Search found 146 matches

by gr7070
Thu May 25, 2017 1:02 pm
Forum: Personal Finance (Not Investing)
Topic: Should I cancel my whole life policy?
Replies: 55
Views: 5513

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: 1097

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: 1097

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: 76
Views: 8149

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: 219
Views: 42832

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: 81
Views: 9607

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: 2223

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: 2869

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: 2869

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: 81
Views: 9607

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: 1674

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: 2016

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: 6701

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: 3300

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: 6701

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: 7047

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: 1477

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: 1477

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: 7047

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: 7047

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: 1477

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: 13623

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: 215
Views: 17074

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 ...
by gr7070
Wed May 10, 2017 10:23 pm
Forum: Personal Finance (Not Investing)
Topic: Most Common Financial Mistakes
Replies: 108
Views: 13623

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
Wed May 10, 2017 9:17 pm
Forum: Personal Finance (Not Investing)
Topic: Buying a luxury car (how dumb would it be to do this?)
Replies: 215
Views: 17074

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

I'd disagree that giving away money is financially "good". One learns a fair amount about themselves with regard to money when they give some of it away. Being good for you financially doesn't have to mean amassing more. However, giving away some may also lead to change spending habits or...
by gr7070
Wed May 10, 2017 4:23 pm
Forum: Personal Finance (Not Investing)
Topic: Buying a luxury car (how dumb would it be to do this?)
Replies: 215
Views: 17074

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 ...
by gr7070
Mon May 08, 2017 5:22 pm
Forum: Personal Finance (Not Investing)
Topic: Most Common Financial Mistakes
Replies: 108
Views: 13623

Re: Most Common Financial Mistakes

for #7...aside from not being transferrable, why is buying employer provided insurance a mistake? First a couple less obvious benefits of the portability: reduced risk of potentially much, much greater premiums; and you can lock your rate in or "refinance" to your advantage as your cost f...
by gr7070
Fri May 05, 2017 7:38 am
Forum: Personal Finance (Not Investing)
Topic: Buying a luxury car (how dumb would it be to do this?)
Replies: 215
Views: 17074

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.
by gr7070
Tue May 02, 2017 11:34 pm
Forum: Personal Finance (Not Investing)
Topic: Most Common Financial Mistakes
Replies: 108
Views: 13623

Re: Most Common Financial Mistakes

I don't think these have been mentioned: 1. Not making health a high enough priority. 2. Spending way too much in/on college, often for poor returning major. 3. Refinancing mortgage without big enough improvement. 4. Believing renting is most always bad. 5. Believing Roth > traditional. 6. Having li...
by gr7070
Tue May 02, 2017 10:52 pm
Forum: Personal Finance (Not Investing)
Topic: Rental property
Replies: 8
Views: 992

Re: Rental property

Do you have a larger than normal emergency fund (> 6 months +/-) because you have greater risk owning rental property? Do you have a maintenance fund for your property built up? Maybe keep that $20k handy in a reasonable investment. I'm curious how you define no benefit. You say you break even on ca...
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: 4958

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: 937

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: 4958

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: 2361

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: 1422

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: 1422

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: 1422

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: 1422

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: 1422

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: 1422

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: 7398

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: 2564

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: 781

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: 781

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: 2360

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: 2360

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: 2360

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: 2360

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: 2360

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.

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