Search found 1666 matches

by Meg77
Fri Feb 24, 2017 3:16 pm
Forum: Personal Finance (Not Investing)
Topic: Purchasing a new house -- Are we being stupid to consider it?
Replies: 35
Views: 3685

Re: Purchasing a new house -- Are we being stupid to consider it?

Hey there! I get wanting to move for sure since you're in a town home with 2 kids. That'll get tight over time. But is the only other alternative a $900K SF home? I think you need to find some middle ground if you want to move now. I finance a lot of home construction - they almost always go over bu...
by Meg77
Fri Feb 24, 2017 2:50 pm
Forum: Personal Finance (Not Investing)
Topic: Ethical dilemma involving birthdays and wine..
Replies: 35
Views: 3379

Re: Ethical dilemma involving birthdays and wine..

As a member of the financial services industry who gives annual client gifts, I'm fairly certain he is aware that you are still on his list and getting this gift. Even if it's an automated system, he likely reviews and approves an annual list of recipients. I've never received a thank you note from ...
by Meg77
Thu Feb 23, 2017 5:05 pm
Forum: Investing - Help with Personal Investments
Topic: Getting Serious About Retirement Savings/Investments
Replies: 15
Views: 1146

Re: Getting Serious About Retirement Savings/Investments

How much are the gains, if any in XOM? If you have losses or are flat, I would exit position and use proceeds to buy VTSAX. At the moment it's down. From December until today, it's gone from 92.50 to 81.37. The dividend is 3.71%. Global supply is unlikely to change substantially in the near term. W...
by Meg77
Thu Feb 23, 2017 4:53 pm
Forum: Investing - Help with Personal Investments
Topic: Retirement savings: Lots of $, job prospects weak
Replies: 36
Views: 3838

Re: Retirement savings: Lots of $, job prospects weak

6. Talk to a CPA about whether your gambling earnings from last year count as earned income. If they do, or if you've set it up where your gambling efforts are basically like a small business, you may be eligible to at least make a couple of (backdoor) Roth IRA contributions for 2016 and 2017. Perh...
by Meg77
Thu Feb 23, 2017 4:48 pm
Forum: Personal Finance (Not Investing)
Topic: Wife discoverd UTMA account; Never received 1099s; Parents want it back
Replies: 21
Views: 2264

Re: Wife discoverd UTMA account; Never received 1099s; Parents want it back

I think you're right in your analysis of the situation and of the solution. If they want the money then fine; you didn't know about it anyway. But I'd definitely deduct whatever taxes you owe prior to giving the remainder to them. And yes, to avoid having to file it as a gift, each of you can give e...
by Meg77
Thu Feb 23, 2017 12:20 pm
Forum: Investing - Help with Personal Investments
Topic: Retirement savings: Lots of $, job prospects weak
Replies: 36
Views: 3838

Re: Retirement savings: Lots of $, job prospects weak

Congratulations on your giant head start in life as far as accumulating assets goes. I understand your stress, particularly since you don't have a clear vision of where your life/career/income is headed at this point. That's difficult psychologically. But financially, you do not have many problems ...
by Meg77
Thu Feb 23, 2017 12:00 pm
Forum: Personal Finance (Not Investing)
Topic: Help analyzing retal duplex in rural Rome GA
Replies: 6
Views: 296

Re: Help analyzing retal duplex in rural Rome GA

Hey there! Congrats on looking at your first real estate purchase. I have four duplexes and a townhome rented out currently, which I bought through my 20's in the DFW area of Texas. I've been a landlord for over a decade now, and I have learned a lot of things the hard way - but it's been valuable. ...
by Meg77
Thu Feb 23, 2017 11:31 am
Forum: Investing - Help with Personal Investments
Topic: Retirement savings: Lots of $, job prospects weak
Replies: 36
Views: 3838

Re: Retirement savings: Lots of $, job prospects weak

Congratulations on your giant head start in life as far as accumulating assets goes. I understand your stress, particularly since you don't have a clear vision of where your life/career/income is headed at this point. That's difficult psychologically. But financially, you do not have many problems r...
by Meg77
Wed Feb 22, 2017 3:00 pm
Forum: Personal Finance (Not Investing)
Topic: Life Changes - What Should My Next Monetary Goals/Objectives Be?
Replies: 17
Views: 1741

Re: Life Changes - What Should My Next Monetary Goals/Objectives Be?

Wow, congrats on doing so well! You are on a great track, and as far as problems go "what should I do with all my extra money" is a great one to have. :) Here is what I would do: 1. Let your wife buy a new car. Pay cash. $20K maybe out of the six figure rainy day fund? You guys can afford ...
by Meg77
Wed Feb 22, 2017 2:27 pm
Forum: Personal Consumer Issues
Topic: Help Please, My Identity is at Risk
Replies: 12
Views: 1305

Re: Help Please, My Identity is at Risk

Personally I highly doubt that the burglars are going to look for, find or know how to use your tax returns and other personal information. Most people stealing laptops or phones are doing so simply to wipe the devices and resell them. Identity thieves have MUCH easier and more efficient ways to get...
by Meg77
Wed Feb 22, 2017 11:42 am
Forum: Personal Finance (Not Investing)
Topic: Real estate vs debt payments
Replies: 17
Views: 1055

Re: Real estate vs debt payments

Do you plan to stay in your current home indefinitely? In general I do not think you should buy the lot. I've got some wealthy clients who have purchased adjacent lots in their neighborhoods for additional space or privacy concerns, but you do not have the wealth - yet - to justify such a discretion...
by Meg77
Wed Feb 22, 2017 11:34 am
Forum: Investing - Help with Personal Investments
Topic: New Boglehead Millionaire
Replies: 65
Views: 7482

Re: New Boglehead Millionaire

Amazing!!! Congratulations. :sharebeer
by Meg77
Tue Feb 21, 2017 6:58 pm
Forum: Investing - Help with Personal Investments
Topic: Backdoor Roth After Rollover of All Pretax Funds
Replies: 4
Views: 220

Re: Backdoor Roth After Rollover of All Pretax Funds

I think you're thinking about this wrong; I don't think you can "use the backdoor Roth on the post tax funds only" if you have an IRA with a combination of pretax and post tax contributions. I think you'll need to roll the entire T-IRA to your TSP, and then you'll be able to make backdoor ...
by Meg77
Tue Feb 21, 2017 4:11 pm
Forum: Investing - Help with Personal Investments
Topic: "High conviction investing"
Replies: 26
Views: 1339

Re: "High conviction investing"

Phineas J. Whoopee wrote:High conviction in the sense of Madoff's 150 year sentence?
PJW


This made me LOL. :D
by Meg77
Tue Feb 21, 2017 4:03 pm
Forum: Investing - Help with Personal Investments
Topic: Is 60/40 too conservative for 31 year old?
Replies: 56
Views: 4553

Re: Is 60/40 too conservative for 31 year old?

My wife and I have been looking at our retirement accounts and we are thinking of switching from age in bonds to 60/40 for the long haul. We currently max our 401k's and Roth's and also invest an additional amount usually around 20k in a CD or Total Stock Market fund based on our allocation needs. ...
by Meg77
Tue Feb 21, 2017 3:58 pm
Forum: Investing - Help with Personal Investments
Topic: When to Jump In
Replies: 17
Views: 1376

Re: When to Jump In

I too had a lump sum of cash to invest 1-2 years ago, and I did so right before a 10%+ correction. Technically I would have been better off dollar cost averaging over 6-12 months - I ended up being in one of those minority of cases where I invested right before a selloff. But it's all water under th...
by Meg77
Tue Feb 21, 2017 3:53 pm
Forum: Investing - Help with Personal Investments
Topic: Windfall, investing, insurance?
Replies: 39
Views: 1725

Re: Windfall, investing, insurance?

As such your wife's inheritance is truly hers - it's separate property as long as it remains in that trust and isn't used to fund community property purchases or lifestyle. Excellent advice, thank you. Yes, we've been quite careful about all of hers and my assets. We have a prenup that basically bo...
by Meg77
Tue Feb 21, 2017 3:04 pm
Forum: Investing - Help with Personal Investments
Topic: Windfall, investing, insurance?
Replies: 39
Views: 1725

Re: Windfall, investing, insurance?

If you put money in a whole life policy, and it actually ends up being worth more than you put into it by the time the kid goes to college (won't always be the case, depending on the fees and terms of the policy) you will pay money on the gains at the ordinary income rate. If you put money in a 529...
by Meg77
Tue Feb 21, 2017 2:21 pm
Forum: Personal Finance (Not Investing)
Topic: What are the big things to get right?
Replies: 58
Views: 6240

Re: What are the big things to get right?

Big things to get avoid getting wrong can sometimes be outside your control, but here are some Big Things I see as a banker that can derail a family's finances: Death Divorce Disability Drugs (and other addictions) Defaulting on loans or other obligations (child support, alimony, income taxes) Doing...
by Meg77
Tue Feb 21, 2017 1:50 pm
Forum: Investing - Help with Personal Investments
Topic: How am I doing?
Replies: 24
Views: 2291

Re: How am I doing?

updated planned AA looks something like this: His 401k 20% Schwab US Large-Cap ETF (SCHX) (0.03%) 20% Vanguard Small-Cap Value Index Fund ETF Shares (VBR) (0.08%) 15% Schwab International Equity ETF (SCHF) (0.07%) 20% Schwab US Aggregate Bond ETF (SCHZ) (0.04%) Taxable 10% Schwab International Equi...
by Meg77
Tue Feb 21, 2017 1:38 pm
Forum: Personal Finance (Not Investing)
Topic: Expense tracking categories question
Replies: 9
Views: 652

Re: Expense tracking categories question

I've used Mint to track my spending for years and love it. It shows you not just where all your money goes but interesting facets I'd never track like which merchants you use most. This could help you decide whether to join a loyalty program or get a certain rewards credit card (like if you notice 8...
by Meg77
Mon Feb 20, 2017 8:02 pm
Forum: Investing - Help with Personal Investments
Topic: Help with recent inheritance and investments
Replies: 29
Views: 1303

Re: Help with recent inheritance and investments

I am concerned about two of your statements: I do not believe they expect me to really pay back the principal -- very grateful for that. I agree the stock market is very high right now but there may be an adjustment coming soon. --Thus my hesitation to use up all my available cash to pay off a 6.55...
by Meg77
Mon Feb 20, 2017 7:48 pm
Forum: Personal Finance (Not Investing)
Topic: Tracking progress to $1M portfolio and no mortgage by 40
Replies: 29
Views: 5114

Re: Tracking progress to $1M portfolio and no mortgage by 40

Nice progress so far! Also, as a fellow 33 year old I like your goals. Mine are similar. We are at a $900K portfolio level now with $345K left on the mortgage, but by the time I'm 40 I hope/plan to have no mortgage and well over $1M in invested assets. Of course a lot could change if we have kids or...
by Meg77
Mon Feb 20, 2017 4:13 pm
Forum: Investing - Help with Personal Investments
Topic: Once having achieved 30X -- share your strategy?
Replies: 42
Views: 3972

Re: Once having achieved 30X -- share your strategy?

I'm only at about 10x expenses so far and years from retiring, but both my parents (who are divorced) have portfolios at about 50-60x their annual expenses, depending on how you treat taxes and charitable giving. My dad has probably a third of his portfolio in real estate and notes receivable (and a...
by Meg77
Mon Feb 20, 2017 3:38 pm
Forum: Investing - Help with Personal Investments
Topic: Help with recent inheritance and investments
Replies: 29
Views: 1303

Re: Help with recent inheritance and investments

I'm confused. Do you actually have only $80K in cash, or do you have $305K in cash including the loan from your parents? I hope it is the latter... If it's true that you currently have $305K in cash, then I would absolutely wipe out the student loan debt. Borrow at 3% to pay off loans at 7% = smart....
by Meg77
Mon Feb 20, 2017 3:23 pm
Forum: Personal Finance (Not Investing)
Topic: Another can we afford home thread!
Replies: 49
Views: 2895

Re: Another can we afford home thread!

Hi there! I'm a banker, and there is another option that I think may be ideal for you guys. 1. Apply now for a home equity loan or line of credit on your current home in the amount of $115,000 (50% of the value is the most allowed in TX where I am at least, but if you can get more without paying muc...
by Meg77
Sun Feb 19, 2017 5:48 pm
Forum: Investing - Theory, News & General
Topic: economics of landlording
Replies: 46
Views: 4052

Re: economics of landlording

This isn't a great rental property. After your basic fixed expenses (tax, ins and mgmt) you are only making $10,000 a year of the $250K asset for a total ROI of 4.0%. That's not great for a rental property; you should be making well above that to make the hassles and lack of liquidity worth it. Oth...
by Meg77
Sun Feb 19, 2017 5:24 pm
Forum: Personal Finance (Not Investing)
Topic: Should we purchase a $1 Million dollar home with all cash?
Replies: 43
Views: 5163

Re: Should we purchase a $1 Million dollar home with all cash?

Pay cash for the house. You'll save a lot on closing costs and title work (not to mention mortgage interest) and also you should get a better deal with a cash offer, especially in a hot market - or at least have a better chance of winning a bidding war. Being able to close quickly and without a fina...
by Meg77
Sun Feb 19, 2017 1:45 pm
Forum: Investing - Theory, News & General
Topic: economics of landlording
Replies: 46
Views: 4052

Re: economics of landlording

This isn't a great rental property. After your basic fixed expenses (tax, ins and mgmt) you are only making $10,000 a year of the $250K asset for a total ROI of 4.0%. That's not great for a rental property; you should be making well above that to make the hassles and lack of liquidity worth it. Othe...
by Meg77
Sun Feb 19, 2017 1:21 pm
Forum: Investing - Help with Personal Investments
Topic: New Job
Replies: 3
Views: 453

Re: New Job

Questions: 1. My current 401k will accept rollovers from a Rollover IRA, but not directly from my 457b or 401a. If I move the money to a Rollover IRA with Vanguard, then roll it into my 401k at work, is there anything special I need to know? Will this cause any issues with Roth contributions and/or...
by Meg77
Sat Feb 18, 2017 6:20 pm
Forum: Personal Finance (Not Investing)
Topic: How to Split $10K Fed Tax Bill Between Husband and Wife
Replies: 38
Views: 2013

Re: How to Split $10K Fed Tax Bill Between Husband and Wife

Married correct? Everything is joint Pay it out of whatever bucket you can find it. Forget "percentages" :mrgreen: We are married - 25 years this July - and we've alway kept our finances separate. This was her request because her ex-husband mis-managed her money. We don't have a bucket. S...
by Meg77
Sat Feb 18, 2017 6:06 pm
Forum: Personal Finance (Not Investing)
Topic: 1.3 million dollars in debt
Replies: 36
Views: 8174

Re: 1.3 million dollars in debt

Hi there. Well the good news is that your income is good! I would max out your 401k and backdoor Roth IRA and HSA (if you have one) for the tax benefits, but I would not do any taxable investing until you wipe out the student loans. Why would you invest when you can get a guaranteed 5-8% return by p...
by Meg77
Sat Feb 18, 2017 5:05 pm
Forum: Investing - Help with Personal Investments
Topic: Inexperienced and starting to invest...suggestions on where to start?
Replies: 13
Views: 566

Re: Inexperienced and starting to invest...suggestions on where to start?

Welcome to the forum! We don't know much about your situation, but here is the general consensus on how you should get started to build financial security and wealth. 1. Make sure you have adequate health, life, and disability insurance. 2. Contribute enough to a 401k plan at work to get any company...
by Meg77
Sat Feb 18, 2017 4:50 pm
Forum: Personal Finance (Not Investing)
Topic: Need advice on girlfriend debt/finances
Replies: 82
Views: 6811

Re: Need advice on girlfriend debt/finances

I want to begin a debt snowball, just not sure if I should payoff my debts first, or hers since they are higher rates. I really want to become debt free and stay debt free. I have been helping her with my extra side hustles and selling items to payoff her CC debt. I have thought about reducing 401k...
by Meg77
Sat Feb 18, 2017 9:56 am
Forum: Personal Finance (Not Investing)
Topic: Progress Made - What Now? (Pay off cheap mtg or invest)
Replies: 22
Views: 2005

Re: Progress Made - What Now? (Pay off cheap mtg or invest)

Do you want to own more rentals? If so, I'd be stashing the cash for the next buying opportunity. I liked the recommendation to have a kid; that would definitely throw a spanner in the works! :wink: I think this is part of my dilemma. I don't really want to buy another rental right now, but when/if...
by Meg77
Sat Feb 18, 2017 9:50 am
Forum: Personal Finance (Not Investing)
Topic: Progress Made - What Now? (Pay off cheap mtg or invest)
Replies: 22
Views: 2005

Re: Progress Made - What Now? (Pay off cheap mtg or invest)

I think you should have a kid and this problem would be solved. :D actually kind of serious from everything you post I think you would be good at it. Other than that personally i split the difference. Half to taxable and half to the higher mortgage. At least until rates get to where you can get tha...
by Meg77
Sat Feb 18, 2017 9:46 am
Forum: Personal Finance (Not Investing)
Topic: Progress Made - What Now? (Pay off cheap mtg or invest)
Replies: 22
Views: 2005

Re: Progress Made - What Now? (Pay off cheap mtg or invest)

I'm no expert real estate investor, but we do own a rental property and wife is a realtor. Looking to add more. The reserves of $17k seems really low to me. We plan for $10k for first property and +$5k for each additional. If I had your portfolio of rentals I would have $50k reserves. May be too co...
by Meg77
Thu Feb 16, 2017 7:58 pm
Forum: Personal Consumer Issues
Topic: Anniversary Trip Recommendations
Replies: 33
Views: 2116

Re: Anniversary Trip Recommendations

My husband and I love visiting San Francisco, and it can be done affordably. We stay in airbnb rentals instead of hotels which cuts down the price of the trip dramatically. Just walking around is entertaining, although I highly recommend the Alcatraz tour. It's not too pricey considering the hours ...
by Meg77
Thu Feb 16, 2017 12:52 pm
Forum: Investing - Help with Personal Investments
Topic: Paying off a 7 Year ARM at 2.875% or Invest?
Replies: 10
Views: 857

Re: Paying off a 7 Year ARM at 2.875% or Invest?

I'm not prepaying my 2.75% mortgage. After taxes my effective rate is 1.83%. I am willing to bet that I can beat that rate of return by investing over the remaining life of my mortgage (14 years in my case as I have a 15 yr fixed). In fact I can probably do that without even taking stock market ris...
by Meg77
Thu Feb 16, 2017 12:42 pm
Forum: Personal Finance (Not Investing)
Topic: heloc status with no work income
Replies: 9
Views: 604

Re: heloc status with no work income

Hi there, I'm a banker and we do lots of HELOCs. The bank absolutely cannot and will not call your loan prior to maturity if you retire. Really the only way they can or will call the loan is if you stop making payments. People change jobs (or retire or lose jobs) all the time, and you are under no o...
by Meg77
Thu Feb 16, 2017 12:36 pm
Forum: Investing - Help with Personal Investments
Topic: Paying off a 7 Year ARM at 2.875% or Invest?
Replies: 10
Views: 857

Re: Paying off a 7 Year ARM at 2.875% or Invest?

I'm not prepaying my 2.75% mortgage. After taxes my effective rate is 1.83%. I am willing to bet that I can beat that rate of return by investing over the remaining life of my mortgage (14 years in my case as I have a 15 yr fixed). In fact I can probably do that without even taking stock market risk...
by Meg77
Thu Feb 16, 2017 12:29 pm
Forum: Personal Finance (Not Investing)
Topic: sole prop. - mileage deductions with no "main job" site
Replies: 21
Views: 950

Re: sole prop. - mileage deductions with no "main job" site

You should claim a home office deduction. I recently attended a tax seminar on this topic for continuing education in which a CPA explained how claiming a home office benefits you by enabling increased mileage/car deductions - which he belabored as being the most overlooked and valuable deduction fo...
by Meg77
Thu Feb 16, 2017 12:21 pm
Forum: Personal Finance (Not Investing)
Topic: credit checks and mortgages
Replies: 5
Views: 362

Re: credit checks and mortgages

Mortgage banker here. Agree with the above posts - this is not an issue.
by Meg77
Thu Feb 16, 2017 12:16 pm
Forum: Personal Finance (Not Investing)
Topic: Do we need an agent to buy a home?
Replies: 18
Views: 1200

Re: Do we need an agent to buy a home?

Not having an agent really doesn't help you, especially if you are assuming the sellers' agent will pocket the whole 6% commission rather than giving you a slight break on pricing (which for the record probably wouldn't be the case; the listing agreement would specify the exact fee the sellers agent...
by Meg77
Thu Feb 16, 2017 11:55 am
Forum: Investing - Help with Personal Investments
Topic: Moving back in with a relative; Mortgage free advice needed!
Replies: 15
Views: 734

Re: Moving back in with a relative; Mortgage free advice needed!

I'm not sure this is as good a deal as you think it is. Here are a few questions you need to consider. Giving up the tax write off you had on your old home is really not a big deal in the big picture. It's nice that grandpa wants to give your wife his home when he dies, but moving in with him opens ...
by Meg77
Thu Feb 16, 2017 11:34 am
Forum: Personal Consumer Issues
Topic: Anxiety about buying used car
Replies: 50
Views: 3171

Re: Anxiety about buying used car

CarMax was created specifically for buyers like you who don't want to haggle or negotiate and just want a fair listed price on a variety of well-vetted used cars. If there is one in your area I would start there. The salespeople may or may not be as knowledgeable as you would like, but you can get a...
by Meg77
Thu Feb 16, 2017 11:25 am
Forum: Personal Finance (Not Investing)
Topic: Student Loan Payoff vs. ANY Investing
Replies: 29
Views: 1226

Re: Student Loan Payoff vs. ANY Investing

Mathematically it makes more sense to take the 401k matches, but that assumes you have the discipline to continue to be focused on your budget and dedicated to paying off that debt ASAP. I'm a fan of Dave Ramsey's plan insofar as it motivates people behaviorally to make more progress than they other...
by Meg77
Thu Feb 16, 2017 10:32 am
Forum: Personal Consumer Issues
Topic: Anniversary Trip Recommendations
Replies: 33
Views: 2116

Re: Anniversary Trip Recommendations

My husband and I love visiting San Francisco, and it can be done affordably. We stay in airbnb rentals instead of hotels which cuts down the price of the trip dramatically. Just walking around is entertaining, although I highly recommend the Alcatraz tour. It's not too pricey considering the hours o...
by Meg77
Thu Feb 16, 2017 10:13 am
Forum: Personal Finance (Not Investing)
Topic: Jumbo Mortgage Dilemma - Increased Downpayment or Investing Cash
Replies: 8
Views: 634

Re: Jumbo Mortgage Dilemma - Increased Downpayment or Investing Cash

A few thoughts: Since this is your first home, it's unlikely you'll stay in it for more than 7 years (statistically speaking). Around 90% of 30 year mortgages are repaid within 10 years due to a sale, refinance, or loan payoff. Point being, the impact of this decision is likely a 5-10 year one, not ...
by Meg77
Thu Feb 16, 2017 10:00 am
Forum: Investing - Help with Personal Investments
Topic: Very basic question about fees
Replies: 10
Views: 838

Re: Very basic question about fees

That's right. The difference isn't huge at the beginning when you are investing a few thousand dollars, but of course it grows and compounds just like your returns.

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