Bogleheads.org

Time will tell!

TomatoTomahto wrote: ↑Sat Mar 18, 2023 9:26 am We have 400A service, so the problem for us is academic. Many many parts of our home have been converted to electrical, especially our oil furnace became GSHP, our propane stove became induction, and the home had an EV charger installed.

I believe we will not be alone in the transition.

Did you do this work yourself, or did you buy a house with these features?

DTL123 wrote: ↑Sat Mar 18, 2023 11:00 am So does that mean that Berkshire receives profits from its subsidiaries and then pays its operating expenses and then what is left over becomes share value of the Berkshire stock?

The subsidiaries wouldn't automatically transfer profit to Berkshire. They may declare a dividend, which would go to Berkshire, otherwise the profit just gets reported on the Berkshire financial records.

The subsidiaries may cover some de minimis costs on behalf of Berkshire Hathaway, or more likely Berkshire uses dividends and interest to cover the holding company expenses.

Share value and profit are correlated, but the market value can move independently of profitability.

Investment bankers help ensure high quality and safe transactions for businesses with the public market. They are typically not buying/selling securities, trying to beat the market, etc.

You might be thinking of traders or financial advisors.

To answer your question, I heard a podcast that said imagine a grid of interesting to boring, mistakes to matter to 100% accuracy needed. Investment banking is boring work with 100% accuracy needed, translating to a high paycheck.

Efficiency ratio is not enough to go off on. Because you're FDIC insured, I would suggest you spend time reading about something else! Perhaps history, for some perspective.

YoungSisyphus wrote: ↑Mon Mar 13, 2023 8:43 am Down 77% YTD, if I was a speculator might seem like a place to pitch fun money.

Moved part of my family's emergency fund ($400k) over and while not even a basis point of my portfolio, I just bought 10 shares @ $25. They've been a great banking partner.

It isn't even a basis point of my portfolio, but just bought some First Republic.

Raymond James doesn't have your assets on their balance sheet, unlike a bank. The mutual funds / ETFs that you have hold there are held in trust for your name.

In the rare instance there were fraud at Raymond James (i.e. you gave them money to buy mutual funds, and they spent it on lipstick), SIPC insurance protects against up to $500k in the instance of fraud, assuming their auditor doesn't catch it.

The mutual funds / ETFs you hold at a fund manager/asset manager are not actually held with that company. I.e. Vanguard funds are held at a BNY Mellon, JPMorgan Chase, etc. in trust for that fund.

The system is extremely robust.

CletusCaddy wrote: ↑Fri Mar 10, 2023 6:15 pm

tixoboy wrote: ↑Fri Mar 10, 2023 5:27 pm

manlymatt83 wrote: ↑Fri Mar 10, 2023 1:09 pm

tixoboy wrote: ↑Fri Mar 10, 2023 12:51 pm SVB collapsed - investors are concerned that FRC might be subject to the risks.

They aren’t. But a bank run could still put them in Jeopardy

Yep! I meant to say that FRC might be subject to the same risks that would cause a bank run. I don't really see any relationship between SVB and FRC besides the fact that they are/were both subject to bank runs, like all banks.

You forget that they are both based in Silicon Valley and share a customer base that works in tech

Around 4% of their customer base is in tech/tech-adjacent per their press release on Friday. I have very high confidence in First Republic.

I'm not moving anything anywhere and not worried about the institutions I do business with, including First Republic.

More importantly, why are you at Raymond James?

Eno Deb wrote: ↑Sat Mar 11, 2023 12:08 pm

student wrote: ↑Sat Mar 11, 2023 11:58 amHmm. I am looking at my ME Cash on my statement and it says "ML DIRECT DEPOSIT PROGRAM" and "FDIC INSURED NOT SIPC COVERED."

You're right. The details can be found here:

https://olui2.fs.ml.com/Publish/Content ... t_MEAC.pdf

The ME CMA direct deposit option uses "BANA" as partner bank, which has FDIC insurance.

BANA is Bank of America, National Association, as one might predict.

Your real problem is not your bank assets, but your overall financial literacy. Why do you have more than $250k+ in cash? There are very few people or situations that call for that much liquidity.

Money in a brokerage account, while not covered by FDIC, is also not directly held by the bank, so while not immune to market forces, it is also somewhat insulated because it is not part of the bank’s balance sheet. For example, if you held stocks, bonds or mutual funds in the brokerage account, if First Republic bank were to be shut down, you’d still own those stocks, bonds or mutual funds. First Republic is just the trustee holding them for you. 100% this. There is a lot of misunderstanding on this forum around the difference between a bank and brokerage. Banks hold your assets as a liability on their balance sheet. That is to say that the purpose of a bank is to actually take calculated risk with your money for the benefit of everyone -...

I would look into New York Municipal Money Market funds.

I wouldn't sign this if I were Fidelity.

Add the Schwab and Fidelity accounts (assuming you have a cash management component) as a bank at Vanguard. From there, it is a simple one click process to fund an IRA.

You need $250k liquid or $250k for ongoing bills?

Just to clear up a few things. It should be 100% vested as it's a Safe Harbor 401(k). There was profit sharing in my first 2 years (now 7-8 years ago that is 100% fully vested). That was quickly removed when the ex-employer signed up for a captive reinsurance where he's putting every single $$$ of company profits into. I learned about all this after he attempted to sell a portion of the practice to me by "pre-purchasing" shares of the captive insurance tax-free. It's extremely shady and I got out after learning of it immediately.... paid my SIX FIGURES to get out of a non-compete buyout. I don't make huge money and feel like I've been taken to the cleaners. I simply want my funds as far away from this crook as possible. Curious… ...

Ask your advisor about J.P. Morgan Premium Deposit - https://www.jpmorgan.com/wealth-managem ... um-deposit.

If you’re worried about noise, get the AO Smith heat pump unit. The Rheems are noisier.

They aren’t bad if in a basement or garage though.

Such a soft ball interview... really seemed like the interviewer didn't do his homework or dig in on some of Vanguard's short comings.

All of my credit cards have always reduced the statement balance by returns, even if I've made subsequent purchases.

I.e. if your statement balance is $2000, you've made $1000 additional worth of purchases, and returned $200, your statement balance due is $1800 and your current balance is $2800.

Where are these numbers coming from? I purchased a Rheem 50 gal heat pump water heater and had it installed for $1600 and $500 respectively.

I would worry first about (1) state licensing authorities, (2) whatever code of professional responsibility applies to your husband, (3) professional liability and (4) misleading clients about an affiliation with the agency before I would start worrying about the IRS. Is the agency liable in connection with any professional claim against your husband? Does the agency have insurance against such claims (that covers your husband)? Will potential clients know that your husband is an independent contractor? Has an attorney reviewed your husband's agreement with the agency? Agree, and I would ask for a disclosure in materials that he is an independent contractor. Does your husband have insurance? Yes he has individual malpractice insurance. Tha...

cowdogman wrote: ↑Tue Feb 14, 2023 7:38 pm I would worry first about (1) state licensing authorities, (2) whatever code of professional responsibility applies to your husband, (3) professional liability and (4) misleading clients about an affiliation with the agency before I would start worrying about the IRS.

Is the agency liable in connection with any professional claim against your husband? Does the agency have insurance against such claims (that covers your husband)? Will potential clients know that your husband is an independent contractor?

Has an attorney reviewed your husband's agreement with the agency?

Agree, and I would ask for a disclosure in materials that he is an independent contractor. Does your husband have insurance?

brad.clarkston wrote: ↑Mon Feb 13, 2023 10:43 am Next time the two of you should try adding to a conversation instead of just adding to your post count.

It's as accurate as the OP needed it to be. Stop trying to over complicate the process just to frighten people.

Not sure why you are frustrated, or assuming we're worried about post counts, but the information you stated is not accurate. The FBI doesn't receive en masse reports for transactions from American banks -- that is the OCC and FinCEN, both part of the Treasury.

The SAR (Suspicious Activity Report) that you're likely referring to covers cash transactions at/over $10k OR any other suspicious transaction. An ACH or wire transfer doesn't automatically kick off a SAR, but every cash transaction at/over $10k does.

The bigger problem was being at Truist and Edward Jones.

8foot7 wrote: ↑Sat Feb 11, 2023 4:35 am

brad.clarkston wrote: ↑Fri Feb 10, 2023 4:15 pm Banks are required to send the FBI the following information on any $10k ACH or Wire transfer (international wt is worse):

1.) Name
2.) Acct#
3.) routing/acct# destination
4.) reason

when the transfer is coded. That may or may not create issues on the banks end to send the money.
I'd say that's usually not an issue but if the FBI reaches out it's not a good day for the operations employee's.

That does not apply to brokerages they can send that data in batches after the fact due to volume.

This is not accurate.

+1, not accurate.

It has the same architecture as Linux.

https://developer.apple.com/library/arc ... ntrol.html

I wouldn't overreact to this. They really have to use that language due to how rampant fraud is. You can always close the account and request a check.

With my employer, you do it on the HR Portal. After filling out the standard item, there is a section for how much extra withholding per pay period. Have your CPA help you out on how much extra you need to withheld.

There are no tax implications for trading inside of a tax advantaged account.

Schwab makes a significant amount of their money from net interest income, i.e. the spread between what they get on your money and what they pay you. Vanguard does not, and their settlement fund is at 4.30% versus Schwab at .45%.

Schwab is a for profit company with shareholders, Vanguard is not.

jbogler wrote: ↑Wed Feb 01, 2023 7:29 pm A few years in, looking at Schwab, they are "cheaper". Their IRA's and most accounts have 0 fees, whereas Vanguard charges you $20-$25 (I am assuming a year), Their Total US Stock/Bond Index funds are lower than vanguards by .01%.

I'm unaware of Vanguard charging an annual fee. Schwab's index funds are likely a loss leader to try and get you to pay for advisory services.

All of the brokerages are moving in that direction, like with Vanguard pushing PAS over Flagship statuses.

Fortunately however, you can be at Fidelity, Schwab, or Vanguard with seven or eight figures without needing a rep with the Bogleheads portfolio.

Unless it is different for a trust account, it just prevents withdrawals for seven days.

I think it’s important when you mention electric to understand there are two types: radiant and induction. Radiant means the element gets hot, therefore heating the pan. Induction uses magnetism to heat the bottom of the pan, meaning it’s more efficient, doesn’t create any change in air quality SPECIFIC to the act of heating the pan (note I’m not talking about what’s in the pan), and safer than either radiant or gas. As such, note that this is only for radiant, as induction changes the heat instantly: Gas is superior because of instant changes you can make to the burner temperature. With electric the lag times make this impossible. Also, note that this is only for radiant as with induction, there is nothing to burn but the pan or what’s in ...

In my experience, as they prepare for the new tax filing season, all of the IRS website features are unusually clunky.

I would definitely look at the entry level Miele. Those things are built like tanks.

Pickup the phone and call immediately.

This may just be a temporary outage. That Fiserv product is used everywhere from big banks to small, so I'm guessing nothing has changed structurally.

Fund code 0040 is 500 Index Investor Shares.

You are adding risk + the need for the calculation with your emergency fund. Is that what you want?

What if you need to take that time to deal with a sick family member and STILL need to take unpaid leave + cover medical bills?

cka400 wrote: ↑Mon Jan 02, 2023 3:49 pm It looks like the average annual return for 100% stocks is listed at 12.3%. Curious why 10% may not make sense?

Part of Bogleheads principles is focusing on what you can control and letting go of what you can't. As such, people around here are big believers in IPS (Investment Policy Statement -- basically writing down what your rules/guardrails are going to be), diversification, and time in the market.

The stock market could go up or down. We don't focus on trying to predict it -- due to the folly of trying to do so -- and instead focus on getting your money in as early as possible in a diversified manner.

Bogle7 wrote: ↑Mon Jan 02, 2023 10:51 am

MtnTravel wrote: ↑Mon Jan 02, 2023 9:42 am Do they have other detergents not made by Persil? I’ve tried persil and hated it. I guess I’m sensitive to the smell or some ingredient.

No, but you can buy

NB TD 0011
Refill container 1
for using your own detergent in TwinDos washing machines.

and

NB TD 0021
Refill container 2
for using your own detergent in TwinDos washing machines.

Ooh -- I didn't realize this. We are about to buy one of these and this is great to know. Thanks!

I just bought a Coway Airmega 150. Pretty pleased with it.

Turn it off and drain it with your pipes.

Looking at your post history, two years later, you still have credit card debt? I would suggest tackling your basic financial literacy before dealing with your inheritance.

Slow down and try and read some of the basic resources on the wiki here. That said, welcome back!

I would worry more about your career than investing right now, although you're welcome to fix both at the same time.

+1 on YNAB. Huge fan. It's made me so methodical about my finances.

Free Tax USA is great. Highly recommend you ditch TT.