Search found 2377 matches

by Meg77
Wed Oct 17, 2018 2:27 pm
Forum: Investing - Help with Personal Investments
Topic: advice on first home
Replies: 28
Views: 1590

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: 236

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: 772

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: 3813

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: 10751

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: 6726

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: 821

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: 3813

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: 1741

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: 1512

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: 1741

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: 7638

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: 1255

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: 1255

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: 7807

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: 7466

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: 3943

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: 4819

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: 2291

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: 8743

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: 2291

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: 855

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: 5
Views: 763

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: 3508

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: 855

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: 1363

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: 11454

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: 1970

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: 8936

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: 2944

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: 1289

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: 1619

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: 561

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...
by Meg77
Mon Sep 10, 2018 2:18 pm
Forum: Investing - Help with Personal Investments
Topic: Paying off mortgage with 87K left on it
Replies: 69
Views: 6312

Re: Paying off mortgage with 87K left on it

Watty -- indeed there's about 4-1/2 years left on the mortgage (due to some previous lump sum principal paydowns). Main thing I've wondered is whether it's really a 3.75% return at this point. Mortgages are front-loaded with interest --- even though the rate across the entire 15-year note is 3.75%,...
by Meg77
Wed Aug 29, 2018 11:47 am
Forum: Personal Finance (Not Investing)
Topic: How do you 7 figure guys organize multiple accounts?
Replies: 164
Views: 12020

Re: How do you 7 figure guys organize multiple accounts?

I'm surprised at all the security fears with regard to Mint and Personal Capital. First of all, their security and data encryption rivals most banks' (and I say that as a banker working at a relatively small institution). See this blog post for more details though. https://wallethacks.com/personal-c...
by Meg77
Wed Aug 29, 2018 11:26 am
Forum: Investing - Theory, News & General
Topic: Done saving for retirement according to firecalc?
Replies: 51
Views: 4889

Re: Done saving for retirement according to firecalc?

Assuming I don’t save another penny, my portfolio today will allow me to spend 125k starting at 59 (which is roughly 15 yrs away and would allow access to retirement funds) according to firecalc. Success is nearly 100% when I include ss and small pension. Portfolio would be 60% stocks and 40% bonds...
by Meg77
Thu Aug 23, 2018 4:48 pm
Forum: Personal Finance (Not Investing)
Topic: Varying college costs across kids in the same family
Replies: 92
Views: 5232

Re: Varying college costs across kids in the same family

This seems like a great opportunity to teach budgeting and prioritization. You could say something like: you each will be gifted $250,000 to use for higher education however you decide - tuition, room and board, study abroad, monthly allowances, spring break trips, everything. Upon completion of any...
by Meg77
Wed Aug 22, 2018 2:23 pm
Forum: Personal Finance (Not Investing)
Topic: I love my job but DW hates location and I'm underpaid
Replies: 28
Views: 3129

Re: I love my job but DW hates location and I'm underpaid

The ability to telecommute is huge; you guys can literally live anywhere. I would probably do the following. 1. Pinpoint what exactly she hates. Is it the weather? The urban noise? Traffic? Local religious/political views? Lack of walkability in the neighborhood? Come up with a wish list you both ag...
by Meg77
Wed Aug 22, 2018 2:10 pm
Forum: Personal Finance (Not Investing)
Topic: Suggestions for a Generous Grandparent?
Replies: 53
Views: 4384

Re: Suggestions for a Generous Grandparent?

In my experience in my own family as well as with clients, most grandparents simply give the same dollar amount to each grandchild for educational purposes - regardless of which of their kids has more kids or more income, and regardless of the age and aptitude of the grandkids. If there are unique n...
by Meg77
Tue Aug 21, 2018 4:11 pm
Forum: Investing - Theory, News & General
Topic: Is It Possible to Ever Not Have to Worry about Debt
Replies: 12
Views: 1096

Re: Is It Possible to Ever Not Have to Worry about Debt

I think you're off base in this argument. Lots of truly wealthy people really do not have to worry about running out of money. They get $X from a trust each month or $Y distribution from a corporation they own a piece of each quarter. Sure the income could fall, but when you're talking about million...
by Meg77
Tue Aug 21, 2018 4:03 pm
Forum: Personal Consumer Issues
Topic: Landlord Nightmare
Replies: 90
Views: 9636

Re: Landlord Nightmare

Fellow small time landlord here. I don't think you have anything to be suspicious about here. Some people are just rude/crazy. This just sounds like an entitled young person who got frustrated that he couldn't get his way or couldn't get this done quickly enough. He's probably dealing with family dr...
by Meg77
Fri Aug 17, 2018 4:57 pm
Forum: Investing - Help with Personal Investments
Topic: FIRE within 5 years with high income?
Replies: 16
Views: 4696

Re: FIRE within 5 years with high income?

Thanks for all the incredible insight, very much appreciated. I signed up to PC using your link, so hopefully you got credit. I'm really excited to use it, I've been worried for a while to "share" all my info, but after due diligence it looks quite buttoned up and used by many. It will be really in...
by Meg77
Fri Aug 17, 2018 4:50 pm
Forum: Investing - Help with Personal Investments
Topic: left advisor, overwhelmed
Replies: 8
Views: 1672

Re: left advisor, overwhelmed

Hi there! First thing to do is realize you're in a great position. There is NO RUSH to make any big changes. You have over $2.3 million in investments, pensions on the way that will cover most of your expenses eventually, tons of cash and no debt. Congrats! I don't know what your wife's income is, b...
by Meg77
Wed Aug 15, 2018 3:35 pm
Forum: Investing - Help with Personal Investments
Topic: Newly Married and Hoping to Start on the Right Foot
Replies: 22
Views: 1568

Re: Newly Married and Hoping to Start on the Right Foot

Congrats! I don't know who came into the marriage with all the cash or what the extended family relationships are like, but looking at everything from the outside, here is what I'd do: 1. Pay off her student loans today from cash. You have plenty of liquidity, and your cash flow will improve by $300...
by Meg77
Wed Aug 15, 2018 3:12 pm
Forum: Investing - Help with Personal Investments
Topic: FIRE within 5 years with high income?
Replies: 16
Views: 4696

Re: FIRE within 5 years with high income?

Hi All, I've been thinking very hard about things lately, and I've come to terms that I'm not sure I feel comfortable with a potential 50% drop in overall assets, especially if I'd like be FIRE within 5 years or less. I don't know if I'll actually leave my job, as I love it, but that can obviously ...
by Meg77
Wed Aug 15, 2018 2:52 pm
Forum: Investing - Help with Personal Investments
Topic: 33 Male, how am I doing?
Replies: 28
Views: 2863

Re: 33 Male, how am I doing?

I agree, you're doing quite well. The median household income in this country is about $55k - you make more than double that and only have yourself to support. Don't compare yourself to the wealthiest of the wealthy except for inspiration and advice. Regarding home ownership : if that's really a dre...
by Meg77
Wed Aug 15, 2018 2:33 pm
Forum: Personal Finance (Not Investing)
Topic: Take auto loan 0.9% if I can afford cash?
Replies: 162
Views: 10714

Re: Take auto loan 0.9% if I can afford cash?

The behavioral psychology behind these decisions is much more important than the math. --Often financing deals that good require you to buy a brand new model, to pay for the extended warranty, or to buy other add-ons you may not have otherwise purchased (the tire warranty, in my husband's case most ...
by Meg77
Tue Aug 14, 2018 4:36 pm
Forum: Investing - Help with Personal Investments
Topic: Windfall proceeds - what to do?
Replies: 16
Views: 1480

Re: Windfall proceeds - what to do?

The idea would be to put this money to work immediately and keep 1 of us either at home or free to pursue other passions, business interests, and/or raise the kid without impacting our lifestyle. Spouse is W-2 with $175k income plus insurance/benefits, will continue to work for 10-15 more years at ...
by Meg77
Tue Aug 14, 2018 4:13 pm
Forum: Investing - Help with Personal Investments
Topic: Windfall proceeds - what to do?
Replies: 16
Views: 1480

Re: Windfall proceeds - what to do?

Do you have an emergency fund? Yes, about $125k in a 1.50% online savings account Pay off the student loan and get rid it. Not sure if we want to do this, low, low, low interest rates, and minimal impact to our monthly cash flow ($230) Set money aside for the children CHILD :D . College is paid for...
by Meg77
Tue Aug 14, 2018 10:32 am
Forum: Personal Consumer Issues
Topic: Should I Do This? [borrow from relative to pay off loan]
Replies: 55
Views: 3117

Re: Should I Do This? [borrow from relative to pay off loan]

You raise a good point and I will say, this obviously was a bad place to put my money...but a mistake I've learned from. The only way I see this relationship going sour is if I don't pay him...and I've been making payment's with no issues. Let's just say the money isn't an issue for him... If I sel...