Search found 431 matches

by tesuzuki2002
Thu Aug 16, 2018 8:43 pm
Forum: Personal Consumer Issues
Topic: Boglehead Birthday Gift for 50th B Day - Fine Spirits
Replies: 24
Views: 1398

Re: Boglehead Birthday Gift for 50th B Day - Fine Spirits

How about something like whiskey stones, they don't dilute the drink. https://www.amazon.com/Exclusive-Whiskey-Stones-Gift-Set/dp/B0716JZ71Y/ref=sr_1_21?s=home-garden&ie=UTF8&qid=1534456775&sr=1-21&keywords=whiskey+ice+cubes That actually seems like a pretty cool idea (pun intended) and the type of...
by tesuzuki2002
Thu Aug 16, 2018 7:07 pm
Forum: Investing - Theory, News & General
Topic: Fidelity 401(k) millionaires hits record high
Replies: 48
Views: 5253

Re: Fidelity 401(k) millionaires hits record high

Jack FFR1846 wrote:
Thu Aug 16, 2018 1:12 pm
Only been in my job 2 years. So the 401k will never hit a million. My fidelity IRA, however, has been over a million for quite some time.
401k.... IRA... its all in the same avenue! Congrats and well done on that million!!
by tesuzuki2002
Thu Aug 16, 2018 7:01 pm
Forum: Personal Finance (Not Investing)
Topic: Teachers Who Have Net Worth of $1 million +
Replies: 96
Views: 11246

Re: Teachers Who Have Net Worth of $1 million +

My father-in-law taught high school his whole career and retired in 1989. At death he was worth $1.4 million. He practised boglehead-type investing. He never made more than $36K and his wife never worked. But truth be told they lived way below their means, too low in my opinion. wow that's saying a...
by tesuzuki2002
Thu Aug 16, 2018 7:00 pm
Forum: Personal Finance (Not Investing)
Topic: Teachers Who Have Net Worth of $1 million +
Replies: 96
Views: 11246

Re: Teachers Who Have Net Worth of $1 million +

As a retired teacher, I'm interested in hearing from my fellow Life-Giving Educators who were able to devote their lives to teaching, invest over time, may have started side businesses, and have amassed over $1 million net. How did you do it? Perhaps share your net worth as a testament to other you...
by tesuzuki2002
Wed Aug 15, 2018 5:13 pm
Forum: Investing - Theory, News & General
Topic: Is short-term dollar-cost averaging (e.g. across 1 week) beneficial?
Replies: 21
Views: 1134

Re: Is short-term dollar-cost averaging (e.g. across 1 week) beneficial?

Let me preface my question by saying that I know that dollar-cost averaging (DCA) has been extensively discussed on the forum, and that the consensus is that its main value is psychological, and if you're able to stomach lump sum investment you should do it because according to studies your return ...
by tesuzuki2002
Wed Aug 15, 2018 5:11 pm
Forum: Personal Finance (Not Investing)
Topic: Take auto loan 0.9% if I can afford cash?
Replies: 122
Views: 6547

Re: Take auto loan 0.9% if I can afford cash?

I will be buying a car soon. I can afford to pay cash up front. The dealer says I’m eligible for 0.9% financing for 3 years. No change in price whether paying by cash or loan. Would you take a car loan that you didn’t need? My only other debt is a home mortgage with after tax interest rate of 1.7% ...
by tesuzuki2002
Wed Aug 15, 2018 5:07 pm
Forum: Investing - Help with Personal Investments
Topic: Vanguard Warns of Worsening Odds for the Economy and Markets [Portfolio help]
Replies: 12
Views: 1480

Re: Vanguard Warns of Worsening Odds for the Economy and Markets [Portfolio help]

NeedsHelp! , welcome to the forum. 1. Do I hold steady as of today with an 85% distribution of stocks (50-50 mix of US and international) and 15% bonds? 2. OR would you redistribute funds to a more conservative mix (increase bond percentage)? I would "hold steady" as long as you're comfortable with...
by tesuzuki2002
Wed Aug 15, 2018 5:04 pm
Forum: Investing - Theory, News & General
Topic: Take your canes out in Emerging Markets
Replies: 23
Views: 2783

Re: Take your canes out in Emerging Markets

montanagirl wrote:
Wed Aug 15, 2018 4:32 pm
munemaker wrote:
Wed Aug 15, 2018 8:58 am
I don't know what this means.

Buy the dip.
+1
by tesuzuki2002
Wed Aug 15, 2018 4:52 pm
Forum: Personal Consumer Issues
Topic: Men’s Underwear recommendation
Replies: 57
Views: 4629

Re: Men’s Underwear recommendation

I’ve used both Landsend boxers and Nordstrom brand boxers. I found the Nordstrom brand to wear fairly well but they are expensive. I’ve always liked Landsend but lately they seem to be getting thinner and thinner and tearing easily, although they are about 60% less than Nordstrom. Does anyone have ...
by tesuzuki2002
Wed Aug 15, 2018 4:50 pm
Forum: Personal Finance (Not Investing)
Topic: Housing affordability - what is your take?
Replies: 73
Views: 6707

Re: Housing affordability - what is your take?

For someone Single making an income of $120k/yr, what do you think should be the maximum to be spent on housing related expenses (PITI + HOA + Maintenance) monthly? I like Dave Ramsey's formula of 25% of take home on a 15 year fixed with 20% down but it is impossible here in SoCal (and will remain ...
by tesuzuki2002
Wed Aug 15, 2018 11:58 am
Forum: Personal Finance (Not Investing)
Topic: Mid 30s Crisis: Personal budget, savings and goals
Replies: 36
Views: 7022

Re: Mid 30s Crisis: Personal budget, savings and goals

Sorry this is a bit long and rambling. I’ve had a lot on my mind I’m new to BH but have always enjoyed personal finance. I’m not completely following BH principles but am using some index funds in the 401k/IRA, the simplicity of BH intrigued me so I am here to learn. I do buy individual stocks sinc...
by tesuzuki2002
Wed Aug 15, 2018 11:46 am
Forum: Personal Finance (Not Investing)
Topic: Experian email alert! "Your score decreased"
Replies: 37
Views: 3237

Re: Experian email alert! "Your score decreased"

GoldStar wrote:
Sun Aug 12, 2018 5:22 pm
Mine went up 12 points this month, dropped 8 the month before, up 3 the month before, dropped 5 the month before that....+/-12 points seem about normal for me.
The system is messed up!! mine goes up and down +/- 15 pts Month of month for no reason..
by tesuzuki2002
Wed Aug 15, 2018 11:43 am
Forum: Investing - Help with Personal Investments
Topic: SEP to solo-401k
Replies: 8
Views: 544

Re: SEP to solo-401k

You cannot do in same year contribution to both. Only one can be active. It is IRS limitation. What if we roll over all the funds in the SEP to the 401k and close out the SEP? if you can back out and undo your SEP contributions for 2018 then you can put them in the Solo 401k... but it's one or the ...
by tesuzuki2002
Wed Aug 15, 2018 11:41 am
Forum: Personal Consumer Issues
Topic: Discarding dead cell phone without purging my data
Replies: 33
Views: 2599

Re: Discarding dead cell phone without purging my data

I've got a smart phone that had a dunking, and never worked again- no chance to reset. I've seen some online discussions indicating it might be a battery issue, suggesting it can be reactivated with my data intact. No SIM card in this model. I have no interest in spending further time restoring the...
by tesuzuki2002
Wed Aug 15, 2018 11:33 am
Forum: Investing - Help with Personal Investments
Topic: 33 Male, how am I doing?
Replies: 28
Views: 2638

Re: 33 Male, how am I doing?

Your rent seems totally reasonable yet you have a 7% savings rate on a six-figure income. So, where is your money going? Well I made like 15k less last year (I switched jobs). After tax income was about 65k (10% into 401k) Assuming I saved ~14% of that, that's 86% left Of after-tax income: 24% rent...
by tesuzuki2002
Wed Aug 15, 2018 12:42 am
Forum: Investing - Theory, News & General
Topic: Magic Formula Results
Replies: 20
Views: 1904

Re: Magic Formula Results

Has anyone really tried the Magic Formula, from Grennblatt's "The Little Book That Beats the Market"? I have seen several posts but nothing definitive and long-term. People seem to give up after a years or so. I started using it on 1/4/2007, so I am in it for just over 11 years. I do it in a SEP IR...
by tesuzuki2002
Mon Aug 13, 2018 6:41 pm
Forum: Personal Consumer Issues
Topic: Rental House Issue
Replies: 21
Views: 2443

Re: Rental House Issue

We have a rental house approx. 5 hours from where we live. I got to know a few days ago that the current tenant is breaking the lease and moving out 4 months before the lease term ends. Now, I got to know this news only after contacting my property manager for some other thing even though she knew ...
by tesuzuki2002
Mon Aug 13, 2018 6:29 pm
Forum: Investing - Help with Personal Investments
Topic: Moving from Vanguard to Fidelity
Replies: 55
Views: 7157

Re: Moving from Vanguard to Fidelity

After years of barely adequate (and sometimes poor) customer support performance from Vanguard I'm thinking of making the switch to Fidelity. If I make the switch I will want to move all my investments. But I have very large gains in one fund (VTSAX). After doing some research it appears that I can...
by tesuzuki2002
Sat Aug 11, 2018 4:35 pm
Forum: Investing - Theory, News & General
Topic: [New Vanguard website layout starting Saturday, August 11]
Replies: 115
Views: 7621

Re: [New Vanguard website layout starting Saturday, August 11]

I am seeing a new layout of my online accounts. There is a notable absence of expense ratios and the mutual funds and etfs are lumped into one without subheadings. Anyone else seeing this? After some clicking on the site, it goes back to the old format. I wonder if they did this to deemphasize fees...
by tesuzuki2002
Sat Aug 11, 2018 4:34 pm
Forum: Personal Consumer Issues
Topic: Aqua Shoes for Beach
Replies: 16
Views: 1446

Re: Aqua Shoes for Beach

Looking for suggestions on a decent pair of water shoes to wear while at the beach. We have went through plenty of the cheap, under $10 versions, but they aren't very comfortable and don't last long. Would mostly wear them to protect the feet while in the ocean, but would prefer them to be comfy en...
by tesuzuki2002
Sat Aug 11, 2018 4:30 pm
Forum: Investing - Theory, News & General
Topic: [New Vanguard website layout starting Saturday, August 11]
Replies: 115
Views: 7621

Re: [New Vanguard website layout starting Saturday, August 11]

I am seeing a new layout of my online accounts. There is a notable absence of expense ratios and the mutual funds and etfs are lumped into one without subheadings. Anyone else seeing this? After some clicking on the site, it goes back to the old format. I wonder if they did this to deemphasize fees...
by tesuzuki2002
Sat Aug 11, 2018 4:26 pm
Forum: Personal Finance (Not Investing)
Topic: Is your monthly expense really that stable or in reality, pretty volatile?
Replies: 46
Views: 3175

Re: Is your monthly expense really that stable or in reality, pretty volatile?

Speaking from personal experiences and interested in hearing what other wiser people think as well. I've never been a big believer in budgeting. I think it's a good yardstick but already knew that future is inherently unpredictable and how can people actually stick to a fixed budget on a monthly ba...
by tesuzuki2002
Sat Aug 11, 2018 4:18 pm
Forum: Personal Finance (Not Investing)
Topic: Contract Renewal Negotiation (email)
Replies: 9
Views: 988

Re: Contract Renewal Negotiation (email)

Immediately start looking for alternative employment arrangements, its always wise to have some irons in the fire when it comes up to contract renewal time. Does you existing contract require that you give any kind of notice prior to renewal time if you don't want to renew?. Sometimes a good strate...
by tesuzuki2002
Sat Aug 11, 2018 4:13 pm
Forum: Investing - Help with Personal Investments
Topic: Old dog needs to learn to manage his investments
Replies: 60
Views: 5106

Re: Old dog needs to learn to manage his investments

Hello! I'm a newbie (my son recommended you), I'm 58, self employed (work 60-70 hours a week), married, 600K saved for retirement, add 25K-30K annually. Worry about money all the time! I figure I need to double that nest egg so we can retire in 10 years. Here's my question, how to get started self ...
by tesuzuki2002
Sat Aug 11, 2018 3:32 pm
Forum: Investing - Help with Personal Investments
Topic: RDFN and housing market slow down...
Replies: 11
Views: 1363

Re: RDFN and housing market slow down...

To the readers that are confused about this post, there was a long RDFN boosterism thread last year by another OP that put a substantial amount of his net worth into this stock. The thread may have led some people other than the original OP to invest in this company. This OP might have been one of ...
by tesuzuki2002
Fri Aug 10, 2018 10:30 pm
Forum: Investing - Help with Personal Investments
Topic: RDFN and housing market slow down...
Replies: 11
Views: 1363

RDFN and housing market slow down...

I have been watching RDFN since around December 2017... As well as I've been exploring the market for another home purchase, but I haven't been able to do it at these prices and seeing how much people are paying up for properties... Not looking at a 08 housing repeat, but I do feel prices have been ...
by tesuzuki2002
Thu Aug 09, 2018 4:37 pm
Forum: Personal Finance (Not Investing)
Topic: Help negotiating!
Replies: 15
Views: 1224

Re: Help negotiating!

Want to get some help with an offer that is being put together for me. I am unhappy with my current career trajectory at my company and have been actively looking at smaller companies for about 4 months, with more opportunity. I have just received an offer with preliminary numbers from HR and he wi...
by tesuzuki2002
Thu Aug 09, 2018 4:32 pm
Forum: Personal Consumer Issues
Topic: Ford Fusion under Safety Recall for 2 Years - Ford Can't Fix - help
Replies: 71
Views: 9591

Re: Ford Fusion under Safety Recall for 2 Years - Ford Can't Fix - help

I am hoping there is someone out there with experience in this or a good lawyer I can contact. In July of 2016 I was notified my Ford Fusion 2011 Hybrid had the infamous "Takata air bag" problem. In that recall It said do not have anyone sit in the front passenger seat - making the car a motorcycle...
by tesuzuki2002
Thu Aug 09, 2018 4:29 pm
Forum: Personal Finance (Not Investing)
Topic: Huge mortgage mistake
Replies: 58
Views: 8420

Re: Huge mortgage mistake

I closed on a townhouse 2 months ago. We bought a place pretty much on the absolute low end of our price range. Super happy with the place. I'm going to spare the details of the flawed thought process I used, but I ended in taking a 30 year mortgage at 4.5% with $60/month PMI (0.35 points). I took ...
by tesuzuki2002
Thu Aug 09, 2018 4:26 pm
Forum: Investing - Help with Personal Investments
Topic: Best 529 plan for California, for self
Replies: 5
Views: 342

Re: Best 529 plan for California, for self

For a Californian who wants a 529 plan for himself, to cover some education costs in retirement to keep the mind active, what would be the best 529 plan? There are no tax benefits in California so everything can be considered. The California plan itself doesn't seem too bad - for an individual inde...
by tesuzuki2002
Thu Aug 09, 2018 4:22 pm
Forum: Personal Finance (Not Investing)
Topic: QUESTION ANSWERED - House I paid 157k in 2007 sold for 55k in 2018
Replies: 25
Views: 2638

Re: House I paid 157k in 2007 sold for 55k in 2018 - CPA saying I will owe capital gains tax

In 2007 I bought a house to use as a rental property for $157,000. It was a rental until early 2018 when I sold the house for $55,000. A loss of over $100,000. Today, in an email, my CPA told me I will likely pay capital gains tax on the sale, because of the depreciation I took over the last 10 yea...
by tesuzuki2002
Thu Aug 09, 2018 4:17 pm
Forum: Personal Finance (Not Investing)
Topic: Mortgage question
Replies: 20
Views: 1773

Re: Mortgage question

BogleGoggle wrote:
Tue Aug 07, 2018 12:00 pm
I have a 30 year fixed mortgage. Is it better to over the pay the mortgage every month by say $1,000 or save up larger sums of money to put in at one time? Thanks!
depends on your goal! It's just math!
by tesuzuki2002
Thu Aug 09, 2018 4:14 pm
Forum: Investing - Help with Personal Investments
Topic: Have you rebalanced to bonds this year?
Replies: 25
Views: 2166

Re: Have you rebalanced to bonds this year?

corn18 wrote:
Thu Aug 09, 2018 12:30 am
New contributions are all going to bonds, so that is keeping my 60/40 at 60/40.
I'm not 100% bonds since I only have a 7% bond portfolio allocation. However, I've been contributing a lot more to bonds this year..
by tesuzuki2002
Thu Aug 09, 2018 4:10 pm
Forum: Personal Finance (Not Investing)
Topic: Rental Property - Keep, sell or refinance
Replies: 20
Views: 1234

Re: Rental Property - Keep, sell or refinance

Purchase Year: 2006 Purchase Price: $185K (about $40K downpayment) Ownership: 50/50 with former law school classmate - we get along well Mortgage: $145K - 30 year ARM (adjusting upwards from 4% to 5% this year) Current rent: $1,150 per month (about half is from Section 8 voucher) PITI: $934 (with t...
by tesuzuki2002
Thu Aug 09, 2018 4:05 pm
Forum: Investing - Theory, News & General
Topic: The Most Googled Money Terms in America
Replies: 16
Views: 2226

Re: The Most Googled Money Terms in America

That looks like "fake news" to me. When you click on the map of the states, each state supposedly has a different financial term that is most searched. Really? Fifty common financial phrases and every state picks a different one? Even Rhode Island, a tiny state doesn't have the same search as one o...
by tesuzuki2002
Thu Aug 09, 2018 1:26 pm
Forum: Personal Finance (Not Investing)
Topic: Share your net worth progression
Replies: 747
Views: 210649

Re: Share your net worth progression

BogleMelon wrote:
Fri Dec 29, 2017 11:08 pm
Am I doing good? :happy
Image
that depends on your age, expenses and planned retiremnet date...
by tesuzuki2002
Thu Aug 09, 2018 8:52 am
Forum: Personal Consumer Issues
Topic: When is leaving your job that pays well a good idea?
Replies: 74
Views: 6902

Re: When is leaving your job that pays well a good idea?

I have a job that a like a decent amount but I often wonder if this is the peak happiness I can get out of life. I make about $160k and am in my early 30’s. My wife and I have around $2 million between investments and our house. Between our careers and investment income we make $260k annually with ...
by tesuzuki2002
Wed Aug 08, 2018 7:33 pm
Forum: Personal Finance (Not Investing)
Topic: "Skin in the game"
Replies: 105
Views: 7026

Re: "Skin in the game"

There are many on this board who vehemently claim that it's important for your kid to have skin in the game - that if you don't make your kid pay for at least some of college they will somehow fail to succeed. I see this stated so often, but rarely do those people concede that college funding shoul...
by tesuzuki2002
Tue Aug 07, 2018 4:41 pm
Forum: Investing - Help with Personal Investments
Topic: 401k administrative fees
Replies: 19
Views: 1114

Re: 401k administrative fees

Can someone help me understand my fees? My 401k through my employer seems to have rather high fees. I am not sure what the "average" % in fees are, but they seem rather high to me. I haven't noticed much until now since my balance is starting to grow. Annually 0.64% $6.40 per $1000 Quarterly 0.16% ...
by tesuzuki2002
Tue Aug 07, 2018 4:06 pm
Forum: Local Chapters and Bogleheads Community
Topic: Post your Financial Milestone Announcements Here
Replies: 481
Views: 47934

Re: Poll: At what age did you hit $500k Net Worth

Single income making 140k/yr in CA. Reached it at 27 yr old (3 yrs past graduation). Double that at 30. Double again at 34. I am 34 now. All thanks for stock market bubble ran up and housing bubble... I don't think I will get anywhere as fast in the next 10 yr, I stop taking any OTs (used to work a...
by tesuzuki2002
Tue Aug 07, 2018 4:04 pm
Forum: Local Chapters and Bogleheads Community
Topic: Post your Financial Milestone Announcements Here
Replies: 481
Views: 47934

Re: Poll: At what age did you hit $500k Net Worth

22twain wrote:
Sat Aug 04, 2018 8:49 am
tesuzuki2002 wrote:
Fri Aug 03, 2018 3:57 pm
How much was organically generated?
You mean fertilized with horse manure or BS or something? :wink:
Yes exactly how I grew mine.. but I used Cow Manure!!
by tesuzuki2002
Tue Aug 07, 2018 4:03 pm
Forum: Local Chapters and Bogleheads Community
Topic: Post your Financial Milestone Announcements Here
Replies: 481
Views: 47934

Re: Poll: At what age did you hit $500k Net Worth

wootwoot wrote:
Fri Aug 03, 2018 6:02 pm
Why isn't there an option for people that haven't reached 500k yet?
I believe that is another thread...
by tesuzuki2002
Tue Aug 07, 2018 3:56 pm
Forum: Investing - Theory, News & General
Topic: Fidelity Files for two Fidelity ZERO℠ Funds (0.00% ER total stock and total international mutual funds)
Replies: 666
Views: 57145

Re: Fidelity Files for two Fidelity ZERO℠ Funds (0.00% ER total stock and total international mutual funds)

I saw someone tweet about, but I can't find any other news: Fidelity ZERO℠ Funds (Zero Expense Ratio Offering) There are two funds included in the filing: Fund Name Ticker Fidelity ZERO℠ International Index Fund FZILX Fidelity ZERO℠ Total Market Index Fund FZROX The international fund includes deve...
by tesuzuki2002
Tue Aug 07, 2018 3:55 pm
Forum: Investing - Theory, News & General
Topic: Fidelity Files for two Fidelity ZERO℠ Funds (0.00% ER total stock and total international mutual funds)
Replies: 666
Views: 57145

Re: Fidelity Files for two Fidelity ZERO℠ Funds (0.00% ER total stock and total international mutual funds)

I saw someone tweet about, but I can't find any other news: Fidelity ZERO℠ Funds (Zero Expense Ratio Offering) There are two funds included in the filing: Fund Name Ticker Fidelity ZERO℠ International Index Fund FZILX Fidelity ZERO℠ Total Market Index Fund FZROX The international fund includes deve...
by tesuzuki2002
Fri Aug 03, 2018 4:03 pm
Forum: Personal Finance (Not Investing)
Topic: Comfort level with Credit Card Balance
Replies: 86
Views: 5341

Re: Comfort level with Credit Card Balance

Just wondering what's everyone's comfort level is with their credit card balance. I used to pay off my credit card balance every month but have been focusing on saving for a down payment for a duplex therefore my credit card isn't getting paid in full each month. I haven't had to pay CC interest fo...
by tesuzuki2002
Fri Aug 03, 2018 3:57 pm
Forum: Local Chapters and Bogleheads Community
Topic: Post your Financial Milestone Announcements Here
Replies: 481
Views: 47934

Re: Poll: At what age did you hit $500k Net Worth

Finally hit 500k net worth today at age 28! I've been working 6 years full time and have 2 duplexes producing good income/appreciation. Well on my way to FI in 4-6 years if all goes well! Congrats!! I hit 500k a couple days ago too! Here’s to another 500k :sharebeer Congrats well done!!! How much w...
by tesuzuki2002
Fri Aug 03, 2018 2:45 pm
Forum: Personal Finance (Not Investing)
Topic: Credit Card Pay Down Question
Replies: 37
Views: 2016

Re: Credit Card Pay Down Question

How much would you be willing to sacrifice/eat in interest while paying down a CC (24.74% APR) before pulling from something like a Roth IRA? I'm advising someone to bite the bullet and eat some interest versus pulling from their Roth IRA which they are intending on doing, They have about 11k in CC...
by tesuzuki2002
Thu Aug 02, 2018 9:38 pm
Forum: Investing - Help with Personal Investments
Topic: Payoff rental property or invest in the market
Replies: 15
Views: 1451

Re: Payoff rental property or invest in the market

Thanks added information below.. 15 yr mortgage @ 3.0%.. all other investments 401K, IRA, few others are maxed...I can load up 529 but happy with pitching XX every month. Currently no issues on cash flow and will have about 6 months in liquid..even after if I pay off. End up in 32% tax rate bracket...
by tesuzuki2002
Thu Aug 02, 2018 8:30 pm
Forum: Personal Consumer Issues
Topic: Hiking vacation in November - any recomendations?
Replies: 35
Views: 2002

Re: Hiking vacation in November - any recomendations?

mak1277 wrote:
Thu Aug 02, 2018 11:10 am
Sedona?
+1 I spent 1 week in Sedona last November... it was AWESOME!!! morings were a little cool... but day time was GREAT for trail running and hiking.
by tesuzuki2002
Thu Aug 02, 2018 8:25 pm
Forum: Investing - Theory, News & General
Topic: Will dividend spending only portfolio last forever ?
Replies: 90
Views: 5708

Re: Will dividend spending only portfolio last forever ?

If somebody is able to plan their expenses in retirement to only spend dividends , then wouldn’t that portfolio last forever?(except for truly extreme circumstances). I know that the emphasis on this forum is on total returns, but dividend spending only maybe a way to enforce discipline on spending...