Search found 815 matches

by Leemiller
Tue Jul 25, 2017 7:20 pm
Forum: Personal Finance (Not Investing)
Topic: Grandson just got married. Wants to add wife's name to accts
Replies: 30
Views: 3235

Re: Grandson just got married. Wants to add wife's name to accts

Personally, I wouldn't want to live in a house that I wasn't on the title of.... When I first got married my husband was like your grandson. We were both attorneys but he had six figures in savings, and he added me to his accounts. Actually, he even put me on his life insurance pre-wedding. I was, a...
by Leemiller
Mon Jul 17, 2017 7:35 am
Forum: Personal Finance (Not Investing)
Topic: Personal loan to a family member
Replies: 114
Views: 6537

Re: Personal loan to a family member

I think you need to understand what they could be doing but aren't to deal with this. A 401k loan or taking out a loan or selling cars that are paid off is an example. Another would be working extra hours and significantly cutting back lifestyle. My bank keeps trying to give me personal signature lo...
by Leemiller
Tue Jul 11, 2017 7:02 am
Forum: Investing - Help with Personal Investments
Topic: Stop contributing to 529 on 50% chance grandparents pay
Replies: 42
Views: 2940

Re: Stop contributing to 529 on 50% chance grandparents pay

Don't plan your financial future around vague promises from relatives. If they fund the 529 you control, that's a commitment. If they hint that they may in the future pay for some part of college, that's sentiment. I may do all sorts of nice things for somebody some day. Or not. +1. I've had more t...
by Leemiller
Mon Jul 10, 2017 8:45 am
Forum: Personal Finance (Not Investing)
Topic: Gift to son buy a condo in San Francisco. Co-ownership?
Replies: 55
Views: 4080

Re: Gift to son buy a condo in San Francisco. Co-ownership?

I would strongly recommend equal gifts to the children now. Many people, including your children, will not tell you how they really feel. Making it up someday when you die is not really conducive to good feeling now between you and between the kids. I've always deeply appreciated the fact that my in...
by Leemiller
Sat Jul 08, 2017 4:51 pm
Forum: Investing - Help with Personal Investments
Topic: Federal Couple - Financial Independence? Early Retirement?
Replies: 18
Views: 2947

Re: Federal Couple - Financial Independence? Early Retirement?

If you only need 75k a year, then you're done. It doesn't matter what the FERs pension is worth, a 4-5% rate of return on your investments and social security and you're covered. The big issue here is what will your expenses, including health care, really be.
by Leemiller
Thu Jul 06, 2017 8:01 am
Forum: Investing - Theory, News & General
Topic: Considering a TSP loan to pay off student loans
Replies: 36
Views: 2266

Re: Considering a TSP loan to pay off student loans

Does TSP require that new contributions go to loan repayment? The combination of your contributions plus your soon to be wife's loan payment may pay the debt faster. Then you would collect the balance of the loan from your soon to be wife. No, the TSP loan repayment is paid with post-tax dollars. Y...
by Leemiller
Tue Jul 04, 2017 9:06 am
Forum: Personal Finance (Not Investing)
Topic: Should I buy this house?
Replies: 50
Views: 4274

Re: Should I buy this house?

One measure of adequate retirement savings is 1x your salary by age 30, so you're behind in terms of early retirement by that measure unless you wish to spend dramatically less in retirement. The house is ok but probably a luxury since you get so much house for that amount of money. In my opinion th...
by Leemiller
Fri Jun 30, 2017 7:35 pm
Forum: Personal Finance (Not Investing)
Topic: FDIC Insurance--what does it really mean?
Replies: 8
Views: 620

Re: FDIC Insurance--what does it really mean?

There is a lot of information, including a calculator,
on the FDIC's website.
by Leemiller
Fri Jun 30, 2017 7:31 pm
Forum: Personal Finance (Not Investing)
Topic: Can't find houses less than 3.3x income. Can we afford it?
Replies: 40
Views: 4445

Re: Can't find houses less than 3.3x income. Can we afford it?

I think the concept is your mortgage, not the purchase price, should be around 2.5x your income. Another measure is a 15 year no more than 25% of your take home. Another is all mandatory bills should be no more than 50% of take home (that would include utilities, etc). Everyone's circumstances are d...
by Leemiller
Fri Jun 30, 2017 4:14 pm
Forum: Personal Finance (Not Investing)
Topic: Engagement Ring Insurance
Replies: 46
Views: 3075

Re: Engagement Ring Insurance

For another view, if it would make your fiancé more comfortable to wear the ring buy the insurance. You can always cancel it later.
by Leemiller
Fri Jun 30, 2017 4:12 pm
Forum: Personal Finance (Not Investing)
Topic: Buying a $520k House in LCOLA
Replies: 23
Views: 2973

Re: Buying a $520k House in LCOLA

We live in a very social neighborhood with homes on smaller lots, and I would have a hard time giving that up. There are events for all the holidays as well as other parties. I think we have a large event about monthly. It has been great for us and our kids but people have different preferences.
by Leemiller
Fri Jun 30, 2017 4:06 pm
Forum: Personal Finance (Not Investing)
Topic: Leaving big law for public interest- how to save/allocate 1 year of salary the best way to prep for this
Replies: 10
Views: 1001

Re: Leaving big law for public interest- how to save/allocate 1 year of salary the best way to prep for this

I think you should take the bonus and pay everything off. You should be maxing retirement give your tax bracket. I wouldn't stop 529s - I think money saved for college is much, much more important than daycare now. Depending on future income, you're price range looks rather high. It seems like you'r...
by Leemiller
Fri Jun 23, 2017 7:32 am
Forum: Investing - Help with Personal Investments
Topic: Another Roth vs. Traditional debate, but for high-income Feds
Replies: 15
Views: 1579

Re: Another Roth vs. Traditional debate, but for high-income Feds

I contribute to the traditional TSP because my husband and I are in a high tax bracket for federal, state, and local taxes. I'm also not worried about paying more in taxes because I have such a high income stream in my 70s. I'd rather have a larger paycheck now. Like the other poster, I will also ch...
by Leemiller
Fri Jun 23, 2017 7:23 am
Forum: Personal Finance (Not Investing)
Topic: New Baby - Wife stay at home for 1 year?
Replies: 48
Views: 4209

Re: New Baby - Wife stay at home for 1 year?

Your wife is very lucky that she can take a year off and still have a job to return to. If she wants to take the time, then why not? For us, we like to have a nanny for a few years then move to daycare. If I had any paid maternity leave and that option, I would have stayed home longer. (Federal work...
by Leemiller
Wed Jun 21, 2017 7:25 am
Forum: Personal Finance (Not Investing)
Topic: Tracking towards a million and retiring at 55.
Replies: 38
Views: 5607

Re: Tracking towards a million and retiring at 55.

I think you're in great shape. Also, you could always pick up some side work after federal retirement and supplement your income for a time. But it would be great if your mortgage was paid off in retirement, it will be eventually so that will also mean your expenses will drop down at some point. I w...
by Leemiller
Wed Jun 21, 2017 7:18 am
Forum: Personal Finance (Not Investing)
Topic: Tracking towards a million and retiring at 55.
Replies: 38
Views: 5607

Re: Tracking towards a million and retiring at 55.

Currently, I make around $124,000 salary not including other benefits which amount to a total compensation package of $171,000 As a fellow federal employee, can you let me know where you obtained the dollar value estimate of your non-salary compensation? thanks Some agencies seem to provide this in...
by Leemiller
Wed Jun 21, 2017 7:09 am
Forum: Personal Finance (Not Investing)
Topic: Co-workers advising to buy house RIGHT NOW
Replies: 63
Views: 6293

Re: Co-workers advising to buy house RIGHT NOW

You didn't say what market you're in, but in certain markets in the US I would buy sooner, rather than later, to lock in my housing costs. None really knows how expensive housing might get - look at Silicon Valley. I've had co-workers in the past who rented for too long and deeply regretted it. But ...
by Leemiller
Mon Jun 19, 2017 12:36 pm
Forum: Investing - Theory, News & General
Topic: Amazon Buys Whole Foods
Replies: 103
Views: 10931

Re: Amazon Buys Whole Foods

I find it interesting that people worship bezos/amazon...when in reality he's done more to kill brick and mortar stores than waltons/walmart did. Double standard much?? Now amazon is buying grocery chains...they're been in the tv/movie business now for a couple years and are starting to create thei...
by Leemiller
Mon Jun 19, 2017 7:48 am
Forum: Investing - Help with Personal Investments
Topic: What Is The Right Amount For An Emergency Fund?
Replies: 27
Views: 2647

Re: What Is The Right Amount For An Emergency Fund?

My spouse and I earn enough that we could dial back our expenses and live on either income if needed, but it could take some time to find a new job and our fixed expenses are relatively high. So we keep about 6-8 months in our bank accounts. We also have taxable acccounts which I mentally include in...
by Leemiller
Wed Jun 14, 2017 4:15 pm
Forum: Personal Consumer Issues
Topic: Best Cheap Champagne
Replies: 60
Views: 3989

Re: Best Cheap Champagne

Veuve clicquot.
by Leemiller
Tue Jun 13, 2017 7:46 am
Forum: Personal Finance (Not Investing)
Topic: Can we afford a 800k house in HCOL area (Boston area) ?
Replies: 42
Views: 4393

Re: Can we afford a 800k house in HCOL area (Boston area) ?

We are in another HCOL. Aftercare for my kindergartener is a little over $500 a month. That is aftercare only, you may need beforecare as well. The nanny for my baby is $$$ but daycare for her would have been a little over $1,500 a month. You may wish to have a nanny or parent at home since some kid...
by Leemiller
Thu Jun 08, 2017 9:44 pm
Forum: Personal Finance (Not Investing)
Topic: How to deal with a personal finance cynic
Replies: 109
Views: 6133

Re: How to deal with a personal finance cynic

There are plenty of other sites that your friend can look too. Someone already mentioned the Reddit site. Personally, I find some of the threads and comments on this thread off-putting as well. And someone can read the Wiki page without digging through the forums.
by Leemiller
Wed Jun 07, 2017 5:17 pm
Forum: Personal Finance (Not Investing)
Topic: KF's Worst Case Retirement Plan [KlangFool's]
Replies: 252
Views: 18582

Re: KF's Worst Case Retirement Plan [KlangFool's]

I don't see why making $10 is the goal here. If income is the goal plenty of jobs pay more than $10 an hour. A nanny/ babysitter can earn from 15-25 for instance. Unless the job for your kids is related to their career paths, $10 is low.
by Leemiller
Wed Jun 07, 2017 8:42 am
Forum: Personal Consumer Issues
Topic: My Wife is having our 5th child. What is an appropriately extravagant push gift?
Replies: 90
Views: 7268

Re: My Wife is having our 5th child. What is an appropriately extravagant push gift?

A nice piece of jewelry that she can wear daily and enjoy but that has the wow factor. I'm not sure why your question got the responses it did, but I'm sure your wife will appreciate your thoughtfulness! I should add that I'm a woman and a mom, she will love a special gift.
by Leemiller
Tue Jun 06, 2017 7:20 am
Forum: Personal Consumer Issues
Topic: Help me choose an EXPENSIVE* red wine for a gift
Replies: 70
Views: 8274

Re: Help me choose an EXPENSIVE* red wine for a gift

I just did something similar for a friend. So I asked him what to get my husband as a special gift. You could ask for a special anniversary, etc. He gave me a recommendation and was surprised to discover the gift was for him. Made for a good joke as well.
by Leemiller
Mon Jun 05, 2017 7:01 am
Forum: Personal Consumer Issues
Topic: Worth it to buy expensive clothes?
Replies: 92
Views: 8955

Re: Worth it to buy expensive clothes?

Some people have body types that need more custom tailoring than others. I've known some men to continue to wear sloppy looking, ill fitting clothing and it's not a good look. I'd also note that in men's clothing paying more often gets a visibly nicer material. Up to a point, you can tell a cheaper ...
by Leemiller
Sun Jun 04, 2017 7:09 pm
Forum: Investing - Help with Personal Investments
Topic: High Income Earner Humbly Seeks Advice
Replies: 75
Views: 11050

Re: High Income Earner Humbly Seeks Advice

arsenalfan wrote:I second Livesoft's 529 idea. Dump $140k into 3 accounts, and be done with it for 5 years. After that, consider dumping another $140k in per kid.
Let the Roths grow as long as possible.


I agree with this. Spending Roth money on college at your income level is bizarre to me.
by Leemiller
Thu Jun 01, 2017 6:51 pm
Forum: Personal Finance (Not Investing)
Topic: First time home buyer in HCOL area
Replies: 10
Views: 1542

Re: First time home buyer in HCOL area

I think if you use your current net income it would be better than gross since nets vary quite a bit depending on what you have taken out. I live in the area and it's expensive. Then again we've met lots of kids at my daughter's school who are in condos, so that might be an option. For me, if I'm co...
by Leemiller
Wed May 24, 2017 11:55 am
Forum: Investing - Help with Personal Investments
Topic: Arrived at milestone - what should be my next step?
Replies: 14
Views: 1546

Re: Arrived at milestone - what should be my next step?

If I was answering your phone questions for myself I'd consider my income needs/wants in retirement and whether either spouse wanted to go part-time in the future or explore other career options. I'd also likely beef up my 529s prior to any mega back door contributions.
by Leemiller
Tue May 23, 2017 8:54 pm
Forum: Personal Consumer Issues
Topic: Well-made quality handbags
Replies: 32
Views: 3239

Re: Well-made quality handbags

In my experience, textured black leather is the lowest maintenance. I've had bags that fit that description last a ridiculously long period of time. So less than designer, for me materials count. Then again I'm currently carrying a light colored Rebecca Minkoff bag. I do have other high end designer...
by Leemiller
Mon May 08, 2017 7:58 pm
Forum: Personal Finance (Not Investing)
Topic: Home purchase question
Replies: 22
Views: 2290

Re: Home purchase question

Housing prices are dropping 27% a year? What? No way I'd buy. There must be rentals, at least for people who can't sell and must ride the market out.
by Leemiller
Wed May 03, 2017 9:23 pm
Forum: Personal Consumer Issues
Topic: Time to upgrade bed/bath linens
Replies: 23
Views: 2173

Re: Time to upgrade bed/bath linens

We have flannel sheets from land's end and I'm not impressed with how they've worn. As for sheets, mine are Frette, Pratsei, and a house brand by Bloomingdales. They've held up well and I like them all. Personally, I think the premium is worth it for nice sheets. For towels, whatever the Bloomingdal...
by Leemiller
Wed May 03, 2017 9:17 pm
Forum: Personal Consumer Issues
Topic: Buying a "share" of a house
Replies: 47
Views: 3454

Re: Buying a "share" of a house

So one of your parents ends up needing nursing home care after the other has passed. They go to sell the house to raise funds. Well 1/3 isn't there because you own it - how is that going to play out? Buy them a toilet or two and hire a handyman for a couple of hours but otherwise this sounds like im...
by Leemiller
Wed May 03, 2017 9:09 pm
Forum: Personal Finance (Not Investing)
Topic: Buying a luxury car (how dumb would it be to do this?)
Replies: 216
Views: 19421

Re: Buying a luxury car (how dumb would it be to do this?)

With four kids and where you are in savings, my vote is no. 3k a year per child is low unless you're only planning to cover community college and state schools. I think the four kids might be your luxury item given childcare and college costs. Dave Ramsey has a rule that you should have a million do...
by Leemiller
Mon May 01, 2017 8:53 pm
Forum: Personal Finance (Not Investing)
Topic: Bigger home guilt or bad idea
Replies: 15
Views: 2241

Re: Bigger home guilt or bad idea

You can afford it. Consider how much money 2m - cash for townhouse invested will get you in retirement. I'd say you're set.
by Leemiller
Fri Apr 28, 2017 9:35 am
Forum: Investing - Help with Personal Investments
Topic: Sitting mostly in cash. Please help.
Replies: 31
Views: 5139

Re: Sitting mostly in cash. Please help.

Why not look into an annuity? Also, you may want to consider TIPs, treasuries, municipal bonds, etc.
by Leemiller
Thu Apr 27, 2017 9:34 pm
Forum: Personal Finance (Not Investing)
Topic: If you pay a high AMT, would you take out $1M mortgage?
Replies: 45
Views: 4009

Re: If you pay a high AMT, would you take out $1M mortgage?

I think what you mean to ask is do some high earners take out a $1m mortgage, rather than pay it down, in part for the tax deduction (since deductions are very limited for high earners). Taxes and diversification were absolutely a consideration when we took out our mortgage. Our jumbo mortgage is at...
by Leemiller
Thu Apr 27, 2017 8:31 am
Forum: Personal Finance (Not Investing)
Topic: Baby on the way checklist
Replies: 34
Views: 3095

Re: Baby on the way checklist

My husband and I both have insurance through work, as well as policies outside of work. I set up the additional insurance while pregnant with number 2.
by Leemiller
Sun Apr 23, 2017 10:04 am
Forum: Personal Finance (Not Investing)
Topic: Any regrets living a frugal life for high income/high networth individuals?
Replies: 170
Views: 21078

Re: Any regrets living a frugal life for high income/high networth individuals?

The experiences make you happier than stuff mantra has been quoted ad nauseum on this site, but the studies that is based on found that was only true for certain people. It is also missing the important second part which is that giving and experiences with others means greater happiness. So giving a...
by Leemiller
Sun Apr 23, 2017 9:31 am
Forum: Personal Finance (Not Investing)
Topic: Should some professions tell people how much they make?
Replies: 39
Views: 5287

Re: Should some professions tell people how much they make?

As a parent, I'd like to see a one page or so tightly edited resume. Where you went to school would be a factor I'd consider. You might as well list scholarships but keep it short. I got a full tuition ride to law school and it still is noticed. You could include a page of testimonials or references...
by Leemiller
Thu Apr 20, 2017 5:35 pm
Forum: Personal Finance (Not Investing)
Topic: Calling for all the Moms: career and family.
Replies: 42
Views: 5618

Re: Calling for all the Moms: career and family.

As the mother of two girls, I feel that it is important that I model career success. I also would wish for them to be financially independent when they are older. Based on those goals, I structure my life. I am also planning for more flexibility as they are pre-teens and teens. I went from governmen...
by Leemiller
Sat Apr 15, 2017 10:21 am
Forum: Personal Consumer Issues
Topic: Where to find business appropriate clothing [womens small sizes]
Replies: 8
Views: 910

Re: Where to find business appropriate clothing [womens small sizes]

It seems to be that certain brands/stores run smaller, Theory and Zara come to mind. Usually European brands run smaller, anthropologie has a petite line as well. Some high end consignment might be an option as well. I have a very petite friend and she shops on EBay quite successfully
by Leemiller
Fri Apr 14, 2017 10:47 am
Forum: Investing - Help with Personal Investments
Topic: 529/son got accepted to medical school whahoooo!
Replies: 30
Views: 3584

Re: 529/son got accepted to medical school whahoooo!

I would move to cash in a heartbeat. You've won, don't be greedy. Congrats on both your son's success and your own! As for PSLF, I just heard of a pending lawsuit where some grads relied on a representation that their job qualified except oops it didn't. I would be shocked if the program doesn't und...
by Leemiller
Sat Apr 08, 2017 3:09 pm
Forum: Personal Finance (Not Investing)
Topic: Helping parents/grandparents while raising kids
Replies: 47
Views: 4316

Re: Helping parents/grandparents while raising kids

To give some background, both of my parents made bad choices that put them in a bad position financially. Therefore, I expect them to work while they are physically able. I think this is important for their own mental health, and I recognize that I might end up supporting them for 20-30 years given ...
by Leemiller
Fri Apr 07, 2017 9:19 am
Forum: Personal Finance (Not Investing)
Topic: Telling Family About Daughters 529 For Gifts
Replies: 52
Views: 3803

Re: Telling Family About Daughters 529 For Gifts

Kids toys are usually pretty cheap. I'm not sure the amount of money is enough to move the needle on a 529. If you're concerned about the quantity or type of toys, you can always suggest to them what you think your kid would like and what would be reasonable. I've mentioned to family members that we...
by Leemiller
Sat Apr 01, 2017 8:47 pm
Forum: Personal Finance (Not Investing)
Topic: New home expenses versus a high (overly-high?) savings & investment rate
Replies: 20
Views: 2767

Re: New home expenses versus a high (overly-high?) savings & investment rate

I'd fix the house since anything with potential water damage makes me squeamish. I hate to give up tax advantaged space but it seems to me that you can save to much especially in retirement accounts since at some point what you have saved will throw off more income than you will need/ expect to spen...
by Leemiller
Wed Mar 29, 2017 10:07 am
Forum: Personal Finance (Not Investing)
Topic: Not opting for 529... anyone else?
Replies: 175
Views: 11108

Re: Not opting for 529... anyone else?

Actually, that's a point I forgot to mention earlier. My wife and I think it is very important for the kid to have financial "skin in the game" when it comes to their education. I hear this quite a bit, to the point where it has become cliche .... and I totally disagree. Respect for the i...
by Leemiller
Tue Mar 28, 2017 6:43 pm
Forum: Personal Finance (Not Investing)
Topic: Not opting for 529... anyone else?
Replies: 175
Views: 11108

Re: Not opting for 529... anyone else?

You the money back without penalty if your kid gets a scholarship. Even then you can use the money for grad school or other kids. Having college funded seems to be a good way to set an expectantion that your child will go to college.
by Leemiller
Tue Mar 28, 2017 6:40 pm
Forum: Personal Finance (Not Investing)
Topic: Daughter maxed out credit cards, needs help from me
Replies: 92
Views: 5489

Re: Daughter maxed out credit cards, needs help from me

I can't imagine being cool with my daughter living with a guy whose parents pay his bills but who charges her rent. How much rent? Are they splitting things 50/50 - which would be ridiculous given his 'income.' Maybe I'm old fashioned but he sounds cheap like an ex of mine who has a trust fund and s...

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