Search found 459 matches

by MikeG62
Wed Oct 18, 2017 12:49 pm
Forum: Investing - Help with Personal Investments
Topic: Personal milestone (And a thanks)
Replies: 6
Views: 1419

Re: Personal milestone (And a thanks)

...With all the above I looked at my raise and decided, for the first time ever, that I wouldn't allocate any of it for additional savings. There are things we could do to get us to retirement even faster but we've reached the point that we'd like to do more now than shave a year or two off our dat...
by MikeG62
Wed Oct 18, 2017 12:41 pm
Forum: Personal Finance (Not Investing)
Topic: Credit scores fell this month a lot for no reason
Replies: 36
Views: 1827

Re: Credit scores fell this month a lot for no reason

I recently paid off a large installment loan - my credit score declined 30 points :annoyed . The credit agencies need to revise their use of a FICO scoring model that fails to understand how risk declines when overall credit utilization declines. It's annoying, but you can't fix stupid. I don't thi...
by MikeG62
Wed Oct 18, 2017 7:51 am
Forum: Personal Finance (Not Investing)
Topic: Is it worth applying for Credit Limit Increase?
Replies: 21
Views: 1111

Re: Is it worth applying for Credit Limit Increase?

Hi Guys, I just checked credit score and it's at 776 at the moment. My credit limit for my credit card which I got 5 years ago is $13000 Now I graduated, I made $300k last year (worked half year) And this year, I should be making around $550k. I don't want them to inquire credit score and deny it. ...
by MikeG62
Wed Oct 18, 2017 7:42 am
Forum: Personal Finance (Not Investing)
Topic: Credit scores fell this month a lot for no reason
Replies: 36
Views: 1827

Re: Credit scores fell this month a lot for no reason

My experience is similar. When I worked and had a mortgage, my score was consistently around or above 830. Mortgage paid off several years ago and no installment debt. Score has slowly crept down - now in the low 800's (even saw one score in the high 700's). I have a lot of CC's and charge almost ev...
by MikeG62
Wed Oct 18, 2017 7:25 am
Forum: Personal Finance (Not Investing)
Topic: how long did it take to get used to retirement
Replies: 77
Views: 5039

Re: how long did it take to get used to retirement

I early retired (at 53) two years ago. For me the transition was easy. I love being retired - so much so that I never, ever think about what I used to do at work or what I would be doing if I were still working (I retired from an intellectually stimulating and challenging C-Suite level position). It...
by MikeG62
Tue Oct 17, 2017 6:52 am
Forum: Investing - Help with Personal Investments
Topic: Alternative to Vanguard PAS (dreadful service)
Replies: 16
Views: 1443

Re: Alternative to Vanguard PAS

Thank you for posting this. I had chosen Vanguard Trust Services to be my successor trustee at my demise but I will be looking elsewhere after reading your post. Similar position as you - VG as co (corp) trustee. Also will not be using VG or VPAS based upon the countless disappointing experiences w...
by MikeG62
Tue Oct 17, 2017 6:40 am
Forum: Personal Finance (Not Investing)
Topic: Life and invalidity insurance for HNW...
Replies: 5
Views: 583

Re: Life and invalidity insurance for HNW...

Given the size of your portfolio, adding a $1M validity insurance policy seems like a rounding error. I suppose you could add several million, but if you live on $80K per year it seems like it is not necessary. It's kind of like a retired couple who have enough money to support themselves for the re...
by MikeG62
Sat Oct 14, 2017 6:47 am
Forum: Personal Finance (Not Investing)
Topic: Innovis and ChexSystems freeze confirmation letters
Replies: 40
Views: 5419

Re: Innovis and ChexSystems freeze confirmation letters

Applied online for freeze with ChexSystems (for DW and I) on September 16 and PIN's arrived on October 12.
by MikeG62
Wed Oct 11, 2017 6:43 pm
Forum: Personal Finance (Not Investing)
Topic: Social Security Card - Should I get a Replacement
Replies: 47
Views: 2554

Re: Social Security Card - Should I get a Replacement

If you live in a state that issues enhanced licenses, you will need to show your card if you seek one. https://dmv.ny.gov/forms/id44edl.pdf This is interesting information. Was not even aware of EDL’s until your post. After A quick google search, it seems the primary reason someone would apply for ...
by MikeG62
Wed Oct 11, 2017 4:25 pm
Forum: Personal Finance (Not Investing)
Topic: Social Security Card - Should I get a Replacement
Replies: 47
Views: 2554

Re: Social Security Card - Should I get a Replacement

I have been wondering whether I should go down to the SS office and fill out an application for a new card. You can very easily request a new card online: https://www.ssa.gov/myaccount/ When I did it, it was free. Apparently not for residents of NJ. We get the pleasure of going down to the local SS...
by MikeG62
Wed Oct 11, 2017 2:13 pm
Forum: Personal Finance (Not Investing)
Topic: Social Security Card - Should I get a Replacement
Replies: 47
Views: 2554

Social Security Card - Should I get a Replacement

I no longer have my SS card (it went missing decades ago). I don't think I've ever had to produce it other than for my first job while in high school back in the 1970's. I have been wondering whether I should go down to the SS office and fill out an application for a new card. However, after looking...
by MikeG62
Tue Oct 10, 2017 7:40 am
Forum: Investing - Help with Personal Investments
Topic: Does Anyone Here Buy Callable Munis?
Replies: 6
Views: 525

Re: Does Anyone Here Buy Callable Munis?

OP, I own lots and lots of them (multi seven figures worth). I buy through a broker (someone I've known for almost two decades from other business dealings, so I am reasonably confident I am not overpaying) and rely on him and his people to unearth the opportunities. I pretty much exclusively buy bo...
by MikeG62
Sun Oct 08, 2017 7:38 am
Forum: Personal Finance (Not Investing)
Topic: How much is enough umbrella insurance
Replies: 6
Views: 948

Re: How much is enough umbrella insurance

I am 64, married, and approaching retirement in the next 12 months. Kids are grown, out of the house, on their own, and doing well. No debt. Been reading this forum for many years and firmly believe and follow the principles herein. Question: I have carried an umbrella liability policy for many yea...
by MikeG62
Sun Oct 08, 2017 7:09 am
Forum: Personal Finance (Not Investing)
Topic: Cash in a local bank or credit union
Replies: 54
Views: 3293

Re: Cash in a local bank or credit union

I keep the vast majority of my cash at Ally bank, but do use a B&M bank for checking and ATM withdrawals. My B&M bank requires I maintain an average monthly balance of $1,500 to avoid fees. I’d say my average balance at any point in time is in the range of $5,000. Sometimes it gets down to around $2...
by MikeG62
Sun Oct 08, 2017 7:02 am
Forum: Personal Finance (Not Investing)
Topic: Anyone go 100% Ally or another online bank for all banking needs?
Replies: 61
Views: 4935

Re: Anyone go 100% Ally or another online bank for all banking needs?

I think the ability to get your hands on larger amounts of cash than the ATM daily limit on fairly short notice, even if only on rare occasions, and/or needing to deposit cash into your account (which you cannot do through an ATM with Ally) weigh in favor of keeping the B&M CU account open. [I saw y...
by MikeG62
Fri Oct 06, 2017 8:10 am
Forum: Personal Finance (Not Investing)
Topic: Retirement Account Stolen by Identity theft
Replies: 190
Views: 21842

Re: Retirement Account Stolen by Identity theft

...I would suggest contacting all current financial institutions with your dad's accounts and explaining the situation and seeing what they can do to flag his account requiring extra steps for any money withdraws. Make sure to take down employee name and identifying information and let them know yo...
by MikeG62
Thu Oct 05, 2017 4:02 pm
Forum: Personal Finance (Not Investing)
Topic: Retirees, how and how much do you pay for health insurance?
Replies: 33
Views: 3955

Re: Retirees, how and how much do you pay for health insurance?

Retired last year at 53 (DW also retired). We elected COBRA for the rest of 2016. For 2017, we are purchasing insurance directly from BC/BS (same exact package as available under the ACA). We elected the silver plan and the monthly premium is $1,270 (for the both of us). We buy vision coverage thoug...
by MikeG62
Wed Oct 04, 2017 9:55 am
Forum: Personal Finance (Not Investing)
Topic: Retirement Account Stolen by Identity theft
Replies: 190
Views: 21842

Re: Identity theft

So here is what I know so far. The custodian of my father's IRA states that in early September they received a phone call from a man posing as my father, who passed all the security questions and requested a change in email address and that forms for withdrawal of funds be sent to that email. Aroun...
by MikeG62
Tue Oct 03, 2017 7:02 am
Forum: Personal Finance (Not Investing)
Topic: Cash on hand for emergencies
Replies: 41
Views: 2789

Re: Cash on hand for emergencies

This post is a good reminder for me to keep a few grand in the safe in my house. I did that back in 2008 during the credit crisis, but used it once things settled down. Now with what feels like more frequent natural disasters or even the possibility of some wide scale cyberattack from some foreign a...
by MikeG62
Mon Oct 02, 2017 8:32 pm
Forum: Investing - Help with Personal Investments
Topic: Are credit cards rewards worth it?
Replies: 103
Views: 6023

Re: Are credit cards rewards worth it?

I sometimes question some of the responses I read about cash rebate cards. If one receives an annual cash rebate of $2,500 using a 2% cash-back card that means charging $125,000 annually that card. Under what conditions would a person make personal charges of $125,000 to a credit card to obtain suc...
by MikeG62
Sun Oct 01, 2017 12:28 pm
Forum: Personal Finance (Not Investing)
Topic: Tax Strategy for Timing of Early Retirement with Significant Long-Term Capital Gains
Replies: 41
Views: 2857

Re: Tax Strategy for Timing of Early Retirement with Significant Long-Term Capital Gains

...So why not do both and retire even earlier? Retire early enough to have low income years to convert tax deferred accounts to Roth, and to realize long term capital gains. So ideal early retirement age is 67 - (LTCG/$75000) - (Tax deferred assets/$75000). Assuming one has enough savings to live o...
by MikeG62
Sun Oct 01, 2017 7:22 am
Forum: Personal Finance (Not Investing)
Topic: Tax Strategy for Timing of Early Retirement with Significant Long-Term Capital Gains
Replies: 41
Views: 2857

Re: Tax Strategy for Timing of Early Retirement with Significant Long-Term Capital Gains

...If you have any money in tax-deferred accounts, you could also consider doing Roth conversions in your retirement years. Since the conversions would count as ordinary income, this would reduce the space you have for 0% long-term capital gains. If you have $750k in taxable LT capital gains at ret...
by MikeG62
Fri Sep 29, 2017 6:27 am
Forum: Personal Finance (Not Investing)
Topic: Tax saving strategies for DINKs
Replies: 47
Views: 3784

Re: Tax saving strategies for DINKs

Don’t let the tax tail wag the dog. Was in a similar situation to you for a very long time and took the opportunity to save as much as I could each and every year in taxable brokerage account (after maxing pre-tax savings vehicles). A mix of low cost index ETF’s and Muni’s would be very tax efficien...
by MikeG62
Fri Sep 29, 2017 6:16 am
Forum: Personal Finance (Not Investing)
Topic: How much liquid Cash to Keep in Savings
Replies: 35
Views: 4663

Re: How much liquid Cash to Keep in Savings

$13K seems very low to me. I’d get it up to at least 6 months and probably higher. One thing you should do is open a home equity line of credit now (assuming of course you have enough equity in your home to do so). You don’t need to draw on it, but if something happens (large one-off expense or you ...
by MikeG62
Thu Sep 28, 2017 7:28 am
Forum: Investing - Theory, News & General
Topic: 4% rule and timing
Replies: 16
Views: 2307

Re: 4% rule and timing

I'm equally curious about the reverse - what happens when your 4% (or whatever) SWR doubles you money over an unusually profitable decade (despite spending 4% each year) or similar? At what point do you adjust the SWR upward and make that a new starting point? Kitces offers one view on this here: h...
by MikeG62
Sat Sep 23, 2017 12:11 pm
Forum: Personal Finance (Not Investing)
Topic: Vanguard college calculator and some questions
Replies: 16
Views: 892

Re: Vanguard college calculator and some questions

...Wondering what others have done to pay? Save more, cash flow the difference assuming income stays the same, take loans, heloc, encourage public state school? We saved early and often while my daughters were young such that we had enough saved before either started college to fund the full cost f...
by MikeG62
Sat Sep 23, 2017 8:37 am
Forum: Personal Finance (Not Investing)
Topic: Vanguard college calculator and some questions
Replies: 16
Views: 892

Re: Vanguard college calculator and some questions

...Wondering what others have done to pay? Save more, cash flow the difference assuming income stays the same, take loans, heloc, encourage public state school? We saved early and often while my daughters were young such that we had enough saved before either started college to fund the full cost f...
by MikeG62
Sat Sep 23, 2017 7:47 am
Forum: Personal Finance (Not Investing)
Topic: Age you retired
Replies: 112
Views: 8232

Re: Age you retired

Semi-retired at 44 (in 2007) from big C-Suite level position - went from full time to part time. Fully retired at 53 in early 2016. DW and I are having the time of our lives, doing what we want, when we want, where we want. Traveling extensively and having life enriching experiences. We've never bee...
by MikeG62
Thu Sep 21, 2017 6:58 am
Forum: Personal Finance (Not Investing)
Topic: Is a security freeze at Innovis really needed?
Replies: 68
Views: 25307

Re: Is a security freeze at Innovis really needed?

...FYI, I placed a ChexSystems freeze and few days later was unable to open an account at a new credit union (they want me to thaw it first). So, the freeze did its job. Then, I proceeded to open new Ally CDs that you are talking about and those went through just fine. Assume you were an existing A...
by MikeG62
Wed Sep 20, 2017 2:19 pm
Forum: Personal Finance (Not Investing)
Topic: Vanguard PAS Seems Inflexable
Replies: 24
Views: 1888

Re: Vanguard PAS Seems Inflexable

...The advisor said they would rearrange the portfolio to have about 40% of stocks in international and 30% of bonds in international, with perhaps a "couple of actively managed funds". He said that once I decided to go with VG PAS they would lay out a plan that I would have to agree to in order to...
by MikeG62
Wed Sep 20, 2017 7:50 am
Forum: Investing - Help with Personal Investments
Topic: Where do mid-caps fit it?
Replies: 13
Views: 1265

Re: Where do mid-caps fit it?

I can't comment on the specific portfolios you are looking at, but here is my rough target equity allocation (FWIW): LC ~40% MC ~20% SC ~20% International (including EM) ~20% I do not split between growth and value and I use very low cost broad-based index ETF's for the vast majority of my equity in...
by MikeG62
Wed Sep 20, 2017 7:32 am
Forum: Personal Finance (Not Investing)
Topic: Do you pay for credit monitoring?
Replies: 25
Views: 1307

Re: Do you pay for credit monitoring?

No. I have frozen my credit reports with the big 3 CRA's (as well as ChexSystems). In addition, once every four months I order a copy of my free CR from one of the CRA's (getting one from each once each year). I don't see how paying monthly for credit monitoring would be better than the setup I have...
by MikeG62
Wed Sep 20, 2017 6:46 am
Forum: Personal Finance (Not Investing)
Topic: Let's talk about your FI # and family income [Financial Independence]
Replies: 165
Views: 15383

Re: Let's talk about your FI # and family income [Financial Independence]

37!! Most people aren't even at their peak earning period at that age. Even 45 is VERY young to stop working. Clearly if you have the resources, that's great. But in all the stories I've read about this situation, one of the main problems these very young retirees encounter is that none of their fr...
by MikeG62
Tue Sep 19, 2017 6:59 am
Forum: Personal Finance (Not Investing)
Topic: Let's talk about your FI # and family income [Financial Independence]
Replies: 165
Views: 15383

Re: Let's talk about your FI # and family income

...In cases where a retiree has a 7 figure portfolio and SS or other fixed annuity income, the (or perhaps "a") main issue with the 4% "rule" is that it can create a poverty mindset, forcing one to live on less than is truly necessary, and leaving a lot of money to heirs that might have been better...
by MikeG62
Mon Sep 18, 2017 12:15 pm
Forum: Personal Finance (Not Investing)
Topic: Let's talk about your FI # and family income [Financial Independence]
Replies: 165
Views: 15383

Re: Let's talk about your FI # and family income

That is a fair point, as all the research I've seen on the 4% SWR have been modeled using historical US market. Having said that, Kitces states consistently (including in that interview), that no one should/would blindly follow the 4% rule without making adjustments along the way should one get hit...
by MikeG62
Mon Sep 18, 2017 12:11 pm
Forum: Personal Finance (Not Investing)
Topic: Let's talk about your FI # and family income [Financial Independence]
Replies: 165
Views: 15383

Re: Let's talk about your FI # and family income

...I'm always skeptical of folks who espouse strategies that they design that will protect you or provide you with something "extra". Curiously enough, I don't see any disclosure on their website of how well those strategies worked out in 2008-2009 . (if you can find it and it meets/complies with G...
by MikeG62
Mon Sep 18, 2017 6:28 am
Forum: Personal Finance (Not Investing)
Topic: Let's talk about your FI # and family income [Financial Independence]
Replies: 165
Views: 15383

Re: Let's talk about your FI # and family income

...I'm always skeptical of folks who espouse strategies that they design that will protect you or provide you with something "extra". Curiously enough, I don't see any disclosure on their website of how well those strategies worked out in 2008-2009 . (if you can find it and it meets/complies with G...
by MikeG62
Sun Sep 17, 2017 6:56 pm
Forum: Personal Finance (Not Investing)
Topic: Let's talk about your FI # and family income [Financial Independence]
Replies: 165
Views: 15383

Re: Let's talk about your FI # and family income

...I'm always skeptical of folks who espouse strategies that they design that will protect you or provide you with something "extra". Curiously enough, I don't see any disclosure on their website of how well those strategies worked out in 2008-2009 . (if you can find it and it meets/complies with G...
by MikeG62
Sun Sep 17, 2017 1:54 pm
Forum: Personal Finance (Not Investing)
Topic: Pocket money allowance for college student
Replies: 48
Views: 2660

Re: Pocket money allowance for college student

...Just trying to get a sense of what other people provide in similar situations. (I myself was a scholarship college student from a poor family, and got a job the first week I got to campus -- so I understand that perspective already.) Thanks, TMR OP, one child out of college and my second is in h...
by MikeG62
Sun Sep 17, 2017 9:50 am
Forum: Personal Finance (Not Investing)
Topic: Question about Carfax report/used car
Replies: 6
Views: 521

Re: Question about Carfax report/used car

As a general rule, I would take the Carfax reports with a grain of salt. We had a 2000 Chrysler 800 that was in an accident, front end all wrecked. Insurance paid to have it fixed and before I traded it in I pulled the Carfax report. Guess what...? Never showed car was in any accident even though i...
by MikeG62
Sun Sep 17, 2017 6:35 am
Forum: Personal Finance (Not Investing)
Topic: Is a security freeze at Innovis really needed?
Replies: 68
Views: 25307

Re: Is a security freeze at Innovis really needed?

...I checked the Innovis website and it states: "CBCInnovis provides credit reports from the Nationwide Consumer Reporting Agencies (NCRAs), Experian®, Equifax® and TransUnion®, to its clients. CBCInnovis' clients are primarily banks, mortgage companies and other lending institutions and have a per...
by MikeG62
Sat Sep 16, 2017 7:44 pm
Forum: Personal Finance (Not Investing)
Topic: Psychological effects of Early Retirement in peak earning years.
Replies: 63
Views: 7080

Re: Physiological effects of Early Retirement in peak earning years.

So, my question would be has anyone felt these psychological issues retiring during peak earning years? Francis Francis, I retired at 53 from a very high paying job. It is only natural to second guess retiring versus working another year. Problem is that thinking never ends (it's always "just one m...
by MikeG62
Sat Sep 16, 2017 8:37 am
Forum: Personal Finance (Not Investing)
Topic: Good flat-fee financial advisors in Boston suburbs?
Replies: 13
Views: 1379

Re: Good flat-fee financial advisors in Boston suburbs?

I am not endorsing him (because I do not know him), but recently Harry Sit (over at The Finance Buff) offered to help people find three fee only advisors in their area for a very modest ($200) fee.

https://adviceonlyfinancial.com/

If you decide to try it out you should post your experience here.
by MikeG62
Sat Sep 16, 2017 8:25 am
Forum: Personal Finance (Not Investing)
Topic: Credit Monitoring - 1 or 3 Bureau?
Replies: 10
Views: 690

Re: Credit Monitoring - 1 or 3 Bureau?

DaftInvestor wrote:
Sat Sep 16, 2017 5:57 am
In my opinion if you freeze all and download your reports yearly you need 0.
+1
by MikeG62
Wed Sep 13, 2017 7:35 am
Forum: Personal Finance (Not Investing)
Topic: Asset Protection Strategy Advice
Replies: 21
Views: 2318

Re: Asset Protection Strategy Advice

Sounds like you value your advisors opinion. However in this case, I think all you need is a good umbrella policy. Such a policy would also pay legal fees incurred defending you from lawsuits.

Only time I have heard of hiring an asset protection professional is in the context of a trust.
by MikeG62
Wed Sep 13, 2017 7:01 am
Forum: Personal Finance (Not Investing)
Topic: Potential downsides of placing a credit freeze?
Replies: 24
Views: 1950

Re: Potential downsides of placing a credit freeze?

My credit reports have been frozen for about a year now. Had to unfreeze them three times this summer (once for a new car lease and twice for new credit cards - one for each of my wife and I). Freezing in my state was free. Unfreezing cost $5 and was done completely online (as were the initial freez...
by MikeG62
Wed Sep 13, 2017 6:56 am
Forum: Personal Finance (Not Investing)
Topic: Credit Freeze affects SSA online account
Replies: 22
Views: 2522

Re: Credit Freeze affects SSA online account

Yes, you will not be able to use your SSA if you have not used it before you freeze your credit account. If you've accessed your SSA account in the past prior to the freeze, you'll be able to get in. If you want a copy of your social security earnings each year to verify that it's correct, you can ...
by MikeG62
Tue Sep 12, 2017 7:44 pm
Forum: Personal Finance (Not Investing)
Topic: Purchase on ebay
Replies: 2
Views: 367

Re: Purchase on ebay

My guess is that in your case the seller had a Lowe's gift card they could not otherwise use, so they monetized $81 of it through the transaction with you (i.e., they gave up $135 of their gift card balance in exchange for $81 cash - representing 60 cents on the dollar). I would not have done it, bu...
by MikeG62
Tue Sep 12, 2017 8:03 am
Forum: Personal Finance (Not Investing)
Topic: Will you get to see business financial data by being an accountant?
Replies: 18
Views: 1401

Re: Will you get to see business financial data by being an accountant?

So I think you can learn the things you want starting in accounting. You will want to eventually transition into FP&A (Financial Planning and Analysis) as that will broaden you out and give you the kind of experiences I think you are after. I agree that someone in FP&A can run their own business. I...
by MikeG62
Tue Sep 12, 2017 7:13 am
Forum: Personal Finance (Not Investing)
Topic: Will you get to see business financial data by being an accountant?
Replies: 18
Views: 1401

Re: Will you get to see business financial data by being an accountant?

OP, I spent 32 years working in finance during my career. Spent ~1/3rd of my career in public accounting (big 4 - at the time it was big 8), before transitioning to a public company where I spent the bulk of my career (working in accounting and FP&A and ultimately C-Suite level finance roles). So I ...