Search found 81 matches

by kingjimmy
Mon Feb 09, 2015 8:43 am
Forum: Investing - Theory, News & General
Topic: Mr. Money Mustache: Hero or Foolish?
Replies: 452
Views: 80263

Re: Mr. Money Mustache: Hero or Foolish?

I don't think truthfulness is ever besides the point.

And it's definitely possible to live under 40k. A lot of people in this country live off a lot less. So far as I've seen, I don't think anybody has questioned whether or not it is possible to do what he claims to have done.
by kingjimmy
Mon Feb 09, 2015 8:21 am
Forum: Investing - Theory, News & General
Topic: Mr. Money Mustache: Hero or Foolish?
Replies: 452
Views: 80263

Re: Mr. Money Mustache: Hero or Foolish?

I have no hate for him in my heart. Like I said, I generally like what I read on MMM. I just have a natural skepticism. It comes with the nature of my job, and my own personal disposition wherein I disdain BS anyway. There is no doubt that what he's doing is reasonable, and there are many logical wa...
by kingjimmy
Mon Feb 09, 2015 6:24 am
Forum: Investing - Theory, News & General
Topic: Mr. Money Mustache: Hero or Foolish?
Replies: 452
Views: 80263

Re: Mr. Money Mustache: Hero or Foolish?

I think it's pretty clear what I want... has somebody besides MMM vetted his finances to see if they are legit. If I were a reporter interviewing him, I'd ask to at least see his last year of taxes and a few months of bank statements. I've seen him declare his itemized expenses line by line. But if ...
by kingjimmy
Mon Feb 09, 2015 5:28 am
Forum: Investing - Theory, News & General
Topic: Mr. Money Mustache: Hero or Foolish?
Replies: 452
Views: 80263

Re: Mr. Money Mustache: Hero or Foolish?

Thanks all for your thoughts. Yes, I have read the entire thread, as well as dozens of articles he has written. And I do see the theory about how he makes it work. I guess what has been said at least confirms my own gut feeling about what he says, and that his numbers are in some way inflated, or di...
by kingjimmy
Sun Feb 08, 2015 10:51 pm
Forum: Investing - Theory, News & General
Topic: Mr. Money Mustache: Hero or Foolish?
Replies: 452
Views: 80263

Re: Mr. Money Mustache: Hero or Foolish?

Hi, I just started reading MMM in the past week. Has there been any actual hard factual authentication that MMM lives the actual lifestyle he espouses, and can back up his claims with any sort of audited financial statements, copies of bank statements, or copies of tax transcripts? I like much of wh...
by kingjimmy
Wed Mar 12, 2014 10:51 am
Forum: Investing - Help with Personal Investments
Topic: About to take the plunge, John Bogle 'stocks might drop 25%'
Replies: 42
Views: 7236

Re: About to take the plunge, John Bogle 'stocks might drop

With the idea that stocks might drop 25%, what percentage of your portfolio would you recommend keeping in cash? Right now I'm 31, and have 90% in the market and 10% in bonds. Would it be advisable to keep a small percent also in a money-market type fund in order to have cash on the side in order to...
by kingjimmy
Sat Mar 08, 2014 5:18 am
Forum: Personal Finance (Not Investing)
Topic: Buy vs rent no longer relevant?
Replies: 60
Views: 6605

Re: Buy vs rent no longer relevant?

Also consider that if you rent, your landlord may have different long term goals with your residence than you do. I've known landlords who bought a house and rented it out for several years, and did so with the intent of selling in a few years, or even tearing down the house and building something e...
by kingjimmy
Fri Mar 07, 2014 11:09 am
Forum: Personal Finance (Not Investing)
Topic: Buy vs rent no longer relevant?
Replies: 60
Views: 6605

Re: Buy vs rent no longer relevant?

If it is significantly cheaper to rent right now, I would say go for the rent, and then aggresively save as much as you can, and reconsider buying a home every couple years. If you can't comfortably pay your monthly mortgage payment from about 20% of your gross income, but you can do it with rent, I...
by kingjimmy
Fri Mar 07, 2014 10:55 am
Forum: Personal Finance (Not Investing)
Topic: Buy vs rent no longer relevant?
Replies: 60
Views: 6605

Re: Buy vs rent no longer relevant?

Rent prices go up almost every year. Your mortgage, if it is a fixed rate mortgage, will stay the same. In 20 years, your mortgage will be the same amount, except for the differences you pay in property taxes and hazard insurance. In 20 years, your rent will be significantly higher than what it is n...
by kingjimmy
Fri Mar 07, 2014 9:27 am
Forum: Investing - Theory, News & General
Topic: Replace less than 80% of income in retirement?
Replies: 52
Views: 3557

Re: Replace less than 80% of income in retirement?

Thank you all for your thoughts. For now, I've decided to increase my 401k contribution an additional 2%, and have turned on auto increments of 1% annually until it maxes out. I think I'll revisit the idea of a Roth IRA in about 2 years. Between my contribution, company match, annual profit sharing,...
by kingjimmy
Fri Mar 07, 2014 7:45 am
Forum: Investing - Theory, News & General
Topic: Replace less than 80% of income in retirement?
Replies: 52
Views: 3557

Re: Replace less than 80% of income in retirement?

You can expect anything you want. Reality might be different. Think medical cost expectations from 30 years ago. Or cell phone, computer, or internet costs from 30 years ago. Wait... those costs were zero... Very good point. That really hits home with me. Not so much the medical expenses as the gad...
by kingjimmy
Thu Mar 06, 2014 12:37 pm
Forum: Investing - Theory, News & General
Topic: Replace less than 80% of income in retirement?
Replies: 52
Views: 3557

Re: Replace less than 80% of income in retirement?

Well, I know it's not really possible to project what my expenses might be 35-40 years from now, let alone what my average returns will be. But it seems to reasonable to me that the every day expenses of life, such as food/utilities/etc., while costing more, should still eat out about the same perc...
by kingjimmy
Thu Mar 06, 2014 12:34 pm
Forum: Investing - Theory, News & General
Topic: Replace less than 80% of income in retirement?
Replies: 52
Views: 3557

Re: Replace less than 80% of income in retirement?

Why not open a Roth IRA? You won't pay anything on increases if you wait until retirement (fantastic deal!) and the amount you put in is accessible without cost should you really need it. It can be a back-up emergency fund. (You should have several months of emergency money.) Also, save some money,...
by kingjimmy
Thu Mar 06, 2014 12:08 pm
Forum: Investing - Theory, News & General
Topic: Replace less than 80% of income in retirement?
Replies: 52
Views: 3557

Re: Replace less than 80% of income in retirement?

I know most financial advisors suggest you should save so as to to live off 80% of your gross income in retirement. However, I must ask, isn't replacing 80% of your current gross income a bit excessive? Yes, it's not about income, it's about expenses... That 80% rule is hogwash. But you may be too ...
by kingjimmy
Thu Mar 06, 2014 8:36 am
Forum: Investing - Theory, News & General
Topic: Replace less than 80% of income in retirement?
Replies: 52
Views: 3557

Replace less than 80% of income in retirement?

Hello, I'm 31 years old, married, no kids. My wife and I make about 95k per year as of now. I work for a major bank, and my wife works for the state. I automatically contribute 7% of my gross earnings to my 401k, and the bank matches it dollar for dollar up to 6%, and then gives an additional 2% for...
by kingjimmy
Tue Sep 24, 2013 11:06 am
Forum: Personal Finance (Not Investing)
Topic: Young Guys [and Gals] Making Good Money
Replies: 241
Views: 25354

Re: Young Guys Making Good Money

31. B.A. in Theology. Paralegal Certificate. Mortgage Underwriter at major national bank, where I've worked for 2 1/2 years. I started off entry level at $35k per year + OT + 5-10k a year in bonuses. I now make $51k per year + OT and bonuses (combined make me about 60-65k) + 401k match at 6%. I've b...
by kingjimmy
Tue Sep 24, 2013 10:43 am
Forum: Personal Finance (Not Investing)
Topic: Puzzled by [Home] Short Sale Dilemma
Replies: 13
Views: 1288

Re: Puzzled by [Home] Short Sale Dilemma

LOL. Yeah. Sounds like a typical day in the neighborhood.
by kingjimmy
Tue Sep 24, 2013 8:48 am
Forum: Personal Finance (Not Investing)
Topic: Puzzled by [Home] Short Sale Dilemma
Replies: 13
Views: 1288

Re: Puzzled by [Home] Short Sale Dilemma

I don't work in the short-sale side of foreclosure, I work in home retention/loan mods at a major bank. But what you said is not true, although the media and politicians float rumors to the contrary. The banks actually have great incentive to complete a short-sale review, as it is in their financial...
by kingjimmy
Thu Sep 19, 2013 12:42 pm
Forum: Personal Consumer Issues
Topic: Any Jeep enthusiasts? They seem to retain their value
Replies: 25
Views: 3001

Re: Any Jeep enthusiasts? They seem to retain their value

In 1999 I bought a 1995 Jeep Grand Cherokee Laredo for $13,500. I drove it pretty heavily, and took it from 60,000 miles to about 225,000, when I finally sold it in 2007 for $1,500. I had a lot of very expensive repairs that started to hit my jeep at about the 150,000 mile marker on a regular basis....
by kingjimmy
Thu Sep 19, 2013 7:35 am
Forum: Investing - Help with Personal Investments
Topic: The market is on fire
Replies: 127
Views: 12855

Re: The market is on fire

I'm not an economist, but personally I'm not sure I understand how the Fed's decision to buy $85 billion in mortgage backed securities every month for the foreseable future is going to help stablize the economy or reduce unemployment. Maybe somebody can explain this to me? It all seems like it is on...
by kingjimmy
Thu Sep 19, 2013 6:57 am
Forum: Investing - Help with Personal Investments
Topic: The market is on fire
Replies: 127
Views: 12855

Re: The market is on fire

I'm personally pretty excited about all this, as I only started my 401k earlier this year, and it's kinda neat to see my portfolio is up 7% so far for the year. I really wish I was able to start my 401K a couple years ago, because I feel like I missed what was probably a once in a life-time opportun...
by kingjimmy
Mon Sep 16, 2013 6:11 am
Forum: Personal Finance (Not Investing)
Topic: Got fired earlier this week, now the boss wants me back
Replies: 123
Views: 12321

Re: Got fired earlier this week, now the boss wants me back

Remember "the golden rule:" Do unto others as you would have them do unto you. I don't know your specific circumstances, but I'm pretty sure if you take this ethic to heart, you'll know the right thing to do in your situation.
by kingjimmy
Sun Sep 15, 2013 9:53 am
Forum: Investing - Theory, News & General
Topic: Indexing and Past Performance
Replies: 15
Views: 899

Indexing and Past Performance

Am I thinking about this wrong? But it seems the more I read about the Boglehead way of investing, it seems like a lot of the underlying logic and argument used for choosing a broadly invested index fund is the same logic people use when picking individual stocks or mutual funds. That is, there are ...
by kingjimmy
Sun Sep 15, 2013 8:50 am
Forum: Personal Finance (Not Investing)
Topic: Paid off my mortgage! Wait—now I can't have escrow service?
Replies: 24
Views: 3033

Re: Paid off my mortgage! Wait—now I can't have escrow servi

I work in the mortgage industry, so I'll tell you what's up: The only reason your bank allows you to setup an escrow account is because they are servicing your loan, and it is in their best interest to ensure that taxes and insurance payments are made in a timely manner. If you didn't pay your taxes...
by kingjimmy
Sun Sep 15, 2013 7:32 am
Forum: Personal Finance (Not Investing)
Topic: Can You Believe it? No Credit History can be found!
Replies: 19
Views: 2510

Re: Can You Believe it? No Credit History can be found!

I am a mortgage underwriter for a living, and I've seen this happen a couple times. It is odd when it happens, especially since I'm on the foreclosure end of things and do loan mods for people we've already loaned money too. Either your daughter in law has no credit history, or she has her credit hi...
by kingjimmy
Fri Sep 13, 2013 12:52 pm
Forum: Investing - Theory, News & General
Topic: More On Being Unable To Convince Others: Bogle's Son
Replies: 18
Views: 2647

Re: More On Being Unable To Convince Others: Bogle's Son

The best way to become rich is by convincing other people to give you their money. Especially middle class to wealthy people. That's why John Bogle is so rich. And that's probably why his son is doing pretty well, and is actively managing a fund. They didn't get wealthy by investing in their own pro...
by kingjimmy
Fri Sep 13, 2013 10:00 am
Forum: Personal Consumer Issues
Topic: Haggling at Furniture Store (Lay-z-Boy)
Replies: 28
Views: 5131

Re: Haggling at Furniture Store (Lay-z-Boy)

I wonder how many people really get the protective services and warranty plans at stores. I wonder how many stores actually have to back up the warranty on their furniture and fix things? I was theorizing last night with my fiance that the warranties the stores provide are probably backed by some in...
by kingjimmy
Thu Sep 12, 2013 7:53 pm
Forum: Personal Consumer Issues
Topic: Haggling at Furniture Store (Lay-z-Boy)
Replies: 28
Views: 5131

Re: Haggling at Furniture Store (Lay-z-Boy)

Note: The recliner I was initially interested in I decided I wasn't upon second review. I looked into a second recliner which was several hundred more. That set me over my budget. We also refused the Scotch guard and lifetime warranty. They bundled them together. Also, they only required 25% down. B...
by kingjimmy
Thu Sep 12, 2013 7:44 pm
Forum: Personal Consumer Issues
Topic: Haggling at Furniture Store (Lay-z-Boy)
Replies: 28
Views: 5131

Re: Haggling at Furniture Store (Lay-z-Boy)

We got 10% off our sofa. I tried pushing for more and got another $50 knocked off. There was a recliner I was interested in, but it put me $400 over what I was willing to spend for everything. I tried to get it down and took the recliner off the order to see if she would budge anymore. The sales lad...
by kingjimmy
Thu Sep 12, 2013 2:26 pm
Forum: Personal Consumer Issues
Topic: Haggling at Furniture Store (Lay-z-Boy)
Replies: 28
Views: 5131

Re: Haggling at Furniture Store (Lay-z-Boy)

Should I pay all the money up front, or do I pay half in person and half upon delivery?
by kingjimmy
Thu Sep 12, 2013 2:14 pm
Forum: Personal Consumer Issues
Topic: Haggling at Furniture Store (Lay-z-Boy)
Replies: 28
Views: 5131

Re: Haggling at Furniture Store (Lay-z-Boy)

Good advice!
by kingjimmy
Thu Sep 12, 2013 1:28 pm
Forum: Personal Consumer Issues
Topic: Haggling at Furniture Store (Lay-z-Boy)
Replies: 28
Views: 5131

Re: Haggling at Furniture Store (Lay-z-Boy)

We'll be paying with a check today. As it is nobody in their right mind would give me 0% financing because I have poor credit. My credit of late is great, but I'm still paying the piper for past mistakes. Any general recommendations on how much I might be able to get off percentage wise? Do most peo...
by kingjimmy
Thu Sep 12, 2013 1:21 pm
Forum: Personal Consumer Issues
Topic: Haggling at Furniture Store (Lay-z-Boy)
Replies: 28
Views: 5131

Re: Haggling at Furniture Store (Lay-z-Boy)

Thanks. Yeah. She has a couple dogs, so we were definitely very interested in the fabrics before purchasing. We want it to last us 10-15 years.
by kingjimmy
Thu Sep 12, 2013 1:01 pm
Forum: Personal Consumer Issues
Topic: Haggling at Furniture Store (Lay-z-Boy)
Replies: 28
Views: 5131

Haggling at Furniture Store (Lay-z-Boy)

Hello, My soon to be bride and I (getting married in 24 days!) received an early wedding gift from my parents: They gave us money to buy a new sofa. After driving around to quite a few stores, we've finally determined what sofa & rocking chair we want, and it happens to be at Lay-z-boy. We met w...
by kingjimmy
Wed Sep 11, 2013 10:56 am
Forum: Investing - Help with Personal Investments
Topic: Roth IRA vs Taxable Account
Replies: 20
Views: 1667

Re: Roth IRA vs Taxable Account

The reason they cannot touch your retirement savings in bankruptcy is because in doing so they could leave you off in a situation that is worse than the one you are currently in. If they went after your retirement savings, you could very well be in a bad financial condition when you are retired and ...
by kingjimmy
Mon Sep 09, 2013 8:29 am
Forum: Personal Finance (Not Investing)
Topic: Car Payment Issues
Replies: 38
Views: 3423

Re: Car Payment Issues

Your friend should man up and get a second job to pay for his obligations, or otherwise be prepaired to file bankruptcy when life happens to him. Every alternative is pretty much a poor one. Murphy's law says whatever can go wrong will go wrong, and your friend is definitely flirting with Murphy's l...
by kingjimmy
Sat Sep 07, 2013 9:59 pm
Forum: Personal Finance (Not Investing)
Topic: Getting job at Vanguard Charlotte Office?
Replies: 10
Views: 1743

Getting job at Vanguard Charlotte Office?

Hello I didn't realize it until today, but I recently discovered that Vanguard has a corporate office here in Charlotte, NC, where I live. I'm already involved in the banking world and work as a mortgage underwriter. Honestly I feel my particular niche in the underwriting world only has about 5-10 y...
by kingjimmy
Sat Sep 07, 2013 8:08 am
Forum: Personal Finance (Not Investing)
Topic: New Bogelhead - paying off debt / investing
Replies: 8
Views: 1090

Re: New Bogelhead - paying off debt / investing

I'm not sure I know what RRSPs are. It sounds very Canadian :-) I would say Bogleheads don't believe in market timing because you never know what the future holds. In essence it is impossible to truly time the market. The market is constantly going up and down... not only with stocks but with resl e...
by kingjimmy
Thu Sep 05, 2013 11:31 am
Forum: Investing - Theory, News & General
Topic: Individual Stocks: How many do you own?
Replies: 18
Views: 1062

Re: Individual Stocks: How many do you own?

I would be curious, is there a strategy one employes in building such a large DYI Index? Trying to figure out such a large number of stocks to buy would seem to require a ton of research. Or am I overthinking it? And how would you get around the large comission fees you would have to pay everytime y...
by kingjimmy
Thu Sep 05, 2013 8:07 am
Forum: Investing - Theory, News & General
Topic: Individual Stocks - Do you own any?
Replies: 97
Views: 7937

Re: Individual Stocks - Do you own any?

a) What is the period of time over which you measure the gain or loss? b) What are the actual definitions of "up," "down," and "sideways?" For example, Microsoft has gained 17% over the last ten years. Is that "up" or is that "sideways?" How about S...
by kingjimmy
Thu Sep 05, 2013 7:48 am
Forum: Investing - Theory, News & General
Topic: Individual Stocks: How many do you own?
Replies: 18
Views: 1062

Re: Individual Stocks: How many do you own?

64-127? Seriously? I was shocked to see something that high. Is this a DYI approach at indexing?
by kingjimmy
Thu Sep 05, 2013 7:43 am
Forum: Investing - Theory, News & General
Topic: Individual Stocks - Do you own any?
Replies: 97
Views: 7937

Re: Individual Stocks - Do you own any?

Well, "for fun" I think the "gamble" would only be because you are trying to get a slightly higher return than the broad market return. Which is probably why so many Bogleheads are owning multiple individual stocks in addition to the broad market via an index fund. Some might be ...
by kingjimmy
Thu Sep 05, 2013 7:29 am
Forum: Investing - Theory, News & General
Topic: Individual Stocks - Do you own any?
Replies: 97
Views: 7937

Re: Individual Stocks - Do you own any?

Second, as long as you are going to throw out a number like that, it would be nice to have your source, and it is essential to have the period of time you are talking about. Over short periods of time I am quite sure the chances are close to 50/50. I don't need a source for this. It's simple math. ...
by kingjimmy
Thu Sep 05, 2013 6:41 am
Forum: Investing - Theory, News & General
Topic: Individual Stocks - Do you own any?
Replies: 97
Views: 7937

Re: Individual Stocks - Do you own any?

Second, as long as you are going to throw out a number like that, it would be nice to have your source, and it is essential to have the period of time you are talking about. Over short periods of time I am quite sure the chances are close to 50/50. I don't need a source for this. It's simple math. ...
by kingjimmy
Thu Sep 05, 2013 4:36 am
Forum: Investing - Theory, News & General
Topic: Individual Stocks - Do you own any?
Replies: 97
Views: 7937

Re: Individual Stocks - Do you own any?

It makes sense to be invested in some common stocks. There is a 2 out of 3 chance your stock wil either stay flat or go up in value. And if holding for the long term a stock that pays dividends, then even if it stays flat you'll profit from the stock and see gains. Technically should you hold to the...
by kingjimmy
Wed Sep 04, 2013 11:21 am
Forum: Personal Finance (Not Investing)
Topic: New Bogelhead - paying off debt / investing
Replies: 8
Views: 1090

Re: New Bogelhead - paying off debt / investing

From my understanding of the Boglehead philosophy, your worrying about "missing the boat," while a legitimate concern, is contrary to being a Boglehead. Such amounts to "timing the market," which is something Bogleheads don't do. I am reminded of the mantra of Dave Ramsey: Live l...
by kingjimmy
Wed Sep 04, 2013 10:59 am
Forum: Personal Finance (Not Investing)
Topic: New Bogelhead - paying off debt / investing
Replies: 8
Views: 1090

Re: New Bogelhead - paying off debt / investing

Pay off your debt first. Right now there might be a buyers market where you are at. But by the time you save to buy a home, it might not. It's possible in a couple years that it might be a sellers market, and you could be looking to buy a home, not get it, and still have all that debt hanging over y...
by kingjimmy
Wed Sep 04, 2013 10:32 am
Forum: Investing - Theory, News & General
Topic: Bogleheads on Short-Term Investing?
Replies: 5
Views: 453

Bogleheads on Short-Term Investing?

Hello, I didn't see anything in the Wiki pages dedicated to this issue and was looking to pick your brains. Suppose I am looking to save money towards a car or down payment on a house, and were looking to buy either in the next 3-5 years. For argument's sake, let's assume I have $5,000 right now in ...
by kingjimmy
Sat Aug 31, 2013 9:29 pm
Forum: Personal Finance (Not Investing)
Topic: Get an MBA or Invest?
Replies: 50
Views: 4160

Re: Get an MBA or Invest?

I definitely plan on doing it part time if I do it. Thanks for the very thoughtful conversation. I decided with encouragement of my fiancee to sign up for UNC Charlotte's information sessions and the chance to sit in on a class and further explore my options. Because of the nature of my undergrad st...

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