Search found 4164 matches

by michaeljc70
Wed Jan 23, 2019 12:26 am
Forum: Personal Finance (Not Investing)
Topic: Has anyone see an inheritance not go as planned? I would like to hear stories from others of what can go wrong.
Replies: 101
Views: 6625

Re: Has anyone see an inheritance not go as planned? I would like to hear stories from others of what can go wrong.

Meanwhile, children made decisions based on each getting an 8-figure inheritance, e.g. pursuing low-paying passion jobs, not saving for retirement, not saving for children's college, etc. This is the point where I think it gets sticky. There's a significant difference between "I'm going to lease a ...
by michaeljc70
Tue Jan 22, 2019 11:17 pm
Forum: Personal Finance (Not Investing)
Topic: Has anyone see an inheritance not go as planned? I would like to hear stories from others of what can go wrong.
Replies: 101
Views: 6625

Re: Has anyone see an inheritance not go as planned? I would like to hear stories from others of what can go wrong.

Edit: Actually, the kids would probably have to sue to have the spouse evicted. There are protections for tenants and the onus would most likely be on the landlord and not the tenant to sue. Nope, the house is in the kids' names, and one day when the spouse comes home she finds the locks changed an...
by michaeljc70
Tue Jan 22, 2019 11:15 pm
Forum: Personal Finance (Not Investing)
Topic: Has anyone see an inheritance not go as planned? I would like to hear stories from others of what can go wrong.
Replies: 101
Views: 6625

Re: Has anyone see an inheritance not go as planned? I would like to hear stories from others of what can go wrong.

Leases survive death.....get creative. 40 year lease for $100 a month before transferring it to the kids. I don't know if that's true, but let's say it is...what happens when the kids don't honor the lease? You would enforce it like any other legal contract. Sue. That is why I said a trust is bette...
by michaeljc70
Tue Jan 22, 2019 10:10 pm
Forum: Personal Finance (Not Investing)
Topic: Has anyone see an inheritance not go as planned? I would like to hear stories from others of what can go wrong.
Replies: 101
Views: 6625

Re: Has anyone see an inheritance not go as planned? I would like to hear stories from others of what can go wrong.

... What do you suggest as alternatives??? -Give away some of the money while alive if you have plenty -Setup an irrevocable trust -Put the home in the kids names with legal stipulation that the surviving spouse can live in the house until their death -IRAs often allow contingent beneficiaries and/...
by michaeljc70
Tue Jan 22, 2019 10:06 pm
Forum: Personal Finance (Not Investing)
Topic: Has anyone see an inheritance not go as planned? I would like to hear stories from others of what can go wrong.
Replies: 101
Views: 6625

Re: Has anyone see an inheritance not go as planned? I would like to hear stories from others of what can go wrong.

My parents are in their low 70s and have started to dole out money to the kids. They can live off their pensions and a recent inheritance they received solidified their financial position (but we aren't talking huge bucks here). I suspect the amount may vary year to year (they started doing this two...
by michaeljc70
Tue Jan 22, 2019 9:42 pm
Forum: Personal Consumer Issues
Topic: Comparing health insurance company negotiated rates
Replies: 4
Views: 230

Re: Comparing health insurance company negotiated rates

I agree with the above post that the bigger companies will be able to negotiate bigger discounts. In my experience, the big discounts tend to be for surgery, lab work, MRIs and CT scans. Doctors rates less so. A few examples I have seen myself in the couple of years: Billed/Discounted Amt Lab work: ...
by michaeljc70
Tue Jan 22, 2019 9:38 pm
Forum: Personal Consumer Issues
Topic: Electric bill with LED
Replies: 106
Views: 7624

Re: Electric bill with LED

Sorry, I haven't read all the (3 pages) of comments so I may be duplicating. CFLs were pretty efficient (hate the color and delay some had), so I doubt there would be a big difference. It seems in Googling it you will save $10 in electricity costs per bulb over 23 years. That is 44 cents per year pe...
by michaeljc70
Tue Jan 22, 2019 9:19 pm
Forum: Personal Finance (Not Investing)
Topic: Has anyone see an inheritance not go as planned? I would like to hear stories from others of what can go wrong.
Replies: 101
Views: 6625

Re: Has anyone see an inheritance not go as planned? I would like to hear stories from others of what can go wrong.

Leases survive death.....get creative. 40 year lease for $100 a month before transferring it to the kids. I don't know if that's true, but let's say it is...what happens when the kids don't honor the lease? You would enforce it like any other legal contract. Sue. That is why I said a trust is bette...
by michaeljc70
Tue Jan 22, 2019 7:22 pm
Forum: Personal Finance (Not Investing)
Topic: Has anyone see an inheritance not go as planned? I would like to hear stories from others of what can go wrong.
Replies: 101
Views: 6625

Re: Has anyone see an inheritance not go as planned? I would like to hear stories from others of what can go wrong.

It is likely we will get an inheritance some day, but we don't expect it, and we don't factor it into our plans. I always cringe when I see people include a potential inheritance in their financial situation description, often when parents aren't really that old. We have some friends who are very c...
by michaeljc70
Tue Jan 22, 2019 7:19 pm
Forum: Personal Finance (Not Investing)
Topic: Has anyone see an inheritance not go as planned? I would like to hear stories from others of what can go wrong.
Replies: 101
Views: 6625

Re: Has anyone see an inheritance not go as planned? I would like to hear stories from others of what can go wrong.

-Put the home in the kids names with legal stipulation that the surviving spouse can live in the house until their death Unless the surviving spouse is given a life estate as part of the title transfer to the kids, the surviving kids would not be obligated to allow the surviving spouse to live in t...
by michaeljc70
Tue Jan 22, 2019 6:30 pm
Forum: Personal Finance (Not Investing)
Topic: Has anyone see an inheritance not go as planned? I would like to hear stories from others of what can go wrong.
Replies: 101
Views: 6625

Re: Has anyone see an inheritance not go as planned? I would like to hear stories from others of what can go wrong.

Yes a lot of these stories are about "evil XYZ" relatives who come into our lives. But what can we do to stop these people from coercing and advising our wives or relatives to make bad decisions. I know my will and trust would not stop my wife from remarrying. I know she could spend all my estate a...
by michaeljc70
Tue Jan 22, 2019 5:06 pm
Forum: Personal Consumer Issues
Topic: House For Sale By Owner - Suggestions Welcome
Replies: 40
Views: 2324

Re: House For Sale By Owner - Suggestions Welcome

A couple of additional thoughts: While realtors are motivated to overquote likely sales price to get the listing, you may consider letting the $365k realtor (or another established realtor) have the property as a "pocket listing" (no MLS) for the next three months with the caveat that you're only i...
by michaeljc70
Tue Jan 22, 2019 3:52 pm
Forum: Personal Finance (Not Investing)
Topic: Too Much Savings for Income Manipulation for ACA Purposes?
Replies: 9
Views: 822

Re: Too Much Savings for Income Manipulation for ACA Purposes?

I regard the ACA subsidy as a bonus, not as a retirement baseline. While I can reasonably get it, I do, but I won't twist my investments or retirement excessively for that purpose (I do limit my Roth conversions for this purpose currently). It's certainly possible to have too much in taxable invest...
by michaeljc70
Tue Jan 22, 2019 3:33 pm
Forum: Personal Finance (Not Investing)
Topic: Has anyone see an inheritance not go as planned? I would like to hear stories from others of what can go wrong.
Replies: 101
Views: 6625

Re: Has anyone see an inheritance not go as planned? I would like to hear stories from others of what can go wrong.

Though the evil step mother or whoever seems to be the one that is vilified in a lot of these stories, it is really the fault of the deceased for not properly creating an estate plan to make sure their wishes are fulfilled. A trust that allocates x dollars per year (or the income or % of income from...
by michaeljc70
Tue Jan 22, 2019 3:26 pm
Forum: Personal Finance (Not Investing)
Topic: Has anyone see an inheritance not go as planned? I would like to hear stories from others of what can go wrong.
Replies: 101
Views: 6625

Re: Has anyone see an inheritance not go as planned? I would like to hear stories from others of what can go wrong.

Make sure you are explicit in the instructions in your will when it comes to personal property. If you want one child to have your great-aunt Tilly's diamond earrings, put that in the will. Better yet give away personal property while you are alive. Many pieces of personal property have a way of "d...
by michaeljc70
Tue Jan 22, 2019 3:20 pm
Forum: Personal Finance (Not Investing)
Topic: Too Much Savings for Income Manipulation for ACA Purposes?
Replies: 9
Views: 822

Re: Too Much Savings for Income Manipulation for ACA Purposes?

I've seen several threads over the years stating that one should try to manipulate their income in order to qualify for health insurance subsidies under the Affordable Care Act. But I'm curious if it is possible to have too much money in order to do any such manipulation. For example, for 2019, the...
by michaeljc70
Tue Jan 22, 2019 3:11 pm
Forum: Personal Finance (Not Investing)
Topic: Has anyone see an inheritance not go as planned? I would like to hear stories from others of what can go wrong.
Replies: 101
Views: 6625

Re: Has anyone see an inheritance not go as planned? I would like to hear stories from others of what can go wrong.

I would be most worried about long term care costs eating away at a potential inheritance. My parents are still married and in their 70s in good health so remarrying seems very unlikely.
by michaeljc70
Tue Jan 22, 2019 2:19 pm
Forum: Personal Consumer Issues
Topic: House For Sale By Owner - Suggestions Welcome
Replies: 40
Views: 2324

Re: House For Sale By Owner - Suggestions Welcome

A couple of comments. For people who are proud that they sold their house FSBO in less than a week, are you sure you got top dollar? Really? I suspect you left more money on the table than you would have if you’d had an agent and priced the property appropriately. Second, if you don’t offer full co...
by michaeljc70
Tue Jan 22, 2019 1:43 pm
Forum: Personal Consumer Issues
Topic: What is a Boglehead funeral/burial?
Replies: 108
Views: 5268

Re: What is a Boglehead funeral/burial?

I want to be cremated and my ashes thrown anywhere. Somewhere I liked to visit would be nice, but I'm gone so who cares. I would also prefer a party (preferably at my home if possible) rather than a wake or funeral. A friend had requested a party in his home when he passed. He asked that everyone d...
by michaeljc70
Tue Jan 22, 2019 1:32 pm
Forum: Personal Consumer Issues
Topic: What is a Boglehead funeral/burial?
Replies: 108
Views: 5268

Re: What is a Boglehead funeral/burial?

I want to be cremated and my ashes thrown anywhere. Somewhere I liked to visit would be nice, but I'm gone so who cares. I would also prefer a party (preferably at my home if possible) rather than a wake or funeral. A friend had requested a party in his home when he passed. He asked that everyone dr...
by michaeljc70
Tue Jan 22, 2019 1:01 pm
Forum: Personal Consumer Issues
Topic: House For Sale By Owner - Suggestions Welcome
Replies: 40
Views: 2324

Re: House For Sale By Owner - Suggestions Welcome

I'll add that you can try FSBO and putting it in the MLS/paying a buyer's agent at the same time. If you get someone without an agent, you don't have to pay a commission. From what I've read, most people that try FSBO wind up listing it with an agent eventually.
by michaeljc70
Tue Jan 22, 2019 12:13 pm
Forum: Personal Consumer Issues
Topic: House For Sale By Owner - Suggestions Welcome
Replies: 40
Views: 2324

Re: House For Sale By Owner - Suggestions Welcome

In my market / demographic (younger, starter homes), few buyers are dependent on realtors to find inventory – typical buyers search online at the major listing sites (though realtors are desperately trying to put this genie back in the bottle with their heavy marketing of realtor.com.” Most of the ...
by michaeljc70
Tue Jan 22, 2019 11:45 am
Forum: Personal Consumer Issues
Topic: House For Sale By Owner - Suggestions Welcome
Replies: 40
Views: 2324

Re: House For Sale By Owner - Suggestions Welcome

You can advertise it on Facebook, Craigslist, forsalebuyowner.com and websites like that and local papers. The problem is most people use agents and find their home via the MLS. I've sold three homes and I paid an agent to put it into the MLS. I offered 2.5% to the buyer's agent. The buyer's agent p...
by michaeljc70
Tue Jan 22, 2019 6:08 am
Forum: Personal Finance (Not Investing)
Topic: Rent vs Own Assumptions
Replies: 46
Views: 2438

Re: Rent vs Own Assumptions

When you cut out the middleman (landlord in this case), things tend to be less expensive.

You said you assume to be there 15 years. Not many people rent the same place for 15 years. Things change. Landlords sell or die or jack up rents.
by michaeljc70
Mon Jan 21, 2019 11:11 pm
Forum: Personal Finance (Not Investing)
Topic: Rent vs Own Assumptions
Replies: 46
Views: 2438

Re: Rent vs Own Assumptions

michaeljc70, 1) There are folks that are "accidental landlords". 2) They bought the house at substantially below market price. KlangFool Sure. But if they bought at below market, do you think they want to pass that on to tenants? If they are "accidental" that probably means they did an analysis and...
by michaeljc70
Mon Jan 21, 2019 11:01 pm
Forum: Personal Finance (Not Investing)
Topic: Rent vs Own Assumptions
Replies: 46
Views: 2438

Re: Rent vs Own Assumptions

You could argue they are stupid, but I don't think most people investing in real estate are. michaeljc70, 1) There are folks that are "accidental landlords". 2) They bought the house at substantially below market price. KlangFool Sure. But if they bought at below market, do you think they want to p...
by michaeljc70
Mon Jan 21, 2019 8:50 pm
Forum: Personal Finance (Not Investing)
Topic: Rent vs Own Assumptions
Replies: 46
Views: 2438

Re: Rent vs Own Assumptions

You could argue they are stupid, but I don't think most people investing in real estate are. michaeljc70, 1) There are folks that are "accidental landlords". 2) They bought the house at substantially below market price. KlangFool Sure. But if they bought at below market, do you think they want to p...
by michaeljc70
Mon Jan 21, 2019 6:01 pm
Forum: Personal Finance (Not Investing)
Topic: Rent vs Own Assumptions
Replies: 46
Views: 2438

Re: Rent vs Own Assumptions

The closing costs on both ends seem high. 9% to sell? 3% to buy? The maintenance also seems high. 9k a year? Did your landlord spend 9k in the last year on the place? I suppose if it is old and in bad shape that might be accurate. I've never spent that in a year and I replaced 2 windows, a patio doo...
by michaeljc70
Mon Jan 21, 2019 5:45 pm
Forum: Personal Consumer Issues
Topic: Please help me understand my Data Plan
Replies: 6
Views: 862

Re: Please help me understand my Data Plan

I have an iphone and have been on a legacy plan with TMobile for text and phone only. I use WiFi for everything else and when not at home I use what is available at coffee shops, malls, library etc and it has worked out mostly fine so far. We use a GPS device for the car. Except now we are beginnin...
by michaeljc70
Sun Jan 20, 2019 1:26 pm
Forum: Personal Consumer Issues
Topic: Buy house without agent
Replies: 55
Views: 4350

Re: Buy house without agent

I suppose it depends on how much your agent has done for you in the past. We were in a similar situation, finding our dream house on our own, but only after our agent had helped us look for six months. We liked her and there was no way we would have double-crossed her. In fact, lucky her, she later...
by michaeljc70
Sun Jan 20, 2019 12:14 pm
Forum: Personal Finance (Not Investing)
Topic: Divorce w/child. Spouse wants to move.
Replies: 128
Views: 8205

Re: Divorce w/child. Spouse wants to move.

As a few posts have suggested, is the divorce avoidable? If it is mainly over where you live and working too much won't moving solve those (as there won't be a side gig)?
by michaeljc70
Sun Jan 20, 2019 12:02 pm
Forum: Personal Consumer Issues
Topic: Buy house without agent
Replies: 55
Views: 4350

Re: Buy house without agent

... I've always thought title insurance here is a rip off. I mean, they do all these title searches so the chances of something being missed is quite small. I wonder what the actual pay out rate is. ... Much of what you're paying is for the search. They have to search the chain of title, and for an...
by michaeljc70
Sat Jan 19, 2019 10:42 pm
Forum: Personal Finance (Not Investing)
Topic: Divorce w/child. Spouse wants to move.
Replies: 128
Views: 8205

Re: Divorce w/child. Spouse wants to move.

Because the OP should agree to relocate his/her family just because their ex-spouse wants to live somewhere else? I know I would be very hesitant to relocate my family and leave my 2 jobs because my ex spouse WANTED to. Why should the family move in the first place? Definately not for better paying...
by michaeljc70
Sat Jan 19, 2019 9:37 pm
Forum: Personal Finance (Not Investing)
Topic: Divorce w/child. Spouse wants to move.
Replies: 128
Views: 8205

Re: Divorce w/child. Spouse wants to move.

I read it more like "How much should I get paid to allow my spouse and child to move". Big difference IMO. Mmm, not really. Both ways are the OP asking, what's in it for me? The OP doesn't want them to move, they said that in this one. The difference is only in wording beyond that. Because the OP s...
by michaeljc70
Sat Jan 19, 2019 9:35 pm
Forum: Personal Consumer Issues
Topic: Buy house without agent
Replies: 55
Views: 4350

Re: Buy house without agent

... I've always thought title insurance here is a rip off. I mean, they do all these title searches so the chances of something being missed is quite small. I wonder what the actual pay out rate is. ... Much of what you're paying is for the search. They have to search the chain of title, and for an...
by michaeljc70
Sat Jan 19, 2019 8:48 pm
Forum: Personal Finance (Not Investing)
Topic: Divorce w/child. Spouse wants to move.
Replies: 128
Views: 8205

Re: Divorce w/child. Spouse wants to move.

The court is not going to guess what your future raises would be or what you and your spouses potential future salaries in another city would be. As others said, I would talk to an attorney as spouse wanting to move changes the dynamic a lot.
by michaeljc70
Sat Jan 19, 2019 7:14 pm
Forum: Personal Consumer Issues
Topic: How do you keep a calendar?
Replies: 63
Views: 3007

Re: How do you keep a calendar?

What do people mean by layers and multiple color codes? In Google Calendar at least, you can create different calendars for different kinds of appointments and set different colors for them, share them with different people, set different access levels, etc. For example, we have separate calendars ...
by michaeljc70
Sat Jan 19, 2019 7:09 pm
Forum: Personal Consumer Issues
Topic: Buy house without agent
Replies: 55
Views: 4350

Re: Buy house without agent

Real estate agents are useless. They always tell you to put in a higher offer to ensure the deal goes through. I've heard you should use a lawyer to look over the contract if you are buying without one though. It might cost a lot. I had to laugh a little bit when I read this. I got fired by a clien...
by michaeljc70
Sat Jan 19, 2019 5:18 pm
Forum: Personal Consumer Issues
Topic: Buy house without agent
Replies: 55
Views: 4350

Re: Buy house without agent

I bought a house without using an agent last year. The seller did not use an agent either, and it helped me negotiate a better deal. I hired a real estate attorney for 3k and he took care of the contract, recommending a title company that he works with, and recommending an inspector. Looking back I...
by michaeljc70
Sat Jan 19, 2019 4:06 pm
Forum: Personal Consumer Issues
Topic: Buy house without agent
Replies: 55
Views: 4350

Re: Buy house without agent

Thinking you are going to get the commission may not work. You found it through an open house. Was this hosted by an agent? If so, they will feel they are entitled to the whole commission. A lot of new homes are sold without agents, so not having an agent is not unusual and will not necessarily resu...
by michaeljc70
Sat Jan 19, 2019 1:56 pm
Forum: Personal Consumer Issues
Topic: Airbnb - cleaning fee, service fee, occupancy fee....???
Replies: 108
Views: 9568

Re: Airbnb - cleaning fee, service fee, occupancy fee....???

I like airbnb but its ridiculous now. Im looking for places next weekend. Room cost is 95, total cost for one night is 181?! Cleaning fee of $65?? Might as well make a mess on purpose to be honest. I thought is obvious for everybody but Airbnb is not as competitive for short stays (1-2 nights). Hot...
by michaeljc70
Fri Jan 18, 2019 10:41 am
Forum: Personal Consumer Issues
Topic: Infiniti QX30 - MB platform
Replies: 8
Views: 676

Re: Infiniti QX30 - MB platform

This story says the QX30 has been something of a disappointment to Infiniti. https://www.carscoops.com/2019/01/infiniti-qx30-date-death-infiniti-replacement-works/ Thanks for the link. Maybe that's why there are good deals on them. Supply and demand. A lot of people on here say buy a Toyota or Hond...
by michaeljc70
Thu Jan 17, 2019 9:36 pm
Forum: Personal Consumer Issues
Topic: New dishwasher recommendations?
Replies: 14
Views: 885

Re: New dishwasher recommendations?

This has been covered in several other threads, but I've been very happy with Bosch. I had one for 11 years in my last place with zero issues. I've had one for 5 years in my current place with zero issues (though there was a "recall" on the power cord and they came out and replaced it for free). The...
by michaeljc70
Thu Jan 17, 2019 8:33 pm
Forum: Personal Finance (Not Investing)
Topic: What to do when a parent's money runs out?
Replies: 236
Views: 40439

Re: What to do when a parent's money runs out?

Too many posts to read them all. I can tell you, my Grandmother is 92 and cannot survive on her income. She "owes" my Mother around $18k. My Mother will get 1/2 the house when her Mother passes. A cousin will get the other 1/2. My mother complains, but at least she will come out in the black at the ...
by michaeljc70
Thu Jan 17, 2019 8:20 pm
Forum: Personal Consumer Issues
Topic: Infiniti QX30 - MB platform
Replies: 8
Views: 676

Re: Infiniti QX30 - MB platform

I would expect Mercedes-like repair and maintenance costs. It is essentially a GLA. If you want Infiniti, you might consider a CPO QX50. Is there something wrong with the CX-5, though? In a top level trim, that can be fairly luxurious itself. The QX50 seems like a good deal used....I'm not crazy ab...
by michaeljc70
Thu Jan 17, 2019 2:24 pm
Forum: Personal Consumer Issues
Topic: Infiniti QX30 - MB platform
Replies: 8
Views: 676

Infiniti QX30 - MB platform

I am probably in the market for a new/used car (2002 Xterra hitting 180k miles and on last legs). I am looking mostly in the compact SUV/crossover area. Given the high resale values (and initial prices) of Acura/Lexus, I am avoiding those. I have a Mazda CX-5, so I was hoping for something a little ...
by michaeljc70
Thu Jan 17, 2019 1:52 pm
Forum: Investing - Theory, News & General
Topic: How to avoid temptation to buy hot stocks or bitcoin?
Replies: 63
Views: 4256

Re: How to avoid temptation to buy hot stocks or bitcoin?

I think you need to look at the purpose of gambling vs investing. Gambling has the intent that it is entertainment for most people. Most (realistic) people gambling don't expect to win over the long haul. Most people don't invest for entertainment purposes. Speculating to me is risky investing.
by michaeljc70
Thu Jan 17, 2019 11:14 am
Forum: Investing - Theory, News & General
Topic: How to avoid temptation to buy hot stocks or bitcoin?
Replies: 63
Views: 4256

Re: How to avoid temptation to buy hot stocks or bitcoin?

investing and gambling are synonymous. I [invested / gambled] on this house I [invested / gambled] on this index fund I [invested / gambled] on buying a business when people here say "gamble" , it is uniformly part of a rationalization. So you truly think there is no way to discern risk? Then I ass...
by michaeljc70
Thu Jan 17, 2019 11:07 am
Forum: Personal Finance (Not Investing)
Topic: Accountant or do it myself?
Replies: 8
Views: 1135

Re: Accountant or do it myself?

What about the accounting for the business? To be honest, I have a background in accounting and I would probably do it myself, but it seems like a lot to take on for someone if they haven't done all (or at least some) of this before. You've got personal and business tax returns, the accounting for ...