Search found 1971 matches

by Meg77
Tue Aug 22, 2017 2:31 pm
Forum: Personal Finance (Not Investing)
Topic: 12 Things Not to Do if You Win the Lottery
Replies: 9
Views: 1369

12 Things Not to Do if You Win the Lottery

I thought this was a pretty good article about how not to mess up any big windfall, not just the lottery. http://www.msn.com/en-us/money/personalfinance/12-things-not-to-do-if-you-win-the-dollar700-million-powerball-prize/ar-AAqiCzT?ocid=spartanntp The short version: DON'T 1. Forget to sign your tic...
by Meg77
Tue Aug 22, 2017 2:26 pm
Forum: Personal Finance (Not Investing)
Topic: I did it and feel great about it (paid off mortgage)
Replies: 23
Views: 1418

Re: I did it and feel great about it (paid off mortgage)

Congratulations!

If you ever miss having a mortgage you can always get another one. Something tells me you won't though. :beer
by Meg77
Mon Aug 21, 2017 3:27 pm
Forum: Personal Finance (Not Investing)
Topic: CFP vs MBA with focus in finance/management during career transition
Replies: 20
Views: 1380

Re: CFP vs MBA with focus in finance/management during career transition

Don't some of the financial credentials require actual time in the business prior to be becoming credentialed? I could be wrong, but I checked into one program myself some time ago and time in an appropriate financial job was required. Might be slim pickings if you have to leave current job to get ...
by Meg77
Mon Aug 21, 2017 3:24 pm
Forum: Personal Finance (Not Investing)
Topic: CFP vs MBA with focus in finance/management during career transition
Replies: 20
Views: 1380

Re: CFP vs MBA with focus in finance/management during career transition

Definitely don't get an MBA if your goal is to start your own business or if you don't know what you want to do. If you think you may want to go into financial planning - whether as an employee or as a self-employed solo practitioner, then a CFP is a great idea. My husband got an MBA in his early 3...
by Meg77
Sat Aug 19, 2017 5:14 pm
Forum: Personal Finance (Not Investing)
Topic: CFP vs MBA with focus in finance/management during career transition
Replies: 20
Views: 1380

Re: CFP vs MBA with focus in finance/management during career transition

Definitely don't get an MBA if your goal is to start your own business or if you don't know what you want to do. If you think you may want to go into financial planning - whether as an employee or as a self-employed solo practitioner, then a CFP is a great idea. My husband got an MBA in his early 30...
by Meg77
Fri Aug 11, 2017 4:21 pm
Forum: Investing - Help with Personal Investments
Topic: Physician & Real Estate investor seeks advice
Replies: 49
Views: 4234

Re: Physician & Real Estate investor seeks advice

Yes that's exactly what a backdoor Roth IRA is! And yes I'd do that every year no matter what. I also max out my 401k each year, but we are in the 33% tax bracket so it's well worth the tax savings. As I said before those funds can always be used later within a self-directed IRA rollover to buy mor...
by Meg77
Fri Aug 11, 2017 4:05 pm
Forum: Personal Finance (Not Investing)
Topic: Buying a house as a student
Replies: 27
Views: 1334

Re: Buying a house as a student

Current situation: $850 rent. Zero to very small hassle. Proposed situation: $1000 mortgage payment plus property taxes, insurance, HOA (if applicable), and all kinds of home maintenance. Plus a bigger place than you need which you will have to furnish, heat, cool, clean, etc. Plus a potentially mes...
by Meg77
Fri Aug 11, 2017 1:34 pm
Forum: Investing - Theory, News & General
Topic: What Percentage CASH are you?
Replies: 90
Views: 6054

Re: What Percentage CASH are you?

I'm currently 5% cash (and 9% bonds) not including my emergency fund. I may make an investment real estate purchase in the next year so I'm not immediately investing all cash.
by Meg77
Fri Aug 11, 2017 1:30 pm
Forum: Investing - Help with Personal Investments
Topic: Physician & Real Estate investor seeks advice
Replies: 49
Views: 4234

Re: Physician & Real Estate investor seeks advice

Here's the thing no one has really highlighted: you don't have to wait until you're 59.5 to access retirement accounts. This is a very common topic among early retirees both on Bogleheads and dozens of early retiree blogs - all of which still recommend maxing out retirement accounts while you are w...
by Meg77
Thu Aug 10, 2017 2:35 pm
Forum: Investing - Help with Personal Investments
Topic: Physician & Real Estate investor seeks advice
Replies: 49
Views: 4234

Re: Physician & Real Estate investor seeks advice

Here's the thing no one has really highlighted: you don't have to wait until you're 59.5 to access retirement accounts. This is a very common topic among early retirees both on Bogleheads and dozens of early retiree blogs - all of which still recommend maxing out retirement accounts while you are wo...
by Meg77
Wed Aug 09, 2017 12:12 pm
Forum: Personal Finance (Not Investing)
Topic: Recently Married - should we file jointly or separately?
Replies: 18
Views: 1260

Re: Recently Married - should we file jointly or separately?

I'm not a CPA, but I know that it almost never makes sense for couples to file separately. The only cases I've read about (here and elsewhere) where couples decided to go ahead and do so anyway were where one spouse had student loan debt well into the 6 figures ($200K+). Couples are penalized in ma...
by Meg77
Wed Aug 09, 2017 11:56 am
Forum: Personal Finance (Not Investing)
Topic: Life at crossroads. What would you do ?
Replies: 198
Views: 16334

Re: Life at crossroads. What would you do ?

I'm not really sure why you keep referring to "burning through" your savings. Your wife makes $85k and your portfolio will generate $80K a year at a 4% withdrawal rate. You could retire right now and keep your same lifestyle as long as your wife is OK keeping working. I'm not suggesting that; I'm ju...
by Meg77
Wed Aug 09, 2017 10:42 am
Forum: Personal Finance (Not Investing)
Topic: Recently Married - should we file jointly or separately?
Replies: 18
Views: 1260

Re: Recently Married - should we file jointly or separately?

I'm not a CPA, but I know that it almost never makes sense for couples to file separately. The only cases I've read about (here and elsewhere) where couples decided to go ahead and do so anyway were where one spouse had student loan debt well into the 6 figures ($200K+). Couples are penalized in man...
by Meg77
Wed Aug 09, 2017 10:30 am
Forum: Investing - Help with Personal Investments
Topic: First Portfolio Review! 31 and 30 y.o. NYC married couple
Replies: 29
Views: 2281

Re: First Portfolio Review! 31 and 30 y.o. NYC married couple

Questions: 1.) We are getting nervous that we have never invested in a bear market. The 85/15 AA with our retirement assets has been something we have been comfortable with historically, but we are getting antsy for the day we see our net worth cut in half. I am confident that we will not change ou...
by Meg77
Fri Aug 04, 2017 2:40 pm
Forum: Investing - Help with Personal Investments
Topic: Helping mom with debt, investing, and spending
Replies: 34
Views: 1611

Re: Helping mom with debt, investing, and spending

Since your mom is such a conservative investor, it definitely makes sense to use the IRA cash to pay off debt. Even bonds are unlikely to return more than her debt costs. Maybe do this over 2 tax years to spread the taxes out and use up all possible space in the 15% bracket. If you don't pay off the...
by Meg77
Fri Aug 04, 2017 2:15 pm
Forum: Personal Finance (Not Investing)
Topic: Are we house poor? [Property Tax Madness]
Replies: 79
Views: 7906

Re: Are we house poor?

You guys are doing great! I can't imagine what you are worried about. 1. You have A YEAR of expenses saved for an emergency. 2. You are saving 43% of your gross income for retirement 3. Your home is paid off (!) 4. You expect to have a pension when you retire which will be enough to cover DOUBLE you...
by Meg77
Wed Aug 02, 2017 3:12 pm
Forum: Investing - Help with Personal Investments
Topic: Burned out at 28. Do I have enough?
Replies: 62
Views: 9606

Re: Burned out at 28. Do I have enough?

If you leave your $285K invested and never save another dollar, you should have roughly $961K in today's dollars when you turn 60 (assumes a 4% return after inflation and fees but does not include taxes owed annually on the taxable investments). If you continue to invest $5K per year on top of what ...
by Meg77
Wed Aug 02, 2017 2:37 pm
Forum: Investing - Help with Personal Investments
Topic: Financial checkup - nurse, lots of kids
Replies: 5
Views: 845

Re: Financial checkup - nurse, lots of kids

Hi there! We don't know your household income or age so it's hard to be too specific, but here is what I would consider based on the information we have. 1. Cut 401k contribution to 6% to get the full company match but no more. Sell the Dodge & Cox fund in your 401k and put everything into the Vangu...
by Meg77
Wed Aug 02, 2017 10:17 am
Forum: Personal Finance (Not Investing)
Topic: Just general comments for a 22 y/o on financial position
Replies: 31
Views: 4924

Re: Just general comments for a 22 y/o on financial position

@Meg77 Thanks for taking time to write that whole post. I feel like that post definitely applies to me since we were in pretty similar situations where we were given a lot of money at a young age. But I think a lot of it also just applies to anyone who is reading this site and wants to get on the p...
by Meg77
Wed Aug 02, 2017 10:02 am
Forum: Personal Finance (Not Investing)
Topic: A poll: How much money do you want to retire?
Replies: 270
Views: 21241

Re: A poll: How much money do you need to retire?

I'm 33 and husband is 39 and we need $3MM to retire in 5-7 years (plus to have paid off all debts including rental property mortgages). Target is to have $150k a year when we retire (not including social security income which would kick in later and be used for increased healthcare costs as we age)....
by Meg77
Tue Aug 01, 2017 2:25 pm
Forum: Personal Finance (Not Investing)
Topic: Just general comments for a 22 y/o on financial position
Replies: 31
Views: 4924

Re: Just general comments for a 22 y/o on financial position

Hello and welcome to the forum! I am 33 and I have to tell you that I was in your EXACT same situation 11 years ago when I was 22. I had just graduated from college, I had no debt, my first job (in banking) paid me $45K plus a bit in bonuses, and I had close to $300k leftover in my "college fund" wh...
by Meg77
Fri Jul 28, 2017 3:09 pm
Forum: Investing - Help with Personal Investments
Topic: Should emergency funds be included in AA?
Replies: 45
Views: 2658

Re: Should emergency funds be included in AA?

True emergency funds should not be included in AA. That is because if they are considered part of the AA, then when you dip into reserves for an emergency a rebalance would be triggered (since cash would decrease, necessitating the sale of stocks to replenish cash). That defeats the purpose of havin...
by Meg77
Fri Jul 28, 2017 2:53 pm
Forum: Investing - Theory, News & General
Topic: Is this advice as reprehensible as I think it is?
Replies: 32
Views: 5238

Re: Is this advice as reprehensible as I think it is?

My guess is that they have $50-100k in savings invested with a well known company featuring activley managed funds with very high loads/expenses. My friends think the sales rep is brilliant and of superlative character who is only concerned withh helping them. Well, this great guy is advising them ...
by Meg77
Fri Jul 28, 2017 11:16 am
Forum: Personal Finance (Not Investing)
Topic: Grandson just got married. Wants to add wife's name to accts
Replies: 32
Views: 4226

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

1210sda wrote:
Meg77 wrote:No, there are no tax consequences to adding a spouse to any type of property, assuming they plan to file taxes Married Filing Jointly.


No gift tax consequences either?

1210


No there are no gift or transfer taxes between spouses.
by Meg77
Fri Jul 28, 2017 11:15 am
Forum: Investing - Theory, News & General
Topic: Jack Bogle, Eugene Fama- New Freakonomics Radio Podcast
Replies: 26
Views: 2644

Re: Jack Bogle, Eugene Fama- New Freakonomics Radio Podcast

I am listening to this podcast now. So proud to be a Vanguard customer every time I hear him speak! I know that may seem terribly naïve, but it's true. :sharebeer :moneybag 8-)
by Meg77
Wed Jul 26, 2017 3:26 pm
Forum: Personal Finance (Not Investing)
Topic: Post Nuptial agreement guaranteeing alimony?
Replies: 113
Views: 6833

Re: Post Nuptial agreement guaranteeing alimony?

My husband and I work in the same industry as well; in fact we met at work. And I earned more than he did when we got married (and had less debt and more assets), so I thought about some of these same issues. We briefly discussed a prenup, but after mulling it over myself with lots of trusted adviso...
by Meg77
Tue Jul 25, 2017 2:43 pm
Forum: Personal Finance (Not Investing)
Topic: Grandson just got married. Wants to add wife's name to accts
Replies: 32
Views: 4226

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

No, there are no tax consequences to adding a spouse to any type of property, assuming they plan to file taxes Married Filing Jointly.
by Meg77
Tue Jul 25, 2017 2:42 pm
Forum: Investing - Help with Personal Investments
Topic: Cash to Invest
Replies: 28
Views: 1920

Re: Cash to Invest

If your cash balances represent a big portion of your portfolio, then I think it's reasonable to ease into the market a little bit at a time over 6-12 months. But if your cash to be invested only represents a small portion of your net worth - or if you're saving so much each year that your investmen...
by Meg77
Tue Jul 25, 2017 1:56 pm
Forum: Personal Finance (Not Investing)
Topic: Eligible for HSA after marriage?
Replies: 7
Views: 349

Re: Eligible for HSA after marriage?

My understanding is that if you keep your individual plan and she keeps her individual plan, you can keep contributing to the HSA (at the individual level - not up to the married level of $6,750), and she can do her own thing. That may or may not be the best solution though. My husband and I would h...
by Meg77
Tue Jul 25, 2017 1:52 pm
Forum: Personal Finance (Not Investing)
Topic: Rental Property - Best Legal Structure?
Replies: 23
Views: 1910

Re: Rental Property - Best Legal Structure?

An LLC is the standard when the primary goal is reducing personal liability - it won't save you on your taxes though. Many landlords (including myself) simply add extra liability coverage to their rental home insurance policies though. It's pretty cheap just to bump up the coverage from a standard $...
by Meg77
Tue Jul 25, 2017 1:49 pm
Forum: Personal Finance (Not Investing)
Topic: Investing Education and Mansplaining
Replies: 128
Views: 8028

Re: Investing Education and Mansplaining

I just want to say that my dad bought the book "Rich Bi*ch" by Nicole Lapin for my 20-something sister, and I picked it up casually over the weekend at her house expecting to roll my eyes. She's a young professional female (or was when it was published), and to my surprise I ended up readi...
by Meg77
Mon Jul 24, 2017 3:41 pm
Forum: Personal Finance (Not Investing)
Topic: Tax questions for parents wanting to deed property
Replies: 10
Views: 733

Re: Tax questions for parents wanting to deed property

We don't know anything about your parents' health or finances so it is hard to say whether long term care insurance makes sense (it probably doesn't - most people either have enough to self insure or have too little to afford the premiums). If they are anticipating ending up in a Medicaid nursing ho...
by Meg77
Mon Jul 24, 2017 3:28 pm
Forum: Personal Consumer Issues
Topic: Italy in August Trip (Rome, Florence, Venice)
Replies: 44
Views: 2635

Re: Italy in August Trip (Rome, Florence, Venice)

I just went to Rome for the first time in April, and it was lovely! I was surprised how many sights are within walking distance from one another. You don't need to set aside a whole day or even a half day to see much unless you want a detailed guided tour. We didn't plan much in advance; my sis who ...
by Meg77
Mon Jul 24, 2017 1:45 pm
Forum: Personal Finance (Not Investing)
Topic: Does anyone set portfolio goals and rewards?
Replies: 35
Views: 2270

Re: Does anyone set portfolio goals and rewards?

I focus more on income/spending targets when it comes to splurges. For example, we want to keep our committed expenses (fixed costs plus subscriptions, groceries, home maintenance) below 50% of our gross income. So if we are below that target and want to increase our fixed expenses - with a new car...
by Meg77
Sun Jul 23, 2017 9:12 am
Forum: Personal Finance (Not Investing)
Topic: Does anyone set portfolio goals and rewards?
Replies: 35
Views: 2270

Re: Does anyone set portfolio goals and rewards?

I focus more on income/spending targets when it comes to splurges. For example, we want to keep our committed expenses (fixed costs plus subscriptions, groceries, home maintenance) below 50% of our gross income. So if we are below that target and want to increase our fixed expenses - with a new car ...
by Meg77
Fri Jul 21, 2017 10:47 am
Forum: Personal Finance (Not Investing)
Topic: Kicking the net worth habit
Replies: 47
Views: 5341

Re: Kicking the net worth habit

I used to calculate my net worth as a metric for how I was doing financially. Now I am mostly retired, I am beginning to realize the inadequacy of this approach. If my net worth increases over time, is it good or bad? I have no interest in leaving an estate, so a failure of my net worth to decline ...
by Meg77
Fri Jul 21, 2017 10:26 am
Forum: Investing - Theory, News & General
Topic: Money Managed
Replies: 5
Views: 368

Re: Money Managed

It's because of their ETFs. Vanguard is far and away the number 1/largest mutual fund manager. But they lag in ETF holdings which makes up an increasingly large share of the market.
by Meg77
Fri Jul 21, 2017 10:25 am
Forum: Investing - Theory, News & General
Topic: Can real estate investing (actual properties) be relatively "hands off"?
Replies: 50
Views: 5601

Re: Can real estate investing be relatively "hands off"?

It's never as low maintenance as an index fund, but it doesn't have to be much of a hassle once you've closed the purchase and hired the property manager. That part can be pretty time intensive, especially for your first property or two - finding a deal, negotiating an offer, getting a mortgage, get...
by Meg77
Fri Jul 21, 2017 10:16 am
Forum: Investing - Theory, News & General
Topic: Advise to mass distribute (Dave?)
Replies: 8
Views: 443

Re: Advise to mass distribute (Dave?)

Congrats on becoming debt free!! I listen to Dave podcasts and enjoy them, and I'm a Boglehead too. There are lots of different ways to get to financial freedom. His brand of snark and inspiration is very motivational for some people - and very entertaining. Millions of people listen to him daily, a...
by Meg77
Fri Jul 21, 2017 10:01 am
Forum: Personal Finance (Not Investing)
Topic: Is it still worth buying a house in a state with insane property taxes
Replies: 96
Views: 9260

Re: Is it still worth buying a house in a state with insane property taxes

It's not like landlords are providing a charity and paying property taxes for you out of the goodness of their hearts. You are paying property taxes whether you rent or own. When you own the house, at least you get a line item bill that you can take as a tax deduction. Yes but if you get an apartme...
by Meg77
Thu Jul 20, 2017 10:47 am
Forum: Personal Finance (Not Investing)
Topic: Need help [with budget]
Replies: 4
Views: 371

Re: Need help [with budget]

First of all, make sure that any extra payments you do decide to make on your student loans go to PRINCIPAL ONLY. Most student loans are set up so that extra payments go to prepaying future monthly payments. So if you make an extra payment it will show you as paid up through some future month in tim...
by Meg77
Mon Jul 17, 2017 4:16 pm
Forum: Investing - Theory, News & General
Topic: How to Incorprate Alternative Assets to AA
Replies: 6
Views: 689

Re: How to Incorprate Alternative Assets to AA

As a General approach one takes take the *equity* in real l estate investments. Not the gross value. Market value of properties. I don't understand how index funds can be 50 per cent alternative? It's not the index funds that are 50% alternatives; rather, about 3% of my index funds are classified b...
by Meg77
Mon Jul 17, 2017 4:09 pm
Forum: Personal Finance (Not Investing)
Topic: What to do with mortgages, etc.
Replies: 35
Views: 4595

Re: What to do with mortgages, etc.

thank you for your detailed feedback.... Hi Some new numbers on the refinance situation. Current rate being offered on 15yr is 3.0%. Closing costs are 3200. If I roll the cash in, I will likely need to pay .625 of the loan amount as a fee. There is a chance BofA will match the credit union rate and...
by Meg77
Fri Jul 14, 2017 4:53 pm
Forum: Investing - Help with Personal Investments
Topic: How to invest 300K
Replies: 33
Views: 2585

Re: How to invest 300K

Why not just pay off your mortgage?

If you really want to invest it instead, just dump it all in. You're investing $300K a year on top of that anyway, so percentage wise this is not a giant lump sum for you; it's just one year worth of savings (today).
by Meg77
Fri Jul 14, 2017 4:49 pm
Forum: Personal Finance (Not Investing)
Topic: How to keep Wife's Inheritance Separate
Replies: 11
Views: 1554

Re: How to keep Wife's Inheritance Separate

I'm in TX which is also a community property state, and my understanding is that a trust is required if you truly want to make sure that the entirety of an asset remains separate property. Otherwise you are comingling an asset slowly even if it stays in one spouse's name because a) the asset may be ...
by Meg77
Fri Jul 14, 2017 4:41 pm
Forum: Personal Finance (Not Investing)
Topic: Finance Q for those that have gone through Divorce
Replies: 36
Views: 2728

Re: Finance Q for those that have gone through Divorce

I don't think the 70% offer is necessarily unfair - it may be close to what you'd end up paying anyway over time if you split everything 50/50 but then add spousal support (which you say you're willing to pay for a "few years" anyway). She can sell the homes to avoid the maintenance if she...
by Meg77
Fri Jul 14, 2017 2:25 pm
Forum: Personal Finance (Not Investing)
Topic: What to do with mortgages, etc.
Replies: 35
Views: 4595

Re: What to do with mortgages, etc.

Rental Property: Value: approx 575-600k owed: 363k @ 4.25, 29yrs remaining current PITI: 2328.29 Total rents: $3125/mo (37,500/yr) tax basis: $331k (I think, after deciphering my tax's guy's answer on how much tax i'd pay if i sold) The rental is in a prime location - one of the best in the city - ...
by Meg77
Fri Jul 14, 2017 2:10 pm
Forum: Personal Finance (Not Investing)
Topic: What to do with mortgages, etc.
Replies: 35
Views: 4595

Re: What to do with mortgages, etc.

Hi Some new numbers on the refinance situation. Current rate being offered on 15yr is 3.0%. Closing costs are 3200. If I roll the cash in, I will likely need to pay .625 of the loan amount as a fee. There is a chance BofA will match the credit union rate and pricing without that fee, but don't know...
by Meg77
Fri Jul 14, 2017 10:38 am
Forum: Investing - Theory, News & General
Topic: How to Incorprate Alternative Assets to AA
Replies: 6
Views: 689

Re: How to Incorprate Alternative Assets to AA

As a General approach one takes take the *equity* in real l estate investments. Not the gross value. Market value of properties. I don't understand how index funds can be 50 per cent alternative? It's not the index funds that are 50% alternatives; rather, about 3% of my index funds are classified b...
by Meg77
Fri Jul 14, 2017 10:27 am
Forum: Personal Finance (Not Investing)
Topic: Personal loan to a family member
Replies: 114
Views: 6862

Re: Personal loan to a family member

I am surprised at all the responses that insist this is a terrible idea with no good outcomes. Construction costs overrun budgets all the time (more often than not actually, which I can attest as a lender who does plenty of construction loans). Ideally clients have cash to cover that, but building a...