Search found 127 matches
- Wed Oct 04, 2017 5:02 pm
- Forum: Personal Finance (Not Investing)
- Topic: Who has needed to use their umbrella insurance?
- Replies: 129
- Views: 24241
Re: Who has needed to use their umbrella insurance?
I'm an underwriter...and agree it's not a scam and is paid out for horrific situations. What happens if you carry 25k in minimum auto liability limits, then you hit someone and cause permanent disability. How far does that 25k go? Now imagine you are carrying 25k in liability limits but you own your house outright and have a 500k portfolio. Do you think a lawyer isn't going to come for your assets? Umbrella insurance is all about asset protection. We live in a very litigious society. Have a dog? It bites a child and deforms them? Trampoline? Swimming pool? Do you know you can get sued if someone hops your fence and drowns in your swimming pool? Even if they are trespassing? The $200 a year for an umbrella policy is worth the peace of mind i...
- Wed Oct 04, 2017 2:14 pm
- Forum: Personal Finance (Not Investing)
- Topic: Is this housing budget reasonable?
- Replies: 28
- Views: 2359
Re: Is this housing budget reasonable?
I make around 110-115k a year and my rent is over $1800 a month for a very average two bedroom apartment (have a child). What are you supposed to do if you live in a higher cost of living area?
I ask this because I could barely buy something decent for 390k just like the original poster where I live. There aren't really any options for houses less than that amount. So either you buy something pricey or you pay a lot for rent. There aren't always cheap options.
I ask this because I could barely buy something decent for 390k just like the original poster where I live. There aren't really any options for houses less than that amount. So either you buy something pricey or you pay a lot for rent. There aren't always cheap options.
- Tue Mar 14, 2017 3:52 pm
- Forum: Personal Finance (Not Investing)
- Topic: Would this influence your Decision? rent vs buy
- Replies: 1
- Views: 365
Would this influence your Decision? rent vs buy
http://business.fau.edu/departments/fin ... MhVn2_ytpj
My personal situation changed recently and I've been renting. Rent in Denver, CO is pretty high but so is housing. I'm sitting on a cash position and considering when and if to buy again. I hate renting but housing prices are at an all time high. The linked article is interesting about it's finding on Denver specifically. Is this noise?
My personal situation changed recently and I've been renting. Rent in Denver, CO is pretty high but so is housing. I'm sitting on a cash position and considering when and if to buy again. I hate renting but housing prices are at an all time high. The linked article is interesting about it's finding on Denver specifically. Is this noise?
- Wed Dec 21, 2016 4:11 pm
- Forum: Personal Finance (Not Investing)
- Topic: Paying extra on mortgage
- Replies: 27
- Views: 4117
Re: Paying extra on mortgage
I'm debt adverse so I always lean to paying off more debt. However, I also believe in diversification. So ideally invest in your 401k, your roth, pay a little extra each month on your mortgage and put some in taxable. This way you are diversifying across all strategies. The big thing with paying extra on the mortgage is to make sure you have enough cash to remain solvent in case you run into hard times.
- Wed Dec 21, 2016 4:08 pm
- Forum: Personal Investments
- Topic: Pre-pay mortgage vs Taxable?
- Replies: 54
- Views: 6609
Re: Pre-pay mortgage vs Taxable?
If one has the discipline to not spend a taxable account earmarked for the mortgage for anything besides paying off a mortgage or an emergency I would never prepay. Contrary to popular belief money you prepay does not reduce any interest you owe on your mortgage until which time it is paid in full. That means the total interest due is not any different if you prepay regularly on the mortgage or you save it in a taxable account and pay it the mortgage in one large payment ending at the same time as your prepayments would end the mortgage. Prepaying is giving the lending institution an interest free loan. Investing in a taxable account will give you a return on your investment and gives you the flexibility to use it for emergency purposes. I...
- Wed Dec 21, 2016 4:02 pm
- Forum: Personal Investments
- Topic: Sell house to invest?
- Replies: 8
- Views: 911
Re: Sell house to invest?
I'm replying assuming this isn't a troll post. I would keep the house with 2 kids. It sounds like you make and save enough money that you don't need to do something as drastic as live in an RV park.
- Wed Dec 21, 2016 3:59 pm
- Forum: Personal Investments
- Topic: Pre-pay mortgage vs Taxable?
- Replies: 54
- Views: 6609
Re: Pre-pay mortgage vs Taxable?
I'd pay off the mortgage since you're so close!
- Wed Dec 21, 2016 3:56 pm
- Forum: Personal Investments
- Topic: Advice on Portfolio / Savings
- Replies: 13
- Views: 2075
Re: Advice on Portfolio / Savings
I think most bogleheads wouldn't assume any return. Currently, valuations of stocks are high and there are many people out there that are predicting much lower returns for the next 10 years. The boglehead approach would be to ignore all that noise, and basically just save as much as possible. The return might be higher or lower. We can't control the return. What we can control is how much we save.
Did I read right $700 per week in car payments? Or did you mean to put per month? Because $2800 a month in car payments is obscene.
Did I read right $700 per week in car payments? Or did you mean to put per month? Because $2800 a month in car payments is obscene.
- Fri Feb 12, 2016 2:05 pm
- Forum: Personal Finance (Not Investing)
- Topic: What to do with $13 of hobby money?
- Replies: 54
- Views: 5427
Re: What to do with $13 of hobby money?
More information is needed before I can provide you with good advice.
What is your current AA?
Are you maxing all of your retirement vehicles?
Are you maxing out your HSA?
What is the state income tax percentage in the state you live?
Are you married or single?
Blood type?
Are you planning on buying a house in the near future?
Ford, Chevy or Dodge?
Seriously though, put it in an envelope and mail it to me. I'd like payment for the last 5 minutes of my life.
What is your current AA?
Are you maxing all of your retirement vehicles?
Are you maxing out your HSA?
What is the state income tax percentage in the state you live?
Are you married or single?
Blood type?
Are you planning on buying a house in the near future?
Ford, Chevy or Dodge?
Seriously though, put it in an envelope and mail it to me. I'd like payment for the last 5 minutes of my life.
- Tue Feb 09, 2016 1:58 pm
- Forum: Personal Finance (Not Investing)
- Topic: Finally a budget revised - Goals/Priorities
- Replies: 21
- Views: 2318
Re: Finally a budget revised - Goals/Priorities
$100 per month for eating out and starbucks is not too much, It's too little!!!! A good starter savings rate is 20% in my opinion. If you can save 20% yearly you should be just fine over the long haul.
- Thu Feb 04, 2016 3:06 pm
- Forum: Personal Investments
- Topic: Extra Cash - Need Opinions
- Replies: 14
- Views: 1267
Re: Extra Cash - Need Opinions
Have 2 cars, both are newish. Won't be replacing either anytime soon. I've never owned CDs though and I have toyed with the idea of putting some cash in CDs.dziuniek wrote:When will you need to replace the car or add a second car>? if soon -> CDs and buy the next one for cash
- Thu Feb 04, 2016 1:17 pm
- Forum: Personal Investments
- Topic: Extra Cash - Need Opinions
- Replies: 14
- Views: 1267
Re: Extra Cash - Need Opinions
Thanks for all the replies. A some additional information
-Current E Fund is 7-8 months. The additional funds would put the E Fund very close to 12 months
-Ages 32,30
-I'm fairly debt adverse. The eventual goal is to have no debt including house. This is for peace of mind, job flexibility and increased monthly cash flow.
-Why would I want to pay off the car @ 0%? Cash flow
-We aren't planning on selling the car.
-Current AA is 83% Equities and 17% bonds. I'm working on gradually increasing my bond holding percentage over time.
-Retirement accounts are close to being max'd. One 401k is currently intentionally not being maxd due to very high expense ratios.
-Current E Fund is 7-8 months. The additional funds would put the E Fund very close to 12 months
-Ages 32,30
-I'm fairly debt adverse. The eventual goal is to have no debt including house. This is for peace of mind, job flexibility and increased monthly cash flow.
-Why would I want to pay off the car @ 0%? Cash flow
-We aren't planning on selling the car.
-Current AA is 83% Equities and 17% bonds. I'm working on gradually increasing my bond holding percentage over time.
-Retirement accounts are close to being max'd. One 401k is currently intentionally not being maxd due to very high expense ratios.
- Thu Feb 04, 2016 10:59 am
- Forum: Personal Investments
- Topic: Extra Cash - Need Opinions
- Replies: 14
- Views: 1267
Extra Cash - Need Opinions
I have about 25k in extra cash in my E-Fund. I'm looking at the following options. a. Pay off car loan @ 0% interest - Balance 21.8k b. Put towards house principal. 213k owed @ 3.375 - 13 years and change left on loan c. Invest in taxable according to AA d. Do nothing, sit on the money in cash I'm leaning towards A or D. My wife is in O&G and is approximately 50% of our gross income. I'm not feeling cozy at $30 oil. I'd like to get a few other suggestions. I have no other debt than what is listed above and I am already doing other regular retirement contributions. ------- Edit to add additional info. -Current E Fund is 7-8 months. The additional funds would put the E Fund very close to 12 months -Ages 32,30 -I'm fairly debt adverse. The...
- Wed Jan 20, 2016 9:13 am
- Forum: Personal Investments
- Topic: Cash-on-the-sidelines thread
- Replies: 39
- Views: 6237
Re: Cash-on-the-sidelines thread
I have some extra cash due to a recent bonus. I'm considering buying some additional equities on sale.
- Wed Jan 20, 2016 9:09 am
- Forum: Investing - Theory, News & General
- Topic: Why are REITs not providing any benefit in this market?
- Replies: 45
- Views: 7528
Re: Why are REITs not providing any benefit in this market?
This is speculation but I believe real estate is at a peak due to being propped up by low interest rates. I don't expect much lift in real estate prices / sector in the near future.
- Tue Jan 12, 2016 1:33 pm
- Forum: Personal Finance (Not Investing)
- Topic: Pay off 2nd mortgage or car loan first?
- Replies: 27
- Views: 2448
Re: Pay off 2nd mortgage or car loan first?
I'd sell the car and the house, buy a yurt and walk to work.
- Wed Jan 06, 2016 10:51 am
- Forum: Personal Investments
- Topic: Excess Cash - Play Monopoly or Repay Debt?
- Replies: 94
- Views: 23883
Re: Excess Cash - Play Monopoly or Repay Debt?
Great Progress. You look to be in extremely good financial shape. Keep it up!
- Sun Jan 03, 2016 12:25 pm
- Forum: Personal Finance (Not Investing)
- Topic: Savings % Target 2016?
- Replies: 168
- Views: 17122
Re: Savings % Target 2016?
Wasn't my intentions, In fact it's been very good conversation from many. I simply was stating my savings percentage goal of around 60% gross and there are others hitting right around there in replies so I'm not sure where you are getting "chest thumping". Bringing up my gross income was reply to another person who was paying 34% was simply asking how much he made since I made more than normal this year and looks like will pay around 28-30% (The 34% taxes is likely in a state with higher tax % mines only 4.63%) I did have a lot of deductions though so that's what I was brining up my gross to see if he made around the same and there may be area's he could have on taxes like profit sharing, hiring wife and doing Solo-401K etc. Not ...
- Sun Jan 03, 2016 11:36 am
- Forum: Personal Finance (Not Investing)
- Topic: Savings % Target 2016?
- Replies: 168
- Views: 17122
Re: Savings % Target 2016?
Not to impute bad motives but the OP's posts are unreachable for most people and this seems awfully akin to chest thumping. I'm referring specifically to the comments saving 60% of gross and over 600k gross salary.
After you add federal taxes, state taxes, social security, medical costs, property taxes, etc you get over 40% of gross for most people. Maybe I'm looking at the math wrong? Heck daycare for 1 child is about 5% of gross for me and probably higher for most people. I think posts like these are why some people are turned off by the boglehead community.
After you add federal taxes, state taxes, social security, medical costs, property taxes, etc you get over 40% of gross for most people. Maybe I'm looking at the math wrong? Heck daycare for 1 child is about 5% of gross for me and probably higher for most people. I think posts like these are why some people are turned off by the boglehead community.
- Tue Dec 29, 2015 9:05 am
- Forum: Personal Finance (Not Investing)
- Topic: What age did you hit $100,000?
- Replies: 136
- Views: 28504
Re: What age did you hit $100,000?
Is this 100k net worth or 100k in total cash investments? If it's in cash investments I just obtained it this year at 32 years old.
- Thu Dec 17, 2015 10:14 am
- Forum: Personal Finance (Not Investing)
- Topic: Can I Afford an $800k Home on $4K/month Take Home?
- Replies: 146
- Views: 19424
Re: Can I Afford an $800k Home on $4K/month Take Home?
Based upon your take home pay there's no way in hell you can afford it. Even with your high amount of savings I wouldn't recommend it. My monthly take home is over double yours and I wouldn't buy an 800k home.
- Thu Dec 17, 2015 9:58 am
- Forum: Personal Investments
- Topic: Foreign Bonds in Vanguard Target date funds
- Replies: 1
- Views: 292
Foreign Bonds in Vanguard Target date funds
I use the Vanguard Target date Funds exclusively in my 401k due to the low expense fees and lack of other compelling options. However, I noticed a significant amount of the bond allocation is in Foreign Bonds. Information that I've read on this website in the past seemed to recommend sticking to domestic bonds only. What additional risks (if any) are there in the foreign bond portion of the Vanguard Target Date funds. In your opinion is this something that I should be concerned with?
What caught my attention to this is I was in the target date 2045 fund and I recently switched new contributions to go into the 2030 fund as my overall portfolio is only 18% bonds (at my last calculation) and I would like to push this number up higher.
What caught my attention to this is I was in the target date 2045 fund and I recently switched new contributions to go into the 2030 fund as my overall portfolio is only 18% bonds (at my last calculation) and I would like to push this number up higher.
- Tue Nov 24, 2015 10:16 am
- Forum: Personal Investments
- Topic: Thoughts on paying Mortgage down vs Investing
- Replies: 45
- Views: 5343
Re: Thoughts on paying Mortgage down vs Investing
I believe in a diversified debt adverse approach. I'm all for paying the mortgage down as long as you also have plenty of liquidity and are saving enough for retirement at the same time. No one should ever put all their eggs in one basket.
- Tue Nov 24, 2015 10:14 am
- Forum: Personal Investments
- Topic: Safe retirement withdrawal rate for early retirement?
- Replies: 46
- Views: 8346
Re: Safe retirement withdrawal rate for early retirement?
I love how all bogleheads think they're living until 95. I don't know any men in my family that got even close to 95. In fact I think I can safely say that I don't want to live to 95. I can't imagine what sort of quality of life that I would have.
- Thu Oct 01, 2015 1:54 pm
- Forum: Personal Investments
- Topic: Stocks vs Bonds vs Debt
- Replies: 10
- Views: 1272
Re: Stocks vs Bonds vs Debt
No one can make this call for you as it comes down to personal risk tolerance. I run a 82% stock 18% bond portfolio and I'm 32. I personally favor a balanced approach. Some of my money goes into tax deffered, taxable, debt paydown. My taxable also does include bonds. I use bonds as a way to hedge my bets and reduce volatility. I'm personally going to start creeping my bond percentage up higher towards 25%. My plan is to do this over a couple year period of time. I'm also in favor of reducing debt as it's a guaranteed return.
My best advice to anyone is to take a balanced, diversified approach.
My best advice to anyone is to take a balanced, diversified approach.
- Mon Sep 28, 2015 11:23 am
- Forum: Personal Finance (Not Investing)
- Topic: % Net Worth Change Since New Year's 2015
- Replies: 95
- Views: 12454
Re: % Net Worth Change Since New Year's 2015
+25% approx YTD
+House Value Increasing
+Savings
-Market Losses
My savings have been offsetting my portfolio loss but my portfolio is low 6 figures. I'm in my accumulation stage in my early 30's. I check my Net Worth almost daily as I log into Mint almost daily. Mint does do rough valuations of your house and cars which are included in my rough Net Worth calculation. I don't think this is an exact calculation but does that really matter? Additionally, Mint will plot your Net Worth overtime which I look at and like to see moving up.
In all honesty the only thing that bothers me about the market losing money is it adds headwinds to my net worth.
+House Value Increasing
+Savings
-Market Losses
My savings have been offsetting my portfolio loss but my portfolio is low 6 figures. I'm in my accumulation stage in my early 30's. I check my Net Worth almost daily as I log into Mint almost daily. Mint does do rough valuations of your house and cars which are included in my rough Net Worth calculation. I don't think this is an exact calculation but does that really matter? Additionally, Mint will plot your Net Worth overtime which I look at and like to see moving up.
In all honesty the only thing that bothers me about the market losing money is it adds headwinds to my net worth.
- Wed Sep 23, 2015 4:52 pm
- Forum: Personal Consumer Issues
- Topic: What is an ideal vehicle to handle a long commute?
- Replies: 93
- Views: 9797
Re: What is an ideal vehicle to handle a long commute?
Subaru Legacys are a popular sedan in snow areas due to being AWD. I drive a Camry and do fine in the snow unless it's severe. Then, I work from home.
- Tue Sep 22, 2015 1:19 pm
- Forum: Personal Investments
- Topic: Please help. Need Advice. Negative Rate of return on 401k and Roth IRA.
- Replies: 33
- Views: 22136
Re: Please help. Need Advice. Negative Rate of return on 401k and Roth IRA.
I would lower your retirement contributions until you get at least a 6 month emergency fund. Contribute enough to get the match, do the Roth and then get that emergency fund fully funded. It's important to have that efund to fall back on.
- Mon Aug 31, 2015 11:55 am
- Forum: Personal Finance (Not Investing)
- Topic: About to close on a home we have overbid on - have cold feet
- Replies: 74
- Views: 14200
Re: About to close on a home we have overbid on - have cold feet
This sounds like a horrible decision to me. I'd run away from this house and from buying anything at all given your current situation. I feel like we're at the top of a housing price peak and you don't have your green cards. Given the fact that you could be forced to move at any time I'd rent.
- Wed Jun 10, 2015 1:12 pm
- Forum: Personal Investments
- Topic: I need to be group shamed
- Replies: 28
- Views: 6767
Re: I need to be group shamed
I bought total stock market index shares. It's improving my AA in taxable. My portfolio isnt big enough yet to where I have a hard AA. This was a small amount and something I only do in taxable. Everything else is on a schedule. I'm 32 so I always buy...never sell.
- Tue Jun 09, 2015 12:48 pm
- Forum: Personal Investments
- Topic: I need to be group shamed
- Replies: 28
- Views: 6767
Re: I need to be group shamed
I'm planning to buy a little more if it goes lower.toto238 wrote:The dip wasn't big enough. Livesoft will tell you that it's best to wait for a Really Bad Day.nelson1015 wrote:I bought a little today on the dip. I deserve to be group shamed. I added to my taxable portfolio and it wasn't scheduled. Bring on the torches, I am a heretic.
=)
Let he who who has never market timed cast the first stone, I say.
You understand why you shouldn't have done it, and it's probably not going to have a large impact on your long-term portfolio. If you're not making a habit of it, I wouldn't worry too much.
- Tue Jun 09, 2015 12:41 pm
- Forum: Personal Investments
- Topic: I need to be group shamed
- Replies: 28
- Views: 6767
I need to be group shamed
I bought a little today on the dip. I deserve to be group shamed. I added to my taxable portfolio and it wasn't scheduled. Bring on the torches, I am a heretic.
=)
=)
- Fri Nov 14, 2014 11:58 am
- Forum: Personal Consumer Issues
- Topic: Does anyone here make "fun" purchases.
- Replies: 111
- Views: 15515
Re: Does anyone here make "fun" purchases.
We spend a lot of money on trips, eating out and other things as well. However, I am constantly working to ensure that our spending doesn't cause us to sacrifice our savings. Right now we make enough money that we can spend a decent amount and still save quite a bit. I personally like spending money on short trips (a lot of times to see family), and maintenance/upgrades for my house. We currently spend around $200 a month on house cleaning $100 a month on coffee outside the house (starbucks) $17 a week for lawn mowing (during the summer) ^ These are a couple things that I could cut out tomorrow if needed but currently live with. We also have a small baby and both work full-time. I will say if my wife wanted to spend 5k on curtains I would p...
- Wed Nov 12, 2014 4:56 pm
- Forum: Personal Finance (Not Investing)
- Topic: If your net worth is over $3 million, how did you do it?
- Replies: 913
- Views: 238966
Re: If your networth is over $3 million, how did you do it?
Man that would be difficult to stomach.epitomist wrote:Let's assume that someone had $2 MM in an S&P 500 index fund in October 2007 when the S&P 500 index was 1561. By March of 2009 their $2 MM dwindled down to $875,118. Today it is now worth $2.6 MM. Just commenting on this because I think a lot of people here mis-remember just how low the stock market went in October 2007 and how high the chances of it happening again are.livesoft wrote:Of course, to have $1.5MM in March 2009 probably meant they had $2 MM in late 2007 and it also meant they were contributing to a taxable account, too. That is, they were living well below their means.
- Wed Nov 12, 2014 2:04 pm
- Forum: Personal Finance (Not Investing)
- Topic: If your net worth is over $3 million, how did you do it?
- Replies: 913
- Views: 238966
Re: If your networth is over $3 million, how did you do it?
That could become very expensive if your children earn high paying jobs in their 20's.Leeraar wrote:I only started at age 30, too many years spent getting graduate degrees.bhsince87 wrote:And run the numbers for 35-40 years. That's more realistic in today's environment, when the standard retirement age is 67. And that assumes the person/family doesn't start saving until 27 or even 32. I actually started investing at age 22.
I have been matching my kids' earned income since they were 16 in Roth IRAs and will continue to do so until they are 30. If you run the numbers, that early start will double, or even triple, their accounts compared to starting at age 30.
L.
- Wed Nov 12, 2014 2:03 pm
- Forum: Personal Finance (Not Investing)
- Topic: If your net worth is over $3 million, how did you do it?
- Replies: 913
- Views: 238966
Re: If your networth is over $3 million, how did you do it?
This thread does not distinguish between couples both working, one spouse working, single people. If a couple are both earning high incomes and living relatively frugal lifestyles, it is easier than for a single earner, or any of the other variables. This thread is focused on $3MM of family assets. Married men tend to consider the family money their money. That's a reason why they feel robbed in a divorce, even if the assets are split equally and the ex-wife was an equal contributor. Victoria I consider family assets to be OUR money. If I ever got divorced I would expect OUR money to be split down the middle as we have acquired all of our assets AFTER getting married. I think you are making several assumptions with your previous post as al...
- Wed Nov 12, 2014 12:01 pm
- Forum: Personal Finance (Not Investing)
- Topic: Double Cash Credit Card from CITI
- Replies: 19
- Views: 3584
Re: Double Cash Credit Card from CITI
Grt2bOutdoors wrote:How many cards do you keep in your wallet? Are you opening new accounts just to capture the difference between say a 1.5% card and a 2% card?
I'm not crazy about opening a bunch of credit cards and maximizing rewards. I just got the citi double cash card as I was not getting any return previously (mostly using debit card). This is the first card I've opened in over 7 years. 2% is enough for me on everything. I carry my debit card and 2 credit cards in my wallet. I don't even need that many.
- Wed Nov 12, 2014 11:06 am
- Forum: Personal Finance (Not Investing)
- Topic: Double Cash Credit Card from CITI
- Replies: 19
- Views: 3584
Re: Double Cash Credit Card from CITI
I just received mine and used it for the first time today.
- Tue Nov 11, 2014 3:02 pm
- Forum: Personal Finance (Not Investing)
- Topic: If your net worth is over $3 million, how did you do it?
- Replies: 913
- Views: 238966
Re: If your networth is over $3 million, how did you do it?
Just an example and not my example. My income and savings rate has been a moving target over the last couple of years. Also, I think that is an issue for long term retirement planning. Most people do not make the same amount or save the same amount over a 30 year period. The numbers move all over the place over a 30 year period. If you graphed my spouse and I's joint income over the past 5 years it would be up and down.boro wrote:At your rate of saving you will have 3 million in 30 years, but that is not the same as having the equivalent of today's three million.nelson1015 wrote: Example: Dual Income earners both making 100k each = 200k gross income. In a situation like that you can easily put in 40-50k a year and still live a very comfortable lifestyle.
- Tue Nov 11, 2014 2:33 pm
- Forum: Personal Finance (Not Investing)
- Topic: If your net worth is over $3 million, how did you do it?
- Replies: 913
- Views: 238966
Re: If your networth is over $3 million, how did you do it?
I don't see how hard work and living below your means could achieve it. It would take putting away $3,000 a month for 30 years and earning 6% to achieve the sum. So how many workers in the US could do that? I had a decent career as a professor at major research universities and had always been supported by NIH grants, but my salary when I first started as an assistant professor did't even come to 3,000/month! Besides if you really lived that low beyond your means, what would you do with 3 millions anyway? Perhaps we should just confess that we have been lucky. Some of us were born with the ability, drive and desire to enter high earning professions. Some of us were born into money. Some of us, like me, got lucky with turning unlikely ideas...
- Tue Nov 11, 2014 11:12 am
- Forum: Personal Finance (Not Investing)
- Topic: Savings rate of -2% for those under 35 - WSJ
- Replies: 69
- Views: 7304
Re: Savings rate of -2% for those under 35 - WSJ
I'm not quite a millennial (35), but I think I have observed the behaviors that lead to the -2% savings rate. It's the so-called "good debt" that is causing it, at least in my group of $100-200k HHI peers. 1. Education debt, not prioritizing the payoff. 2. Car debt, finding it acceptable to make payments and keep trading in. Payments are a way of life. 3. Bigger houses. Most of my peers are moving into house #2 or #3 at this point - always going bigger. DH and I are in our starter house (purchased when I was 24 and DH was 23), and plan to stay here. 4. Not contributing the max to retirement accounts, mostly because of #1, #2, #3 above. Many have bought into the notion that if they start early, ie putting 6% in every year starting...
- Tue Nov 11, 2014 11:01 am
- Forum: Personal Finance (Not Investing)
- Topic: Savings rate of -2% for those under 35 - WSJ
- Replies: 69
- Views: 7304
Re: Savings rate of -2% for those under 35 - WSJ
I'm not quite a millennial (35), but I think I have observed the behaviors that lead to the -2% savings rate. It's the so-called "good debt" that is causing it, at least in my group of $100-200k HHI peers. 1. Education debt, not prioritizing the payoff. 2. Car debt, finding it acceptable to make payments and keep trading in. Payments are a way of life. 3. Bigger houses. Most of my peers are moving into house #2 or #3 at this point - always going bigger. DH and I are in our starter house (purchased when I was 24 and DH was 23), and plan to stay here. 4. Not contributing the max to retirement accounts, mostly because of #1, #2, #3 above. Many have bought into the notion that if they start early, ie putting 6% in every year starting...
- Tue Nov 11, 2014 10:51 am
- Forum: Personal Finance (Not Investing)
- Topic: Savings rate of -2% for those under 35 - WSJ
- Replies: 69
- Views: 7304
Re: Savings rate of -2% for those under 35 - WSJ
I'm 31 and my wife is 29. We are at about a 20% savings rate currently and I expect that rate to increase over time. I love bucking trends. =)
- Tue Nov 11, 2014 10:21 am
- Forum: Personal Finance (Not Investing)
- Topic: If your net worth is over $3 million, how did you do it?
- Replies: 913
- Views: 238966
Re: If your networth is over $3 million, how did you do it?
Work longer, live longer and have full SS and pensions. I'm not there and I don't see any reason to have 3m. I have spent and continue to spend a great deal on travel while I have my health. But I plan to retire at 75 and my needs should be covered by SS and pensions. My savings are for emergencies and as I don't have family close to me as I grew up in another country. If I live to 90, and live on SS and pensions .. maybe I'll have 3m. But I'll likely give it to charity .. I suppose my question is why anyone wants 3m. But I could also be asked why I want to work till 75? Likely a little neurotic about the economy and don't mind work. On other threads, its asked if one can still have a job at 70. Why do I still have a job? Initial degree wa...
- Tue Nov 11, 2014 9:44 am
- Forum: Personal Consumer Issues
- Topic: Food Frugality: Where do you draw the line?
- Replies: 94
- Views: 11081
Re: Food Frugality: Where do you draw the line?
We spend a ton on food, mostly due to eating out a lot.
- Fri Nov 07, 2014 3:52 pm
- Forum: Personal Finance (Not Investing)
- Topic: Should we refinance?
- Replies: 30
- Views: 3419
Re: Should we refinance?
I'm not aware of any way to eliminate PMI unless your LTV is 80% or less. He is nowhere near that.playtothebeat wrote:Take advantage of the higher value, which will allow him to eliminate PMInelson1015 wrote:Why should he refi a mortgage that he's only been in 12-14 months? This doesn't make sense to me at all.
- Fri Nov 07, 2014 3:49 pm
- Forum: Personal Finance (Not Investing)
- Topic: Should we refinance?
- Replies: 30
- Views: 3419
Re: Should we refinance?
Why should he refi a mortgage that he's only been in 12-14 months? This doesn't make sense to me at all.
- Fri Nov 07, 2014 3:22 pm
- Forum: Investing - Theory, News & General
- Topic: International Stock Index Potential
- Replies: 23
- Views: 4359
Re: International Stock Index Potential
Considering this logic should I buy me some GDX too?
- Fri Nov 07, 2014 12:26 pm
- Forum: Personal Finance (Not Investing)
- Topic: Should we refinance?
- Replies: 30
- Views: 3419
Re: Should we refinance?
I don't think you should refi until you have at least 20% equity.
- Fri Nov 07, 2014 11:57 am
- Forum: Investing - Theory, News & General
- Topic: International Stock Index Potential
- Replies: 23
- Views: 4359
Re: International Stock Index Potential
I dunno. I'm in VGTSX and it kind of has been stinky.