Search found 414 matches

by VoiceOfReason
Wed Mar 20, 2024 12:41 pm
Forum: Personal Finance (Not Investing)
Topic: Hospital Bill - Negotiation strategies?
Replies: 136
Views: 8563

Re: Hospital Bill - Negotiation strategies?

It's a crazy system and it's embarrassing to be part of it sometimes. But I'd invite anyone who thinks $2K is an outrageous price to pay for an ED visit, any ED visit, to go open their own ED and put that expensive one out of business. Good luck! I think that's exactly what "Urgent Care" companies are trying to do. Well, maybe not put ERs out of business, but skim the easy cream off the top. I wonder if there are any stats regarding the income level and insurance type of folks who use the UC versus ER. I know if it was something minor, I'd stay far, far away from the ER. If Urgent Care is skimming off well insured patients from their ER why doesn't hospitals adjust their plan. Such as hospitals should offer 24 hour Urgent Care ri...
by VoiceOfReason
Wed Mar 20, 2024 8:27 am
Forum: Personal Finance (Not Investing)
Topic: Hospital Bill - Negotiation strategies?
Replies: 136
Views: 8563

Re: Hospital Bill - Negotiation strategies?

That's such a cheap ER visit that I wonder if you might mentally prepare yourself to receive more bills....Seems every single person who saw him or had any sort of contact with him in any way is submitting their own bill to insurance - total billed amount is currently at $51,000 and change. In your husband's case, there was a surgeon and an anesthesiologist and an OR and maybe even an inpatient stay. That's going to cost a lot more. But don't mistake the "billed amount" for anything. That number means literally nothing. It's just a "chargemaster price", a number pulled out of thin air to ensure the hospital or doc never leaves a dime on the table that insurance companies were willing to pay. It has literally nothing to ...
by VoiceOfReason
Wed Mar 20, 2024 7:59 am
Forum: Personal Finance (Not Investing)
Topic: Hospital Bill - Negotiation strategies?
Replies: 136
Views: 8563

Re: Hospital Bill - Negotiation strategies?

The only issue I have is that you are subsidizing all the non-payers that go through the ED. Can you explain how that works exactly? Because I'm having trouble figuring out how to charge someone else more because the last guy didn't pay. I mean, I guess in a vague sense a grocery store with a 20% shoplifting rate would have to charge higher prices to stay in business, but any subsidizing going on is incredibly indirect. Mostly hospitals and doctors just donate their services to those who don't pay because EMTALA mandates they do all their work before doing a wallet biopsy. Even if I could get that other 20% to pay me, I probably wouldn't charge you any less, I'd just get a 25% raise. So now you can see why we think it's ridiculous for an i...
by VoiceOfReason
Tue Mar 19, 2024 12:23 pm
Forum: Personal Finance (Not Investing)
Topic: Hospital Bill - Negotiation strategies?
Replies: 136
Views: 8563

Re: Hospital Bill - Negotiation strategies?

There are countless complaints I have about medical billing practices. From uninformed "procedures" being billed by specialists during an office visit that end up being billed hundreds/thousands to the complications of resolving a billing issue in which you've done nothing wrong. However, this is not one of them. This payment is not only for the actual service that you received, it's also for the availability of this service 24 hours a day, 365 days a year. In fact, you needed it at a time when no other options were available. The only issue I have is that you are subsidizing all the non-payers that go through the ED. But that's a completely separate discussion. I'd verify that it is accurate by looking at the EOB and that your ne...
by VoiceOfReason
Wed Mar 06, 2024 3:13 pm
Forum: Personal Finance (Not Investing)
Topic: Financial Gift for New Nephew
Replies: 9
Views: 781

Re: Financial Gift for New Nephew

Curb Fan wrote: Wed Mar 06, 2024 3:08 pm This isn't a big deal, and I'm obviously trust worthy, but if the shoe were on the other foot, I'd want to have my own kids' 529s linked to one of my accounts or at least be the one who controls who has access to it.
I can't imagine contributing regularly to a 529 setup like this for my own child by a relative. You are literally giving up ownership of the money. I know this is family, trust, etc. But still...
by VoiceOfReason
Wed Mar 06, 2024 3:10 pm
Forum: Personal Finance (Not Investing)
Topic: Financial Gift for New Nephew
Replies: 9
Views: 781

Re: Financial Gift for New Nephew

How much are you thinking of contributing financially?

You can always open a 529 and name your nephew as the beneficiary of the 529 account. You retain full control of the account, add money to it and invest it accordingly. You will be assured that your gifts intended towards your nephews college actually goes to that. You also get any state tax benefits that might come with it. This is good if you plan on giving regular gifts over his lifetime to cover educational costs. Then when it is time to be used you can pay for college out of that account for your nephew.

Then every year you can tell your brother that you've made another $xx contribution for your nephew to the 529 if you want.
by VoiceOfReason
Wed Mar 06, 2024 8:44 am
Forum: Personal Finance (Not Investing)
Topic: When have you stopped saving for retirement?
Replies: 40
Views: 4005

Re: When have you stopped saving for retirement?

When have you stopped (or drastically constrained) investing for retirement? How long was this period? And do you think it significantly affected your retirement prospects? When my wife and I started our careers, she had large student loan debt. So initially, we were not maxing out 401k's and instead working on paying off that debt. But it was always a significant amount still going to 401k's, ~75% of the max. While this isn't a stop because it never fully started, it is in a way prioritizing the short term goal of debt payoff vs long term retirement goal. I've also stopped contributing to my taxable account for a short period of time to pay for a home renovation. Is this IRA your only retirement account? Is there a way to not go all or no...
by VoiceOfReason
Tue Mar 05, 2024 2:20 pm
Forum: Personal Finance (Not Investing)
Topic: How much car can I afford?
Replies: 114
Views: 9370

Re: How much car can I afford?

Is there a formula on how much a car a person can afford? Is it based on net worth? Income? :confused Afford is different than should responsibly buy. I haven't seen a good formula to date. For most people, anything beyond $10-$20k on a car wades into what I consider discretionary spending with a handful of exceptions. (Vehicle needed for work or to run a business) Discretionary spending is dependent on both income and net worth and will vary significantly based on the details of the individual. For someone with low to no significant savings, I'd suggest nothing more than $10-15k, regardless of income. For someone with >$2MM in savings and an income that covers all bills/savings I'd suggest they could spend upwards of $100k if they are an ...
by VoiceOfReason
Tue Mar 05, 2024 9:51 am
Forum: Personal Finance (Not Investing)
Topic: Ticket is only available as an award ticket, should I change my rewards strategy?
Replies: 16
Views: 1176

Re: Ticket is only available as an award ticket, should I change my rewards strategy?

IND is showing one stops for cash but very expensive.

Consider CVG airport. It's a 1.75 hour drive or so from IND but has reasonable prices with 1 stop flights. Plus flying out of CVG is going to be a lot more enjoyable experience than out of ORD.

Calling the airline is also a good idea.

Like others have said, getting enough points for an international flights via credit card is very hard, especially if you don't actually fly much.

I always use the google flight tab.
by VoiceOfReason
Tue Mar 05, 2024 9:14 am
Forum: Personal Finance (Not Investing)
Topic: Giving (unequal) money to adult children
Replies: 90
Views: 8405

Re: Giving (unequal) money to adult children

toddthebod wrote: Tue Mar 05, 2024 9:03 am
TN_Boy wrote: Tue Mar 05, 2024 8:59 am
toddthebod wrote: Tue Mar 05, 2024 8:41 am It's your money to do with as you please. Besides, your other children shouldn't even know about the gifts you've made.
Well, until maybe they find out later and are not pleased with mom "punishing good behavior" by only helping the one in trouble and not the responsible ones. Whether that is a reasonable view or not is a different question and obviously purely a relationship issue.

But depending on family secrets to remain a secret may work out badly.
If the other kids have a problem with mom giving $7,000 to her struggling child with "physical and mental health problems," they deserve nothing in the first place.
+1
by VoiceOfReason
Tue Mar 05, 2024 8:36 am
Forum: Personal Finance (Not Investing)
Topic: Utilizing HDHP-HSA.
Replies: 6
Views: 506

Re: Utilizing HDHP-HSA.

You are 28, in good health and only using the healthcare system for annual checkups? I'm going to assume both plans are through the same (or similarly robust) insurance provider network and you do not have any foreseeable health conditions or procedures. Do the HDHP-HSA. This plan wins for you on both the low end of minimal use and the high end of max use. The way you and most 28 year olds use insurance you will not come out of pocket for anything. The max you will have to come out of pocket is $2,250 (after the $750 employer contribution). And when the delta of premiums is also taken into consideration it is closer to $1,200. This is a bargain. Then follow the boglehead investment guide on what accounts to put extra $ and in what priority....
by VoiceOfReason
Mon Mar 04, 2024 1:02 pm
Forum: Personal Finance (Not Investing)
Topic: If/how/how much to financially assist kids that choose not to go to college
Replies: 48
Views: 3862

Re: If/how/how much to financially assist kids that choose not to go to college

If both went to college were your intentions to pay all tuition for both children? I think it depends on the child and the situation. For instance, did the child choose the trades and not college because they had the self awareness that they will not be successful in college thereby saving everyone a whole bunch of wasted money/debt/frustration? Is the college bound child going to get an overpriced liberal arts degree that they will never use? I would start with 2 and execute via 5. I would not hand over a lump sum to a 19 year old unless I was confident they could handle it. I'd provide it to them around 25 or 30 over time. I view #3 as something you would also be doing for your college bound child once they graduated. Similar to providing...
by VoiceOfReason
Mon Mar 04, 2024 9:18 am
Forum: Personal Finance (Not Investing)
Topic: To HSA or not HSA??
Replies: 10
Views: 1197

Re: To HSA or not HSA??

It is all about the details of your employer's options. Factors include how much the employer contributes, premiums, deductibles, co-insurance once deductible is met, etc.

This is not a one size fits all answer, however usually employers have made the HSA advantageous by combination of employer contributions and premiums.
by VoiceOfReason
Sat Mar 02, 2024 11:05 am
Forum: Personal Finance (Not Investing)
Topic: 24 year old- money problems
Replies: 50
Views: 6495

Re: 24 year old- money problems

Completed my MS in Psychology looking to become a clinical psychologist, got burnout and decided I wanted to pursue something in HR that would still allow me to use what I learned in psychology and now found myself working as a Recruiter (which I quickly learned is essentially sales). Yes, it is sales. But probably helps you with getting into a traditional HR position with a company. I think you are doing just fine for 24 and while the corolla is a splurge, it only becomes a mistake if you don't keep it for a minimum 10 years. You should be able to make that car last another many years which would neutralize this "bad" decision. I think it's good that you moved out and also good that you'd move back with your parents. You want to...
by VoiceOfReason
Sat Mar 02, 2024 11:01 am
Forum: Personal Finance (Not Investing)
Topic: Mid-career change to law?
Replies: 127
Views: 11957

Re: Mid-career change to law?

B3GINN3R wrote: Thu Feb 29, 2024 8:24 pm As a relatively happy lawyer, i can tell you that you would be crazy to switch to law. You would be a 45-year-old junior associate, which would just be miserable.
I just can't see a law firm wanting to hire a 45 year old junior associate. The entire point of this structure is to get young, dumb, hungry lawyers to work long hours. A 45 year old simply does not fit.

OP: This is a terrible idea for your family, your income and your long term net worth. I cannot comment on what it would do to your happiness.
by VoiceOfReason
Mon Feb 26, 2024 9:52 am
Forum: Personal Finance (Not Investing)
Topic: 24 year old- money problems
Replies: 50
Views: 6495

Re: 24 year old- money problems

Completed my MS in Psychology looking to become a clinical psychologist, got burnout and decided I wanted to pursue something in HR that would still allow me to use what I learned in psychology and now found myself working as a Recruiter (which I quickly learned is essentially sales). Yes, it is sales. But probably helps you with getting into a traditional HR position with a company. I think you are doing just fine for 24 and while the corolla is a splurge, it only becomes a mistake if you don't keep it for a minimum 10 years. You should be able to make that car last another many years which would neutralize this "bad" decision. I think it's good that you moved out and also good that you'd move back with your parents. You want to...
by VoiceOfReason
Sun Feb 25, 2024 3:07 pm
Forum: Personal Finance (Not Investing)
Topic: FIRE-ing In, Quitting versus Getting FIRE-d - Talking to Boss Tomorrow
Replies: 148
Views: 22989

Re: FIRE-ing In, Quitting versus Getting FIRE-d - Talking to Boss Tomorrow

You did not include your financials, so the assumption is that you truly are essentially FIRE ready. I interpret her regular 1:1’s as a sign she is preparing to make a decision on you. It sounds like she may not want you on the team. I would never suggest you are not committed to the job. If an employee said that to me I’d immediately be looking to termination for cause and build a case to do so or push them out to another job. I would essentially be really direct and use her own words. “Boss, I’ve had a great performance recently with $$$MM in business. I believe its been my relationships and work that has allowed for this excellent performance. Yet you seem to think there is a problem or I’m not responsible for this success. I gotta just ...
by VoiceOfReason
Fri Feb 23, 2024 12:16 pm
Forum: Personal Finance (Not Investing)
Topic: Just did my own taxes for first time - owed $5k
Replies: 57
Views: 8017

Re: Just did my own taxes for first time - owed $5k

I just did my taxes for the first time in my life (whoooop) but owed an additonal $5k at the end of it. My situation is that I have my employer take the full withholding so I never thought I would be in a situation like this. I work in sales so I have salary + commission and my income was unusually high in 2023 - like $214k vs $120-150k. Obviously, throughout the year I encountered a few extra large commission checks and wondering if that's why this happened? Been spending the past 6 hours reading up on taxes, since I finished doing my own this monring. I don't seem to be missing anything major, but obviously hoping to improve on my taxes next year so wanted to see if there is anything that comes to your mind on why this would have happene...
by VoiceOfReason
Tue Feb 06, 2024 12:40 pm
Forum: Personal Finance (Not Investing)
Topic: Looking for advice to save for home addition/renovation
Replies: 29
Views: 2376

Re: Looking for advice to save for home addition/renovation

Something I always wondered. Why would someone buy a house knowing they want/need to spend hundreds of thousands in renovations? Why not buy a house that has what you want whether existing or new build? This gets the crux of my question above. There are legitimate reasons why someone would purchase and do major renovations. Real estate is unique by definition. It is why it is one situation where it is not really practical to sue for damages so specific performance can be the resolution. (force someone to perform on a contract). For example, you have a unique waterfront property that has certain sunset angles, waterfrontage, location etc on sought after water. Buying and remodeling might be your only option to get what you want. But this is...
by VoiceOfReason
Tue Feb 06, 2024 10:08 am
Forum: Personal Finance (Not Investing)
Topic: Looking for advice to save for home addition/renovation
Replies: 29
Views: 2376

Re: Looking for advice to save for home addition/renovation

Is there a reason you want to renovate the current home instead of waiting a few years, paying off debt, improving financial situation, more definition on family size, and then just buying a house that fits what you want? Living in a house undergoing any renovation, much less a major renovation, is very uncomfortable, particularly with young children.

Additionally, how does your house value of $695k compare to the values of other houses in your neighborhood?
by VoiceOfReason
Thu Jan 25, 2024 8:22 am
Forum: Personal Consumer Issues
Topic: Fleet Vehicle - What car should I choose?
Replies: 17
Views: 2311

Re: Fleet Vehicle - What car should I choose?

Mercedes vs Tesla vs. Toyota? This is an apples and oranges comparison. Mercedes will have the best ride comfort, most comfortable seats, etc. Tesla will have the best charging network and user experience. The Toyota will be “meh” appliance-like most other Toyotas, Hondas, and Subarus but will get a lot of folks defending appliance cars. What is your use case? How many miles driven per year and what part of the country? Do you need an SUV? Do you have stuff to lug around? What type of range do you need, etc? 80% of the use will be within 30 minutes from my house. About 10 times a year I will be about an hour away from my house (~80 miles). And possibly two or 3 times a year would I be >100 miles from my house with this car. Any family road...
by VoiceOfReason
Tue Jan 23, 2024 3:28 pm
Forum: Personal Consumer Issues
Topic: Fleet Vehicle - What car should I choose?
Replies: 17
Views: 2311

Fleet Vehicle - What car should I choose?

I'm up for a new vehicle as part of my MegaCorp's fleet vehicle program. They are transitioning to EV options only. I have never had an EV. As part of the program they will be providing me the vehicle (for a standard monthly fee) that covers insurance, maint, an electric charge card, and reimbursement for an in-home installation of charger and additional costs to electric bill. I'd appreciate the following: 1) Any general advice on EV's and what I should be aware of 2) I test drove a tesla Y and got a little motion sickness. The regen braking and acceleration did not feel natural. I've read I get used to it and adjust, but that concerns me. Should it? 3) Which vehicle should I select from the list below and why: 2024 Mercedes-Benz EQB 300 B...
by VoiceOfReason
Thu Jan 18, 2024 9:36 am
Forum: Personal Finance (Not Investing)
Topic: Resignation Letter
Replies: 70
Views: 7035

Re: Resignation Letter

LaramieWind wrote: Thu Jan 18, 2024 4:37 am
ACTION: Should I mention in my resignation letter that I am leaving due to the level of my compensation? I had asked for a raise in June 2023 and when denied I let the manager know that I would considering leaving the company. Multi-billion dollar utility, they have the money.
Absolutely not. I cannot think of a single scenario in which you would provide that commentary.

The only scenario I can think of to which you would add any commentary to a resignation letter would be by the advice of an attorney because you were about to enter an employment lawsuit with the employer.
by VoiceOfReason
Wed Jan 10, 2024 11:43 am
Forum: Personal Finance (Not Investing)
Topic: Potentially selling a great house
Replies: 101
Views: 12308

Re: Potentially selling a great house

Neither my wife or I come from money. We don't have any inheritance that will fall our way. My job is stable, but as mentioned, I don't work in a trade (i.e. physician). Am I looking a bad move to pay an extra $3100 a month for my children to be in a bigger neighborhood with lots of kids? The house would also be bigger by another 1000 sq feet, but we really don't need more space. Do it and don't look back. People (myself included) move across the country to create a specific lifestyle for their families. Some examples being culture, weather, outdoor activities, even for child sports development. If both you and your spouse are aligned that you want to create this type of lifestyle for your family, you should verify that this is will reason...
by VoiceOfReason
Wed Jan 10, 2024 11:31 am
Forum: Personal Finance (Not Investing)
Topic: Living in HCOL area and nearing retirement.
Replies: 30
Views: 2826

Re: Living in HCOL area and nearing retirement.

If you want to get quality advice, you should include information about your income, assets, age, marital status, kids, etc.
by VoiceOfReason
Wed Jan 10, 2024 7:58 am
Forum: Personal Finance (Not Investing)
Topic: 10 year old wants to sit with me when I do taxes . Should I let him?
Replies: 98
Views: 16799

Re: 10 year old wants to sit with me when I do taxes . Should I let him?

Sho wrote: Sat Jan 06, 2024 8:21 pm Thank you all, my only concern is the kid revealing our finances to others
My teenager know our salaries , but not about our investments
You know your kid best. Only you can answer this question and determine if he is mature enough.

I have a son, similar age that’s asking questions, but not to the level of wanting to do tax filings. My son is very clearly just trying to find out our income. Yours at least is trying to learn something else. I wouldn’t shut your son down with a “no”. I would start doing fake returns, and opening up less important personal information to him like smaller IRA/401k balances or mortgage balance etc and see where he takes it and how he handles having that information.
by VoiceOfReason
Tue Jan 09, 2024 9:43 am
Forum: Personal Finance (Not Investing)
Topic: How Can I Truly Calculate Net Worth (include primary home or not)
Replies: 55
Views: 7093

Re: How Can I Truly Calculate Net Worth (include primary home or not)

There are a few situations where I think it's fair to include primary home. One in particular is if you currently own a high $$ home that you intend to sell prior to retirement. For example, you own a $2MM house that you intend to sell in 10 years when you retire and will clear $1.5MM in equity from it and will downsize to a $500k condo when you retire. Yea, you should count the net of $1MM in your retirement planning because that money will be available to you to use.

In your situation with the house value you are talking about I would not include it. Just assume that you will need to have a paid off house when you retire and track your progress to that with you home equity progress.
by VoiceOfReason
Thu Jan 04, 2024 8:50 am
Forum: Personal Finance (Not Investing)
Topic: Super awkward new employer situation
Replies: 144
Views: 26823

Re: Super awkward new employer situation

Would you even put a job you held for 2 days or 2 weeks on your resume? The only reference you may need from them is in terms of your work as a contractor, not as an employee. And you may not need that anyway.

You have no obligation to offer any notice in this situation. As a previous poster summed it up very well - this is an annulment. Only reason you would offer 2 weeks is to collect one paycheck from them.

Alternatively, you could offer your 2 weeks and there is a possibility they will just cut you loose and pay you for those 2 weeks anyway.
by VoiceOfReason
Wed Jan 03, 2024 9:01 am
Forum: Personal Finance (Not Investing)
Topic: Super awkward new employer situation
Replies: 144
Views: 26823

Re: Super awkward new employer situation

I firmly believe that relationships that start on deception will never end well. Be that business or personal. This employee/employer relationship has started on deception. If it were me, I would do as others have suggested. Request an in person meeting with the director. Clearly state what was discussed and that is exactly what you expect. Clarify that you accepted a 4/5th salary based on this discussion as well. If it were me, I would now demand that a formal HR letter be written and agreed upon between you and the company to document this conversation so as to "avoid any future miscommunications" as he put it. An alternative solution is to take the 40 hours but renegotiate the salary to 5/5 if you are ok with 40 hours. If one o...
by VoiceOfReason
Sat Dec 02, 2023 4:47 pm
Forum: Personal Finance (Not Investing)
Topic: Hospital procedure prepayment question
Replies: 21
Views: 1676

Re: Hospital procedure prepayment question

I’ve had a surgical procedure scheduled with a large hospital. They called me the week before and asked if I wanted to prepay my portion and I asked them the benefit of me doing that. They gave me a 10% discount if I paid >24 hrs before the procedure. Full refund if procedure is cancelled and any recapture once submitted to insurance would still be provided the 10% discount. If I waited until day of or after there was no discount.

It was an easy decision for me to save about $100.

If no discount is offered I always ask for a bill to be sent after insurance submission.
by VoiceOfReason
Fri Dec 01, 2023 11:23 am
Forum: Personal Finance (Not Investing)
Topic: Purchase home (~$375k) or continue renting ($500/mo)
Replies: 40
Views: 2912

Re: Purchase home (~$375k) or continue renting ($500/mo)

All of that to say - we probably will be living in this area for at least the next 5-10 years minimum. My career has high remote-working potential, so a career move would not necessarily require relocating. We do not plan to have kids at this time, and our only long-term financial goal is that we'd like to retire at 52 when she becomes fully vested in the state pension plan (includes benefits). A couple things. 1) All of the above presumptions about children, career, and living in area can change very quickly. Ask any 35+ year old if what they thought would happen with each of those categories at age 25 actually happened and almost all would likely say no. Flexibility is key. 2) If retiring early at 52 is truly a goal, you will not find a ...
by VoiceOfReason
Wed Nov 29, 2023 8:54 am
Forum: Personal Finance (Not Investing)
Topic: Please poke holes in our early retirement plan
Replies: 45
Views: 7422

Re: Please poke holes in our early retirement plan

What is the current property value, balance and interest rate on your mortgage? I would not assume paying off mortgage is best use of $ to achieve early retirement.

I think reducing 401k contributions and the associated tax benefits is a mistake. There are ways to get $ out of retirement accounts.

Depending on house info above, you could pay minimum on house, invest the difference. Maxing tax advantaged accounts first, then putting extra funds into after tax brokerage. When you are ready to retire, your child will presumably be out of the house. You sell house, downsize and pay cash for smaller home.
by VoiceOfReason
Mon Nov 20, 2023 12:09 pm
Forum: Personal Finance (Not Investing)
Topic: Student Loan Payoff Credit Score Concern
Replies: 22
Views: 1825

Re: Student Loan Payoff Credit Score Concern

Don’t let the tail wag the dog. Pay off the debt. Like many people on this site, your credit score will be meaningless before you know it.
by VoiceOfReason
Sat Nov 18, 2023 9:02 am
Forum: Personal Finance (Not Investing)
Topic: Home Buying Dilemma: Using $185k Equity Alone or Adding $85k Savings for Affordable Payments?
Replies: 19
Views: 1923

Re: Home Buying Dilemma: Using $185k Equity Alone or Adding $85k Savings for Affordable Payments?

Tough call here. You do have the taxable account which can be used if needed.

For me it would come down to my level of comfort with the mortgage payments and my budget. Are you comfortable with a $2500 mortgage and what that leaves you after for everything else? If that extra $700 would make things tight, I would consider doing it.

Usually something in between is the best option. Maybe an extra $40k instead of $85. The option to refinance should be a goal for buyers now.
by VoiceOfReason
Fri Nov 17, 2023 12:49 pm
Forum: Personal Finance (Not Investing)
Topic: Gave Up Company Car: Do I Buy or Lease?
Replies: 15
Views: 2120

Re: Gave Up Company Car: Do I Buy or Lease?

It sounds like you had access to a fleet vehicle for your previous position. Many of those fleet companies will allow you to purchase the vehicle directly from them when it is being recalled. Or they allow you to purchase someone else's vehicle in the company when theirs is being recalled. The pricing is standard wholesale prices that you, allowing you to purchase them significantly less than you could at a dealership. Most fleets have very modest vehicles with a lot of safety features.

Have you looked into that option?
by VoiceOfReason
Thu Nov 16, 2023 2:47 pm
Forum: Personal Finance (Not Investing)
Topic: Advice for student re: Medical Pharm/Device sales rep jobs
Replies: 2
Views: 592

Re: Advice for student re: Medical Pharm/Device sales rep jobs

Your experience in diagnostic radiology is a very specific part of the med device/pharma sales world. And for the most part you are still spot on with where reps for those companies get recruited from. Radiology techs with a drive to get into the business will always have an opportunity to grind their way in with a vendor. (It might take a stepping stone position with the vendor before getting to the sales position, but its a very common track) And you are also right for the business/sales backgrounds getting into those sales positions. If I was advising this person, I would ask them what they really want to be doing everyday and what kind of sale do they want to be engaged in? There is a spectrum of these sales within medical device/pharm ...
by VoiceOfReason
Tue Nov 14, 2023 11:22 am
Forum: Personal Finance (Not Investing)
Topic: Seeking advice regarding Adult child WFH Job and Finances
Replies: 101
Views: 9144

Re: Seeking advice regarding Adult child WFH Job and Finances

JoeNJ28 wrote: Tue Nov 14, 2023 11:16 am I know 20 year olds who live at home and are focused on savings and careers. Maybe the horror stories are just like bad reviews online. You always hear about the bad never the good. Generalizing that 90% of those who live at home aren’t well adjusted adults is just straight up anger at them for doing something you don’t agree with.
I have no anger, and no kids in this situation. Just life experiences watching friends and family's adult kids and my peers. This is not directed at you or your kids either. As I have seen adult kids do it correctly for financial gain while being healthy. From my experience that has been by far the exception.
by VoiceOfReason
Tue Nov 14, 2023 11:16 am
Forum: Personal Finance (Not Investing)
Topic: Seeking advice regarding Adult child WFH Job and Finances
Replies: 101
Views: 9144

Re: Seeking advice regarding Adult child WFH Job and Finances

I'd venture to say that >90% of 20 something males that want to live at home with their parents are suffering from a medical condition and very few people would consider them to be well adjusted adults. It could be a chicken/egg situation so I can't say if it's a cause or a symptom. But very few young adult males are doing this for the reasons to get themselves in a good financial position and suffer for it in the long run. This does not include the young males that are living at home because of a difficult situation, are not happy about it and doing everything they can to move out. Why is this different (today) for males vs. females? Is this medical condition gender-specific? I refer to a medical condition meaning that the person simply h...
by VoiceOfReason
Tue Nov 14, 2023 10:17 am
Forum: Personal Finance (Not Investing)
Topic: Seeking advice regarding Adult child WFH Job and Finances
Replies: 101
Views: 9144

Re: Seeking advice regarding Adult child WFH Job and Finances

My wife came into our marriage at age 30 with roughly half a million saved. I only had half of that. We made similar incomes for similar amount of time. Only difference was she lived at home and her parents didn’t charge her rent, while I “paid my own way” since graduating college. We are closing in on retirement around mid-40s in VHCOL because of this one decision by her parents. This right here. As a parent I feel it’s my job to make sure my kid(s) are better off in life than I was. The whole make them pay rent they are adults or move out thing is just weird to me. Seems like a mentality of I had to do it so should they. Hoping my kids want to stay home for a few years after getting good jobs so they can bank all that as savings and set ...
by VoiceOfReason
Tue Nov 14, 2023 9:32 am
Forum: Personal Finance (Not Investing)
Topic: Seeking advice regarding Adult child WFH Job and Finances
Replies: 101
Views: 9144

Re: Seeking advice regarding Adult child WFH Job and Finances

So, upon reading all the suggestions we have decided to do the following 1. Transfer personal expenses like cell phone, transportation, clothing, entertainment, etc to her. 2. We will still have her on our medical insurance as we are anyways paying for family premium that includes our son. She can bear the expenses of doctor visits, contact lenses etc. 3. She has been given a budget spreadsheet to create a hypothetical budget that accounts for all the living and housing expenses she would incur if she was living by herself. Once she figures out the numbers, she will put aside the living and housing expenses in a separate account and will not be using it as "fun money". This money will build her emergency fund. 4. She will maximiz...
by VoiceOfReason
Mon Nov 13, 2023 11:35 am
Forum: Personal Finance (Not Investing)
Topic: Considering HSA For First Time - New Employer - Advice
Replies: 6
Views: 903

Re: Considering HSA For First Time - New Employer - Advice

Hi All, I have 3 options for health insurance PPOs w new employer: Gold, Silver (HSA), Bronze (HSA) Married Filing Jointly, with Children Federal 22%, maybe 24% CA State 9.3% Past year had a PPO. Spent around $10K out of pocket on medical/dental/vision stuff on top of premiums. Would have expected to spend a little less, maybe $7K in 2024 if I had stayed with past employer and the same insurance. New Employer Medical Insurance Options Family Info Listed Below: Gold: $5,000 Annual Premium - Deductible $2K - Annual Out of Pocket Max $14,600 Silver HSA: $4,160 Annual Premium - Deductible $6K - Annual Out of Pocket Max $10,900 Bronze HSA: $3,600 Annual Premium - Deductible $12,200 - Annual Out of Pocket Max $13,800 If I were you I'd be decidin...
by VoiceOfReason
Tue Nov 07, 2023 6:23 pm
Forum: Personal Finance (Not Investing)
Topic: How to deal with family members constantly trying to recruit/sell IUL policies at family events
Replies: 55
Views: 6758

Re: How to deal with family members constantly trying to recruit/sell IUL policies at family events

Most responders in this thread seem very afraid of ruffling a few feathers. Modern culture is rife with misinformation and yet many people feel like it's taboo to discuss any topic of substance or import with their friends and family members, which are some of the few interactions where people may actually have a chance of pausing and listening. Stop being scared of a bit of social awkwardness and speak up for yourselves, for things you know are true, and probably save some of your family members from being suckered. I think afraid is a mischaracterization. Polite or socially cordial is more accurate. Jumping into conversations unsolicited to prove to the MLM sellers and anyone they talk to that their legal product is awful makes you equal...
by VoiceOfReason
Mon Nov 06, 2023 3:34 pm
Forum: Personal Finance (Not Investing)
Topic: How to deal with family members constantly trying to recruit/sell IUL policies at family events
Replies: 55
Views: 6758

Re: How to deal with family members constantly trying to recruit/sell IUL policies at family events

You don't get to control topics of conversations at family events. Treat this like you would any other topic you don't like to hear discussed at a family gathering. (i.e. politics, religion, the way someone is raising their kid, etc)

I personally would not engage nor disrupt the conversations. Exceptions would be if the selling was unwanted and started to become harrassing to the other person or was becoming entirely disruptive to the party. (calling everyone into a room for a presentation)
by VoiceOfReason
Tue Aug 08, 2023 8:25 pm
Forum: Personal Finance (Not Investing)
Topic: Term Life Insurance
Replies: 25
Views: 3536

Re: Term Life Insurance

Stinky wrote: Tue Aug 08, 2023 3:23 pm
VoiceOfReason wrote: Tue Aug 08, 2023 3:10 pm As OP states they expect to reach their FI number in 20-25 years. That means, if this is achieved, they will need ZERO life insurance 20-25 years from now. So why should they insure for $3MM for coverage to 25 years? Makes no sense.
Why should they insure for $3 million for 25 years now?

Because life happens. Things don’t always turn out as planned decades before.

I’d rather have the “happy problem” of having overpaid a little for “unnecessary” life insurance if all goes well than the “sad problem” if wealth doesn’t build as expected and OP becomes uninsurable before his need for death benefit protection goes away.
And you were a financial officer for a life insurance company?
by VoiceOfReason
Tue Aug 08, 2023 3:10 pm
Forum: Personal Finance (Not Investing)
Topic: Term Life Insurance
Replies: 25
Views: 3536

Re: Term Life Insurance

$3MM may or may not be the right amount. Some questions and things to consider: - What income could be earned by your spouse if you died? - What income could be earned by you if your spouse died? - Who would take your kids if you both died and what kind of life would they have? I find that many people buy too much term life. The point of term life is to allow life of survivors to comfortably continue, not hit the lottery. Your life insurance needs are very likely to be extremely different today vs. 10 or 15 years from now. That's because your assets (and therefore your ability to "self insure") grow over the years. You should also investigate a term life ladder. i.e. 10 year $2MM with a 20 year $1MM or some variation. There has n...
by VoiceOfReason
Tue Aug 08, 2023 10:46 am
Forum: Personal Finance (Not Investing)
Topic: Term Life Insurance
Replies: 25
Views: 3536

Re: Term Life Insurance

$3MM may or may not be the right amount.

Some questions and things to consider:

- What income could be earned by your spouse if you died?
- What income could be earned by you if your spouse died?
- Who would take your kids if you both died and what kind of life would they have?

I find that many people buy too much term life. The point of term life is to allow life of survivors to comfortably continue, not hit the lottery.

Your life insurance needs are very likely to be extremely different today vs. 10 or 15 years from now. That's because your assets (and therefore your ability to "self insure") grow over the years. You should also investigate a term life ladder. i.e. 10 year $2MM with a 20 year $1MM or some variation.
by VoiceOfReason
Thu Jun 29, 2023 1:11 pm
Forum: Personal Finance (Not Investing)
Topic: Help! My [brother] is a millionaire with 60k credit card debt
Replies: 76
Views: 9226

Re: Help! My [brother] is a millionaire with 60k credit card debt

Your brother has a spending problem, not an access to money problem.

Fix the spending problem before any consideration should be given to taking on more debt. Most people in similar situations that you describe, when they take on more debt to payoff other debt end up with simply more debt because they didn't fix the root cause.

Fixing the root cause will be uncomfortable for him. It will include cancelling vacations, selling vehicles, reducing discretionary spending and none of that will be enjoyable.
by VoiceOfReason
Mon Jun 26, 2023 11:36 am
Forum: Personal Finance (Not Investing)
Topic: 6.35% fixed rate or cash offer?
Replies: 51
Views: 4904

Re: 6.35% fixed rate or cash offer?

er999 wrote: Mon Jun 26, 2023 9:52 am The housing market is still competitive in many cities particularly at that price range so you might have a better chance getting the house if you are a cash buyer.
Good point.

Additionally, there is a difference between a "cash buyer" during the offer phase on a property vs. actually paying with cash. You can still be the "cash buyer" and go and get a mortgage. Cash buyer just means you don't have a mortgage contingency in your offer and have the funds to close without one if necessary.

So the offer with no mortgage contingency doesn't need to restrict OP's options.
by VoiceOfReason
Mon Jun 26, 2023 8:48 am
Forum: Personal Finance (Not Investing)
Topic: 6.35% fixed rate or cash offer?
Replies: 51
Views: 4904

Re: 6.35% fixed rate or cash offer?

Brokerage account: 1.6M -- 300K in VMFXX (includes proceeds from sale of our old home) and remainder in diversified index funds (stock/bonds) You have $300k from a recent home sale, so the amount you'd need to sell is $350k? That appears that it would minimize the capital gains hit significantly on the cash option. If it were me, I would roll the $300k at a minimum into the new house. Then the question is only what to do with the remaining $350k. I would not do the 30 year option that you suggest in your OP. I would investigate 15 year options and various ARM's. In this environment, you should not expect to have this loan for more than 5-7 years at a max. (You will refinance or pay off sooner) I'd finance the balance of $350k and then I wo...
by VoiceOfReason
Sat Jun 24, 2023 9:34 am
Forum: Personal Finance (Not Investing)
Topic: Homeowners Dwelling Coverage in FL
Replies: 17
Views: 2185

Re: Homeowners Dwelling Coverage in FL

How does the new dwelling coverage compare to previous insurers dwelling number? This same thing happened to me. I noticed each company had vastly different numbers for dwelling coverage. I ultimately went with the most competitive rate that had a rider for additional 20% dwelling coverage rider for extra rebuilding costs. You need to ask yourself what is the likelihood that your house gets completely destroyed thus requiring the full coverage amount? That risk is very different based on where you are in palm beach county. How old is your house, how old is your roof, are you in a hurricane evacuation zone? If it’s <15 years old and you are outside evacuate zones for even a cat 5 then the likelihood of total destruction of your house is low....