Search found 115 matches

by gr7070
Sat Apr 22, 2017 8:15 pm
Forum: Personal Finance (Not Investing)
Topic: Should some professions tell people how much they make?
Replies: 39
Views: 4528

Re: Should some professions tell people how much they make?

their "regular" all-day teachers -- whom, I'll add, get very little respect in many of those same multi-million-dollar households? This teacher's spouse corrected that for you. ; ) You sound like you could do anything. Well, if it weren't for those handicapping, youthful, great looks. ; )...
by gr7070
Sat Apr 22, 2017 7:26 pm
Forum: Personal Finance (Not Investing)
Topic: Torn on whether to close 3rd oldest credit card
Replies: 12
Views: 837

Re: Torn on whether to close 3rd oldest credit card

You didn't state what your score is, just mentioned how to improve it. The credit bureaus always provide those recs, regardless of whether one's score is very high or other. One only needs to be above 760 (old school version) to ensure they have no negative repercussions from score. There is no extr...
by gr7070
Sat Apr 22, 2017 11:19 am
Forum: Personal Finance (Not Investing)
Topic: Should some professions tell people how much they make?
Replies: 39
Views: 4528

Re: Should some professions tell people how much they make?

No one will care about your scholarships. You've graduated; you shouldn't either. The prestigious universities don't really matter much anymore either. Once you're a couple years removed from school most folks couldn't care less where you graduated from. Stanford graduates a few idiots or slackers, ...
by gr7070
Tue Apr 04, 2017 6:15 pm
Forum: Personal Finance (Not Investing)
Topic: Mortgage for less than the value of the home
Replies: 17
Views: 2249

Re: Mortgage for less than the value of the home

How much are your cars worth? $50,000 total? Might even get 125% of car value; not sure of fine print. 2% rate for $60k would be a great mortgage. Might get even more as lenders seem to value cars far greater than what i come up with researching online. https://www.rbfcu.org/NB/html/Loans/vehicle.ht...
by gr7070
Wed Mar 29, 2017 7:52 pm
Forum: Personal Finance (Not Investing)
Topic: Mortgage Broker and Closing Costs
Replies: 21
Views: 1333

Re: Mortgage Broker and Closing Costs

So, the lender charging $200 has none of these costs? They get title insurance, appraisals and all the rest for free some how? Wow. You clearly don't understand closing costs. The $6,000 I've been quoting is the rough total of all the fees the OP posted that are *not* 3rd party fees. 3rd party fees...
by gr7070
Wed Mar 29, 2017 5:46 pm
Forum: Personal Finance (Not Investing)
Topic: Mortgage Broker and Closing Costs
Replies: 21
Views: 1333

Re: Mortgage Broker and Closing Costs

You're hung on the mathematical theory that the rate may be enough difference to justify these expenses. The reality of the situation is, in this free market, there is no lender of $6,000 up front money better than the next handful (or dozens even) of competitive lenders. They do not exist. This is ...
by gr7070
Wed Mar 29, 2017 5:00 pm
Forum: Personal Finance (Not Investing)
Topic: Mortgage Broker and Closing Costs
Replies: 21
Views: 1333

Re: Mortgage Broker and Closing Costs

Without knowing the rate, the borrowers credit score and other information you know this lender is a "shyster"? I told him to shop around. Rates do vary and so do closing costs. You seem to be jumping to conclusions without half the facts. You think no one pays points? You expect him to r...
by gr7070
Wed Mar 29, 2017 3:57 pm
Forum: Personal Finance (Not Investing)
Topic: Mortgage Broker and Closing Costs
Replies: 21
Views: 1333

Re: Mortgage Broker and Closing Costs

A rate would have to be insane to make up for 5 ir 6 thousand dollars lost up front! It's not happening. Texas does have some of the highest closing costs in the country. However, most of the 3rd party fees are relatively static price-wise and the expensive one, title insurance, price is regulated ...
by gr7070
Wed Mar 29, 2017 2:56 pm
Forum: Personal Finance (Not Investing)
Topic: Mortgage Broker and Closing Costs
Replies: 21
Views: 1333

Re: Mortgage Broker and Closing Costs

A rate would have to be insane to make up for 5 ir 6 thousand dollars lost up front! It's not happening. Texas does have some of the highest closing costs in the country. However, most of the 3rd party fees are relatively static price-wise and the expensive one, title insurance, price is regulated b...
by gr7070
Wed Mar 29, 2017 8:40 am
Forum: Personal Finance (Not Investing)
Topic: Mortgage Broker and Closing Costs
Replies: 21
Views: 1333

Re: Mortgage Broker and Closing Costs

I am skeptical about a loan origination fee, processing, underwriting, doc prep, and closing/escrow fees. Seems like they should all be for the same thing. Maybe the amounts go to different parties. Your broker should be able to tell you exactly where each fee is paid to and what it is for. Yes to ...
by gr7070
Sun Mar 26, 2017 8:29 pm
Forum: Personal Finance (Not Investing)
Topic: Massive Student Loan Debt - Girlfriend
Replies: 86
Views: 7181

Re: Massive Student Loan Debt - Girlfriend

Aside from the debt, she is extremely responsible financially - very frugal, very careful budgeting, not reckless in any way. I think this is the key. Completely agree! However, how did someone frugal and responsible take out $175,000 in loans for what should have been 1.5 years of grad school?!? T...
by gr7070
Tue Mar 21, 2017 7:22 pm
Forum: Personal Finance (Not Investing)
Topic: What building year I should seek when shopping for a house?
Replies: 33
Views: 2493

Re: What building year I should seek when shopping for a house?

Unless your market has some specific affect regarding home age I'd *completely* ignore year built. Buy in the area you choose based on all the important aspects you value. I couldn't care less about home age unless it significantly changes some of the items i value greatly. There is nothing in Austi...
by gr7070
Tue Mar 21, 2017 7:14 pm
Forum: Personal Finance (Not Investing)
Topic: Contribute only up to employer max or should we contribute more?
Replies: 6
Views: 762

Re: Contribute only up to employer max or should we contribute more?

Yes. Changes everything. Assuming it's a decent annuity, which it sounds like someone trusted confirmed for you. Would your item #4 be in a tax protected vehicle? Were i you I'd be greatly interested in that if so. Though you mentioned no options are good??? Item #5 appears to significantly reduce t...
by gr7070
Tue Mar 21, 2017 5:52 pm
Forum: Personal Finance (Not Investing)
Topic: Contribute only up to employer max or should we contribute more?
Replies: 6
Views: 762

Re: Contribute only up to employer max or should we contribute more?

So once we reach the employer match, should we start putting our savings elsewhere...where we aren't subject to such tight restrictions as TIAA? This isn't what you asked, but I'd seriously consider stopping the annuity altogether and look into contributing this money (plus more) into another optio...
by gr7070
Mon Mar 20, 2017 1:40 pm
Forum: Personal Finance (Not Investing)
Topic: Creating a Will
Replies: 33
Views: 2297

Re: Creating a Will

I think you can take the advice from gr7070- just don't be offended by the last comment. Definitely not trying to offend. It might not help, but if replacing the word BS with "stuff" softens the tone any please consider that for context. I am often too curt in informal writing like messag...
by gr7070
Mon Mar 20, 2017 1:35 am
Forum: Personal Finance (Not Investing)
Topic: Creating a Will
Replies: 33
Views: 2297

Re: Creating a Will

Gixene wrote:If this is all "BS" then feel free to find other Boglehead threads to post on or find other things to do outside of the internet.


It's not all BS. Steps 1, 2, and 3 are not; everything after that is.
by gr7070
Mon Mar 20, 2017 1:15 am
Forum: Personal Finance (Not Investing)
Topic: Creating a Will
Replies: 33
Views: 2297

Re: Creating a Will

"I believe it depends on the person. It should be updated with... Purchase automobile, purchase home, ... Also for sale of automobile, sale of home," Why? That's what the will is there for. 50% of all own goes to mom, 50 dad. Done! I'm not sure why you think it matters that the executor kn...
by gr7070
Sun Mar 19, 2017 7:23 pm
Forum: Personal Finance (Not Investing)
Topic: Creating a Will
Replies: 33
Views: 2297

Re: Creating a Will

I have heard to not keep your will in your own safe deposit box, as know one will be allowed to access it upon your death to retrieve the will. I agree that the letter of intent is extremely important and is something that, even in my experience with a very simple situation, needs very frequent upda...
by gr7070
Sun Mar 19, 2017 5:22 pm
Forum: Personal Finance (Not Investing)
Topic: Creating a Will
Replies: 33
Views: 2297

Re: Creating a Will

tibbitts wrote:You also have to get all your usernames and passwords to someone...


I disagree with this. This should not be needed to access accounts upon death.
by gr7070
Sun Mar 19, 2017 11:34 am
Forum: Personal Finance (Not Investing)
Topic: Divesting to heirs. When and how quickly.
Replies: 45
Views: 4322

Re: Divesting to heirs. When and how quickly.

I am frugal; I have been all my life. I have always been responsible and considerate; more so than most my age even at 19. Intelligent. Educated. Mature. Excellent parents. Had I received $1M at age 19 I think that gift would have turned out to be a long-term net negative to me as a person. A curse,...
by gr7070
Sun Mar 19, 2017 10:59 am
Forum: Personal Finance (Not Investing)
Topic: Creating a Will
Replies: 33
Views: 2297

Re: Creating a Will

I used Quicken Willmaker. It was great, though that was some time ago. Just borrow someone's PC if the Mac worries you. Can't be that hard to find one. If your situation is simple, and it sure sounds like it is, I definitely remember recommend the DIY not a lawyer. At 25 and admitted little assets I...
by gr7070
Sat Mar 18, 2017 11:31 am
Forum: Personal Finance (Not Investing)
Topic: Texas Teachers Retirement too good to be true?
Replies: 39
Views: 4680

Re: Texas Teachers Retirement too good to be true?

What I'm still not getting the the part where the matching contributions are really not hers to keep. My wife (Sil's sister) gets matching from her employer, and they're hers forevermore. I once had an employer match too (not anymore at the money). So I'm not used to this concept where a match is m...
by gr7070
Fri Mar 17, 2017 9:00 pm
Forum: Personal Finance (Not Investing)
Topic: Texas Teachers Retirement too good to be true?
Replies: 39
Views: 4680

Re: Texas Teachers Retirement too good to be true?

And there is absolutely no interest paid on those contributions - you just get back what you put in. The TRS does pay interest, the 2% rate mentioned in the OP. Though I'm not certain if interest applies throughout one's entire service time or only since they separated service. I didn't know this, ...
by gr7070
Fri Mar 17, 2017 8:49 pm
Forum: Personal Finance (Not Investing)
Topic: Texas Teachers Retirement too good to be true?
Replies: 39
Views: 4680

Re: Texas Teachers Retirement too good to be true?

but doing so she would forfeit the employer's contributions. On the contrary, she should be able to roll over any 4xx money without any loss. The employer contributions are a bit of a mirage. Yes the state also funds the TRS. However, the benefit is defined. It doesn't matter that they're "mat...
by gr7070
Fri Mar 17, 2017 8:14 pm
Forum: Personal Finance (Not Investing)
Topic: Texas Teachers Retirement too good to be true?
Replies: 39
Views: 4680

Re: Texas Teachers Retirement too good to be true?

- Does it matter that Sil isn't a teacher? Meaning, she's in the Texas Teachers Retirement System but that's because she was a Physician's Assistant at a state university-run prison hospital. - Without sharing personal details, I can guess-timate that her income was likely above the average teacher...
by gr7070
Fri Mar 17, 2017 3:58 pm
Forum: Personal Finance (Not Investing)
Topic: Texas Teachers Retirement too good to be true?
Replies: 39
Views: 4680

Re: Texas Teachers Retirement too good to be true?

is over 50% invested in overseas equity. WTF?!! Moody's has an article on the retirement plan. It is significantly underfunded and is facing a funding crisis. The state's ERS fund was actuarially unsound, as well, two (4?) years ago. The state legislature increased the employee contribution from ab...
by gr7070
Fri Mar 17, 2017 11:46 am
Forum: Personal Finance (Not Investing)
Topic: Texas Teachers Retirement too good to be true?
Replies: 39
Views: 4680

Re: Texas Teachers Retirement too good to be true?

After reviewing the TRS site for the tiers and payout formula (and learning 90ish% of school districts do not pay into social security), it seems the best part of this is health care coverage in retirement. Is that even good anymore either? Knowing minimum retirement age is now 65? And *if* medicar...
by gr7070
Fri Mar 17, 2017 10:23 am
Forum: Personal Finance (Not Investing)
Topic: Texas Teachers Retirement too good to be true?
Replies: 39
Views: 4680

Re: Texas Teachers Retirement too good to be true?

Somebody above said that the salary contributions for this program are 7.2%, so I would expect the portfolio to do better--.023 is a small step-up from .02, but 7.2% is much higher than 3.5%, so just relative to the math in my pension I expect she would be better off taking her contributions out an...
by gr7070
Fri Mar 17, 2017 4:05 am
Forum: Personal Finance (Not Investing)
Topic: Texas Teachers Retirement too good to be true?
Replies: 39
Views: 4680

Re: Texas Teachers Retirement too good to be true?

But they don't contribute to or receive social security. So people who think SS is a great deal, run your numbers and see how much your annuity would be with this system vs your SS. But I believe both systems are unsustainable. Believe me I'd much rather do without SS at all. The problem is she has...
by gr7070
Fri Mar 17, 2017 1:30 am
Forum: Personal Finance (Not Investing)
Topic: Texas Teachers Retirement too good to be true?
Replies: 39
Views: 4680

Re: Texas Teachers Retirement too good to be true?

The odds are she has already made an irrevocable choice of what to do with her pension, assuming she had a choice, so... even less to consider. There are 5 options to choose from for employee and surviving spouse. I believe that is declared when filing retirement paperwork, but i could be wrong. I ...
by gr7070
Fri Mar 17, 2017 1:13 am
Forum: Personal Finance (Not Investing)
Topic: Texas Teachers Retirement too good to be true?
Replies: 39
Views: 4680

Re: Texas Teachers Retirement too good to be true?

How many years did SIL work under the TRS system? Being vested would mean at least 10. Your reference of age 65 suggests she's worked 15 years under TRS. How old is she now? How likely is she to ever return to employment under the TRS system? Does she have easy access to Bloedow's donuts? As I menti...
by gr7070
Fri Mar 17, 2017 1:00 am
Forum: Personal Finance (Not Investing)
Topic: Texas Teachers Retirement too good to be true?
Replies: 39
Views: 4680

Re: Texas Teachers Retirement too good to be true?

Texas teachers are eligible to contribute to a 401k and 403b. I'm unsure if these are technically under the TRS umbrella or not. The options differ based upon the school district you work for. At 18k each retirement plan it was awesome when i was not a state employee. That's $65,000 potentially into...
by gr7070
Fri Mar 17, 2017 12:38 am
Forum: Personal Finance (Not Investing)
Topic: Texas Teachers Retirement too good to be true?
Replies: 39
Views: 4680

Re: Texas Teachers Retirement too good to be true?

The general points of interest of the Texas TRS are pretty basic. They're largely very similar to the Texas state defined retirement benefit (ERS), too. Here's the basics. I may have some of the exact numbers wrong, but they're close enough just for discussing the basic idea. Its essentially an annu...
by gr7070
Fri Mar 10, 2017 10:58 pm
Forum: Personal Finance (Not Investing)
Topic: Down payment money location if money isn't tight
Replies: 6
Views: 746

Re: Down payment money location if money isn't tight

I would definitely be looking for a bigger return than 1%. Probably something akin to a 60/40 risk/return. Whether there's a better option to mimic the 40% bonds in a taxable account I'm sure others could offer better suggestions than I. But that's the kind of risk/return I'd be looking for. Agreed,...
by gr7070
Thu Mar 09, 2017 12:10 pm
Forum: Personal Finance (Not Investing)
Topic: Are we ready to buy a house? What should our price range be?
Replies: 56
Views: 4077

Re: Are we ready to buy a house? What should our price range be?

$10k or so closing costs = $39,000. BTW if you shop your loan you should pay far, far less than that in closing costs. Really shopping loans based on closing costs should be only the only thing you need to consider. Most people just shop for interest rate, but if you use good lenders you should fin...
by gr7070
Thu Mar 09, 2017 12:42 am
Forum: Personal Finance (Not Investing)
Topic: Multiple job offers
Replies: 36
Views: 2857

Re: Multiple job offers

If that's Firm B's first offer ask for more from them!

Especially since you have a position locked up with A.
by gr7070
Thu Mar 09, 2017 12:25 am
Forum: Personal Finance (Not Investing)
Topic: Are we ready to buy a house? What should our price range be?
Replies: 56
Views: 4077

Re: Are we ready to buy a house? What should our price range be?

Oh, and tell her most people are idiots and you expect to set the bar far higher.

; )
by gr7070
Thu Mar 09, 2017 12:20 am
Forum: Personal Finance (Not Investing)
Topic: Are we ready to buy a house? What should our price range be?
Replies: 56
Views: 4077

Re: Are we ready to buy a house? What should our price range be?

0. I despise the happy wife/life saying. It says horrible things about both people. Sorry, not wanting to offend, but it's awful. 1. You need to do an example budget along with your wife. 2. I don't like that high a mortgage with y'all's income. 3. Waiting for $50k more doesn't appear it'll change m...
by gr7070
Tue Mar 07, 2017 1:47 pm
Forum: Personal Finance (Not Investing)
Topic: Fincancial checklist for becoming a landlord in the future
Replies: 35
Views: 2362

Re: Fincancial checklist for becoming a landlord in the future

Perhaps my new line of thinking would be I don't want to convert this into a 30-yr note now ...but in the future maybe it would actually be the better solution. But I'm curious, why is it "nearly always" the right call? Is it for the obvious reason that the interest is tax deductible from...
by gr7070
Tue Mar 07, 2017 1:36 pm
Forum: Personal Finance (Not Investing)
Topic: Fincancial checklist for becoming a landlord in the future
Replies: 35
Views: 2362

Re: Fincancial checklist for becoming a landlord in the future

Re: tax advantaged savings...I feel like we're doing pretty well there saving about 22% of our net income. All available Roth space is maxed out. HSA space is maxed out. Although our 401k's aren't fully maxed out yet, we're on the 1% uptick per year until they get there. I'd probably put more of th...
by gr7070
Tue Mar 07, 2017 1:13 pm
Forum: Personal Finance (Not Investing)
Topic: Fincancial checklist for becoming a landlord in the future
Replies: 35
Views: 2362

Re: Fincancial checklist for becoming a landlord in the future

Down the road, if we're ever in a position to then purchase another property, I think the point of moving to a duplex (or larger) makes complete sense. Maybe someday we'll be able to do that! The same principal applies to single-family homes. If you own 4 of them and 1 is vacant you're still at 25%...
by gr7070
Mon Mar 06, 2017 9:38 pm
Forum: Personal Consumer Issues
Topic: When & how much to donate?
Replies: 94
Views: 5321

Re: When & how much to donate?

Great thread! I think 1% is a good minimum for someone in reasonable financial standing, and that anyone not truly destitute should give at least something-even (especially?) those in debt. There's something liberating about giving (beyond the actual act) which changes your mindset around the purpos...
by gr7070
Mon Mar 06, 2017 1:11 am
Forum: Personal Finance (Not Investing)
Topic: Should federal employee communicate 18 months to retirement?
Replies: 44
Views: 3363

Re: Should federal employee communicate 18 months to retirement?

I have no idea if Texas at-will laws apply to federal employees located in Texas. You're basically missing how this works. The Federal Government can often ignore state laws on these sorts of things, but federal rules are what is relevant for actual federal employees, so Texas being an at-will stat...
by gr7070
Sun Mar 05, 2017 10:37 pm
Forum: Personal Finance (Not Investing)
Topic: Should federal employee communicate 18 months to retirement?
Replies: 44
Views: 3363

Re: Should federal employee communicate 18 months to retirement?

Yes, in the private sector, they probably couldn't just lower the salary to $1. I have never worked for the government directly (I did consult), and I take the point that it is different to private industry, but . . . House Republicans this week reinstated a procedural rule created in 1876 that all...
by gr7070
Sun Mar 05, 2017 6:11 pm
Forum: Personal Finance (Not Investing)
Topic: Windfall: should we pay cash for ~$1.3M home?
Replies: 96
Views: 5283

Re: Windfall: should we pay cash for ~$1.3M home?

-Use some part of the $600k towards home purchase, along with a combination of parent gifts and mortgage. Invest the remainder of the windfall. I'm the "crazy" responder. I've also happily sacrificed career and finances many times over the past two decades for family/lifestyle decisions i...
by gr7070
Sun Mar 05, 2017 10:45 am
Forum: Personal Finance (Not Investing)
Topic: Which credit report(s) to get?
Replies: 8
Views: 643

Re: Which credit report(s) to get?

I wouldn't do all three immediately. If you have truly significant concerns with real threats i would want to have quick, free access to the second or third credit report a month from now in case it takes some time for things to make it on a report. Yes, each report can be different and thus one may...
by gr7070
Sun Mar 05, 2017 10:28 am
Forum: Personal Finance (Not Investing)
Topic: Windfall: should we pay cash for ~$1.3M home?
Replies: 96
Views: 5283

Re: Windfall: should we pay cash for ~$1.3M home?

Ha. This thread is exactly what I dislike about this forum. The OP said they are not interested in moving yet half the responses are to move. Some people don't have the ability to view situations from a different perspective. For the OP I'd use 20-50% on a house and invest the rest. It's a message ...
by gr7070
Sun Mar 05, 2017 9:23 am
Forum: Personal Finance (Not Investing)
Topic: Windfall: should we pay cash for ~$1.3M home?
Replies: 96
Views: 5283

Re: Windfall: should we pay cash for ~$1.3M home?

Ha. This thread is exactly what I dislike about this forum. The OP said they are not interested in moving yet half the responses are to move. Some people don't have the ability to view situations from a different perspective. For the OP I'd use 20-50% on a house and invest the rest. It's a message ...
by gr7070
Sun Mar 05, 2017 1:56 am
Forum: Personal Finance (Not Investing)
Topic: Windfall: should we pay cash for ~$1.3M home?
Replies: 96
Views: 5283

Re: Windfall: should we pay cash for ~$1.3M home?

I mean just because you inherit money doesn't mean you should move to a lower cost of living area. You could have done that before inheriting if you wanted but didn't. Why is that? You can if you want, but the Bay is the Bay and a truly great place, isn't it? Prior to inheritance not that much woul...
by gr7070
Sun Mar 05, 2017 1:37 am
Forum: Personal Finance (Not Investing)
Topic: Windfall: should we pay cash for ~$1.3M home?
Replies: 96
Views: 5283

Re: Windfall: should we pay cash for ~$1.3M home?

Ha. This thread is exactly what I dislike about this forum. The OP said they are not interested in moving yet half the responses are to move. Some people don't have the ability to view situations from a different perspective. For the OP I'd use 20-50% on a house and invest the rest. It's a message ...

Go to advanced search