Search found 172 matches

by gr7070
Mon Aug 07, 2017 7:39 am
Forum: Personal Finance (Not Investing)
Topic: 20 year vs. 30 year Term Life Insurance
Replies: 18
Views: 1840

Re: 20 year vs. 30 year Term Life Insurance

20. By the time you're 50-something you'll each have larger incomes relative to CoL. You'll also have much higher net worths, which itself could take the place of life insurance should both of you die. Plus you'll be 20 years closer to no mortgage. Most folks carry too much life insurance for too lo...
by gr7070
Sun Aug 06, 2017 12:28 am
Forum: Personal Finance (Not Investing)
Topic: Anyone else have trouble spending?
Replies: 91
Views: 5936

Re: Anyone else have trouble spending?

I never used to spend money on more frivolous things; no wants, just needs. Frankly not even on needs. My wife is more a spender than I. We gave ourselves an allowance to limit her spending. That allowance enabled me to spend on things I never would have: nice items supporting my hobbies like more e...
by gr7070
Thu Aug 03, 2017 5:57 pm
Forum: Personal Finance (Not Investing)
Topic: Will / Trust attorney fees -- how much? (quoted $2000-3000)
Replies: 31
Views: 3140

Re: Will / Trust attorney fees -- how much? (quoted $2000-3000)

We bought $1MM 30 year term with a $2MM 20 year rider. So we have $3MM coverage until age 53 and $1MM coverage from 53-63. We bought it while we were young, healthy, easily insurable. It's cheap and represents about 10 yrs salary. I suppose it would cover debts such as a mortgage, childcare if one ...
by gr7070
Thu Aug 03, 2017 12:54 pm
Forum: Personal Finance (Not Investing)
Topic: Will / Trust attorney fees -- how much? (quoted $2000-3000)
Replies: 31
Views: 3140

Re: Will / Trust attorney fees -- how much? (quoted $2000-3000)

Well, there's your contrary opinion, OP. Most of us would disagree. A potential estate exceeding $7 million is not a DIY project. It is if the will says when I'm dead she gets everything or if she's dead they get everything. That's hard to screw up. It's also not a $7M estate, at least as far as th...
by gr7070
Wed Aug 02, 2017 9:15 pm
Forum: Personal Finance (Not Investing)
Topic: Will / Trust attorney fees -- how much? (quoted $2000-3000)
Replies: 31
Views: 3140

Re: Will / Trust attorney fees -- how much? (quoted $2000-3000)

I guess my initial thought was that if the attorney has all of the pertinent info prior to starting the project, they would be able to make an accurate projection regarding the cost. A million times yes to this!! You're asking for very basic planning! You're very specific. How in the hell can they ...
by gr7070
Wed Jul 26, 2017 9:05 pm
Forum: Personal Finance (Not Investing)
Topic: Post Nuptial agreement guaranteeing alimony?
Replies: 113
Views: 7026

Re: Post Nuptial agreement guaranteeing alimony?

75% sounds absurdly high! I suspect that's because y'all haven't been married that long and your incomes are a much bigger percentage of your net worth than they would be were you married for 15+ years. That percentage needs to vary as your married years varies. If not, one of you would be getting s...
by gr7070
Tue Jul 11, 2017 6:56 am
Forum: Personal Consumer Issues
Topic: Solar panels
Replies: 56
Views: 4264

Re: Solar panels

I'm curious: How susceptible are systems to hale damage? How much increase to homeowners insurance should one expect? I assume they're covered typically??? I assume typical deductible is applicable??? I live in rather conservative Texas, but liberal Austin. Anyone know anything specific about that a...
by gr7070
Fri Jun 30, 2017 6:13 pm
Forum: Personal Finance (Not Investing)
Topic: Those who max 401k
Replies: 55
Views: 7146

Re: Those who max 401k

Good call on the match. Whats the best way to ask HR if they match even for the checks that don't have 401k taken out(after max is reached)? Thanks! Email them and ask them if they true-up matching contributions if you max out early. There should be a clearly stated policy. If not, assume they don'...
by gr7070
Fri Jun 30, 2017 4:51 pm
Forum: Personal Finance (Not Investing)
Topic: Work / life balance and overtime
Replies: 10
Views: 1106

Re: Work / life balance and overtime

No offense, if I was you I wouldn't give a hoot about extra money. At the current rate you will have more then enough money as you won't have anybody else in your life. If you are interested in a relationships and kids then go get them. They aren't going to be found at work. As you have said you ar...
by gr7070
Sat Jun 24, 2017 12:03 am
Forum: Personal Finance (Not Investing)
Topic: New Baby - Wife stay at home for 1 year?
Replies: 48
Views: 4485

Re: New Baby - Wife stay at home for 1 year?

My wife stayed at home for 7 years when our child was born. Once he went to school she worked 20 hours per week at his school the next three years. We probably gave up 3/4 of a million dollars, minimum, all totaled in doing so. Best "financial" decision we ever made! (That is not sarcasm) ...
by gr7070
Tue Jun 20, 2017 12:06 am
Forum: Personal Finance (Not Investing)
Topic: What to do with extra money?
Replies: 4
Views: 666

Re: What to do with extra money?

If you're averaging $400 a month extra I'd put $200 more into your "retirement plan" (TSP?). And the other $200 into a Roth IRA at Vanguard. You can always take your contributions out of a Roth IRA.
by gr7070
Mon Jun 19, 2017 11:48 pm
Forum: Personal Finance (Not Investing)
Topic: Planning Around Partner's Student Loans
Replies: 30
Views: 2508

Re: Planning Around Partner's Student Loans

Stripping all of the story from your plan for her leaves this: 22 years from now, in 2039, the loan will be forgiven under the terms of the program. there is a serious incentive to structure matters such that she has zero assets so that she is able to completely avoid the 2039 tax bomb. I think a pl...
by gr7070
Fri Jun 16, 2017 12:50 pm
Forum: Personal Finance (Not Investing)
Topic: Should I cancel my whole life policy?
Replies: 80
Views: 9220

Re: Should I cancel my whole life policy?

That's great!

Do you have any indication as to what turned it around? Was it the text and the state investigator that prompted this reversal or something else?
by gr7070
Wed Jun 07, 2017 11:06 am
Forum: Personal Finance (Not Investing)
Topic: Should I accept this special work assignment (more pay)?
Replies: 11
Views: 1082

Re: Should I accept this special work assignment (more pay)?

I seriously question just how much benefit you'll see at work beyond the money. I'm guessing none. This kind of thing doesn't really say anything about your skills, abilities, and what you bring to the job or your future positions other than your willingness to work more. Granted working more is des...
by gr7070
Tue Jun 06, 2017 2:34 pm
Forum: Personal Finance (Not Investing)
Topic: Please talk me out of a turnkey rental property
Replies: 76
Views: 6152

Re: Please talk me out of a turnkey rental property

Remote property managers will rob you blind. Evictions, repairs, renovations, lost bills from the city that go to collections can eliminate your profits for the entire year. Given the hassle factor I'm not sure I'd do it today. I've found my property manager to be more frugal than even I am when it...
by gr7070
Tue Jun 06, 2017 10:23 am
Forum: Personal Finance (Not Investing)
Topic: Teachers: what are your best personal finance tips?
Replies: 78
Views: 7927

Re: Teachers: what are your best personal finance tips?

If you elect your person at age 55, you get a much better option factor. ... You get to keep more of your money by electing at 55. Can someone explain the reasoning behind this? I can't see a reason to give someone more for doing so at 55. Or is it a case of penalizing those who wait? I can't think...
by gr7070
Sun Jun 04, 2017 5:08 pm
Forum: Personal Finance (Not Investing)
Topic: Please talk me out of a turnkey rental property
Replies: 76
Views: 6152

Re: Please talk me out of a turnkey rental property

This raises another interest point I wanted to consider: assuming "standard" insurance, and assuming the investment is modest compared to one's net worth (like in my case, 25k$ down, 75k$ loan, 500k$ nw (at least until the market doesn't turn)), are there any chances that things could go ...
by gr7070
Sun Jun 04, 2017 8:41 am
Forum: Personal Finance (Not Investing)
Topic: Please talk me out of a turnkey rental property
Replies: 76
Views: 6152

Re: Please talk me out of a turnkey rental property

Still, considering the equity built over time it gives an IRR at sell time at year 10 higher than 4% (~8.5%)... I still wonder if tax benefits, effective diversification from the stock market and overall "learning experience" could make it worth trying. My initial response was that if you...
by gr7070
Sun Jun 04, 2017 3:22 am
Forum: Personal Finance (Not Investing)
Topic: Please talk me out of a turnkey rental property
Replies: 76
Views: 6152

Re: Please talk me out of a turnkey rental property

That's generously $1000 return on $25,000 investment. That's 4% return. Why even bother?! You'll likely get that and more in the market with no effort and likely a lot less worry. So maybe I'm missing some fundamentals. Here are absolutely simplified numbers that assume a rent/value of 1.1% and 50%...
by gr7070
Sun Jun 04, 2017 1:56 am
Forum: Personal Finance (Not Investing)
Topic: Please talk me out of a turnkey rental property
Replies: 76
Views: 6152

Re: Please talk me out of a turnkey rental property

living in California prevents me from effectively buying a house over here, my idea would be to get in touch with a "honest" turnkey provider You make 250k, expecting to make 350k. You can afford to buy a primary residence, even in the bay area. I "might" afford it, but that wou...
by gr7070
Sun Jun 04, 2017 1:38 am
Forum: Personal Finance (Not Investing)
Topic: Please talk me out of a turnkey rental property
Replies: 76
Views: 6152

Re: Please talk me out of a turnkey rental property

One last thing on the appreciation issue. If you choose to ignore appreciation in your expected returns why would you even consider rental property? Your numbers alone, which I've posited may be optimistic, return you almost nothing per month - 50% expenses of $1000 rent plus close to $500 P&I o...
by gr7070
Sun Jun 04, 2017 1:22 am
Forum: Personal Finance (Not Investing)
Topic: Please talk me out of a turnkey rental property
Replies: 76
Views: 6152

Re: Please talk me out of a turnkey rental property

I wholeheartedly disagree that property appreciation is market timing. If you're buying rental property with the right mindset - get rich slow, then appreciation is exceedingly likely (much like buy and hold financial markets investing) if you're buying in appropriate markets. So, this is very inte...
by gr7070
Sun Jun 04, 2017 12:16 am
Forum: Personal Finance (Not Investing)
Topic: Please talk me out of a turnkey rental property
Replies: 76
Views: 6152

Re: Please talk me out of a turnkey rental property

If your hometown doesn't make financial sense from a real estate investment perspective, I would look into REIT's or companies like ReatlyShare. If you want a very passive experience, it always seemed to end up costing me all or most of my profit to have that. I already own some REITs, and obviousl...
by gr7070
Sat Jun 03, 2017 11:59 pm
Forum: Personal Finance (Not Investing)
Topic: Please talk me out of a turnkey rental property
Replies: 76
Views: 6152

Re: Please talk me out of a turnkey rental property

The only way I've seen the true passive profit because that is how I set up my rentals, is with price appreciation of the home during the sale. Interesting. The way I am understanding it though, price appreciation is as bad as market timing as far as prediction goes, it's a pure gamble. I was, henc...
by gr7070
Sat Jun 03, 2017 11:50 pm
Forum: Personal Finance (Not Investing)
Topic: Please talk me out of a turnkey rental property
Replies: 76
Views: 6152

Re: Please talk me out of a turnkey rental property

I'm a proponent of rental property. Getting a good investment property is not easy. It's not as efficient a system as the financial markets, so there are some bargains. However, it is a competitive market and good properties are by gobbled up quickly, often by realtors and others who have better acc...
by gr7070
Sat Jun 03, 2017 8:49 pm
Forum: Personal Finance (Not Investing)
Topic: Teachers: what are your best personal finance tips?
Replies: 78
Views: 7927

Re: Teachers: what are your best personal finance tips?

I'm married to a former teacher, now public school librarian (basically the same things). I do all the heavy lifting re our personal finances. #1 most important is to choose to live in a state/school district that pays well!!! Choose wisely! Do not work in a state with awful pay! Consider cost of li...
by gr7070
Thu May 25, 2017 1:02 pm
Forum: Personal Finance (Not Investing)
Topic: Should I cancel my whole life policy?
Replies: 80
Views: 9220

Re: Should I cancel my whole life policy?

But really it seems like I'm my basically my own advocate.. That's because you are/should be. No one will care more about your own plight than you. You're almost/mostly your only advocate in this situation. I'm just very tired of this waiting game with Guardian and the State insurance board. I just...
by gr7070
Wed May 24, 2017 9:01 pm
Forum: Personal Finance (Not Investing)
Topic: A little guidance please..
Replies: 6
Views: 1305

Re: A little guidance please..

As for the business property, under today's conditions that seems like a pricey interest rate (but, I've gotten used to the 2.75 on our house as "normal"). I'd think about paying it down more quickly than the amortization schedule. Do not pay down the rental mortgage. You get a much bette...
by gr7070
Tue May 23, 2017 11:10 pm
Forum: Personal Finance (Not Investing)
Topic: A little guidance please..
Replies: 6
Views: 1305

Re: A little guidance please..

As for the business property, under today's conditions that seems like a pricey interest rate (but, I've gotten used to the 2.75 on our house as "normal"). I'd think about paying it down more quickly than the amortization schedule. Do not pay down the rental mortgage. You get a much bette...
by gr7070
Tue May 23, 2017 10:48 pm
Forum: Personal Finance (Not Investing)
Topic: i am my own "guy," but not sure I should advertise that
Replies: 107
Views: 14525

Re: i am my own "guy," but not sure I should advertise that

It occurred to me that I maybe should keep my mouth shut about relying on BH. Is sharing the good word something that you do, or is evangelizing, to borrow a term, more likely to cause harm than good? What harm do you think it would cause? I've never had a single problem in two decades of talking (...
by gr7070
Sun May 21, 2017 9:01 pm
Forum: Personal Finance (Not Investing)
Topic: Surprise financial disaster, severe debt $300K caused by brother-in-law - Please help!
Replies: 222
Views: 47655

Re: Surprise financial disaster, severe debt $300K caused by brother-in-law - Please help!

Been following the thread. Good for you for taking on this for your mother/family. I'm sure it's been a difficult ordeal for you and the rest of your family. Most allocations for individuals should have a stock component. I don't think your mom differs in that regard, in general So I'd consider 30/7...
by gr7070
Sun May 21, 2017 11:07 am
Forum: Personal Finance (Not Investing)
Topic: Question for you high net worth individuals... [real estate investments]
Replies: 82
Views: 11602

Re: Question for you high net worth individuals...

... In my experience, those that have been successful with generating wealth via real estate do it as an active job, not passive investment. Total agreement. Real estate takes active participation to be successful. It is like a second job. I completely disagree. It does not require active participa...
by gr7070
Sat May 20, 2017 7:38 am
Forum: Personal Finance (Not Investing)
Topic: Job loss
Replies: 28
Views: 2732

Re: Job loss

Take solace in the fact that you have the most important aspect of personal finances, living frugally! You also have a very nice emergency fund, and unemployment insurance, while not huge, really does help. Plus the economy is going well. You'll be fine. Lastly, you are still employed! It's quite od...
by gr7070
Fri May 19, 2017 5:13 pm
Forum: Personal Finance (Not Investing)
Topic: title of my home in my name but I'm remarried
Replies: 30
Views: 3306

Re: title of my home in my name but I'm remarried

But I have to say that I take honoring the promise to a deceased parent very seriously. I could imagine situations where that is not possible. But the whole nature of a promise is that you will do that thing, even if it is inconvenient. If the OP accepted the parent's help with a promise to pass th...
by gr7070
Fri May 19, 2017 1:19 pm
Forum: Personal Finance (Not Investing)
Topic: title of my home in my name but I'm remarried
Replies: 30
Views: 3306

Re: title of my home in my name but I'm remarried

well the reason why I wanted it to go to my child is because when I got the house in 2003, my mom helped me with a big chunk of the down payment, and it was her wish for the house to go to my kid when I pass. Is that truly the reason? Seems like an awful reason. Not sure I'm buying it to be honest....
by gr7070
Thu May 18, 2017 6:19 pm
Forum: Personal Finance (Not Investing)
Topic: Question for you high net worth individuals... [real estate investments]
Replies: 82
Views: 11602

Re: Question for you high net worth individuals...

Keep in mind this appears to be a biased website favoring the high income path. There are obviously at least a handful of paths to significant wealth. Another I commonly hear as "the one path" is to be self employed - it certainly can help, but it's also a better path to bankruptcy than be...
by gr7070
Thu May 18, 2017 12:34 am
Forum: Personal Finance (Not Investing)
Topic: Leaving money in MA teacher pension, but never planning to draw pension?
Replies: 18
Views: 2039

Re: Leaving money in MA teacher pension, but never planning to draw pension?

One of other thing I would mention is, once you are resettled, if she is still teaching, you should research her new pension plan and vesting timetable. In MA it takes 30 years of creditable service to achieve the maximum retirement benefit (80% of final salary). She could use the money that was ro...
by gr7070
Thu May 18, 2017 12:23 am
Forum: Personal Finance (Not Investing)
Topic: Child's Debt Consolidation
Replies: 14
Views: 2237

Re: Child's Debt Consolidation

I think the debt consolidation loan is a terrible idea. What usually happens is they just free up credit cards enabling them to add a lot more debt. Maybe if she's proven *after* 15 months to have gotten on track, living within her means, and paying down her debt. But only after she's had some exten...
by gr7070
Thu May 18, 2017 12:13 am
Forum: Personal Finance (Not Investing)
Topic: Anyone else agree with my logic on silicon valley housing?
Replies: 84
Views: 7986

Re: Anyone else agree with my logic on silicon valley housing?

Triple digit highs in summer is one thing, but most people don't realize that it doesn't cool down at sunset like most other parts of the country. The low might get down to 78-79, but only between the hours of 5am-7am. That is particularly draining. Not only does it never cool off for 75 days, but ...
by gr7070
Wed May 17, 2017 11:56 pm
Forum: Personal Finance (Not Investing)
Topic: Nothing else to do investment wise!
Replies: 23
Views: 3762

Re: Nothing else to do investment wise!

StormShadow wrote:Set it and forget it.

Plenty of hobbies you can pick up with your free time.

The above!

Learn guitar.

Read more, of every thing.

Start researching rental property. Get a realtor; go look.
by gr7070
Wed May 17, 2017 1:21 am
Forum: Personal Finance (Not Investing)
Topic: Anyone else agree with my logic on silicon valley housing?
Replies: 84
Views: 7986

Re: Anyone else agree with my logic on silicon valley housing?

Austin must be the most overrated city to live in the country!! It is a nice place to live. However, everyone thinks it's one of the great places to live in this country. It's not! There's no ocean. There's no mountains. No saltwater beaches. No skiing. The weather is very hot. No "trees" ...
by gr7070
Sun May 14, 2017 6:20 pm
Forum: Personal Finance (Not Investing)
Topic: How Old Habits Can Sabotage Retirement
Replies: 51
Views: 7873

Re: How Old Habits Can Sabotage Retirement

I just cannot agree with others who say one needs to spend money for fullfillment, I do not mean to put words in anyone's mouth. Yes I agree that extremes can be bad but I do not to feel it does harm. I don't think that's what's being said. It's that a compulsion to save, to a fault, is not fulfill...
by gr7070
Sun May 14, 2017 1:47 pm
Forum: Personal Finance (Not Investing)
Topic: Fee to close credit card?
Replies: 15
Views: 1736

Re: Fee to close credit card?

It's definitely not in the bank's best interest for you to close the card. If you close it they can no longer make money off of you/that card. But it costs them money to maintain the account. I have had a number of cards over the years that I stopped using and were subsequently closed by the issuer...
by gr7070
Sun May 14, 2017 1:46 pm
Forum: Personal Finance (Not Investing)
Topic: Fee to close credit card?
Replies: 15
Views: 1736

Re: Fee to close credit card?

It's definitely not in the bank's best interest for you to close the card. If you close it they can no longer make money off of you/that card. But it costs them money to maintain the account. I have had a number of cards over the years that I stopped using and were subsequently closed by the issuer...
by gr7070
Sun May 14, 2017 11:51 am
Forum: Personal Finance (Not Investing)
Topic: How Old Habits Can Sabotage Retirement
Replies: 51
Views: 7873

Re: How Old Habits Can Sabotage Retirement

Is saving money your whole life and not really ever spending much of it a bad thing? Yes. What if the enjoyment is in the saving, and the pain is in the spending? The answer is still yes. You forgo other pleasures in life for the diminishing pleasure of saving just a little more. You miss out on so...
by gr7070
Sun May 14, 2017 9:56 am
Forum: Personal Finance (Not Investing)
Topic: How Old Habits Can Sabotage Retirement
Replies: 51
Views: 7873

Re: How Old Habits Can Sabotage Retirement

. In addition I have trouble with the tail wagging the dog (aka tax efficiency). It costs me 33% in taxes today to spend a dollar from a tax deferred account. I find it hard emotionally (guilt?) to accept that I got years of tax free compounding and should be spending those rewards now. I did not fe...
by gr7070
Sun May 14, 2017 8:29 am
Forum: Personal Finance (Not Investing)
Topic: Fee to close credit card?
Replies: 15
Views: 1736

Re: Fee to close credit card?

Never heard of it as I would think if you are not using it, it would be in their best interest to have you close it... It's definitely not in the bank's best interest for you to close the card. If you close it they can no longer make money off of you/that card. That's why they make you jump through...
by gr7070
Thu May 11, 2017 11:02 am
Forum: Personal Finance (Not Investing)
Topic: Most Common Financial Mistakes
Replies: 108
Views: 14975

Re: Most Common Financial Mistakes

5. Believing Roth > traditional. Very nice list of less obvious wealth-accumulation mistakes! No. 5??? Explain Please. The traditional IRA nets you the tax saving in your highest tax bracket. It subtracts $18k off the top of your income. So, say 25% savings. A Roth you pay taxes on the full $18k at...
by gr7070
Thu May 11, 2017 8:03 am
Forum: Personal Finance (Not Investing)
Topic: Buying a luxury car (how dumb would it be to do this?)
Replies: 216
Views: 20766

Re: Buying a luxury car (how dumb would it be to do this?)

Are you giving a reasonably large amount to charities? I wouldn't be spending $60k on a car unless I was already giving a serious chunk of money annually to worthy charities. Something to consider before dropping a large amount on something like this. I think it's great that you're apparently very ...