Search found 1330 matches

by Meg77
Mon Jul 25, 2016 6:26 pm
Forum: Investing - Help with Personal Investments
Topic: Early retirees, how much did you leave on the table?
Replies: 165
Views: 9850

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

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

http://www.gocurrycracker.com/retirement-has-already-cost-us-at-least-5-million/
by Meg77
Mon Jul 25, 2016 5:43 pm
Forum: Personal Finance (Not Investing)
Topic: Rules of Thumb: Max House Value as % of Net Worth?
Replies: 41
Views: 2524

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

My grandparents are worth about $10MM and live in a paid off $200K home. I met a new client Friday (also retirement age) who is worth about $17MM but has a $4MM home and a $5MM second home (both paid off). Crazy difference in ratios, but both families can afford to ride out the rest of their lives w...
by Meg77
Mon Jul 25, 2016 5:02 pm
Forum: Personal Finance (Not Investing)
Topic: saving without goals?
Replies: 13
Views: 1096

Re: saving without goals?

My husband and I are in a very similar situation, and as a goal-oriented person I totally understand your "problem." In the last few years I achieved many of my goals in quick succession (get married, buy a home, max out all retirement accounts, pay off all consumer debt, hit 6 figure inco...
by Meg77
Sat Jul 09, 2016 7:29 pm
Forum: Personal Finance (Not Investing)
Topic: Trust Fund Kid
Replies: 63
Views: 5719

Re: Trust Fund Kid

A lot depends on the terms of the trust and when/how he can access the funds. Most trusts, especially those with minor beneficiaries (I assume this trust wasn't just put into place) have parameters to try to control for these types of situations. You only get x% at y age; you only get funds when you...
by Meg77
Sat Jul 09, 2016 1:56 pm
Forum: Personal Finance (Not Investing)
Topic: Building a (taxable) Bridge to Retirement
Replies: 39
Views: 3234

Re: Building a (taxable) Bridge to Retirement

We both have sizeable IRAs that rolled over from 401k accounts more than a decade ago. Unless you have really great employer plans, you probably don't want to roll those IRAs into your 401ks. And that probably takes backdoor Roth IRA contributions off the table. Your best bet is to invest in taxabl...
by Meg77
Sat Jul 09, 2016 1:30 pm
Forum: Personal Finance (Not Investing)
Topic: Minimizing & Simplifying Bank Accounts
Replies: 15
Views: 1357

Re: Minimizing & Simplifying Bank Accounts

Interesting responses so far. Really appreciate the varying views. Am I being paranoid by feeling a need to have redundant accounts like checking? I've never had a checking account frozen or closed, but it seems like if something happened to my checking account, I'd be in pretty bad shape unable to...
by Meg77
Sat Jul 09, 2016 11:50 am
Forum: Investing - Theory, News & General
Topic: What's your asset allocation and why?
Replies: 103
Views: 5367

Re: What's your asset allocation and why?

Our current AA is: 6% cash (because that's how much we want to feel comfortable for dry powder for any opportunities that may pop up) 8% bonds (it was hovering close to 12% but we moved a chunk into a European index fund when it plunged the day after the Brexit vote) 52% stock ---82% of this is dome...
by Meg77
Thu Jul 07, 2016 10:21 pm
Forum: Investing - Help with Personal Investments
Topic: Need help with a refinance mortgage vs. pay-off decision
Replies: 11
Views: 1063

Re: Need help with a refinance mortgage vs. pay-off decision

As a mortgage banker, I vote for option 3. You save closing costs and also free up cash flow which will be important when/if you have a child. Your stress level will be much lower with fixed costs dropping that much. You can always go and get another mortgage if you hate being debt free. Try it. I b...
by Meg77
Thu Jul 07, 2016 10:15 pm
Forum: Personal Finance (Not Investing)
Topic: How many "investment" accounts do you have?
Replies: 35
Views: 2581

Re: How many "investment" accounts do you have?

Too many:

joint checking
Other joint checking
rental checking
Roth IRA his
Roth IRA hers
401k his
401k his old employer (no expense ratios so we leave it)
401k hers
brokerage his (aka joint)
HSA
HSA investment account
trust brokerage (hers)
by Meg77
Wed Jul 06, 2016 8:58 am
Forum: Personal Finance (Not Investing)
Topic: Townhouse VS Stand Alone House ?
Replies: 8
Views: 786

Re: Townhouse VS Stand Alone House ?

We like our town home. One of the surprising advantages I've noticed is that we seem to get a lot more space for the square footage. What I mean by that is that the town home layout (3 levels plus a rooftop deck) provides for many different areas for my husband and I and our pets (2 cats and 2 dogs)...
by Meg77
Tue Jul 05, 2016 8:13 pm
Forum: Investing - Help with Personal Investments
Topic: Refinancing Home to buy Stocks. Confusion
Replies: 62
Views: 4017

Re: Refinancing Home to buy Stocks. Confusion

I did invest in 2010 i.e. The 400k in my retirement accounts. I took a ten year mortgage on my first and second home. I put down 35% on my first home. I worked all through my masters degree and saved every penny from the time I was 14 years old. I rolled all my equity from home one into two leaving...
by Meg77
Mon Jul 04, 2016 3:58 pm
Forum: Personal Consumer Issues
Topic: Condo vs Townhouse Living
Replies: 35
Views: 4315

Re: Condo vs Townhouse Living

I never had a single issue in my old condo with noise, with the exception of maybe 4 instances over 7 years that had to do with somebody down the hall throwing a party. I moved down the street to a town home in a newer development after getting married and have had continual noise issues on both sid...
by Meg77
Wed Jun 22, 2016 8:05 pm
Forum: Personal Finance (Not Investing)
Topic: Very tough career choice (ego, startup, San Francisco Bay Area)
Replies: 52
Views: 5441

Re: Very tough career choice (ego, startup, San Francisco Bay Area)

It seems to me that the primary factors to consider are those yet unknown: what kind of other job opportunity you could land, and what it would pay (and where it would be located). I think it's completely reasonable to put out some feelers in this situation and be willing to leave if you can get a c...
by Meg77
Wed Jun 22, 2016 7:00 pm
Forum: Personal Finance (Not Investing)
Topic: Mortgage Refinance Help
Replies: 10
Views: 822

Re: Mortgage Refinance Help

No, no no! Keep the mortgage you've got, seriously! There is no justifiable reason at all to pay closing costs to get a HIGHER interest rate and a LONGER mortgage term unless perhaps cash flow was so tight as to possibly force you into foreclosure. You guys make a ton of money. Just pay off student ...
by Meg77
Fri Jun 17, 2016 2:02 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance rental property?
Replies: 15
Views: 1304

Re: Refinance rental property?

I'm a banker, and I figured I'd jump in with a few points: 1. Rates on a 30 year refinance of a rental property with 20% equity or more are currently around 3.75% to 4.00% depending on the day and which lender is quoting you. There is an increase or premium to the rate for investment properties comp...
by Meg77
Sun Jun 12, 2016 7:27 pm
Forum: Personal Finance (Not Investing)
Topic: hypothetical cash in refi to go to 15 year worth it?
Replies: 32
Views: 1939

Re: hypothetical cash in refi to go to 15 year worth it?

This decision depends largely on your goals, which aren't explicitly stated. If you're trying to pay off your mortgage sooner rather than later, then refinancing to a 15 year loan makes sense, paying the loan down makes sense, lowering the interest rate makes sense, and doing all those things simult...
by Meg77
Sun Jun 12, 2016 10:11 am
Forum: Personal Finance (Not Investing)
Topic: Cash out refinance on primary to payoff mortgage on rental property
Replies: 11
Views: 924

Re: Cash out refinance on primary to payoff mortgage on rental property

This analysis isn't complete. If you convert your refinance to a cash out refinance, your interest rate will increase (unless you're dealing with a bank that holds all its loans and charges the same for purchases, refis and cash outs - which I doubt given how low your stated refi rate is). Ask your ...
by Meg77
Thu Jun 09, 2016 5:43 pm
Forum: Personal Finance (Not Investing)
Topic: Are Rentals As Bad As Some Make Them Out To Be?
Replies: 66
Views: 5572

Re: Are Rentals As Bad As Some Make Them Out To Be?

I'd try it and then just see how it goes. I started buying rentals when I was 22 and bought a dump of a duplex as my first property, another later that year, then two more duplexes 2 years later in a Section 8 type of area. I managed all these properties myself and learned a LOT the very hard way. I...
by Meg77
Thu Jun 09, 2016 10:44 am
Forum: Personal Finance (Not Investing)
Topic: Another "should I pay off the mortgage post?"
Replies: 29
Views: 3267

Re: Another "should I pay off the mortgage post?"

Do yourself a favor and opt for a 15 year loan now! You'll save a ton on interest and from the sounds of it you're going to be mortgage free in 15 years no matter what. You don't need additional flexibility if you can already save 50%+ of your income each month. I wish my husband and I had opted for...
by Meg77
Thu Jun 09, 2016 10:38 am
Forum: Personal Finance (Not Investing)
Topic: Refininace mortgage [is it worth it]
Replies: 16
Views: 1209

Re: Refininace mortgage [is it worth it]

It depends on your cash flow. I don't think it's worth the hassle to refinance to save 30 basis points or less, especially if you don't plan to stay in the house long term. I'd wait until you can comfortably move to a 20 or 15 year loan to really lower the rate - or consider an ARM as has been sugg...
by Meg77
Wed Jun 08, 2016 6:56 pm
Forum: Personal Finance (Not Investing)
Topic: Refininace mortgage [is it worth it]
Replies: 16
Views: 1209

Re: Refininace mortgage [is it worth it]

It depends on your cash flow. I don't think it's worth the hassle to refinance to save 30 basis points or less, especially if you don't plan to stay in the house long term. I'd wait until you can comfortably move to a 20 or 15 year loan to really lower the rate - or consider an ARM as has been sugge...
by Meg77
Tue Jun 07, 2016 1:57 pm
Forum: Personal Finance (Not Investing)
Topic: House appraisal came in low but high enough for refi -- is it a big deal?
Replies: 10
Views: 723

Re: House appraisal came in low but high enough for refi -- is it a big deal?

As a lender we run into this a lot. Appraisals are ordered anonymously and can't be challenged or changed unless there is a specific error in the report, or if you know of newer and more relevant comps that they didn't use (you can contest the comps if theirs are much older and yours are within the ...
by Meg77
Tue Jun 07, 2016 1:42 pm
Forum: Personal Finance (Not Investing)
Topic: After 30 yrs at Megacorp my IT job was surplussed...
Replies: 52
Views: 6510

Re: After 30 yrs at Megacorp my IT job was surplussed...

I know it's disorienting and kind of maddening to be laid off. Been there. But you'll shake it off quickly I promise. Sure you can keep working, but you're a millionaire plus you have a $3100 a month guaranteed income, plus you'll probably have additional income from social security in another deca...
by Meg77
Tue Jun 07, 2016 1:39 pm
Forum: Personal Finance (Not Investing)
Topic: Geico to Liberty Mutual - Home and Auto Insurance
Replies: 12
Views: 1166

Re: Geico to Liberty Mutual - Home and Auto Insurance

I had a good experience with Liberty Mutual on a claim, and we got a big discount to move our business there through one of their brokers a few years back. However their rates went up the next year on all of our properties (maybe due to my claim?) so we shopped around again and moved to Safeco. I'l...
by Meg77
Tue Jun 07, 2016 1:34 pm
Forum: Investing - Help with Personal Investments
Topic: Mortgage or Taxable Account?
Replies: 18
Views: 1667

Re: Mortgage or Taxable Account?

My husband and I are in a similar situation and started paying extra on the mortgage each month. After about 6 months I realized we were paying even more a month than a 15 year payment would be, so we are biting the bullet and refinancing to a 15 year loan at 2.75% (current rates are closer to 3%). ...
by Meg77
Mon Jun 06, 2016 2:21 pm
Forum: Personal Finance (Not Investing)
Topic: After 30 yrs at Megacorp my IT job was surplussed...
Replies: 52
Views: 6510

Re: After 30 yrs at Megacorp my IT job was surplussed...

I know it's disorienting and kind of maddening to be laid off. Been there. But you'll shake it off quickly I promise. Sure you can keep working, but you're a millionaire plus you have a $3100 a month guaranteed income, plus you'll probably have additional income from social security in another decad...
by Meg77
Mon Jun 06, 2016 2:01 pm
Forum: Personal Finance (Not Investing)
Topic: Indefinite Period of Travel - What to do with $400k? [Home]
Replies: 17
Views: 2145

Re: Indefinite Period of Travel - What to do with $400k?

It may be worth hiring a property manager to deal with for you so you can keep it and continue building equity via mortgage repayment (and maybe appreciation) while you are not working and presumably not building wealth otherwise. I'd only do that if you plan to hold it for the long term and/or mov...
by Meg77
Mon Jun 06, 2016 1:13 pm
Forum: Personal Finance (Not Investing)
Topic: Question about credit cards/credit score. Looking for help.
Replies: 16
Views: 1194

Re: Question about credit cards/credit score. Looking for help.

The number of cards isn't what is helping your credit score, and closing a few cards won't specifically damage your credit score. Here are the important factors: 1. You want to keep at least one open so that you have 2 different types of debt reflected on your credit report (credit line and term loa...
by Meg77
Mon Jun 06, 2016 12:31 pm
Forum: Personal Finance (Not Investing)
Topic: Indefinite Period of Travel - What to do with $400k? [Home]
Replies: 17
Views: 2145

Re: Indefinite Period of Travel - What to do with $400k?

It may be worth hiring a property manager to deal with for you so you can keep it and continue building equity via mortgage repayment (and maybe appreciation) while you are not working and presumably not building wealth otherwise. I'd only do that if you plan to hold it for the long term and/or move...
by Meg77
Mon Jun 06, 2016 12:27 pm
Forum: Personal Finance (Not Investing)
Topic: Geico to Liberty Mutual - Home and Auto Insurance
Replies: 12
Views: 1166

Re: Geico to Liberty Mutual - Home and Auto Insurance

I had a good experience with Liberty Mutual on a claim, and we got a big discount to move our business there through one of their brokers a few years back. However their rates went up the next year on all of our properties (maybe due to my claim?) so we shopped around again and moved to Safeco. I'll...
by Meg77
Mon Jun 06, 2016 11:54 am
Forum: Personal Finance (Not Investing)
Topic: How to live on $110,000 less income each year?
Replies: 104
Views: 11092

Re: How to live on $110,000 less income each year?

I did forget about the tax impact. I've edited the original post to reflect. My analysis indicates: 1) Switch to renting rather than owning 2) Stop saving for retirement 3) Stop saving for non-retirement 4) Still have $28,000 gap to close. It looks difficult in my opinion to move to an $80,000 fami...
by Meg77
Mon Jun 06, 2016 11:46 am
Forum: Personal Finance (Not Investing)
Topic: How to live on $110,000 less income each year?
Replies: 104
Views: 11092

Re: How to live on $110,000 less income each year?

It appears to me that the biggest differences in your two budgets (that we know of based on estimating his) are 1) taxes, 2) childcare and 3) housing. And of course savings. You'd need to save less (and have to save less) if you cut your income by more than 50%. But that doesn't mean you have to tak...
by Meg77
Fri Jun 03, 2016 3:32 pm
Forum: Personal Finance (Not Investing)
Topic: Pay off Student Loans vs Maxing 401k
Replies: 35
Views: 2681

Re: Pay off Student Loans vs Maxing 401k

Are you sure you can lower your interest rate on a student loan consolidation? It's quite difficult to do last I checked, though new options are popping up all the time. Drbank and Sofi are two companies that offer low student loan refinance rates, but I believe you have to be a doctor or have an M...
by Meg77
Thu Jun 02, 2016 3:02 pm
Forum: Personal Finance (Not Investing)
Topic: Pay off Student Loans vs Maxing 401k
Replies: 35
Views: 2681

Re: Pay off Student Loans vs Maxing 401k

Are you sure you can lower your interest rate on a student loan consolidation? It's quite difficult to do last I checked, though new options are popping up all the time. Drbank and Sofi are two companies that offer low student loan refinance rates, but I believe you have to be a doctor or have an MB...
by Meg77
Thu Jun 02, 2016 2:46 pm
Forum: Investing - Help with Personal Investments
Topic: Percent to save goal
Replies: 75
Views: 7533

Re: Percent to save goal

Lots of good comments, and I agree that there is no magic percentage. Although personally I shoot for the following budget target of my gross income: Committed expenses (recurring bills, basic necessities, debt payments, taxes): 50% Savings: 30% Fun Money: 20% Giving: 10% I was finally right at this...
by Meg77
Thu Jun 02, 2016 2:35 pm
Forum: Personal Consumer Issues
Topic: Refinancing with Amerisave - taking forever
Replies: 4
Views: 489

Re: Refinancing with Amerisave - taking forever

It will just take longer if you start over now. As long as they are extending their rate lock for her I wouldn't sweat it. Rates have jumped up substantially in the last couple of weeks. And you'll probably have to order a new appraisal if you re-apply with someone else - or jump through lots of add...
by Meg77
Thu Jun 02, 2016 2:31 pm
Forum: Personal Finance (Not Investing)
Topic: First mortgage/HELOC vs. Fixed rate mortgage
Replies: 25
Views: 1258

Re: First mortgage/HELOC vs. Fixed rate mortgage

I'm a banker, and I think you should call Wells Fargo (I do not work for them nor own their stock). Wells typically offers the best jumbo purchase mortgage rates in the industry (when you're converting a construction loan to a permanent loan, it's considered purchase money). Their jumbo refinance ra...
by Meg77
Wed Jun 01, 2016 11:19 am
Forum: Personal Finance (Not Investing)
Topic: Downsizing to cash out property appreciation and improve cash flow
Replies: 1
Views: 235

Re: Downsizing to cash out property appreciation and improve cash flow

Financially it's a good move, but I'd only do this if you don't like your current house and/or you'd really like to boost monthly cash flow for some compelling reason. Also, I'd only do this if you don't mind staying in the new, smaller house long term. The transaction costs of moving/selling every ...
by Meg77
Tue May 31, 2016 5:21 pm
Forum: Personal Finance (Not Investing)
Topic: Downpayment shell game--HELOC, cash out taxable, etc to buy new house while getting ready to sell old house
Replies: 4
Views: 538

Re: Downpayment shell game--HELOC, cash out taxable, etc to buy new house while getting ready to sell old house

Hi there. I'm a private banker and deal with this situation all the time. Here are the options: Bridge loan - While you can get a bridge loan in some areas, they are becoming less common - and it's a hassle because you have to close twice and often prove your existing home is under contract first. Y...
by Meg77
Tue May 31, 2016 2:49 pm
Forum: Personal Finance (Not Investing)
Topic: Early retirement and opportunity cost, by Harry Sit
Replies: 144
Views: 12104

Re: Early retirement and opportunity cost, by Harry Sit

I am in the midst of the "one more year" dilemma, in which I can increase my retirement security by working a couple of more years beyond the earliest early retirement age. But I'm leaning heavily towards the earliest date. What gives me some pause is seeing what seems like dozens of my o...
by Meg77
Tue May 31, 2016 1:45 pm
Forum: Personal Finance (Not Investing)
Topic: Sell Rental to Pay Off House?
Replies: 23
Views: 1842

Re: Sell Rental to Pay Off House?

I'm in a very similar situation with a condo I used to live in that I now rent out. It loses money slightly overall when it comes to cash flow, but it's low maintenance and easy to keep rented - and it's on a very cheap 15 year mortgage and will be paid off in 10 years at which point it will be a ni...
by Meg77
Wed May 25, 2016 1:03 pm
Forum: Investing - Help with Personal Investments
Topic: Advice for my daughter
Replies: 39
Views: 2186

Re: Advice for my daughter

In general, I am not opposed to your daughter's idea of buying rental property. Given her current financial position and the fact that she wants to pay cash for a property, I'm even more supportive of the idea. Surely you don't think rental property is a worse place to put money than cash. She's got...
by Meg77
Wed May 25, 2016 12:33 pm
Forum: Personal Finance (Not Investing)
Topic: Advice Needed Regarding Credit Card Choice
Replies: 12
Views: 710

Re: Advice Needed Regarding Credit Card Choice

I doubt very much if Citi Double Cash shorts you the other 1% if you pay ahead of statement close. I do not see that in the fine print anywhere. A payment is a payment, I'm sure you'd get the other 1%. The other card I use a lot is the American Express Blue Preferred card. There's a $75 annual fee,...
by Meg77
Wed May 25, 2016 12:31 pm
Forum: Personal Finance (Not Investing)
Topic: Which mortgage loan interest to pursue?
Replies: 15
Views: 1037

Re: Which mortgage loan interest to pursue?

Mortgage lender here. Go with the 20% down if you can swing it. The monthly payment amount isn't that relevant, and looking at total interest over the life of the loan isn't that relevant either since 85% of people move or refinance or pay off their mortgages within 8 years. So focusing on the short...
by Meg77
Wed May 25, 2016 12:16 pm
Forum: Personal Finance (Not Investing)
Topic: Advice Needed Regarding Credit Card Choice
Replies: 12
Views: 710

Re: Advice Needed Regarding Credit Card Choice

I doubt very much if Citi Double Cash shorts you the other 1% if you pay ahead of statement close. I do not see that in the fine print anywhere. A payment is a payment, I'm sure you'd get the other 1%. The other card I use a lot is the American Express Blue Preferred card. There's a $75 annual fee,...
by Meg77
Wed May 25, 2016 12:09 pm
Forum: Investing - Help with Personal Investments
Topic: be my mother in law's financial advisor...or not?
Replies: 21
Views: 2082

Re: be my mother in law's financial advisor...or not?

I can't tell from your post whether SHE is unhappy with her advisor and wanting to switch. If not, I'd probably just leave it be. She's already paid the up front sales loads most likely, so unless she's in funds charging well over 1% I wouldn't feel guilty enough to reinsert myself into her financia...
by Meg77
Wed May 25, 2016 11:49 am
Forum: Personal Finance (Not Investing)
Topic: Advice Needed Regarding Credit Card Choice
Replies: 12
Views: 710

Re: Advice Needed Regarding Credit Card Choice

I have the Citi DoubleCash and use it for most spending. I always just pay the monthly balance in full (I have it set up automatically to do this), so I have no idea if the rewards aren't paid in full if the balance never registers on the statement. I guess that makes sense if their system can't tra...
by Meg77
Wed May 25, 2016 11:41 am
Forum: Personal Finance (Not Investing)
Topic: What's Your Credit Card Rewards Strategy?
Replies: 354
Views: 31790

Re: What's Your Credit Card Rewards Strategy?

I too use Amex Blue Cash preferred for all grocery and gas spending; when I got the card they said it's 6% back on groceries, 3% back on gas and 1% on everything else. This may have changed because they recently called me and I found out there's 3% at department stores too which I didn't realize. Do...
by Meg77
Wed May 25, 2016 11:32 am
Forum: Personal Finance (Not Investing)
Topic: home loan versus cash
Replies: 4
Views: 507

Re: home loan versus cash

Definitely pay with cash if you can, especially if you're just going to pay the loan off in a relatively short period of time. The hassle factor alone makes avoiding a mortgage worth it, but you'll save 1-2% in mortgage closing costs as well, plus the cost of a lender's title policy (owners policies...
by Meg77
Tue May 24, 2016 3:06 pm
Forum: Personal Consumer Issues
Topic: How much do you spend on trips/vacations?
Replies: 74
Views: 4958

Re: How much do you spend on trips/vacations?

In the two years since we've been married my husband and I have spent an average of $11K per year on travel (not including our honeymoon). That's only about 4% of our base salaries, but we've both gotten recent raises so it used to be higher. That amount goes just toward flights, hotel and rental ca...

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