Search found 1377 matches

by Meg77
Sat Aug 27, 2016 3:17 pm
Forum: Personal Finance (Not Investing)
Topic: What to do next with "extra" money
Replies: 18
Views: 1600

Re: What to do next with "extra" money

Congrats on the debt repayment! For the time being I would focus on increasing the EF to about $50K. It's a nice round number, and you're going to deplete it somewhat for another car at some point in the short term anyway. I'd want to save enough to not have to dip below $25K or $30K at any point go...
by Meg77
Fri Aug 26, 2016 3:56 pm
Forum: Investing - Help with Personal Investments
Topic: Concerned I'm investing at peak
Replies: 31
Views: 3734

Re: Concerned I'm investing at peak

the large minority of investors who invest a lump sum only to watch the balance fall. I was in this position after debating a large investment into the market last year. didn't the market eventually go up again? meaning, even if it initially went down, and unless you sold while it was down, your mo...
by Meg77
Wed Aug 24, 2016 2:07 pm
Forum: Investing - Help with Personal Investments
Topic: Advice on Savings Account
Replies: 8
Views: 935

Re: Advice on Savings Account

There are some banks who offer high yields on checking accounts, usually up to a maximum of $25,000. I don't know about 3%, but you may be able to find 2% pretty easily at a credit union or regional bank near you. Usually you have to sign up for direct deposit and use the debit card 7-10 times per m...
by Meg77
Wed Aug 24, 2016 1:58 pm
Forum: Investing - Help with Personal Investments
Topic: Concerned I'm investing at peak
Replies: 31
Views: 3734

Re: Concerned I'm investing at peak

Statistically you are better off investing a lump sum of cash rather than dollar cost averaging it slowly into the stock market. This is because, more often than not, stocks go up over any given year (simplistic explanation but there's been a lot of research on this). That said, you may be one of th...
by Meg77
Wed Aug 24, 2016 1:36 pm
Forum: Investing - Help with Personal Investments
Topic: Please help me choose between two refinance rates/pts
Replies: 12
Views: 750

Re: Please help me choose between two refinance rates/pts

The longer you intend to keep the loan the better the rate buydown looks. If paid off early, you'll have bought a lower rate with no long-term benefit. After reading everyone's advice, the deciding factor for me is that the difference with buying down only amounts to $300 (after factoring in the op...
by Meg77
Wed Aug 24, 2016 1:26 pm
Forum: Investing - Help with Personal Investments
Topic: Where to invest excess cash flow
Replies: 7
Views: 641

Re: Where to invest excess cash flow

No to Options 2 and 3 for sure, especially if you still have debt. My husband and I are in a very similar position. Here is what we've done so far. 1. We paid off my our car loans and student loan last year even though they were cheap. 2. We started paying extra on the mortgage. We were comfortable ...
by Meg77
Wed Aug 24, 2016 1:13 pm
Forum: Personal Finance (Not Investing)
Topic: Should I Sell Dallas Rental Condo?
Replies: 22
Views: 2382

Re: Should I Sell Dallas Rental Condo?

UPDATE 8/24/16: Last year after this post, my tenant agreed to a year lease at $1400 so I kept the unit. I just sent her an email yesterday letting her know that I plan to sell the condo and won't be renewing the lease in November when it matures (I also told her if she wants to or can move sooner I...
by Meg77
Wed Aug 24, 2016 12:56 pm
Forum: Personal Finance (Not Investing)
Topic: Refi fees
Replies: 3
Views: 501

Re: Refi fees

Title fees are set by the state and only vary slightly from company to company (the things that can vary aren't the cost of the policies nor recording fees, but add ons like courier fees, escrow fees, etc.). Shop around if you want, but it's all pretty much the same in my experience (as a mortgage l...
by Meg77
Wed Aug 24, 2016 12:52 pm
Forum: Personal Finance (Not Investing)
Topic: Greater than 20% Downpayment
Replies: 8
Views: 986

Re: Greater than 20% Downpayment

Mortgage lender here. There are definite savings when it comes to title insurance, which is typically a set percentage of the loan amount (the fee level varies by state so check with the title agent). Typically most other fees are flat fees that will be the same regardless of the loan amount - appra...
by Meg77
Sun Aug 21, 2016 5:46 pm
Forum: Investing - Help with Personal Investments
Topic: Mom Requests Portfolio Advice - leaving Ed Jones
Replies: 12
Views: 1341

Re: Mom Requests Portfolio Advice - leaving Ed Jones

Thank you for your thoughtful response. My comments are in blue below. Hi Bogleheads, I asked my mom if I could outline her situation here for ideas and she agreed. She has a portfolio with Edward Jones, and I explained to her that she is probably paying a lot more in fees than she needs to. She's n...
by Meg77
Fri Aug 19, 2016 6:57 pm
Forum: Investing - Help with Personal Investments
Topic: Mom Requests Portfolio Advice - leaving Ed Jones
Replies: 12
Views: 1341

Re: Mom Requests Portfolio Advice - leaving Ed Jones

Hi, it's not clear if the EJ funds are in taxable or tax-deferred. Most of those funds are somewhere around 1% expense ratio and EJ charges an additional 1% over that so she is loosing 2%/yr ~ $40K in costs plus paying EJ (not counting the front end loads of 4-5%). There should be no problem moving...
by Meg77
Fri Aug 19, 2016 4:27 pm
Forum: Investing - Help with Personal Investments
Topic: Mom Requests Portfolio Advice - leaving Ed Jones
Replies: 12
Views: 1341

Mom Requests Portfolio Advice - leaving Ed Jones

Hi Bogleheads, I asked my mom if I could outline her situation here for ideas and she agreed. She has a portfolio with Edward Jones, and I explained to her that she is probably paying a lot more in fees than she needs to. She's not close to the advisor, he doesn't live near her anymore, and he's ret...
by Meg77
Tue Aug 16, 2016 3:37 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance - Best Online marketplace / vendor
Replies: 9
Views: 627

Re: Refinance - Best Online marketplace / vendor

I'm a banker and shop around regularly for clients/friends and for myself as I have a bunch of rentals. With a standard 15 or 30 yr fixed refi the difference in rate and fees is going to be pretty miniscule at most places unless you have an income or credit issue. That said, Wells Fargo is often bes...
by Meg77
Tue Aug 16, 2016 3:14 pm
Forum: Personal Finance (Not Investing)
Topic: Joint Accounts - How do you use it?
Replies: 103
Views: 5478

Re: Joint Accounts - How do you use it?

We have joint checking but don't bother with separate checking accounts. That would be way too many statements, debit cards, transfers, etc. Either take a few hundred bucks each out of the joint checking each month for personal spending, or just use your individual credit cards for that which end up...
by Meg77
Tue Aug 16, 2016 2:32 pm
Forum: Personal Finance (Not Investing)
Topic: Wealth Management (Career Change)
Replies: 105
Views: 8029

Re: Wealth Management (Career Change)

The problem is that many clients and advisors still resist that model and feel more comfortable with charging/paying for assets under management. I can understand why FA's don't want to change to an hourly rates/retainer model, but why would a client resist this? Out of sight out of mind. Similar t...
by Meg77
Tue Aug 16, 2016 2:17 pm
Forum: Investing - Theory, News & General
Topic: Budgeting - 50-20-30 suggested rules for young adults
Replies: 7
Views: 586

Re: Budgeting - 50-20-30 suggested rules for young adults

If your son is still in school then traditional budget guidelines may not be of much use, especially if he's living in a dorm or some other non-traditional housing. That said, I like the 50-20-30 rule and aimed for something similar in my 20s. I used to always track my actual budget against my targe...
by Meg77
Mon Aug 15, 2016 4:23 pm
Forum: Personal Finance (Not Investing)
Topic: real estate housing question/dilema
Replies: 13
Views: 1205

Re: real estate housing question/dilema

In general, I would probably sell the house and move to an apartment for at least a year before deciding what to do over the long term. This transition is obviously very difficult, and your goals and plans may change dramatically over the next 5 years. Emotionally it is probably better for you to g...
by Meg77
Mon Aug 15, 2016 4:16 pm
Forum: Personal Finance (Not Investing)
Topic: Wealth Management (Career Change)
Replies: 105
Views: 8029

Re: Wealth Management (Career Change)

Do you really believe your AUM advisor, even the low cost flat fee type, actually spend 8 hours a year on your account? Doing something you want done? What possibly could they do that would take that much time? Once again, the focus is misplaced. It isn't simply about managing a Boglehead 3-fund po...
by Meg77
Mon Aug 15, 2016 3:56 pm
Forum: Personal Finance (Not Investing)
Topic: Wealth Management (Career Change)
Replies: 105
Views: 8029

Re: Wealth Management (Career Change)

I am a Private Banker and CFP and am very familiar with this industry. One of my good friends is a 5 year advisor at Morgan Stanley, another bought his own RIA two years ago and is doing very well, a third is a Private Client Advisor at Wells Fargo Private Bank, a fourth just moved his group from UB...
by Meg77
Mon Aug 15, 2016 1:54 pm
Forum: Personal Finance (Not Investing)
Topic: Capital Gains on Home Flip
Replies: 7
Views: 361

Re: Capital Gains on Home Flip

It's not clear whether you'd be living in this house or buying it as an investment. If you own it and claim it as your homestead for at least two years, then you would not owe any capital gains upon sale, provided your gains are less than $250K (if you're single) or $500K (if you're married).
by Meg77
Mon Aug 15, 2016 1:47 pm
Forum: Personal Finance (Not Investing)
Topic: real estate housing question/dilema
Replies: 13
Views: 1205

Re: real estate housing question/dilema

In general, I would probably sell the house and move to an apartment for at least a year before deciding what to do over the long term. This transition is obviously very difficult, and your goals and plans may change dramatically over the next 5 years. Emotionally it is probably better for you to ge...
by Meg77
Mon Aug 15, 2016 1:22 pm
Forum: Personal Finance (Not Investing)
Topic: Self-made Millionaires: how did hitting 7 figures change you?
Replies: 262
Views: 29174

Re: Self-made Millionaires: how did hitting 7 figures change you?

Here's my question: for those of you (most of you, I'm guessing) who have hit $1M (or your number of choice), how did that impact you, if at all? Did arriving at that number change you in any meaningful way, or change your perspective? ...Since I've started working, I had the goal of hitting $1M by...
by Meg77
Mon Aug 15, 2016 11:36 am
Forum: Investing - Help with Personal Investments
Topic: Finding middle ground with spouse on investing
Replies: 30
Views: 3110

Re: Finding middle ground with spouse on investing

Just want to chime in and say that your SO's risk meter may be dinging because of the relatively low cash/emergency fund level you appear to have. I know you have a paid off house, which is great, but that means that 3 months of expenses is probably a pretty low figure. I bet you'll find that if you...
by Meg77
Fri Aug 12, 2016 11:09 am
Forum: Personal Consumer Issues
Topic: How much vacation time do you get at work?
Replies: 137
Views: 7557

Re: How much vacation time do you get at work?

Full time employees get 2 weeks vacation at the bank where I work until you've been here 10 years - then you get 3 weeks. Per policy though, every employee has to take 5 consecutive days off each year (this used to be a common bank policy to catch possible internal scammers). So besides that one big...
by Meg77
Fri Aug 12, 2016 10:59 am
Forum: Personal Finance (Not Investing)
Topic: Payoff Debt at Sacrifice of Leisure?
Replies: 77
Views: 4919

Re: Payoff Debt at Sacrifice of Leisure?

Appreciate all the feedback and I do understand the concern of saying "mine" "hers" etc. I think the overall stress that I have is that I'm focusing on the future and trying to prepare for that now. - I've been contributing to my 401k every year and started maxing out the past 3...
by Meg77
Fri Aug 12, 2016 10:38 am
Forum: Personal Finance (Not Investing)
Topic: Payoff Debt at Sacrifice of Leisure?
Replies: 77
Views: 4919

Re: Payoff Debt at Sacrifice of Leisure?

So, $68k in emergency fund and $44k in debt? I'd pay it all off today unless there is some pending event that will force me to need the EF (likely layoff, baby, etc). That still leaves $24k of EF, and you can start building it back up right away. Then, I would stop thinking in terms of "mine&q...
by Meg77
Fri Aug 12, 2016 10:17 am
Forum: Personal Consumer Issues
Topic: What does the BH community do with their pets when they travel?
Replies: 60
Views: 3045

Re: What does the BH community do with their pets when they travel?

I used to always board my dog(s) when I left town, and I've driven 5 hours to leave them with my parents prior to a very long trips. Now I have a friend who loves them and housesits for us when we travel, since we also have plants that need watering now and cats that like attention. We pay her marke...
by Meg77
Thu Aug 11, 2016 4:13 pm
Forum: Personal Finance (Not Investing)
Topic: What is the best way to choose a mortgage company?
Replies: 13
Views: 1054

Re: What is the best way to choose a mortgage company?

Banker here! I wrote a blog post on this exact subject a while back. http://www.worldofwealthblog.com/buying-a-home-phase-iii-finding-a-lender/ Thanks. Thank you shipmate Meg for the link to your blog. Good information! Good luck with your career and your investments. Thanks for reading. Thank you!...
by Meg77
Thu Aug 11, 2016 4:11 pm
Forum: Investing - Help with Personal Investments
Topic: Refinancing mortgage to 15-year vs. college savings
Replies: 22
Views: 1383

Re: Refinancing mortgage to 15-year vs. college savings

I haven't read the comments, but I think you should go for the 15 year fixed and decrease 529 funding (or eliminate it even, for now) if necessary to absorb the higher mortgage payments. You should easily be able to pay for college by the time it rolls around due to any of the following combination ...
by Meg77
Tue Aug 09, 2016 6:16 pm
Forum: Personal Finance (Not Investing)
Topic: Advice regarding Refinancing
Replies: 5
Views: 495

Re: Advice regarding Refinancing

Mortgage banker here. I also think it doesn't make sense to refinance unless you are going to drop the rate more. An ARM might actually be a perfect solution in your case if you really want to keep a 30 year amortization. A 5 year ARM might get you down to 5%; not sure off the top of my head what a ...
by Meg77
Fri Aug 05, 2016 10:07 am
Forum: Investing - Theory, News & General
Topic: "Your 10 Most Important Financial Decisions"
Replies: 21
Views: 2953

Re: "Your 10 Most Important Financial Decisions"

I think that the decision of marriage is the largest financial decision of your life. Marrying into debt? Marrying someone with bad financial habits? Divorce? I'm not arguing that the decision of marriage is based on finances, but rather than your "financial health" is certainly affected....
by Meg77
Fri Aug 05, 2016 9:50 am
Forum: Personal Finance (Not Investing)
Topic: Which is better: business loan with conditions or using personal funds
Replies: 3
Views: 162

Re: Which is better: business loan with conditions or using personal funds

I am a banker and as such can certainly understand some of the benefits of using financing to strategically manage or grow a business. There are loan facilities that are designed to benefit a business such as an equipment loan to buy a new piece of machinery that will boost sales when the business d...
by Meg77
Wed Aug 03, 2016 3:13 pm
Forum: Investing - Help with Personal Investments
Topic: RSU's vesting, looking for advice. New to Boglehead mindset!
Replies: 12
Views: 1012

Re: RSU's vesting, looking for advice. New to Boglehead mindset!

You can have multiple accounts at the same brokerage. So the wisest course would be to open a Roth IRA at Vanguard and (assuming you haven't already contributed to an IRA there or elsewhere), put $5500 of your investment funds in it, with the rest going into a taxable account. Then you would buy al...
by Meg77
Wed Aug 03, 2016 2:58 pm
Forum: Personal Finance (Not Investing)
Topic: Significant Salary Discrepancy
Replies: 26
Views: 3460

Re: Significant Salary Discrepancy

I disagree that you should bother your manager about this at this stage. First of all, there is nothing she can do. Best case she brushes you off, worst case you cause her tension/stress that comes with having an unhappy subordinate. Really worst case it changes her perception of you and makes her t...
by Meg77
Wed Aug 03, 2016 2:46 pm
Forum: Personal Finance (Not Investing)
Topic: 30 yr fixed @ 3.75% to 15yr fixed @ ~2.8%: Advice on Refinancing
Replies: 27
Views: 2253

Re: 30 yr fixed @ 3.75% to 15yr fixed @ ~2.8%: Advice on Refinancing

Great thread...this sparked me to look into this as I am in a very similar situation as you...but not sure if it makes sense for me. $250,000 remaining at 3.75% 30 year fixed (4 years in). I emailed the mortgage broker I used to get my original mortgage and he said he could get a 15 Year fixed clos...
by Meg77
Wed Aug 03, 2016 9:36 am
Forum: Personal Finance (Not Investing)
Topic: daves ramsey new ELPs [Endorsed Local Providers]
Replies: 37
Views: 3168

Re: daves ramsey new ELPs

My understanding from listening this week is that they key change is website related. Previously when you clicked for an ELP you got a form that was sent to ONE ELP who would follow up with you (according to Dave the other day; I've never done it). Now you apparently get a list of 3-5 companies that...
by Meg77
Wed Aug 03, 2016 9:32 am
Forum: Personal Finance (Not Investing)
Topic: Gifting a House to a Grown Child
Replies: 17
Views: 1500

Re: Gifting a House to a Grown Child

I don't think you need to worry about this issue, but making an appointment with a local attorney may put your mind at ease. Alternately, ask around at your church or work to find a referral to an attorney who may be willing to reassure you and explain the basics over coffee or lunch for no charge. ...
by Meg77
Wed Aug 03, 2016 9:19 am
Forum: Personal Finance (Not Investing)
Topic: 30 yr fixed @ 3.75% to 15yr fixed @ ~2.8%: Advice on Refinancing
Replies: 27
Views: 2253

Re: 30 yr fixed @ 3.75% to 15yr fixed @ ~2.8%: Advice on Refinancing

And here are some questions I have: - is there any reason we should expect to pay more than $1-2K for the origination/etc. of this process? - does a refi make sense, given the timeline I mentioned above? - does a refi make sense, given the fact we've only owned the home for ~1.5 years? - the intere...
by Meg77
Fri Jul 29, 2016 4:38 pm
Forum: Personal Finance (Not Investing)
Topic: Should I worry about FDIC limits if only a short time period is involved?
Replies: 21
Views: 1315

Re: Should I worry about FDIC limits if only a short time period is involved?

Nobody lost any money even during the financial crisis. Even the customers at the few banks that went under who had more than deposits than the FDIC insures didn't lose any money. I am not sure this is accurate. To be sure, when a financial institution goes under and the FDIC finds another to take ...
by Meg77
Fri Jul 29, 2016 4:33 pm
Forum: Personal Finance (Not Investing)
Topic: Should I worry about FDIC limits if only a short time period is involved?
Replies: 21
Views: 1315

Re: Should I worry about FDIC limits if only a short time period is involved?

Nobody lost any money even during the financial crisis. Even the customers at the few banks that went under who had more than deposits than the FDIC insures didn't lose any money. I am not sure this is accurate. To be sure, when a financial institution goes under and the FDIC finds another to take ...
by Meg77
Fri Jul 29, 2016 3:22 pm
Forum: Personal Finance (Not Investing)
Topic: Young Professional seeking advice
Replies: 6
Views: 905

Re: Young Professional seeking advice

With $32,000 gross salary, after standard deduction ($6,300) and personal exemption ($4,050), that brings you down to $21,650 max taxable income and the 15% tax bracket. Unless you have a lot of other income pushing you into a higher tax bracket, I question why you are putting so much into a 401k a...
by Meg77
Wed Jul 27, 2016 11:41 am
Forum: Personal Finance (Not Investing)
Topic: Should I worry about FDIC limits if only a short time period is involved?
Replies: 21
Views: 1315

Re: Should I worry about FDIC limits if only a short time period is involved?

As a banker, I can't understand why people worry about this. The risk of losing your bank deposits in America is absolutely miniscule and would take the likes of the Great Depression II for the risk to rise much at all - and it still wouldn't be a high risk because the FDIC was set up to deal with t...
by Meg77
Wed Jul 27, 2016 11:16 am
Forum: Personal Finance (Not Investing)
Topic: Quit work and become SAHM - advice? regrets?
Replies: 58
Views: 6151

Re: Quit work and become SAHM - advice? regrets?

I don't have kids, but I appreciate this thread because my husband and I are considering whether to have them and how we would structure our lives and careers if we did. My mom stayed home with the 4 of us, got a Masters degree in Mathematics when we were in high school and became a teacher when we ...
by Meg77
Wed Jul 27, 2016 10:38 am
Forum: Personal Finance (Not Investing)
Topic: Refinance consideration based perceived benefits
Replies: 12
Views: 706

Re: Refinance consideration based perceived benefits

I went back and reviewed the mortgage statements and below are the actuals parameters: Interest rate= 4.375% ~balance = $252K Principal+ Interest = $1345 PMI= $121 I overlooked these numbers before responding just now. I plugged them into an amortization spreadsheet. Here are some things for you to...
by Meg77
Wed Jul 27, 2016 10:23 am
Forum: Personal Finance (Not Investing)
Topic: Refinance consideration based perceived benefits
Replies: 12
Views: 706

Re: Refinance consideration based perceived benefits

Mortgage banker here. You should definitely consider refinancing if you plan to stay in this home for at least 2 more years. You can drop your rate by over 1% on a 30 year loan and close to 2% on a 15 year loan. That's an interest savings of close to $2500 - $5000 in year one if your balance is $250...
by Meg77
Wed Jul 27, 2016 10:03 am
Forum: Personal Finance (Not Investing)
Topic: Question on Lender practice financing guaranty
Replies: 4
Views: 231

Re: Question on Lender practice financing guaranty

I'm a banker, and this kind of language is standard in our documents. It just means that the debt doesn't vanish if you die - which can be the case if you are the Borrower on certain types of loans (student loans for example). In fact typically the death of the guarantor is considered an event of de...
by Meg77
Mon Jul 25, 2016 6:26 pm
Forum: Personal Finance (Not Investing)
Topic: Early retirees, how much did you leave on the table?
Replies: 202
Views: 14831

Re: Early retirees, how much did you leave on the table?

You may find this article interesting. Early retiree says his brief retirement - which he embarked upon in his 30s - has already cost him $5MM (in money left on the table).

http://www.gocurrycracker.com/retirement-has-already-cost-us-at-least-5-million/
by Meg77
Mon Jul 25, 2016 5:43 pm
Forum: Personal Finance (Not Investing)
Topic: Rules of Thumb: Max House Value as % of Net Worth?
Replies: 79
Views: 5517

Re: Rules of Thumb: Max House Value as % of Net Worth?

My grandparents are worth about $10MM and live in a paid off $200K home. I met a new client Friday (also retirement age) who is worth about $17MM but has a $4MM home and a $5MM second home (both paid off). Crazy difference in ratios, but both families can afford to ride out the rest of their lives w...
by Meg77
Mon Jul 25, 2016 5:02 pm
Forum: Personal Finance (Not Investing)
Topic: saving without goals?
Replies: 23
Views: 2808

Re: saving without goals?

My husband and I are in a very similar situation, and as a goal-oriented person I totally understand your "problem." In the last few years I achieved many of my goals in quick succession (get married, buy a home, max out all retirement accounts, pay off all consumer debt, hit 6 figure inco...

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