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Re: Wife tired of saving...

abuss368 wrote:
livesoft wrote:We bought less as we got older.


I have found we bought less as we got older too.

Odd.
My next vehicle purchase will the most expensive ever.
Combination of inflation plus higher retirement income, I guess ...
by The Wizard
Wed Mar 04, 2015 10:11 pm
 
Forum: Personal Finance (Not Investing)
Topic: Wife tired of saving...
Replies: 84
Views: 5041

Re: Wife tired of saving...

If I can't buy my wife the car she wants when I have $2 million in the bank, then what is the point? I think the wife may be an equal player in this game, not a subsidiary or dependent as this language tends to imply... My wife is an equal, if not better, player in my game. She currently makes more...
by The Wizard
Wed Mar 04, 2015 8:44 pm
 
Forum: Personal Finance (Not Investing)
Topic: Wife tired of saving...
Replies: 84
Views: 5041

Re: Wife tired of saving...

8foot7 wrote:If I can't buy my wife the car she wants when I have $2 million in the bank, then what is the point?

I think the wife may be an equal player in this game, not a subsidiary or dependent as this language tends to imply...
by The Wizard
Wed Mar 04, 2015 7:59 pm
 
Forum: Personal Finance (Not Investing)
Topic: Wife tired of saving...
Replies: 84
Views: 5041

Re: What percentage of your total net worth is your home?

As usual, conducting a poll on a BH forum is about as straight-forward as herding cats...
by The Wizard
Wed Mar 04, 2015 7:44 pm
 
Forum: Personal Finance (Not Investing)
Topic: What percentage of your total net worth is your home?
Replies: 43
Views: 2041

Re: What percentage of your total net worth is your home?

I think it's silly to consider the market value of a home as opposed to the equity one has in their home.
Well, unless one has an agenda that benefits from considering the former...
by The Wizard
Wed Mar 04, 2015 7:31 pm
 
Forum: Personal Finance (Not Investing)
Topic: What percentage of your total net worth is your home?
Replies: 43
Views: 2041

Re: Do you consider mortgage payments as savings?

I don't count car loan payments or credit card payments as savings either. And the CC payments are all principal, no interest!!! Do you agree that savings = income - spending? If not, can you explain how you calculate savings? I take a conservative approach by not including the value of any persona...
by The Wizard
Wed Mar 04, 2015 4:48 pm
 
Forum: Personal Finance (Not Investing)
Topic: Do you consider mortgage payments as savings?
Replies: 298
Views: 11714

Re: Do you consider mortgage payments as savings?

I can't believe this thread is this long... Mortgage payment is simply repayment of a loan. I'm shocked how many people consider that "savings". And retirement contributions are simply prepayments of future spending. I'm shocked how many people consider that "savings". Amusing l...
by The Wizard
Wed Mar 04, 2015 4:16 pm
 
Forum: Personal Finance (Not Investing)
Topic: Do you consider mortgage payments as savings?
Replies: 298
Views: 11714

Re: Do you consider mortgage payments as savings?

I can't believe this thread is this long... Mortgage payment is simply repayment of a loan. I'm shocked how many people consider that "savings". Yeah, there seems to be a bunch of them. I don't count car loan payments or credit card payments as savings either. And the CC payments are all ...
by The Wizard
Wed Mar 04, 2015 4:10 pm
 
Forum: Personal Finance (Not Investing)
Topic: Do you consider mortgage payments as savings?
Replies: 298
Views: 11714

Re: Backpedaling: Rising Equity Allocation During Retiremen

I mentioned to Wade at BH13 last October that I wasn't too keen on the rising equity concept.
I'm sure that probably wasn't the main reason for this modification...
:)
by The Wizard
Wed Mar 04, 2015 12:17 pm
 
Forum: Investing - Theory, News & General
Topic: Backpedaling: Rising Equity Allocation During Retirement
Replies: 25
Views: 1600

Re: Do you consider mortgage payments as savings?

GAAP are for businesses, not personal use. Some similarity, perhaps, but not the same. I could deduct depreciation on my rental property, for instance, but not on my principal residence. There's nothing wrong with computing your net worth every so often, but for many of us, it's only the financial c...
by The Wizard
Tue Mar 03, 2015 6:38 am
 
Forum: Personal Finance (Not Investing)
Topic: Do you consider mortgage payments as savings?
Replies: 298
Views: 11714

Re: Want to make $750K into $1m...Help

Education is step one here.
CDs don't often beat inflation, so a million in ten years could be similar to $700,000 today.
Is that what you want??
by The Wizard
Mon Mar 02, 2015 9:47 pm
 
Forum: Investing - Help with Personal Investments
Topic: Want to make $750K into $1m...Help
Replies: 25
Views: 2448

Re: What if you already have a couple million?

Every investor should develop an Investment Policy Statement and then follow it. Of course, an IPS is a living document meaning it changes as your goals are attained or your risk tolerance changes. Noted author Larry Swedroe has this saying "one should take risk based on need, willingness and ...
by The Wizard
Mon Mar 02, 2015 9:30 pm
 
Forum: Investing - Help with Personal Investments
Topic: What if you already have a couple million?
Replies: 42
Views: 6202

Re: Do you consider mortgage payments as savings?

Back when I was in the Working Class, I paid close attention to my cash flow. I had some that went to tax sheltered investments. I had some that went to various housing expenses, including paying for the house itself. I had some cash flow going to CC bills for assorted purchases. And I had some goin...
by The Wizard
Mon Mar 02, 2015 9:23 pm
 
Forum: Personal Finance (Not Investing)
Topic: Do you consider mortgage payments as savings?
Replies: 298
Views: 11714

Re: Calcultoer help please

Option B, of course, is to present all your details here and we'll help answer the question...
by The Wizard
Mon Mar 02, 2015 8:57 pm
 
Forum: Investing - Help with Personal Investments
Topic: Calcultoer help please
Replies: 6
Views: 369

Re: Calcultoer help please

I played with that calculator for a few minutes and didn't like it.
Figure your monthly expenses and then figure your desired monthly income.
Then figure where it's coming from. Not too hard up to a point.
Then use firecalc to deal with stock market variations...
by The Wizard
Mon Mar 02, 2015 8:56 pm
 
Forum: Investing - Help with Personal Investments
Topic: Calcultoer help please
Replies: 6
Views: 369

Re: Contacted by Internal Revenue Services

I guess the phone scam is making its way around the country. I received 3 voicemail messages from the "Internal Revenue Service s " informing me that the message was being automated and that I am under legal persecution for tax fraud :oops: and for either myself or my appointed legal repr...
by The Wizard
Mon Mar 02, 2015 8:10 pm
 
Forum: Personal Consumer Issues
Topic: Contacted by Internal Revenue Services [Scam]
Replies: 18
Views: 1264

Re: Contacted by Internal Revenue Services

I got two calls today in my cell phone that I ignored, but googled later.
972 area code from Texas and some IRS notes in my google search.
I didn't pick up on last week's calls from Uganda either...
by The Wizard
Mon Mar 02, 2015 8:08 pm
 
Forum: Personal Consumer Issues
Topic: Contacted by Internal Revenue Services [Scam]
Replies: 18
Views: 1264

Re: Can I afford it?

Net Worth has nothing to do with affording a car.
Most new college grads have negative net worth.
And ask EmergDoc what the net worth of newly minted MDs can be...
by The Wizard
Mon Mar 02, 2015 8:00 pm
 
Forum: Personal Consumer Issues
Topic: Can I afford it?
Replies: 50
Views: 3853

Re: Do you consider mortgage payments as savings?

I've not computed my net worth for decades now. And it had no bearing on when I retired, only my financial assets (portfolio) did. In fact, if I had a house worth double what mine is, with double property taxes etc, that increased net worth would have required MORE financial assets to support in ret...
by The Wizard
Mon Mar 02, 2015 7:23 pm
 
Forum: Personal Finance (Not Investing)
Topic: Do you consider mortgage payments as savings?
Replies: 298
Views: 11714

Re: Possible to do solo financial planning while married?

Are they ASKING for help or are you volunteering it?
And the SIL, your brother's wife? Or more likely, your wife's sister? But it doesn't matter much...
by The Wizard
Mon Mar 02, 2015 7:15 pm
 
Forum: Personal Finance (Not Investing)
Topic: Possible to do solo financial planning while married?
Replies: 14
Views: 1275

Re: Master Thread for Metro Boston's Chapter (MA)

So we're thinking of two different venues for next time? Most public libraries have meeting rooms that can be reserved. Best to have a town resident set that up I'm guessing. And my name badge was recycled from last October's BH13 conference, of course. Best to have both real name and BH name on tho...
by The Wizard
Mon Mar 02, 2015 6:50 pm
 
Forum: Local Chapters and Bogleheads Community
Topic: Master Thread for Metro Boston's Chapter (MA)
Replies: 79
Views: 5117

Re: Can I afford it?

We need to separate long term retirement savings from short to medium term consumer savings.
These consumer savings come from excess or discretionary income, "left over" after current commitments are paid.
So where do you stand along those lines?
by The Wizard
Mon Mar 02, 2015 6:21 pm
 
Forum: Personal Consumer Issues
Topic: Can I afford it?
Replies: 50
Views: 3853

Re: Do you consider mortgage payments as savings?

I haven't read all the post so someone else may have already posted something similar to this. According to Investopedia the DEFINITION of 'Savings' is: According to Keynesian economics, the amount left over when the cost of a person's consumer expenditure is subtracted from the amount of disposabl...
by The Wizard
Mon Mar 02, 2015 6:10 pm
 
Forum: Personal Finance (Not Investing)
Topic: Do you consider mortgage payments as savings?
Replies: 298
Views: 11714

Re: Do you consider mortgage payments as savings?

Anyone arguing that equity in a house is not an asset, and is thus not included in Net Worth, has never taken an Accounting class. It's a basic principle of Accountancy....founded by the Italians so long ago. No one in this thread has disputed this. The dispute concerns whether the equity in a prin...
by The Wizard
Mon Mar 02, 2015 5:30 pm
 
Forum: Personal Finance (Not Investing)
Topic: Do you consider mortgage payments as savings?
Replies: 298
Views: 11714

Re: Father in law possible elder scam victim?

These sound like "gifts", not loans, unless you can show me paperwork to the contrary.
Agree with a few others that someone with a durable POA should start handling their finances...
by The Wizard
Mon Mar 02, 2015 2:47 pm
 
Forum: Personal Consumer Issues
Topic: Father in law possible elder scam victim?
Replies: 30
Views: 1682

Re: Consumer Cellular increases Minutes, Texts, & Data

Their Android app needs fixing now, though. My text message limit went from 10,000? to unlimited, but their app shows me in the red zone with 12 of 0 texts used for the period... ------------------------------------------------------------------------------------------- I just checked my Consumer C...
by The Wizard
Mon Mar 02, 2015 2:38 pm
 
Forum: Personal Consumer Issues
Topic: Consumer Cellular increases Minutes, Texts, & Data
Replies: 14
Views: 859

Re: Do you consider mortgage payments as savings?

Not savings. Not net worth either. The calculation of net worth is going the way of "renting is throwing money away" camp. Net worth is a silly calculation with little use. MIL has a 150k house that is paid for. She has ZERO retirement savings. Her net worth is 150k and she has to borrow ...
by The Wizard
Mon Mar 02, 2015 2:31 pm
 
Forum: Personal Finance (Not Investing)
Topic: Do you consider mortgage payments as savings?
Replies: 298
Views: 11714

Re: Do you consider mortgage payments as savings?

Alex, I meant rental real estate separate from my primary residence. I could sell that rental duplex after one year and have LTCG on it if I'm lucky. So the mortgage payments on that, covered by the two renters, definitely increases my equity in that investment. But I personally do NOT apply that sa...
by The Wizard
Mon Mar 02, 2015 2:09 pm
 
Forum: Personal Finance (Not Investing)
Topic: Do you consider mortgage payments as savings?
Replies: 298
Views: 11714

Re: Consumer Cellular increases Minutes, Texts, & Data

Their Android app needs fixing now, though.
My text message limit went from 10,000? to unlimited, but their app shows me in the red zone with 12 of 0 texts used for the period...
by The Wizard
Mon Mar 02, 2015 1:59 pm
 
Forum: Personal Consumer Issues
Topic: Consumer Cellular increases Minutes, Texts, & Data
Replies: 14
Views: 859

Re: Consumer Cellular increases Minutes, Texts, & Data

I'm on my smartphone right now so I checked. My 1 GB data plan is now 1.5 GB and the next lower tier went from 300 MB to 500 MB. But I'm over 500 MB for this billing period, almost over, so will stay with my 1.5 GB plan for now. This will help save me an entire $10 time to time when I'm on extended ...
by The Wizard
Mon Mar 02, 2015 1:56 pm
 
Forum: Personal Consumer Issues
Topic: Consumer Cellular increases Minutes, Texts, & Data
Replies: 14
Views: 859

Re: Consumer Cellular increases Minutes, Texts, & Data

The changes are rather marginal so that they won't let me move a tier down and hence save money. However, they do provide me some cushion by increasing the data limit. Welcome change nonetheless. They're also having a '30 minutes free international till March' thing going on currently. I'm not sure...
by The Wizard
Mon Mar 02, 2015 1:39 pm
 
Forum: Personal Consumer Issues
Topic: Consumer Cellular increases Minutes, Texts, & Data
Replies: 14
Views: 859

Re: Do you consider mortgage payments as savings?

harikaried wrote:
toto238 wrote:let's say my house burns down to the ground and now I need a new house
Is the principal on your mortgage payment still savings if your house burned down?

Well, if you're in the Net Worth camp, sure it is.
The mortgage loan doesn't go away, even if the house does...
by The Wizard
Mon Mar 02, 2015 1:36 pm
 
Forum: Personal Finance (Not Investing)
Topic: Do you consider mortgage payments as savings?
Replies: 298
Views: 11714

Re: Do you consider mortgage payments as savings?

There are two camps here, the Net Worth camp and the Financial Portfolio camp. Answers vary depending on the camp you are in. In my camp, my principal residence is not part of my Financial Portfolio. But if I owned a rental duplex separate from my residence, that would be part of my Financial Portfo...
by The Wizard
Mon Mar 02, 2015 1:18 pm
 
Forum: Personal Finance (Not Investing)
Topic: Do you consider mortgage payments as savings?
Replies: 298
Views: 11714

Re: Reporting Dividends on the 1040

Tax tables have $50 wide "bins".
So that will cause some minor issues as well...
by The Wizard
Mon Mar 02, 2015 1:01 pm
 
Forum: Personal Finance (Not Investing)
Topic: Reporting Dividends on the 1040
Replies: 8
Views: 342

Re: Do you consider mortgage payments as savings?

Your mortgage decreases your net worth, so anything that decreases your mortgage increases your net worth. Mortgage payments are decreasing your debt, any other debt payment would be considered saving, why not this? Incorrect logic. Let's say I owe $100,000 on my mortgage loan. And let's say I have...
by The Wizard
Sun Mar 01, 2015 1:25 pm
 
Forum: Personal Finance (Not Investing)
Topic: Do you consider mortgage payments as savings?
Replies: 298
Views: 11714

Re: Do you consider mortgage payments as savings?

avenger wrote:It's not saving.

It's paying for something you already bought.

Correct.
If I get a big inheritance, for instance, and buy a house for cash, would THAT count as "savings"?
No it would not, and neither does paying down a loan or debt for any reason...
by The Wizard
Sun Mar 01, 2015 1:20 pm
 
Forum: Personal Finance (Not Investing)
Topic: Do you consider mortgage payments as savings?
Replies: 298
Views: 11714

Re: AAA card as prepaid credit card?

I would say no. Sounds more like a debit card than credit card in that case. Less protection that using a real CC, where your liability is $50 max. Plus, rumor has it that Amex is accepted at fewer places than Visa or MC. I can't speak to this from experience. And Canada is ahead of US in using chip...
by The Wizard
Sun Mar 01, 2015 12:38 pm
 
Forum: Personal Finance (Not Investing)
Topic: AAA card as prepaid credit card?
Replies: 8
Views: 644

Re: Does a Roth IRA make sense if you live in a high COL pla

I was under the impression that you use post-tax money to fund the Roth IRA and then you can withdraw from it tax-free. So ideally you'd want to invest when you have low taxes, and withdraw it when you have higher taxes. Since I live in a high COL area with high taxes, I worried this may be less ap...
by The Wizard
Sun Mar 01, 2015 11:15 am
 
Forum: Investing - Help with Personal Investments
Topic: Does a Roth IRA make sense if you live in a high COL place?
Replies: 85
Views: 3125

Re: airbnb tips?

It's possible to have a dormant FB profile for situations like this.
I've not logged into mine since 2013 or maybe 2012.
I'm considering AirBnB for an upcoming trip, so we'll see...
by The Wizard
Sun Mar 01, 2015 8:28 am
 
Forum: Personal Consumer Issues
Topic: airbnb tips?
Replies: 20
Views: 1596

Re: How do I learn to like sushi?

Wasabi is good pungent stuff, correct.
But there's no need to be concerned about crossing from one side of this chasm to the other...
by The Wizard
Sun Mar 01, 2015 8:22 am
 
Forum: Personal Consumer Issues
Topic: How do I learn to like sushi?
Replies: 80
Views: 4486

Re: Does a Roth IRA make sense if you live in a high COL pla

I'll be contrary and say that a Roth IRA may NOT make as much sense if one lives in a HCOL/high-income area for the first decade of their career, with a goal of relocating to a LCOL rural area after ten years of hectic work.
I think some Wall Street analysts have done this sort of thing...
by The Wizard
Sun Mar 01, 2015 7:48 am
 
Forum: Investing - Help with Personal Investments
Topic: Does a Roth IRA make sense if you live in a high COL place?
Replies: 85
Views: 3125

Re: How do I learn to like sushi?

I like all nigiri sushi along with raw oysters on the half shell. And in Hawaii, I like poke ("po-kay").
I'm not sure there's any advantage to training other folks to eat these things. It would just leave less for me...
by The Wizard
Sat Feb 28, 2015 6:22 pm
 
Forum: Personal Consumer Issues
Topic: How do I learn to like sushi?
Replies: 80
Views: 4486

Re: Is there a way to provide for inflation ?

The answer to the OP's question is likely an optimal MIX of annuities plus a basket of funds.
(I'm not much a fan of CDs...)
by The Wizard
Sat Feb 28, 2015 10:44 am
 
Forum: Investing - Help with Personal Investments
Topic: Is there a way to provide for inflation ?
Replies: 22
Views: 1673

Re: New Hampshire/Maine Chapter

And Maine is a big state, not really amenable to a single chapter.
But I suppose from Portland south into coastal NH might be possible...
by The Wizard
Fri Feb 27, 2015 11:13 pm
 
Forum: Local Chapters and Bogleheads Community
Topic: New Hampshire/Maine Chapter
Replies: 3
Views: 347

Applying for Divorced Spouse Benefits online

I'll be FRA (66) in eleven months and want to get a good estimate from SS what my Divorced Spouse Benefit (DSB) will be per month. Plan is to claim my own larger benefit at age 70. I have all the certified documents to prove my birth, marriage and divorce, so I figured I'd need to go into the local ...
by The Wizard
Fri Feb 27, 2015 12:40 pm
 
Forum: Personal Finance (Not Investing)
Topic: Applying for Divorced Spouse Benefits online
Replies: 1
Views: 240

Re: Are remote starters bad for cars?

I know that on my wife's next car she'll want remote start as it's her car that sits outside. But I dread the idea because what she does in the winter is go out to start her car, and come back in. Sometimes she gets sidetracked and might not go back out for 15 minutes, but at least she has her coat...
by The Wizard
Fri Feb 27, 2015 12:17 pm
 
Forum: Personal Consumer Issues
Topic: Are remote starters bad for cars?
Replies: 41
Views: 2529

Re: Are remote starters bad for cars?

IANAL, however just be aware in some states it may be illegal to use one. Ohio: No person driving or in charge of a motor vehicle shall permit it to stand unattended without first stopping the engine , locking the ignition, removing the key from the ignition. Colorado: No person driving or in charg...
by The Wizard
Fri Feb 27, 2015 10:14 am
 
Forum: Personal Consumer Issues
Topic: Are remote starters bad for cars?
Replies: 41
Views: 2529

Re: Are remote starters bad for cars?

If you are doing this, I'm hoping all of you are doing it with your car outside, or the garage door open, and the windows open so as not to have carbon monoxide build up. It obviously builds up in the garage--and you're walk into a room full of it. If you do that every morning it's not good for you...
by The Wizard
Fri Feb 27, 2015 10:12 am
 
Forum: Personal Consumer Issues
Topic: Are remote starters bad for cars?
Replies: 41
Views: 2529

Re: Roth contributions as long as you can?

That's what I'm doing also, with my small part time earned income...
by The Wizard
Fri Feb 27, 2015 8:28 am
 
Forum: Personal Finance (Not Investing)
Topic: Roth contributions as long as you can?
Replies: 19
Views: 2171

Re: PBS NewsHour segment on Social Security

There was an earlier thread on the book itself. They've got to do media outlets like this to promote the book and get sales up.

I tend to agree on break even analysis.
But, for single males in particular, the actuarial lifetime results from claiming at 62 vs 70 could be quite similar...
by The Wizard
Fri Feb 27, 2015 8:22 am
 
Forum: Personal Finance (Not Investing)
Topic: PBS NewsHour segment on Social Security
Replies: 27
Views: 3581
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