Search found 247 matches

by smitcat
Sun May 21, 2017 6:10 pm
Forum: Personal Consumer Issues
Topic: What happens to a 1 person business if the owner dies?
Replies: 11
Views: 1124

Re: What happens to a 1 person business if the owner dies?

" I mean it's small fry in the grand scheme of things but if 30 billable hours got missed that's $10,500 in uncollected receivables." I assume that is a typo ... LOL, so you haven't hired an attorney lately, I presume? :mrgreen: Actually have some recent experiences with a few types of ne...
by smitcat
Sun May 21, 2017 6:07 pm
Forum: Personal Consumer Issues
Topic: What happens to a 1 person business if the owner dies?
Replies: 11
Views: 1124

Re: What happens to a 1 person business if the owner dies?

" I mean it's small fry in the grand scheme of things but if 30 billable hours got missed that's $10,500 in uncollected receivables." I assume that is a typo ... Are you surprised at $350 an hour? Gill I would be surprised that a solo practitioner would bill out at $350 and hour and also ...
by smitcat
Sun May 21, 2017 6:03 pm
Forum: Investing - Help with Personal Investments
Topic: My dad is taking Social Security at 62, why would anyone not? (If they already quit working)
Replies: 76
Views: 7820

Re: My dad is taking Social Security at 62, why would anyone not? (If they already quit working)

What if part of your plan is to leave money to your kids. When both parents die and no children 16 or under, Social Security ends. Your 401k or other retirement accounts go to your heirs. If you defer SS to 70 you will be spending down your retirement accounts for 8 years reducing what might be ava...
by smitcat
Sun May 21, 2017 4:43 pm
Forum: Investing - Help with Personal Investments
Topic: My dad is taking Social Security at 62, why would anyone not? (If they already quit working)
Replies: 76
Views: 7820

Re: My dad is taking Social Security at 62, why would anyone not? (If they already quit working)

^ @ Diogenes. Does it matter? Whatever the choice, appears like your friend has more than enough money. I think I have wife moving towards the thinking of "use it or lose it". At age 59, I was fine with excellent health and height/weight ratio. At 61 prostate surgery. At 67, radiation tre...
by smitcat
Sun May 21, 2017 4:39 pm
Forum: Investing - Help with Personal Investments
Topic: My dad is taking Social Security at 62, why would anyone not? (If they already quit working)
Replies: 76
Views: 7820

Re: My dad is taking Social Security at 62, why would anyone not? (If they already quit working)

This never fails to be an interesting topic. Let's try this: My business partner will retire at age 62, about three years from now. Given his set of circumstances, he feels his spouse, who retired this year at age 59, should claim her SS at 62. We have discussed this a few times as he feels I shoul...
by smitcat
Sun May 21, 2017 4:19 pm
Forum: Personal Consumer Issues
Topic: What happens to a 1 person business if the owner dies?
Replies: 11
Views: 1124

Re: What happens to a 1 person business if the owner dies?

" I mean it's small fry in the grand scheme of things but if 30 billable hours got missed that's $10,500 in uncollected receivables."

I assume that is a typo ...
by smitcat
Fri May 19, 2017 12:37 pm
Forum: Investing - Theory, News & General
Topic: mortgage down payment levels
Replies: 7
Views: 774

Re: mortgage down payment levels

The no income check mortgages are already back.
by smitcat
Fri May 19, 2017 11:24 am
Forum: Personal Finance (Not Investing)
Topic: have you accepted a lower cost lifestyle to retire early?
Replies: 71
Views: 8653

Re: have you accepted a lower cost lifestyle to retire early?

"Plan to live on about $45K gross from 55 until I start SS, then probably somewhat more after that. Anticipating an average withdrawal rate from age 55-80 of under 2% (~2.5% until SS and likely 0% thereafter)." Please help me here I do not understand the math.... $45K before SS / single /...
by smitcat
Fri May 19, 2017 11:11 am
Forum: Personal Consumer Issues
Topic: Where to get oil change?
Replies: 35
Views: 2161

Re: Where to get oil change?

"Kumho Sense Kr26 185/60R15 Tire 84H "

The specs show this tire starts with 9.5/32nds when new.
https://www.tirerack.com/tires/tires.js ... odel=Sense
by smitcat
Fri May 19, 2017 7:16 am
Forum: Personal Finance (Not Investing)
Topic: have you accepted a lower cost lifestyle to retire early?
Replies: 71
Views: 8653

Re: have you accepted a lower cost lifestyle to retire early?

"Plan to live on about $45K gross from 55 until I start SS, then probably somewhat more after that. Anticipating an average withdrawal rate from age 55-80 of under 2% (~2.5% until SS and likely 0% thereafter)." Please help me here I do not understand the math.... $45K before SS / single / ...
by smitcat
Thu May 18, 2017 11:38 am
Forum: Personal Finance (Not Investing)
Topic: Should I sell my business?
Replies: 41
Views: 3153

Re: Should I sell my business?

For some data on what business's sell for you can look up the ask and sell multiples by business type and size n sites like Bizbuysell(dot)com. Then you have a baseline for selling prices for equivalent transactions. As said above - you will likely see multiples of 2.5-4 times for your example given...
by smitcat
Tue May 16, 2017 5:06 pm
Forum: Personal Consumer Issues
Topic: Which Small SUV for 15 Year Reliability?
Replies: 80
Views: 5755

Re: Which Small SUV for 15 Year Reliability?

" I like the CR-V quite a bit, but worry about the new turbo engine. Do these fail often and/or consume oil? Are they expensive to replace if they fail?" No way to know as there have not been an appreciable amount of units out there with enough miles to validate that engine and new trans c...
by smitcat
Tue May 16, 2017 10:39 am
Forum: Personal Finance (Not Investing)
Topic: Is it legal to use a first mortgage for an investment property?
Replies: 40
Views: 2083

Re: Is it legal to use a first mortgage for an investment property?

Both the mortgage and the homeowners insurance typically require owner occupation with no more than a 30 day absence. If exceeding those limits the homeowner is typically required to notify the bank and insurance company of status by mail. Note - each company is different so this may not be in place...
by smitcat
Mon May 15, 2017 10:44 am
Forum: Personal Finance (Not Investing)
Topic: Retiree Portfolio Model
Replies: 310
Views: 114070

Re: Retiree Portfolio Model

"Is there any write-up on how to use the RPM?" I hate to admit - but I agree with you. I have this model filled out about 75% but there are some inputs I am unsure what it is exactly asking for. Knowing that garbage in = garbage out I am hesitant to complete it. So being too ignorant to kn...
by smitcat
Mon May 15, 2017 10:31 am
Forum: Personal Consumer Issues
Topic: Tipping at All Inclusive Resort?
Replies: 67
Views: 4750

Re: Tipping at All Inclusive Resort?

You can read through 50+ pages of replies on this 'controversial' topic at trip advisor and other sites. Here is a link to one.... https://www.tripadvisor.com/ShowTopic-g147293-i28-k6897861-Tipping_at_all_inclusive_resorts-Punta_Cana_La_Altagracia_Province_Dominican_Republic.html And this is a cut a...
by smitcat
Mon May 15, 2017 8:13 am
Forum: Personal Finance (Not Investing)
Topic: 7 year retirement plan
Replies: 15
Views: 1472

Re: 7 year retirement plan

"Wife Social Security currently listed at age 70 - $3,125 (Plan is to wait until 70 for her SS since she gets the most) My Social Security currently listed at age 70 - $2,175 (I was thinking about taking mine at age 67 - currently listed at $1,755)" Social securlty I would guess that these...
by smitcat
Tue May 02, 2017 5:19 pm
Forum: Investing - Help with Personal Investments
Topic: In Retirement - Calculating available funds for expenses
Replies: 13
Views: 877

Re: In Retirement - Calculating available funds for expenses

"As a baseline - I will be 65 when I retired and I capped out for the last 20 years so I will get the max minus if I apply early" Maybe not important to you but FWIW - you would need to be maxed out for 35 years to make sure you get the max benefits. I would go to the SS website and use th...
by smitcat
Tue May 02, 2017 12:03 pm
Forum: Personal Finance (Not Investing)
Topic: Value of Small Business
Replies: 4
Views: 464

Re: Value of Small Business

"What's the general formula for something like this?" It depends upon many factors which a good business broker will be able to cover with the owner. Small business's in general sell for a specific multiple of cash flow (EBITDA) but varying business sell for varying multiples on average. T...
by smitcat
Mon May 01, 2017 8:25 pm
Forum: Personal Finance (Not Investing)
Topic: Truck purchase: buy new vs buy used vs lease analysis
Replies: 23
Views: 2001

Re: Truck purchase: buy new vs buy used vs lease analysis

"People commenting about the 10 to 12k off are for models that no one wants." Not really - Crew cab, short bed, 4wd, 5.3 , Z71, leather seats, heated cooled seats, convenience group, twin digital displays, GPS, bed protector, step bars, optional wheels/tires. 3.42 axle (tow and haul capaci...
by smitcat
Mon May 01, 2017 2:40 pm
Forum: Personal Finance (Not Investing)
Topic: Truck purchase: buy new vs buy used vs lease analysis
Replies: 23
Views: 2001

Re: Truck purchase: buy new vs buy used vs lease analysis

"If anyone has a "go-to" ford dealer in California I'd be grateful for the referral." Wrong coast sorry cannot help there. Bought mine in August 2016 but was unable to get the Ford prices down much from MSRP - got a Chevy loaded for $12K below MSRP. I have owned both Ford and Che...
by smitcat
Mon May 01, 2017 2:35 pm
Forum: Personal Finance (Not Investing)
Topic: Looking For Advice - Move NY -> Tampa?
Replies: 53
Views: 4450

Re: Looking For Advice - Move NY -> Tampa?

"I used to live in Miami and my house had coral rock about 6 to 12inches below the surface, where presumably that part of Miami used to be underwater. I now live in Highlands County, FL where there is a lot of white sand. Folks have said that that part of Florida used to be a seashore. Highland...
by smitcat
Mon May 01, 2017 8:08 am
Forum: Personal Finance (Not Investing)
Topic: Truck purchase: buy new vs buy used vs lease analysis
Replies: 23
Views: 2001

Re: Truck purchase: buy new vs buy used vs lease analysis

"All that said, is anyone aware of a robust new vs used vs lease calculator? I've always thought that "buy used and drive it til it dies" is the best approach, but now I feel like I need to prove out the math" Do you have a business that these #6,500 gross weight vehicles can be ...
by smitcat
Sun Apr 30, 2017 7:31 pm
Forum: Investing - Help with Personal Investments
Topic: 5 year cd - to open or not
Replies: 21
Views: 2022

Re: 5 year cd - to open or not

"CD Income is taxable when posted/paid. So, a five year CD that pays interest quarterly would have your tax rate for each year. As far as I know, the longest that CDs pay interest is annually, with most more frequently."

Of course - thank you I was not thinking at all.
by smitcat
Sun Apr 30, 2017 7:13 pm
Forum: Personal Finance (Not Investing)
Topic: Looking For Advice - Move NY -> Tampa?
Replies: 53
Views: 4450

Re: Looking For Advice - Move NY -> Tampa?

"If sea levels were to rise 300 feet, life on Long Island wouldn't be much of a picnic either. ;)" Tue blue - one can research the effects of many 'acts of god' and determine the risks and rewards of living in specific areas. Hurricanes, sea level rise or lowering, tornadoes, river floodin...
by smitcat
Sat Apr 29, 2017 5:51 pm
Forum: Investing - Help with Personal Investments
Topic: 5 year cd - to open or not
Replies: 21
Views: 2022

Re: 5 year cd - to open or not

"Depending on your tax bracket, you may want to compare the after tax yields on the CD with those of a tax exempt short term bond fund."

Please correct me if I am wrong but you would need to compare your expected after tax rate when the CD was redeemed or taken early.
Is that correct?
by smitcat
Sat Apr 29, 2017 5:39 pm
Forum: Personal Finance (Not Investing)
Topic: Looking For Advice - Move NY -> Tampa?
Replies: 53
Views: 4450

Re: Looking For Advice - Move NY -> Tampa?

"The correlation I was referring to is between taxes and the social safety net, not crime." For the most part homelessness, quality of education, and health care vary greatly within any state and also tend to be much more local than a statewide statistic. Certainly this is true for larger ...
by smitcat
Sat Apr 29, 2017 6:48 am
Forum: Personal Finance (Not Investing)
Topic: Looking For Advice - Move NY -> Tampa?
Replies: 53
Views: 4450

Re: Looking For Advice - Move NY -> Tampa?

"Good point. High crime would be a deal breaker for me" Crime is not a state or even county event it is a local event. As such researching the local area you are considering rather than a state or county will prove valuable. There are examples everywhere that show a very low crime area rig...
by smitcat
Wed Apr 26, 2017 3:37 pm
Forum: Personal Finance (Not Investing)
Topic: Looking For Advice - Move NY -> Tampa?
Replies: 53
Views: 4450

Re: Looking For Advice - Move NY -> Tampa?

"Requested work transfer to Florida from Pennsylvania. I not only dislike cold, but lack of sunshine is worse." The facts are actually pretty easy to look up before you move, I fear that Penn. was a poor choice in this case... Average sunny days in Tampa.... http://www.bestplaces.net/clima...
by smitcat
Mon Apr 24, 2017 8:29 am
Forum: Personal Consumer Issues
Topic: Orlando Disneyland advice
Replies: 21
Views: 1673

Re: Orlando Disneyland advice

Disneyland = Calif. Disneyworld = Fla. You are going to want to consult the crowd calendar for hours of operation and for knowing the level of crowds on the park those days. Some research and planning for a Disneyworld trip will pay off big time in costs and your comfort on the trip. In past posts t...
by smitcat
Sat Apr 22, 2017 5:21 pm
Forum: Personal Finance (Not Investing)
Topic: Why never speak badly about boss? [Need Bogleheads' wisdom]
Replies: 138
Views: 12655

Re: Why never speak badly about boss? [Need Bogleheads' wisdom]

KlangFool....

Over many years I have been an employee for many companies.
For a number of those years I have been the boss.
And the past few years we have owned our own company.
FWIW - and for the most part your advice on this thread is 100% correct.
by smitcat
Sat Apr 22, 2017 5:10 pm
Forum: Personal Finance (Not Investing)
Topic: Looking For Advice - Move NY -> Tampa?
Replies: 53
Views: 4450

Re: Looking For Advice - Move NY -> Tampa?

Here is one of many area calculators you can play with ....

http://money.cnn.com/calculator/pf/cost-of-living/
by smitcat
Sat Apr 22, 2017 5:00 pm
Forum: Personal Finance (Not Investing)
Topic: Looking For Advice - Move NY -> Tampa?
Replies: 53
Views: 4450

Re: Looking For Advice - Move NY -> Tampa?

"If I am making $120k on Long Island, vs. $100-110k in Tampa. Would the COL and lack of state taxes close the gap to make this a wash?" You will be better off in just about every way - there are a number of local area calculators you can use to look up overall expenses in one area vs anoth...
by smitcat
Tue Apr 18, 2017 12:32 pm
Forum: Personal Finance (Not Investing)
Topic: More advice for BigLaw Survivor, please?
Replies: 178
Views: 19491

Re: More advice for BigLaw Survivor, please?

"Smitcat, among the best modeling methods for these things (well, I dunno about the house issues), is the Retiree Portfolio Model spreadsheet put together by BigFoot48. Here is the wiki page on it, with links: https://www.bogleheads.org/wiki/Retiree_Portfolio_Model" Thank you JD - I am wor...
by smitcat
Tue Apr 18, 2017 9:19 am
Forum: Personal Finance (Not Investing)
Topic: More advice for BigLaw Survivor, please?
Replies: 178
Views: 19491

Re: More advice for BigLaw Survivor, please?

Biglaw Survivor... This is a great thread as well as the updates - thank you. Although our situation is not really that similar I am learning a bunch about asset location/type (Tira, Taxable Roth etc) and use from following these posts and that will be similar. My curiosity for you and the Bogles on...
by smitcat
Sat Apr 15, 2017 12:30 pm
Forum: Investing - Theory, News & General
Topic: Delaying SS (or not) and the tax torpedo
Replies: 41
Views: 4497

Re: Delaying SS (or not) and the tax torpedo

"So, taking SS at the earliest opportunity is an effective strategy to increase my equities allocation. Since neither DW nor I can take lump-sum payouts on pensions, it is the only method we have of increasing our equities allocation." I guess it would depend a lot on how stable the pensio...
by smitcat
Fri Apr 14, 2017 6:30 pm
Forum: Investing - Theory, News & General
Topic: Delaying SS (or not) and the tax torpedo
Replies: 41
Views: 4497

Re: Delaying SS (or not) and the tax torpedo

"As I have stated before, my main interest in delay was to leave a higher widows benefit with a cost of living adjustment. Converting to Roth accounts was another reason to delay. I am not cutting back any spending to delay SS and my portfolio continues to increase in value while delaying."...
by smitcat
Fri Apr 14, 2017 12:15 pm
Forum: Investing - Theory, News & General
Topic: Delaying SS (or not) and the tax torpedo
Replies: 41
Views: 4497

Re: Delaying SS (or not) and the tax torpedo

"No matter how "good" a deal SS wants to give me on an SPIA, it is still a bad deal. Less bad than one from an insurance company, but less bad is not a reason to buy in." If you have measured it in the context of total likely 'spendable' assets and it works for you than that is g...
by smitcat
Fri Apr 14, 2017 12:08 pm
Forum: Personal Consumer Issues
Topic: Cost Creep and Teen and College Years?
Replies: 52
Views: 3652

Re: Cost Creep and Teen and College Years?

"I have a different view of the situation. I can afford summer camp, a decent used car for a 16 year old, tennis lessons, etc. I am showing my kids that investing in a great education, discipline and hard work will allow a family to be able to afford some luxuries. They see that I am living wit...
by smitcat
Fri Apr 14, 2017 11:56 am
Forum: Personal Consumer Issues
Topic: Cost Creep and Teen and College Years?
Replies: 52
Views: 3652

Re: Cost Creep and Teen and College Years?

"I think the best training you can give your teen is the ability to 'hear' NO and accept it gracefully (if they don't accept it..too bad. You are the parent until they 'grow up' and they better accept it)" No is good and required that some never get. IMHO - teaching them why and how so the...
by smitcat
Fri Apr 14, 2017 11:47 am
Forum: Personal Consumer Issues
Topic: Cost Creep and Teen and College Years?
Replies: 52
Views: 3652

Re: Cost Creep and Teen and College Years?

"smitcat, You are correct to assume and interpret that gross saving rate does not matter. What matters is the amount of annual expense that one saves in order to reach the goal. In my case, that happened to be translated into 30+% gross saving rate. KlangFool" Thank you - that is good to h...
by smitcat
Fri Apr 14, 2017 11:42 am
Forum: Personal Consumer Issues
Topic: Cost Creep and Teen and College Years?
Replies: 52
Views: 3652

Re: Cost Creep and Teen and College Years?

"I do not understand what do you refer to in term of these values? They get basic food and shelter. They have extra money from gifts and summer jobs. So, they get to choose how to spend their extra money. For example, my daughter paid for all the costs associated with her prom." In varying...
by smitcat
Fri Apr 14, 2017 11:28 am
Forum: Personal Consumer Issues
Topic: Cost Creep and Teen and College Years?
Replies: 52
Views: 3652

Re: Cost Creep and Teen and College Years?

"In order to save 30+% of gross income over 20 to 30 years aka very high saving rate, the mentality/approach to living expense has to be substantially different from the normal people in the USA." I am only saying that the goal of saving a % of Gross is not a real valuable metric to reach ...
by smitcat
Fri Apr 14, 2017 10:57 am
Forum: Personal Consumer Issues
Topic: Cost Creep and Teen and College Years?
Replies: 52
Views: 3652

Re: Cost Creep and Teen and College Years?

"Wagnerjb, By doing that, you had trained/coached/conditioned your children that they need to "keep up with the Jones". Depending on your point of view, it may or may not be a good thing. KlangFool" IMHO - you teach your kids values and that leads them to their own identity. Givi...
by smitcat
Fri Apr 14, 2017 10:50 am
Forum: Personal Consumer Issues
Topic: Cost Creep and Teen and College Years?
Replies: 52
Views: 3652

Re: Cost Creep and Teen and College Years?

"2) I am saving for "financial independence". I want to be able to stop working as soon as possible. And, I assume that I can be permanently under-employed or unemployed in any year. Hence, I plan based on current annual expense. Saving 30+% of my gross income allowed me to save one y...
by smitcat
Fri Apr 14, 2017 9:07 am
Forum: Personal Consumer Issues
Topic: Cost Creep and Teen and College Years?
Replies: 52
Views: 3652

Re: Cost Creep and Teen and College Years?

"OP, It is very simple. Can you say no? 1) I save 30+% of my gross income. I do "Pay Yourself First". If I do not have the money, I could say no. 2) If the children want something beyond what I can or willing to pay for, they have to find and use their own money. We give cash for thei...
by smitcat
Fri Apr 14, 2017 8:52 am
Forum: Personal Consumer Issues
Topic: Cost Creep and Teen and College Years?
Replies: 52
Views: 3652

Re: Cost Creep and Teen and College Years?

"music, athletics, theatre, specific clubs , academics, and their health/food/clothing requirements." It would likely vary greatly dependent upon many factors including but not limited to.... individual kids interest, local school system, parents both working or not, health, future goals a...
by smitcat
Fri Apr 14, 2017 5:49 am
Forum: Personal Consumer Issues
Topic: ROI for Boat Repair Project
Replies: 11
Views: 909

Re: ROI for Boat Repair Project

"What should my ROI be if I front the whole $2,000?" Likely zero - there are a bunch of costs in between the two besides the large red warning flag that I read into this message. I have owned a few boats and sports cars which I 'restored' and made a profit on , here are a few examples of t...
by smitcat
Wed Apr 12, 2017 12:09 pm
Forum: Investing - Help with Personal Investments
Topic: Skeptical Tuna needs help hitting it big!
Replies: 22
Views: 2452

Re: Skeptical Tuna needs help hitting it big!

"Yes. We are very risk-adverse in all other aspects of life, but felt comfortable to take this risk. We wanted to avoid having regret. Some of my initial bets didn't pay off as I had hoped, but they were in areas I am passionate about. Going forward, my next "gambles" will require nea...
by smitcat
Wed Apr 12, 2017 12:01 pm
Forum: Investing - Theory, News & General
Topic: Delaying SS (or not) and the tax torpedo
Replies: 41
Views: 4497

Re: Delaying SS (or not) and the tax torpedo

"I started looking into that. One thing I realized is that if one of us dies, our expenses are not simply cut in half. I estimate they will be reduced by 25%. So the income need stays high, and a much higher proportion of income will go to just paying taxes." You do not give your account d...
by smitcat
Mon Apr 10, 2017 9:08 am
Forum: Personal Finance (Not Investing)
Topic: Spending beyond my means, I think..is my budget out of whack?
Replies: 81
Views: 8480

Re: Spending beyond my means, I think..is my budget out of whack?

"Sorry, but most of that is just baloney. I have small children and they were in a community "pre school" or "daycare" depending on how you define it. I think we paid $250/month." What is community daycare? We have no such program(s) in this area. What general area are ...

Go to advanced search