Search found 1269 matches

by Meg77
Thu Apr 28, 2016 4:13 pm
Forum: Personal Finance (Not Investing)
Topic: Are females just not interested in investing in general or is it just the women that I date?
Replies: 78
Views: 6865

Re: Are females just not interested in investing in general or is it just the women that I date?

This is a very interesting thread with lots of thoughtful responses. I would agree with those who have said that the issue here is NOT age. Most people of most ages are not particularly interested in investing strategy nor extreme frugality. That doesn't make it OK, and people do change and evolve, ...
by Meg77
Thu Apr 28, 2016 3:39 pm
Forum: Investing - Help with Personal Investments
Topic: 2 options of 401k/403b.
Replies: 10
Views: 214

Re: How to get max employer match 401k

The $53K limit is a total of employer and employee contributions. Let's say you have an employer who offers a 200% 401k match up to 6% of income (my old employer had this set up if you'd been there 10 years). If you make $300,000 a year and contribute 6%, that's $18000. Then your employer under this...
by Meg77
Mon Apr 25, 2016 4:03 pm
Forum: Personal Consumer Issues
Topic: Pros/Cons of Condo Living?
Replies: 43
Views: 3819

Re: Pros/Cons of Condo Living?

I lived in a low-rise condo building in Dallas for 8 years in my 20s and loved it. I was on the middle of 3 floors but at the end of a hall and rarely ever had noise issues (never from above but heard the people down the hall having a party a handful of times). I loved having a concierge who could a...
by Meg77
Fri Apr 15, 2016 2:34 pm
Forum: Investing - Theory, News & General
Topic: Refinance rental?
Replies: 12
Views: 785

Re: Refinance rental?

No way I'd refinance. You only owe another $2400 or so in PMI before it gets dropped in two years. Doesn't make sense to me to pay $1500 in closing costs PLUS an extra 50 basis points for the rest of the loan term just to get rid of it 2 years sooner. 50 basis points on $100K is $500. Unless you pay...
by Meg77
Fri Apr 15, 2016 1:48 pm
Forum: Investing - Help with Personal Investments
Topic: Magic Number? How much to save for retirement
Replies: 45
Views: 5980

Re: Magic Number? How much to save for retirement

Projections are fun but generally useless. Not only do you not know what will happen with the financial variables (inflation, taxes, rate of return, amount you'll be able to save, future wages, social security...), but it's also very hard to predict your expenses far into the future. The only thing ...
by Meg77
Mon Apr 11, 2016 6:15 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Offer
Replies: 18
Views: 1349

Re: Refinance Offer

If it's truly a no closing cost refi (and those do exist but aren't super common), then I'd definitely jump at this offer. Some people bother with that for an eight of a point which wouldn't be worth the hassle to me, especially if I knew I planned to move within 5-7 years. You're starting the amort...
by Meg77
Wed Mar 30, 2016 11:24 am
Forum: Personal Finance (Not Investing)
Topic: Investing Young + LBYM = No Corp Ladder
Replies: 92
Views: 7977

Re: Investing Young + LBYM = No Corp Ladder

One more story: I worked with an attorney years ago who owned a paid off $3M house he'd inherited but whose income had sunk over several years from $250K to $125K. His 3 kids were in all the expensive activities, his wife stayed home and played tennis at the country club. Meanwhile his credit card ...
by Meg77
Wed Mar 30, 2016 11:21 am
Forum: Personal Finance (Not Investing)
Topic: How to decide how much to spend on a house?
Replies: 22
Views: 3013

Re: How to decide how much to spend on a house?

Normally I tell people to decide what percentage of their take home pay they are comfortable spending on housing and recommend that it be 25% or less if they really want to retire early or prioritize a separate financial goal (buying a business, sending 3 kids to college, etc.). That's not feasible ...
by Meg77
Wed Mar 30, 2016 10:47 am
Forum: Personal Finance (Not Investing)
Topic: Investing Young + LBYM = No Corp Ladder
Replies: 92
Views: 7977

Re: Investing Young + LBYM = No Corp Ladder

One more story: I worked with an attorney years ago who owned a paid off $3M house he'd inherited but whose income had sunk over several years from $250K to $125K. His 3 kids were in all the expensive activities, his wife stayed home and played tennis at the country club. Meanwhile his credit card ...
by Meg77
Tue Mar 29, 2016 10:48 am
Forum: Personal Finance (Not Investing)
Topic: Investing Young + LBYM = No Corp Ladder
Replies: 92
Views: 7977

Re: Investing Young + LBYM = No Corp Ladder

I've been thinking a lot about this lately, as I'm debating my desire to stay hanging out on corporate ladder, start climbing, or just hop off. As a private banker, I look at the tax returns and balance sheets of "affluent" people every day. It's endlessly fascinating - and regularly depre...
by Meg77
Wed Mar 23, 2016 2:05 pm
Forum: Personal Finance (Not Investing)
Topic: Financially, how have you done/doing vs. your parents?
Replies: 134
Views: 10204

Re: Financially, how have you done/doing vs. your parents?

I'm an "older Millennial" and am doing better than my parents were at my age. Parents' Story When my parents were my age they were both college grads and had just gotten married and had me. They lived in "the ghetto" in Montgomery, AL which was the only place my dad had been able...
by Meg77
Tue Mar 22, 2016 3:44 pm
Forum: Personal Finance (Not Investing)
Topic: Will you review my closing costs? PS How do you shop for title insurance?
Replies: 20
Views: 1773

Re: Will you review my closing costs? PS How do you shop for title insurance?

As a real estate lender, these fees look very reasonable to me. Title policy costs and recording fees are standardized by state governments, so you're not going to have much luck shopping around on those. I was told I shouldn't bother shopping around for Title Insurance because it was set by the st...
by Meg77
Tue Mar 22, 2016 3:31 pm
Forum: Personal Finance (Not Investing)
Topic: Changing careers to finance mid 30's
Replies: 40
Views: 3664

Re: Changing careers to finance mid 30's

6) I have researched online degrees and also looked into the CUNY system here. will do further research. I though of getting a masters in finance, but I feel as though since my undergrad was not really in that field I would probably A) wouldn't be accepted and/or B) I would be very far behind in te...
by Meg77
Mon Mar 21, 2016 11:24 am
Forum: Investing - Help with Personal Investments
Topic: real estate investor reaching end game
Replies: 23
Views: 3230

Re: real estate investor reaching end game

My question of the day: invest in a non tax advantaged Vanguard Retirement target date 2030 fund or something like: 40% VTSAX Total US Stock Market 10% VIG US dividend Lg blend 5% VO US mid blend 5% VB small blend (60% in US stocks) 20% VTIAX total int’l non-US stocks (20% International stocks) 14%...
by Meg77
Mon Mar 21, 2016 11:06 am
Forum: Personal Finance (Not Investing)
Topic: Will you review my closing costs? PS How do you shop for title insurance?
Replies: 20
Views: 1773

Re: Will you review my closing costs? PS How do you shop for title insurance?

As a real estate lender, these fees look very reasonable to me. Title policy costs and recording fees are standardized by state governments, so you're not going to have much luck shopping around on those. On a purchase the title company is identified in the sales contract; you'd have to amend that t...
by Meg77
Mon Mar 21, 2016 10:59 am
Forum: Personal Finance (Not Investing)
Topic: Joint account for unmarried couple, what are the tax concerns?
Replies: 8
Views: 836

Re: Joint account for unmarried couple, what are the tax concerns?

With interest rates so low, I can't imagine this being much of an issue for you. Even if you keep a hundred grand in a savings/checking account that pays 1% - about the highest you can find these days - we are talking about $1000 in interest over a year - on which you guys would collectively owe may...
by Meg77
Mon Mar 21, 2016 10:48 am
Forum: Personal Finance (Not Investing)
Topic: Spousal income inequality, pay off mortgage or invest?
Replies: 44
Views: 5438

Re: Spousal income inequality, pay off mortgage or invest?

If I were in your shoes I'd save up as much cash as possible rather than invest OR pay down the mortgage right now. If you could pay off the mortgage in under 2 years I might say go for it, but if you think it'll take 5-6 years not including the cost of kids, then it's really more like a decade or m...
by Meg77
Fri Mar 18, 2016 3:07 pm
Forum: Investing - Help with Personal Investments
Topic: Quick question [Which Roth to contribute to?]
Replies: 16
Views: 693

Re: Quick question

I don't think it matters, unless contributing to the smaller account would allow you to get enough assets in there to qualify for a cheaper share class (like how Admiral shares of Vanguard funds require $10K per fund).
by Meg77
Fri Mar 18, 2016 2:58 pm
Forum: Personal Finance (Not Investing)
Topic: Mortgage/Finance Help
Replies: 30
Views: 2040

Re: Mortgage/Finance Help

Mortgage banker here. There are a couple of things to consider: 1. Can you qualify for a new mortgage on just your income? I assume your wife was working too when you got the other 2 loans. With just one income now and the other debts you mention though, the DTI ratios may be a lot tighter than the...
by Meg77
Fri Mar 18, 2016 2:54 pm
Forum: Personal Consumer Issues
Topic: Dallas Metro Area
Replies: 28
Views: 2419

Re: Dallas Metro Area

Congrats on the job! I'm not sure where you are coming from, but the DFW area is great as far as job opportunities (especially for an experienced hairstylist!!) and cost of living (property taxes are higher but so are wages compared to many places - and of course there's no state income tax). People...
by Meg77
Thu Mar 17, 2016 11:26 am
Forum: Personal Finance (Not Investing)
Topic: Mortgage/Finance Help
Replies: 30
Views: 2040

Re: Mortgage/Finance Help

Mortgage banker here. There are a couple of things to consider: 1. Can you qualify for a new mortgage on just your income? I assume your wife was working too when you got the other 2 loans. With just one income now and the other debts you mention though, the DTI ratios may be a lot tighter than the...
by Meg77
Thu Mar 17, 2016 11:00 am
Forum: Investing - Theory, News & General
Topic: How have your homes as investments done?
Replies: 154
Views: 10772

Re: How have your homes as investments done?

To everyone who responded, I greatly thank you. To those of you saying my house is not an investment, Let me rephrase: Would you consider buying a 2nd home for investment or would you rather put your money in your 3-fund Boglehead portfolio. So far the answers I seem to be getting indicate, in spit...
by Meg77
Wed Mar 16, 2016 3:28 pm
Forum: Personal Finance (Not Investing)
Topic: Recommend a personal finance talk radio show.
Replies: 38
Views: 3930

Re: Recommend a personal finance talk radio show.

I listen to the Radical Personal Finance podcast. Some interesting ideas from a former financial planner. He recently started Friday Q&A sessions and the topics are often more complex than anything you hear on regular financial shows.
by Meg77
Wed Mar 16, 2016 11:00 am
Forum: Personal Finance (Not Investing)
Topic: For Parents Who Have Given a Child Money For Home Down Payment
Replies: 158
Views: 10824

Re: For Parents Who Have Given a Child Money For Home Down Payment

I wrote an article on this topic last year called How to Help you Child Buy a Home which may be of interest. http://www.worldofwealthblog.com/?p=319 In it I cited a NYT article on the topic in which I was quoted. Figuring out the monetary issues such as whether you can afford it are pretty standard,...
by Meg77
Wed Mar 16, 2016 10:47 am
Forum: Personal Finance (Not Investing)
Topic: Mortgage/Finance Help
Replies: 30
Views: 2040

Re: Mortgage/Finance Help

Mortgage banker here. There are a couple of things to consider: 1. Can you qualify for a new mortgage on just your income? I assume your wife was working too when you got the other 2 loans. With just one income now and the other debts you mention though, the DTI ratios may be a lot tighter than they...
by Meg77
Mon Mar 14, 2016 12:28 pm
Forum: Personal Finance (Not Investing)
Topic: For Parents Who Have Given a Child Money For Home Down Payment
Replies: 158
Views: 10824

Re: For Parents Who Have Given a Child Money For Home Down Payment

To answer the op ed's actual question: my main concerns would be 1) a tech bubble bursting that affected SF real estate negatively and caused that $200K equity to disappear. 2) a divorce that would necessitate selling the house and "losing" the entire home or part of the equity to my daugh...
by Meg77
Thu Mar 10, 2016 7:37 pm
Forum: Personal Finance (Not Investing)
Topic: How long between accepted offer on house and closing
Replies: 17
Views: 1515

Re: How long between accepted offer on house and closing

There is no reason a seller can't close immediately when they decide to sell their house. Usually a buyer wanting to close sooner is a good thing! The only thing a seller has to do is find a new home to live in...maybe that's where their problem lies. I would walk away at this point or at least spen...
by Meg77
Thu Mar 10, 2016 11:53 am
Forum: Personal Finance (Not Investing)
Topic: Best Mortgage for Marine's Family (Florida)
Replies: 12
Views: 807

Re: Best Mortgage for Marine's Family (Florida)

As a mortgage lender I can tell you that the VA loan is one of the MOST EXPENSIVE mortgage options out there due to the high "funding fees" that the VA charges. The interest rate is usually competitive, but the origination charges you'll pay for a VA loan are astronomical compared to a con...
by Meg77
Wed Mar 09, 2016 4:49 pm
Forum: Personal Finance (Not Investing)
Topic: Do most of you plan to retire "full-time"?
Replies: 126
Views: 10501

Re: Do most of you plan to retire "full-time"?

It's not just retirees who dream of meaningful, well-paid part time work. That's the fantasy of many a person, particularly caregivers of aging relatives and parents of young kids. If such jobs were widely available, my husband and I would jump on that bandwagon right now - and we are 30-something D...
by Meg77
Wed Mar 09, 2016 4:22 pm
Forum: Investing - Theory, News & General
Topic: What are disadvantages of maxing our retirement accounts?
Replies: 29
Views: 3690

Re: What are disadvantages of maxing our retirement accounts?

The biggest downside in my view has already been mentioned - less money is available for non-retirement savings (and spending of course). I'm starting to get to the point where I question how much we have in retirement accounts. We're in our 30s and even if we never contribute another dollar of reti...
by Meg77
Wed Mar 09, 2016 4:12 pm
Forum: Personal Consumer Issues
Topic: Seeking Advice On An HOA Special Assessment
Replies: 22
Views: 2418

Re: Seeking Advice On An HOA Special Assessment

My old condo building dealt with something similar and raised dues 20% in conjunction with a loan to redo the whole pool area foundation after years of a lawsuit which ended up not going anywhere. They raised dues in order to avoid a big one time special assessment that they worried they'd have trou...
by Meg77
Mon Mar 07, 2016 4:44 pm
Forum: Personal Finance (Not Investing)
Topic: Mortgage questions
Replies: 10
Views: 1380

Re: Mortgage questions

As a banker I can provide a bit of clarity on some of the credit questions: Last summer I wanted to avoid putting miles onto my vehicle, and test drove several econoboxes. Ultimately (and thankfully!) I didn't buy, but I went to at least three dealerships to test drive. They did run numbers (basic m...
by Meg77
Tue Feb 23, 2016 3:29 pm
Forum: Personal Finance (Not Investing)
Topic: Does anyone stick to a Budget such as YNAB?
Replies: 25
Views: 2040

Re: Does anyone stick to a Budget such as YNAB?

I like tracking my spending just to see the trends over years, but I don't actually stick to a budget as far as caring if I "go over" in certain categories. Mint works a lot better for "tracking spending" like I do than some sites, at least from what I can tell. My understanding ...
by Meg77
Tue Feb 23, 2016 3:24 pm
Forum: Personal Consumer Issues
Topic: What kind of car do you drive? [Looking for new car]
Replies: 126
Views: 5746

Re: What kind of car do you drive?

I drive a 2011 Volvo XC60 (the smaller SUV). It was 1-2 years old when I bought it with under 20,000 miles. Now it has almost 50,000 miles; I don't drive much.
by Meg77
Tue Feb 23, 2016 3:19 pm
Forum: Personal Finance (Not Investing)
Topic: Full 20% Down Payment then HELOC to replenish Capital
Replies: 14
Views: 1544

Re: Full 20% Down Payment then HELOC to replenish Capital

Just put down 20% and wipe out your savings to get into the home. You say you're saving one entire salary, so you should be able to rebuild savings pretty quickly, right? Suspend retirement contributions for a few months if you have to, but I can't see why you'd want to borrow on a HELOC or a 10% se...
by Meg77
Tue Feb 23, 2016 3:07 pm
Forum: Personal Finance (Not Investing)
Topic: Mortgage principle pay down with family loan
Replies: 32
Views: 1997

Re: Mortgage principle pay down with family loan

I have borrowed from my mom at 3% but used the funds to purchase residential rental property. I should get a much better return on the money than I'm paying in interest, she has collateral (a lien on the property), I'm therefore allowed to deduct the loan interest, and the loan is formalized with a ...
by Meg77
Tue Feb 23, 2016 2:53 pm
Forum: Personal Finance (Not Investing)
Topic: Where to deduct property taxes paid on rental house?
Replies: 4
Views: 332

Re: Where to deduct property taxes paid on rental house?

All rental expenses including property taxes go on Schedule E. Your colleague is majorly mistaken and could be penalized heavily in an audit for putting rental property taxes on Schedule A which is for personal deductions. It's not just a matter of messing up the forms and putting a deducible expens...
by Meg77
Thu Feb 11, 2016 5:10 pm
Forum: Personal Consumer Issues
Topic: The Retirement Problem: What Will You Do With All That Time?
Replies: 67
Views: 6505

Re: The Retirement Problem: What Will You Do With All That Time?

I just want to add that this isn't only a problem/issue for retirees. Not knowing what to do with excess time on your hands, feeling like you need a bigger purpose or meaning in your life, and not being sure about your sense of identity because it isn't necessarily tied to your job are things that m...
by Meg77
Thu Feb 11, 2016 2:39 pm
Forum: Investing - Theory, News & General
Topic: Pros and Cons of Self-Directed IRAs?
Replies: 8
Views: 599

Re: Pros and Cons of Self-Directed IRAs?

Thanks for all the replies. All things considered, I am going to punt the idea of a self-directed IRA for now. When in doubt I prefer to take the simpler route!

Thanks everyone.
by Meg77
Wed Feb 10, 2016 3:41 pm
Forum: Investing - Theory, News & General
Topic: Pros and Cons of Self-Directed IRAs?
Replies: 8
Views: 599

Re: Pros and Cons of Self-Directed IRAs?

Two comments: 1. It sounds like there is greater opportunity for gains along with much higher risk. 2. It seems like you want to put a large percentage of your investments in one place. There is a significant lack of diversification and the risk that goes with that. So, it seems like you have two i...
by Meg77
Wed Feb 10, 2016 3:35 pm
Forum: Investing - Help with Personal Investments
Topic: Need advice on a cash out refinance
Replies: 14
Views: 1007

Re: Need advice on a cash out refinance

Thanks for the advice, Meg77. I checked with my loan broker and he mentioned 2.875% 15yr for 417K cash out refi no point no cost loan is possible with compound. It depends on the market though. the reasoning behind is actually, extra money at a low cost [ say 1.8% if fully deductible] if there is s...
by Meg77
Wed Feb 10, 2016 3:19 pm
Forum: Investing - Theory, News & General
Topic: Pros and Cons of Self-Directed IRAs?
Replies: 8
Views: 599

Pros and Cons of Self-Directed IRAs?

I am debating rolling my Vanguard Roth IRA to a custodian that will allow me to make "self-directed" investments. Before I meet with an advisor/sales-person, I wanted to check and see what collective wisdom Bogleheads may be able to offer. Pitfalls? Benefits? Traps? Hidden fees? Recommenda...
by Meg77
Wed Feb 10, 2016 2:38 pm
Forum: Investing - Help with Personal Investments
Topic: Need advice on a cash out refinance
Replies: 14
Views: 1007

Re: Need advice on a cash out refinance

For one thing, I don't think you can get a cash out refi for anywhere close to 2.875% on a 15 year fixed. I am a banker, and when you see "current mortgage rates" quoted, they usually assume the transaction is a non-jumbo purchase over $100K with 20% down to someone with perfect credit in ...
by Meg77
Wed Feb 03, 2016 3:59 pm
Forum: Investing - Help with Personal Investments
Topic: Clueless college new grad 22 yo, 200k income looking to start saving
Replies: 143
Views: 12046

Re: Clueless college new grad 22 yo, 200k income looking to start saving

I'm not seeking any advice regarding changing my lifestyle, only advice regarding how to manage my money. 1. Put $18k (the maximum allowed) into the traditional 401(k) offered by your work for 2016. 2. Research "backdoor Roth" and put $5.5k in a Roth for 2015 (before 4/15/16) and $5.5k in...
by Meg77
Fri Jan 29, 2016 3:41 pm
Forum: Personal Finance (Not Investing)
Topic: Two spenders and buying a house
Replies: 43
Views: 4024

Re: Two spenders and buying a house

We looked at a property about 15 miles from our workplace. This house is 2800 square feet 5 beds 3 baths on 18 acres. It has a large pond about 5 acres in size, the current owner doesn’t know how deep. It is not in a flood zone area. We noticed a few ducks in it. The pond fenced off with a huge iro...
by Meg77
Mon Jan 25, 2016 8:16 pm
Forum: Personal Finance (Not Investing)
Topic: Vanguard TurboTax - Not Available 2015?
Replies: 327
Views: 37908

Re: Vanguard TurboTax - Not Available 2015?

Rob54keep wrote:Costco has a $20 off TurboTax coupon starting in January.


How can I find this coupon? I'm a Costco member, but I don't see anything for Turbotax in my Jan-Feb coupon book that just came in the mail.
by Meg77
Fri Jan 22, 2016 4:31 pm
Forum: Personal Consumer Issues
Topic: What was your biggest unexpected home expense?
Replies: 87
Views: 7698

Re: What was your biggest unexpected home expense?

I'm in the middle of this right now. We bought our townhome 2 years ago and were told the flat roof was "resealed" in 2011. There was a new wood deck on top of it so it made sense they'd re-do the roof before building that. So we spent $30K building out a kitchen and firepit and planters o...
by Meg77
Fri Jan 22, 2016 4:13 pm
Forum: Personal Finance (Not Investing)
Topic: What would a Boglehead do? (CC Debt Dilemma)
Replies: 62
Views: 4040

Re: What would a Boglehead do? (CC Debt Dilemma)

CC1 - 24% - $3,266 CC2 - 18% - $3,305 CC3 - 20% - $2,600 CC4 - 16% - $5,972 CC5 - 15% - $4,442 CC6 - 25% - $351 CC7 - 23% - $890 8 & 9 are getting paid off on Monday. They are tiny. Congrats on deciding to get out of debt - and on your bonus which will give you a great head start! You indicate ...
by Meg77
Fri Jan 22, 2016 3:59 pm
Forum: Personal Finance (Not Investing)
Topic: Refinancing a 2.75% Mortgage Rate?
Replies: 10
Views: 1781

Re: Refinancing a 2.75% Mortgage Rate?

You have a great situation; I'd keep what you have. For one thing I'm not sure you can get 3.75% on a refi right now. That's the lowest stated rate currently, but there are add ons for a refi (versus a purchase), and depending on what state you're in, rolling in a HELOC can make the loan considered ...
by Meg77
Tue Jan 12, 2016 2:27 pm
Forum: Personal Finance (Not Investing)
Topic: Personal and Business Debt
Replies: 7
Views: 596

Re: Personal and Business Debt

As a banker I can tell you that you are pretty much out of luck when it comes to getting a business loan. The business doesn't have a long history, the revenues are very low, and your cash flow is currently negative. On top of that you don't seem to bring anything to the table as a guarantor (liquid...

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