Search found 5116 matches

by afan
Sat Sep 19, 2020 8:13 pm
Forum: Personal Finance (Not Investing)
Topic: How to get over finance envy
Replies: 322
Views: 44875

Re: How to get over finance envy

Knowing general compensation information is helpful. But no need to know what a particular individual makes. I already know the salary ranges in my field. That does not mean I know what any one of my co-workers make. And again, I don't care.
by afan
Sat Sep 19, 2020 7:12 pm
Forum: Personal Finance (Not Investing)
Topic: How to get over finance envy
Replies: 322
Views: 44875

Re: How to get over finance envy

Saving is deliberate. It doesn't just happen. There won't just miraculously be 'something left at the end of the month' if one just had a bigger income. Well, not for everyone. We find that spending is deliberate and saving is what happens when income exceeds spending. Our incomes have gone up a lo...
by afan
Sat Sep 19, 2020 6:57 pm
Forum: Personal Finance (Not Investing)
Topic: How to get over finance envy
Replies: 322
Views: 44875

Re: How to get over finance envy

Everybody says they have no finance envy, and then cite that they have more wealth than their neighbours/peers/friends/coworkers/etc That kind of proves the opposite Evidence that a person doesn’t have finance envy would be more compelling if they said that everybody around them was in the 1%, they...
by afan
Sat Sep 19, 2020 9:08 am
Forum: Investing - Theory, News & General
Topic: Variable Universal Life Insurance Experts - Seems Like a No Brainer - Please Read
Replies: 90
Views: 4214

Re: Variable Universal Life Insurance Experts - Seems Like a No Brainer - Please Read

Nate79 wrote: Fri Sep 18, 2020 8:29 pm
Bfwolf wrote: Fri Sep 18, 2020 8:05 pm OP has trolled this board twice with this post, and people are still responding?

He refuses to post the number but says the numbers show the VUL is better.

Stop feeding the troll.

Maybe just an insurance salesman..... :twisted:

Perhaps a sales pitch. If so, it is not working very well.
by afan
Fri Sep 18, 2020 6:17 pm
Forum: Investing - Theory, News & General
Topic: John C. Bogle exposed? No way! [Investing paper retracted]
Replies: 27
Views: 5725

Re: John C. Bogle exposed? No way! [Investing paper retracted]

Just to keep the record straight, Journal of Financial Planning is very far from a top academic journal. Based on what it publishes and the editorial standards, it would be difficult to describe it as an academic journal at all. List of the top academic economics and finance journals. I sorted by H ...
by afan
Fri Sep 18, 2020 5:49 pm
Forum: Investing - Theory, News & General
Topic: Variable Universal Life Insurance Experts - Seems Like a No Brainer - Please Read
Replies: 90
Views: 4214

Re: Variable Universal Life Insurance Experts - Seems Like a No Brainer - Please Read

The analyses require the numbers. Until the OP posts them, no one can know whether this pays. Many years ago I looked at a NWML variable life policy. The prospectus was less than 291 pages but well over 100. It took a long time to read through, find each fee and where it was extracted. The fees were...
by afan
Fri Sep 18, 2020 7:16 am
Forum: Personal Finance (Not Investing)
Topic: How to get over finance envy
Replies: 322
Views: 44875

Re: How to get over finance envy

I suppose. But why does it matter whether one knows someone who is spending more? We all know that some people drive Bentleys. Why does it matter whether we have met someone who drives a Bentley? I don't have a super yacht. As far as I know, I have never met anyone who does. I don't want a super yac...
by afan
Thu Sep 17, 2020 7:20 pm
Forum: Personal Finance (Not Investing)
Topic: How to get over finance envy
Replies: 322
Views: 44875

Re: How to get over finance envy

I have no idea what cars my neighbors drive. I don't care. There is no car a neighbor could have that would elicit envy in me. There are lots of people who have cars that are fancier or more expensive than mine. I know this and I don't care. My car gets me where I am going, safely and reliably. What...
by afan
Thu Sep 17, 2020 4:02 pm
Forum: Personal Finance (Not Investing)
Topic: How to get over finance envy
Replies: 322
Views: 44875

Re: How to get over finance envy

How do you know they are usually over-extended? That is your lame excuse for not being able to make as much money as others. Even if some are over-extended, it is their problem, not yours. Some people make more money than you, sometime a lot more. That is life. No sour grapes or bad mouthing. You c...
by afan
Thu Sep 17, 2020 4:00 pm
Forum: Personal Finance (Not Investing)
Topic: How to get over finance envy
Replies: 322
Views: 44875

Re: "What are we doing wrong and what are "THEY" doing right!?"

I would rather be your neighbor, living in hock up to my eyeballs, enjoying every day of my life in a frivolous fashion, than to be some misery Scrooge leaving millions unspent on their demise. I would rather be the miserly Scrooge with millions left at death. If I were in hock up to my eyebrows, I...
by afan
Thu Sep 17, 2020 1:14 pm
Forum: Personal Finance (Not Investing)
Topic: Insurance Medical Report (MBB): Should I Apply for a New Policy and Risk Blacklisting?
Replies: 8
Views: 545

Re: Insurance Medical Report (MBB): Should I Apply for a New Policy and Risk Blacklisting?

Do we have Bogleheads that are well versed with the MBB insurance medical report? It's the medical version of your "credit report" that list all sorts of health issues that you have and are shared with insurance companies. Technically, they list various "codes", but let's face it we know what's goi...
by afan
Thu Sep 17, 2020 1:03 pm
Forum: Personal Finance (Not Investing)
Topic: Bypass-trust seems to be no longer feasible for inherited IRA?
Replies: 28
Views: 1999

Re: Bypass-trust seems to be no longer feasible for inherited IRA?

Purely speculation on my part, regarding how the trustee invests the money: In the trust world there seem to be two different ways of handling accounts. One for "poor" people like bogleheads. These get a standard product that a bank can produce at low incremental cost. In spite of what they will cla...
by afan
Thu Sep 17, 2020 12:50 pm
Forum: Personal Finance (Not Investing)
Topic: Bypass-trust seems to be no longer feasible for inherited IRA?
Replies: 28
Views: 1999

Re: Bypass-trust seems to be no longer feasible for inherited IRA?

It would be more whether the trustee could add a beneficiary (the charity). I agree that, since this is not a person, it might not be permitted to change the trust at that point. With regard to writing into the trust language that greatly restricted the discretion of the trustee in how to invest the...
by afan
Thu Sep 17, 2020 9:37 am
Forum: Personal Finance (Not Investing)
Topic: Life Insurance!
Replies: 12
Views: 630

Re: Life Insurance!

Since it seems your cash value is less than the total of premiums paid, you have another option. Get a statement from the insurance company that shows your total premiums paid and the SURRENDER value. This is the actual amount of money you would get if you cash out the policy. If the surrender value...
by afan
Thu Sep 17, 2020 9:16 am
Forum: Personal Finance (Not Investing)
Topic: Bypass-trust seems to be no longer feasible for inherited IRA?
Replies: 28
Views: 1999

Re: Bypass-trust seems to be no longer feasible for inherited IRA?

If you have an accumulation trust, can the trustee have authority to create a charitable remainder trust if that appears to be appropriate? Could the trustee do this down the road, years after the grantor's death, in response to tax laws and the circumstances of the beneficiaries? If so, then one mi...
by afan
Thu Sep 17, 2020 5:49 am
Forum: Personal Finance (Not Investing)
Topic: How can I get some umbrella insurance and which is the best umbrella insurance?
Replies: 4
Views: 541

Re: How can I get some umbrella insurance and which is the best umbrella insurance?

Shop for umbrella along with auto and homeowners. Most insurers sell these with package discounts. You don't have to use your current company. Most companies only write umbrella on people who also have their home and auto with that provider.
by afan
Wed Sep 16, 2020 3:43 pm
Forum: Personal Finance (Not Investing)
Topic: Universal Life Insurance Keep or Cash Out
Replies: 19
Views: 1016

Re: Universal Life Insurance Keep or Cash Out

Or worse, took out policy loans based on those optimistic return projections. Then had to pay back the loans before the policy lapsed. If it lapsed then all the returns they got above total premiums paid became taxable.
by afan
Tue Sep 15, 2020 12:03 pm
Forum: Personal Finance (Not Investing)
Topic: Universal Life Insurance Keep or Cash Out
Replies: 19
Views: 1016

Re: Universal Life Insurance Keep or Cash Out

If you have a $1 million life insurance policy, then the possibility of depositing less than $1,000 per into a "savings account", even one that pays you 4.5% per year, is incidental to your financial life This is true, though i did open the Digital Credit Union account for the 6% on $1k, I opened t...
by afan
Sun Sep 13, 2020 3:22 pm
Forum: Personal Finance (Not Investing)
Topic: Thoughts a will to protect generational wealth?
Replies: 42
Views: 2200

Re: Thoughts a will to protect generational wealth?

Presumably, you are talking about 7% nominal return. Over many decades this is far less than 7% real return. Even 7% nominal after tax is at the very boderline of realistic. The amount of money you may have at 90 could be a nice sum if all goes well over a very long time. But it will not be enough f...
by afan
Sun Sep 13, 2020 12:45 pm
Forum: Personal Finance (Not Investing)
Topic: [Legacy insurance trusts]
Replies: 4
Views: 213

Re: [Legacy insurance trusts]

Thanks.
I would love to hear what bogleheads have done with old ILITs and what the estate planning experts have been suggesting.
by afan
Sat Sep 12, 2020 5:17 pm
Forum: Investing - Theory, News & General
Topic: AQR still singing the same song
Replies: 97
Views: 6864

Re: AQR still singing the same song

AQR suffers from a typical hedge-fund manager vs investor issue. There are several issues with AQR: they publish their "research". This is the most laughable aspect of their operation. No one in their right mind publishes anything that is a source of excess returns. You are missing the brilliance o...
by afan
Sat Sep 12, 2020 9:59 am
Forum: Personal Finance (Not Investing)
Topic: [Legacy insurance trusts]
Replies: 4
Views: 213

[Legacy insurance trusts]

[Moved into a new thread from: Old friend joined Northwestern Mutual -- how to politely explain they're awful --admin LadyGeek] It would be hard to justify using term insurance in an ILIT. If the insured had a normal life duration the premiums would become prohibitive. Very few insurance trusts are...
by afan
Sat Sep 12, 2020 9:55 am
Forum: Personal Finance (Not Investing)
Topic: Old friend joined Northwestern Mutual -- how to politely explain they're awful
Replies: 87
Views: 6445

Re: Old friend joined Northwestern Mutual -- how to politiely explain they're awful

I agree that whole life is inappropriate for most people. There are some circumstances under which it is a good solution. The question is whether NWML is different than other life insurance companies that sell term and whole life. "Most people should avoid whole life" completely agree. "NWML is uniq...
by afan
Fri Sep 11, 2020 6:17 pm
Forum: Personal Finance (Not Investing)
Topic: Old friend joined Northwestern Mutual -- how to politely explain they're awful
Replies: 87
Views: 6445

Re: Old friend joined Northwestern Mutual -- how to politiely explain they're awful

It would be hard to justify using term insurance in an ILIT. If the insured had a normal life duration the premiums would become prohibitive.
by afan
Fri Sep 11, 2020 4:41 pm
Forum: Personal Finance (Not Investing)
Topic: Old friend joined Northwestern Mutual -- how to politely explain they're awful
Replies: 87
Views: 6445

Re: Old friend joined Northwestern Mutual -- how to politiely explain they're awful

Like other big life insurance companies- New York Life, Mass Mutual and so forth, they make more money on whole life than on term. They sell a lot of whole life. They have one of the highest retention rates in the industry. The people who buy their policies are less likely to cancel them than are cu...
by afan
Thu Sep 10, 2020 6:04 pm
Forum: Personal Finance (Not Investing)
Topic: Should we buy a $3M+ house with parental help?
Replies: 167
Views: 11464

Re: Should we buy a $3M+ house with parental help?

I would take the money now. No rush to buy a house. Lots of reasons not to. The current weak real estate market in crowded cities and the high rate of work from home in the tech industry are part of the reason. If you do not decide to buy a house, then the family will have to accept it. As long as y...
by afan
Thu Sep 10, 2020 4:22 pm
Forum: Personal Finance (Not Investing)
Topic: Old friend joined Northwestern Mutual -- how to politely explain they're awful
Replies: 87
Views: 6445

Re: Old friend joined Northwestern Mutual -- how to politiely explain they're awful

Same here. I have had term policies from NWML and the rates were good. No problem with the service. I was treated to very mild push to buy whole life, which I declined. The company gets a bad rap because it is one of the largest sellers of whole life, which few people need. If you are shopping for t...
by afan
Wed Sep 09, 2020 7:21 am
Forum: Personal Finance (Not Investing)
Topic: Dog Bite Case (for real - and I own the dog)
Replies: 56
Views: 7489

Re: Dog Bite Case (for real - and I own the dog)

I am surprised that a dog would even notice a machete attached to a belt, let alone consider it a weapon to avoid. Using it requires getting in striking distance and putting your quickness up against that of an attacking dog... Aren't there bear sprays that let you defend yourself from 5-10 feet, do...
by afan
Mon Sep 07, 2020 11:57 am
Forum: Personal Finance (Not Investing)
Topic: Note from Chase on Credit Report -- but these are frozen?
Replies: 10
Views: 886

Re: Note from Chase on Credit Report -- but these are frozen?

Many companies offer something like this as a service. You should be able to turn off the alerts if you would prefer. I check my reports and rating frequently to make sure I would know if something were to happen. The only way to cut off Chase's access to your credit report would be to close all you...
by afan
Sun Sep 06, 2020 1:18 pm
Forum: Personal Consumer Issues
Topic: Home insurance shopping - broker has asked for current premium paid
Replies: 12
Views: 1224

Re: Home insurance shopping - broker has asked for current premium paid

I would have them give you quotes for several companies and compare the coverage you would be buying. I don't see any point in giving the premium you pay now. As long as you give them the full coverage information, they can get you prices for comparable policies from other companies. First thing: yo...
by afan
Sun Sep 06, 2020 1:04 pm
Forum: Personal Finance (Not Investing)
Topic: Rice & Beans [limiting food expenses]
Replies: 96
Views: 13894

Re: Rice & Beans [limiting food expenses]

A healthy diet is not expensive, even in a VHCOL area. Meat is expensive. Prepared food is expensive. You can get fresh or frozen vegetables at very low cost. Eat the fresh as is or heat, depending on the vegetable. Heat and eat the frozen ones. Tofu or soy protein powder are low cost sources of pro...
by afan
Sun Sep 06, 2020 12:51 pm
Forum: Personal Finance (Not Investing)
Topic: Charles Schwab - account aggregation
Replies: 28
Views: 2061

Re: Charles Schwab - account aggregation

I don't use aggregators. I find the need to log in to multiple companies a feature, not a bug. For the same reason, I do not consolidate all my assets at one vendor. I use 2FA on every financial site that offers it. Doing all that but giving up my long complicated passwords to a third party would be...
by afan
Sat Sep 05, 2020 6:07 pm
Forum: Personal Finance (Not Investing)
Topic: Question about shopping for home insurance
Replies: 26
Views: 1056

Re: Question about shopping for home insurance

Interesting. I have never had a deductible anywhere near that low and no lender has ever complained. Maybe some do not care as much?
by afan
Fri Sep 04, 2020 10:42 am
Forum: Personal Finance (Not Investing)
Topic: Life Insurance Question - Take Cash Surrender Value
Replies: 15
Views: 1103

Re: Life Insurance Question - Take Cash Surrender Value

That is why you need to ask the insurance company. With a policy this old I think MEC is off the table, but the insurance company could be required to distribute some cash back to the owner if there were too much in as compared to the death benefit. The company should be able to tell you exactly how...
by afan
Fri Sep 04, 2020 8:43 am
Forum: Personal Finance (Not Investing)
Topic: Do I need life insurance?
Replies: 20
Views: 807

Re: Do I need life insurance?

Have no more contact with this salesperson. If you need financial advice, you can come here. We will not try to make a commission by selling you things you don't need. The advice here is free. If you want someone to prepare a full financial plan for you, you can hire an hourly fee planner who will n...
by afan
Fri Sep 04, 2020 8:28 am
Forum: Personal Finance (Not Investing)
Topic: Life Insurance Question - Take Cash Surrender Value
Replies: 15
Views: 1103

Re: Life Insurance Question - Take Cash Surrender Value

Once you subtract the mortality charges and expenses, you would be getting less than 4% on the policy. However, if you had a large amount of money in cash value, you could easily make more than available for bonds currently. As it stands now, continuing to pay the premiums as you are just has the po...
by afan
Wed Sep 02, 2020 1:48 pm
Forum: Personal Finance (Not Investing)
Topic: Need Help with Life Insurance Question
Replies: 23
Views: 1021

Re: Need Help with Life Insurance Question

If you leave your job can you convert the life insurance to an individual policy? If so, the premium will probably be high due to adverse selection but it might be an option. How likely are you to change jobs or get laid off? That can vary widely. Tenured professors at major universities or federal ...
by afan
Wed Sep 02, 2020 1:08 pm
Forum: Personal Finance (Not Investing)
Topic: Considering whether to maintain term life insurance when financial need has lessened
Replies: 36
Views: 2012

Re: Considering whether to maintain term life insurance when financial need has lessened

Viewed as an investment, life insurance is sold when the insurer believes the expected value of the stream of premium payments is greater than the expected value of the death benefit paid. For many people, that continues to be the case for term insurance up to the point that they drop it. For some p...
by afan
Tue Sep 01, 2020 5:02 pm
Forum: Investing - Theory, News & General
Topic: Why is there no title insurance for stocks?
Replies: 26
Views: 1688

Re: Why is there no title insurance for stocks?

The difference between land and stocks is that shares are fungible. If you buy stock from a broker there is no question of whether you own the shares. You own "100 shares of XYZ", which are identical to and indistinguishable from any other shares of XYZ. It doesn't matter where they cam from. You ne...
by afan
Tue Sep 01, 2020 12:53 pm
Forum: Personal Finance (Not Investing)
Topic: Are we "qualified individuals"?
Replies: 7
Views: 1048

Re: Are we "qualified individuals"?

Because your employer has paused contributions to your 403(b), you want to take money from your IRA?

I don't get it.

What are you going to do with the IRA money? Use it to replace the missing employer contribution? But it is already in a retirement account? I must be missing something...
by afan
Sun Aug 30, 2020 2:00 pm
Forum: Personal Finance (Not Investing)
Topic: Umbrella Insurance - Worst Case
Replies: 142
Views: 9510

Re: Umbrella Insurance - Worst Case

Court could object that you are not bankrupt. Deciding that you don't want to pay a bill is not the same as bankrupt.
by afan
Sun Aug 30, 2020 1:56 pm
Forum: Personal Consumer Issues
Topic: Autotrader bait and switch
Replies: 39
Views: 4211

Re: Autotrader bait and switch

I keep cars a long time, so I rarely buy. I always buy used and have not run into these problems. I dress casually when I go to a dealer and they seem to believe me when I tell them what I am prepared to pay. If they ask about financing I say that I want a car and price first. Of course, once I have...
by afan
Sun Aug 30, 2020 1:42 pm
Forum: Personal Finance (Not Investing)
Topic: Huge escalations in cost of homeowners insurance
Replies: 57
Views: 5732

Re: Huge escalations in cost of homeowners insurance

Just to be clear-you are not insuring the market value of the house. You are insuring the cost of rebuilding in case of a total loss. You can have a high market price but a lower rebuild cost.
by afan
Sat Aug 29, 2020 8:10 pm
Forum: Investing - Theory, News & General
Topic: How long could you live off your portfolio if the worst happened?
Replies: 110
Views: 10457

Re: How long could you live off your portfolio if the worst happened?

Rest of our lives. Another way of saying that we can afford to retire. I use a somewhat different and I think more plausible bad scenario. I drop stocks by greater amounts, much worse than 50%. I do not assume that dividends and interest payments disappear. I model them at current rates instead. I a...
by afan
Sat Aug 29, 2020 7:54 pm
Forum: Personal Finance (Not Investing)
Topic: Umbrella Insurance - Worst Case
Replies: 142
Views: 9510

Re: Umbrella Insurance - Worst Case

Provided the court let's you do that.
by afan
Sat Aug 29, 2020 6:46 pm
Forum: Personal Finance (Not Investing)
Topic: Umbrella Insurance - Worst Case
Replies: 142
Views: 9510

Re: Umbrella Insurance - Worst Case

A Boglehead would just file bankruptcy to discharge the judgment...though I'm assuming a Boglehead wouldn't be DUI. Most BH have dough so declaring BK won't help as most of us have way more than the BK exemption amounts. Afan's scenario appears to posit a judgment has already been awarded above the...
by afan
Sat Aug 29, 2020 5:29 pm
Forum: Personal Finance (Not Investing)
Topic: Umbrella Insurance - Worst Case
Replies: 142
Views: 9510

Re: Umbrella Insurance - Worst Case

Someone gave a reason in another thread, which I thought was profound: You purchase a liability umbrella policy for a once-per-year premium amount of say $200 in order to have the ongoing services of a $500/hr lawyer should you need one. This. I have 3 kids (two of them driving age and the third to...
by afan
Sat Aug 29, 2020 5:28 pm
Forum: Personal Finance (Not Investing)
Topic: Umbrella Insurance - Worst Case
Replies: 142
Views: 9510

Re: Umbrella Insurance - Worst Case

The choice presented to the plaintiff is generally to settle for the policy limits and get paid immediately or have to go to court try to do better than the limits and then have to collect. They pretty much always settle for the limits unless it's a heinous incident (damages several orders of magni...
by afan
Sat Aug 29, 2020 5:09 pm
Forum: Personal Finance (Not Investing)
Topic: Hidden? Refi Closing Fees Just Discovered at Closing?
Replies: 21
Views: 2326

Re: Hidden? Refi Closing Fees Just Discovered at Closing?

Had exactly that experience on my last refi. The so-called lawyer tried to bully and intimidate me into signing without reading. "Threatened" that the refi would not go through unless I did what he wanted. Got even more upset when I said "then we are done here." (He only got paid if the papers were ...
by afan
Sat Aug 29, 2020 4:28 pm
Forum: Personal Finance (Not Investing)
Topic: Umbrella Insurance - Worst Case
Replies: 142
Views: 9510

Re: Umbrella Insurance - Worst Case

...The risk does go up at older ages, but nowhere close to new driver teenagers. 60-69 year old drivers are the safest... And, I know from my own experience that older driver also drive fewer miles per year than younger ones. Data quoted was per 100,000,000 miles driven. How much they drive would n...