Search found 48 matches

by miamivice
Fri May 27, 2016 11:23 am
Forum: Personal Finance (Not Investing)
Topic: How to respond to contractor's demands?
Replies: 15
Views: 1999

Re: How to respond to contractor's demands?

Wait a minute. You hired contract firm #1, who had an employee leave and form contract firm #2, who did shoddy work. You then agreed to sell the house to your friend/acquitance, who also knows contract firm #2. Then he hires an employee of contract firm #2 to do an inspection as a side job, who like...
by miamivice
Fri May 27, 2016 10:22 am
Forum: Personal Finance (Not Investing)
Topic: Pride in no inheritance to kids?
Replies: 233
Views: 320

Re: Pride in no inheritance to kids?

If you decide to leave an inheritance, would you split it equally among your kids? Let's say you are a surviving spouse with two kids. One lives far way and you see him/her every couple of years. The other spends half his/her time with you in your old age. The second one was the reason you were abl...
by miamivice
Wed May 25, 2016 5:19 pm
Forum: Personal Finance (Not Investing)
Topic: How to handle real estate commission if I bring the buyer to table?
Replies: 3
Views: 514

Re: How to handle real estate commission if I bring the buyer to table?

You can forgo using an agent to sell the house if you don't need their services, which you probably don't if you already have a buyer. While it's not on-topic, my personal opinion is that I would never sell a house to a co-worker. The difficulties in dealing with negotiations would probably create i...
by miamivice
Wed May 25, 2016 5:16 pm
Forum: Personal Finance (Not Investing)
Topic: Professional Liability Insurance
Replies: 9
Views: 710

Re: Professional Liability Insurance

I'm very confused about how a person becomes personally liable for an error made in the course of employment and then how they are supposed to insure themselves against that risk. Some examples: Employee makes a mistake in the line of work regarding a blowout valve for a deep sea oil well. Oil rig b...
by miamivice
Wed May 25, 2016 2:25 pm
Forum: Personal Consumer Issues
Topic: How much do you spend on trips/vacations?
Replies: 74
Views: 4570

Re: How much do you spend on trips/vacations?

This is a meaningless topic, as travel tastes (regarding expenses) and income are often two very separate issues for families. Most families can maybe $5,000 on a nice family vacation (in the US). International vacations are much more expensive, but most families don't take international vacations ...
by miamivice
Tue May 24, 2016 6:11 pm
Forum: Personal Finance (Not Investing)
Topic: Pride in no inheritance to kids?
Replies: 233
Views: 320

Re: Pride in no inheritance to kids?

I haven't read all of the posts, but a couple of comments. First of all, most inheritance (I am speculating, but thinking it's about right) is transferred to children when they are 50. Some perhaps receive it in their fourties, some receive it in their sixties, but a lot of inheritance transfer take...
by miamivice
Tue May 24, 2016 5:03 pm
Forum: Personal Finance (Not Investing)
Topic: Reality check - how am I doing
Replies: 58
Views: 5968

Re: Reality check - how am I doing

Ok, I'll bite. Lifetime spending as a percent of income is around 30%. (Per IRS site) In other words, my lifetime earnings is somewhere is in the neighborhood of $2 million dollars. Of course social security website does not reflect unrealized gains, and nonreportable income.
by miamivice
Tue May 24, 2016 3:52 pm
Forum: Personal Finance (Not Investing)
Topic: Reality check - how am I doing
Replies: 58
Views: 5968

Re: Reality check - how am I doing

If you're not concerned, then why are you posting a question asking how you are doing on this board? More to life than retirement planning. You don't have to track every penny, but do you know how much you spend each year to the nearest twenty thousand? Yeah, I know how much of that I spend. Much o...
by miamivice
Tue May 24, 2016 3:49 pm
Forum: Personal Consumer Issues
Topic: How much do you spend on trips/vacations?
Replies: 74
Views: 4570

Re: How much do you spend on trips/vacations?

This is a meaningless topic, as travel tastes (regarding expenses) and income are often two very separate issues for families. Most families can maybe $5,000 on a nice family vacation (in the US). International vacations are much more expensive, but most families don't take international vacations e...
by miamivice
Sun May 22, 2016 9:07 pm
Forum: Personal Finance (Not Investing)
Topic: Buying land in West
Replies: 30
Views: 2776

Re: Buying land in West

Would like to diversify a bit from just stocks, bonds, cash. My thought is to buy land real estate that might appreciate over the years. Plus would like to use the real estate as a summer place for my family. Anyway my idea is to look for something in North Dakota or Momtana. Does anyone have any e...
by miamivice
Sat May 21, 2016 4:28 pm
Forum: Personal Finance (Not Investing)
Topic: Rebuilding our house for $1.5M: Bad Idea Financially?
Replies: 91
Views: 7977

Re: Rebuilding our house for $1.5M: Bad Idea Financially?

I think this is the best advice that I can give with your situation. I really don't know enough about the housing market in your area to suggest whether upgrading a $1.5 million house into a $3.2 million house is a good idea. I also don't know enough about your compensation package, your employer, y...
by miamivice
Fri May 20, 2016 6:21 pm
Forum: Personal Finance (Not Investing)
Topic: Reality check - how am I doing
Replies: 58
Views: 5968

Re: Reality check - how am I doing

Couple comments: 1) The folks taking vacations that I notice are school teachers (summer off, let's go to Hawaii and Disney Land this summer), unemployed constructions workers, and marketing employees for tourist attractions. I personally do not know doctors or attorneys or folks with multimillion ...
by miamivice
Fri May 20, 2016 6:10 pm
Forum: Personal Finance (Not Investing)
Topic: Rebuilding our house for $1.5M: Bad Idea Financially?
Replies: 91
Views: 7977

Re: Rebuilding our house for $1.5M: Bad Idea Financially?

I'm really puzzled on your numbers. Your title says rebuild for $1.5mm while in the body of your post it says $3.2mm. Either way, that's a huge sum of money since you already own the land. You allude to it being an expensive area, and while I understand costs are up for everything in expensive areas...
by miamivice
Fri May 20, 2016 2:46 am
Forum: Personal Finance (Not Investing)
Topic: Reality check - how am I doing
Replies: 58
Views: 5968

Re: Reality check - how am I doing

Couple comments: 1) The folks taking vacations that I notice are school teachers (summer off, let's go to Hawaii and Disney Land this summer), unemployed constructions workers, and marketing employees for tourist attractions. I personally do not know doctors or attorneys or folks with multimillion d...
by miamivice
Wed May 18, 2016 11:45 pm
Forum: Personal Finance (Not Investing)
Topic: Reality check - how am I doing
Replies: 58
Views: 5968

Re: Reality check - how am I doing

No specific plans for the future. Someday I hope to build a house in the woods. Estimate that will cost $600,000, so I could to that today and pay cash. But no other specific plans.
by miamivice
Wed May 18, 2016 11:42 pm
Forum: Investing - Theory, News & General
Topic: For those of you in the Accumulation Phase - How often do you check?
Replies: 62
Views: 4758

Re: For those of you in the Accumulation Phase - How often do you check?

I check daily during bull markets. Never do anything with my portfolio, just check the balance.

During bear markets, I only check if the market seems to be high.
by miamivice
Wed May 18, 2016 11:07 pm
Forum: Personal Finance (Not Investing)
Topic: Could I be held Liable for giving financial advice to a friend
Replies: 37
Views: 3621

Re: Could I be held Liable for giving financial advice to a friend

With regards to the OPs question, I'm having a hard time finding how he would be even remotely responsible for advice he gave. The original question was recommendations for investments in funds contained within a 401k. The OP clearly wouldn't want to recommend that one fund was more likely to perfor...
by miamivice
Wed May 18, 2016 2:19 am
Forum: Personal Finance (Not Investing)
Topic: Reality check - how am I doing
Replies: 58
Views: 5968

Re: Reality check - how am I doing

I would like people's opinion based on the information provided. I will not be providing any additional details at this time.
by miamivice
Wed May 18, 2016 1:11 am
Forum: Personal Finance (Not Investing)
Topic: Reality check - how am I doing
Replies: 58
Views: 5968

Reality check - how am I doing

I find myself jealous sometimes I when I see others take fancy vacations to Hawaii or other cool places. Then I realize I've chosen to save money instead of spending it. Wondering if folks here could give me a quick reality check as to how am I doing. Age - 37 both spouses Occupation - Both spouses ...
by miamivice
Mon May 16, 2016 7:45 pm
Forum: Personal Finance (Not Investing)
Topic: Unexpected issues: Cancer and Estate planning
Replies: 23
Views: 3347

Re: Unexpected issues: Cancer and Estate planning

Or you can go to court and argue she is not in right mind ;) I would suspect, and I'm not trying to say this in a bad way, that a woman who have a particular passion for blind cats, and is setting up a will so the blind cats she currently owns can live in her current house until their death, is pro...
by miamivice
Mon May 16, 2016 2:59 pm
Forum: Personal Finance (Not Investing)
Topic: Am I on the right track for building dream house in LCOL area?
Replies: 14
Views: 1573

Re: Am I on the right track for building dream house in LCOL area?

I'm definitely feeling some pushback on my plan. And since I don't know each of you personally, I can't exactly tell where the pushback is coming from? Regarding how long I'll in the house, most people that I know don't downgrade to a smaller house, trailer home, or condo in retirement. They seem to...
by miamivice
Mon May 16, 2016 6:27 am
Forum: Personal Finance (Not Investing)
Topic: Am I on the right track for building dream house in LCOL area?
Replies: 14
Views: 1573

Re: Am I on the right track for building dream house in LCOL area?

42 would be very young to significantly downgrade your income and move into an iffy job situation if you want to be able to retire with $100k per year at age 60. Remember that $100k may not yield much of a lifestyle in 23 years. Perhaps you mean $100k in today's dollars? You are young, presumably a...
by miamivice
Mon May 16, 2016 3:47 am
Forum: Personal Finance (Not Investing)
Topic: Unexpected issues: Cancer and Estate planning
Replies: 23
Views: 3347

Re: Unexpected issues: Cancer and Estate planning

This seems very complicated, as others have said. Most concerning to me is the rental properties that it sounds like will be owned in trust for the benefit of minors and kept as rental properties. Rental properties require work. Finding tenants, screening tenents, mowing lawns, replacing roofs, upgr...
by miamivice
Mon May 16, 2016 3:30 am
Forum: Personal Finance (Not Investing)
Topic: Am I on the right track for building dream house in LCOL area?
Replies: 14
Views: 1573

Re: Am I on the right track for building dream house in LCOL area?

I need to be guarded in what I write here since I have posted a lot of personal financial details in the above post. I will say that I have enjoyed the replies, and would be interested in any more that you may have.
by miamivice
Sun May 15, 2016 7:16 pm
Forum: Personal Finance (Not Investing)
Topic: Am I on the right track for building dream house in LCOL area?
Replies: 14
Views: 1573

Am I on the right track for building dream house in LCOL area?

I am wondering if there is any changes that I should make to my income/investment/spending strategy to best achieve my future goals. My goals are: 1) Within 5 years, move to a LCOL area and build my dream house. I have estimates from trustworthy builders that my dream house + land will cost $600,000...
by miamivice
Mon Apr 11, 2016 12:25 pm
Forum: Personal Finance (Not Investing)
Topic: Hitting new saving target. Lifestyle changes ahead?
Replies: 5
Views: 1489

Hitting new saving target. Lifestyle changes ahead?

Probably in the next 2-3 months I'll hit $500,000 in a taxable account. My retirement and college accounts are also doing proportionally well. I'm just musing, as I have for a couple years now, is it time for some lifestyle changes? For example, do I really need to stay at Motel6? Or could I conside...
by miamivice
Sun Apr 03, 2016 1:00 pm
Forum: Personal Finance (Not Investing)
Topic: Bought a farm for $1
Replies: 18
Views: 3320

Re: Bought a farm for $1

What does the lawyer that helped your aunt have to say about all this? :) Exactly what I was thinking! And as much as I respect the Bogleheads site, I would not take any legal tax advice from people here. Cosmo There are probably a lot of questions that are difficult enough to rise to the need of s...
by miamivice
Sat Apr 02, 2016 11:08 pm
Forum: Personal Finance (Not Investing)
Topic: Bought a farm for $1
Replies: 18
Views: 3320

Re: Bought a farm for $1

You were gifted the farm, since $1 does not reflect the value that a willing but not obligated seller would sell the land to a willing but not obligated buyer (i.e., fair market of the land).
by miamivice
Wed Mar 30, 2016 8:23 pm
Forum: Personal Finance (Not Investing)
Topic: Photography business early stage, tax and other
Replies: 16
Views: 1011

Re: Photography business early stage, tax and other

How soon will this business turn profitable? I wouldn't expect photography to be a highly profitable business. You might want to look to see how the IRS discussion on hobby versus business as well.
by miamivice
Wed Mar 30, 2016 8:20 pm
Forum: Personal Finance (Not Investing)
Topic: How to decide how much to spend on a house?
Replies: 22
Views: 3098

Re: How to decide how much to spend on a house?

30 year fixed with 20% down whose payment is no more than 25% of your gross pay, if you have no other debts. Even that is just a guideline; if you have already saved a lot you can obviously go bigger. I have a 40 minute commute by choice. My kids go to a great public school and I have my great job....
by miamivice
Wed Mar 30, 2016 10:36 am
Forum: Personal Finance (Not Investing)
Topic: How to decide how much to spend on a house?
Replies: 22
Views: 3098

Re: How to decide how much to spend on a house?

... I would say that our townfolk overall is maybe more blue collar and less white collar. ... There is another town that involves a shorter commute, more white collar people live there... I am wondering why you bring up this point? I'm a white collar worker and my preference is to live in a town w...
by miamivice
Tue Mar 29, 2016 9:44 pm
Forum: Personal Finance (Not Investing)
Topic: How to decide how much to spend on a house?
Replies: 22
Views: 3098

How to decide how much to spend on a house?

I currently live in a nice house. It's big, in a nice neighborhood, and part of an excellent school district. It meets our current needs well. The downside is that the commute is long. While our particular neighborhood is nice, I would say that our townfolk overall is maybe more blue collar and less...
by miamivice
Fri Oct 30, 2015 9:17 am
Forum: Personal Finance (Not Investing)
Topic: How much of your total income are you worth?
Replies: 51
Views: 6932

How much of your total income are you worth?

I just did an interesting experiement. I added up the amount that my wife and I have made each year from birth until now, and got a total. Then I took our total net worth, and divided it by the total income that we've made. My number came out to 0.772. In other words, we are currently worth 77% of w...
by miamivice
Wed Oct 28, 2015 1:51 am
Forum: Personal Finance (Not Investing)
Topic: Should I increase the rate at which I'm saving up for retirement?
Replies: 36
Views: 3532

Re: Should I increase the rate at which I'm saving up for retirement?

To answer your question, I don't know why you'd need 4x your current spending in retirement. The usual goal is to replace most of the pre-retirement income from savings, less the savings rate, not to exceed pre-retirement income. This is the cusp of my original question. The $120k I expect to have ...
by miamivice
Tue Oct 27, 2015 10:13 pm
Forum: Personal Finance (Not Investing)
Topic: Should I increase the rate at which I'm saving up for retirement?
Replies: 36
Views: 3532

Re: Should I increase the rate at which I'm saving up for retirement?

I'm not going to post the details of my portfolio because I'm not asking questions about whether I have the right mix of stocks, etc. Plus it is too complicated to easily post here. The fundamental question that we all have to ask about planning for retirement is what our needs are, and how much per...
by miamivice
Tue Oct 27, 2015 1:46 pm
Forum: Personal Finance (Not Investing)
Topic: Should I increase the rate at which I'm saving up for retirement?
Replies: 36
Views: 3532

Re: Should I increase the rate at which I'm saving up for retirement?

My package consists of 4 pensions (2 social security + 2 employer) but all pensions total to a smallish number around $10,000 per year in today's dollars. The majority is in 401(k) and Roth IRA (about $110,000 per year), with about a 50/50 split between the two. Any company bankruptcy would have a ...
by miamivice
Tue Oct 27, 2015 1:44 pm
Forum: Personal Finance (Not Investing)
Topic: Should I increase the rate at which I'm saving up for retirement?
Replies: 36
Views: 3532

Re: Should I increase the rate at which I'm saving up for retirement?

My package consists of 4 pensions (2 social security + 2 employer) but all pensions total to a smallish number around $10,000 per year in today's dollars. The majority is in 401(k) and Roth IRA (about $110,000 per year), with about a 50/50 split between the two. Any company bankruptcy would have a ...
by miamivice
Tue Oct 27, 2015 1:32 pm
Forum: Personal Finance (Not Investing)
Topic: Should I increase the rate at which I'm saving up for retirement?
Replies: 36
Views: 3532

Re: Should I increase the rate at which I'm saving up for retirement?

My package consists of 4 pensions (2 social security + 2 employer) but all pensions total to a smallish number around $10,000 per year in today's dollars. The majority is in 401(k) and Roth IRA (about $110,000 per year), with about a 50/50 split between the two. Any company bankruptcy would have a s...
by miamivice
Tue Oct 27, 2015 1:24 pm
Forum: Personal Finance (Not Investing)
Topic: Should I increase the rate at which I'm saving up for retirement?
Replies: 36
Views: 3532

Should I increase the rate at which I'm saving up for retirement?

I currently have a retirement package that will provide about $120,000 per year in today's dollar, assuming I continue to set aside at my current rate. My expenses today (excluding expenses that we will not have in retirement, but not including potential new things that we might start doing once we ...
by miamivice
Tue Aug 25, 2015 1:48 pm
Forum: Personal Finance (Not Investing)
Topic: Should I add $10,000 to a Roth IRA this year?
Replies: 6
Views: 1063

Should I add $10,000 to a Roth IRA this year?

I'm debating whether I should make an additional retirement contribution in the form of $10,000 to my Roth IRA this year. My financial situation is as follows: - No debt, except $440,000 home mortgage at 3.25% interest - Retirement savings of $400,000. About half is in Roth IRA funds which of course...
by miamivice
Mon Apr 27, 2015 1:20 pm
Forum: Personal Finance (Not Investing)
Topic: Feel like I made a mistake with buying a house: appreciation
Replies: 43
Views: 7311

Feel like I made a mistake with buying a house: appreciation

I bought a house 2.5 years ago that has appreciated by 12%. Another person I know bought a house 3 years ago that has appreciated by 120%. This person bought in a different area that is a red hot housing market. My area is not. We are both in the same metropolitian area. I'm feeling a bit bad about ...
by miamivice
Sat Apr 04, 2015 8:56 pm
Forum: Personal Finance (Not Investing)
Topic: Buy more expensive house to improve financial situation?
Replies: 37
Views: 5790

Buy more expensive house to improve financial situation?

I currently live in a $600,000 house with a $460,000 loan. The house appreciate over the last two years has been about $60,000. In my area, this is about half of what I could have compared to living in a different (more premium) location in the metropolitian region. I have $450,000 in non-retirement...
by miamivice
Fri Apr 11, 2014 4:24 am
Forum: Personal Finance (Not Investing)
Topic: Determining spending allowance for myself
Replies: 6
Views: 621

Re: Determining spending allowance for myself

Yes, the $400k is above and beyond both college savings and retirement. I consider both retirement and college savings to be "fully funded."
by miamivice
Fri Apr 11, 2014 3:49 am
Forum: Personal Finance (Not Investing)
Topic: Determining spending allowance for myself
Replies: 6
Views: 621

Determining spending allowance for myself

I have a large sum of money - about $400,000 - sitting in a investment funds that I have no intended purpose for. We are finished with college savings for our children, we have no debt, and our retirement is solid. We own a house and are making monthly payments on at a rate of 3.25%, so I'm not moti...
by miamivice
Wed Mar 05, 2014 7:55 pm
Forum: Personal Finance (Not Investing)
Topic: Does it make sense to rollover to a Roth IRA?
Replies: 4
Views: 353

Does it make sense to rollover to a Roth IRA?

I have about $375,000 in retirement assets. 21 years from retirement if I retire at 55, 31 years if I retire at 65. About $200,000 are in pre-tax accounts, i.e., 401(k) and Roth IRA About $175,000 are in after-tax accounts, i.e., Roth IRA I have an option to roll $50,000 of pre-tax money into a Roth...
by miamivice
Mon Dec 30, 2013 11:14 am
Forum: Personal Finance (Not Investing)
Topic: $400,000 at age 35 - should I start spending more?
Replies: 28
Views: 4952

Re: $400,000 at age 35 - should I start spending more?

My mortgage balance is $450,000. It's tempting to pay it off, but I pay 3.25% interest (about 2.5% after tax advantages due to mortgage deducation), and I figure I'll do at least that well investing for the long term in the stock market. The $400,000 in non-retirement could be used for retirement, b...
by miamivice
Mon Dec 30, 2013 7:19 am
Forum: Personal Finance (Not Investing)
Topic: $400,000 at age 35 - should I start spending more?
Replies: 28
Views: 4952

$400,000 at age 35 - should I start spending more?

I recently conducted a year end review of my financial status. It looks like I have $400,000 in non-retirement/non-housing assets. Other assets include $350,000 in retirement, $150,000 in home equity, and $100,000 in college savings. I'm 35. I'm having a hard time grasping what I'll do with the $400...
by miamivice
Tue Jun 11, 2013 11:48 am
Forum: Investing - Help with Personal Investments
Topic: How to invest $100,000
Replies: 3
Views: 1162

How to invest $100,000

I have $100,000 to invest. I'd like to hear that you'd go about investing this sum of money. It's money I've had for a long time, set aside for a particular purpose, and turned out didn't need it for that purpose. I'd like to invest it and help it grow because it is not earning interest as cash righ...

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