Search found 2394 matches

by Meg77
Fri Nov 09, 2018 3:56 pm
Forum: Investing - Help with Personal Investments
Topic: Which Loan to Pay off?
Replies: 6
Views: 386

Re: Which Loan to Pay off?

Mathematically your effective mortgage interest rate is 3.01% IF it's true that you can deduct the full amount of mortgage interest. That's clearly less than the student loan rate, so mathematically it makes more sense to pay off the student loan. It's also the smaller balance, so psychologically it...
by Meg77
Fri Nov 09, 2018 3:42 pm
Forum: Investing - Help with Personal Investments
Topic: Full Retirement Revamp and Planning for ER/FI.
Replies: 15
Views: 1232

Re: Full Retirement Revamp and Planning for ER/FI.

Cash Total: 16.5% $44,000 cash (for investing – do not include emergency funds. Currently in checking accounts) Move this to the fidelity money market account so it can earn closer to 2%. Will contribute to Mega Roth Backdoor if possible. I've considered this myself, but we decided to accumulate fu...
by Meg77
Fri Nov 09, 2018 3:11 pm
Forum: Personal Finance (Not Investing)
Topic: Anyone use a Wealth Manager?
Replies: 26
Views: 2725

Re: Anyone use a Wealth Manager?

There are lots of threads on this (search "financial advisor" and you'll get more hits). The term wealth manager can mean a lot of things, but the consensus seems to be that they are useful if you have no interest/aptitude in managing your own affairs or if your situation is extremely complex. But i...
by Meg77
Fri Nov 09, 2018 3:06 pm
Forum: Investing - Help with Personal Investments
Topic: Are We In A Real Estate Bubble?
Replies: 77
Views: 8512

Re: Are We In A Real Estate Bubble?

The current Beige Book (dated October 24) details the economic conditions in each of the 12 Federal Reserve Districts. Overall the real estate data appears to be quite mixed. In my district, Dallas, which covers all of TX as well as northern LA and southern NM, here is an excerpt: Home sales were fl...
by Meg77
Fri Nov 09, 2018 2:44 pm
Forum: Investing - Help with Personal Investments
Topic: Are We In A Real Estate Bubble?
Replies: 77
Views: 8512

Re: Are We In A Real Estate Bubble?

I was at a real estate work shop recently and the brokers hosting it talked about how easy it is to get a zero % down payment for 1st time home buyers even with questionable credit. Which is a red flag (History repeating itself?) and I think is 1 of the reasons for the last real estate? Key words: ...
by Meg77
Fri Nov 09, 2018 2:32 pm
Forum: Personal Finance (Not Investing)
Topic: If expenses are low, are some of us over saving?
Replies: 120
Views: 11504

Re: If expenses are low, are some of us over saving?

I agree with your original premise as well as your revised question. Short answer: yes, many of us are over-saving. Studies indicate that most retirees - even those with "only" $100k - $250k in retirement accounts - NEVER spend down their retirement savings. Many retirees die with more than they had...
by Meg77
Tue Nov 06, 2018 4:37 pm
Forum: Personal Finance (Not Investing)
Topic: Seeking lot loan to build house
Replies: 19
Views: 1304

Re: Seeking lot loan to build house

It may be different in other states, but lot loans are common at all the banks I've worked for in Texas. Usually banks want 40-50% down, and often the term is only 1-2 years. The payments can be interest only though. Basically lot loans are considered short term bridge loans until they convert into ...
by Meg77
Tue Nov 06, 2018 4:29 pm
Forum: Personal Finance (Not Investing)
Topic: Am I buying too much house??! What kind of mortgage?
Replies: 26
Views: 4492

Re: Am I buying too much house??! What kind of mortgage?

As another high earning professional female, I encourage you to go for it. I bought a condo in my 20s when I was single and lived in it for 9 years until I got married and bought a townhome with DH. I kept the condo and rented it out for a few years before finally letting go. But I LOVED putting dow...
by Meg77
Tue Nov 06, 2018 4:16 pm
Forum: Investing - Help with Personal Investments
Topic: What to do with windfall
Replies: 34
Views: 2622

Re: What to do with windfall

Congrats on the windfall. I think I'd allocate the money as follows: $6000 - Roth IRA contribution (you) $6000 - Roth IRA contribution (spouse) $6900 - HSA contribution $11,000 - pay off 6.35% student loan $10,000 - pay off 5.75% student loan $3,500 - pay off 5.65% student loan $6600 remaining - tak...
by Meg77
Wed Oct 31, 2018 4:28 pm
Forum: Personal Finance (Not Investing)
Topic: Girlfriend's Student Loans
Replies: 101
Views: 9207

Re: Girlfriend's Student Loans

I don't understand the point of the original question. Should you focus on increasing your income and building up cash? ABSOLUTELY! That will serve you well wherever your life takes you in your 30s. If it takes you down the aisle with this particular woman, then you can figure out how to manage your...
by Meg77
Fri Oct 26, 2018 3:16 pm
Forum: Investing - Theory, News & General
Topic: Cash Parking Lot: Prime MM or limited term tax exempt?
Replies: 19
Views: 2464

Re: Cash Parking Lot: Prime MM or limited term tax exempt?

I've been using the Prime MM but switched to the settlement fund (federal MM) this week. I was frustrated that it takes a day or so for cash to settle when I want to sell cash and buy ETFs or individual stocks (rather than exchanging into another VG fund as of the market close). I don't trade active...
by Meg77
Fri Oct 26, 2018 3:11 pm
Forum: Investing - Theory, News & General
Topic: Vanguard website "unavailable during weekend of Nov 3"
Replies: 203
Views: 18201

Re: Vanguard website "unavailable during weekend of Nov 3"

Seems like it is already down. Trying to TLH and can't even get an order in today. Yes, I cannot even buy a MF. The order page is broke. Yes, I had similar problems when using Chrome. I switched to Firefox and was able to get my TLH orders in. I was fine around 11am CST using Internet Explorer. Jus...
by Meg77
Fri Oct 26, 2018 11:36 am
Forum: Investing - Help with Personal Investments
Topic: Tax Loss Harvest OR Buy More?
Replies: 19
Views: 1465

Re: Tax Loss Harvest OR Buy More?

If you bought within the the last 31 days (including today), then you would need to also sell those shares or else you would have a wash sale. Not a big deal, but something to keep in mind. And most likely those shares are at a loss right now anyway. thanks, good to know. would direct exchange into...
by Meg77
Fri Oct 26, 2018 11:24 am
Forum: Personal Finance (Not Investing)
Topic: Action on mortgage lender.
Replies: 16
Views: 1662

Re: Action on mortgage lender.

Thanks for the reply. I understand its not my right to get a mortgage but there were other lenders who were willing to give me the loan based on my status. I went with my current lender because they had good rates , were fine with my status and finances and they pre-approved my application. If they...
by Meg77
Wed Oct 24, 2018 3:54 pm
Forum: Personal Finance (Not Investing)
Topic: Action on mortgage lender.
Replies: 16
Views: 1662

Re: Action on mortgage lender.

Thanks for the reply. I understand its not my right to get a mortgage but there were other lenders who were willing to give me the loan based on my status. I went with my current lender because they had good rates , were fine with my status and finances and they pre-approved my application. If they...
by Meg77
Wed Oct 24, 2018 3:45 pm
Forum: Personal Finance (Not Investing)
Topic: Action on mortgage lender.
Replies: 16
Views: 1662

Re: Action on mortgage lender.

I'm so sorry for your hassles, but as a mortgage banker I can tell you that it is really common for lenders to miss closing dates. It's not ideal, and they certainly usually rush to make it work, but realtors are not surprised to get last minute calls saying the lender needs a few more days. And sel...
by Meg77
Wed Oct 24, 2018 2:56 pm
Forum: Personal Finance (Not Investing)
Topic: Buying a House - Mortgage or Cash?
Replies: 16
Views: 2012

Re: Buying a House - Mortgage or Cash?

Thank you for the replies. The capital gains hit would be there but may not be all that significant. We are fairly conservative at 60/40 and have a lot of taxable in high yield savings, short term CDs and iBonds. Would need to sell some appreciated equities though. Tax bill would likely be about $5...
by Meg77
Wed Oct 17, 2018 2:27 pm
Forum: Investing - Help with Personal Investments
Topic: advice on first home
Replies: 28
Views: 1758

Re: advice on first home

You mention your interest rate would be about 5.5% solely due to the fact you don't have 20% down. If I were in your shoes I would shop around! In October of 2017 I was able to get a 3.25% interest rate with only 3% down, a first time homeowner loan from a local bank. Just because you don't have 20...
by Meg77
Wed Oct 17, 2018 12:06 pm
Forum: Personal Finance (Not Investing)
Topic: saving for first home
Replies: 1
Views: 263

Re: saving for first home

It's hard to say without more information, but in general ESPP plans are advantageous when they allow you to roll funds in and out at least quarterly. For example, you should max out your ESPP if they give you the standard 15% discount on the stock price, but you should not hold those funds long ter...
by Meg77
Fri Oct 05, 2018 3:52 pm
Forum: Investing - Help with Personal Investments
Topic: Mortgage or liquidate securities?
Replies: 11
Views: 815

Re: Mortgage or liquidate securities?

Hey there, banker here. You don't list your income but I assume it's fairly medium/high since you have so much saved for retirement. If you're being extremelly frugal but can afford a much more expensive home, then I might suggest getting a bit larger/nicer home now rather than potentially wanting t...
by Meg77
Thu Oct 04, 2018 10:56 am
Forum: Personal Finance (Not Investing)
Topic: Buying house in retirement??
Replies: 23
Views: 3886

Re: Buying house in retirement??

Banker here. All banks that originate mortgages have to document and verify a customer's ability to repay a consumer mortgage loan. This is a federal regulatory requirement under the Ability to Repay (ATR) rule which is outlined in the Dodd-Frank act. Per the ATR rule, banks MUST consider and addre...
by Meg77
Thu Oct 04, 2018 10:39 am
Forum: Personal Finance (Not Investing)
Topic: Anyone want to share their monthly budget? Here's ours
Replies: 62
Views: 10919

Re: Anyone want to share their monthly budget? Here's ours

Just because I'm killing time, here's our 2017 actual figures: Mortgage - $2,436 (15 yr fixed) Property tax - $1,000 Home insurance - $133 HOA - $100 House cleaner - $175 Utilities - $578 (includes cable/internet, cells) Car payment - $585 (at 1% so DH won't pay it off) Auto/umbrella insurance - $1...
by Meg77
Fri Sep 28, 2018 12:45 pm
Forum: Personal Finance (Not Investing)
Topic: New Relationship - Best way to handle finances?
Replies: 92
Views: 6887

Re: New Relationship - Best way to handle finances?

Here is what I would do. Open a joint checking account that you pay joint expenses from. This would include rent, utilities and other basic bills, but you should also allocate additional funds for meals out together, trips you take together, and so on. Whatever the total amount is that you think is ...
by Meg77
Wed Sep 26, 2018 4:00 pm
Forum: Personal Finance (Not Investing)
Topic: Does it make sense to payoff my HELOC?
Replies: 9
Views: 846

Re: Does it make sense to payoff my HELOC?

Hi there, I'm a banker and I think you should definitely pay off the HELOC as long as the draw period is set at 10 years. You can call your bank and ask to make sure it will remain open if you pay it down. It definitely makes sense to just pay it down and then draw it up again when you get ready to ...
by Meg77
Wed Sep 26, 2018 3:49 pm
Forum: Personal Finance (Not Investing)
Topic: Buying house in retirement??
Replies: 23
Views: 3886

Re: Buying house in retirement??

Banker here. All banks that originate mortgages have to document and verify a customer's ability to repay a consumer mortgage loan. This is a federal regulatory requirement under the Ability to Repay (ATR) rule which is outlined in the Dodd-Frank act. Per the ATR rule, banks MUST consider and addres...
by Meg77
Tue Sep 25, 2018 2:53 pm
Forum: Personal Finance (Not Investing)
Topic: Mortgage application: Disclosing All Assets?
Replies: 16
Views: 1756

Re: Mortgage application: Disclosing All Assets?

Banker here. Technically you're pledging that you are disclosing all income and assets on a URLA mortgage application when you sign at the bottom, but in practice many people leave off some assets (and even debts, which we later discover on the credit reports). Leaving off some retirement assets is...
by Meg77
Mon Sep 24, 2018 1:20 pm
Forum: Investing - Help with Personal Investments
Topic: What to do with a windfall
Replies: 10
Views: 1530

Re: What to do with a windfall

I would definitely keep it in high yield savings. If/when the market corrects you might move half or all of it into stock funds, but unless/until that happens I would leave it all in cash. There's no reason to tie it up in the market when stocks are at all time highs and with so many life changes on...
by Meg77
Mon Sep 24, 2018 1:14 pm
Forum: Personal Finance (Not Investing)
Topic: Mortgage application: Disclosing All Assets?
Replies: 16
Views: 1756

Re: Mortgage application: Disclosing All Assets?

Banker here. Technically you're pledging that you are disclosing all income and assets on a URLA mortgage application when you sign at the bottom, but in practice many people leave off some assets (and even debts, which we later discover on the credit reports). Leaving off some retirement assets isn...
by Meg77
Mon Sep 24, 2018 1:01 pm
Forum: Personal Finance (Not Investing)
Topic: Best way to get $100k cash
Replies: 86
Views: 7733

Re: Best way to get $100k cash

Banker here. Don't know of any such options. But I'm also not sure why it would be better psychologically to trade a low, fixed rate tax deductible mortgage for an unsecured loan of the same size which could be called or withdrawn or have terms change at any time. Mortgages have a lot more regulatio...
by Meg77
Thu Sep 20, 2018 4:14 pm
Forum: Personal Finance (Not Investing)
Topic: Please help me assess condo purchase and overall finances
Replies: 22
Views: 1269

Re: Please help me assess condo purchase and overall finances

You guys have me worried now. I'm past the due diligence period and closing is set for October 2. If I get a another quote, I won't meet the closing date. The loan has not been finalized so I can still decide to put down 20%. Is it possible that my interest rate is in fact 5%? I think the daily ave...
by Meg77
Thu Sep 20, 2018 4:10 pm
Forum: Personal Finance (Not Investing)
Topic: Please help me assess condo purchase and overall finances
Replies: 22
Views: 1269

Re: Please help me assess condo purchase and overall finances

Hi there! I am a banker and also have taken out and refinanced quite a few mortgages myself so I'm happy to offer some insight. I'm in the process of purchasing a 2 bed/2 bath condo in Atlanta for 190k (HOA is $232/mo). I'm currently renting a 1 bed apartment at $930/mo. I used the NY Times rent vs ...
by Meg77
Thu Sep 20, 2018 3:18 pm
Forum: Personal Finance (Not Investing)
Topic: Hubby soon to be laid off
Replies: 74
Views: 7848

Re: Hubby soon to be laid off

It sounds like you guys are doing pretty well. In fact this could be viewed as a bit of an opportunity. I wrote out a whole post but am deleting it because I came around to what I think is a better idea for you guys. 1. Use your taxable investments to pay off the mortgage. You'll still have 6 figure...
by Meg77
Thu Sep 20, 2018 1:14 pm
Forum: Personal Finance (Not Investing)
Topic: Should we temporarily reduce our retirement contributions in order to pay off our $400k mortgage in 7 years?
Replies: 83
Views: 7594

Re: Should we temporarily reduce our retirement contributions in order to pay off our $400k mortgage in 7 years?

I suggest thinking of it in percentage terms versus aiming to "max out" retirement accounts or put in "only" enough to get the match. Using these as the two options is "anchoring" - a behavioral finance bias that means you are attracted to an arbitrary number for some reason other than a rational, o...
by Meg77
Thu Sep 20, 2018 1:07 pm
Forum: Investing - Theory, News & General
Topic: Are unleveraged real estate returns more comparable to stock market returns or just a notch above inflation?
Replies: 70
Views: 3986

Re: Are unleveraged real estate returns more comparable to stock market returns or just a notch above inflation?

I've read a lot of opinions on the forums claiming that unleveraged real estate returns are comparable to stock market returns and others claiming that unleveraged real estate returns are just barely a notch above inflation and that all of the stock-like return comes from the leverage. Obviously th...
by Meg77
Thu Sep 20, 2018 12:57 pm
Forum: Personal Consumer Issues
Topic: Should I bother meeting with a Chase Private Client Rep
Replies: 56
Views: 4959

Re: Should I bother meeting with a Chase Private Client Rep

A lot of people here clearly have no idea what private banking is. I am a private banker for the record, and I am a private client at Wells Fargo. We don't quite qualify as the minimums are very high at the big banks to become a private client, but a former colleague of mine moved over there and I b...
by Meg77
Thu Sep 20, 2018 12:42 pm
Forum: Personal Finance (Not Investing)
Topic: how do/did you teach your kids finances/investing?
Replies: 28
Views: 2307

Re: how do/did you teach your kids finances/investing?

You want your daughter to manage her money/budget. But, you would not let her manage any money. So, how could she learn anything? Why do you need to say "no" to her anyhow? We give our kid $25 for birthday and X'mas. They receive a few hundred as gift annually from the extended family. They get to ...
by Meg77
Thu Sep 20, 2018 12:30 pm
Forum: Personal Finance (Not Investing)
Topic: Physical Banking - Any benefits anymore?
Replies: 139
Views: 8819

Re: Physical Banking - Any benefits anymore?

As a banker, I am enjoying this thread. A lot more positive comments about bank branches than I expected! :) You may all be interested to know that renovating branches to add amenities in an effort to get people to want to come and hang out in them is a bit of a trend being discussed. Capital One ju...
by Meg77
Tue Sep 18, 2018 4:44 pm
Forum: Personal Finance (Not Investing)
Topic: how do/did you teach your kids finances/investing?
Replies: 28
Views: 2307

Re: how do/did you teach your kids finances/investing?

You want your daughter to manage her money/budget. But, you would not let her manage any money. So, how could she learn anything? Why do you need to say "no" to her anyhow? We give our kid $25 for birthday and X'mas. They receive a few hundred as gift annually from the extended family. They get to ...
by Meg77
Tue Sep 18, 2018 3:46 pm
Forum: Personal Consumer Issues
Topic: Nytimes.com subscription price testing?
Replies: 9
Views: 872

Re: Nytimes.com subscription price testing?

Hmm. I pay $15 (or maybe $15.99) monthly for my digital subscription. I've had it for several years, and it's the same price it was when I signed up. Might be time to cancel for a bit and see what other offers I can drum up. Meg- I had digital at that price and decided to cancel. To cancel you must...
by Meg77
Tue Sep 18, 2018 9:58 am
Forum: Investing - Help with Personal Investments
Topic: Weighing mid-career break and pension decision
Replies: 6
Views: 1055

Re: Weighing mid-career break and pension decision

Hi there. I'm not sure why you are even analyzing the pension; you need and want to leave the job! Forget about the pension. Take the $260k distribution at the end of the year, and start the next chapter in your life. You'll be 40, single, healthy and a millionaire. Not a bad baseline from which to ...
by Meg77
Tue Sep 18, 2018 9:47 am
Forum: Investing - Theory, News & General
Topic: Equity in house / Do you use it?
Replies: 56
Views: 3558

Re: Equity in house / Do you use it?

I'm a private banker, and many of our clients maintain home equity lines of credit. These are often used for things like making quarterly tax estimate payments, paying for new cars/boats/planes outright versus going through the hassle of getting a separate amortizing loan for those purchases, paying...
by Meg77
Tue Sep 18, 2018 9:39 am
Forum: Personal Consumer Issues
Topic: Nytimes.com subscription price testing?
Replies: 9
Views: 872

Re: Nytimes.com subscription price testing?

Hmm. I pay $15 (or maybe $15.99) monthly for my digital subscription. I've had it for several years, and it's the same price it was when I signed up. Might be time to cancel for a bit and see what other offers I can drum up.
by Meg77
Fri Sep 14, 2018 4:18 pm
Forum: Investing - Help with Personal Investments
Topic: Is it LMP/RP, is it Buckets, is it rising equity AA, is it mental accounting, or is it just MLA? (Myopic loss aversion)?
Replies: 17
Views: 1426

Re: Is it LMP/RP, is it Buckets, is it rising equity AA, is it mental accounting, or is it just MLA? (Myopic loss aversi

I don't have anything substantial to add, but I just want to say thanks for this discussion. My mother turned her portfolio over to me this year upon retiring, and I'm struggling to sort out exactly how to manage her AA and withdrawals. It's one thing to debate theory, but quite another when forced ...
by Meg77
Thu Sep 13, 2018 2:26 pm
Forum: Personal Finance (Not Investing)
Topic: If you're FI, or close to FI, are still fighting to climb the Corp. Ladder?
Replies: 118
Views: 11553

Re: If you're FI, or close to FI, are still fighting to climb the Corp. Ladder?

I think about this topic a lot. In some ways (at least for some people), I think approaching or achieving FI can help your career. Confidence improves; you may speak and come and go more freely; you work on what matters most or what you want to work on; you may be less stressed and come across as le...
by Meg77
Thu Sep 13, 2018 1:35 pm
Forum: Personal Finance (Not Investing)
Topic: Buying townhome/home -- need opinions
Replies: 26
Views: 1986

Re: Buying townhome/home -- need opinions

Go for it if you want to - you're not out of your mind. I bought my first home, a condo, when I was 22 and making "only" $45k a year. I had the down payment and knew my income had nowhere to go but up - plus my rent would have cost the same as my mortgage in any apartment I would have considered as ...
by Meg77
Wed Sep 12, 2018 12:36 pm
Forum: Personal Finance (Not Investing)
Topic: My daughter's inheritance.
Replies: 64
Views: 8987

Re: My daughter's inheritance.

I'm so sorry for the tragic loss of your daughter's father. It's great that you are stepping in to help her. I am a CFP and a private banker, and I also manage a 7 figure portfolio for my mother who recently moved it from Edward Jones to Vanguard at my suggestion. Here are a few points from my persp...
by Meg77
Tue Sep 11, 2018 2:38 pm
Forum: Investing - Help with Personal Investments
Topic: Going off-track of asset allocation due to high savings rate
Replies: 47
Views: 2977

Re: Going off-track of asset allocation due to high savings rate

I understand your situation, and I'm in a similar one. My husband and I both got pretty big raises in the last 2 years, and so we have a lot of free cash flow to invest or save or use to pay down debt each month. It's hard for us to select a target AA and even harder to stick to one, especially sinc...
by Meg77
Mon Sep 10, 2018 3:07 pm
Forum: Investing - Help with Personal Investments
Topic: As a low-cost person...
Replies: 14
Views: 1312

Re: As a low-cost person...

I love this question! First, how are you spending less than $1000 a month to live? If you live with your parents or another relative, then an obvious first choice is to get your own place. If you're living with roommates, renting your own apartment is a good next step. This can foster lots of positi...
by Meg77
Mon Sep 10, 2018 2:54 pm
Forum: Investing - Help with Personal Investments
Topic: Planning after divorce
Replies: 8
Views: 1635

Re: Planning after divorce

I'm sorry for the ordeal you've been through. If you're going to have negative cash flow though, I'd suspend all new savings contributions with the exception of $8000 into the 401k in order to get the match. There's no point putting money into the Roth or 401k just to take it back out and pay a pena...
by Meg77
Mon Sep 10, 2018 2:27 pm
Forum: Personal Finance (Not Investing)
Topic: Looking at Real Estate Downsizing for FI
Replies: 6
Views: 567

Re: Looking at Real Estate Downsizing for FI

We'd need to know your other financial and personal details to see if downsizing your house is worth it or necessary. To use extreme examples: If you're 60 and have no savings plus credit card debt, then downsizing is a no brainer. If you're 30 with millions invested and no debt, then there's no nee...