the forum! It seems to me like you've got about $1000 a month in excess to work with (I took the numbers you gave including the $800 a month daycare and added about $400 a month once you adjust your tax withholding). That is great - you aren't in the red. Go ahead and have your party, wha...
by Meg77
Tue Mar 10, 2015 3:19 pm
 
Forum: Personal Finance (Not Investing)
Topic: 31 Year Old Seeking Financial Guidance
Replies: 46
Views: 4100

Re: Parents:Have you had any luck teaching your kids about m

I don't have kids yet, but I feel like my parents did a pretty good job teaching me and my siblings about money. I thought I'd mention a few memories so you have a kid's perspective on what "stuck." My dad took us to the bank as very young kids to open our first savings accounts. After eve...
by Meg77
Tue Mar 10, 2015 2:22 pm
 
Forum: Personal Finance (Not Investing)
Topic: Parents:Have you had any luck teaching your kids about money
Replies: 40
Views: 2637

Re: Legg Mason Survey

They say investors assumed they'll have $2,500,000 in net retirement expenses (I assume they asked people about how much they spend per year and multiplied by 25 oro 30 to come up with that?). Then later they said that investors need to have $2,500,000 saved prior to retiring (which would throw off ...
by Meg77
Tue Mar 10, 2015 2:00 pm
 
Forum: Personal Finance (Not Investing)
Topic: Legg Mason Survey
Replies: 2
Views: 376

Re: Slate Article: Dream on Babyboomers-Semiretirement is a

I'm not anywhere near retirement age yet, but I do see LOTS of people over 60 and even over 70 working in banking and financial services in my city. Attorneys too have a fair number of partners long past traditional retirement age. My mother already could claim her full pension but is still working ...
by Meg77
Tue Mar 10, 2015 1:24 pm
 
Forum: Personal Finance (Not Investing)
Topic: Slate Article: Dream on Babyboomers-Semiretirement is a Myth
Replies: 20
Views: 2885

Re: What's your definition on Working and Retired?

To me you are only "retired" if you meet all three of the following criteria: a) you're not currently working as a salaried employee (or as the sole owner/operator of a small business who may or may not receive a salary) b) you do not intend to work as a salaried employee again (or to star...
by Meg77
Tue Mar 10, 2015 1:10 pm
 
Forum: Personal Finance (Not Investing)
Topic: What's your definition on Working and Retired?
Replies: 24
Views: 1686

Re: non-compete question

First of all, it doesn't matter whether or not non-competes are considered legally valid. It only matters if your former company is willing or likely to come after you if you leave. I've had employment attorneys tell me that there's no way any non-compete in the state of Texas would hold up in court...
by Meg77
Tue Mar 10, 2015 10:17 am
 
Forum: Personal Finance (Not Investing)
Topic: non-compete question
Replies: 23
Views: 2053

Re: Bogleheads with Rental Income

A good friend of mine owns and pays cash for his rental properties. He is having a great deal of success with these ventures. I also have an acquaintance that is mortgaged to the hilt on his rentals. How would another "2008 bubble" affect these 2 guys differently? I think that the latter ...
by Meg77
Tue Mar 10, 2015 10:01 am
 
Forum: Investing - Theory, News & General
Topic: Bogleheads with Rental Income
Replies: 32
Views: 2659

Re: Wife tired of saving...

Folks...its not about the car really. The cars will do nothing to the bottomline. People buy Jeep's that cost more than a BMW. Its more about the house that I am not keen because of the property tax for 'life'. To put it bluntly, you need to get over your aversion to paying property taxes. I realiz...
by Meg77
Tue Mar 10, 2015 9:54 am
 
Forum: Personal Finance (Not Investing)
Topic: Wife tired of saving...
Replies: 203
Views: 19179

Re: Bogleheads with Rental Income

I have several rental properties. I purchased a few duplexes specifically as investments, but I've also bought a condo and townhome to live in that I later rented out. I've learned a lot of lessons the hard way and it took about 5 years (and hiring a property management company) to start cash flowin...
by Meg77
Mon Mar 09, 2015 3:59 pm
 
Forum: Investing - Theory, News & General
Topic: Bogleheads with Rental Income
Replies: 32
Views: 2659

Re: Wife tired of saving...

Folks...its not about the car really. The cars will do nothing to the bottomline. People buy Jeep's that cost more than a BMW. Its more about the house that I am not keen because of the property tax for 'life'. To put it bluntly, you need to get over your aversion to paying property taxes. I realiz...
by Meg77
Mon Mar 09, 2015 3:38 pm
 
Forum: Personal Finance (Not Investing)
Topic: Wife tired of saving...
Replies: 203
Views: 19179

Re: MangoMoney account: 6% APY for Emergency Funds

Thanks for the tip!! I've never heard of this but it could be worth the hassle for an effective yield of 5%+ on at least $10K...my bank accounts only pay 1%.
by Meg77
Mon Mar 09, 2015 2:18 pm
 
Forum: Personal Finance (Not Investing)
Topic: Mango prepaid card - 4.8% (effective) APY
Replies: 164
Views: 63046

Re: Baby Grand Piano

My uncle owns a music store and when I told him I wanted to buy a baby grand one day he recommended checking out local universities. Many schools get rid of their instruments every few years (I can't remember the reason...) and he said you can get really good deals on gently used and well cared for ...
by Meg77
Mon Mar 09, 2015 1:52 pm
 
Forum: Personal Consumer Issues
Topic: Baby Grand Piano
Replies: 25
Views: 1505

Re: How does Real Estate count in Asset Allocation

I have rental properties, but I don't count them as part of my asset allocation. The point of an asset allocation is to have a target to stick to and to be able to rebalance toward. You can't rebalance property. Many small business owners also don't count their business interests as part of their AA...
by Meg77
Mon Mar 09, 2015 1:46 pm
 
Forum: Investing - Help with Personal Investments
Topic: How does Real Estate count in Asset Allocation
Replies: 8
Views: 779

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

Sometimes when you've been playing the game your whole life though, it's hard to quit even if you've won. I like this point - well stated.[/quote +2 Agree One has been "playing the game(investing)"for so long it is not about the numbers anymore as it is a habit. :happy Meg's quote, origin...
by Meg77
Mon Mar 09, 2015 1:33 pm
 
Forum: Investing - Theory, News & General
Topic: ...it is madness to risk losing what you need in pursuing wh
Replies: 48
Views: 5055
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