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Re: Received an inheritance, clueless as to what to do with

You should definitely not worry about feeling like an idiot for calling Vanguard Concierge Services (VCS). There is a big difference between being an idiot (which everyone on this forum can already tell you are not) and being uneducated about something. VCS exists to help folks like yourself. They g...
by lhl12
Wed Nov 19, 2014 6:02 pm
 
Forum: Investing - Help with Personal Investments
Topic: Received an inheritance, clueless as to what to do with it.
Replies: 29
Views: 4125

Re: Heads up one of the better reward credit card I've seen.

Increasingly, I see gas stations quoting two prices per gallon: one for cash and a higher one for credit. The differential usually more than offsets the benefits of a card like this one.
by lhl12
Wed Nov 19, 2014 11:30 am
 
Forum: Personal Finance (Not Investing)
Topic: Heads up one of the better reward credit card I've seen.
Replies: 54
Views: 6270

Re: Mpowered's conversion into a Boglehead

Welcome to the Forum Private Equity: $450,000 invested with a private equity fund, approx 50% held in cash, but subject to future calls. Please clarify: 1) What was the original commitment amount to the private equity fund? 2) Of that original commitment amount, how much has been called and how much...
by lhl12
Tue Nov 18, 2014 9:12 pm
 
Forum: Personal Finance (Not Investing)
Topic: Mpowered's conversion into a Boglehead
Replies: 4
Views: 676

Re: War on Debt

I have not lived extravagantly, so that is assumption on your part or a matter of perspective. Here is the definition of extravagant: adjective 1. spending much more than is necessary or wise; wasteful: an extravagant shopper. 2. excessively high: extravagant expenses; extravagant prices. 3. exceed...
by lhl12
Mon Nov 10, 2014 5:10 pm
 
Forum: Personal Finance (Not Investing)
Topic: War on Debt
Replies: 247
Views: 27133

Re: War on Debt

I am taking responsibility. I pointed out how ignorance can lead to bad choices, especially when you don't have any guidance. That is not taking responsibility. Taking responsibility would sound something like this: - I have screwed up - badly. - I am in a lot of debt because I have not managed my ...
by lhl12
Mon Nov 10, 2014 2:57 pm
 
Forum: Personal Finance (Not Investing)
Topic: War on Debt
Replies: 247
Views: 27133

Re: War on Debt

There are very few things in life that, once done, cannot be undone. Marriages can be undone. Bad job decisions can be undone. Moves to a different city can be undone. Unmanageable amounts of debt can be undone. Having a child cannot be undone. Once you have this child, it is your responsibility and...
by lhl12
Sun Nov 09, 2014 8:45 pm
 
Forum: Personal Finance (Not Investing)
Topic: War on Debt
Replies: 247
Views: 27133

Re: Bank of America/Merrill Edge - Preferred Rewards

Can someone very intelligent please inbrief me on how/where Bank of America/Merrill Edge/Lynch is making money on the Preferred Rewards - Platinum Honors status when you take the following actions (I do this literally). I have over $100,000 with Merrill Edge. https://www.bankofamerica.com/preferred...
by lhl12
Sun Nov 02, 2014 4:51 am
 
Forum: Personal Finance (Not Investing)
Topic: Bank of America/Merrill Edge - Preferred Rewards
Replies: 33
Views: 2013

Re: Prudent Investment Portfolio for 58-year Old w/20M Net W

And if he doesn't spend it all on hookers, blow and Italian sports cars. I am reminded of the quote from George Best, a British soccer star of the 60's, when it came out that he had burned through the huge amount of money he had made during his career: "I spent a lot of money on booze, birds, ...
by lhl12
Sat Nov 01, 2014 8:06 am
 
Forum: Investing - Help with Personal Investments
Topic: Prudent Investment Portfolio for 58-year Old w/20M Net Worth
Replies: 39
Views: 4803

Re: Strategy of 6M trusts meeting tonight. Few Q's

You are much too nice. I don't want to spend time figuring out taxes, so I have an accountant. We have a lawyer do wills, and a lawyer will set up trusts when the time comes. My portfolio is roughly the size of the trusts you have, and it would NEVER dawn on me to put any of it into funds with thos...
by lhl12
Fri Oct 31, 2014 12:55 pm
 
Forum: Investing - Help with Personal Investments
Topic: Strategy of 6M trusts meeting tonight. Few Q's
Replies: 64
Views: 5816

Re: Strategy of 6M trusts meeting tonight. Few Q's

You need to get rid of that financial advisor. Anyone who would suggest those John Hancock funds to you is a disaster waiting to happen.
by lhl12
Fri Oct 31, 2014 9:12 am
 
Forum: Investing - Help with Personal Investments
Topic: Strategy of 6M trusts meeting tonight. Few Q's
Replies: 64
Views: 5816

Re: Gifting from g-parents to minors

I should have clarified while five years worth of $14,000 contributions can be accelerated into the current year solely through the use of one's annual gift exclusion (and, as runner9 rightly points out, without any further contributions made in the subsequent five years), it is possible to contribu...
by lhl12
Mon Oct 20, 2014 8:25 pm
 
Forum: Personal Finance (Not Investing)
Topic: Gifting from g-parents to minors
Replies: 6
Views: 920

Re: Gifting from g-parents to minors

She could also start another 529 for each child and contribute to it, with herself being the owner/controller of the account. This is the way to go. As I understand it, if it is in the grandparent's name, it will not adversely affect applications for aid, that is, until the money is withdrawn and u...
by lhl12
Sun Oct 19, 2014 8:06 pm
 
Forum: Personal Finance (Not Investing)
Topic: Gifting from g-parents to minors
Replies: 6
Views: 920

Re: inherited 500k, still a college student, how to invest??

2stepsbehind wrote:solid advice from blueleaf. I'd take his/her comments to heart.

+1. Especially #1 and #6.
by lhl12
Sun Oct 12, 2014 9:01 am
 
Forum: Investing - Help with Personal Investments
Topic: inherited 500k, still a college student, how to invest???
Replies: 55
Views: 5965

Re: old universal life insurance policy as fixed income

I help my mother and my father-in-law with their portfolios, following BH principles. They both have whole life policies which have been in force for many years and which, like yours, make sense to keep rather than eliminate. In each case, we treat the whole life policy as part of their fixed income...
by lhl12
Sat Oct 11, 2014 1:36 pm
 
Forum: Investing - Help with Personal Investments
Topic: old universal life insurance policy as fixed income
Replies: 24
Views: 1851

Re: Cash-Back Credit Cards

Does the Citi card automatically deposit the 2% to your account each month, or does it require manual monthly intervention to get the rebate? The Fidelity Visa and Amex both credit my account automatically, which in the case of the Visa is easily worth $75/year to me. If the Citi card requires no ma...
by lhl12
Wed Oct 08, 2014 2:11 pm
 
Forum: Personal Finance (Not Investing)
Topic: Cash-Back Credit Cards
Replies: 20
Views: 1796

Re: Cash-Back Credit Cards

Fidelity has a 2% cash back Visa as well, if you would rather have a Visa than an Amex. The only difference is that Fidelity only gives 1.5% back on the first $15,000 of purchases on the Visa (vs. 2.0% back on the first $15,000 of purchases on the Amex). Both cards give 2.0% cash back on amounts abo...
by lhl12
Wed Oct 08, 2014 1:19 pm
 
Forum: Personal Finance (Not Investing)
Topic: Cash-Back Credit Cards
Replies: 20
Views: 1796

Re: 2% Cash back credit card with QuickBooks download?

I believe the fix you mentioned works only with Quicken, not with QuickBooks. Do you (or does someone else) know of a fix for QuickBooks?
by lhl12
Fri Oct 03, 2014 3:26 pm
 
Forum: Personal Finance (Not Investing)
Topic: 2% Cash back credit card with QuickBooks download?
Replies: 2
Views: 311

Re: Is my husband a spendthrift? Or I a tightwad?

I guess it depends on what you mean by "dire". Are you at risk of ending up homeless and getting your meals from a Food Bank? No, probably not. Are you at risk of reaching a point 20 years down the road when you do not have enough to maintain your current lifestyle and need to make major a...
by lhl12
Fri Oct 03, 2014 6:24 am
 
Forum: Personal Finance (Not Investing)
Topic: Is my husband a spendthrift? Or I a tightwad?
Replies: 198
Views: 16538

2% Cash back credit card with QuickBooks download?

I love my Fidelity Visa, which gives 2% cash back on all purchases (with only 1.5% cash back on the first $15,000 of spending). However I do not like the fact that this card's website (FIA Services) for some reason does not allow automatic transaction level downloading to QuickBooks. Does anyone kno...
by lhl12
Fri Oct 03, 2014 5:45 am
 
Forum: Personal Finance (Not Investing)
Topic: 2% Cash back credit card with QuickBooks download?
Replies: 2
Views: 311

Re: Is my husband a spendthrift? Or I a tightwad?

BTW, I'm very conscious of sounding like a spoiled brat, I don't want to do this, I can't compromise on that. It's because I am not convinced that our situation is that dire. You don't sound like a spoiled brat. You do sound uninformed and naive. Your situation is dire. It is very, very bad. You ar...
by lhl12
Thu Oct 02, 2014 9:33 pm
 
Forum: Personal Finance (Not Investing)
Topic: Is my husband a spendthrift? Or I a tightwad?
Replies: 198
Views: 16538

Re: Is my husband a spendthrift? Or I a tightwad?

This is very concerning. $700k to most people would be a LOT. To some it would be enough to retire for the rest of their lives. To people with spending habits like yours, it's a drop in the bucket. It's less than 3 years of your income, and you already spend like you have twice the income that you ...
by lhl12
Thu Oct 02, 2014 4:45 pm
 
Forum: Personal Finance (Not Investing)
Topic: Is my husband a spendthrift? Or I a tightwad?
Replies: 198
Views: 16538

Re: Is my husband a spendthrift? Or I a tightwad?

On "our own plans for retirement" front: I am thinking we stay at our current contributions for now, but in 2 years when we will have cashed out equity in the house, done away with the mortgage payment, and have very reduced childcare expenses (if any at all, depends on whether I work mor...
by lhl12
Thu Oct 02, 2014 3:25 pm
 
Forum: Personal Finance (Not Investing)
Topic: Is my husband a spendthrift? Or I a tightwad?
Replies: 198
Views: 16538

Re: Is my husband a spendthrift? Or I a tightwad?

Are you an only child?
by lhl12
Thu Oct 02, 2014 3:21 pm
 
Forum: Personal Finance (Not Investing)
Topic: Is my husband a spendthrift? Or I a tightwad?
Replies: 198
Views: 16538

Re: Is my husband a spendthrift? Or I a tightwad?

It's not making sense to me why we have "too much house". I understand from a net worth perspective that our entire net worth is tied up in an illiquid asset. But setting that aside and looking at ONLY the budget situation - are you guys saying $2k towards housing (whether in the form of ...
by lhl12
Thu Oct 02, 2014 11:01 am
 
Forum: Personal Finance (Not Investing)
Topic: Is my husband a spendthrift? Or I a tightwad?
Replies: 198
Views: 16538

Re: Is my husband a spendthrift? Or I a tightwad?

We should have a general rule of thumb that would get everyone on the same page when it comes to real estate. Just take the value of the house(s) you own and multiply by some percentage, call it 6%. This is how much you are consuming. It doesn't matter the size of the mortgage payment or whatever. ...
by lhl12
Thu Oct 02, 2014 9:30 am
 
Forum: Personal Finance (Not Investing)
Topic: Is my husband a spendthrift? Or I a tightwad?
Replies: 198
Views: 16538

Re: Is my husband a spendthrift? Or I a tightwad?

Alex's suggestion is a good one too - a different way of coming at the same problem. The main point is that you are "house poor". You may have a lot of net worth but you also have a large mortgage (that is too big for your income since you are stretched so thin budget-wise.) If you can eli...
by lhl12
Thu Oct 02, 2014 5:04 am
 
Forum: Personal Finance (Not Investing)
Topic: Is my husband a spendthrift? Or I a tightwad?
Replies: 198
Views: 16538

Re: Is my husband a spendthrift? Or I a tightwad?

If college and retirement are both covered by family money or expected inheritance, then the problem is simpler. In that case you are just living in far too expensive a house for your income. Sell the house and use the $1.2 million of equity to buy a $800,000 house, paying cash. Buy the ski condo fo...
by lhl12
Thu Oct 02, 2014 4:53 am
 
Forum: Personal Finance (Not Investing)
Topic: Is my husband a spendthrift? Or I a tightwad?
Replies: 198
Views: 16538

Re: Is my husband a spendthrift? Or I a tightwad?

You (plural) are living beyond your means - not by a little - by a lot. You need to plan on your retirement first and your kids college second. Only after those expenses are fully funded can you think about any major discretionary purchases (like a ski condo). Minor discretionary purchases (like gar...
by lhl12
Wed Oct 01, 2014 5:51 pm
 
Forum: Personal Finance (Not Investing)
Topic: Is my husband a spendthrift? Or I a tightwad?
Replies: 198
Views: 16538

Re: Should I pay off my sisters student loans?

It's funny to read people lecturing the OP about the horrors of giving away money to the sister when he's a recipient of a massive windfall that from all appearances has fallen into his lap with no effort on his part. There are likely life lessons that should be learned by the sister about managing...
by lhl12
Tue Sep 30, 2014 7:13 pm
 
Forum: Personal Finance (Not Investing)
Topic: Should I pay off my sisters student loans?
Replies: 49
Views: 3624

Re: Trying to understand Uber and similar "ride sharing" ser

Your municipality may be an exception, but in most big cities the taxicab experience is a nightmare. The cars are terribly run down, with bad shocks, seats that have no support, non-working air conditioning, and often a fetid odor. The drivers usually drive like madmen because they are trying to min...
by lhl12
Thu Sep 25, 2014 8:22 pm
 
Forum: Personal Consumer Issues
Topic: Trying to understand Uber and similar "ride sharing" service
Replies: 54
Views: 3849

Re: inherited 500k, still a college student, how to invest??

The money I inherited is in my name and it's basically both my brother's and mine, but by law it's mine. He trusts me with the money and trusts me to do the right thing with it (my brother and I are very close). This quote causes me a great deal of concern. What does "basically" mean in t...
by lhl12
Thu Sep 25, 2014 7:19 pm
 
Forum: Investing - Help with Personal Investments
Topic: inherited 500k, still a college student, how to invest???
Replies: 55
Views: 5965

Re: Biggest discretionary expense in retirement?

Zecht wrote:
dolphinsaremammals wrote:I buy bags of wild bird seed and other food for wild animals each week. Probably $30 to $50 a week. I'd probably give up buying books before I'd give that up, though.

I buy bags of wild birds and feed them to wild animals. It's far more entertaining.


ROFL
by lhl12
Mon Sep 22, 2014 6:30 pm
 
Forum: Personal Finance (Not Investing)
Topic: Biggest discretionary expense in retirement?
Replies: 29
Views: 3060

Re: Need urgent help for 85 y.o. parents just moved to Vangu

One point of clarification that may help ease a bit of the confusion. I understand that your parents had paid off their home mortgage debt in full and owned their house free and clear. They then took out a mortgage to help your brother. You refer to this as a "second" mortgage, but if I am...
by lhl12
Sun Sep 21, 2014 8:09 am
 
Forum: Investing - Help with Personal Investments
Topic: Need urgent help for 85 y.o. parents just moved to Vanguard
Replies: 65
Views: 4095

Re: Help with a large business decision

Based on what you've laid out, it seems like a good decision to purchase the equipment. Yes, it's one year of profits and it's possible the economy could tank the day after you spend the money, but it seems like the payback on the purchase is so significant and so quick that within a year or two you...
by lhl12
Tue Sep 16, 2014 5:20 am
 
Forum: Personal Finance (Not Investing)
Topic: Help with a large business decision [capital expenditure]
Replies: 36
Views: 1429

Re: Rather macabre but necessary question

I don't know if your Will and estate plan are done, but if not they need to be. With luck you will bounce the check to the undertaker many years later than you might now think, but you should get all your affairs in order as quickly and efficiently as possible, so you don't need to think about that ...
by lhl12
Tue Sep 09, 2014 12:48 pm
 
Forum: Personal Finance (Not Investing)
Topic: Rather macabre but necessary question
Replies: 74
Views: 6531

Re: Injury on MBTA: Financially worth it to hire an attorney

In my opinion, our society is filled with countless frivolous lawsuits that burden taxpayers with expense that is unnecessary and not rightly theirs. There is a big difference between a boiler explosion on a ship (ripping people limb from limb and presumably killing everyone aboard due to the ship s...
by lhl12
Sun Sep 07, 2014 8:48 pm
 
Forum: Personal Finance (Not Investing)
Topic: Injury on MBTA: Financially worth it to hire an attorney?
Replies: 27
Views: 2093

Re: Texas - Recommendation Where To Live

livesoft wrote:I would not consider Austin and San Antonio to have major airports as many of their flights simply go through DFW and IAH.

Agreed - I think only DFW and Houston pass the airport test.
by lhl12
Sun Sep 07, 2014 4:45 pm
 
Forum: Personal Consumer Issues
Topic: Texas - Recommendation Where To Live
Replies: 56
Views: 3168

Re: Injury on MBTA: Financially worth it to hire an attorney

As a periodic MBTA rider (and financial supporter through my taxes) I find it despicable that someone would even consider something like this. This was just bad luck, may not be anything but fleeting, was not negligence, and certainly doesn't merit a lawsuit which, if successful, would just increase...
by lhl12
Sun Sep 07, 2014 10:37 am
 
Forum: Personal Finance (Not Investing)
Topic: Injury on MBTA: Financially worth it to hire an attorney?
Replies: 27
Views: 2093

Re: Texas - Recommendation Where To Live

I'd focus on the Dallas Ft. worth area, particularly the northern suburbs of Dallas and the "mid-cities"' (the area between Dallas and Ft. worth). This would include cities like: Frisco, Plano, Allen, McKinney, Grapevine, Southlake, Colleyville and their surrounding towns. All of these pla...
by lhl12
Sun Sep 07, 2014 10:22 am
 
Forum: Personal Consumer Issues
Topic: Texas - Recommendation Where To Live
Replies: 56
Views: 3168

Re: Annuity advice

Agreed - defer taking SS before buying an annuity.
by lhl12
Fri Sep 05, 2014 12:18 pm
 
Forum: Investing - Help with Personal Investments
Topic: Annuity advice
Replies: 13
Views: 843

Re: Questions about rebalancing portfolio--retirement in 6 y

Would it make sense for her to split the "mixed" IRA's into separate accounts (i.e. to unmix them)? I don't know if this is even possible, but if it were it seems like it might simplify the treatment of the various accounts and the way they get rolled up on her asset allocation.
by lhl12
Fri Sep 05, 2014 10:31 am
 
Forum: Investing - Help with Personal Investments
Topic: Questions about rebalancing portfolio--retirement in 6 yrs
Replies: 34
Views: 1733

Re: Vanguard National Trust Company?

Summary: Vanguard National Trust Company cannot be defined in a testamentary trust as the desired trust. Details: My spouse and I are in the process of setting up a last will and testament with LegalZoom, and we are including directions to have a testamentary trust for our minor children. In a cons...
by lhl12
Fri Sep 05, 2014 9:02 am
 
Forum: Investing - Theory, News & General
Topic: Vanguard National Trust Company?
Replies: 91
Views: 19371

Re: Help with Tax Advantaged Estate Plan

Also, is there any possibility that more grandchildren might appear in the future? If so, you will probably want to be sure that you have the ability to treat each grandchild equally.
by lhl12
Thu Sep 04, 2014 8:15 pm
 
Forum: Personal Finance (Not Investing)
Topic: Help with Tax Advantaged Estate Plan
Replies: 11
Views: 703

Re: Help with Tax Advantaged Estate Plan

It seems unlikely, given the size of the estate and the size of the $10.68mm+ total exemption (which will increase annually with inflation), that the estate will owe any Federal taxes, even if no annual $14K gifts are made, but especially if they are. You didn't mention what state will govern here. ...
by lhl12
Thu Sep 04, 2014 8:14 pm
 
Forum: Personal Finance (Not Investing)
Topic: Help with Tax Advantaged Estate Plan
Replies: 11
Views: 703

Re: Assest allocations with a pension, help

As of the most recently published annual report, for the period ending June 30, 2009, the fund was only 87.5% “funded”, with some $96.5 billion. According to the MyFRS website, as of December 31, 2010, the FRS pension assets were up to almost $124 billion. That is putting the fund assets back on pa...
by lhl12
Tue Sep 02, 2014 7:43 pm
 
Forum: Investing - Help with Personal Investments
Topic: Assest allocations with a pension, help
Replies: 16
Views: 982

Re: Assest allocations with a pension, help

An important question is whether your pension is an obligation with the full faith and credit of the State of Florida behind it or whether it is an obligation of a municipality, county or other lesser entity. (I know you said that the Florida Retirement System is managing the pension, but that isn't...
by lhl12
Tue Sep 02, 2014 4:57 pm
 
Forum: Investing - Help with Personal Investments
Topic: Assest allocations with a pension, help
Replies: 16
Views: 982

Re: New 2% cash back Mastercard from Citi

This may be a good card to have, a better alternative to the FIDO 1.5% VISA for those occasions when AMEX won't be accepted. Normally it takes me more than a year to get to the minimum reimbursement amount on the Visa and Fido sure makes it convenient with auto-pay, auto-cash back to my Fido accoun...
by lhl12
Tue Sep 02, 2014 1:36 pm
 
Forum: Personal Finance (Not Investing)
Topic: New 2% cash back Mastercard from Citi
Replies: 237
Views: 32826

Re: Brokerage account for kids. Fidelity or TDAmeritrade

lhl12 - I've heard mixed reviews on the Fidelity cards, I take you have not had any issue? I have also heard they are moving to Bank of America, have you heard anything about that? I'm not sure what mixed reviews you've heard, but I have nothing but good things to say about the fidelity cards. I ha...
by lhl12
Mon Sep 01, 2014 6:22 pm
 
Forum: Investing - Help with Personal Investments
Topic: Brokerage account for kids. Fidelity or TDAmeritrade
Replies: 19
Views: 1363

Re: New 2% cash back Mastercard from Citi

What is the mechanism to redeem the cash back rewards for this new Citi 2% card? The Fido AmEx 2% card has auto-redemption into any Fidelity account - I love the way it works every month like clockwork. Does Fido Amex actually allow you to redeem every month no matter how many rewards points you ha...
by lhl12
Mon Sep 01, 2014 4:09 pm
 
Forum: Personal Finance (Not Investing)
Topic: New 2% cash back Mastercard from Citi
Replies: 237
Views: 32826

Re: Brokerage account for kids. Fidelity or TDAmeritrade

The Fidelity cash back Visa and Amex are the best credit cards out there. If it's a close call, I'd definitely open the accounts at Fidelity, so you can get the card!
by lhl12
Mon Sep 01, 2014 4:01 pm
 
Forum: Investing - Help with Personal Investments
Topic: Brokerage account for kids. Fidelity or TDAmeritrade
Replies: 19
Views: 1363
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