Search found 1435 matches

by Meg77
Mon Sep 26, 2016 1:23 pm
Forum: Personal Finance (Not Investing)
Topic: Net Worth Milestone Today - $1.5M
Replies: 82
Views: 9095

Re: Net Worth Milestone Today - $1.5M

Perhaps we'll mark the event with a special charitable endeavor or gift of some kind. That seems more appropriate somehow than spending extra money on ourselves (we spend plenty already). Any ideas are welcome. A mission trip to a third world country. Wife and I went on one in Nicaragua. After the ...
by Meg77
Mon Sep 26, 2016 1:14 pm
Forum: Personal Finance (Not Investing)
Topic: Net Worth Milestone Today - $1.5M
Replies: 82
Views: 9095

Re: Net Worth Milestone Today - $1.5M

I was just updating my net worth spreadsheet and realized that our net worth crossed over the $1,500,000 mark. $1,500,492 to be exact. I hadn't really been anticipating this milestone, and it feels a little surreal to not feel very different. I spent some time mulling over how to celebrate or mark ...
by Meg77
Sun Sep 25, 2016 5:25 pm
Forum: Personal Finance (Not Investing)
Topic: Buy a new house with cash? Please advise
Replies: 26
Views: 3101

Re: Buy a new house with cash? Please advise

Another option is to take out a HELOC on your homestead and use that for the down payment on house 2 rather than selling all your stocks. That might enable you to put even more down and therefore minimize debt service and mortgage origination costs. Talk to your loan officer though; you may need to ...
by Meg77
Sun Sep 25, 2016 10:59 am
Forum: Personal Finance (Not Investing)
Topic: Net Worth Milestone Today - $1.5M
Replies: 82
Views: 9095

Re: Net Worth Milestone Today - $1.5M

Congratulations! Glad you've put your head-start monies towards good use.. " I am in my early 30's" .. "I started investing in stocks in 2000 .." You sure been an early investor - started when you were sweet-16 ? :-) Ha, technically it was 1996! I actually opened my first invest...
by Meg77
Sat Sep 24, 2016 6:57 pm
Forum: Personal Finance (Not Investing)
Topic: Net Worth Milestone Today - $1.5M
Replies: 82
Views: 9095

Re: Net Worth Milestone Today - $1.5M

Without health, no amount of money is worth sacrificing good health. Without gratitude, no amount of money is truly celebratory. Too true! We have increased our health/fitness spending this year and don't regret it. I should really look into decreasing my wine spending though...for both my pocketbo...
by Meg77
Sat Sep 24, 2016 6:40 pm
Forum: Personal Finance (Not Investing)
Topic: Net Worth Milestone Today - $1.5M
Replies: 82
Views: 9095

Re: Net Worth Milestone Today - $1.5M

Wow, I neglected to check in for 24 hours and came back to much more commentary than I expected! :happy I love a good debate, and I certainly open myself up here to opinions of all types, so no hard feelings. Here are some specific responses to some of the criticisms that popped up: i am curious why...
by Meg77
Sat Sep 24, 2016 5:49 pm
Forum: Investing - Help with Personal Investments
Topic: Invest entire $1M windfall now or over time?
Replies: 36
Views: 3754

Re: Invest entire $1M windfall now or over time?

I wrote a blog post recently about the time I invested a lump sum windfall as opposed to dollar cost averaging it into the market - and lost out. Might be of use to you. http://www.worldofwealthblog.com/i-invested-a-lump-sum-right-before-the-market-corrected/ STATISTICALLY - more often than not - lu...
by Meg77
Fri Sep 23, 2016 4:32 pm
Forum: Personal Finance (Not Investing)
Topic: Net Worth Milestone Today - $1.5M
Replies: 82
Views: 9095

Net Worth Milestone Today - $1.5M

I was just updating my net worth spreadsheet and realized that our net worth crossed over the $1,500,000 mark. $1,500,492 to be exact. The breakdown if anyone is interested is as follows: Cash net of credit cards outstanding - $45,291 Taxable investments net of one car loan and deferred taxes - $241...
by Meg77
Fri Sep 23, 2016 3:06 pm
Forum: Personal Finance (Not Investing)
Topic: A Re-Financing No-Brainer, right???
Replies: 12
Views: 1397

Re: A Re-Financing No-Brainer, right???

Banker here. Go ahead and refi! Definitely a good idea as long as you move to a 15 year so as not to stretch the amortization out longer than your existing remaining loan term. Shaving 1.46%+ off the rate is great too and will save you a lot in interest. You'll save $2672 in interest during year one...
by Meg77
Fri Sep 23, 2016 2:58 pm
Forum: Investing - Theory, News & General
Topic: I guess we better peek when it comes to Vanguard
Replies: 37
Views: 5108

Re: I guess we better peek when it comes to Vanguard

I tried to make the first leg of my backdoor Roth IRA contribution in January by buying $5500 of the Prime Money Market fund in my traditional IRA at Vanguard. The buy transaction was to pull from my personal checking account, and it was confirmed as usual when I placed the order online. It hit my V...
by Meg77
Fri Sep 23, 2016 2:50 pm
Forum: Personal Finance (Not Investing)
Topic: Any Bogleheads invest in rental cabins/tiny homes?
Replies: 11
Views: 1459

Re: Any Bogleheads invest in rental cabins/tiny homes?

Mobile homes and RVs are not investments - they are consumer purchases that decrease in value like other automobiles, boats, etc. Tiny homes by definition are usually mobile homes because they don't meet zoning requirements to be build on land. Between that and the fact that they are relatively inex...
by Meg77
Fri Sep 23, 2016 2:43 pm
Forum: Personal Consumer Issues
Topic: Cancun, Grand Cayman or Other Caribbean Islands
Replies: 26
Views: 1689

Re: Cancun, Grand Cayman or Other Caribbean Islands

Wife looking to go to warm beach this January. We have a 3-year old and a baby, so we will likely be stuck in the hotel or nearby area. Looking for a direct flight out of Philly PA or Newark NJ. Where do you suggest we can go? Is Cancun a safe area? Since we won't be going diving or snorkeling, is ...
by Meg77
Fri Sep 23, 2016 10:52 am
Forum: Personal Finance (Not Investing)
Topic: "Boglehead path" derailed
Replies: 24
Views: 4208

Re: "Boglehead path" derailed

I am so very sorry. I can't imagine what you are going through. Is the prognosis optimistic? If not, you should apply for disability and at least have that income coming in. If so, I think in the short term that you should invest in anything that might reasonably accelerate your healing - psychologi...
by Meg77
Fri Sep 23, 2016 10:22 am
Forum: Personal Finance (Not Investing)
Topic: Worried I've been depreciating rental expenses wrong for years.
Replies: 8
Views: 1151

Re: Worried I've been depreciating rental expenses wrong for years.

I have two rental condos, and I believe you are thinking about this the wrong way. I've never heard of anybody depreciating HOA dues or portions thereof; you are supposed to just expense them in the year they are incurred. It's not the landlord/owner's responsibility to break down how the aggregate ...
by Meg77
Fri Sep 23, 2016 10:12 am
Forum: Personal Consumer Issues
Topic: Cancun, Grand Cayman or Other Caribbean Islands
Replies: 26
Views: 1689

Re: Cancun, Grand Cayman or Other Caribbean Islands

Wife looking to go to warm beach this January. We have a 3-year old and a baby, so we will likely be stuck in the hotel or nearby area. Looking for a direct flight out of Philly PA or Newark NJ. Where do you suggest we can go? Is Cancun a safe area? Since we won't be going diving or snorkeling, is ...
by Meg77
Fri Sep 23, 2016 10:06 am
Forum: Investing - Theory, News & General
Topic: "In Defense of Bonds"
Replies: 27
Views: 3182

Re: "In Defense of Bonds"

Thank you for sharing. Simple, straightforward arguments against the most common reasons people avoid or minimize bond exposure. I have been resisting rebalancing by selling stock and buying bonds because investing in bonds seems fairly useless to me at this stage, but mulling over this article may ...
by Meg77
Fri Sep 23, 2016 9:58 am
Forum: Personal Consumer Issues
Topic: Tenant responsible for appliances?
Replies: 20
Views: 1152

Re: Tenant responsible for appliances?

You definitely need to clarify with the leasing agent. The wording is ambiguous and could be interpreted to mean the fridge, stove and W/D ARE your responsibility or are NOT. I personally wouldn't sign a lease for an apartment or home that appeared to come with those appliances but required me to ta...
by Meg77
Wed Sep 21, 2016 1:36 pm
Forum: Personal Finance (Not Investing)
Topic: Inheritance Plan Help
Replies: 19
Views: 1793

Re: Inheritance Plan Help

Also managing all your assets within a living trust (car titles, checking accounts, etc.) can be a huge hassle. What hassle? While living, the only "hassle" is getting your joint accounts retitled as being owned by the trust and resetting some beneficiary statements to have the trust be t...
by Meg77
Wed Sep 21, 2016 10:06 am
Forum: Personal Consumer Issues
Topic: Study Abroad program question
Replies: 34
Views: 1756

Re: Study Abroad program question

I studied abroad in Madrid for a summer between my sophomore and junior year. I HIGHLY recommend it. Also please encourage your daughter to do her study Spain and get some of her Spanish credits out of the way while she is there. I minored in Spanish and took two of the required 6 courses that summe...
by Meg77
Tue Sep 20, 2016 1:59 pm
Forum: Investing - Help with Personal Investments
Topic: Two questions ["Age in Bonds" vs. Risk Tolerance]
Replies: 24
Views: 1428

Re: Two questions

One thing you should think about is the fact that you have a pension. That may eliminate the need for you to hold bonds at all, depending on the terms of the pension. Bonds and pensions and social security are all fixed income assets that generate steady income. If you can cover your bare expenses ...
by Meg77
Tue Sep 20, 2016 10:25 am
Forum: Personal Finance (Not Investing)
Topic: Pension Lump Sum - Age 32
Replies: 18
Views: 2094

Re: Pension Lump Sum - Age 32

The identity and strength of the previous employer matters. Do you think they will still be around - and have a solvent pension system - in 50 years when you're in your 80's? Some megacorps might be, and many government entities, but if the pension folds for any reason between now and when you turn ...
by Meg77
Tue Sep 20, 2016 10:14 am
Forum: Personal Finance (Not Investing)
Topic: Prepay Mortgage: Does the length of time you live in the home matter?
Replies: 29
Views: 2655

Re: Prepay Mortgage: Does the length of time you live in the home matter?

Thanks for both replies. So to clarify, amortization (paying more interest early) should not be factored into the equation? This is my confusion. Just to expand on this, it's a common misconception that you pay "more" interest at the beginning of a loan versus the end of the loan. This is...
by Meg77
Tue Sep 20, 2016 9:57 am
Forum: Personal Finance (Not Investing)
Topic: Prepay Mortgage: Does the length of time you live in the home matter?
Replies: 29
Views: 2655

Re: Prepay Mortgage: Does the length of time you live in the home matter?

Banker here. In short, the amortization does not matter when making this decision. Regardless of the amortization schedule, you're paying one twelfth of 3.25% (in your case) in interest on whatever the loan balance was last month. Lowering the amortization or making extra payments just increases the...
by Meg77
Tue Sep 20, 2016 9:30 am
Forum: Investing - Help with Personal Investments
Topic: Two questions ["Age in Bonds" vs. Risk Tolerance]
Replies: 24
Views: 1428

Re: Two questions

Hi there! I think very few Bogleheads use the "your age in bonds" method of determining asset allocation. It's very conservative (and very old) rule of thumb, and recent research has shown that retirees may actually be much better off with a much bigger stock allocation than that. Part of ...
by Meg77
Tue Sep 20, 2016 9:16 am
Forum: Personal Finance (Not Investing)
Topic: Please Help me Calculate Tax on Rental Sale (Former Homestead)
Replies: 11
Views: 591

Re: Please Help me Calculate Tax on Rental Sale (Former Homestead)

I agree with the general consensus. I'm just curious how you could have so much every year in passive losses?! Lots of repairs? $20K of the $29K in total losses is from depreciation. There have been very few repairs, although I did replace the HVAC in year one (this had been needed, but I waited un...
by Meg77
Mon Sep 19, 2016 3:28 pm
Forum: Investing - Help with Personal Investments
Topic: A Friend Asked Me - Ponzi or Not? [1st position commercial mortgage notes]
Replies: 12
Views: 1504

Re: A Friend Asked Me - Ponzi or Not? [1st position commercial mortgage notes]

Sounds like they are raising money for a hard money investing group. Those are typically 12 months or lower and cost borrowers 12-18% including fees. It would make sense that the company could raise money at 6% and still make a spread after expenses (including foreclosing on properties when loans go...
by Meg77
Mon Sep 19, 2016 1:22 pm
Forum: Personal Finance (Not Investing)
Topic: Anyone accidentally tell a friend about your inheritance?
Replies: 83
Views: 8992

Re: Anyone accidentally tell a friend about your inheritance?

This is a common situation you would have encountered sooner or later - that of having a lot more money than someone else (or realizing that they have a lot more than you); it just came on quickly/dramatically for you because of the windfall so it feels much more life changing. But it shouldn't matt...
by Meg77
Mon Sep 19, 2016 1:08 pm
Forum: Personal Finance (Not Investing)
Topic: Inheritance Plan Help
Replies: 19
Views: 1793

Re: Inheritance Plan Help

Are you sure that you need a living trust? The benefits of those entities are often overblown in order to sell them to clients who really don't stand to benefit much from them. Also managing all your assets within a living trust (car titles, checking accounts, etc.) can be a huge hassle. Unless your...
by Meg77
Mon Sep 19, 2016 11:39 am
Forum: Personal Finance (Not Investing)
Topic: Please Help me Calculate Tax on Rental Sale (Former Homestead)
Replies: 11
Views: 591

Re: Please Help me Calculate Tax on Rental Sale (Former Homestead)

On a joint return, up to $500K of gain can be excluded, but eligibility is determined separately for each spouse. Since you meet the qualifications but your spouse does not, you can exclude up to $250K on the joint return. (Reg 1.121-2) Having rented it out 2-3 years prior to sale does not disquali...
by Meg77
Mon Sep 19, 2016 10:50 am
Forum: Personal Finance (Not Investing)
Topic: High Income/Wealthish annual expenses framework
Replies: 11
Views: 1536

Re: High Income/Wealthish annual expenses framework

I think several items here are way off base, but of course everything depends on where you live (San Francisco versus Atlanta will have very different costs) and what hobbies/activities you enjoy. Let me say though that as a private banker I work with many affluent clients in the Dallas area, and I'...
by Meg77
Sun Sep 18, 2016 8:22 pm
Forum: Personal Finance (Not Investing)
Topic: Please Help me Calculate Tax on Rental Sale (Former Homestead)
Replies: 11
Views: 591

Re: Please Help me Calculate Tax on Rental Sale (Former Homestead)

On a joint return, up to $500K of gain can be excluded, but eligibility is determined separately for each spouse. Since you meet the qualifications but your spouse does not, you can exclude up to $250K on the joint return. (Reg 1.121-2) Having rented it out 2-3 years prior to sale does not disquali...
by Meg77
Sun Sep 18, 2016 6:51 pm
Forum: Personal Finance (Not Investing)
Topic: Please Help me Calculate Tax on Rental Sale (Former Homestead)
Replies: 11
Views: 591

Re: Please Help me Calculate Tax on Rental Sale (Former Homestead)

See IRS Pub 523, Selling Your Home: https://www.irs.gov/pub/irs-pdf/p523.pdf?_ga=1.182485217.652811244.1372461052 Thanks for this. Apparently I'm out of luck on the capital gain exclusion: Married individuals may exclude up to $500,000 of gain if they file a joint return and neither spouse excluded...
by Meg77
Sun Sep 18, 2016 5:38 pm
Forum: Personal Finance (Not Investing)
Topic: Please Help me Calculate Tax on Rental Sale (Former Homestead)
Replies: 11
Views: 591

Please Help me Calculate Tax on Rental Sale (Former Homestead)

Hi Bogleheads. I'm hoping somebody familiar with tax rules can help me estimate the tax implications of the sale of a property. September 2006 - I bought a condo for $147,000 as a single person. It appraised for $160,000 that same month. The tax value that year reflected land value of $19,380 and im...
by Meg77
Fri Sep 16, 2016 3:33 pm
Forum: Personal Finance (Not Investing)
Topic: Questions for Insurance Salesman on Whole Life Policy
Replies: 59
Views: 3677

Re: Questions for Insurance Salesman on Whole Life Policy

My main questions are about the policies on my kids. For that premium, they seem reasonable. If the premium can change, then that's an issue. That's one of my questions for him. But if it's a $400/y premium for a $250,000 guaranteed death benefit, isn't that good? That's about on par with what a 30...
by Meg77
Fri Sep 16, 2016 2:37 pm
Forum: Personal Finance (Not Investing)
Topic: Is Being a Private Banking Client Worth it?
Replies: 88
Views: 15404

Re: Is Being a Private Banking Client Worth it?

I am a private banker and also have just moved my banking business to a big bank private bank department Meg, That is fascinating. I would have thought private banks would act like brokerage firms and require you to do your banking with them. If nothing else, so they can keep an eye on you. Is the ...
by Meg77
Wed Sep 14, 2016 3:01 pm
Forum: Personal Finance (Not Investing)
Topic: Is Being a Private Banking Client Worth it?
Replies: 88
Views: 15404

Re: Is Being a Private Banking Client Worth it?

Actually many private banks do make all their large mortgages at below market rates. For one thing they can make nearly as much profit doing so since it's a lot easier and cheaper to make one $10,000,000 home loan in the private bank than 100 $100,000 home loans via the consumer division, even afte...
by Meg77
Wed Sep 14, 2016 2:33 pm
Forum: Personal Finance (Not Investing)
Topic: Denied Term Life Insurance/A Reminder to Get Your House in Order
Replies: 38
Views: 3314

Re: Denied Term Life Insurance/A Reminder to Get Your House in Order

I think you're thinking about the right things. As a banker I never recommend the credit life insurance policies we are supposed to sell with all consumer loans (mortgages, car loans, etc) because the fees are "outrageous" as you say - but they are only outrageous compared to what a health...
by Meg77
Wed Sep 14, 2016 2:20 pm
Forum: Personal Finance (Not Investing)
Topic: Financial check-up -- anything else I should be doing?
Replies: 24
Views: 2862

Re: Financial check-up -- anything else I should be doing?

You're doing great! I would avoid life insurance, particularly as you have no plans to have kids. For one, it's arguably silly to pay for something you don't need unless you have a good reason to think you may become uninsurable in the next 10 years (trouble controlling weight, family history of ear...
by Meg77
Wed Sep 14, 2016 1:55 pm
Forum: Investing - Theory, News & General
Topic: WSJ: Bank Balance better predictor of happiness than Total Wealth
Replies: 43
Views: 6108

Re: WSJ: Bank Balance better predictor of happiness than Total Wealth

I think this makes total sense. As a banker, I see this a lot and also anecdotally notice it a lot among friends and even people on this forum. Many people have more than enough in their checking accounts to pay off at least one of their loans - a car loan, student loan, even a mortgage or two. But ...
by Meg77
Wed Sep 14, 2016 1:35 pm
Forum: Personal Finance (Not Investing)
Topic: Is Being a Private Banking Client Worth it?
Replies: 88
Views: 15404

Re: Is Being a Private Banking Client Worth it?

+1 Meg77 It's the Network. #2, and #3. Older bro had worked in private banking at the corporate level. He's a back office type. His bank, PB at times, made the most profits, while being the smallest profit centers and carried the smallest risks. Conversely Retail banking was hugely expensive to ope...
by Meg77
Wed Sep 14, 2016 11:35 am
Forum: Personal Finance (Not Investing)
Topic: Is Being a Private Banking Client Worth it?
Replies: 88
Views: 15404

Re: Is Being a Private Banking Client Worth it?

The list of things you get makes business sense to me. Banks make money off selling private equity shares, hedge fund investments, IPOs and such. They make money issuing mortgages or other loans. They do not make money giving away free estate planning advice or lending money too far below market......
by Meg77
Tue Sep 13, 2016 3:10 pm
Forum: Personal Finance (Not Investing)
Topic: Twin home burns down and one owner won't rebuild. What happens?
Replies: 25
Views: 2927

Re: Twin home burns down and one owner won't rebuild. What happens?

I own a few duplexes, so this is very interesting to me. Two of my duplexes are one property - one tax value, one water meter, but two units - but the other two are platted separately. I get 2 tax bills and can sell half the property without selling the other half, technically speaking. Practically ...
by Meg77
Tue Sep 13, 2016 2:57 pm
Forum: Personal Finance (Not Investing)
Topic: Prospective Employer Wants Salary History & Desired Salary
Replies: 265
Views: 18108

Re: Prospective Employer Wants Salary History & Desired Salary

So the employer has contacted me after the initial interview asking about my current salary and my desired salary before they commit to making an offer. I've included a link below to my previous post on the subject... which, suffice to say, I'm being significantly underpaid at the moment. What kind...
by Meg77
Tue Sep 13, 2016 11:54 am
Forum: Personal Finance (Not Investing)
Topic: What shape is your net worth curve?
Replies: 44
Views: 5041

Re: What shape is your net worth curve?

How do I post an image? When I click the Img button it gives open and close brackets which doesn't make sense to me...I actually have a graph of my net worth charted monthly since mid 2007 to the present. It's a nice exponential curve, but that is because my income and savings rate have increased ex...
by Meg77
Tue Sep 13, 2016 11:20 am
Forum: Personal Finance (Not Investing)
Topic: Do I refi?
Replies: 7
Views: 470

Re: Do I refi?

If you plan to move in as little as two years, I would try to remove PMI without refinancing first. You'll pay nearly as much in closing costs as you'll save in interest over the next 2 years if you refinance to the 30 year (0.375% x $279K = $1046 interest savings in year 1 and slightly less than th...
by Meg77
Tue Sep 13, 2016 11:11 am
Forum: Personal Finance (Not Investing)
Topic: Selling a home without a realtor
Replies: 29
Views: 2548

Re: Selling a home without a realtor

As a mortgage banker, just be aware that pre-approval letters are often pretty worthless. They are based on nothing but a simple credit check and what the client SAYS they make and owe and have in the bank. These initial applications are almost never accurate once the underwriters dig into the numb...
by Meg77
Tue Sep 13, 2016 11:06 am
Forum: Personal Finance (Not Investing)
Topic: Should I pay off my mortgage?
Replies: 35
Views: 2855

Re: Should I pay off my mortgage?

Mortgage banker here. You should be able to get around 3% on a 15 year fixed loan; the rate is going to be a bit higher than average usually on a loan under $100K, and closing costs as a percentage of your loan balance will be higher too. Usually you'll pay around 1.5% of the loan balance to refi (d...
by Meg77
Thu Sep 08, 2016 2:38 pm
Forum: Personal Finance (Not Investing)
Topic: Selling a home without a realtor
Replies: 29
Views: 2548

Re: Selling a home without a realtor

As a mortgage banker, just be aware that pre-approval letters are often pretty worthless. They are based on nothing but a simple credit check and what the client SAYS they make and owe and have in the bank. These initial applications are almost never accurate once the underwriters dig into the numbe...
by Meg77
Thu Sep 08, 2016 2:08 pm
Forum: Personal Finance (Not Investing)
Topic: Is Being a Private Banking Client Worth it?
Replies: 88
Views: 15404

Re: Is Being a Private Banking Client Worth it?

Meg, It is very helpful to have you join in. I am having trouble understanding the private banking appeal. It seems to involve committing a large amount of money at high fees in order to get some personalized service of minimal value. Do the clients get anything of substance? Actually better than m...
by Meg77
Thu Sep 01, 2016 3:40 pm
Forum: Personal Finance (Not Investing)
Topic: Is Being a Private Banking Client Worth it?
Replies: 88
Views: 15404

Re: Is Being a Private Banking Client Worth it?

Meg, It is very helpful to have you join in. I am having trouble understanding the private banking appeal. It seems to involve committing a large amount of money at high fees in order to get some personalized service of minimal value. Do the clients get anything of substance? Actually better than m...

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