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Re: teaching kids about money

Thanks for all the advice. We decided to introduce the allowance now ($1 per year old/wk) without a requirement to save or give away (atleast not yet). And we are not going to introduce chores for money either. Lots to think about and hopefully we can be good models for them over time.
by finley
Thu Aug 01, 2013 8:02 am
 
Forum: Personal Finance (Not Investing)
Topic: teaching kids about money
Replies: 29
Views: 1838

teaching kids about money

I was hoping to get some advice on how to teach my kids about money. I currently have twins that are 6 years old and would like to teach them to be responsible with money. My wife would like to start to give them a small allowance each month. Some to save, some to give away and some to spend on what...
by finley
Tue Jul 30, 2013 11:52 am
 
Forum: Personal Finance (Not Investing)
Topic: teaching kids about money
Replies: 29
Views: 1838

Re: Should having a pension effect our asset allocation?

I can take my contributions with me, which is currently earning 4% interest. I do lose the employer contributions though. Should you become vested and decide to leave, see whether you can stay in the system and draw the pension when you reach retirement age. It won't be as large a pension as if you...
by finley
Thu Apr 04, 2013 5:49 am
 
Forum: Investing - Help with Personal Investments
Topic: Should having a pension affect our asset allocation?
Replies: 23
Views: 2280

Re: Should having a pension effect our asset allocation?

Personally, I count my pension contributions in my asset allocation as bonds (for now). I am also young and I am not 100% sure I will make it the 28 years (currently have 4 years) I need to work at my current job to reach my pension. If I leave before 28 years, I can take my contributions with me, w...
by finley
Mon Apr 01, 2013 9:14 am
 
Forum: Investing - Help with Personal Investments
Topic: Should having a pension affect our asset allocation?
Replies: 23
Views: 2280

Re: Mortgage options -- thoughts?

what is the interest rate on your student loans? And are you still able to deduct its interest? If the interest rate is high enough, you could make an argument to only put 10% down and pay off the student loan. I would not put 5% down. After putting that little down, you would be very close to havin...
by finley
Fri Mar 01, 2013 9:01 am
 
Forum: Personal Finance (Not Investing)
Topic: Mortgage options -- thoughts?
Replies: 21
Views: 1257

Re: Is Med School still a good financial investment?

Like all other similar threads on this topic, this is likely to get locked after devolving into an argument by those who've never done it (go through the rigors of becoming a practicing physician), nor had anyone they know do it, about why doctors are overpaid. To them I say, come walk in my shoes,...
by finley
Tue Feb 26, 2013 6:19 pm
 
Forum: Personal Finance (Not Investing)
Topic: Is Med School still a good financial investment?
Replies: 123
Views: 7975

Re: I dont understand how Ibonds are a good investment

For a person who has need to hold bonds in their in taxable accounts Ibonds dont seem like a very good choice to me vs Munis but I am sure I must be missing something. If I buy some Ibonds, the return on investment is OK (for what they are intended to be) at the present time. In five years, however...
by finley
Sun Feb 24, 2013 2:56 pm
 
Forum: Investing - Theory, News & General
Topic: I dont understand how Ibonds are a good investment
Replies: 29
Views: 4510

Re: Tax-advantaged accounts maxed, now what?

401k maxed HSA maxed Spouse's SEP maxed (solo 401k may be an option in 2014 403b and 529 not applicable EEBonds and Backdoor Roth I need to learn about but Roth has never made sense and now even less so because our current combined income is significantly higher now than it will be in "retirem...
by finley
Fri Feb 22, 2013 11:10 pm
 
Forum: Investing - Help with Personal Investments
Topic: Tax-advantaged accounts maxed, now what?
Replies: 14
Views: 1139

Re: Go For It? (House Purchase)

I vote yes (assuming both you and your fiancee both want to live in the same town for awhile), if you purchase a home for $200,000 with 10% down and a 3.5% interest rate, the payment will be just over $800 plus taxes and insurance. I can not imagine this would be much higher (if not less) than rent ...
by finley
Wed Feb 20, 2013 4:43 pm
 
Forum: Personal Finance (Not Investing)
Topic: Go For It? (House Purchase)
Replies: 20
Views: 1545

Re: Pay off mortgage, or sell and roll into the dream home.

Just double both. Everybody situation is different and it sounds like you might be better off carrying both mortgages for a short period, but you need to be prepared to carry the mortgage for longer than you think if something unexpected happens.
by finley
Wed Feb 20, 2013 4:24 pm
 
Forum: Personal Finance (Not Investing)
Topic: Pay off mortgage, or sell and roll into the dream home.
Replies: 20
Views: 1560

Re: Pay off mortgage, or sell and roll into the dream home.

I am an involuntary/not willing to sell at fire-sale prices landlord as well as homeowner. I speak from experience, don't buy a new home until you have sold the one you are living in now. Even if you can carrry both homes, why would you want to? Is the neighborhood where you currently live, that ba...
by finley
Wed Feb 20, 2013 3:43 pm
 
Forum: Personal Finance (Not Investing)
Topic: Pay off mortgage, or sell and roll into the dream home.
Replies: 20
Views: 1560

Re: Pay off mortgage, or sell and roll into the dream home.

Thanks for all the responses. I'm thinking I will hold onto the cash rather than pay off the mortgage. Nobody said anything about whether or not coming in with that much cash would give me any edge as far as a discount is concerned. Seems like if the builder (I most likely will have to build) would...
by finley
Tue Feb 19, 2013 3:49 pm
 
Forum: Personal Finance (Not Investing)
Topic: Pay off mortgage, or sell and roll into the dream home.
Replies: 20
Views: 1560

Re: Pay off mortgage, or sell and roll into the dream home.

I am not sure I 100% agree with the above advice. Is buying the new home dependent upon selling the house you live in? Meaning, do you have to sell the current home you live in before you purchase the new home. Most people would not be able to afford two mortgage payments (or want to). Assuming buyi...
by finley
Tue Feb 19, 2013 10:03 am
 
Forum: Personal Finance (Not Investing)
Topic: Pay off mortgage, or sell and roll into the dream home.
Replies: 20
Views: 1560

Re: How Can I Tell If My Dentist is Good One?

A good way to check any professional is to get a second opinion when you are in doubt. Might cost some money, but atleast you will have two opinions. If they agree, then you can feel confident in your dentist.
by finley
Tue Jan 29, 2013 9:54 pm
 
Forum: Personal Consumer Issues
Topic: How Can I Tell If My Dentist is Good One?
Replies: 133
Views: 9929

Re: How much do you expect your kids to pay for college?

I liked this juxtapositiong: .... Kids that age want to have fun sometimes. .... I was used to working very hard with school and actually found work easier than studying all the time and more enjoyable. My job during college was a break from studying all the time and was fun. I like how you have tw...
by finley
Sun Jan 27, 2013 11:52 am
 
Forum: Personal Finance (Not Investing)
Topic: How much do you expect your kids to pay for college?
Replies: 237
Views: 15964

Re: How much do you expect your kids to pay for college?

Working while in college can be done, but I think it would be very hard to not have it be a distraction from studying. Maybe if you do not have a challenging major it is easier to do I worked all throughout undergrad for an employer in my field of study - engineering hydrology and graduated with hi...
by finley
Sun Jan 27, 2013 9:22 am
 
Forum: Personal Finance (Not Investing)
Topic: How much do you expect your kids to pay for college?
Replies: 237
Views: 15964

Re: How much do you expect your kids to pay for college?

I think that one of, if not the most, important things we can provide our kids is an education. My parents paid for 100% of both undergraduate and medical school for me and my siblings. My grandparents did the same for my father. To this day I am extremely grateful for my parents doing this for me. ...
by finley
Sat Jan 26, 2013 4:47 pm
 
Forum: Personal Finance (Not Investing)
Topic: How much do you expect your kids to pay for college?
Replies: 237
Views: 15964

Re: Pensions vs personal investing: Pensions win???

What I don't understand is how the government will sustain the plan say 25 years down the road. It's a good question. Most state governments can only look out one year. In general I think these are pretty safe...but I would be willing to bet a few months pay that in the next 25 years at least a few...
by finley
Wed Jan 23, 2013 10:17 am
 
Forum: Investing - Theory, News & General
Topic: Pensions vs personal investing: Pensions win???
Replies: 36
Views: 3238

Re: Financing medical school. Age 34, some savings.

"And being happy as a physician is definitely not about how much money you make." Agree but only to a point- which is very close to being reached at this time. It does certainly help however. That is fair to agree only to a point, but I think it depends on your personal situation (i.e. de...
by finley
Thu Jan 10, 2013 5:40 pm
 
Forum: Personal Finance (Not Investing)
Topic: Financing medical school. Age 34, some savings.
Replies: 63
Views: 5747

Re: Financing medical school. Age 34, some savings.

Hello, I'm new to Bogleheads, and I've spent the last couple of days reading through the many forum posts here having "medical school" returned by a Google search. I'm 34 years old and was just accepted into a private medical school out of state. The annual tuition is roughly $40k. I've b...
by finley
Thu Jan 10, 2013 1:36 pm
 
Forum: Personal Finance (Not Investing)
Topic: Financing medical school. Age 34, some savings.
Replies: 63
Views: 5747

Re: I-Bonds for someone in their early 30s? pay taxes annual

In reference to the example provided in the wiki, it states "This is equivalent to a real after-tax return of 0.088%/year." You can judge for yourself if this is a poor return.
by finley
Wed Dec 19, 2012 2:54 pm
 
Forum: Investing - Help with Personal Investments
Topic: I-Bonds for someone in their early 30s? pay taxes annually?
Replies: 26
Views: 2795

Re: I-Bonds for someone in their early 30s? pay taxes annual

I bonds are not good investments if you consider that after both inflation and taxes, the return is very poor. However, emergency funds should not be an investment. It is about conserving principal and having it available whenever you need it. Not sure which is better over the long haul for an EF, ...
by finley
Wed Dec 19, 2012 9:10 am
 
Forum: Investing - Help with Personal Investments
Topic: I-Bonds for someone in their early 30s? pay taxes annually?
Replies: 26
Views: 2795

Re: I-Bonds for someone in their early 30s? pay taxes annual

I bonds are not good investments if you consider that after both inflation and taxes, the return is very poor. However, emergency funds should not be an investment. It is about conserving principal and having it available whenever you need it. Not sure which is better over the long haul for an EF, ...
by finley
Tue Dec 18, 2012 10:10 pm
 
Forum: Investing - Help with Personal Investments
Topic: I-Bonds for someone in their early 30s? pay taxes annually?
Replies: 26
Views: 2795

Re: I-Bonds for someone in their early 30s? pay taxes annual

I bonds are not good investments if you consider that after both inflation and taxes, the return is very poor. However, emergency funds should not be an investment. It is about conserving principal and having it available whenever you need it. Not sure which is better over the long haul for an EF, b...
by finley
Mon Dec 17, 2012 9:16 pm
 
Forum: Investing - Help with Personal Investments
Topic: I-Bonds for someone in their early 30s? pay taxes annually?
Replies: 26
Views: 2795

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