Search found 193 matches

by ny_knicks
Sat Jun 09, 2018 12:30 pm
Forum: Personal Finance (Not Investing)
Topic: Why do we work?
Replies: 121
Views: 11150

Re: Why do we work?

I regularly work 100 hour weeks. For the minimal amount of time I am not sitting in my cube all I can think about is work. I cannot ever disconnect. Vacations aren't an option. I cancel plans more than I am able to show up for them. I ask myself everyday when I wake up why I am doing this. The mone...
by ny_knicks
Fri Jun 08, 2018 7:41 pm
Forum: Personal Finance (Not Investing)
Topic: Why do we work?
Replies: 121
Views: 11150

Re: Why do we work?

I regularly work 100 hour weeks. For the minimal amount of time I am not sitting in my cube all I can think about is work. I cannot ever disconnect. Vacations aren't an option. I cancel plans more than I am able to show up for them. I ask myself everyday when I wake up why I am doing this. The money...
by ny_knicks
Tue May 22, 2018 6:10 pm
Forum: Personal Finance (Not Investing)
Topic: Buying a Vacation Rental Property as an Investment
Replies: 53
Views: 4948

Re: Buying a Vacation Rental Property as an Investment

Thanks everyone for the replies. I really appreciate the time people on this board put into posting. We're all busy and its nice to see people take time out of their day to provide well thought out advice. Good luck! My experience doesnt mean it will be yours. These were just my thoughts from my exp...
by ny_knicks
Mon May 21, 2018 9:16 pm
Forum: Personal Finance (Not Investing)
Topic: Buying a Vacation Rental Property as an Investment
Replies: 53
Views: 4948

Re: Buying a Vacation Rental Property as an Investment

Thanks for the info lot of good replies. Guess I should have provided additional context to my post. 1.) Area is a real estate market my parents have followed and owned in for over 20 years. 2.) It is a vacation destination (and has been for a long time). Basically the vast majority of homes are ren...
by ny_knicks
Sun May 20, 2018 9:53 pm
Forum: Personal Finance (Not Investing)
Topic: Buying a Vacation Rental Property as an Investment
Replies: 53
Views: 4948

Buying a Vacation Rental Property as an Investment

Anyone ever invested in a vacation rental property? If you have did it work out? Parents live in a vacation destination year round. Oceanfront houses go for $500K-$750k and can generate between $45k-$65k in rental income depending on size/location between May through September. Judging from the real...
by ny_knicks
Fri May 18, 2018 10:34 pm
Forum: Personal Finance (Not Investing)
Topic: Lucrative careers?
Replies: 467
Views: 43954

Re: Lucrative careers?

RNs can make $150k a year. Just live in the right area and work 50 hours a week. New grads start at $100k salary all in for 3 12s a week in NYC. Pick up a per diem job on top of that ($65 / hr) or OT ($80+ / hr) and you're making pretty good money for a normal work week at the age of 22. Also get fu...
by ny_knicks
Sun Apr 15, 2018 1:45 pm
Forum: Personal Finance (Not Investing)
Topic: Could you support family on 1 income?
Replies: 88
Views: 6796

Re: Could you support family on 1 income?

No kids, still young, neither my significant other nor myself would ever consider leaving the workforce. We still have the goal to live like we have one income which will help with savings and prevent us from stretching when we finally purchase a home. Too easy to get used to a lifestyle that relies...
by ny_knicks
Sun Apr 15, 2018 11:28 am
Forum: Personal Finance (Not Investing)
Topic: Career Advice [Do I need an MBA to change career from geology to finance?]
Replies: 8
Views: 1224

Re: Career Advice [Do I need an MBA to change career from geology to finance?]

Is banking what you truly want to do? Have you spoken with people in the industry? It isn't all models/bottles and Exxon Mobil mergers. If it's truly what you want from a career then it has to be the priority not a backup plan. Its not an industry you can just fall back on, it's something that you n...
by ny_knicks
Mon Apr 02, 2018 10:28 pm
Forum: Personal Finance (Not Investing)
Topic: Career Move: Please convince me why I should not work in tech
Replies: 74
Views: 8789

Re: Career Move: Please convince me why I should not work in tech

Shackleton wrote:
Mon Apr 02, 2018 10:11 pm
bampf wrote:
Mon Apr 02, 2018 9:09 pm
OP,

You are missing out on Financials. Tier 1 banks are hiring data scientists at obscene rates. Monetize.

Regards,
bampf
Not just banks. Insurance companies too.
Finance is known for its great work life balance, job security and highly interesting work.
by ny_knicks
Sun Apr 01, 2018 1:04 pm
Forum: Personal Finance (Not Investing)
Topic: What age is the best to give a child control of an inheritance?
Replies: 192
Views: 13837

Re: What age is the best to give a child control of an inheritance?

ny_knicks, 1) How many generations had passed and does it work? 2) My family goes back 2,000+ years. Wealth does not pass three generations seem to be consistent. 3) However, the good name and reputation of my family do last thousands of years. KlangFool Not sure never asked. It certainly isn't 2,0...
by ny_knicks
Sun Apr 01, 2018 8:19 am
Forum: Personal Finance (Not Investing)
Topic: Picking College and College Scholarships
Replies: 643
Views: 75280

Re: Picking College and College Scholarships

Thank you! Question: Did you ask for specific cost reductions or just ask them to do better? I started the conversations off with just do better. Some had me fill out forms which required me to verify where else I was accepted, what their offers were and how much additional aid I was looking for. O...
by ny_knicks
Sun Apr 01, 2018 8:15 am
Forum: Personal Finance (Not Investing)
Topic: What age is the best to give a child control of an inheritance?
Replies: 192
Views: 13837

Re: What age is the best to give a child control of an inheritance?

On the surface it seems like many people just want their adult children to continue their personal mission to grow the biggest possible pile of money. Like people want to give their kid a 7-figure sum of money, but don't want them to change their lifestyle as a result of it. So what's the point? I'...
by ny_knicks
Sat Mar 31, 2018 12:32 pm
Forum: Personal Consumer Issues
Topic: $20,000 book - what to do with it
Replies: 34
Views: 6327

Re: $20,000 book - what to do with it

You owe yourself the $20k. You don't owe the world the book!
by ny_knicks
Sat Mar 31, 2018 12:16 pm
Forum: Personal Finance (Not Investing)
Topic: Picking College and College Scholarships
Replies: 643
Views: 75280

Re: Picking College and College Scholarships

Congrats to your son! Great schools that will all open many doors. What type of argument/ask do you make? Is it like, "You may not have heard, but I'm a national merit finalist now so I assume you will increase your scholarship offer?" Negotiated graduate school scholarships. All schools were in a s...
by ny_knicks
Mon Mar 26, 2018 11:01 pm
Forum: Personal Finance (Not Investing)
Topic: House Purchase - Sanity Check On Financials
Replies: 53
Views: 4875

Re: House Purchase - Sanity Check On Financials

OP is at $215K+ in retirement before the age of 30 and needs to play catchup? Only on this forum... Don't think it has anything to do w/ ability to afford it or need to catch up on retirement savings. I think it has everything to do with the job. Here is what gives me pause: -1 income is more of a r...
by ny_knicks
Mon Mar 26, 2018 10:44 pm
Forum: Personal Finance (Not Investing)
Topic: Tips for moving to NYC
Replies: 57
Views: 5521

Re: Tips for moving to NYC

Peapod is cheaper than FreshDirect but FreshDirect has better quality produce from what we have found. Both sites should give you an idea of grocery costs. Instacart is another good one to check before you come to get an idea of pricing.
by ny_knicks
Sat Mar 24, 2018 4:05 pm
Forum: Personal Finance (Not Investing)
Topic: Recently Engaged, Considering Joint Account(s)
Replies: 26
Views: 2101

Re: Recently Engaged, Considering Joint Account(s)

These responses lol Joint account with my girlfriend (not engaged) including checking, savings, CDs, taxable, student loans refinanced in both names etc. It is all combined. Started with a checking to simplify living together and as time went on our lives just got more intertwined. I am sure that th...
by ny_knicks
Sat Mar 24, 2018 11:35 am
Forum: Personal Finance (Not Investing)
Topic: Tips for moving to NYC
Replies: 57
Views: 5521

Re: Tips for moving to NYC

Njm8845 wrote:
Sat Mar 24, 2018 10:50 am
Looks like east Harlem has housing that meets those requirements, but I have never been in that neighborhood.
I would not move to East Harlem with young kids but everyone has a different safety tolerance.
by ny_knicks
Sat Mar 24, 2018 11:34 am
Forum: Personal Finance (Not Investing)
Topic: Tips for moving to NYC
Replies: 57
Views: 5521

Re: Tips for moving to NYC

Cost of living was a huge shock. I live in Manhattan but my first trip to the local grocery store almost made me fall over. $12 / lb for chicken. What a joke. The outer boroughs may be different but the cheapest options we have found are ordering groceries online, Whole Foods or eating out. There a...
by ny_knicks
Sat Mar 24, 2018 11:21 am
Forum: Personal Finance (Not Investing)
Topic: Student Loan Repayment
Replies: 31
Views: 3032

Re: Student Loan Repayment

Look at First Republic to refinance. Only available to people in select locations in the U.S. (NY is one). Refinanced my loans to 2%. For dual income (one being a lawyer) your salaries seem low for the COL here. I would get aggressive on looking to increase your salaries as there is really only so m...
by ny_knicks
Sat Mar 24, 2018 10:48 am
Forum: Personal Finance (Not Investing)
Topic: Tips for moving to NYC
Replies: 57
Views: 5521

Re: Tips for moving to NYC

Cost of living was a huge shock. I live in Manhattan but my first trip to the local grocery store almost made me fall over. $12 / lb for chicken. What a joke. The outer boroughs may be different but the cheapest options we have found are ordering groceries online, Whole Foods or eating out. There ar...
by ny_knicks
Sat Mar 24, 2018 10:08 am
Forum: Personal Finance (Not Investing)
Topic: Merrill Edge sold my ETFs without my consent, SEC, FINRA, CFPB?
Replies: 89
Views: 9215

Re: Merrill Edge sold my ETFs without my consent, SEC, FINRA, CFPB?

Manufactured spending certainly falls in a grey area and while you may consider it a hobby the financial institutions you are "doing business" with likely do not. You should have read the T&C fully and accepted the risk/rewards of engaging in MS. This wasn't something the bank likely did without a s...
by ny_knicks
Sat Mar 17, 2018 9:15 pm
Forum: Personal Finance (Not Investing)
Topic: Spoke to a financial advisor yesterday - what do you think he's up to?
Replies: 81
Views: 9256

Re: Spoke to a financial advisor yesterday - what do you think he's up to?

b) He's suggesting that there are funds out there that are more expense efficient than what Vanguard offers. I'm very curious about this. c) Its clear that he plays the market via asset class indexes. (I failed to mention this in my original post) d) My wife says most of his clients pay a flat fee....
by ny_knicks
Sat Mar 17, 2018 6:53 pm
Forum: Personal Consumer Issues
Topic: Soft boxer shorts for men
Replies: 28
Views: 3173

Re: Soft boxer shorts for men

True Bogleheads don't waste money on boxer briefs. Go commando you'll save money.
by ny_knicks
Sat Mar 17, 2018 5:10 pm
Forum: Personal Finance (Not Investing)
Topic: Bought house six months ago - now feeling like we're treading water and can't save money
Replies: 189
Views: 18744

Re: Bought house six months ago - now feeling like we're treading water and can't save money

End the tithe...or make it more reasonable. A $200 check at the end of the year or something. 10% is crazy if you're treading water. Scrolled through your estimates down to the penny. You seem fairly frugal and there really wasn't a lot of fat. Your house isn't the problem and neither is your spendi...
by ny_knicks
Sat Mar 17, 2018 4:57 pm
Forum: Personal Finance (Not Investing)
Topic: Those with high savings rate: why?
Replies: 246
Views: 34537

Re: Those with high savings rate: why?

Just because you're making great money now doesn't mean it will continue into perpetuity. I have seen people become disabled, get forced out at 55, have to stay home for kids, end up working on dead end technology etc. While I am young I want to sock away as much as possible. So when the inevitable ...
by ny_knicks
Sat Mar 17, 2018 4:53 pm
Forum: Personal Finance (Not Investing)
Topic: Spoke to a financial advisor yesterday - what do you think he's up to?
Replies: 81
Views: 9256

Re: Spoke to a financial advisor yesterday - what do you think he's up to?

No. The "Vanguard gets paid in other ways comment" was a huge red flag. This guy can't cut his costs like Vanguard can. They are a scale play...he is not. His fee is .25%. Whats the expense ratio of the funds for the "16" asset classes he wants to put you in? I am doubting it is anywhere near the .0...
by ny_knicks
Fri Mar 16, 2018 10:00 pm
Forum: Personal Consumer Issues
Topic: Paging BH Gearheads: Reasonable Net Worth for Exotic
Replies: 104
Views: 7644

Re: Paging BH Gearheads: Reasonable Net Worth for Exotic

Where is my popcorn... Here would be when I would feel comfortable spending that kind of money on a car. If I never had to look at a bank statement again. The purchase would have to be so immaterial to my overal financial outlook that it wouldn't matter if I spent $200k or $500k. If your pinching pe...
by ny_knicks
Fri Mar 16, 2018 9:33 pm
Forum: Personal Consumer Issues
Topic: Time/money trade-offs with work and life balance
Replies: 46
Views: 4281

Re: Time/money trade-offs with work and life balance

I am young and very focused on advancing my career. 80+ hour weeks are the norm and I don't get vacation. Constantly stressed when not at work about what I need to do or getting called into the office. Have issues sleeping and wake up to check my blackberry multiple times a night. My work owns me. L...
by ny_knicks
Sun Mar 11, 2018 10:30 pm
Forum: Personal Consumer Issues
Topic: What is your favorite reasonably priced bourbon?
Replies: 148
Views: 13915

Re: What is your favorite reasonably priced bourbon?

Woodford
Bulleit
Makers Mark

in that order...

oh and Pappy Van Winkle
by ny_knicks
Sun Mar 11, 2018 10:25 pm
Forum: Personal Consumer Issues
Topic: Care by Volvo - what are your thoughts?
Replies: 27
Views: 3358

Re: Care by Volvo - what are your thoughts?

"With Care By Volvo, when your vehicle is returned we will waive up to $1,000 of excess wear. Coverage includes large dents and dings to body panels, windshield damage, tire replacement due to wear, scratched, gouged wheels and worn interior." Does this mean large dents are covered when you turn it...
by ny_knicks
Sun Mar 11, 2018 1:34 pm
Forum: Investing - Help with Personal Investments
Topic: Buying a plot of land for retirement
Replies: 35
Views: 3790

Re: Buying a plot of land for retirement

Parents were in the position to buy a waterfront lot in an area they frequented for summer vacations in their mid-30s. Took on a mortgage to do it but had the assets to pay cash if they wanted. Paid off the lot 15 years later and then just held on to it. Did nothing to it other than the yearly clear...
by ny_knicks
Sun Mar 11, 2018 1:21 pm
Forum: Investing - Help with Personal Investments
Topic: Vanguard Extended Market Index Instl v. Neuberger Berman Genesis R6
Replies: 9
Views: 745

Re: Vanguard Extended Market Index Instl v. Neuberger Berman Genesis R6

All of these funds have different style boxes which can graphically show you the mutual funds characteristics. You're not comparing apples to apples. Look at each of the individual funds relative to their respective benchmarks. And look at it over a long time horizon. Not 3 years. Neuberger and Vang...
by ny_knicks
Sun Mar 11, 2018 11:53 am
Forum: Investing - Help with Personal Investments
Topic: sell or keep home?
Replies: 7
Views: 833

Re: sell or keep home?

we own - a 4br home in nyc suburbs that's worth around $800k, taxes are $20k per year. oil, electricity, maintenance, insurance is another $20k per year - a 2br coop in manhattan, maintenance charges are $20k per year - no mortgages - two kids in college - deep roots in our suburban community thoug...
by ny_knicks
Sun Mar 11, 2018 11:45 am
Forum: Investing - Help with Personal Investments
Topic: Amount saved by age
Replies: 58
Views: 9119

Re: Amount saved by age

You only live once. The key is to enjoy the now while planning for the future, and not short-changing either one. I struggle with this everyday. Healthy balance is important. While I say this in mind I know I am sacrificing experiences now working 16 hour days and saving a considerable amount in th...
by ny_knicks
Sun Mar 11, 2018 11:38 am
Forum: Investing - Help with Personal Investments
Topic: 25YR old with considerable amount of cash
Replies: 48
Views: 7060

Re: 25YR old with considerable amount of cash

I would not touch the money. I would go 100% VTSAX given the age and leave it for the next 20 years. Act like you never inherited any money and you'll likely FIRE well before most.
by ny_knicks
Sun Mar 11, 2018 11:28 am
Forum: Personal Finance (Not Investing)
Topic: Life and Financial Goals Weekend Away - What Should My Wife and I Discuss?
Replies: 30
Views: 3043

Re: Life and Financial Goals Weekend Away - What Should My Wife and I Discuss?

One of the most difficult arguments in life comes down to the definition of "fair" as it is interpreted different by each person (often to fit how it helps them). Is it fair to give equal or fair to give a larger portion to who has worked harder towards their goals? I struggle with the operational ...
by ny_knicks
Sun Mar 11, 2018 10:35 am
Forum: Personal Finance (Not Investing)
Topic: Life and Financial Goals Weekend Away - What Should My Wife and I Discuss?
Replies: 30
Views: 3043

Re: Life and Financial Goals Weekend Away - What Should My Wife and I Discuss?

Like what, maybe they bring a chaperone or else they could become a family of 9 instead of 8. :shock: I say the more the merrier but I can’t even fathom three 2 year olds and a newborn! I can't fathom taking care of anything more than a dog... I think you're right on with coming up with plans for c...
by ny_knicks
Sun Mar 11, 2018 12:02 am
Forum: Investing - Help with Personal Investments
Topic: Amount saved by age
Replies: 58
Views: 9119

Re: Amount saved by age

Most 30 year olds may not be in a financial situation to save $18.5K. That's 18.5% of a $100K salary, 25% of a $75K salary, and 37% of a $50K salary. Reality is, the average salary of a 30 year old is much less than that according to this link https://smartasset.com/retirement/the-average-salary-by...
by ny_knicks
Sat Mar 10, 2018 10:24 pm
Forum: Investing - Help with Personal Investments
Topic: PedalPub investment
Replies: 22
Views: 2286

Re: PedalPub investment

These already exist in a lot of cities in the south. You already missed out.

Are these classes training you to drive the pedal tavern. Or are they sales pitches trying to get you to buy into PedalPub and start your own business which will lead to fame and fortune. Likely the later.
by ny_knicks
Sat Mar 10, 2018 9:48 pm
Forum: Personal Finance (Not Investing)
Topic: Does anyone here with net worths north of $1 mil use financial advisors?
Replies: 249
Views: 36621

Re: Does anyone here with net worths north of $1 mil use financial advisors?

Parents were with Edward Jones. 20+ funds w/ expense ratios over .80%. Front-loads. 1.25% of AUM per year. Started talking w/ them about annuities. What a mess. Luckily this was only for about 3 years. Returns were positive but low compared w/ rally in the market. Convinced them to go with Vanguard ...
by ny_knicks
Sat Mar 10, 2018 9:05 pm
Forum: Personal Finance (Not Investing)
Topic: Obtaining a mortgage in retirement...
Replies: 9
Views: 1069

Re: Obtaining a mortgage in retirement...

Parents moved south 3 years after retiring early. Obtained a construction to permanent loan. FICO scores over 800. Home loan was ~15% of their assets (majority IRAs). Used value of the land as their 20% downpayment. Are not collecting social security yet. Had no issue. Didn't shop the loan (which wa...
by ny_knicks
Sat Mar 10, 2018 8:57 pm
Forum: Personal Finance (Not Investing)
Topic: Where to get money for down payment?
Replies: 13
Views: 1304

Re: Where to get money for down payment?

Does your landlord offer month to month rent. Usually is much higher but may let you hold out until July when you have the full 20% down. Take out a personal loan. My Amex is always trying to get me to take one of these out every time I log in. Interest rate is like 6%. Might be a better alternativ...
by ny_knicks
Sat Mar 10, 2018 8:54 pm
Forum: Personal Finance (Not Investing)
Topic: Tax reform SALT affecting in Bay Area?
Replies: 67
Views: 9864

Re: Tax reform SALT affecting in Bay Area?

Rising interest rates and tax reform will absolutely impact VHCOL areas like SF bay. How much remains to be see. People in those areas are taking on outsized mortgages for their incomes relative to the rest of the U.S. The market is likely propped up on low rates and ability to deduct as people try ...
by ny_knicks
Sat Mar 10, 2018 8:39 pm
Forum: Personal Finance (Not Investing)
Topic: Where to get money for down payment?
Replies: 13
Views: 1304

Re: Where to get money for down payment?

Does your landlord offer month to month rent. Usually is much higher but may let you hold out until July when you have the full 20% down. Take out a personal loan. My Amex is always trying to get me to take one of these out every time I log in. Interest rate is like 6%. Might be a better alternative...
by ny_knicks
Sat Mar 10, 2018 4:25 pm
Forum: Investing - Help with Personal Investments
Topic: Where to park 500k from sale of home?
Replies: 6
Views: 1052

Re: Where to park 500k from sale of home?

4 years is a short horizon...

CDs
Savings

Probably can get 2-3%. Maybe a bit higher.
by ny_knicks
Sat Mar 10, 2018 4:21 pm
Forum: Investing - Help with Personal Investments
Topic: Ok fellow bogleheads, was the correction scary or nothing?
Replies: 147
Views: 12033

Re: Ok fellow bogleheads, was the correction scary or nothing?

I have a friendly banter with a close friend regarding market timimg. We both received bonuses the last few weeks. I went all in w/ mine he's staying on the sidelines to time the market. It is anyone's guess who will come out ahead. He seems very confident that he won't invest when the market is at ...
by ny_knicks
Sat Mar 10, 2018 3:18 pm
Forum: Personal Finance (Not Investing)
Topic: Schwab insists on hard inquiry on Equifax credit report !
Replies: 30
Views: 3446

Re: Schwab insists on hard inquiry on Equifax credit report !

Fidelity's Cash Management Account does a hard credit check at their discretion. I don't know how many people they actually do it for, though. Vanguard doesn't have any service remotely like what Schwab and Fidelity offer so I'm not sure why it is being mentioned. Aloha to you too! OP complained ab...
by ny_knicks
Sat Mar 10, 2018 12:57 am
Forum: Personal Finance (Not Investing)
Topic: Genworth Long Term Care
Replies: 23
Views: 3336

Re: Genworth Long Term Care

LTC insurance market is a complete failure. These policies aren't profitable for insurance companies and they would love to get them off their books. Problem is they can't. No one will buy them. I would bet there will continue to be substantial rate increases year over year. As more people drop cove...
by ny_knicks
Sat Mar 10, 2018 12:46 am
Forum: Personal Finance (Not Investing)
Topic: Advice needed for Renter offer
Replies: 19
Views: 2212

Re: Advice needed for Renter offer

I was once told this was illegal. In grad school I offered to pay in full to qualify for an apartment. Had money saved but no monthly income. They couldn't accept a single payment for an entire year but still approved me even though I didn't meet the financial requirements for monthly income. While ...