Search found 1559 matches

by Meg77
Tue Jan 17, 2017 11:03 pm
Forum: Investing - Help with Personal Investments
Topic: Just Married: Consolidate and Simplify AA
Replies: 6
Views: 702

Re: Just Married: Consolidate and Simplify AA

Congrats on your marriage, and great job tackling all this consolidation! My husband and I will be married 3 years this April, and it took about two years for us to finally merge all the accounts that could be merged and close all the old ones. It doesn't all happen overnight, and it's fine if she n...
by Meg77
Tue Jan 17, 2017 1:03 pm
Forum: Investing - Help with Personal Investments
Topic: Question re "house fund" in a high tax bracket
Replies: 5
Views: 550

Re: Question re "house fund" in a high tax bracket

Cash is king. You're not going to earn much on this money regardless without putting it at risk, so I wouldn't worry about the tax implications of the interest earned on it. With an average balance of $150,000 at 1.25%, that's still only about $2250 a year. Sure, taxes will wipe out nearly half of t...
by Meg77
Sun Jan 15, 2017 2:02 pm
Forum: Personal Finance (Not Investing)
Topic: Paying off mortgage
Replies: 14
Views: 1489

Re: Paying off mortgage

Thank you for the replies. In response to some: it is my only debt now. No CC debt or auto loan. I have an emergency fund in savings that is over 1 years net salary. So what little the tax deduction does not seem worthwhile and being finished with the mortgage would give me more money to invest and...
by Meg77
Sun Jan 15, 2017 1:56 pm
Forum: Personal Finance (Not Investing)
Topic: Obamacare question.
Replies: 18
Views: 1458

Re: Obamacare question.

Are the deductibles the same? Are your prescriptions (if you take any regularly) covered or not covered equally on both plans? deductibles are 1K on the exchange and 5k direct pay. Well that's another vote for the exchange. Given this is a short term example I'd be inclined to bet on Obamacare bein...
by Meg77
Sun Jan 15, 2017 1:53 pm
Forum: Investing - Theory, News & General
Topic: Retired, expenses covered but still growing portfolio, why?
Replies: 46
Views: 4311

Re: Retired, expenses covered but still growing portfolio, why?

I think for a lot of people it's just hard to turn off the savings switch. My dad has spent decades taking pride and comfort in watching his savings grow. He says since he was a young man he always looked at his savings and thought, " how long can I make this last if I never earn another dime.&...
by Meg77
Sun Jan 15, 2017 1:26 pm
Forum: Personal Finance (Not Investing)
Topic: Limiting retirement contributions?
Replies: 2
Views: 276

Re: Limiting retirement contributions?

Absolutely! I only just started being able to max out all retirement accounts recently, after getting married and both of us getting some raises. Prior to that I just set a percentage target. For example, you might put 15% toward retirement savings and 10% toward saving for a home or home improvemen...
by Meg77
Sun Jan 15, 2017 1:19 pm
Forum: Personal Finance (Not Investing)
Topic: Obamacare question.
Replies: 18
Views: 1458

Re: Obamacare question.

Are the deductibles the same? Are your prescriptions (if you take any regularly) covered or not covered equally on both plans?
by Meg77
Sun Jan 15, 2017 12:50 pm
Forum: Investing - Theory, News & General
Topic: Retired, expenses covered but still growing portfolio, why?
Replies: 46
Views: 4311

Re: Retired, expenses covered but still growing portfolio, why?

I'm continuing to grow my portfolio because I don't believe my non-COLA pensions and SS will keep up with my costs of living increase over the long term. Actually, when I retired I expected to be supplementing them with portfolio withdrawals now. But with the lower than expected inflation my pensio...
by Meg77
Thu Jan 12, 2017 3:11 pm
Forum: Personal Finance (Not Investing)
Topic: Inquiring about family finances?
Replies: 45
Views: 3367

Re: Inquiring about familiy finances?

I don't think you should ignore the topic completely; he's mentioning these things to you for a reason and clearly wouldn't mind either a) some input or discussion around the issue and/or b) some indication as to how you are managing your family's finances. There's nothing wrong with discussing mone...
by Meg77
Thu Jan 12, 2017 12:00 pm
Forum: Investing - Help with Personal Investments
Topic: $600,000. Now what?
Replies: 55
Views: 9916

Re: $600,000. Now what?

2. I was considering branching out into buying a 10-20 unit apartment complex that's undervalued and renavatibg and fixing up. I've also considered opening up my own limited partnership and selling shares of the partnership to friends and using the cash flow to invest, as I've returned around 16% o...
by Meg77
Thu Jan 12, 2017 11:37 am
Forum: Investing - Help with Personal Investments
Topic: $600,000. Now what?
Replies: 55
Views: 9916

Re: $600,000. Now what?

Hi there, congrats on your success! I won't pile on regarding whether it's sustainable, but I can answer your original question. Without knowing all your specific details, as a banker I can tell you it's very unlikely you would qualify for any mortgage right now. 1. Regulations require us to verify ...
by Meg77
Thu Jan 12, 2017 11:17 am
Forum: Personal Finance (Not Investing)
Topic: Doing an intra-family loan
Replies: 18
Views: 973

Re: Doing an intra-family loan

I borrowed from my mother to buy rental property several times. I had a lawyer friend draw up a simple promissory note the first time to make sure it complied with state law, then I recreated a similar form for the second loan. Then I used a basic Excel amortization spreadsheet to track the repaymen...
by Meg77
Thu Jan 12, 2017 10:43 am
Forum: Personal Finance (Not Investing)
Topic: Advice for home purchase
Replies: 6
Views: 465

Re: Advice for home purchase

It sounds like you are thinking about many of the right things. Buying your first home with only 5% down isn't a terrible thing as long as your income is stable and you have some savings and/or cash flow cushion to weather needs and emergencies that may arise. One thing I would focus on is keeping y...
by Meg77
Mon Jan 09, 2017 4:49 pm
Forum: Personal Finance (Not Investing)
Topic: Do Mortgage Terms Improve with Larger Down Payment? (<20% down)
Replies: 3
Views: 366

Re: Effect of down payment on loan offerings (<20% down)

As a mortgage banker, I can tell you the interest rate is usually a lot better the more you put down (this caps out around 30% down - additional amounts put down may not affect the rate much). The difference between 5% down and 10% down may be substantial when it comes to your interest rate. I would...
by Meg77
Mon Jan 09, 2017 4:01 pm
Forum: Personal Consumer Issues
Topic: Turned 30! Women's advice for skin care??
Replies: 60
Views: 2814

Re: Turned 30! Women's advice for skin care??

What is a cost-effective manner of skin care that works for you? [b] Cost-effective is a relative term. I wouldn't say my skin care products are inexpensive, but on the other hand I spend very little on makeup and avoid wearing it whenever possible. I think this is better for my skin but also saves...
by Meg77
Fri Jan 06, 2017 2:09 pm
Forum: Investing - Help with Personal Investments
Topic: 500K milestone celebration
Replies: 74
Views: 7007

Re: 500K milestone celebration

Awesome! Congrats on this milestone. I have a feeling you'll get to the next one ahead of your projected schedule. :beer
by Meg77
Wed Jan 04, 2017 3:02 pm
Forum: Personal Finance (Not Investing)
Topic: Surprise financial disaster, severe debt $300K caused by brother-in-law - Please help!
Replies: 176
Views: 28807

Re: Surprise financial disaster, severe debt $300K caused by brother-in-law - Please help!

I'm so sorry for your situation. This may be small consolation, but as a private banker I have witnessed several situations like this over the years. It's very common for very intelligent high-income/high-powered professionals to get caught up in the luxury lifestyle, allow ego to take over, and jus...
by Meg77
Sun Jan 01, 2017 2:44 pm
Forum: Personal Finance (Not Investing)
Topic: I'll never save a 20% down payment. Rent for life?
Replies: 138
Views: 12598

Re: I'll never save a 20% down payment. Rent for life?

I have not read all the comments, but I just want to say that you are doing very well. If I were in your circumstances I would probably be doing/considering the very same things. First, I think it absolutely makes sense to have your wife stay at home for a few years - with a 0 and a 2 year old no le...
by Meg77
Sun Jan 01, 2017 2:01 pm
Forum: Personal Finance (Not Investing)
Topic: Multi Millionaire with no credit rating
Replies: 52
Views: 5212

Re: Multi Millionaire with no credit rating

Banker here. First, I echo others' comments regarding rewards being overrated and credit cards generally being designed to encourage spending (however debit cards suffer from this same problem). My dad has millions and no credit score after not borrowing money for many years. He's fine with it and d...
by Meg77
Sun Jan 01, 2017 10:47 am
Forum: Personal Finance (Not Investing)
Topic: Buying a home for the first time (mortgages!)
Replies: 11
Views: 1187

Re: Buying a home for the first time (mortgages!)

Hi there! I'm a mortgage banker in Texas and would be happy to help. 1. Leave the spouse with the lower credit score off the mortgage. It'll increase your interest rate if you leave her on, and she won't be earning income anyway so there is no benefit to having her on there. She can be put on the ti...
by Meg77
Sun Jan 01, 2017 10:32 am
Forum: Personal Finance (Not Investing)
Topic: Mortgage recast strategy - Feedback needed
Replies: 54
Views: 4398

Re: Mortgage recast strategy - Feedback needed

Okay. But as mentioned, where are the reserves for your very possible income shortage if you're throwing all you save up during the year at recasting and still making the same amount in monthly payments?? What are you gaining by doing this? When is the very possible income shortage likely to happen...
by Meg77
Mon Dec 19, 2016 3:45 pm
Forum: Personal Finance (Not Investing)
Topic: Job switch dilemma
Replies: 40
Views: 3237

Re: Job switch dilemma

It seems like a no-brainer to stay put. More money, lower cost of living, it's what your wife wants, you have family nearby, and you won't have to uproot your kids and make them change schools/cultures at a fairly critical age - which can be a lot more difficult than you think and have potentially l...
by Meg77
Thu Dec 15, 2016 10:56 am
Forum: Investing - Help with Personal Investments
Topic: Income for mortgage and 401k contribution
Replies: 5
Views: 598

Re: Income for mortgage and 401k contribution

Hi, I'm a banker and do a lot of residential mortgages. Don't worry about your 401k contributions! Lenders look at gross income. That's one of the reasons we request your W2s and pay stubs, not just your tax returns. That's excellent news! As to why I was getting conflicting information on this... ...
by Meg77
Tue Dec 13, 2016 9:52 am
Forum: Investing - Help with Personal Investments
Topic: Income for mortgage and 401k contribution
Replies: 5
Views: 598

Re: Income for mortgage and 401k contribution

Hi, I'm a banker and do a lot of residential mortgages. Don't worry about your 401k contributions! Lenders look at gross income. That's one of the reasons we request your W2s and pay stubs, not just your tax returns.
by Meg77
Mon Dec 12, 2016 4:49 pm
Forum: Personal Finance (Not Investing)
Topic: What is my Cost Basis on Gifted Real Estate?
Replies: 39
Views: 1854

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

Agree with Gill if dad owned the property. Just not sure about this statement. My dad lives there and has a life estate, but the title was deeded over to me and my sisters directly from my mother (dad had rights to the property, but the deed was only in her name for some weird reason). Transfer wit...
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: 39
Views: 1854

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: 39
Views: 1854

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: 39
Views: 1854

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: 5619

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: 5347

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: 5619

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: 5950

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: 10575

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: 10575

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: 7381

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: 431

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: 1205

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: 4798

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: 4798

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: 2994

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: 6302

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: 35
Views: 7048

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: 1297

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: 1026

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: 8261

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: 949

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: 1160

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: 2507

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: 8433

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: 3862

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...

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