Search found 31 matches

by raamakoti
Fri Oct 20, 2017 3:56 pm
Forum: Personal Finance (Not Investing)
Topic: New Home Owner Help
Replies: 8
Views: 432

Re: New Home Owner Help

Step One - Call your realtor. You need to check to make sure the seller did not pay for a home warranty for you during the closing transaction which you may not know about. As referenced above, these are different from homeowners insurance policies and usually cover this kind of thing. Step Two - D...
by raamakoti
Fri Oct 20, 2017 3:53 pm
Forum: Personal Finance (Not Investing)
Topic: New Home Owner Help
Replies: 8
Views: 432

Re: New Home Owner Help

Yes I mean home warranty - but accidentally said home insurance.
The last known record on the furnace unit itself dated 2010. But I can reach out to seller to find when was the last servicing done.
It may be too late but atleast I will be smart for my second home :)
by raamakoti
Fri Oct 20, 2017 3:22 pm
Forum: Personal Finance (Not Investing)
Topic: New Home Owner Help
Replies: 8
Views: 432

Re: New Home Owner Help

I tried that - the heat exchanger was covered by manufacturer therefore homeowners insurance refused to cover. Exchanger is free installation is $860
Cracked collector is $382 but home owners insurance does not cover that part of furnace or labor associated with it.
by raamakoti
Fri Oct 20, 2017 3:09 pm
Forum: Personal Finance (Not Investing)
Topic: New Home Owner Help
Replies: 8
Views: 432

New Home Owner Help

We recently bought a home. The first furnace tuneup call before the beginning of winter in Ohio, the technician said Cracked heat exchanger - gave two choices. 1. Replace heat exchanger and few other parts on 2004 furnace. = $1245 2. Replace entire furnace = replacement = $3450 I saw 100k Btu - 92% ...
by raamakoti
Mon Oct 16, 2017 8:53 am
Forum: Personal Finance (Not Investing)
Topic: 529 Savings - Is it enough?
Replies: 38
Views: 3542

529 Savings - Is it enough?

Age of the kid = 5
net 529 as of today = 54k
monthly contribution = 1k

General question - Is it enough to pay for 4 year college, assuming no help from scholarship etc. Should I keep 1k per month contribution of lower it a bit?
Thanks for your help
by raamakoti
Thu Oct 05, 2017 12:58 pm
Forum: Personal Finance (Not Investing)
Topic: 45% Down Payment vs. High Mortgage (Massachuestts)
Replies: 17
Views: 1546

Re: 45% Down Payment vs. High Mortgage (Massachuestts)

We put 20% down and took loan for 2.76 of our take home pay. We have zero student loan and any other forms of debt. But it was in suburbs of Cleveland,OH. Play with affordability calculators online to see how much the software says you can afford and pick 50 to 60% of that number and it will be a co...
by raamakoti
Tue Oct 03, 2017 9:11 am
Forum: Personal Finance (Not Investing)
Topic: How much liquid Cash to Keep in Savings
Replies: 35
Views: 4721

Re: How much liquid Cash to Keep in Savings

Thanks a lot for all the replies.
It helped a lot.
by raamakoti
Fri Sep 29, 2017 3:56 am
Forum: Personal Finance (Not Investing)
Topic: How much liquid Cash to Keep in Savings
Replies: 35
Views: 4721

How much liquid Cash to Keep in Savings

Recently took $340k mortgage Zero other debt 189k combined income, 401ks and Roth maxed out each year. $640k in net assets in 401k, stocks etc. Liquid cash balance = 13k. How much liquid cash to keep in hand to cover for home or job related unexpected events. I was thinking 40k which is equivalent o...
by raamakoti
Sat Sep 02, 2017 11:34 am
Forum: Personal Finance (Not Investing)
Topic: How Much Life Insurance
Replies: 5
Views: 758

Re: How Much Life Insurance

bottlecap wrote: ↑
Sat Sep 02, 2017 6:22 am
What family? Do you have kids? What are your expenses/other debts? What do each of you earn?
JT
Only one kid 4.8 years
Me - 86k
wife 102k
zero debt, expenses per month about $4500
by raamakoti
Sat Sep 02, 2017 5:18 am
Forum: Personal Finance (Not Investing)
Topic: How Much Life Insurance
Replies: 5
Views: 758

How Much Life Insurance

My age 43, wife 40 - zero other debts
30 year mortgage of 340k @3.875%
Employer default life insurance is 2x pay = 168k
should I take additional insurance to cover for the mortgage for the unforeseen event?
If so then how much should I have it. What are other better ways to protect my family.
by raamakoti
Tue Aug 29, 2017 7:42 pm
Forum: Investing - Help with Personal Investments
Topic: new job, near Roth IRA limit, what to do?
Replies: 7
Views: 755

Re: new job, near Roth IRA limit, what to do?

[/quote] Not all insurance policies are eligible for HSA. Only high deductible policies. [/quote] Agree - we deliberately choose high deductible plan because for most part we are very healthy. So we take that premium difference and put it in HSA. Also because of high deductible plan our employer con...
by raamakoti
Tue Aug 29, 2017 7:39 pm
Forum: Investing - Help with Personal Investments
Topic: College Sophomore with 30k in Bank Account
Replies: 3
Views: 601

Re: College Sophomore with 30k in Bank Account

Before you invest a single dollar read books by Peter Lynch Read Berkshire Hathaway letters to shareholders. Subscribe to www.betterinvesting.org and join a near by investing club Watch youtube videos on Value Investing. Start small and learn - Remember this quote for life "When man with money meets...
by raamakoti
Tue Aug 29, 2017 7:30 pm
Forum: Investing - Help with Personal Investments
Topic: Using UTMA to pay for childcare costs
Replies: 18
Views: 1048

Re: Using UTMA to pay for childcare costs

if your employer offers Dependent care FSA then sign up.
You can pay unto 5,000 per year with pre-tax money. We have been doing this for past 4 years
by raamakoti
Tue Aug 29, 2017 7:28 pm
Forum: Investing - Help with Personal Investments
Topic: Relative angry I will not co-sign
Replies: 90
Views: 8192

Re: Relative angry I will not co-sign

Run away my friend - I have not spoken to one of my brother-in-law in past 8 years. Because of similar issue.
No worth sticking your neck for his mistakes.
by raamakoti
Tue Aug 29, 2017 7:25 pm
Forum: Investing - Help with Personal Investments
Topic: new job, near Roth IRA limit, what to do?
Replies: 7
Views: 755

Re: new job, near Roth IRA limit, what to do?

Open HSA through your employer and keep putting money away to bring your AGI even lower.
HSA contribution limit
Self-only: $3,400
Family: $6,750
by raamakoti
Tue Aug 29, 2017 7:20 pm
Forum: Investing - Help with Personal Investments
Topic: Two Issues for New Investor [portfolio help, move fund to Vanguard]
Replies: 28
Views: 1788

Re: Two Issues for New Investor

OP - read books by Peter Lynch
Read Berkshire Hathaway letters to share holders
by raamakoti
Tue Aug 29, 2017 5:12 pm
Forum: Personal Finance (Not Investing)
Topic: Is Geico a bait and switcher?
Replies: 32
Views: 4359

Re: Is Geico a bait and switcher?

I recently learned that Geico does not offer home insurance atleast in Ohio. They mentioned liberty mutual in one of the quote in small fine print.
So I called liberty mutual and got better coverage for my home and cars compared to what geico was offering. So pay attention to various quotes.
by raamakoti
Tue Aug 29, 2017 5:04 pm
Forum: Personal Finance (Not Investing)
Topic: Legal Documents Required
Replies: 3
Views: 551

Legal Documents Required

We recently bought a house - We have a little one 4.7 years old. What documents should we have to cover for the scenarios in case one of us passes away or should something happen to both of us to ensure all accounts are settled and good financial future is ensured for her. Mortgage - 340k starting o...
by raamakoti
Wed Aug 16, 2017 6:40 pm
Forum: Personal Finance (Not Investing)
Topic: 30 Year @ 3.875
Replies: 5
Views: 946

30 Year @ 3.875

I am getting 30 year @3.875% interest for 425k mortgage with 20% down payment and 340k loan.
Is it a good rate to lock it at present or should I expect lower rates?
Thanks for your help
by raamakoti
Fri Aug 11, 2017 5:43 pm
Forum: Personal Finance (Not Investing)
Topic: $50k loan from 401k for house
Replies: 21
Views: 1618

Re: $50k loan from 401k for house

Thank you for all the replies. I was considering because the interest would be going to my 401k instead of bank. But I see the point to loosing compounding effect. If we have 8 years of bull market I will regret the decision, if the market went south in next 3 - 4 years after a remarkable bull run s...
by raamakoti
Fri Aug 11, 2017 2:37 pm
Forum: Personal Finance (Not Investing)
Topic: $50k loan from 401k for house
Replies: 21
Views: 1618

$50k loan from 401k for house

I have $200k in my 401k and we are in the process of closing a 424k house with 340k mortgage. We don't need the money to pay for the down payment. The crazy thought we have is should we each take 50k from our 401ks and knock that mortgage by and then pay that interest ourselves? Is 50k limit per hou...
by raamakoti
Fri Aug 11, 2017 11:02 am
Forum: Personal Finance (Not Investing)
Topic: Spreadsheet to Play with 401k Contributions
Replies: 4
Views: 573

Spreadsheet to Play with 401k Contributions

Thanks for all the help you guys provide. I was wondering if there is a spreadsheet or webtool that lets you play with 401k contribution to see the tax savings and total take home pay. This is for running different scenarios to see what works best. I found mortgage payoff sheets and its really helpf...
by raamakoti
Fri Aug 11, 2017 4:37 am
Forum: Personal Finance (Not Investing)
Topic: Health Savings Account
Replies: 37
Views: 3839

Re: Health Savings Account

Thank you for all your suggestions
by raamakoti
Thu Aug 10, 2017 1:17 pm
Forum: Personal Finance (Not Investing)
Topic: Health Savings Account
Replies: 37
Views: 3839

Health Savings Account

Our employer health benefits are not that great, so I have the cheapest plan with high deductible and max out the HSA annual limit. for 2017 I chose to save $6750 in HSA. We as a family are fairly health and don't use much of HSA. Now HSA balance is hovering around $20k Should I keep contributing ma...
by raamakoti
Tue Aug 01, 2017 2:32 pm
Forum: Personal Finance (Not Investing)
Topic: 529 or Mortgage
Replies: 38
Views: 2346

Re: 529 or Mortgage

I did not want to tie up lot of assets I could not get access to easily and pay a 10% penalty. So wanted to keep as much as liquid as I can and manage. Thats why I put enough to get company match. Understanding better your situation & it is a bit different. I wasn't clear if your "10% penalty" comm...
by raamakoti
Tue Aug 01, 2017 10:00 am
Forum: Personal Finance (Not Investing)
Topic: 529 or Mortgage
Replies: 38
Views: 2346

Re: 529 or Mortgage

instead I give to my financial adviser who is giving better returns than 401k would get me - yes i am loosing on tax free but those were the decisions I made 6 to 7 years ago. Kind of off topic but what does this mean? What is your financial adviser doing for you that you can't beat by saving more ...
by raamakoti
Mon Jul 31, 2017 7:46 pm
Forum: Personal Finance (Not Investing)
Topic: 529 or Mortgage
Replies: 38
Views: 2346

Re: 529 or Mortgage

Great comments - I started everything late - say I woke up late to financial reality. I was debt free but not saver, I used to donate, help needy etc. Life took good turn after meeting my wonderful wife. Say responsibility kicked in. savings that you see below was 8 years of work. Some more info abo...
by raamakoti
Mon Jul 31, 2017 7:18 pm
Forum: Personal Finance (Not Investing)
Topic: The age old debate 30 vs 15 [year mortgage rate]
Replies: 41
Views: 4995

Re: The age old debate 30 vs 15 [year mortgage rate]

We are in the process of closing $425k house with 20% down payment @ 3.875% . We are taking 30 year loan but treat it as 15 year and make extra payments. If we fell through hardships atleast lower payment would be easy to bear and I don't have to make a hard choice between food and mortgage. I check...
by raamakoti
Mon Jul 31, 2017 1:25 pm
Forum: Personal Finance (Not Investing)
Topic: 529 or Mortgage
Replies: 38
Views: 2346

Re: 529 or Mortgage

No I am not maxing out Retirement account, I am matching enough to get company's match.
No I do not get any tax break for 529 savings.

Since I already have 51k in today's dollars in 529 plan. My question is how much more should i save it. Should I keep doing 1k/month or reduce the contribution.
by raamakoti
Mon Jul 31, 2017 10:40 am
Forum: Personal Finance (Not Investing)
Topic: Can I afford it ? [A new car]
Replies: 95
Views: 6479

Re: Can I afford it ? [A new car]

with 15 year mortgage - I would not buy the car on a loan. I am in similar situation and not 300k income. One payment miss and you will regret your new car. Pay that 10k down towards mortgage and use remaining to get a nice family car. Once mortgage is paid off treat yourself with a nice luxury car....
by raamakoti
Mon Jul 31, 2017 10:30 am
Forum: Personal Finance (Not Investing)
Topic: 529 or Mortgage
Replies: 38
Views: 2346

529 or Mortgage

Thanks a lot everyone for creating this useful forum. It took us good part of our lives to get here. I have 4 Year 8month kid at home and initial intent was to prepare for for Ivy league schools. 529 current balance is 51k. We both are employed and no debts, We contributed 1k per month since the kid...