Search found 762 matches

by MichCPA
Fri Oct 18, 2019 1:09 pm
Forum: Personal Finance (Not Investing)
Topic: I bought a STOLEN vehicle!!!
Replies: 100
Views: 12885

Re: I bought a STOLEN vehicle!!!

Kind of related question: Is there title insurance for cars widely available and how much would it cost?
by MichCPA
Fri Oct 18, 2019 1:07 pm
Forum: Personal Finance (Not Investing)
Topic: I bought a STOLEN vehicle!!!
Replies: 100
Views: 12885

Re: I bought a STOLEN vehicle!!!

There are ways to satisfy both parties in a legitimate transaction without using cash, so that you each have a money trail. I agree, 13k in bills would scream counterfeiter to me. At least with a check, the police could get a warrant and figure out what bank cashed the check and possibly pull detai...
by MichCPA
Thu Oct 17, 2019 3:37 pm
Forum: Personal Finance (Not Investing)
Topic: What percent of net worth should a persons house be?
Replies: 139
Views: 8924

Re: What percent of net worth should a persons house be?

As many others have pointed out, this really depends on perspective and age and a lot of other personal factors, not to mention the housing market and the cost of living for the area. For comparative purposes for those who may be interested, we live in a HCOL area and are mid-career. The equity we ...
by MichCPA
Thu Oct 17, 2019 3:35 pm
Forum: Personal Finance (Not Investing)
Topic: What percent of net worth should a persons house be?
Replies: 139
Views: 8924

Re: What percent of net worth should a persons house be?

That makes little sense to me. My "income" each year, as you describe it, is what i choose it to be. I just pulled out over a $1M from my portfolio to spend on building our house. I assure you i did NOT have a $1M of "income" If you pay cash for the house, then that money is not available to withdr...
by MichCPA
Thu Oct 17, 2019 3:29 pm
Forum: Personal Finance (Not Investing)
Topic: What percent of net worth should a persons house be?
Replies: 139
Views: 8924

Re: What percent of net worth should a persons house be?

MichCPA, <<If the price of your house is less than 1.5 times your income, you should get an exception.>> My apology. I missed that from your post. Yes, I agreed with your statement. KlangFool Very much accepted, I admit that some other instances of selective quoting have made me a bit edgy with reg...
by MichCPA
Thu Oct 17, 2019 3:07 pm
Forum: Personal Finance (Not Investing)
Topic: What percent of net worth should a persons house be?
Replies: 139
Views: 8924

Re: What percent of net worth should a persons house be?

But, if you are Financially Independent (and/or retired), then it seems to me that home value to net worth becomes a better measure than a typical debt to income ratio. How would one even compute that? If someone truly has no income they cannot be financially independent or support themselves as a ...
by MichCPA
Thu Oct 17, 2019 3:04 pm
Forum: Personal Finance (Not Investing)
Topic: What percent of net worth should a persons house be?
Replies: 139
Views: 8924

Re: What percent of net worth should a persons house be?

MichCPA, It may not be necessary if the percentage is small enough. For example, if the house purchase price is less than 10% of the net worth excluding the house, none of those factors matter. KlangFool Fair enough, if you are talking 0-20% that makes sense. But I think that is a fairly rare insta...
by MichCPA
Thu Oct 17, 2019 3:02 pm
Forum: Personal Finance (Not Investing)
Topic: Personal vs 401k loan
Replies: 19
Views: 705

Re: Personal vs 401k loan

That is based on Pre TCJA tax law, you now get until the extended due date for the tax return year you left your employer. So a minimum of 9.5 months. https://www.creditkarma.com/tax/i/401k-tax-reform-loan-repay/ That’s what I was referring to. Also, some plans allow repayment to continue after sep...
by MichCPA
Thu Oct 17, 2019 2:56 pm
Forum: Personal Finance (Not Investing)
Topic: What percent of net worth should a persons house be?
Replies: 139
Views: 8924

Re: What percent of net worth should a persons house be?

Using a net worth method alone doesn't make sense because it is too age and area dependent. It needs to be considered alongside other factors. MichCPA, It may not be necessary if the percentage is small enough. For example, if the house purchase price is less than 10% of the net worth excluding the...
by MichCPA
Thu Oct 17, 2019 2:36 pm
Forum: Personal Finance (Not Investing)
Topic: Personal vs 401k loan
Replies: 19
Views: 705

Re: Personal vs 401k loan

Also keep in mind that if you lose your job, you generally have to pay back the 401k loan immediately . If you change jobs, the personal loan only cares if you maintain payments. For me, double taxation has been thoroughly debunked https://thefinancebuff.com/401k-loan-double-taxation-myth.html. The...
by MichCPA
Thu Oct 17, 2019 2:21 pm
Forum: Investing - Theory, News & General
Topic: Schwab to allow fractional stock trading (WSJ)
Replies: 25
Views: 2438

Re: Schwab to allow fractional stock trading (WSJ)

Interesting, I wonder if this will lead to Vanguard allowing fractional purchases of their ETFs at Vanguard. One of the main reasons I have stuck with the traditional mutual fund admiral share class vs the ETF share class. This feature would pretty much kill the traditional mutual fund. With tax fr...
by MichCPA
Thu Oct 17, 2019 2:15 pm
Forum: Personal Finance (Not Investing)
Topic: What percent of net worth should a persons house be?
Replies: 139
Views: 8924

Re: What percent of net worth should a persons house be?

But, if you are Financially Independent (and/or retired), then it seems to me that home value to net worth becomes a better measure than a typical debt to income ratio. How would one even compute that? If someone truly has no income they cannot be financially independent or support themselves as a ...
by MichCPA
Thu Oct 17, 2019 2:12 pm
Forum: Personal Finance (Not Investing)
Topic: What percent of net worth should a persons house be?
Replies: 139
Views: 8924

Re: What percent of net worth should a persons house be?

Using a net worth method alone doesn't make sense because it is too age and area dependent. It needs to be considered alongside other factors. MichCPA, It may not be necessary if the percentage is small enough. For example, if the house purchase price is less than 10% of the net worth excluding the...
by MichCPA
Thu Oct 17, 2019 1:43 pm
Forum: Personal Finance (Not Investing)
Topic: What percent of net worth should a persons house be?
Replies: 139
Views: 8924

Re: What percent of net worth should a persons house be?

Using a net worth method alone doesn't make sense because it is too age and area dependent. It needs to be considered alongside other factors. Here are some questions I would consider: 1. Would I have the ability to pay off a mortgage in 15 years? Even if you can get a 30, planning on 15 (not necess...
by MichCPA
Tue Oct 15, 2019 3:21 pm
Forum: Personal Finance (Not Investing)
Topic: Frustrated with dentist fees
Replies: 82
Views: 5810

Re: Frustrated with dentist fees

You've literally started the exact same thread before on this website, the only thing different being the dollar amounts. Did you read the responses in your original thread? Did you read your dental insurance policy documents after the last "incident" and this new one? If I was the dentist, I'd cle...
by MichCPA
Tue Oct 15, 2019 3:02 pm
Forum: Personal Finance (Not Investing)
Topic: Frustrated with dentist fees
Replies: 82
Views: 5810

Re: Frustrated with dentist fees

It's hard (maybe impossible?) to know in advance what insurance will cover. Do you want the dentist to take the best action for your health or the action insurance wants him too? Because I can tell you that insurance does not care a bit about you, they care about the minimum payment and their botto...
by MichCPA
Tue Oct 08, 2019 12:34 pm
Forum: Personal Finance (Not Investing)
Topic: Student Loan Refinance-Extra Hard Pull Worth It?
Replies: 10
Views: 538

Re: Student Loan Refinance-Extra Hard Pull Worth It?

The whole point of a high credit score is to get a better interest rate. So what exactly are you waiting for? Stop overthinking this. Unless you will apply for a mortgage in the next 6 months , there is 0 downside. ETA: Should have left the "unless getting a mortgage" part out. Having a score that d...
by MichCPA
Mon Oct 07, 2019 10:42 am
Forum: Personal Finance (Not Investing)
Topic: Finance or Accounting Degree?
Replies: 81
Views: 5279

Re: Finance or Accounting Degree?

AZAttorney11 wrote:
Sat Oct 05, 2019 4:23 pm
Double major. There’s so much overlap with the classes that if a student is torn between those two degrees, just do both.
+1, Look at the overlapping degree requirements and see what it would take to double. Honestly, this is likely to help in both fields.
by MichCPA
Fri Oct 04, 2019 4:20 pm
Forum: Personal Consumer Issues
Topic: First car for child
Replies: 129
Views: 7424

Re: First car for child

Be sure to quote out insurance before determining that any price difference isn't much. I have a feeling that once you add collision, the cost deltas will grow materially and keep in mind that cost will stay high for about 6 to 8 years.
by MichCPA
Fri Oct 04, 2019 4:08 pm
Forum: Personal Finance (Not Investing)
Topic: Can you change the date interest is credited to a bank account?
Replies: 24
Views: 1341

Re: Can you change the date interest is credited to a bank account?

Or ..... we could reduce interest rates to 0% and it won't matter. :twisted:
by MichCPA
Thu Oct 03, 2019 3:27 pm
Forum: Personal Consumer Issues
Topic: Recourse for "Stolen" Money
Replies: 93
Views: 7557

Re: Recourse for "Stolen" Money

Again, I argue the balanced recommendation is not, "Don't bother. Your efforts are doomed to fail" (fatalism) but rather, "You'll probably expend more than $200 worth of effort and might not get anywhere." Six of one, half dozen of the other, in my book. I can appreciate your optimism though. It's ...
by MichCPA
Thu Oct 03, 2019 3:18 pm
Forum: Personal Finance (Not Investing)
Topic: [When my children marry, should they sign a pre-nuptial agreement?]
Replies: 95
Views: 7602

Re: Daddy I'm engaged! Pre-nup?

I think a lot of folks have it incorrect here. [ 1]It is not a person who has a large amount of wealth before getting married that needs a prenup. Assets acquired before marriage are not marital property, and thus, no prenup is needed. [2] It is folks who have a very high income that is not related...
by MichCPA
Thu Oct 03, 2019 3:09 pm
Forum: Personal Finance (Not Investing)
Topic: [When my children marry, should they sign a pre-nuptial agreement?]
Replies: 95
Views: 7602

Re: Daddy I'm engaged! Pre-nup?

One thing I might do is to suggest or inform my adult child getting married of the possible benefits of not intermingling all of his/her accounts/funds with his/her spouse after marriage. This is quite difficult but it can be done. I wish I have done the same. To OP, the best thing you can do is be...
by MichCPA
Thu Oct 03, 2019 2:57 pm
Forum: Personal Consumer Issues
Topic: Recourse for "Stolen" Money
Replies: 93
Views: 7557

Re: Recourse for "Stolen" Money

Or just basic awareness that you are probably not a police officer. Hence why, if the OP does want to try something, filing a police report should probably be one of the considerations. Again, I argue the balanced recommendation is not, "Don't bother. Your efforts are doomed to fail" (fatalism) but...
by MichCPA
Thu Oct 03, 2019 12:34 pm
Forum: Investing - Theory, News & General
Topic: 'Stay the course' with international stock but give up on value?
Replies: 101
Views: 6533

Re: 'Stay the course' with international stock but give up on value?

[...] Is a value stock value if it is priced wrong and keeps going down or does it have to be value and go up to be value? You don't know until after the up and down. Generally, stocks are classified as growth v value largely on the the P/E metric. If a P/E is low it means expected growth is low. I...
by MichCPA
Thu Oct 03, 2019 12:27 pm
Forum: Investing - Theory, News & General
Topic: 'Stay the course' with international stock but give up on value?
Replies: 101
Views: 6533

Re: 'Stay the course' with international stock but give up on value?

Staying the course on international avoids tilting, giving up on the idea that value outperforms avoids tilting. I haven't seen anyone say, "Drop all value, the same way that has been a discussion topic with international. On the flip side, I get the impression that if someone wanted to own exclusiv...
by MichCPA
Thu Oct 03, 2019 12:20 pm
Forum: Investing - Theory, News & General
Topic: If all brokerages charged zero commission for trades, which brokerage would you pick?
Replies: 75
Views: 6378

Re: If all brokerages charged zero commission for trades, which brokerage would you pick?

Incorrect, you don't have to book through Amex, you just move your points and then book direct with the hotel or airline. Keep in mind that the fee difference would be $350 in the instance described, but you have a $200 airline fee credit, $200 Uber credit, $100 Saks credit, Gold status at Hilton a...
by MichCPA
Thu Oct 03, 2019 10:57 am
Forum: Personal Consumer Issues
Topic: Recourse for "Stolen" Money
Replies: 93
Views: 7557

Re: Recourse for "Stolen" Money

Consider yourself lucky it was only $200 and move on. Why move on? My take: accomplishing anything significant either to restore what was stolen from you or to hold this crook accountable may take more effort than $200 is worth. However, if you have the time, patience, and desire to do something ab...
by MichCPA
Thu Oct 03, 2019 10:45 am
Forum: Investing - Theory, News & General
Topic: If all brokerages charged zero commission for trades, which brokerage would you pick?
Replies: 75
Views: 6378

Re: If all brokerages charged zero commission for trades, which brokerage would you pick?

Fidelity if they started offering bonuses. Etrade is good with bonuses, so I might go with them otherwise, or TDAM. Merrill Edge, I would keep 100K at least to get the highest status for credit cards. Have you looked into whether you might be interested in the Schwab Amex system after their changes...
by MichCPA
Thu Oct 03, 2019 10:30 am
Forum: Investing - Theory, News & General
Topic: If all brokerages charged zero commission for trades, which brokerage would you pick?
Replies: 75
Views: 6378

Re: If all brokerages charged zero commission for trades, which brokerage would you pick?

Fidelity if they started offering bonuses. Etrade is good with bonuses, so I might go with them otherwise, or TDAM. Merrill Edge, I would keep 100K at least to get the highest status for credit cards. Have you looked into whether you might be interested in the Schwab Amex system after their changes...
by MichCPA
Thu Oct 03, 2019 8:48 am
Forum: Investing - Theory, News & General
Topic: If all brokerages charged zero commission for trades, which brokerage would you pick?
Replies: 75
Views: 6378

Re: If all brokerages charged zero commission for trades, which brokerage would you pick?

Fidelity if they started offering bonuses. Etrade is good with bonuses, so I might go with them otherwise, or TDAM. Merrill Edge, I would keep 100K at least to get the highest status for credit cards. Have you looked into whether you might be interested in the Schwab Amex system after their changes...
by MichCPA
Tue Oct 01, 2019 1:08 pm
Forum: Investing - Theory, News & General
Topic: Charles Schwab (SCHW) Eliminating Commissions for Stocks, ETFs and Options Listed on U.S. or Canadian Exchanges
Replies: 106
Views: 9532

Re: Charles Schwab (SCHW) Eliminating Commissions for Stocks, ETFs and Options Listed on U.S. or Canadian Exchanges

It's almost assured other brokers will soon follow. What will this eventually do to traditional mutual funds? Other than not being able to purchase fractional shares I can think of no reason we all shouldn't switch to the ETF version and save on the expense ratio. All the best My prediction: Invest...
by MichCPA
Tue Oct 01, 2019 12:48 pm
Forum: Investing - Theory, News & General
Topic: Charles Schwab (SCHW) Eliminating Commissions for Stocks, ETFs and Options Listed on U.S. or Canadian Exchanges
Replies: 106
Views: 9532

Re: Charles Schwab (SCHW) Eliminating Commissions for Stocks, ETFs and Options Listed on U.S. or Canadian Exchanges

Plz wrote:
Tue Oct 01, 2019 8:54 am
Great! So I can buy Vanguard ETFs at schwab for free?

Effectively, is there a difference between holding Vanguard ETFs at Vanguard vs at schwab?

Also, is there a reason to prefer a US total market etf from schwab over vanguard anymore?
Your website won't crash at Schwab.
by MichCPA
Thu Sep 26, 2019 9:00 am
Forum: Personal Finance (Not Investing)
Topic: Credit Card Billing Dispute/High Spender/WWYD - RESOLVED
Replies: 36
Views: 4180

Re: Credit Card Billing Dispute/High Spender/WWYD

In my experience BofA has a "deny claim and hope you give up" type approach for larger disputes, vs AMEX who has more of a "refund immediately, investigate later" approach. You'll probably go through the claim denied/appeal/escalate loop a few times until you get your money back. Luckily this is on...
by MichCPA
Thu Sep 26, 2019 8:41 am
Forum: Personal Finance (Not Investing)
Topic: Chase Freedom Q4 category - how to use? [2019]
Replies: 40
Views: 3185

Re: Chase Freedom Q4 category - how to use?

I hate these rotating categories. Me too. Rarely are we able to use them to much benefit. I can't remember the last time we used our Chase Freedom card. We've been using the Freedom Unlimited card with 1.5% cashback for a while now. I know that it's not as good as Citi's 2% cashback card, but we're...
by MichCPA
Thu Sep 26, 2019 8:28 am
Forum: Personal Finance (Not Investing)
Topic: New Credit Card Search - 2 Front Runners?
Replies: 46
Views: 3994

Re: New Credit Card Search - 2 Front Runners?

I have liked the Costco Visa till now. Trip Cancellation has been dropped. Although I've never used the benefit, it gave me comfort booking cruises etc 6 months out. Appears expensive to buy for each trip. I'm looking for replacement and have only found Chase cards so far. Any other suggestions? Am...
by MichCPA
Thu Sep 26, 2019 8:24 am
Forum: Personal Finance (Not Investing)
Topic: New Credit Card Search - 2 Front Runners?
Replies: 46
Views: 3994

Re: New Credit Card Search - 2 Front Runners?

To clarify the fidelity 2% card has a 1% foreign transaction fee but you get 2% back. So net 1% for foreign transactions. No need to leave at home whenever you’re traveling. This doesn't really matter though. If OP gets the Uber Visa, it would be = or better across the board when that fee is added....
by MichCPA
Thu Sep 26, 2019 8:17 am
Forum: Personal Finance (Not Investing)
Topic: New Credit Card Search - 2 Front Runners?
Replies: 46
Views: 3994

Re: New Credit Card Search - 2 Front Runners?

I'm thinking the Uber card is probably my best fit for the short term. May be good for the mid term with 3 cards carried. I could get the Fidelity card as a daily driver until I get Premium Rewards. I have my Roth IRA there. With that setup I'd have... Card 1: Daily Driver - Fidelity 2% back card C...
by MichCPA
Wed Sep 25, 2019 3:56 pm
Forum: Personal Finance (Not Investing)
Topic: New Credit Card Search - 2 Front Runners?
Replies: 46
Views: 3994

Re: New Credit Card Search - 2 Front Runners?

I may still get the amazon one for amazon shopping only. Is there any detriment to getting a few cards for different things? I understand having more available credit can benefit credit score? My limit is currently very small. Nope. The more credit available and the less you use of it the better. A...
by MichCPA
Wed Sep 25, 2019 3:49 pm
Forum: Personal Finance (Not Investing)
Topic: New Credit Card Search - 2 Front Runners?
Replies: 46
Views: 3994

Re: New Credit Card Search - 2 Front Runners?

I'd like to carry 2-3 credit cards. I wouldn't mind keeping one or two at home for online shopping as long as there's no AF. Here is my recommended cashback setup for 3 cards. ETA: with no annual fee. Card 1: a Base 2% card- I like the Citi Double Cash because it gives you the option to trade cash ...
by MichCPA
Wed Sep 25, 2019 10:03 am
Forum: Personal Finance (Not Investing)
Topic: Need feedback on US Bank Cash Plus credit card
Replies: 12
Views: 560

Re: Need feedback on US Bank Cash Plus credit card

The card looks very attractive in 5% cash back categories but there is hardly any buzz around it. I read few reviews where people had issues with getting cash back and the bonus. I am thinking of applying for it but would like to know if anyone had issues with getting cashback or bonus. Are there a...
by MichCPA
Tue Sep 24, 2019 8:27 am
Forum: Personal Consumer Issues
Topic: Letter from Amex - scam?
Replies: 34
Views: 3740

Re: Letter from Amex - scam?

There is no way a front line customer service rep would handle escheat duties. That is more of a legal/compliance function. Due to the nature of escheat this is likely to relate to an account that no longer exists and therefore wouldn't be visible to an agent.
by MichCPA
Tue Sep 24, 2019 7:44 am
Forum: Personal Finance (Not Investing)
Topic: Pay off Phone Bill via Amex Platinum or Debit Card?
Replies: 33
Views: 1730

Re: Pay off Phone Bill via Amex Platinum or Debit Card?

If you have to choose between CC rewards and the $5 discount, I might choose a credit card with Cell phone protection, because that would probably be worth more then $5 to me across multiple lines (guessing based on amount). Another option is to use a Discover debit card which would give you the $5 ...
by MichCPA
Tue Sep 24, 2019 7:37 am
Forum: Personal Consumer Issues
Topic: Apple iPhone iOS 13 Discussion
Replies: 69
Views: 7465

Re: Apple iPhone iOS 13 Discussion

Some lesser features that are worth getting set up: 1. Silence unknown caller is my favorite new feature. If you don't have a contact for the number, it goes straight to voicemail. 2. I think the link preview in Safari and other applications is a nice usability feature. 3, Improved day/night mode i...
by MichCPA
Thu Sep 19, 2019 4:15 pm
Forum: Personal Consumer Issues
Topic: Best place to buy Microsoft Office 2019....
Replies: 102
Views: 9381

Re: Best place to buy Microsoft Office 2019....

I admit that I am a power user at work (Pivots, Power BI excel add on, advanced finance formulas, etc.), but because of that whenever to try to provide support for my fiancee, whose work uses Google Docs, I want to stick a fork in my eye. Google Docs are fine for casual users. For high level busines...
by MichCPA
Thu Sep 19, 2019 4:03 pm
Forum: Personal Consumer Issues
Topic: How to handle "split-the-bill" group lunches?
Replies: 159
Views: 7707

Re: How to handle "split-the-bill" group lunches?

splitting the bill is never fair, some gets apps, few drinks, desert ..while others might eat light. Fortunately, I don't go to many dinners like this..because it would irk me as well. Why is it always the big eaters and drinkers who want to divide the bill evenly..hmmm I hate it when I order food ...
by MichCPA
Thu Sep 19, 2019 3:23 pm
Forum: Personal Consumer Issues
Topic: How to handle "split-the-bill" group lunches?
Replies: 159
Views: 7707

Re: How to handle "split-the-bill" group lunches?

Not all restaurant POS split bills . The place I worked at a few months had a POS that couldn't split bills (or maybe it wasn't programmed to during setup). This was not some divy place. It was at a popular restaurant and bar in the SF Bay Area. Blew my mind. TBH, if there isn't really a convenient...
by MichCPA
Thu Sep 19, 2019 3:20 pm
Forum: Personal Consumer Issues
Topic: How to handle "split-the-bill" group lunches?
Replies: 159
Views: 7707

Re: How to handle "split-the-bill" group lunches?

Usually they overlook the tax and or add on a measly amount of tip. Plus if they are venmoing it, do you look over their shoulder as they send it to you? Otherwise you may have to follow up later, which could get awkward. It's normally pretty simple for the person who gets the bill to make a reques...
by MichCPA
Thu Sep 19, 2019 3:11 pm
Forum: Personal Consumer Issues
Topic: How to handle "split-the-bill" group lunches?
Replies: 159
Views: 7707

Re: How to handle "split-the-bill" group lunches?

I gave up alcohol a number of years ago and one of the side effects was that I developed more of a sweet tooth than I'd previously had. Although it doesn't bother me to "suck it up" on splitting the bill, I occasionally have dessert and coffee when others don't and figure that evens things up a bit...