Search found 40 matches

by cpants
Wed Nov 08, 2017 3:36 pm
Forum: Personal Finance (Not Investing)
Topic: Another Whole Life Conundrum
Replies: 6
Views: 1189

Re: Another Whole Life Conundrum

I would take the cash value now.

$27,500 + $100/month (1200/year premium you are paying now) at 5% interest compounded annually x 14 years and you will have about $77,000 cash at age 65. That's probably on the low end too.
by cpants
Fri Nov 03, 2017 12:38 pm
Forum: Personal Finance (Not Investing)
Topic: Should I decline Grand Prize trip because of taxes on winnings?
Replies: 114
Views: 17675

Re: Should I decline Grand Prize trip because of taxes on winnings?

Don't forget the golf clubs. Easily could be worth $1500+ depending on the brand/model. Could probably resell them for a good portion of that or keep them, but you could safely subtract at least $1000 from the $4000 for the value of the clubs. All expense trip to Hawaii plus unique experiences for $3000 sounds pretty cheap to me. The greens fees alone for 2 people to play 2 "famous" courses could easily clear $2000.
by cpants
Tue Aug 29, 2017 11:17 am
Forum: Personal Finance (Not Investing)
Topic: Should we let MIL pay off our mortgage?
Replies: 69
Views: 11564

Re: Should we let MIL pay off our mortgage?

It's not a gift if she is considering it a real estate investment and expecting money back from rent payments. A gift would be she pays of your mortgage and that's the end of it, or gives you cash.
by cpants
Wed Jul 19, 2017 2:57 pm
Forum: Personal Finance (Not Investing)
Topic: Physician Compensation and Subspecialties
Replies: 52
Views: 7624

Re: Physician Compensation and Subspecialties

It might be easier said than done to do a GI or cards fellowship. Aren't those pretty competitive?
by cpants
Sat Jun 24, 2017 8:24 am
Forum: Personal Investments
Topic: Northwestern Mutual High Fees to Vanguard
Replies: 24
Views: 9610

Re: Northwestern Mutual High Fees to Vanguard

Welcome to the forum! Questions: 1. How does this Vanguard portfolio look? 2. Should I consider diversifying the Vanguard portfolio more by adding some real estate funds and commodities funds, as I currently have? 3. Is it realistic that the portfolio with Northwestern Mutual could consistently outperform Vanguard's by 1.8% (to cover the difference in fees)? 4. A little worried about how much of a hit I would need to take to switch firms, anybody have experience? 1. Completely reasonable, a few highly diversified funds instead of a bunch of narrowly tailored funds. 2. No 3. Ha-Ha-Ha-Ha, no way. 4. NW may have an account closure fee. Fees in the industry are often $50 -$100 per account. The Roth is a no-brainer because there are no tax issu...
by cpants
Fri Jun 23, 2017 8:02 am
Forum: Personal Investments
Topic: Northwestern Mutual High Fees to Vanguard
Replies: 24
Views: 9610

Re: Northwestern Mutual High Fees to Vanguard

I think you should hold on to about half of the taxable. The IVV (IShares S&P 500 Index ETF ER 0.04%), SCHF (Schwab International Equity ETF ER 0.06%), and the BND (Vanguard total bond ETF 0.05%) are all quality index funds which should easily incorporate into your new plan. No need to pay capital gains tax on those just to change the brand name of the funds. Sell the rest.
by cpants
Mon Jun 12, 2017 10:10 am
Forum: Personal Finance (Not Investing)
Topic: Is it safe to prepay a Navient loan payment?
Replies: 10
Views: 2527

Re: Is it safe to prepay a Navient loan payment?

Make sure you read the instructions for how payments are applied. See link below. https://www.navient.com/loan-customers/how-payments-work/direct-loan-payments/default.aspx They will apply the extra payment as your next months' payment unless you specifically instruct them not too. After interest is paid, they apply to your loans on a pro-rated basis based on the relative proportion of each loan to your total debt with them. Neither of these is to your advantage--will increase the amount of interest you are paying.. The best way to do this is unfortunately, low tech. Write a paper check for the extra payment. Enclose it with a simple letter stating "Apply this extra payment to the principal balance of loan number XXX (insert number of ...
by cpants
Wed May 31, 2017 2:58 pm
Forum: Personal Consumer Issues
Topic: Multiple seat belt tickets- options?
Replies: 36
Views: 6365

Re: Multiple seat belt tickets- options?

TerryDMillerMBA wrote:I had my eyes opened to traffic court when I threatened to take a matter to trial. I was offered $0 fine (yes), and no points. I was to simply plead no contest, and be subsequently found guilty, and I paid court costs.

While this is an open and shut case, you can trade your right to using the full process in exchange for a more palatable result for you.
Exactly. It clogs up their system. They have to pay a cop to show up. Everyone ends up going home late. They want all of these tickets to go away without a trial.

That said, if you go in their and are disrespectful or rude in any way, they can and will throw the book at you.
by cpants
Wed May 31, 2017 2:00 pm
Forum: Personal Consumer Issues
Topic: Multiple seat belt tickets- options?
Replies: 36
Views: 6365

Re: Multiple seat belt tickets- options?

550 with money back guarantee is a no brainer. If he wins you will easily make up his fee with the difference in insurance premiums and fees. If he loses, you're no worse off than you are now.
by cpants
Wed May 31, 2017 10:09 am
Forum: Personal Consumer Issues
Topic: Multiple seat belt tickets- options?
Replies: 36
Views: 6365

Re: Multiple seat belt tickets- options?

See if there is the option on the ticket to plead guilty with explanation. You may be able to just send in a letter of explanation. Given your past driving record, the judge may require you to pay the fine, but say that if you don't get another ticket within six months, the ticket won't go on your record. Incidentally, in my state the seat belt law does not apply to cars manufactured before 1965. If all seat belts are being used, the driver is in compliance. Passengers 16 and older do not need to wear a seat belt in the back seat. Pleading guilty with explanation is the same as pleading guilty. No one cares about the explanation letter (doubt they even read them) and you will receive the same penalties, points, etc. as if you plead guilty ...
by cpants
Thu Apr 13, 2017 7:46 am
Forum: Personal Finance (Not Investing)
Topic: USAA 2.5% Cash Back Credit Card [Update]
Replies: 442
Views: 94102

Re: USAA 2.5% Cash Back Credit Card

I already have a USAA Cashback Rewards AmEx. Can I get them to just convert that to the new 2.5% card? I already meet the direct deposit and geographical requirements.
by cpants
Wed Apr 05, 2017 10:08 am
Forum: Personal Consumer Issues
Topic: Auto Accident File claim or not?
Replies: 19
Views: 2491

Re: Auto Accident File claim or not?

You absolutely need to file a claim in any rearending, especially as you were issued a ticket and it sounds like a significant accident (air-bag deployment). You are at-fault. There is a high likelihood you will be sued to extract a settlement. The insurance company is on your side and will be defending you. You want them involved as early as possible.

I speak from experience -- was sued after an extremely minor rear-end fender-bender with no damage to either vehicle and I didn't even receive a ticket.
by cpants
Fri Mar 31, 2017 2:44 pm
Forum: Personal Investments
Topic: Handling old traditional IRA for Roth conversions
Replies: 8
Views: 875

Re: Handling old traditional IRA for Roth conversions

Kevin,

Thanks for the response and practical advice. Had a big bump in salary this year, and we will definitely be above AGI for Roth for 2017 so will be doing first time backdoors this year. If my wife possibly goes back to a job with a 401k/403b in the next few years, the best option would be to roll that rolloverIRA into one of those, correct? Probably not worth skipping 2 years of backdoor Roths on her to preserve that option, though.
by cpants
Fri Mar 31, 2017 1:38 pm
Forum: Personal Investments
Topic: Handling old traditional IRA for Roth conversions
Replies: 8
Views: 875

Re: Handling old traditional IRA for Roth conversions

Also, just realized it's a rollover IRA. Same deal, right?
by cpants
Fri Mar 31, 2017 11:31 am
Forum: Personal Investments
Topic: Handling old traditional IRA for Roth conversions
Replies: 8
Views: 875

Re: Handling old traditional IRA for Roth conversions

Already contributed through frontdoor Roths for 2016 -- we were just under income cutoff.

If I add the 5500 to her tIRA and then just convert the 5500, I will have to deal with this fractional taxation every year going forward right? Isn't it better just to convert the whole 10000 to Roth this year, and then it will be simple going forward?
by cpants
Fri Mar 31, 2017 8:05 am
Forum: Personal Investments
Topic: Handling old traditional IRA for Roth conversions
Replies: 8
Views: 875

Handling old traditional IRA for Roth conversions

My wife, currently stay at home mom without income, has an old traditional IRA worth about $4500. I want to do backdoor Roth conversions for both of us this year and going forward. She doesn't have a 401k/403b she can roll the old IRA into. What are my options? Should I just convert it to Roth and pay the taxes? If I do that I can still contribute an additional $5500 for her for this year right? Should I put the $5500 contribution into her tIRA first and then do the conversion?
by cpants
Tue Mar 28, 2017 3:40 pm
Forum: Personal Investments
Topic: Auto Insurance as a Medical Resident - Switching states
Replies: 4
Views: 904

Re: Auto Insurance as a Medical Resident - Switching states

I don't think the insurance company really cares if you update your registration. They are insuring you based on the where you keep the car, driving and accident records, age, credit, etc. So you should definitely pay whatever it costs to insure the car at the location where you live and are keeping it. Potentially, you could not be covered on a claim if they figure out that you lied to them about these factors. Probably won't be an issue in a moving accident. Could be a problem if, say, a tree falls on the car if front of the house that you own in the new state, for example. The registration thing is state law. The only thing you are probably risking is a ticket and them forcing you to register. If you've made it this far, I would let it r...
by cpants
Mon Mar 27, 2017 1:53 pm
Forum: Personal Finance (Not Investing)
Topic: Life insurance question and recommendation request
Replies: 8
Views: 821

Re: Life insurance question and recommendation request

Quit smoking! Seriously, the reason those premiums cost so much more is because you are much more likely to die. I know it's tough, but this insurance situation could be your motivation to try. Speech over. You need term life. It ain't gonna be cheap, especially if you have any other medical issues. The good news is some companies will bring you down to more normal premiums 1-2 years after you quit smoking. Discuss with insurance broker. The other thing to look into, especially if your premiums are prohibitively costly is insurance through your employer. While there are multiple drawbacks to this approach, it is usually offered without medical underwriting. You could cover some of your needs with this insurance to reduce the cost of regular...
by cpants
Wed Mar 15, 2017 1:19 pm
Forum: Personal Finance (Not Investing)
Topic: Question for Docs/Surgeons/ARNPs
Replies: 23
Views: 4098

Re: Question for Docs/Surgeons/ARNPs

If they aren't going to pay her for call on a shift by shift basis, there should be a significant bump in her yearly salary for taking that call. Otherwise, I'd think hard about taking it. APRN's are in pretty high demand. There are lots of jobs out there that are 40-50 hours/week and require no weekends, no call, no holidays, no nights. If she doesn't mind working one weekend per month, you could take one of those no-call jobs and pick up significant extra income by moonlighting on the weekends for other hospitals/practices. Yes, these jobs will be in more ambulatory settings. So if her heart is set on being in the OR, that is also a factor to consider. Subspecialty surgeon here also, FYI. I can tell you from experience it's hard to find m...
by cpants
Wed Mar 15, 2017 8:42 am
Forum: Personal Finance (Not Investing)
Topic: Question for Docs/Surgeons/ARNPs
Replies: 23
Views: 4098

Re: Question for Docs/Surgeons/ARNPs

Hopefully she is applying/interviewing for other positions as well? This will give her an idea of what the market in your area is like, plus give her leverage to negotiate salary with the practice she most prefers. This is a good idea for anyone looking for a position where there is high demand for your skills. Unpaid call could be a warning sign, but it really depends on how attractive the job is otherwise and what the salary is. Could be reasonable to ask for call pay. OT/hourly wage setup is not typical for providers in private practice. If she wants that setup, look for a hospital employed job. I agree that you need to find a copy of the MGMA guide and use that as the basis for your negotiation and initial asks. It's probably not reason...
by cpants
Mon Mar 06, 2017 3:37 pm
Forum: Personal Finance (Not Investing)
Topic: Wedding cash gift
Replies: 68
Views: 7082

Re: Wedding cash gift

Some of the most expensive wedding items are some of the least important to making your wedding memorable and fun.

Don't skimp on:
Food
Beverage
Band

Less important:
Venue
Pictures

Much less important:
Designer dress
Rings
Decorations

One of the best weddings I ever went to was held in a field at the groom's family farm. Big tent in the backyard, local BBQ joint working smokers all day to make the food, BYOB for the booze and they had a couple of kegs on ice, and a fantastic band. I'm sure they spent <10-15k for a huge wedding (250+ invited), and everyone had a great time.
by cpants
Wed Mar 01, 2017 12:22 pm
Forum: Investing - Theory, News & General
Topic: Mom & Pop investors piling in. Bad Sign/Good sign?
Replies: 36
Views: 8872

Re: Mom & Pop investors piling in. Bad Sign/Good sign?

Joseph Kennedy is the investor who famously pulled out of the market in 1929 after his shine boy gave him a stock tip.
by cpants
Thu Feb 23, 2017 7:29 am
Forum: Personal Finance (Not Investing)
Topic: Negotiating tips for selling condo to tenant
Replies: 35
Views: 4643

Re: Negotiating tips for selling condo to tenant

I don't know what the market is like in you area. If you can get a better price listing it in the Spring, then it might be worth doing. You might have a hard time getting these or other tenants to rent the place for 6 months though.
by cpants
Wed Feb 22, 2017 3:45 pm
Forum: Personal Finance (Not Investing)
Topic: Negotiating tips for selling condo to tenant
Replies: 35
Views: 4643

Re: Negotiating tips for selling condo to tenant

Update: set the price at 229k. Current tenant has no interest in buying this August for financial and personal reason. Said they may be interested next summer when both of those things are sorted out. Options for me now: - proceed with sale. Contact Redfin. Disadvantage would be showing this in late August and with tenants in there and I'm not sure how flexible they will be with showings. I anticipate they won't be since they are not happy to be moving at all. -raise rent 400 or 500$. I don't like this option. Don't want to be landlords anymore. I don't think they will take this option either. They complained about 100$ -lease to buy option. 700 or 800 extra per month extra with the option to buy. We would set the price this summer though?...
by cpants
Wed Feb 22, 2017 9:52 am
Forum: Personal Finance (Not Investing)
Topic: new lowest price rental car vendor
Replies: 7
Views: 1181

Re: new lowest price rental car vendor

I usually get lowest price on Autoslash and then name my own lower price on priceline for the same vehicle class --- In my experience about 75% of the time naming your own price on priceline results in a %20 lower price on the car than Autoslash. Autoslash gives you a good price to start from though, and if your named price falls through, just go with them.
by cpants
Mon Feb 13, 2017 4:15 pm
Forum: Personal Finance (Not Investing)
Topic: Permanent Life Insurance
Replies: 20
Views: 4652

Re: Permanent Life Insurance

Agree that your friend needs White Coat Investor's site badly. They try and sell all docs on this scam right at the end of residency when you are signing up for needed disability insurance. Surprised he didn't put in something about how the insurance cash value is an asset protected from malpractice liability. I've heard that before. I was lucky to have some guidance at that point in my career from WCI's site and a trusted accountant, or I probably would have been taken on a ride for 10-15k a year in premiums for at least a few years.

Why would you ever choose an insurance agent to be your financial planner??
by cpants
Mon Feb 13, 2017 3:19 pm
Forum: Personal Finance (Not Investing)
Topic: Need quick advice: Pay full year's rent or large security deposit?
Replies: 47
Views: 3929

Re: Need quick advice: Pay full year's rent or large security deposit?

I would be more hesitant to give a 6mo security deposit than pay the rent in advance. The rent is exchanged for your possession of the apartment -- simple fee in exchange for goods. In the event of a dispute, you will surely prevail or get your money returned in court if the landlord doesn't live up to his part of the deal. Giving the landlord possession of a large deposit to cover any "damages" is very risky on the other hand. Getting your money back is based on a subjective standard -- basically at the landlord's discretion. Yes there are protections in court, but I still wouldn't expect to get it all back and you might have to fight for it. Ask if instead of 6 months security deposit, you could give a one month security deposit...
by cpants
Wed Feb 08, 2017 3:22 pm
Forum: Personal Consumer Issues
Topic: College kids driving cars (to live off campus)
Replies: 44
Views: 4765

Re: College kids driving cars (to live off campus)

I don't think it's wrong to get him a car. No reason you have to spend 20K. Get something good for snow with 75ishK miles on it. Just has to get him through a few years then hopefully he's on his own right?
by cpants
Wed Feb 08, 2017 2:26 pm
Forum: Personal Finance (Not Investing)
Topic: Negotiating tips for selling condo to tenant
Replies: 35
Views: 4643

Re: Negotiating tips for selling condo to tenant

Hard to say the exact opening offer, but if you are anxious to sell to these people, I would be prepared to accept slightly below market value. Might be a good idea to prepare the comps for them in a nice presentation. Then you can show them that similar condos are going for 240K and say you would be willing to sell it to them for 225K now to avoid the hassle of marketing, realtor, etc. If you have to use realtors, the realtors' fees alone are going to cost you $12,000! The other strategy of coming in at 255k when you want to sell at 240K may backfire, as they don't sound all that interested in buying anyway. Expect they are going to run their own comps before negotiating with you. They probably know exactly what it's worth. They might just...
by cpants
Wed Feb 08, 2017 2:04 pm
Forum: Personal Finance (Not Investing)
Topic: Question about Disability Insurance Quote
Replies: 6
Views: 1050

Re: Question about Disability Insurance Quote

What is your monthly income? Are you going to be paying with post-tax dollars? If so you probably only need about 50-60% of your income in coverage as the payouts will be tax-free.

With regard to the different riders, it really depends on your circumstances. Future Increase Option may not be necessary if you don't plan on making a lot more money in the future. Some people say forget the COLA rider all together and just buy a higher amount of insurance up front. I think partial disability and mental disability are both important. I'm not familiar with "retirement protection plus".
by cpants
Wed Feb 08, 2017 9:52 am
Forum: Personal Finance (Not Investing)
Topic: How much life and disability insurance do I need?
Replies: 10
Views: 1736

Re: How much life and disability insurance do I need?

Life may or may not be enough. You need to make a list of the things you want taken care of if you pass away. The obvious ones are your mortgage and kids' college educations and expenses until age of majority. You might have close to enough to cover that just with your retirement savings. But there are other potential expenses as well, are you required to or do you need to support your spouse in the event of your death? That could get expensive. Disability coverage is definitely light. You need to replace not just enough to cover your expenses but enough to save for retirement. With 6,000/month you are not going to be able to do that if you were to be disabled for the next 20 years due to injury or illness. Sure, you can survive on 6,000/mo...
by cpants
Tue Feb 07, 2017 2:49 pm
Forum: Personal Finance (Not Investing)
Topic: Please help with real estate question
Replies: 40
Views: 4146

Re: Please help with real estate question

How old are you? Have you paid off your loans and are you on track for your own retirement savings? You are a high earner, but putting 500k into a house you are not even living in as a gift to your parents is not a great idea IMO. If they need the help and you have the means, do what you have to do. But I'm not sure this is a smart tax strategy or a smart part of your overall financial strategy, more importantly. With regard to taxes...the savings are not very great, especially compared to your jumbo income. Do the math. The real annual tax savings by having the house in your name are probably only a couple thousand dollars at most. Just roughly: with a 4% loan and 500,000 financed, you are paying 20k interest the first year. You are in 39....
by cpants
Tue Feb 07, 2017 2:15 pm
Forum: Personal Finance (Not Investing)
Topic: Please help with real estate question
Replies: 40
Views: 4146

Re: Please help with real estate question

Do your parents need your help with the mortgage? Why don't they just keep paying it? I guess I get the concept, you get gifted their 250K in equity, and in exchange, pay their mortgage going forward and let them live rent free. I can foresee a lot of problems going forward with this idea. What happens when the roof goes? What if your parents want to make changes or improvements to the house you now own and you don't agree? What if you lose your job and can no longer afford the mortgage? Sell it back to them? If they can afford to pay for their housing, it is a lot cleaner for them to gift you the house or the proceeds from sale later on. I would just use your extra cash to invest, and forget this plan, especially if you are planning on buy...
by cpants
Tue Feb 07, 2017 1:29 pm
Forum: Personal Finance (Not Investing)
Topic: Please help with real estate question
Replies: 40
Views: 4146

Re: Please help with real estate question

I don't understand this. Are they going to somehow still make the mortgage payments to you or pay you rent or something? Why would you want to assume your parents' mortgage in order to take a tax deduction?
by cpants
Tue Feb 07, 2017 1:24 pm
Forum: Personal Finance (Not Investing)
Topic: Negotiating tips for selling condo to tenant
Replies: 35
Views: 4643

Re: Negotiating tips for selling condo to tenant

There are several advantages to you. Firstly, you sell the place with minimal fuss and without paying realtors. Secondly, you probably won't have to make major repairs or pay to market the condo, which can be quite costly. Usually, the rent is higher in a rent-to-own scenario, so that is a bonus to you. The 500/month selling credit is not a benefit to you, it is an incentive to the renters to buy the place at the end of their lease.
by cpants
Mon Jan 23, 2017 12:43 pm
Forum: Personal Consumer Issues
Topic: sue renters
Replies: 12
Views: 2805

Re: sue renters

What does the language in the lease say? I would think if they physically damaged your gate or other property, that would be their responsibility. The generator would probably be on you. Normal wear and tear and/or breakdown of systems on the property is typically the responsibility of the landlord. If they in some way damaged the generator through improper use you may have a case.
by cpants
Mon Jan 23, 2017 10:45 am
Forum: Personal Finance (Not Investing)
Topic: Student Loan Refinance Repayment Options
Replies: 18
Views: 2853

Re: Student Loan Refinance Repayment Options

How fast do you anticipate interest rates increasing? I'm considering fixed vs variable right now and anticipating paying off in 3-4 years. Variable is 2.6% and fixed 3.6%. Would a >1% increase be anticipated in 3 years? Does it still make sense to take the lower rate now when principal is the highest?
by cpants
Wed Jan 18, 2017 12:44 pm
Forum: Personal Consumer Issues
Topic: Stymied by my High Deductible policy, HAS, and the American medical system.
Replies: 40
Views: 4333

Re: Stymied by my High Deductible policy, HAS, and the American medical system.

BW1985 wrote:Welcome to the healthcare racket. You can go in for a physical and ask for only basic labs covered by under preventative (lipids, glucose) but the doctor can order whatever tests he wants to see and then you are required to pay for them. I think this is why many people don't bother going in for their 'covered' yearly physical.
By racket, are you implying that your physician is getting some kind of kickback for ordering the tests? For the most part, docs are not ordering lab tests unless there is a reason to order them. The more tests he orders, the more work and liability required for the doc to review, interpret, and act on the results -- all for the same pay (your office visit fee).
by cpants
Tue Dec 20, 2016 8:19 am
Forum: Personal Investments
Topic: Financial help for a new doc
Replies: 31
Views: 3609

Re: Financial help for a new doc

Sounds like you might be underinsured with regard to LI. 500k each is not much considering your incomes even without dependents. Will the other partner be able to maintain lifestyle and savings with only 500k insurance? Are you planning on having children? DI with "own occupation" defined as your specific medical specialty is critical. This is not offered through USAA. If you have not obtained this for your wife yet, that should be a priority. It might be worth considering buying some for yourself as well to lock in rates while you are young and healthy. Most of these policies have significant buy-up's available later without undergoing medical underwriting again. ^Thanks for the input cpants. The other partner should be able to ...
by cpants
Mon Dec 19, 2016 3:05 pm
Forum: Personal Investments
Topic: Financial help for a new doc
Replies: 31
Views: 3609

Re: Financial help for a new doc

Sounds like you might be underinsured with regard to LI. 500k each is not much considering your incomes even without dependents. Will the other partner be able to maintain lifestyle and savings with only 500k insurance? Are you planning on having children?

DI with "own occupation" defined as your specific medical specialty is critical. This is not offered through USAA. If you have not obtained this for your wife yet, that should be a priority. It might be worth considering buying some for yourself as well to lock in rates while you are young and healthy. Most of these policies have significant buy-up's available later without undergoing medical underwriting again.