Search found 1534 matches

by Meg77
Thu Dec 08, 2016 5:25 pm
Forum: Personal Finance (Not Investing)
Topic: What is my Cost Basis on Gifted Real Estate?
Replies: 31
Views: 1332

Re: What is my Cost Basis on Gifted Real Estate?

When my father passed, he had a beneficiary deed in place (not all states have these), which meant the cost basis for the home was based on his date of death, rather than his original cost basis. Also, I didn't think to immediately get an appraisal upon his death, but when I finally did sell the ho...
by Meg77
Thu Dec 08, 2016 5:23 pm
Forum: Personal Finance (Not Investing)
Topic: What is my Cost Basis on Gifted Real Estate?
Replies: 31
Views: 1332

Re: What is my Cost Basis on Gifted Real Estate?

I believe your basis will be the original owner's basis. I gift highly-appreciated stock to my kids' UTMA accounts each year and they get my basis. They sell it each year such that the gain is less than the kiddie-tax threshold. I have to file a return for them but since they have no other income, ...
by Meg77
Thu Dec 08, 2016 2:33 pm
Forum: Personal Finance (Not Investing)
Topic: What is my Cost Basis on Gifted Real Estate?
Replies: 31
Views: 1332

What is my Cost Basis on Gifted Real Estate?

Hi Bogleheads, Estate planning is a bit of a weakness for me (since it hasn't directly applied to me yet so I read much less about it). But my father is attempting to make a thorough list of his assets, accounts and passwords so that when he dies we'll be able to figure out what's what. This has got...
by Meg77
Tue Dec 06, 2016 4:32 pm
Forum: Personal Finance (Not Investing)
Topic: Spouses and spending styles...
Replies: 53
Views: 5241

Re: Spouses and spending styles...

EF = 28k (Goal ~40k as 6 months living expenses for AFTER we buy the house) House fund = 21k. Anticipate needing around 41k to close. Bonus & tax returns get us another 11k and depending on my promotion timeline (all those funds will be put towards house savings until we buy), we could theoreti...
by Meg77
Tue Dec 06, 2016 4:03 pm
Forum: Investing - Theory, News & General
Topic: What does Dave Ramsey mean by "ride the wave"
Replies: 29
Views: 5136

Re: What does Dave Ramsey mean by "ride the wave"

Dave advises people to "ride the wave" which is synonymous with Bogleheads' advice to "stay the course." He's telling people not to make big portfolio changes such as moving to all cash just because stocks are way up or way down. He also frequently talks about the stock market in...
by Meg77
Mon Dec 05, 2016 3:56 pm
Forum: Personal Finance (Not Investing)
Topic: Spouses and spending styles...
Replies: 53
Views: 5241

Re: Spouses and spending styles...

You say you aren't taking on debt of any kind, but then you repeatedly assert that your wife likes to spend future money before you get it. I assume she accomplishes this by dipping into emergency funds and then replenishing them with the future income, bonuses, etc. So the root of the matter might ...
by Meg77
Thu Dec 01, 2016 2:38 pm
Forum: Personal Finance (Not Investing)
Topic: What level of wealth will get the attention of an estate attorney?
Replies: 39
Views: 5704

Re: What level of wealth will get the attention of an estate attorney?

Net worth matters when crafting an estate plan, primarily in terms of the exclusion limits. But smaller estates can be very complex (multiple divorces and remarriages with kids, disabled beneficiaries, various charitable desires) and some very large estates can be simple (single person with millions...
by Meg77
Thu Dec 01, 2016 2:22 pm
Forum: Personal Finance (Not Investing)
Topic: Feeling like you've "made it"
Replies: 107
Views: 10073

Re: Feeling like you've "made it"

...I have found that I have more financial anxiety now than I did when I first started my career and had $0 to my name. This is a big part of what bothers me. At 22, when I had much less, I didn't really worry. I was very confident. So why do I now see risk and potential failure all around me? Was ...
by Meg77
Thu Dec 01, 2016 1:07 pm
Forum: Personal Finance (Not Investing)
Topic: Feeling like you've "made it"
Replies: 107
Views: 10073

Re: Feeling like you've "made it"

...I have found that I have more financial anxiety now than I did when I first started my career and had $0 to my name. This is a big part of what bothers me. At 22, when I had much less, I didn't really worry. I was very confident. So why do I now see risk and potential failure all around me? Was ...
by Meg77
Thu Dec 01, 2016 12:48 pm
Forum: Investing - Help with Personal Investments
Topic: Pay off mortgage?
Replies: 107
Views: 6958

Re: Pay off mortgage?

OK I am all for having a paid off home, but I may be in the minority here on this particular question. Your interest rate is so low that I would be tempted to invest in muni bonds for a higher tax free rate of return compared to your tax effective mortgage rate. Even if your tax bracket is low or yo...
by Meg77
Thu Dec 01, 2016 12:33 pm
Forum: Investing - Help with Personal Investments
Topic: Rent out or sell condo?
Replies: 9
Views: 380

Re: Rent out or sell condo?

Lots of things will appreciate over the years, including a diversified portfolio of index funds - which doesn't require any active management, screening of tenants, midnight phone calls about plumbing emergencies, or evaluation of how to deal with sob stories about why the rent is late. In short, &q...
by Meg77
Mon Nov 28, 2016 2:40 pm
Forum: Personal Finance (Not Investing)
Topic: Bank for tenant security deposit
Replies: 12
Views: 965

Re: Bank for tenant security deposit

I've never done this; it's not required in my state. My tenants' deposits go right into my regular rental checking account and come out when/if they are due back to the tenant.
by Meg77
Mon Nov 28, 2016 12:46 pm
Forum: Personal Finance (Not Investing)
Topic: Should We Buy or Rent?
Replies: 48
Views: 4459

Re: Should We Buy or Rent?

This blog may be of interest to you. http://www.Millennial-Revolution.com The author is against home ownership and writes about how she and her husband were able to retire decades early by investing instead of buying an expensive house in a HCOL area. Your situation is exactly the one she was in and...
by Meg77
Mon Nov 28, 2016 12:37 pm
Forum: Personal Finance (Not Investing)
Topic: Should We Buy or Rent?
Replies: 48
Views: 4459

Re: Should We Buy or Rent?

How long until your kids are college aged? If you have toddlers and insist on staying in that school district for 16+ years, then buying probably makes sense - assuming $1.5M would get you a home in good condition (aka not a money pit). Some of the tax deductions of home ownership would decrease you...
by Meg77
Mon Nov 28, 2016 12:28 pm
Forum: Investing - Help with Personal Investments
Topic: Investing vs Buying A Home?
Replies: 35
Views: 2543

Re: Investing vs Buying A Home?

Many people in their 60s look to sell their homes and rent or downsize after decades of financing and maintaining a large fixed asset. The excitement of owning your own home wears off over time, believe me. I think you could probably afford to buy a home if you move to a cheaper area and cut your bu...
by Meg77
Mon Nov 28, 2016 12:12 pm
Forum: Personal Finance (Not Investing)
Topic: Best way to help sister?
Replies: 71
Views: 5940

Re: Best way to help sister?

If you have money to give, I would save it for your niece. Your sister may be beyond help and will probably be dependent on others (boyfriends, parents, the government, and later her own daughter) for life. The best things you can do to help appear to be: 1. Give her information on her local Section...
by Meg77
Fri Nov 25, 2016 12:19 pm
Forum: Investing - Help with Personal Investments
Topic: Keep it simple at high income level?
Replies: 34
Views: 5765

Re: Keep it simple at high income level?

While maxing out tax deferred accounts, I'd pile up 6 figures in cash and pay off any student loans before investing further. You may have a lot of cash outlay needs/wants in the coming years - home, wedding, and other personal things but also possible business opportunities such as buying into a ho...
by Meg77
Mon Nov 21, 2016 12:18 pm
Forum: Personal Finance (Not Investing)
Topic: Previously Foreclosed Properties
Replies: 8
Views: 1199

Re: Previously Foreclosed Properties

I wouldn't worry about it. Homes get foreclosed on for many reasons, and many of them aren't ever in poor condition even during the foreclosure process. I purchased a duplex directly out of foreclosure years ago. It was occupied by tenants and was in fine shape, the investor had just gone bankrupt b...
by Meg77
Sun Nov 20, 2016 10:54 pm
Forum: Investing - Help with Personal Investments
Topic: Seeking help with full financial makeover and long-term planning
Replies: 11
Views: 914

Re: Seeking help with full financial makeover and long-term planning

Welcome to the forum! You guys are in a great position at your age with great incomes and well over $2M invested not including your home. My thoughts, in no particular order: 1. Your remodel will cost approximately what you earn after taxes over two years. If you are both willing to work 2 extra yea...
by Meg77
Sun Nov 20, 2016 10:30 pm
Forum: Personal Finance (Not Investing)
Topic: Do you track your net worth? How long have you done so?
Replies: 110
Views: 7700

Re: Do you track your net worth? How long have you done so?

I've done it monthly since 2008 and graduated from college in 2006. However I found a few spreadsheets from 2006 so I have a picture of my net worth for pretty much my whole adult independent life. I find it increasingly valuable to encourage me to keep saving and working since the progress I'm maki...
by Meg77
Sun Nov 20, 2016 10:24 pm
Forum: Investing - Theory, News & General
Topic: Private lending question
Replies: 9
Views: 896

Re: Private lending question

Aside from the good questions raised about your ability to take a $10k hit and the relative economic upside, in no particular order, I'd consider the following: 1) Financial statements: - existing capital structure and its implications; - profitability (is it truly just a working capital / growth i...
by Meg77
Fri Nov 18, 2016 12:07 pm
Forum: Investing - Help with Personal Investments
Topic: Just Starting Out
Replies: 10
Views: 1079

Re: Just Starting Out

Welcome to the forum! I wouldn't dump $40K in stocks if the only money you'll have left is $10K. You need a bigger reserve fund than that, especially given that you are self-employed. This is particularly true given your age and the possibility of a home purchase or wedding or engagement ring expens...
by Meg77
Wed Nov 16, 2016 5:26 pm
Forum: Personal Finance (Not Investing)
Topic: Slightly weird financial situation [help with budget]
Replies: 15
Views: 2444

Re: Slightly weird financial situation

Congrats and welcome to the forum! You are definitely doing much better than many 27 year olds. :) You should definitely use your $15K windfall from the car sale to just wipe out your debt. That will reduce your monthly payment obligations, freeing up your cash flow to build an emergency fund quick...
by Meg77
Wed Nov 16, 2016 3:51 pm
Forum: Personal Finance (Not Investing)
Topic: Cannot get myself to spend my savings
Replies: 75
Views: 8063

Re: Cannot get myself to spend my savings

This is very common in my experience. My father gets more and more frugal (cheap?) the older he gets, even as his assets continue to grow. We have to hassle him into turning the heat on in winter because he thinks it's wasteful to heat the whole house when he can just sleep under an electric blanket...
by Meg77
Tue Nov 15, 2016 4:29 pm
Forum: Investing - Help with Personal Investments
Topic: Portfolio return: very low. Any suggestions
Replies: 36
Views: 3776

Re: Portfolio return: very low. Any suggestions

Many financial advisors and bloggers do state that the US total stock market has returned 10% on average over time. Others (aka Dave Ramsey) claim you can expect 12%. More conservative types (aka most Bogleheads) say you shouldn't expect more than 7% going forward. But none of that matters if you ar...
by Meg77
Tue Nov 15, 2016 4:18 pm
Forum: Investing - Help with Personal Investments
Topic: Missed HSA election window at company, can I still contribute on my own?
Replies: 8
Views: 625

Re: Missed HSA election window at company, can I still contribute on my own?

Contact HR on this. You have a specific time to select your benefits such as what kind of health plan you want. But at most companies you can change your contribution rate at least on a quarterly basis to accounts like HSAs and 401ks. And in any event they might just make an exception and manually a...
by Meg77
Tue Nov 15, 2016 4:14 pm
Forum: Personal Finance (Not Investing)
Topic: Slightly weird financial situation [help with budget]
Replies: 15
Views: 2444

Re: Slightly weird financial situation

Congrats and welcome to the forum! You are definitely doing much better than many 27 year olds. :) You should definitely use your $15K windfall from the car sale to just wipe out your debt. That will reduce your monthly payment obligations, freeing up your cash flow to build an emergency fund quickl...
by Meg77
Mon Nov 14, 2016 4:17 pm
Forum: Investing - Help with Personal Investments
Topic: Millennial Help
Replies: 6
Views: 1074

Re: Millennial Help

Welcome to the forum! And congratulations on your marriage. 1. Hopefully you got married this year. If that is the case then you will need to file taxes as Married Filing Jointly or Married Filing Separately for the 2016 year (MFJ is usually by far the better option unless there is a very unusual si...
by Meg77
Mon Nov 14, 2016 3:35 pm
Forum: Personal Finance (Not Investing)
Topic: Flexible Spending Account - anyway to open one if employer does not offer it?
Replies: 6
Views: 1042

Re: Flexible Spending Account - anyway to open one if employer does not offer it?

Not to my knowledge. I think those are employer benefits that aren't available on the open market. However you may be able to open a Health Savings Account and fund it even if your employer doesn't offer one. You would have to make sure your employer offers a high deductible health plan that meets ...
by Meg77
Thu Nov 10, 2016 12:55 pm
Forum: Personal Finance (Not Investing)
Topic: Flexible Spending Account - anyway to open one if employer does not offer it?
Replies: 6
Views: 1042

Re: Flexible Spending Account - anyway to open one if employer does not offer it?

Not to my knowledge. I think those are employer benefits that aren't available on the open market. However you may be able to open a Health Savings Account and fund it even if your employer doesn't offer one. You would have to make sure your employer offers a high deductible health plan that meets t...
by Meg77
Thu Nov 10, 2016 12:46 pm
Forum: Investing - Theory, News & General
Topic: "Stealth Wealth: I’m Just an Ordinary Average Guy"
Replies: 204
Views: 25824

Re: "Stealth Wealth: I’m Just an Ordinary Average Guy"

I'm stealthily wealthy in that I spend less than my peers and no one would suspect that our net worth is as high as it is. But we are far from actually being frugal and obviously enjoy a nice income to the casual observer - nice town home in a trendy area, some designer accessories, plenty of Facebo...
by Meg77
Tue Nov 08, 2016 3:53 pm
Forum: Investing - Help with Personal Investments
Topic: Investing as an Accredited Investor: Is it worth it?
Replies: 16
Views: 1721

Re: Investing as an Accredited Investor: Is it worth it?

Being an accredited investor can get you access to many different investment opportunities that non-accredited investors cannot participate in. These can be more lucrative, but they also come with above-average risk. That doesn't necessarily mean that the investment itself is more risky than the sto...
by Meg77
Tue Nov 08, 2016 2:48 pm
Forum: Personal Finance (Not Investing)
Topic: keeping a Private Loan private
Replies: 29
Views: 2170

Re: keeping a Private Loan private

As a mortgage banker, I just want to point out that it doesn't appear from the information that you've given that a $250,000 lot loan - particularly if the payments are interest only, which is typical on lot loans - is likely to restrict your ability to get a mortgage. Most lenders allow for up to 4...
by Meg77
Mon Nov 07, 2016 3:19 pm
Forum: Investing - Help with Personal Investments
Topic: Now Married - Help Resetting Allocation and No Retirement Savings
Replies: 21
Views: 1770

Re: Now Married - Help Resetting Allocation and No Retirement Savings

Congrats on your marriage! Now that you are legally one, you should start thinking of your money that way too. It takes a couple of years, but I am finally actually thinking of our balance sheet and accounts as joint after 2.5 years of marriage. I would just max out your 401k and max out two Roth IR...
by Meg77
Mon Nov 07, 2016 3:09 pm
Forum: Personal Finance (Not Investing)
Topic: Help with Senior finance.
Replies: 21
Views: 1144

Re: Help with Senior finance.

Just some observations: I would wonder if they actually spend the cash gifts from the sons or are they just squirreling it away somewhere? Does a family do their taxes so they would have some insight into their expenditures (like checking account activity)? Older folks can get caught in various cha...
by Meg77
Mon Nov 07, 2016 2:57 pm
Forum: Investing - Help with Personal Investments
Topic: 25yr old, would appreciate some advice/wisdom.
Replies: 28
Views: 3146

Re: 25yr old, would appreciate some advice/wisdom.

Welcome to the forum, and congrats on a great start! You are doing exceptionally well, especially for your age. First of all, you need to clarify your goals. If you are expecting to buy a house or new car or wedding or anything like that in the next 5 years, then save for that in cash outside retire...
by Meg77
Mon Nov 07, 2016 12:31 pm
Forum: Personal Finance (Not Investing)
Topic: Help with Senior finance.
Replies: 21
Views: 1144

Re: Help with Senior finance.

My grandparents are in their mid 80's and in fair health as well, but they made the decision a couple of years ago to go ahead and move to an assisted living facility in their area. They picked it out, and they live in their own little house on site where they can come and go as they please and just...
by Meg77
Mon Nov 07, 2016 11:14 am
Forum: Personal Finance (Not Investing)
Topic: Newly married tax question
Replies: 4
Views: 291

Re: Newly married tax question

If you got married on 12/31/2016, you are classified as married for all of 2016. Same goes with kids, and other sorts of statuses. Truth. This is why you see a lot of labor inductions and optional C-sections in late December. Also a lot of folks planning Jan-Feb weddings actually get married at the...
by Meg77
Mon Nov 07, 2016 11:08 am
Forum: Investing - Help with Personal Investments
Topic: new to Bogle - 36 yo, $260K in assets, seeking advice - thank you!
Replies: 4
Views: 1027

Re: new to Bogle - 36 yo, $260K in assets, seeking advice - thank you!

Welcome! One thought - you say you have a year of reserves not listed here, which is great. However given your age and single status there are a lot of potential needs for the additional $100K currently in cash over the next few years. If you plan to marry, buy a home, get a new car, or start a busi...
by Meg77
Mon Nov 07, 2016 10:50 am
Forum: Personal Finance (Not Investing)
Topic: liquidate taxable acct to pay off mortgage?
Replies: 15
Views: 1220

Re: liquidate taxable acct to pay off mortgage?

What tax bracket are you in? If you're in the 25% tax bracket, you are paying an effective mortgage rate of about 3%. Odds are that your taxable account will grow at more than 3% after taxes and fees over the next 26 years (or whatever the remaining length of your mortgage is if you pay it off early...
by Meg77
Mon Nov 07, 2016 10:42 am
Forum: Personal Finance (Not Investing)
Topic: I can't help but feel I'm making a mistake by renting... help?
Replies: 70
Views: 4865

Re: I can't help but feel I'm making a mistake by renting... help?

We could literally afford to retire today if we were willing to sell this house and just travel the world or rent a cheap place. It sounds like you could also retire and travel the world if you BOUGHT a cheap place also. They key isn't buying or renting. It is the cheap place:) Some people go crazy...
by Meg77
Sun Nov 06, 2016 5:18 pm
Forum: Personal Finance (Not Investing)
Topic: Underwater mortgage on rental: Should I refinance, recast, or do nothing
Replies: 11
Views: 1404

Re: Underwater mortgage on rental: Should I refinance, recast, or do nothing

I have heard that over 90% of rent-to-own contracts never actually result in the sale of the property. I'm not 100% sure of this data, but just FYI I wouldn't necessarily bank on this sale working out. I doubt you can find a much better mortgage rate given this is an investment property, but if you ...
by Meg77
Sun Nov 06, 2016 4:52 pm
Forum: Personal Finance (Not Investing)
Topic: I can't help but feel I'm making a mistake by renting... help?
Replies: 70
Views: 4865

Re: I can't help but feel I'm making a mistake by renting... help?

Don't buy a home. For one, your life and goals will be changing a lot in the next few years if you get married (and also if your current relationship ends instead). You have your whole life to choose a home based on school districts, to possibly endure a longer commute than you have now, to become a...
by Meg77
Sun Nov 06, 2016 4:29 pm
Forum: Personal Consumer Issues
Topic: How to talk with a housekeeper?
Replies: 49
Views: 5098

Re: How to talk with a housekeeper?

For what it's worth regarding the amount you pay, we pay our housekeeper $80 every 2 weeks - and we have 2 shedding dogs and 2 cats. She quoted us $75 so I give her that plus $5 every visit. We've been using her for 2.5 years. She does laundry and cleans surfaces and vaccuums, mops floors once a mon...
by Meg77
Sun Nov 06, 2016 4:18 pm
Forum: Personal Finance (Not Investing)
Topic: Considering a 10% down vs. doctor's mortgage
Replies: 24
Views: 2354

Re: Considering a 10% down vs. doctor's mortgage

Hi there. I'm a mortgage banker and just want to let you know that there are lots of different physician mortgage options out there that will allow you to put 0-10% down and still avoid PMI and get interest rates as good as a conventional loan. Sometimes the closing costs are a bit higher than avera...
by Meg77
Sun Nov 06, 2016 1:43 pm
Forum: Personal Finance (Not Investing)
Topic: How to Proceed Going Forward.
Replies: 15
Views: 1546

Re: How to Proceed Going Forward.

All of our retirement assets are in tax advantaged accounts and we have nothing in Roth or taxable. Our goal is to retire without a mortgage/rent. Obviously, that would mean paying cash for a house at retirement. That probably won't be much of a problem except the entire cash amount would be taxabl...
by Meg77
Fri Nov 04, 2016 11:28 am
Forum: Personal Finance (Not Investing)
Topic: Should I refinance investment property
Replies: 10
Views: 792

Re: Should I refinance investment property

Hi, I'm a rental property investor and also a mortgage lender. Option One : Refinance to a 15 year mortgage. Your payment would stay almost exactly the same assuming you can get a 3.75% rate and roll in the same closing costs. But you'd pay off the loan 2 years faster and save over $30K in interest....
by Meg77
Fri Nov 04, 2016 9:09 am
Forum: Personal Finance (Not Investing)
Topic: Best Mortgage if Paying Off in < 3 years
Replies: 10
Views: 745

Re: Best Mortgage if Paying Off in < 3 years

Your number one goal should be to get the lowest interest rate possible and pay the fewest closing costs possible. Lender credits/costs are just a way of adjusting the interest rate when it falls between eights of a point. So don't analyze them separately or favor loans with higher credits; that jus...
by Meg77
Fri Oct 28, 2016 10:58 am
Forum: Personal Finance (Not Investing)
Topic: Engineering to Finance (CFA, CFP)
Replies: 34
Views: 2250

Re: Engineering to Finance (CFA, CFP)

So I want to thank everyone who has replied. I'm not too far into the program, I'm only currently in Calculus I, and just took Solid Modeling I (SolidWorks) and completed some light engineering courses. Courses such as Strength and Materials and the other core engineering staples I have not taken y...
by Meg77
Fri Oct 28, 2016 10:46 am
Forum: Personal Finance (Not Investing)
Topic: Spent too much?
Replies: 35
Views: 6958

Re: Spent too much?

The main thing is not to get used to an extravagant lifestyle or commit to high fixed costs in the first place. It's hard to move to a smaller apartment or less luxurious car or cheaper brand of beer once you've gotten used to bigger and better. You have a long life ahead of you (hopefully), and you...

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