Search found 262 matches

by NewMoneyMustBeSmart
Sat Jul 11, 2020 10:28 pm
Forum: Personal Investments
Topic: Just buy & hold no matter what? VTI?
Replies: 18
Views: 2047

Re: Just buy & hold no matter what? VTI?

I started buying VTI in March for both Roth and Taxable accounts. So I’ve seen major gains since then. My question I guess is if we see another drop in the market would you guys just buy more and forget about it? Or take some gains? Trying to find the best practice overall. Here you go! https://www...
by NewMoneyMustBeSmart
Thu Jul 09, 2020 8:04 pm
Forum: Personal Finance (Not Investing)
Topic: Delayed Wire Transfer at Ally
Replies: 6
Views: 713

Delayed Wire Transfer at Ally

I entered a wire transfer request this morning for Ally Bank to move money to another institution at 0934 Eastern. In the past these are usually completed by early afternoon, sometimes requiring me to answer a phone call and verify the information. As of 1700 the wire hadn't entered "review state." ...
by NewMoneyMustBeSmart
Sun Jul 05, 2020 11:42 pm
Forum: Personal Finance (Not Investing)
Topic: Another refinance question - pls advise!
Replies: 20
Views: 1380

Re: Another refinance question - pls advise!

Recommend shop this with 5+ lenders, including lenderfi. My understanding is they need your explicit permission to do a hard pull. The people will give the same or better deals than the robots on the web page. It's probably worth the work. Only you can weigh the risk of sharing personal information,...
by NewMoneyMustBeSmart
Sun Jul 05, 2020 9:43 pm
Forum: Personal Investments
Topic: Money for Taxes
Replies: 4
Views: 465

Re: Money for Taxes

Gill wrote:
Sun Jul 05, 2020 8:11 pm
One correction, your final payment is due April 15, 2021, not July.
Of course you're correct and I fixed that mistake, thank you!
by NewMoneyMustBeSmart
Sun Jul 05, 2020 9:42 pm
Forum: Personal Investments
Topic: Money for Taxes
Replies: 4
Views: 465

Re: Money for Taxes

CAsage wrote:
Sun Jul 05, 2020 8:10 pm
Match the duration of the investment with the calendar need
That makes perfect sense. Thank you!
by NewMoneyMustBeSmart
Sun Jul 05, 2020 8:07 pm
Forum: Personal Investments
Topic: Money for Taxes
Replies: 4
Views: 465

Money for Taxes

Where should I put money for taxes? We owe 15% of our invested (cash, stocks, bonds) net worth in taxes. Our invested net worth is > 50X our annual expenses. Of that 15%; 3% is due on July 15, 2020, 3% is due on the sum of Q3/Q4 estimated taxes, and 9% is due next April (Thanks Gill for pointing out...
by NewMoneyMustBeSmart
Sun Jul 05, 2020 7:02 pm
Forum: Personal Finance (Not Investing)
Topic: How to put things in order for mom
Replies: 10
Views: 1000

Re: How to put things in order for mom

Can someone give me some pointers on the best way to get through some issues regarding mother with less than helpful siblings? Mom just came back from a stroke and did well with minimal damage. However she has high BP and diabetic and doesn’t take care of herself. She has virtually no assets but ca...
by NewMoneyMustBeSmart
Sun Jul 05, 2020 4:19 pm
Forum: Personal Finance (Not Investing)
Topic: FDIC insurance on my accounts
Replies: 13
Views: 678

Re: FDIC insurance on my accounts

If I have more than $250,000 in a joint taxable account at Vanguard should I open a taxable account at another brokerage and keep the total amount in each account less than $250,000 so all of the money is FDIC insured? Same question for Roth IRA and 401k. Other advice you've received is good. Many ...
by NewMoneyMustBeSmart
Sun Jul 05, 2020 3:19 pm
Forum: Personal Investments
Topic: Critique my attempt at a 3-fund lazy portfolio
Replies: 35
Views: 1792

Re: Critique my attempt at a 3-fund lazy portfolio

burritoLover wrote:
Sun Jul 05, 2020 2:21 pm
I'm too lazy to re-fi mortgage (did it once already) but do plan to put any extra money towards paying it down.
I appreciate your honesty, but wow. I don't understand how someone could willingly squander thousands because of a lack of motivation to refinance.
by NewMoneyMustBeSmart
Sat Jul 04, 2020 9:02 am
Forum: Personal Investments
Topic: Should I ever hold ESPP until a qualifying disposition?
Replies: 43
Views: 2244

Re: Should I ever hold ESPP until a qualifying disposition?

Jack FFR1846 wrote:
Mon Jun 22, 2020 10:12 am
No. Stop it and just sell them.
That is certainly the conventional wisdom. I know of 6 people who could have sold all their stock to make $3M, waited 6 months and made $12M.

So - it's a risk reward calculation.
by NewMoneyMustBeSmart
Fri Jul 03, 2020 11:12 pm
Forum: Personal Investments
Topic: 529 Max contribution
Replies: 12
Views: 1094

Re: 529 Max contribution

What would be easier to do dividing between 2 kids or filing the form 709. For the other kid, contribution was 10k, so we have room there.. It's my opinion that for us it is easier to divide between the kids. My understanding is that you as the owner of the account can choose to move money between ...
by NewMoneyMustBeSmart
Fri Jul 03, 2020 6:42 pm
Forum: Personal Investments
Topic: 529 Max contribution
Replies: 12
Views: 1094

Re: 529 Max contribution

It looks like we contributed 5k more for 2019, so instead of 30k did 35k. Is there a penalty now? Or some forms wenneed to fill? If you fill out form 709 you can avoid paying tax by having the extra $5k applied against your lifetime exemption. https://www.irs.gov/instructions/i709 Or you can do a 5...
by NewMoneyMustBeSmart
Fri Jul 03, 2020 6:34 pm
Forum: Personal Finance (Not Investing)
Topic: Signed a new job contract - realized I could have get a higher salary
Replies: 74
Views: 7365

Re: Signed a new job contract - realized I could have get a higher salary

Are you saying your friends had offers from the same company, for the same position, that were higher than yours or offers from other companies in the industry? If it’s the later, it’s really apples and oranges. There’s more to compensation than simply salary. Yep. apples and oranges. I have two th...
by NewMoneyMustBeSmart
Fri Jul 03, 2020 6:18 pm
Forum: Personal Finance (Not Investing)
Topic: What to do with all this MONEY ?
Replies: 201
Views: 20742

Re: What to do with all this MONEY ?

Sometimes this thought comes in my mind, I know a little strange ... But the question is still there, what do we do with this Piggy Bank of ours ? It doesn't seem strange to me, but we may be in a similar population. Abstractly, once the problems of scarcity are solved, the problems of plenty are v...
by NewMoneyMustBeSmart
Fri Jul 03, 2020 5:39 pm
Forum: Personal Consumer Issues
Topic: Big Scan Job: 28,800 pages
Replies: 13
Views: 1278

Re: Big Scan Job: 28,800 pages

Look at getting a ScanSnap scanner. +1 for ScanSnap... https://www.amazon.com/gp/product/B07T6C51YH/ This is around $500. It will talk over wifi but each scan job requires a human at the computer to save/name it I think (maybe this an be automated). If it were me, I'd hire someone off Craigslist an...
by NewMoneyMustBeSmart
Fri Jul 03, 2020 5:29 pm
Forum: Personal Investments
Topic: Where to start with mega backdoor Roth IRA?
Replies: 31
Views: 2099

Re: Where to start with mega backdoor Roth IRA?

Thanks. Can the money skip the sub-account and go directly into my ROTH ( which is already with Fidelity )? Is that what Roth in place conversion (RIPC) is? Just trying to understand what the point of this sub-account is. My understanding is yes, that is what the RIPC does. It prevents the risk of ...
by NewMoneyMustBeSmart
Wed Jul 01, 2020 10:08 pm
Forum: Personal Finance (Not Investing)
Topic: Confirm FDIC Insurance for Our Trust
Replies: 7
Views: 434

Re: Confirm FDIC Insurance for Our Trust

My wife and I are both trustees on our revocable trust. We have an account at Ally Bank and I wish to deposit more funds but I'm a little rusty when it come to FDIC insurance limits. According to the FDIC website, if I understand correctly, each one of us has protection up to $250K. I don't normall...
by NewMoneyMustBeSmart
Wed Jul 01, 2020 9:53 pm
Forum: Personal Finance (Not Investing)
Topic: What are you paying for umbrella insurance?
Replies: 36
Views: 1971

Re: What are you paying for umbrella insurance?

Just wondering what bogleheads are paying. With AIG we pay $13k per year for car/house/Personal Excessive Liability Insurance and $8k/year in property tax on a $500k house. The $13k breaks out as: $4k for Homeowner's Insurance - $1M insured, $10k deductible. $8k for Auto insurance which is obscene ...
by NewMoneyMustBeSmart
Mon Jun 29, 2020 8:54 pm
Forum: Personal Investments
Topic: Where to start with mega backdoor Roth IRA?
Replies: 31
Views: 2099

Re: Where to start with mega backdoor Roth IRA?

I am confused on what is the difference among ROTH, After TAX and Default After-tax? I assume I should be only doing "After Tax", but where will that money go? Your options look different than mine: https://i.postimg.cc/0QZy0hQg/Screen-Shot-2020-06-29-at-6-48-43-PM.png I put money into "PRE-TAX" un...
by NewMoneyMustBeSmart
Sat Jun 27, 2020 10:43 am
Forum: Personal Finance (Not Investing)
Topic: How much umbrella insurance?
Replies: 146
Views: 7600

Re: How much umbrella insurance?

How is a private investigator going to get account statements from a bank? Are you implying it's routine for bank employees to illegally disclose confidential information to private investigators? It's illegal but it's trivial for an unscrupulous PI to bribe someone to get that. But they don't need...
by NewMoneyMustBeSmart
Fri Jun 26, 2020 4:33 pm
Forum: Personal Finance (Not Investing)
Topic: How much umbrella insurance?
Replies: 146
Views: 7600

Re: How much umbrella insurance?

No, the more money you flash, the larger a target you are. Easily searchable indicators of wealth include: car, home, clothing, job. Less easily found, but also useful: social circle, family assets, etc etc. I think we agree more than we disagree. However, it's not very hard for an attorney or priv...
by NewMoneyMustBeSmart
Fri Jun 26, 2020 4:23 pm
Forum: Investing - Theory, News & General
Topic: Interactive Brokers (Best Kept Secret)
Replies: 209
Views: 60540

Re: Interactive Brokers (Best Kept Secret)

AndroAsc wrote:
Sat Sep 28, 2019 10:29 pm
I'm trying to understand this margin loan thing from a few posts back. Is it possible to use it as an emergency fund? Is the loan callable?
Yes, the broker can generally change the terms at any time including calling the loan.
by NewMoneyMustBeSmart
Fri Jun 26, 2020 4:22 pm
Forum: Personal Finance (Not Investing)
Topic: How much umbrella insurance?
Replies: 146
Views: 7600

Re: How much umbrella insurance?

Newbie question - Why does the net worth matter here? It's my understanding that frequently one of the first things that a plaintiff's attorney does on considering a case is to do an asset search for the defendant. If the defendant's assets are not visible or perceived to be low; the amount the pla...
by NewMoneyMustBeSmart
Fri Jun 26, 2020 4:19 pm
Forum: Investing - Theory, News & General
Topic: Asymmetric risk in the Roth vs Traditional question
Replies: 280
Views: 11509

Re: Asymmetric risk in the Roth vs Traditional question

This is exactly right, and the same point I just made in another thread: "I often find that people's projections/assumptions are wildly skewed in favor of Roth ("our deficits are huge!"). They forget that if you choose Roth and turn out to be wrong, it's a costly mistake that can put a dent in your...
by NewMoneyMustBeSmart
Wed Jun 24, 2020 9:38 pm
Forum: Personal Finance (Not Investing)
Topic: Moving a coin collection
Replies: 20
Views: 2182

Re: Moving a coin collection

I'm interested in tips and ideas on how to safely move a valuable coin collection from Point A to Point B? It would be about a 10 hour drive. Thanks. When I moved from one state to another, I put 200 gold coins (~$250k) in a metal lock box along with $30,000 in cash. For some reason we flew from si...
by NewMoneyMustBeSmart
Fri Jun 19, 2020 4:21 pm
Forum: Personal Finance (Not Investing)
Topic: Setting up and Managing a Private Foundation
Replies: 42
Views: 1546

Re: Setting up and Managing a Private Foundation

Didn't someone say above a foundation has to spend 5% of its assets each year to maintain its tax exempt status? It can't limit its withdrawal rate to 2% so it lasts forever. Yes. The IRS says that... What they actually say is that if you donate at least 5% of your average monthly balance, you don'...
by NewMoneyMustBeSmart
Fri Jun 19, 2020 4:06 pm
Forum: Personal Finance (Not Investing)
Topic: Setting up and Managing a Private Foundation
Replies: 42
Views: 1546

Re: Setting up and Managing a Private Foundation

We have both a DAF and a Private Operating Foundation. We donate appreciated stock to the DAF and invest it there according to our IPS. We make donations from the DAF including to our Private Operating Foundation. The foundation only has a checking account. The foundation can then run it's own prog...
by NewMoneyMustBeSmart
Fri Jun 19, 2020 3:32 pm
Forum: Personal Finance (Not Investing)
Topic: Setting up and Managing a Private Foundation
Replies: 42
Views: 1546

Re: Setting up and Managing a Private Foundation

Flora wrote:
Fri Jun 19, 2020 3:29 pm
I looked at your spreadsheet and have a few comments.
Very helpful and thank you. This wealth of wisdom shared by you and others is very helpful now and in the future.

I assumed my model was not accurate (ergo model ;-) ) but I wanted to verify the ballpark numbers.

Thank you again.
by NewMoneyMustBeSmart
Fri Jun 19, 2020 3:19 pm
Forum: Personal Finance (Not Investing)
Topic: Setting up and Managing a Private Foundation
Replies: 42
Views: 1546

Re: Setting up and Managing a Private Foundation

I can understand wanting to focus on people who people who do not play sports. At least at schools that have athletic scholarships, there is already a big pile of money available only to them. In the ballpark of 55% of high school students play team sports. You want to exclude 55% of high school st...
by NewMoneyMustBeSmart
Fri Jun 19, 2020 3:18 pm
Forum: Personal Finance (Not Investing)
Topic: Setting up and Managing a Private Foundation
Replies: 42
Views: 1546

Re: Setting up and Managing a Private Foundation

Reproducing your background must be really important to you. It would be vastly simpler and more of the money would go to a charitable purpose if you gave the money to the college. The development office would be happy to speak with you about what requirements it would be able and willing to apply....
by NewMoneyMustBeSmart
Fri Jun 19, 2020 12:39 pm
Forum: Personal Finance (Not Investing)
Topic: Setting up and Managing a Private Foundation
Replies: 42
Views: 1546

Re: Setting up and Managing a Private Foundation

oldfort wrote:
Fri Jun 19, 2020 11:40 am
This is a unique scholarship criteria. How did you come up with these rules?
That's my background.
by NewMoneyMustBeSmart
Fri Jun 19, 2020 12:38 pm
Forum: Personal Finance (Not Investing)
Topic: Setting up and Managing a Private Foundation
Replies: 42
Views: 1546

Re: Setting up and Managing a Private Foundation

Since this isn't that large a project, and the time involved for 4 lawyers to meet with you will probably be more than 50% of the cost of the project, please pay each of the 4 lawyers for his/her time in meeting with you, or give them the courtesy of telling them on the initial phone call or e-mail...
by NewMoneyMustBeSmart
Fri Jun 19, 2020 7:13 am
Forum: Personal Finance (Not Investing)
Topic: Setting up and Managing a Private Foundation
Replies: 42
Views: 1546

Re: Setting up and Managing a Private Foundation

I think you will find that a seven figures is really too low for a private foundation because of the expense of establishing and operating such an entity. I urge you to consult with a community foundation which would most likely be happy to work with you on your charitable intentions. Gill I work w...
by NewMoneyMustBeSmart
Fri Jun 19, 2020 7:09 am
Forum: Personal Finance (Not Investing)
Topic: Setting up and Managing a Private Foundation
Replies: 42
Views: 1546

Re: Setting up and Managing a Private Foundation

Keep in mind that if the PF sells the stock you donated to it, the PF pays the 1.39% excise tax on the gain calculated as the excess of the proceeds over your own original cost basis. While I think I knew this in the back of my head, I didn't fully realize it - thanks for pointing it out. My back-o...
by NewMoneyMustBeSmart
Fri Jun 19, 2020 6:54 am
Forum: Personal Finance (Not Investing)
Topic: Setting up and Managing a Private Foundation
Replies: 42
Views: 1546

Re: Setting up and Managing a Private Foundation

... have appts with 4 attorneys that purport to do work in this area. .. The amounts are very low 7 digits. ... We've set up at least a few dozen foundations, and I'm on the board of one, so I'll comment on this. It isn't worth consulting 4 lawyers, and it isn't fair to them to shop it around unles...
by NewMoneyMustBeSmart
Thu Jun 18, 2020 8:47 pm
Forum: Personal Finance (Not Investing)
Topic: Setting up and Managing a Private Foundation
Replies: 42
Views: 1546

Re: Setting up and Managing a Private Foundation

I think you will find that a seven figures is really too low for a private foundation because of the expense of establishing and operating such an entity. I urge you to consult with a community foundation which would most likely be happy to work with you on your charitable intentions. Gill Thank yo...
by NewMoneyMustBeSmart
Thu Jun 18, 2020 8:46 pm
Forum: Personal Finance (Not Investing)
Topic: Setting up and Managing a Private Foundation
Replies: 42
Views: 1546

Re: Setting up and Managing a Private Foundation

How old are you? How long is the foundation expected to last? What is the succession plan? 40s, centuries, heirs run it and on terminal bloodline assets go to predesignated charities. The easy and fun part is when you're around to set it up, but when it's no longer fun, finding the right continuity...
by NewMoneyMustBeSmart
Thu Jun 18, 2020 8:32 pm
Forum: Personal Finance (Not Investing)
Topic: Setting up and Managing a Private Foundation
Replies: 42
Views: 1546

Re: Setting up and Managing a Private Foundation

Are you sure there is not an organization that you could work with on the scholarship? I have actually been involved or had a front row seat to three different people who set up very specific scholarships with very specific criteria. One person remained very involved in selecting the recipients and...
by NewMoneyMustBeSmart
Thu Jun 18, 2020 7:03 pm
Forum: Personal Finance (Not Investing)
Topic: Setting up and Managing a Private Foundation
Replies: 42
Views: 1546

Re: Setting up and Managing a Private Foundation

Gill wrote:
Thu Jun 18, 2020 7:01 pm
NewMoneyMustBeSmart wrote:
Thu Jun 18, 2020 6:57 pm
inbox788 wrote:
Thu Jun 18, 2020 6:52 pm
How old are you? How long is the foundation expected to last? What is the succession plan?
40s, centuries, heirs run it and on terminal bloodline assets go to predesignated charities.
You’re getting younger. A year ago you said early 50’s.😀
Gill
I started exercising.
by NewMoneyMustBeSmart
Thu Jun 18, 2020 6:58 pm
Forum: Personal Finance (Not Investing)
Topic: Setting up and Managing a Private Foundation
Replies: 42
Views: 1546

Re: Setting up and Managing a Private Foundation

You should consult with an attorney specializing in charitable entities, if for no other reason than to assure a private foundation and your intended funding make sense. There are other ways that be more efficient and easier to manage. Private foundations often don’t make sense unless the amounts i...
by NewMoneyMustBeSmart
Thu Jun 18, 2020 6:57 pm
Forum: Personal Finance (Not Investing)
Topic: Setting up and Managing a Private Foundation
Replies: 42
Views: 1546

Re: Setting up and Managing a Private Foundation

inbox788 wrote:
Thu Jun 18, 2020 6:52 pm
How old are you? How long is the foundation expected to last? What is the succession plan?
40s, centuries, heirs run it and on terminal bloodline assets go to predesignated charities.
by NewMoneyMustBeSmart
Thu Jun 18, 2020 6:39 pm
Forum: Personal Finance (Not Investing)
Topic: Capital One is at it again
Replies: 118
Views: 11042

Re: Capital One is at it again

Just noticed....MM account interest went from 1.3% to 0.8 %. I have been with them for a lonnnng time and hesitate to move anywhere, but this is kind of ridiculous. Seems like not too long ago it was 2.4%. Maybe this drop is standard though in these times, across all banks Just move. They don't eve...
by NewMoneyMustBeSmart
Thu Jun 18, 2020 6:37 pm
Forum: Personal Consumer Issues
Topic: Sellers agent not letting me view property without preapproval or "proof of finances"
Replies: 189
Views: 10423

Re: Sellers agent not letting me view property without preapproval or "proof of finances"

Lalamimi wrote:
Thu Jun 18, 2020 6:15 pm
Wish we had required this. We got locked in with a woman for months who kept saying she would/could get the money. It never happened. wasted months and lost money.
Maybe. Better.com lets you self-attest income to generate a prequal letter. So you could still get played.
by NewMoneyMustBeSmart
Thu Jun 18, 2020 6:36 pm
Forum: Personal Consumer Issues
Topic: Sellers agent not letting me view property without preapproval or "proof of finances"
Replies: 189
Views: 10423

Re: Sellers agent not letting me view property without preapproval or "proof of finances"

phisher4 wrote:
Thu Jun 18, 2020 4:39 pm
Has anyone else run into this?
In my MCOL town I am told any property over $700k requires prequal or proof of funds to view.
by NewMoneyMustBeSmart
Thu Jun 18, 2020 6:32 pm
Forum: Personal Finance (Not Investing)
Topic: Setting up and Managing a Private Foundation
Replies: 42
Views: 1546

Setting up and Managing a Private Foundation

My wife and I have tentatively decided to create a non-profit corporation and run it as a private foundation. We expect to receive a deduction in whole for the value of highly appreciate stock as the donation is less than 20% of our AGI for 2020. As I research how to go about doing this, I'm not sur...
by NewMoneyMustBeSmart
Mon Jun 15, 2020 8:25 pm
Forum: Personal Finance (Not Investing)
Topic: Offer in hand, shall I renegotiate with current employer?
Replies: 36
Views: 2927

Re: Offer in hand, shall I renegotiate with current employer?

TomatoTomahto wrote:
Mon Jun 15, 2020 8:16 am
The underlined should be spelled “one’s.”
😁
mea culpa. Not like its at all.
by NewMoneyMustBeSmart
Sun Jun 14, 2020 10:22 pm
Forum: Personal Finance (Not Investing)
Topic: Offer in hand, shall I renegotiate with current employer?
Replies: 36
Views: 2927

Re: Offer in hand, shall I renegotiate with current employer?

I have a job offer out side from this company with better pay and potential for future growth. There pay band has more room to grow too. I like my current employer and role. Should I talk to my employer? And if so, how should I word it? Shall i tell them I have another offer? Shall I put a time lim...
by NewMoneyMustBeSmart
Sun Jun 14, 2020 1:46 pm
Forum: Personal Finance (Not Investing)
Topic: Conventional Mortgage for 2nd Residence
Replies: 10
Views: 824

Re: Conventional Mortgage for 2nd Residence

My wife is planning to take a fellowship 75 miles from our house which is in the college our kids are likely to attend. In an ideal situation we could buy a house there, and then use it for the kids going to college in 3-11 years from now. What happens if your kids don’t go to this college? It soun...
by NewMoneyMustBeSmart
Sat Jun 13, 2020 6:42 pm
Forum: Personal Finance (Not Investing)
Topic: Conventional Mortgage for 2nd Residence
Replies: 10
Views: 824

Re: Conventional Mortgage for 2nd Residence

makes sense to buy to use rather than rent if you can find something inexpensive. Maybe rent a room out to a student and call it rental property?. But I don't think you can have 2 Primary Residences. It is called your Homestead in Texas, and you only get one. We had 2 houses and lived in the non-ho...
by NewMoneyMustBeSmart
Sat Jun 13, 2020 4:45 pm
Forum: Personal Finance (Not Investing)
Topic: Lawyer Fees in 2020- edited
Replies: 21
Views: 2345

Re: Lawyer Fees in 2020- edited

My rational for this post was to get a ballpark idea of what a estate/real estate lawyer charges by the hour. ... Did they charge by the job? What are your thoughts of paying by the job or the hour? Estate plan (rev trust/living will, will, health directive) = $4k by the job I prefer by the job... ...