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Re: Nisiprius answers a question.

thethinker wrote:thank you to everyone who made a post, this has been great information and I am learning lots.


Adding my thanks, having started the three fund portfolio in January, nisiprius's post is crystal clear.
by Milano
Wed Apr 16, 2014 1:28 pm
 
Forum: Investing - Theory, News & General
Topic: Please Help me understand 3-fund portfolio
Replies: 21
Views: 2254

Re: Elio Car

I suspect it's going to be vaporware. I honestly don't know much about this company, but have seen several of these similar well-funded trike/cars vanish completely in the past 5 years after getting a fair amount of press and awards. (Like the Aptera , just one of many.) Would otherwise love to see...
by Milano
Mon Apr 14, 2014 2:18 pm
 
Forum: Personal Consumer Issues
Topic: Elio Car
Replies: 26
Views: 1505

Re: California Taxes - Am I Missing Something?

Milano, you're sitting pretty there. Santa Monica is a favorite area of ours. Do your property taxes go up when you add on to a house or are the taxes still based on your original purchase price? I don't know if the home is reassessed at sale or at permitting new construction. It worked not by inte...
by Milano
Fri Apr 11, 2014 5:31 pm
 
Forum: Personal Finance (Not Investing)
Topic: California Taxes - Am I Missing Something?
Replies: 142
Views: 8549

Re: California Taxes - Am I Missing Something?

I moved to Los Angeles in 1987, for what I do (Commercial & Education Architect) the best projects and firms at the time were either in New York or Los Angeles (now its China). I did not move here to go surfing. Bought a home in 1998 for $ 245,000 with a $ 100,000 down payment. Refinanced in '06...
by Milano
Fri Apr 11, 2014 5:09 pm
 
Forum: Personal Finance (Not Investing)
Topic: California Taxes - Am I Missing Something?
Replies: 142
Views: 8549

Re: Help deciding to surrender Variable Annuity or not

I am in a similar situation. Over the last year I have been trying to get out of a variable annuity, now I am filing a complaint with FINRA on the basis that in my case this is considered 'switching' or 'twisting', there are suitability issues as I was unemployed at the time of the sale and in need ...
by Milano
Fri Apr 11, 2014 3:48 pm
 
Forum: Investing - Help with Personal Investments
Topic: Help deciding to surrender Variable Annuity or not
Replies: 22
Views: 1095

Re: Why does a Boglehead move to an adviser at 1.25% AUM?

555 wrote:Early onset dementia.


Yes, like J. Nesham (sp?) in California in 2012 who went to jail for selling an elderly person a variable annuity, the court reached the verdict based on the fact that the client was on early stages of dementia.
by Milano
Thu Mar 27, 2014 4:27 pm
 
Forum: Investing - Theory, News & General
Topic: Why does a Boglehead move to an adviser at 1.25% AUM?
Replies: 63
Views: 4241

Moving our investments from Merrill Lynch to Vanguard in 198

I have been a Merrill Lynch client since 1985. It was (is) one of the worst decisions I have done.
by Milano
Wed Mar 12, 2014 11:55 am
 
Forum: Investing - Help with Personal Investments
Topic: Merrill Lynch
Replies: 19
Views: 1694

Re: Move to California means what $ ?

Also, to add to what I posted before - However - one real phenomenon that hasn't changed here, even through the recent real estate crash - housing prices appreciate like crazy. The house we bought in the middle of the nadir of the real estate downturn didn't even lose any value whatsoever and rocke...
by Milano
Wed Mar 05, 2014 6:32 pm
 
Forum: Personal Consumer Issues
Topic: Move to California means what $ ?
Replies: 55
Views: 4338

Re: Used $35k Porsche on $64k income?

I have a paid for '00 Boxster with 100,000 miles, I do the maintenance, but used a mechanic to replace the clutch. $ 2,000! This is the only time the car has been to a shop. The car is likely worth $ 10,000.
by Milano
Wed Mar 05, 2014 4:05 pm
 
Forum: Personal Consumer Issues
Topic: Used $35k Porsche on $64k income?
Replies: 95
Views: 6412

Re: Quick Question About IRA Tax Deduction

Thanks for the valid responses.

The greater question here is if I should eek my way out of the annuity by withdrawing and investing the 10% each year into my IRA and take the tax deductions for then years or take the plunge and 1035 int a lower cost annuity. Doing the math is what I need to learn.
by Milano
Mon Mar 03, 2014 6:30 pm
 
Forum: Investing - Help with Personal Investments
Topic: Quick Question About IRA Tax Deduction
Replies: 7
Views: 297

Re: Quick Question About IRA Tax Deduction

Is your annuity qualified or non-qualified? In the case of the other thread, his Variable Annuity was inside a SIMPLE-IRA so there would be no tax consequences to rollover to a Traditional IRA or Rollover IRA. If your annuity is non-qualified (outside of IRA, 401k, 403b etc), there would be tax cons...
by Milano
Mon Mar 03, 2014 5:48 pm
 
Forum: Investing - Help with Personal Investments
Topic: Quick Question About IRA Tax Deduction
Replies: 7
Views: 297

Re: Quick Question About IRA Tax Deduction

It is not too late to contribute to Traditional IRA or Roth IRA for 2013. The deadline for 2013 contributions is April 15, 2014. If you're in a high cost annuity, you may just want to rip the bandaid off in one shot and pay the surrender charges. The surrender charges are a sunk cost that you agree...
by Milano
Mon Mar 03, 2014 5:23 pm
 
Forum: Investing - Help with Personal Investments
Topic: Quick Question About IRA Tax Deduction
Replies: 7
Views: 297

Quick Question About IRA Tax Deduction

I am trying to get out of an annuity sold to me in 2011. I can withdraw free of penalties 10% every year, to minimize the damage that this annuity is doing to my prtfolio I am planning to to put this amount into my IRA account, it is March now, can I claim a deduction if I transfer the funds now? Or...
by Milano
Mon Mar 03, 2014 4:58 pm
 
Forum: Investing - Help with Personal Investments
Topic: Quick Question About IRA Tax Deduction
Replies: 7
Views: 297

Re: Cost Analysis: Living in CA vs the South

I moved to Los Angeles in 1987, for what I do for a living I can work in New York, Chicago, or Los Angeles. I moved here for the work opportunities (architect), the progressive design trends, and the Pacific rim economy. I can work in offices in the SF valley Los Angeles, West LA, and Orange county....
by Milano
Wed Feb 05, 2014 1:55 pm
 
Forum: Personal Finance (Not Investing)
Topic: Cost Analysis: Living in CA vs the South
Replies: 79
Views: 5511

Re: preventing rust on car exhaust system

We have a '92 318is and a '00 Boxster, both have the original exhaust system, they lasted on both cars because they are stainless steel, I do all maintenance on both cars and have replaced plated steel mufflers on a TR4 and my father's Vista Crusier. I would argue that rust also starts from the insi...
by Milano
Wed Jan 29, 2014 3:08 pm
 
Forum: Personal Consumer Issues
Topic: preventing rust on car exhaust system
Replies: 28
Views: 1422

I Cannot Afford to Dream

I've always liked cars and motorcycles and working on them, because of curiosity about mechanical things and because of financial necessity. Since school I've always maintained and fixed my cars, motorcycles and bicycles. Currently we have a 2000 Boxster that was bought on '04, It has been to the me...
by Milano
Thu Jan 23, 2014 1:21 pm
 
Forum: Personal Consumer Issues
Topic: What's your dream car?
Replies: 177
Views: 8958

Re: Biggest regrets in your life in financial investment?

Blindly trusting the Thundering Herd for 28 years and being sold 3 annuities in the process.
by Milano
Fri Jan 17, 2014 12:50 pm
 
Forum: Personal Finance (Not Investing)
Topic: Biggest regrets in your life in financial investment?
Replies: 101
Views: 7197

Re: Cheapest way to own and operate a car

I like cars and motorcycles, let me start by stating that I wish at 54 I knew more about investments than I do now about cars, financial knowledge is more important than mechanical knowledge. Both cars are paid for long ago prior to the great recession,and this helped survive it. One is a '92 318is ...
by Milano
Tue Oct 22, 2013 12:29 pm
 
Forum: Personal Consumer Issues
Topic: Cheapest way to own and operate a car
Replies: 18
Views: 2039

Re: How many square feet is your home?

900 square feet. Married 54 YO. Paid $ 245,000 in 1998, $100,000 down payment, 4.26% 15 years fixed rate mortgage, nine years left to pay off. I usually pay more than mortgage bill. Many discussions with wife about expanding, adding square footage, or buying a bigger home, how do we finance this? Ho...
by Milano
Wed Oct 16, 2013 2:12 pm
 
Forum: Personal Consumer Issues
Topic: How many square feet is your home?
Replies: 162
Views: 10631

Re: Taking ownership of investing kind of like giving birth?

I am experiencing the same problems after 29 years with Merrill Lynch. After enduring long periods of unemployment since February of 2009 and a decrease in earnings close to 1/2 of what I was earning previous to 2009. 54 years old, married, no babies, homeowner, home mortgage left to pay is $ 58,000...
by Milano
Tue Oct 08, 2013 12:47 pm
 
Forum: Investing - Help with Personal Investments
Topic: Taking ownership of investing kind of like giving birth?
Replies: 14
Views: 777

Re: The Three Fund Portfolio

I have transferred out of the broker in May, the money sits in IRA Vanguard account and a taxable account, the majority circa 80% s in the IRA account. I am reading the Bogleheads Guide to Investing and the information on the Wiki about the three fund portfolio. My question is how to distribute the ...
by Milano
Mon Sep 16, 2013 4:03 pm
 
Forum: Investing - Theory, News & General
Topic: The Three Fund Portfolio
Replies: 749
Views: 258719

Re: How many big moves have you made in your lifetime?

1. 1959 Born, Lexington, KY 2. 1959 Milano, Italy 3. 1965 Oxford, UK 4. 1974 London, UK 5. 1974 Milano, Italy 6. 1975 Galveston, TX 7. 1979 Houston, TX (college) 8. 1984 San Antonio, TX (internship) 9.1985 Houston, TX (grad. school) 10. 1986 Austin, TX 11. 1987 Los Angeles, CA 12.1989 San Francisco,...
by Milano
Fri Sep 06, 2013 12:55 pm
 
Forum: Personal Consumer Issues
Topic: How many big moves have you made in your lifetime?
Replies: 76
Views: 5379

Re: Post 2008 Finances Help

You can file a claim with FINRA - however, there may be a long process involved in resolving your claim. In the meantime, you will have to see what you can do to control your expenses. It is unfortunate that you find yourself in this predicament. Even if you gain access to annuity money, it will no...
by Milano
Sun Sep 01, 2013 2:57 pm
 
Forum: Investing - Help with Personal Investments
Topic: Post 2008 Finances Help
Replies: 4
Views: 314

Re: Post 2008 Finances Help

BolderBoy wrote:Your question?



I'd like opinions, please, should I claim with FINRA?

Do I take out the yearly no penalties allowable from the annuity?
by Milano
Sun Sep 01, 2013 1:12 pm
 
Forum: Investing - Help with Personal Investments
Topic: Post 2008 Finances Help
Replies: 4
Views: 314

Post 2008 Finances Help

In 1984 my father opened an IRA account, an annuity and a taxable account with Merrill Lynch maximum contributions were made to the IRA and good amounts to the taxable account until 2007. In 1997 ML stopped carrying annuities and the policy was transferred to Transamerica it sat for years in the tax...
by Milano
Sun Sep 01, 2013 12:43 pm
 
Forum: Investing - Help with Personal Investments
Topic: Post 2008 Finances Help
Replies: 4
Views: 314

Re: Wife's IRA Account

[@ bolderboy I think OP needs to lick his wounds, count the contribution to the IRA as lost (but not the money) and move forward paying more attention to what he wants to see done. (PS - I'm not a lawyer, but spent some time in the 1980s suing the IRS, pro se, and winning.)[/quote] This is the reali...
by Milano
Sun Jul 28, 2013 5:48 pm
 
Forum: Investing - Help with Personal Investments
Topic: Wife's 'Lost' IRA Account
Replies: 22
Views: 2471

Re: Wife's 'Lost' IRA Account

This forum is great, thanks for the responses. My concerns are with ML not the IRS. ML first denied that the wife's IRA account was funded, we got a copy of the check, ML had written and scratched out numbers of two different accounts on it, the check is signed by my wife, from her account and she w...
by Milano
Sun Jul 28, 2013 2:51 pm
 
Forum: Investing - Help with Personal Investments
Topic: Wife's 'Lost' IRA Account
Replies: 22
Views: 2471

Re: Wife's IRA Account

Thanks for the responses. What needs clarification is that both my wife and I can contribute **each** the maximum IRA contributions (3,500 in 2006) in each of our IRA accounts. The last letter that ML sent us a few weeks ago states that my wife's money was put in my taxable account because I maxed o...
by Milano
Sat Jul 27, 2013 9:21 pm
 
Forum: Investing - Help with Personal Investments
Topic: Wife's 'Lost' IRA Account
Replies: 22
Views: 2471

Re: Wife's IRA Account

Sounds like the time to address this with "ML" (Merrill Lynch?) would have been when you got the IRA statement showing a zero balance in 2006. The money is not lost, it went to the wrong account. Usually banks and brokers indicate by when you need to correct errors on your statements - 60...
by Milano
Sat Jul 27, 2013 12:24 pm
 
Forum: Investing - Help with Personal Investments
Topic: Wife's 'Lost' IRA Account
Replies: 22
Views: 2471

Wife's 'Lost' IRA Account

In 2006 I opened a IRA account to my wife's name , she deposited the maximum allowable via a check for $ 3,500, she wrote "IRA" on the check. This March we transferred my IRA and hers to Vanguard, in the process we discovered that her IRA was not transferred. We got a copy of her check and...
by Milano
Sat Jul 27, 2013 2:45 am
 
Forum: Investing - Help with Personal Investments
Topic: Wife's 'Lost' IRA Account
Replies: 22
Views: 2471

Re: First Investment Steps

Depends if you're willing to take an semi-passive approach and manage your allocations/risk (multi-funds) or let someone else do it for you (single fund). I have to ask, what'd you do to ML to make them refuse service to you? :) Thanks for the response I am considering the funds of funds as I am ve...
by Milano
Thu Jun 27, 2013 3:10 pm
 
Forum: Investing - Help with Personal Investments
Topic: First Investment Steps
Replies: 8
Views: 725

Re: First Investment Steps

It looks like you opened a Vanguard Brokerage Services IRA account and transferred over four non-Vanguard mutual funds. Is that correct? Is this a traditional or Roth IRA? Do you have any other retirement accounts (401k, 403b, spouse IRA, taxable, etc.)? We like to consider the entire retirement po...
by Milano
Tue Jun 25, 2013 12:02 am
 
Forum: Investing - Help with Personal Investments
Topic: First Investment Steps
Replies: 8
Views: 725

First Investment Steps

This May after a dispute with Merrill Lynch I was asked to transfer my assets elsewhere or all would be cashed out. I transferred in kind the IRA funds to Vanguard, two Blackrock, PIMCO, and Templeton Global. I am looking at two options: 1. Funds of funds, Vanguard Life Strategy Growth Fund. 2. Thre...
by Milano
Mon Jun 24, 2013 5:38 pm
 
Forum: Investing - Help with Personal Investments
Topic: First Investment Steps
Replies: 8
Views: 725

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