Search found 80 matches

by nyknicks4412
Wed Jul 13, 2016 10:50 am
Forum: Personal Consumer Issues
Topic: Healthcare cost quotes (Not so simple)
Replies: 34
Views: 3685

Re: Healthcare cost quotes (Not so simple)

Bundled payments solve a number of the issues discussed above in regards to pricing. Lumping all charges associated with an episode of care (knee replacement) and charging 1 fixed price for the service. Hospital bills are so complex because they aren't designed for the patient. They are designed by the provider to meet the demands of the payer. The more codes the provider can justify on the bill...the higher the payment they will receive. Since the majority of healthcare services are paid by insurance, the system makes sense. As individuals are pushed into high deductible plans and to using HSAs to pay for medical treatment, there will be an increase in demand for transparency in regards to billing. Hospitals are recognizing this fact and b...
by nyknicks4412
Sun Jul 10, 2016 8:56 pm
Forum: Personal Finance (Not Investing)
Topic: Ally or Capital One 360 online savings account?
Replies: 47
Views: 12803

Re: Ally or Capital One 360 online savings account?

Big fan of Ally. Used them the last 3 years or so. Customer service is excellent and they have a great mobile app.
by nyknicks4412
Sun Jul 10, 2016 8:54 pm
Forum: Personal Consumer Issues
Topic: Less than 24 hour delivery with Amazon & on Sunday
Replies: 41
Views: 7916

Re: Less than 24 hour delivery with Amazon & on Sunday

livesoft wrote:
nyknicks4412 wrote:Amazon is too good at what they do...they are now angering customers because they delivered a packaged too fast. Interesting business problem to have lol
In our case, the package was NOT delivered too fast. It took more than a week since the order was placed to be delivered. If Amazon had been fast, the package could have been delivered on Monday, Tuesday, …, Friday, or even Saturday.
In that case they should add something along the lines of "No Sunday Delivery"...I've always found their delivery to be very reliable but I have prime so it is always within 2 days.
by nyknicks4412
Sun Jul 10, 2016 8:31 pm
Forum: Personal Consumer Issues
Topic: Less than 24 hour delivery with Amazon & on Sunday
Replies: 41
Views: 7916

Re: Less than 24 hour delivery with Amazon & on Sunday

Amazon is too good at what they do...they are now angering customers because they delivered a packaged too fast. Interesting business problem to have lol
by nyknicks4412
Sun Jul 10, 2016 12:05 am
Forum: Personal Finance (Not Investing)
Topic: Trust Fund Kid
Replies: 63
Views: 9315

Re: Trust Fund Kid

I'd be booking a one-way ticket to Indonesia to surf my life away...$1 million isn't a lot but it sure can do better than craigslist friends and a job at pizza hut.
by nyknicks4412
Sat Jul 09, 2016 11:15 pm
Forum: Personal Finance (Not Investing)
Topic: Buy vs rent Boston area?
Replies: 38
Views: 6048

Re: Buy vs rent Boston area?

I second the thought of going a bit further out and locating near the commuter rail. Opens up a lot more possibilities that are slightly more affordable. If you aren't working directly in Boston then it makes it even easier. There are some great towns off the pike closer to Worcester as others have mentioned with awesome schools. Can also go up 128 and selectively choose towns on the North Shore that offer a bit more affordability. On the surface this seems to be the better move financially, but it all comes down to where you are commuting to. Commuter rail passes are very expensive, and costs are only going up. For example Ashland (Out on the Worcester Line) Parking $80 ($4 a day x 20 workdays) Zone 6 Pass $318 $400 a month for one person...
by nyknicks4412
Sat Jul 09, 2016 10:56 pm
Forum: Personal Finance (Not Investing)
Topic: Getting rid of Credit cards
Replies: 34
Views: 4911

Re: Getting rid of Credit cards

If there isn't a yearly fee why not toss them all in a safe at home and just carry one card around with you. Solves the issue of forgetting to pay and you don't run the risk of potentially impacting your credit score by closing accounts.
by nyknicks4412
Sat Jul 09, 2016 10:52 pm
Forum: Personal Finance (Not Investing)
Topic: Where were you financially when you were at 30?
Replies: 226
Views: 50310

Re: Where were you financially when you were at 30?

just frank wrote:
Abe wrote: One thing about the internet and this site, it makes me aware there is a whole different world out there. :beer
It's ok Abe, they probably still live in their parent's basement. :D

:beer
Lol this sites an anomaly if there are really this many 30 year old millionaires.

Most 30 year olds are lucky if they've finished school, paid off student loans and have found some early success in their career. Then again I guess bogleheads aren't most people.
by nyknicks4412
Sat Jul 09, 2016 10:25 pm
Forum: Personal Investments
Topic: wait for the drop?
Replies: 75
Views: 11151

Re: wait for the drop?

I'll go against the grain a bit here and say that you can't time the market. Since you should be investing for the long term and utilizing an asset allocation appropriate for your risk tolerance, the downswings that you mention as inevitable shouldn't factor into when to buy. But it might also be prudent not to buy first thing Monday morning. There is a lot of uncertainty in the marketplace right now, treasury yields are hitting all time lows (with indications the fed will raise rates probably once more this year) and stock indexes approaching all-time highs (with earnings season right around the corner and substantial global headwinds). Things might be a little expensive. Then again as we saw with Brexit...the market is unpredictable. A st...
by nyknicks4412
Thu Jul 07, 2016 7:17 am
Forum: Personal Finance (Not Investing)
Topic: How to finance M7 MBA
Replies: 26
Views: 6246

Re: How to finance M7 MBA

Currently going to be a second year MBA at a top 15 school. Definitely is difficult leaving the workforce and shelling out a lot of money for an education. The MBA job market last year was very strong with most schools reporting 90%+ employment within 3 months of graduation and starting salaries up across the board. At an M7 you can pretty much write your ticket with a little bit of work. Lets just hope the economy holds on. From a personal and career development standpoint my time spent in school has been invaluable. I couldn't be happier with my decision and talking with most of my classmates they'd agree (as long as companies are still hiring this fall lol). I would sell all the stock and index funds. My girlfriend has a similar salary a...
by nyknicks4412
Mon Jul 04, 2016 9:41 pm
Forum: Personal Consumer Issues
Topic: Auto Insurance - Am I paying too much ?
Replies: 34
Views: 4788

Re: Auto Insurance - Am I paying too much ?

100/300 should really be the minimum liability coverage. If you can afford it I would raise the deductibles...those are very low. Going up to $1k will make a big difference. Drop the rental coverage too. Depending how old the cars are and how much they are worth could think about dropping collision all together.

Comparing what you're paying to others really won't make any sense as there are a ton of different factors that weigh into the price. If you think it is too much shop around and experiment with changes others have mentioned to get it down more.
by nyknicks4412
Mon Jul 04, 2016 9:36 pm
Forum: Personal Finance (Not Investing)
Topic: Buy vs rent Boston area?
Replies: 38
Views: 6048

Re: Buy vs rent Boston area?

I second the thought of going a bit further out and locating near the commuter rail. Opens up a lot more possibilities that are slightly more affordable. If you aren't working directly in Boston then it makes it even easier. There are some great towns off the pike closer to Worcester as others have mentioned with awesome schools. Can also go up 128 and selectively choose towns on the North Shore that offer a bit more affordability.
by nyknicks4412
Mon Jul 04, 2016 11:53 am
Forum: Personal Finance (Not Investing)
Topic: Can I afford a million dollar house?
Replies: 85
Views: 14967

Re: Can I afford a million dollar house?

The question isn't can you afford it...because just from a numbers perspective sure you could make it work. The question is should you buy a million dollar house given your current situation. And in my mind the answer to that is no. Single, young, in a great financial position with what sounds like a lot of life changes coming in the next few years. Why jeopardize that success? One or two shifts in your financial position and you could find yourself with way more house than you can afford blowing through a cash reserve that should probably be invested but is held on the sidelines because of the risk in purchasing so much home. You're holding roughly 60% of your assets in cash. At your age that is a lot of dry powder that you could do a lot ...
by nyknicks4412
Sun Jul 03, 2016 6:10 pm
Forum: Personal Finance (Not Investing)
Topic: Worried about son's finances/life
Replies: 41
Views: 10422

Re: Worried about son's finances/life

I got to the Harvard post...realized you aren't really concerned lol
by nyknicks4412
Sun Jul 03, 2016 1:59 pm
Forum: Personal Finance (Not Investing)
Topic: Living on one income so partner can go to school
Replies: 31
Views: 4355

Re: Living on one income so partner can go to school

Thank you! Yes, he's thought of working as a CNA while in school but hasn't decided yet. He worked as a medical assistant years ago. He would like to go into geriatrics and eventually get an advanced degree. We live in Northern California and while it may be ver optimistic to think he can double his income, we know it's possible. Frankly, he will be very happy breaking $90k a year. Anything more is a bonus. We're aware that it is tough for new grads here to find full-time employment right away -- some do per diems or hospice first. If we have to move elsewhere, we're totally open to it. Definitely possible in CA from what my girlfriend has heard from friends who have moved out that way! Like most places in the US the demand is definitely t...
by nyknicks4412
Sat Jul 02, 2016 4:25 pm
Forum: Personal Consumer Issues
Topic: How many of you have cut the cord?
Replies: 244
Views: 39058

Re: How many of you have cut cord?

I got rid of cable and switched to streaming through Netflix/Hulu/Amazon type services but still pay for internet. Many cable/internet providers are combatting this trend. I currently have data caps on my internet subscription and have hit it on a number of occasions. As they lose revenue for cord cutters I can see these data caps/additional fees for exceeding them becoming a large issue for those of us who prefer streaming/on-demand services.
by nyknicks4412
Sat Jul 02, 2016 3:34 pm
Forum: Personal Finance (Not Investing)
Topic: Living on one income so partner can go to school
Replies: 31
Views: 4355

Re: Living on one income so partner can go to school

I would recommend your husband work as a CNA while attending school. As you suggested...finding the first job as an RN can be difficult. If he wants to work in a hospital setting (where the $$$ is) then he'll need some experience in the healthcare field. It will help bring in money while getting the necessary experience to be marketable upon graduation. It will also help him figure out what area of nursing he wants to go into. Your assumption of doubling his salary (if it was previously $67k) is overly optimistic. There are only a few HCOL areas that I would think would support that (CA/NY) and even then he would definitely be at the high end of the salary range. Nursing is one of those careers where right out of school you definitely outpa...
by nyknicks4412
Sat Jul 02, 2016 12:13 pm
Forum: Personal Consumer Issues
Topic: WSJ subscriptions through eBay
Replies: 11
Views: 2831

Re: WSJ subscriptions through eBay

If you have kids in school or access to a .edu email the student edition is the same as the full version but with a steep discount...can purchase 2 years for $200
by nyknicks4412
Fri Jul 01, 2016 8:49 pm
Forum: Personal Consumer Issues
Topic: Boat Recommendations
Replies: 8
Views: 1107

Re: Boat Recommendations

uclalee wrote:relatively affordable
BOAT = Bust Out Another Thousand :D but they are a ton of fun. Been around boats my whole life but am not familiar with brands targeting skiing. I will say the used boat market is the way to go. As long as you know a little bit about what you're looking for and have a good surveyor you can save a lot of money.
by nyknicks4412
Fri Jul 01, 2016 12:54 pm
Forum: Personal Consumer Issues
Topic: Favorite ski resort
Replies: 61
Views: 7222

Re: Favorite ski resort

chrisam314 wrote: A few votes for Aspen - is it reasonable? IE: I'm not a motel 6er or a Waldorfer. Are there a good amount of things in between? Sounds great if so.
Definitely...I'd say the rich piece of it is a bit overblown. There is plenty of :dollar but really no different than the Deer Valley scene. I went there on spring break in college and am not a 1%er. Found plenty to do.
by nyknicks4412
Thu Jun 30, 2016 4:44 pm
Forum: Personal Finance (Not Investing)
Topic: Where were you financially when you were at 30?
Replies: 226
Views: 50310

Re: Where were you financially when you were at 30?

I will let you know in 4 years. I am still in graduate school and financing it myself so I definitely have some work to do. While I am confident I've made the right choices in investing in my future and will be able to be on the right side of the equation in a few years...it is still crazy to hear my parents generation talk about how they had a house and kids at my age. I can barely afford to feed myself and I am certainly not responsible enough for a dog let alone kids!
by nyknicks4412
Thu Jun 30, 2016 7:16 am
Forum: Personal Consumer Issues
Topic: Favorite ski resort
Replies: 61
Views: 7222

Re: Favorite ski resort

Definitely need to know the budget and preferred style of skiing. Deer Valley is known for grooming. If that is the style of skiing you're looking for going to a place like Snowbird/Alta might not be the best fit.

If you like the skiing/nightlife combo and price really isn't a concern it is hard to beat Aspen. Can ski 4 mountains that vary significantly so there is something for everyone. Flying into Aspen is a breeze and typically costs about the same as flying into Denver and renting a car. The downtown area is a ton of fun and there are some great hotels to stay in. If you're a strong skier and looking for a little adventure hike the Highlands Bowl. I have skied a lot of places...in my experience hiking the bowl tops them all.
by nyknicks4412
Mon Jun 27, 2016 4:52 pm
Forum: Personal Finance (Not Investing)
Topic: Will - Remarried with Troubled Kids
Replies: 37
Views: 6470

Re: Will - Remarried with Troubled Kids

Put yourself in your daughters shoes...you're contemplating leaving a portion of your $$$ to 2 drug addicts and a failure to launch who you have had 0 influence in raising. You should structure it so those kids don't get a dime of your $$$. Sorry to be blunt but you asked!

Given the situation with his kids I would keep all your finances separate. You don't want to run into the situation where you have his kids asking you for money every week when you know it is doing them no good. Just avoid it all together by not mixing finances.

I have witnessed an addict in prison inherit low 8 figures. It wasn't pretty when he got out...even with a trust in place.
by nyknicks4412
Sat Jun 18, 2016 9:39 pm
Forum: Personal Finance (Not Investing)
Topic: College and beyond without a credit card?
Replies: 92
Views: 9550

Re: College and beyond without a credit card?

Hard not to argue whether or not credit cards are bad. I would say that using a debit card for everything is quite risky if the numbers get stolen (which is quite likely to happen at some point). She'll need a card for certain purchases like renting a car. Not having one is also preventing her from improving her credit score (she may have student loans that will get it started but needs more than that). I can imagine that getting through college would be quite easy without a credit card. It is the stage afterwards where building the credit score comes into play. Apartments, car, student loan refinancing and employers have all pulled my score just to name a few. Looking to buy a house soon and couldn't imagine applying for a mortgage without...
by nyknicks4412
Sat Jun 18, 2016 2:42 pm
Forum: Personal Investments
Topic: not quite typical: seeking guidance in a non-straightforward situation
Replies: 37
Views: 5250

Re: not quite typical: seeking guidance in a non-straightforward situation

One of the things that stuck out to me right away was how heavily titled your asset allocation is towards real estate...

You have $1.2 million in equity in your house and are still holding 36% of your 401k in real estate. We all saw how badly the real estate market can implode...for someone unable to save and in the later stages of their careers I would look for ways to tap the substantial equity in the house (sell and rent/move/downsize) and diversify my investments to absorb market downturns.
by nyknicks4412
Sat Jun 18, 2016 11:39 am
Forum: Personal Finance (Not Investing)
Topic: Navient (student loan) amortization sched. Q
Replies: 8
Views: 3564

Re: Navient (student loan) amortization sched. Q

They won't adjust the amortization schedule or change your payoff date just because you made a one-time large payment. Your loan is probably considered paid ahead and if you look it might say something like no payment due. As long as you see that most the extra payment went to principal you're good. They aren't ripping you off.
by nyknicks4412
Thu Jun 16, 2016 7:16 am
Forum: Investing - Theory, News & General
Topic: Bogle says "You don't need bonds ?"
Replies: 68
Views: 13157

Re: Bogle says "You don't need bonds ?"

I think this should speak volumes to those in their 20's-40's that are a long way out from retirement. If you can ride the ups and downs without pulling the trigger on backing off your position why own bonds? Especially at this point when yields are so low. A 30 year old who won't be touching a 401k for at least 30 years probably doesn't need to be concerned about a 20% swing in equities if they believe the boglehead approach of staying the course and maintaining a significant position in index funds.
by nyknicks4412
Wed Jun 15, 2016 12:56 pm
Forum: Personal Investments
Topic: Fidelity 401k through employer
Replies: 27
Views: 2799

Re: Fidelity 401k through employer

You're 23 and won't be tapping this money for a very long time...

100% FXSIX

You don't need bonds and S&P 500 will give you plenty of international exposure. Keeps it simple and requires no re-balancing to your desired asset allocation. I really don't see the "risk" associated with a steep drop in equities when you're young. There is plenty of time to ride out any market downturn. At 23 I would just pour as much money into the 401k as you can and don't even pay attention to market fluctuations.
by nyknicks4412
Tue Jun 14, 2016 8:26 pm
Forum: Investing - Theory, News & General
Topic: Iceland triggering second thoughts on foreign bonds?
Replies: 42
Views: 6223

Re: Iceland triggering second thoughts on foreign bonds?

U.S. treasuries are risk free in the sense that the U.S. government will conduct monetary or fiscal policy to pay its debts. The U.S. will always pay its debt. So much is built on the full faith and credit of the U.S. federal government. It would take such a monumental shift in the global economic landscape for that to change that attempting to diversify this minute risk away is crazy in my mind. Look at how touchy the markets are to an off jobs report or the threat of Brexit or low oil prices. Your bond portfolio being destroyed would be the least of your concern...if the U.S. government can't pay up Wall Street as we know it wouldn't exist! I'll stake my claim on domestic bonds any day. Now if you're chasing yield that is another thing bu...
by nyknicks4412
Tue Jun 14, 2016 3:37 pm
Forum: Personal Investments
Topic: How to handle MSFT buyout of LNKD
Replies: 20
Views: 3937

Re: How to handle MSFT buyout of LNKD

Can sell now and lock in most of the premium if the deal falls through or wait and take it all if the deal closes. Market seems pretty confident the deal will go ~2% chance based on current share price it won't. There may be some benefits to timing your taxable event but I believe the deal is expected to close this year.
by nyknicks4412
Mon Jun 13, 2016 8:43 pm
Forum: Personal Consumer Issues
Topic: Leisure Time versus Thriftiness
Replies: 100
Views: 13644

Re: Leisure Time versus Thriftiness

Target sells suits? I guess its a step up from wally world.

I actually think its all a personality thing. Nothing to do with how much you make. I've seen very wealthy individuals that would go well out of their way to save a buck. I'm not wealthy but I rarely buy something without trying to find the best deal.
by nyknicks4412
Mon Jun 13, 2016 4:35 pm
Forum: Personal Consumer Issues
Topic: Help! Microsoft kills WIN Live Mail-2012
Replies: 22
Views: 3954

Re: Help! Microsoft kills WIN Live Mail-2012

Maybe this is a sign you should update your OS!

Thunderbird would be my pick
by nyknicks4412
Mon Jun 13, 2016 7:35 am
Forum: Personal Consumer Issues
Topic: Credit card for college-aged daughter
Replies: 36
Views: 4312

Re: Credit card for college-aged daughter

Like a few others was able to qualify for a credit card in college post-2009 without any income...actually had 3 by the time I graduated. There are a number of student programs that should make it pretty easy to qualify.

As for the verifiable income piece...I have never once been asked to verify my income. Seems like anyone could go on and punch anything reasonable in and the bank would take it. Not saying your daughter should lie but putting in a low number to get past the auto-denial for no income wouldn't be that big of a deal (can always say it is allowance from you or something).
by nyknicks4412
Tue Jun 07, 2016 5:00 pm
Forum: Personal Finance (Not Investing)
Topic: How to live on $110,000 less income each year?
Replies: 104
Views: 17175

Re: How to live on $110,000 less income each year?

My girlfriend and I went from making roughly 140k to 45k after I decided to go back to school full-time for an MBA. We don't save anything other than her 401k contributions at work to get the match but we make it work.

Tracking expenses is key. What can and can't be cut becomes pretty obvious when the $$$ is no longer come in. One way we adjusted was by living on the budget we would have while I was in school before I went back. First few months were hard but pretty quickly you learn that $5 coffees add up!
by nyknicks4412
Mon Jun 06, 2016 5:03 pm
Forum: Investing - Theory, News & General
Topic: How does an IPO work?
Replies: 15
Views: 1604

Re: How does an IPO work?

There are a number of ways an IPO might play out but an investment bank (or syndicate of banks) typically sits in the middle of the company doing the IPO and institutional investors. These banks may purchase all the shares from the company or operate on best efforts where they sell as many shares of the allocated pool as possible. In either case the company receives the proceeds of the IPO from the banks. This is because one way investment banks make money in an IPO is through the spread (difference between price company receives for each share and what the banks sell the shares to the institutional investors at). Institutional investors do not directly interact with the company. That is kind of the 1000ft synopsis. One thing to point out i...
by nyknicks4412
Mon Jun 06, 2016 7:02 am
Forum: Personal Finance (Not Investing)
Topic: 22yo starting medical school. Minimize debt or maintain savings/emergency fund?
Replies: 23
Views: 3539

Re: 22yo starting medical school. Minimize debt or maintain savings/emergency fund?

Is additional living expenses factored into you yearly figures. I am currently a grad student and will be the first to admit tuition/fees are just the start. Living on your own off campus is expensive. You will want to have some fun once in a blue moon. I would make sure you have some money to tap once you get in the swing of things and realize graduate school (especially over 4 years) is a lot more expensive than the sticker price.
by nyknicks4412
Thu May 19, 2016 1:14 pm
Forum: Personal Finance (Not Investing)
Topic: Why the Low Quantitative Score on the GMAT?
Replies: 26
Views: 4368

Re: Why the Low Quantitative Score on the GMAT?

miles monroe wrote:
Kenster1 wrote:A straight fence is to be constructed from posts 6 inches wide and separated by lengths of chain 5 feet long. If a certain fence begins and ends with a post, which of the following could not be the length of the fence in feet? (12 inches = 1 foot)
lol, what does this say about our education system if the GMAT feels the need to tell us the there are 12 inches in a foot?
Metric system exists in many parts of the world where the test is taken...US education :oops:
by nyknicks4412
Wed May 18, 2016 4:16 pm
Forum: Personal Finance (Not Investing)
Topic: Why the Low Quantitative Score on the GMAT?
Replies: 26
Views: 4368

Re: Why the Low Quantitative Score on the GMAT?

I am a comp sci undergrad who went back to a top b-school 3 years out of undergrad. Are you just taking the GMAT for fun or doing an executive program? I can't fathom why you'd want to take the test for fun but its possible. 20 years experience will be too much for a competitive MBA program to give you a look I think and gmat scores for executive programs aren't nearly as high. For the quant section it really takes a ton of practice even for someone with a math background unless you're just naturally gifted at test taking. The quant is about problem solving not math skills on the higher level questions. The math really only goes up to a 10th grade level. Learn the questions types and the tricks to answer them. It is 100% doable for anyone i...
by nyknicks4412
Wed May 11, 2016 5:46 pm
Forum: Personal Consumer Issues
Topic: When do you use cash, when a credit card?
Replies: 49
Views: 7787

Re: When do you use cash, when a credit card?

Haven't carried cash in a long time...if I need to exchange money between friends we just venmo. If a store doesn't take plastic I just go elsewhere. Though it is becoming less common that this happens.

I wonder what generation will be the last to see paper money. I'd bet that most millennials are comfortable enough with online banking/phone technology/cards that they wouldn't need/want the burden of cash. Can only imagine how the next generation coming up will be.
by nyknicks4412
Wed May 11, 2016 5:41 pm
Forum: Personal Consumer Issues
Topic: Gifted math program for 1st grade
Replies: 66
Views: 11645

Re: Gifted math program for 1st grade

I was in the other "gifted" program in elementary school...needed one on one help in math and reading cause I was falling behind. It was mostly due to the fact that I hid homework from my parents through 5th grade. Won't be letting my kids pull a fast one on me like this.

I don't really see a downside to allowing a child to work on some more advanced math problems if they are up for it. Whether they are truly "gifted" probably won't be worked out until much later in life. It may just be you're a good parent and worked on some math skills a bit earlier than others or you're kid is the next Einstein.
by nyknicks4412
Thu Dec 31, 2015 1:33 pm
Forum: Personal Finance (Not Investing)
Topic: Entering Retirement Payoff Debt
Replies: 11
Views: 1335

Re: Entering Retirement Payoff Debt

nordsteve wrote:Do the student loans qualify for IBR? Might end up with little/no payment and be able to quality for forgiveness.

https://studentaid.ed.gov/sa/repay-loan ... ent-period
Unfortunately the loans they have do not qualify IBR/ICR...
by nyknicks4412
Thu Dec 31, 2015 1:27 pm
Forum: Personal Finance (Not Investing)
Topic: Entering Retirement Payoff Debt
Replies: 11
Views: 1335

Re: Entering Retirement Payoff Debt

When paying off the mortgage they would need to tap into accounts that would be subject to capital gains. People still feel it is worth it? Thanks for the reply! Don't know when dad had to stop working. But, 2016 starting tomorrow they will likely be in a low tax bracket if mainly depending on social security/disability. Unless there's a pension or something? They may not be hit hard for the capital gains. If they're in the 15% bracket, they really would win that way. No pensions...he hasn't worked for about 5 years. They have been living off savings. Hope was he would be able to go back to work but unfortunately that is not a possibility. Tax bracket is 15%. From reading I have a fairly good understanding of the basic strategy for retirem...
by nyknicks4412
Thu Dec 31, 2015 1:04 pm
Forum: Personal Finance (Not Investing)
Topic: Entering Retirement Payoff Debt
Replies: 11
Views: 1335

Re: Entering Retirement Payoff Debt

jjface wrote:Have them sell the boat too. It is not like he/she/they will have time to enjoy it.
I figured the boat would become a topic of discussion lol boat = (bust out another thousand)...something they really don't have. Boat will be sold this spring.

Refinancing is not possible they do not qualify given their debt/income. They tried.

When paying off the mortgage they would need to tap into accounts that would be subject to capital gains. People still feel it is worth it?

Thanks for the reply!
by nyknicks4412
Thu Dec 31, 2015 12:55 pm
Forum: Personal Finance (Not Investing)
Topic: Entering Retirement Payoff Debt
Replies: 11
Views: 1335

Entering Retirement Payoff Debt

Edited for parents privacy - Appreciate the advice
by nyknicks4412
Sun Oct 26, 2014 7:07 pm
Forum: Personal Finance (Not Investing)
Topic: $50,000 in Private Loans for Nursing Degree
Replies: 34
Views: 7624

Re: $50,000 in Private Loans for Nursing Degree

This is a no brainer...OP is working in a coffee shop @ 50-70 hours a week and making 30k a year. Go back to school and channel some of that work ethic. Then once you graduate if you put in those same hours in you'll make 100k as a nurse anywhere on the northern half of the east coast I'd imagine. The overtime/urgent need pay is absurd lol. My girlfriend regularly gets asked to work for double time plus differential. That's over 60$ an hour. And she does it so much she gets burnt out and can't keep up with the need. Her hospital has a float pool that anyone can sign up for and they send out texts/call to fill in floors that need help. You're doing those same hours but getting paid probably in the neighborhood of 8-10. Your quality of life w...
by nyknicks4412
Sat Oct 25, 2014 8:49 am
Forum: Personal Finance (Not Investing)
Topic: $50,000 in Private Loans for Nursing Degree
Replies: 34
Views: 7624

Re: $50,000 in Private Loans for Nursing Degree

Not sure if it would be worthwhile or not. I think you need to do more research. I know that the UMass system (many Massachusetts hospitals) have slashed nursing jobs. Those who are let go are by seniority and nothing else. The nurses remaining are shuffled around to fill required positions. Some hospitals (Milford Regional in Massachusetts) show tons of positions online. They've all been filled by internal candidates. Their application system is online only and if you submit an app for a job, you have to wait before applying to another. So if they show 25 positions you qualify for, you can only apply for one. BSRN has become the entry point in the Northeast. Having a masters or NP is becomming the norm. ASNs are working at Starbucks. My w...
by nyknicks4412
Thu Oct 23, 2014 10:18 am
Forum: Personal Finance (Not Investing)
Topic: Overpaying student loan
Replies: 31
Views: 6647

Re: Overpaying student loan

For many loan providers the over payment pushing out the loan payments is unavoidable. All of my friends had this happen to them. You need to call them and have them recalculate your payment schedule each time you make extra large payments to the loan if you don't want it to show as paid ahead. You're right been there , done that ; we paid Stafford loans by mail many years ago & each month I paid well before the due date & included a letter with instructions to apply any overage to principle ; by the look of some of the responses it doesn't seem like things have advanced too far since those low tech dark ages , at least not regards student loans . Haha not at all...as a software engineer I find it a little scary that I can find iss...
by nyknicks4412
Thu Oct 23, 2014 9:51 am
Forum: Personal Finance (Not Investing)
Topic: Overpaying student loan
Replies: 31
Views: 6647

Re: Overpaying student loan

Regards the OP's original post and the responses : (1) Contrary to my earlier statement , I don't think it's always true that favoring the higher interest loan always beats pro-rating - depends on the spread between interest rates the amount of each loan & the amount of the overpayment - check it out , create a spreadsheet and play around . (2) Paying the minimum each month isn't how I read the OP's goals. and (3) Using the overpayment to push out the payments is just pre-paying regular payments & just gives the servicer use of your money - doesn't seem to reduce interest or have any other advantage. For many loan providers the over payment pushing out the loan payments is unavoidable. All of my friends had this happen to them. You...
by nyknicks4412
Tue Oct 21, 2014 12:01 pm
Forum: Personal Finance (Not Investing)
Topic: Overpaying student loan
Replies: 31
Views: 6647

Re: Overpaying student loan

The system is setup to rip you off...and it definitely does not work how they say it will Totally disagree ! the way myself , WhatsUpB and the OP himself described the repayment rules is very logical and mathematically reasonable , different than the mortgage rules, i.e. daily interest, etc. but nonetheless fair - and many service providers operate just that way - the OP though has a valid point in that they should be set up to handle the payments anyway he wishes - that's certainly very customer friendly - all of them could and some probably do offer a few different repayment options but asking for a customized repayment program isn't a good business model IMO If the service provider communicates the rules thoroughly , carries out those r...
by nyknicks4412
Tue Oct 21, 2014 11:17 am
Forum: Personal Finance (Not Investing)
Topic: Overpaying student loan
Replies: 31
Views: 6647

Re: Overpaying student loan

Be VERY careful with trusting that they will apply payments how you want...I have consistently run into issues with extra payments. My lender (Great Lakes) had the same policy that you described with the added clause that any extra payments outside monthly will go to accrued interest, fees and then principal on highest interest loan. After carefully looking at how my extra payments were applied I realized that they were actually splitting the extra payments up proportionately to the loan balances instead of sending the full amount to the highest interest loan. Same issue happened with my girlfriend. Had to specifically call each and every time I made an extra payment to have them reverse the transaction and apply it correctly. The system is...