Search found 387 matches

by kenbrumy
Sat Oct 30, 2010 10:25 am
Forum: Personal Finance (Not Investing)
Topic: Estate Taxes for 2011
Replies: 12
Views: 2230

Nobody knows. Without action, the estate tax deduction will go to $1MM but the step up upon death will also go back to "unlimited." I tried a similar post about what income taxes are changing to next year and it got blocked for being "political." Apparently, wondering how much mo...
by kenbrumy
Wed Oct 20, 2010 6:05 pm
Forum: Investing - Help with Personal Investments
Topic: Switch, or buy Vanguard funds in ML account?
Replies: 29
Views: 7175

Get away from Merrill Lynch as soon as you can. Why are you still reading this post. Get your account moved NOW.
by kenbrumy
Sat Oct 16, 2010 7:32 am
Forum: Investing - Theory, News & General
Topic: Maximum Contributions for 2011?
Replies: 9
Views: 2318

Since these are supposed to follow inflation, the social security payout freeze is probably a good indication that no changes to the IRA/401k contribution levels will be made.
by kenbrumy
Sun Oct 03, 2010 10:49 am
Forum: Personal Finance (Not Investing)
Topic: Emergency Fund (Funding Question)
Replies: 15
Views: 1795

Not reading his other posts, I don't know how secure his job is. Of course, I don't think government workers or tenured professors/teacher are particularly safe anymore but they are more secure than the typical wage slave. If the OP has what he feels is a "very secure position" an emergenc...
by kenbrumy
Fri Sep 24, 2010 4:57 pm
Forum: Personal Consumer Issues
Topic: help !!! letter from IRS !!!
Replies: 20
Views: 6903

You got the letter because of the IRS computer programs that search out discrepancies between various forms and tax law interpretations. I have gotten several and they eventually go away with persistence. I recommend you write a very factual letter detailing the reason what they are saying isn't an ...
by kenbrumy
Sun Sep 19, 2010 2:05 pm
Forum: Investing - Theory, News & General
Topic: State pension funds questions
Replies: 9
Views: 1650

Re: State pension funds questions

I am a participant in State Universities Retirement System in Illinois. I am many years from getting any pension/annuity. Have there been failures of systems like this in the past? Also, where does this sit in term of priority for the state to pay? Is there a reasonable chance that this annuity may...
by kenbrumy
Sun Sep 19, 2010 12:46 pm
Forum: Personal Finance (Not Investing)
Topic: xxxxxxxxxxxxxxxxxxxx
Replies: 21
Views: 4189

Re: Moms gambling and she's about to lose her house !

...and the imputed rent would be a gift to your mother. Anything over the gift tax limit would be taxable or applied against your lifetime limit. Do you have any authority for this? John This if from the FAQ site for the IRS about the Gift Tax. What is considered a gift? Any transfer to an individu...
by kenbrumy
Sun Sep 19, 2010 11:12 am
Forum: Personal Consumer Issues
Topic: 9mm pistol for lefty at a shooting range?
Replies: 66
Views: 10016

Shooting revolvers and automatics are pretty much ambidextrous. The only left-right handed issues are where the buttons are and how shells are ejected (autos only). Many autos eject straight up so that shouldn't be an issue. I will frequently fire with both hands. I don't know if specific handgun mo...
by kenbrumy
Sun Sep 19, 2010 8:37 am
Forum: Personal Finance (Not Investing)
Topic: xxxxxxxxxxxxxxxxxxxx
Replies: 21
Views: 4189

Re: Moms gambling and she's about to lose her house !

My elderly Mom has a severe gambling problem. She has lost all her savings and is now at risk of losing her house. (She has already taken out a home equity line of credit.) Recently I was alarmed to learn she began looking into a reverse mortgage. Worse, she would not have gotten anything close to ...
by kenbrumy
Sun Sep 19, 2010 7:34 am
Forum: Investing - Theory, News & General
Topic: State pension funds questions
Replies: 9
Views: 1650

I am not in any state pension but I don't fully rely on any source of income for my retirement. Your pension could be substantially changed before or after you retire. Social security could be radically altered. I have personally had retirement plans at publicly traded companies terminated and benef...
by kenbrumy
Sun Sep 19, 2010 7:20 am
Forum: Investing - Theory, News & General
Topic: Risk Won, Florida Taxpayer's Lost
Replies: 39
Views: 4466

Why would anyone expect otherwise. The advisers compensation is based on their return. They make serious money in a so-so year but are looking to score big by knocking it out of the park. If it blows up which they think is unlikely because they are "geniuses," they get another high paying ...
by kenbrumy
Sat Sep 18, 2010 4:49 pm
Forum: Personal Consumer Issues
Topic: Life/Career Coaches
Replies: 22
Views: 3296

After my firing in 2002, part of my requirement to get my severance was to utilize the services of an outplacement consultant. The guy meant well and explored career interests, skills, resources, etc with me for a couple of months. He tried to help with my resume but I've been doing resumes so long ...
by kenbrumy
Sat Sep 18, 2010 3:22 pm
Forum: Personal Finance (Not Investing)
Topic: xxxxxxxxxxxxxxxxxxxx
Replies: 21
Views: 4189

Unless you can get a diagnosis of "diminished capacity" and you have a DPOA, you are probably going to not be able to stop your mother from destroying herself. She will have to hit bottom all on her own. You can talk with her and see if you can reason with her but she has to choose whether...
by kenbrumy
Sat Sep 18, 2010 3:12 pm
Forum: Investing - Help with Personal Investments
Topic: Estate Planning For Spendthrift Spouse
Replies: 20
Views: 4100

Paula, Look on the bright side. You are statistically far more likely to outlive him than the other way around. Even if you don't your husband will probably be safely over 70 and may have lost his taste for wasteful spending. My mother could put a drunken sailor to shame as far as blowing money went...
by kenbrumy
Sat Sep 18, 2010 3:00 pm
Forum: Personal Finance (Not Investing)
Topic: Power of attorney for parent with unpaid bills?
Replies: 16
Views: 2489

I don't see much use for the "springing" power of attorney for financial matters. The bank will want proof of incapacity, so it may be easier than getting a guardianship through the court, but not much. Banks can be somewhat difficult about durable powers, too, so you might want to talk t...
by kenbrumy
Sat Sep 18, 2010 2:09 pm
Forum: Investing - Theory, News & General
Topic: Rick Ferri on Morningstar: The Power of Passive Investing
Replies: 59
Views: 8036

I find it slightly funny that the comments to the article criticise Rick, while simultaneously failing to provide ANY actual arguments whatsoever. That's the typical old "gored-ox" response. Very similar to the responses I got from the insurance industry to my Forbes columns on annuities....
by kenbrumy
Sat Sep 18, 2010 2:05 pm
Forum: Personal Finance (Not Investing)
Topic: Power of attorney for parent with unpaid bills?
Replies: 16
Views: 2489

This seems to have descended into a description of what and when a DPOA is in effect. State laws differ but there are some similarities I am sure. I'll discuss Texas' law and the specifics that affected my wife's DPOA over her parents. A DPOA can be immediate where an individual signs over to anothe...
by kenbrumy
Sat Sep 18, 2010 10:17 am
Forum: Investing - Theory, News & General
Topic: Pension Funds Stick to 'Unrealistic' Return Assumptions
Replies: 11
Views: 1398

Thanks for the link. Given the agressive asset allocation of most pension funds, 7-8% isn't a completely unrealistic goal, though they will need some luck. Nick This is a reasonable expected return without forcing it to be inflation adjusted based on the last century of data. I don't know of any pr...
by kenbrumy
Sat Sep 18, 2010 8:53 am
Forum: Investing - Theory, News & General
Topic: Pension Funds Stick to 'Unrealistic' Return Assumptions
Replies: 11
Views: 1398

Ron wrote:What's a pension :lol: ???


Those are those itty-bitty checks I will soon start receiving to cover my wine bill - as long as I stick to the Two Buck Chuck.
by kenbrumy
Sat Sep 18, 2010 8:52 am
Forum: Investing - Theory, News & General
Topic: Pension Funds Stick to 'Unrealistic' Return Assumptions
Replies: 11
Views: 1398

I always thought that expecting high returns allowed corporations to reduce their contributions to the pension fund and report higher profits. And, who knows? Higher returns might appear and you're golden. If low returns persist, the government will step in and bail out the pensioners. But, maybe I...
by kenbrumy
Fri Sep 17, 2010 8:41 am
Forum: Investing - Help with Personal Investments
Topic: Annuitizing the home
Replies: 18
Views: 2612

Just to reflect on the idea that you need to be near your children/grandkids. Every move became more difficult as they aged (physically) as they "followed their family", along with greatly reducing their assets. I'm not saying they were wrong to follow their hearts, but sometimes you don'...
by kenbrumy
Fri Sep 17, 2010 7:43 am
Forum: Investing - Help with Personal Investments
Topic: Annuitizing the home
Replies: 18
Views: 2612

I'll second YDNAL's comment about putting 40% of your net worth into a single, illiquid asset. As for reverse mortgages, I've always felt that anyone that feels they need a reverse mortgage to stay in their home should probably not be staying there. You've also said that buying the new home will red...
by kenbrumy
Sun Sep 12, 2010 3:36 pm
Forum: Investing - Theory, News & General
Topic: "The Retirement Challenge--Sink or Swim" -- A Gem
Replies: 24
Views: 6423

Re: Frank Armstrong--a personal story

Great site, great post. I always learn from Taylor's posts & I feel good to see him post more often again. Regards Hi Rajsx: Thank you for your kind words. You may be surprised to learn that Frank Armstrong is responsible for much of what I know about investing. In the 80s and 90s I tried to re...
by kenbrumy
Sun Sep 12, 2010 8:32 am
Forum: Investing - Help with Personal Investments
Topic: frozen in place with treasuries-please help !
Replies: 40
Views: 4544

The cleanest way to move money is to open an account and fill out the transfer paperwork with the new brokerage account. They will then process the transfer and can move everything "in kind" so you'll have your treasuries magically show up over there one day. Unfortunately, your current br...
by kenbrumy
Fri Sep 10, 2010 5:07 pm
Forum: Investing - Theory, News & General
Topic: Rick Ferri takes on high-cost advisors on Forbes
Replies: 72
Views: 10188

Might be worth .10%. But I doubt it. Want somebody to manage your emotions? Go see a shrink. I know a lot of people that bailed out of equities in early 2009 and many of them had financial advisers. I barely managed to keep contributing to equities in my retirement plans and somehow managed to put ...
by kenbrumy
Fri Sep 10, 2010 2:59 pm
Forum: Investing - Theory, News & General
Topic: Laura's latest Forbes column
Replies: 9
Views: 2536

Taking "taxes" out of the kids' allowance is cold, cold, cold.
by kenbrumy
Fri Sep 10, 2010 12:56 pm
Forum: Investing - Theory, News & General
Topic: Rick Ferri takes on high-cost advisors on Forbes
Replies: 72
Views: 10188

yobria wrote:
natureexplorer wrote:Other than Rick Ferri, which advisors fall into the category of charging less than 0.3% for a portfolio of $1,000,000?


Oh there are plenty - just use one who charges by the hour (like most service providers).

Nick


I charge by the hour but my financial advice is free. :lol:
by kenbrumy
Fri Sep 10, 2010 12:52 pm
Forum: Investing - Theory, News & General
Topic: Rick Ferri takes on high-cost advisors on Forbes
Replies: 72
Views: 10188

The article seems to be a rehash of a prior thread Rick started a week or so ago. That thread got the same sort of comments that this one has by many of the same people. That thread eventually got closed and this one is probably about ready too. Low cost index funds have been shown by study after st...
by kenbrumy
Tue Sep 07, 2010 6:00 pm
Forum: Investing - Theory, News & General
Topic: Time to buy TIPS?
Replies: 15
Views: 2619

I sold all my TIPS. The Fed is manipulating interest rates. They can't do this forever. I made a bundle when the rates fell. I'll buy back in when their efforts end or fail. One of which is inevitable.
by kenbrumy
Mon Sep 06, 2010 3:59 pm
Forum: Personal Finance (Not Investing)
Topic: question on severance and starting new job
Replies: 15
Views: 2826

In case I missed the obvious, if she stays until the end, is she paid in full for her banked vacation time? -mike It was in the OP post. It's also Federal law. Vacation time is "earned" so she'll get paid for it Sick pay isn't so if his wife has any it's a use it or lose it proposition un...
by kenbrumy
Mon Sep 06, 2010 3:57 pm
Forum: Personal Finance (Not Investing)
Topic: question on severance and starting new job
Replies: 15
Views: 2826

I've been in a similar situation. I suggest you take a vacation early in the process if you really want to take a vacation. Don't try to play games with vacation time to start the new job early. Bless your wife's new employer for their kindness. What will probably happen is that your wife (and most ...
by kenbrumy
Mon Sep 06, 2010 2:48 pm
Forum: Personal Finance (Not Investing)
Topic: A simple will .... not!
Replies: 17
Views: 3582

Laws vary considerably between the US states. You list yourself as being in France. GET A LAWYER! Don't trust your assets to how well Quicken happens to work in your situation. I'm in the process of watching my children marry and start their own families. At this point, there's no compelling reason ...
by kenbrumy
Mon Sep 06, 2010 7:58 am
Forum: Personal Consumer Issues
Topic: There are many roads to Dublin.....
Replies: 15
Views: 3528

Basically, all the better roads in Ireland seem to be designed to get you to or from Dublin. It gets annoying sometimes when you want to go somewhere else and all you have available are glorified cow paths. Have fun and enjoy the sheep and beer.
by kenbrumy
Sun Sep 05, 2010 6:53 am
Forum: Investing - Help with Personal Investments
Topic: Finding a financial advisor
Replies: 30
Views: 3619

Re: Finding a financial advisor

How do I find a good financial planner that doesn't have conflicts of interest by selling products? And how do they charge for services? Thanks! Go directly to the nearest mirror. Take a good look at your financial adviser. I suggest you start reading and learn enough to do it yourself. It isn't re...
by kenbrumy
Sat Sep 04, 2010 9:02 am
Forum: Personal Consumer Issues
Topic: Is it OK to wear a black shirt to a wedding?
Replies: 51
Views: 15853

I suspect that if you feel you have to ask it isn't acceptable.
by kenbrumy
Thu Sep 02, 2010 5:15 pm
Forum: Investing - Help with Personal Investments
Topic: Just a quick question
Replies: 19
Views: 2427

Things could go up or down. No one knows. History says that buying after a major drop works out well. It might or it might not.

Unfortunately, no one here can tell the future any better than anyone else.

I started buying in mid-1982. People said I was crazy. I'm doing ok now.
by kenbrumy
Wed Sep 01, 2010 4:04 pm
Forum: Personal Finance (Not Investing)
Topic: Are professional licensing tests and fees tax-deductible?
Replies: 11
Views: 12280

Re: Are professional licensing tests and fees tax-deductible

I was wondering if anyone knew professional licensing tests fees, any test prep program fees were considered tax-deductible as "work-related?" Specifically referring to my USMLE (United States Medical Licensing Exam) and my specialty boards exam fees. Also any books/test prep programs ass...
by kenbrumy
Tue Aug 31, 2010 5:11 pm
Forum: Investing - Theory, News & General
Topic: High-fee Passive Advisors Gave Me the Boot!
Replies: 87
Views: 12066

Rick is overcharging. Why pay him? Btw - what is a CFA? I've heard of CFA charterholders before, but not CFA's. Also, this thread has turned into a marketing thread for Rick peddling his services. Surprised this is allowed. Probably because 90+% of the people on this forum know what Rick does and 9...
by kenbrumy
Tue Aug 31, 2010 3:50 pm
Forum: Investing - Theory, News & General
Topic: High-fee Passive Advisors Gave Me the Boot!
Replies: 87
Views: 12066

Value_Investor wrote:Anyone that thinks that doctors and lawyers do not charge what the market will bear is in serious need of some economics lessons.


Add engineers, plumbers, electrians.....

I could go on and on. Haven't most of us quit a wage-slave job at one time or another for more money?
by kenbrumy
Tue Aug 31, 2010 7:13 am
Forum: Investing - Theory, News & General
Topic: High-fee Passive Advisors Gave Me the Boot!
Replies: 87
Views: 12066

Establishing a relationship with any fee-only adviser is a very individual choice. I’ll leave it at that. Evelyn I think she made my point above. The high fee advisers may suck $10,000 per year out of a $1MM portfolio (robbery in my opinion) but with that comes expectations. She wanted instant repl...
by kenbrumy
Mon Aug 30, 2010 5:56 pm
Forum: Investing - Theory, News & General
Topic: High-fee Passive Advisors Gave Me the Boot!
Replies: 87
Views: 12066

I think if a person is in a business that competes in a market where there are alternatives, then that person should be charging what the market will bear. That's not what members of professions are supposed to do. Doctors, lawyers, engineers, investment advisors, etc. have a moral and in most case...
by kenbrumy
Sun Aug 29, 2010 4:09 pm
Forum: Investing - Theory, News & General
Topic: High-fee Passive Advisors Gave Me the Boot!
Replies: 87
Views: 12066

Mr. Ferri does not know me but I called him a few years ago to be a potential client. I'm in the medical field and have gotten several calls from adivsors to use their services. Prior to reading the boglehead website and books, I felt overwhelmed about investing the right way and turned to Rick. Af...
by kenbrumy
Sun Aug 29, 2010 11:37 am
Forum: Investing - Theory, News & General
Topic: High-fee Passive Advisors Gave Me the Boot!
Replies: 87
Views: 12066

IMO, an advisor should charge what's fair, not what the market will bear. Rick Ferri It's hard for anyone to know what is "fair." I agree that 1% is horrible but there is still the magic of market forces. Unfortunately, many people don't have a clue what they're buying with their investme...
by kenbrumy
Sun Aug 29, 2010 7:36 am
Forum: Investing - Theory, News & General
Topic: Help With Annuity/IRA Question
Replies: 5
Views: 2100

I agree the answer is probably yes but you would need to contact an IRA provider. Unfortunately, I've seen people get sold annuities inside their IRAs but they are usually the variable type. I don't recall anyone with a SPIA. I do see four problems. First, you said she doesn't trust family members s...
by kenbrumy
Fri Aug 27, 2010 2:12 pm
Forum: Personal Finance (Not Investing)
Topic: Do I need disability insurance?
Replies: 6
Views: 1148

Whether you need disability insurance depends entirely on how you'll support yourself if you can't work. I have disability with my employer but I don't really need it in my financial position. I don't need what they give me for free but if I really needed it, I'd consider getting a policy outside of...
by kenbrumy
Tue Aug 24, 2010 2:41 pm
Forum: Investing - Help with Personal Investments
Topic: Retire Early
Replies: 43
Views: 5709

unfortunately i will have to buy my own health insurance. i can buy some from my former employer but funny it is more expensive that what i have found shopping around. to cover my wife any myself should be about $700 a month unfortunately but what can you do Don't bad mouth your employer's plan too...
by kenbrumy
Tue Aug 24, 2010 1:44 pm
Forum: Investing - Help with Personal Investments
Topic: Retire Early
Replies: 43
Views: 5709

You are in a similar situation as I am. There's no reason you can't do something like my plan. I have a "sinking fund" in my portfolio that will be used to bridge my gap until Medicare and social security. This is a fixed dollar amount in bonds and it will be gone when I start social secur...
by kenbrumy
Mon Aug 23, 2010 3:42 pm
Forum: Investing - Theory, News & General
Topic: For those who follow Ric Edleman's show...
Replies: 22
Views: 3943

why does he keep talking about Long Terem Care? He has a concern that this will be our biggest expense moving forward and we somehow need to invest our way through it. Or did I miss something else he is trying to tell us about the matter?? It's a big deal to the "middle savers." Other tha...
by kenbrumy
Sun Aug 22, 2010 4:14 pm
Forum: Personal Finance (Not Investing)
Topic: 2011 Tax Changes
Replies: 1
Views: 950

2011 Tax Changes

This really isn't a political posting although I can see how it might develop from the post. That's not the intent so please don't go there with your replies. I was talking with someone I used to work with. He's in a significant managerial position with a large company. He said that next year the va...
by kenbrumy
Sun Aug 22, 2010 12:50 pm
Forum: Investing - Theory, News & General
Topic: Confirmed Hindenburg Omen on 8/20 - anybody watching?
Replies: 293
Views: 50879

Re: Confirmed Hindenberg Omen on 8/20 - anybody watching?

No. Technical analysis exists to make astrologists look good. I really wonder if people who describe the stock market using expressions like head and shoulders formation, hindenburg omen, waves, oscillations, etc etc ever stop for a minute and realize how ridiculous they sound. You only realize how...

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