Search found 948 matches

by SQRT
Thu Dec 13, 2018 11:04 am
Forum: Personal Finance (Not Investing)
Topic: What percentage of your net worth is your home equity?
Replies: 309
Views: 21561

Re: What percentage of your net worth is your home equity?

This thread has me wondering if there is a way to ignore certain posters? Couldn’t find one?
by SQRT
Thu Dec 13, 2018 10:40 am
Forum: Personal Finance (Not Investing)
Topic: What percentage of your net worth is your home equity?
Replies: 309
Views: 21561

Re: What percentage of your net worth is your home equity?

What question are you hoping to answer with this stat? House affordability is much more of a cash flow issue than price one. Agree. That’s why for younger people it’s clear that home affordability is best reviewed in the context of proportion of cash flow supporting the home. However, in retirement...
by SQRT
Thu Dec 13, 2018 9:39 am
Forum: Personal Finance (Not Investing)
Topic: What percentage of your net worth is your home equity?
Replies: 309
Views: 21561

Re: What percentage of your net worth is your home equity?

This is one of those meaningless threads. A HCOL area gives a totally different impact than a LCOL area. Then you add in lack of knowledge of the true value of the home. Then you add in what stage of life the person is in, coupled with how large their networth is, and the result is a meaningless nu...
by SQRT
Thu Dec 13, 2018 9:38 am
Forum: Personal Finance (Not Investing)
Topic: What percentage of your net worth is your home equity?
Replies: 309
Views: 21561

Re: What percentage of your net worth is your home equity?

This is one of those meaningless threads. A HCOL area gives a totally different impact than a LCOL area. Then you add in lack of knowledge of the true value of the home. Then you add in what stage of life the person is in, coupled with how large their networth is, and the result is a meaningless nu...
by SQRT
Wed Dec 12, 2018 6:32 pm
Forum: Personal Finance (Not Investing)
Topic: What percentage of your net worth is your home equity?
Replies: 309
Views: 21561

Re: What percentage of your net worth is your home equity?

It usually depends on your stage of life. A young person just starting a family may have a very high percentage of his net worth tied up in his home. While someone who is retired with a significant portfolio and little need for a large home, would probably have a much lower percentage. Where one liv...
by SQRT
Wed Dec 12, 2018 11:23 am
Forum: Personal Finance (Not Investing)
Topic: What percentage of your net worth is your home equity?
Replies: 309
Views: 21561

Re: What percentage of your net worth is your home equity?

Have 4 homes all used personally. Equity a little under 20% of total net worth. Wouldn’t want it any higher.
by SQRT
Fri Dec 07, 2018 10:52 am
Forum: Personal Finance (Not Investing)
Topic: What are your property taxes?
Replies: 352
Views: 19822

Re: What are others paying for property taxes around the US?

Atilla wrote:
Thu Dec 06, 2018 5:59 pm
Answers are worthless without stating assessed value vs. taxes paid.

$203,000 assessed value, $4,400 annual property taxes.
Actually, assessed value is often out of date and not comparable between jurisdictions. Taxes as a percentage of current market a better metric.
by SQRT
Fri Dec 07, 2018 10:47 am
Forum: Personal Finance (Not Investing)
Topic: Buying house for cash, sellers requesting proof of assets
Replies: 23
Views: 4473

Re: Buying house for cash, sellers requesting proof of assets

Some issue several years ago. I had the funds in a savings account so told my bank to write a letter to the seller documenting my account balance. Probably more info than they required. My balance was well in excess of purchase price so the bank could simply have said “Mr X has in excess of $xxxxxxx...
by SQRT
Wed Dec 05, 2018 12:13 pm
Forum: Personal Finance (Not Investing)
Topic: Advice on Divorce Settlement Options
Replies: 51
Views: 6039

Re: Advice on Divorce Settlement Options

Billy, pay attention to the final agreement to ensure that your wife does not try to change the terms if later she feels dissatisfied. This was the key issue when I finally finalized my divorce agreement. In Ontario (Canada) divorce agreements can be easily reopened if there is a “material change o...
by SQRT
Wed Dec 05, 2018 5:20 am
Forum: Personal Finance (Not Investing)
Topic: Advice on Divorce Settlement Options
Replies: 51
Views: 6039

Re: Advice on Divorce Settlement Options

Billy, sorry I can’t help on some of your financial questions. These are jurisdiction specific and since I live in Canada I am not qualified to opine. I went through a terrible divorce that took 15 years to finalize. Complicating factor in my case was a young child. All you can do is work your way t...
by SQRT
Wed Dec 05, 2018 4:57 am
Forum: Personal Finance (Not Investing)
Topic: NYT Article: The Myth of Steady Retirement Spending
Replies: 50
Views: 6944

Re: NYT Article: The Myth of Steady Retirement Spending

Been retired 12 years. 68 years old now. Spending was very high first couple years as we bought two more vacation properties. Levelled out for a few years but we have been increasing spending again as our portfolio has grown. I think spending ends up being set based on two factors: the desire to spe...
by SQRT
Wed Dec 05, 2018 4:38 am
Forum: Personal Finance (Not Investing)
Topic: Local credit union offered me a $7600 credit card I spend $800 a month on a credit card is the limit high enough?
Replies: 24
Views: 1429

Re: Local credit union offered me a $7600 credit card I spend $800 a month on a credit card is the limit high enough?

As usual, way too much concern about credit score versus the more substantive issues surrounding responsible debt management. The OP doesn’t have any orher debt and apparently has been very responsible concerning debt. Really doesn’t need to worry very much about credit score.
by SQRT
Mon Dec 03, 2018 3:16 am
Forum: Personal Finance (Not Investing)
Topic: Retirement itch- when did you get it?
Replies: 120
Views: 10861

Re: Retirement itch- when did you get it?

Early 50’s around the time I reached FI. I brought the subject up with my wife and she thought I was crazy. She came around though and I retired at 56.
by SQRT
Mon Dec 03, 2018 3:13 am
Forum: Personal Finance (Not Investing)
Topic: Do you get a year end bonus?
Replies: 78
Views: 5155

Re: Do you get a year end bonus?

Also, the culture is for the associates and partners to kick back something to the staff. It’s not as formal, but even folks in the mailroom and the janitorial staff will see at least an envelope stuffed with cash. Talking with colleagues, my sense is that this is the same at many similar high-end ...
by SQRT
Sun Dec 02, 2018 10:07 am
Forum: Personal Finance (Not Investing)
Topic: Do you get a year end bonus?
Replies: 78
Views: 5155

Re: Do you get a year end bonus?

Certain industries pay significant bonuses. Financial services would be a good example. My SIL works at a bank and got his first bonus this week. $75k which was the prorated amount for his first part year. Not bad. He was happy. My daughter works for Canada’s largest food retailer in HR and her bonu...
by SQRT
Sun Dec 02, 2018 9:14 am
Forum: Personal Finance (Not Investing)
Topic: Too Much Savings Regret
Replies: 112
Views: 16817

Re: Too Much Savings Regret

Balance is key. You dont know the future. It would be foolish to save so much while working that your current life is “miserable”. (Only you can decide what constitutes miserable). Only to save more than you can spend in retirement. Once retired I think it is less than optimal to draw say less than ...
by SQRT
Thu Nov 29, 2018 3:13 pm
Forum: Personal Finance (Not Investing)
Topic: Restaurant Budget
Replies: 113
Views: 6589

Re: Restaurant Budget

Cooking at home is more economical than eating at restaurants. Cooking at home is more nutritious than eating at restaurants. Cooking at home is more fun than eating at restaurants. Agree with your first two points but not the third. A personal view for sure. I like to entertain and cook in especia...
by SQRT
Thu Nov 29, 2018 2:32 pm
Forum: Personal Finance (Not Investing)
Topic: Restaurant Budget
Replies: 113
Views: 6589

Re: Restaurant Budget

I was wondering what good it would do to find out what other people spend on certain items? Really depends on your tastes and means doesn’t it? It does. The value comes in looking ahead or hearing from people who are 20, 30 years down the road. Many think they are doing "good enough" and then get t...
by SQRT
Thu Nov 29, 2018 2:30 pm
Forum: Personal Finance (Not Investing)
Topic: Restaurant Budget
Replies: 113
Views: 6589

Re: Restaurant Budget

dknightd wrote:
Thu Nov 29, 2018 2:26 pm
To paraphrase a famous bogglehead. It does not matter how you spend your money, as long as you are saving one year of expenses every year.
Or not spending more than your assets/pensions can support in retirement?
by SQRT
Thu Nov 29, 2018 2:23 pm
Forum: Personal Finance (Not Investing)
Topic: Restaurant Budget
Replies: 113
Views: 6589

Re: Restaurant Budget

I was wondering what good it would do to find out what other people spend on certain items? Really depends on your tastes and means doesn’t it? It does. The value comes in looking ahead or hearing from people who are 20, 30 years down the road. Many think they are doing "good enough" and then get t...
by SQRT
Thu Nov 29, 2018 2:01 pm
Forum: Personal Finance (Not Investing)
Topic: Restaurant Budget
Replies: 113
Views: 6589

Re: Restaurant Budget

We spend much more on outside meals than food for cooking at home. Around 4% of gross pre tax income. I certainly didn’t marry my wife for her cooking. In any event, eating out is more akin to “entertainment” for us. In fact that’s what I call it in my budget. Don’t track meals as a component of tra...
by SQRT
Thu Nov 29, 2018 1:41 pm
Forum: Personal Finance (Not Investing)
Topic: Divorce [financial implications]
Replies: 109
Views: 14325

Re: Divorce [financial implications]

I separated from my first wife in 1992 when I was 42. We had an 8 year old daughter. The X was very bitter and vindictive and our divorce wasn’t finalized until 2007-after I retired. It was terrible. Cost me millions. Everything eventually worked out though. I have a very well funded retirement, a v...
by SQRT
Wed Nov 28, 2018 7:52 am
Forum: Personal Finance (Not Investing)
Topic: How did YOU choose your career?
Replies: 149
Views: 8698

Re: How did YOU choose your career?

In high school I thought I wanted to be a physicist. Took the courses required but realized in my second year at university this wasn’t for me. The fact that I flunked out had something to do with this revelation. Got a job as a clerk in a wharehouse. Eventually went back to school part time at nigh...
by SQRT
Mon Nov 26, 2018 4:42 pm
Forum: Personal Finance (Not Investing)
Topic: List of costs that go away/decrease and increase/appear in retirement
Replies: 69
Views: 5790

Re: List of costs that go away/decrease and increase/appear in retirement

The vast majority of our expenses in retirement are discretionary. So we set their level according to our means and desires. Another way of saying this? We run our expenses, they dont run us. Makes retirement a lot more interesting and fun. Bottom line. Where I chose to spend my money won’t be of mu...
by SQRT
Sun Nov 25, 2018 5:54 am
Forum: Personal Finance (Not Investing)
Topic: What financial information do you share with your family and relatives?
Replies: 112
Views: 9704

Re: What financial information do you share with your family and relatives?

I think it is bit strange that people would put this information here in front of strangers but not in real life. I don’t think this is strange at all. Discussing intimate financial information with anonymous strangers on a “chat room” who mostly provide objective and often useful advice is quite d...
by SQRT
Sat Nov 24, 2018 10:05 am
Forum: Personal Finance (Not Investing)
Topic: What financial information do you share with your family and relatives?
Replies: 112
Views: 9704

Re: What financial information do you share with your family and relatives?

nguy44 wrote:
Sat Nov 24, 2018 9:19 am

With DW's siblings we shared as little as possible, as they tend to live WAY beyond our means
First time I’ve ever heard of an issue with living beyond someone else’s means?
by SQRT
Sat Nov 24, 2018 4:59 am
Forum: Personal Finance (Not Investing)
Topic: What financial information do you share with your family and relatives?
Replies: 112
Views: 9704

Re: What financial information do you share with your family and relatives?

A good approach is to consider if the question and answer benefits the person asking. If asked sincerely and in the interest of personal financial education and growth, then great. If asked to no benefit other than ego, gossip, "chit chat", etc. Then a waste of effort and potentially damaging. So ....
by SQRT
Sat Nov 24, 2018 4:55 am
Forum: Personal Finance (Not Investing)
Topic: What financial information do you share with your family and relatives?
Replies: 112
Views: 9704

Re: What financial information do you share with your family and relatives?

A good approach is to consider if the question and answer benefits the person asking. If asked sincerely and in the interest of personal financial education and growth, then great. If asked to no benefit other than ego, gossip, "chit chat", etc. Then a waste of effort and potentially damaging. So ....
by SQRT
Fri Nov 23, 2018 2:10 pm
Forum: Personal Finance (Not Investing)
Topic: What financial information do you share with your family and relatives?
Replies: 112
Views: 9704

Re: What financial information do you share with your family and relatives?

We have dysfunctional families, but doesn't everybody? Probably. Perhaps to varying degrees. I’ve been quite generous to my sibs too. Get along a little better with them now that we are all retired. Recently, two of my brothers have developed serious health issues. I’m doing my best to be there for...
by SQRT
Fri Nov 23, 2018 11:41 am
Forum: Personal Finance (Not Investing)
Topic: What financial information do you share with your family and relatives?
Replies: 112
Views: 9704

Re: What financial information do you share with your family and relatives?

Nobody in my family has a clue how much I make or how much I am worth. They ask constantly, but my answer is always the same: "Enough". Based upon conversations, my assumption is that they think I make a lot more than I do (one brother is an oil & gas contractor, he does low skill manual labor but ...
by SQRT
Fri Nov 23, 2018 11:33 am
Forum: Personal Finance (Not Investing)
Topic: The psychology of withdrawing from your portfolio
Replies: 58
Views: 5875

Re: The psychology of withdrawing from your portfolio

I’m 68 been retired for about 12 years. For the first 10 years,we basically just spent dividends from our portfolio. In the last two years it became apparent that our portfolio was doing very well and if we continued on this path would be a huge legacy for our sole heir. Accordingly, we have started...
by SQRT
Fri Nov 23, 2018 11:13 am
Forum: Personal Finance (Not Investing)
Topic: What financial information do you share with your family and relatives?
Replies: 112
Views: 9704

Re: What financial information do you share with your family and relatives?

A good approach is to consider if the question and answer benefits the person asking. If asked sincerely and in the interest of personal financial education and growth, then great. If asked to no benefit other than ego, gossip, "chit chat", etc. Then a waste of effort and potentially damaging. So ....
by SQRT
Fri Nov 23, 2018 3:48 am
Forum: Personal Finance (Not Investing)
Topic: What financial information do you share with your family and relatives?
Replies: 112
Views: 9704

Re: What financial information do you share with your family and relatives?

Hardly ever get asked those type of questions but always respond in a vague way. Like “it was very expensive”. “We have been very lucky” or “our investments have done very well”. Only specific when speaking to my daughter. Generally, I would view some of those questions (income,mortgage, etc) as rud...
by SQRT
Wed Nov 21, 2018 3:13 pm
Forum: Personal Finance (Not Investing)
Topic: Why I plan on buying a life annuity - even if it is a stupid idea
Replies: 117
Views: 10750

Re: Why I plan on buying a life annuity - even if it is a stupid idea

...But longevity? That's hard to get your head around. It helps, I find, to think longevity of *spouse* -- if your spouse is female and if you/ she have any long lived female relatives... It's not JUST longevity. It's also higher current income without stressing over premature depletion. Someone ca...
by SQRT
Wed Nov 21, 2018 10:37 am
Forum: Personal Finance (Not Investing)
Topic: Why I plan on buying a life annuity - even if it is a stupid idea
Replies: 117
Views: 10750

Re: Why I plan on buying a life annuity - even if it is a stupid idea

Annuities are fabulous products for someone who wants to reduce their financial risk in retirement. Everybody wants a generous DB pension in retirement which is simply an annuity. They are relatively efficient from a tax perspective too (at least in Canada).I have a very generous DB pension in retir...
by SQRT
Wed Nov 21, 2018 9:26 am
Forum: Personal Finance (Not Investing)
Topic: [Financial] Habits of the Rich
Replies: 222
Views: 29257

Re: [Financial] Habits of the Rich

I think we might be debating cultural issues. I think some societies might be much more open to the kinds of attitude displayed by Starfish?
by SQRT
Tue Nov 20, 2018 3:54 am
Forum: Personal Finance (Not Investing)
Topic: [Financial] Habits of the Rich
Replies: 222
Views: 29257

Re: [Financial] Habits of the Rich

OK, fair enough. We have different definitions of friend. Friends don't ask friends to incur debt on their behalf. I agree. I have plenty of friends and I think an active social life,especially in retirement, is very important to prevent isolation. However, I have never been asked to co-sign anythi...
by SQRT
Mon Nov 19, 2018 10:01 am
Forum: Personal Finance (Not Investing)
Topic: [Financial] Habits of the Rich
Replies: 222
Views: 29257

Re: [Financial] Habits of the Rich

Still have a few lifelong friends but not many. Too busy doing other things that we enjoy with new friends who share our interests. People change. In my experience, your “best friends” are the ones you are closest to at that particular time in your life. Sometimes they last a lifetime sometimes not...
by SQRT
Mon Nov 19, 2018 9:16 am
Forum: Personal Finance (Not Investing)
Topic: [Financial] Habits of the Rich
Replies: 222
Views: 29257

Re: [Financial] Habits of the Rich

There are two ways a man can be rich in this world, he can have a lot of money, or he can have a lot of friends. But he cannot have both. (Freddie Heiniken) He must have been referring to himself and trying to generalize for others. I dont buy it. I think the quote is referencing time. To GET rich ...
by SQRT
Sun Nov 18, 2018 10:09 am
Forum: Personal Finance (Not Investing)
Topic: [Financial] Habits of the Rich
Replies: 222
Views: 29257

Re: [Financial] Habits of the Rich

There are two ways a man can be rich in this world, he can have a lot of money, or he can have a lot of friends. But he cannot have both. (Freddie Heiniken) He must have been referring to himself and trying to generalize for others. I dont buy it. I think the quote is referencing time. To GET rich ...
by SQRT
Sun Nov 18, 2018 9:33 am
Forum: Personal Finance (Not Investing)
Topic: [Financial] Habits of the Rich
Replies: 222
Views: 29257

Re: [Financial] Habits of the Rich

@tomato. OK. We need a robust definition of “stupid” I guess. Seems to me that you may in fact not be stupid. If it is an insignificant amount of money (in comparison to your net worth) is it “stupid” to spend it on something very expensive or frivolous? I would say not. In my view, somebody who jud...
by SQRT
Sun Nov 18, 2018 3:19 am
Forum: Personal Finance (Not Investing)
Topic: [Financial] Habits of the Rich
Replies: 222
Views: 29257

Re: [Financial] Habits of the Rich

Nova1967 wrote:
Sat Nov 17, 2018 3:03 pm
There are two ways a man can be rich in this world, he can have a lot of money, or he can have a lot of friends. But he cannot have both.
(Freddie Heiniken)
He must have been referring to himself and trying to generalize for others. I dont buy it.
by SQRT
Sun Nov 18, 2018 3:16 am
Forum: Personal Finance (Not Investing)
Topic: [Financial] Habits of the Rich
Replies: 222
Views: 29257

Re: [Financial] Habits of the Rich

Assuming house is paid off, spending 200k per year in HCOLA requires daily expense of around 550. Unless one is stupidly throwing away money, it is difficult to spend that type of money each day. I respectfully disagree. I spend, on average, multiples of this amount. Isn’t difficult at all. To stat...
by SQRT
Sun Nov 18, 2018 3:10 am
Forum: Personal Finance (Not Investing)
Topic: [Financial] Habits of the Rich
Replies: 222
Views: 29257

Re: [Financial] Habits of the Rich

Not sure about this age thing. If I had the money I do now in my ‘20’s boy I’m not sure what would have happened. Might have wrapped the Ferrari around a tree. LOL. In one's 20s, one can't afford a Ferrari, thereby averting wrapping it around a tree. In one's 60's, one can't bend down to get into a...
by SQRT
Sat Nov 17, 2018 8:18 am
Forum: Personal Finance (Not Investing)
Topic: [Financial] Habits of the Rich
Replies: 222
Views: 29257

Re: [Financial] Habits of the Rich

I seems like a sad state of affairs to think 1 year in your 20s is worth 10 in your 50s. Hmmm.. are you sure is not exactly the opposite? I definitely hope 20s are not comparable with my 50s :D Obviously the exact number for exemplification only. Maybe is 3 or 5 but the idea remains. Do you know ma...
by SQRT
Thu Nov 15, 2018 6:23 am
Forum: Personal Finance (Not Investing)
Topic: [Financial] Habits of the Rich
Replies: 222
Views: 29257

Re: [Financial] Habits of the Rich

Analyzing the habits of lucky people just is not that useful. Good point. I believe my success is to a great extent because of good luck (humble approach). Having said that, I think I did a lot of things right (many others wrong). There are things that tend to increase your likelihood of being luck...
by SQRT
Wed Nov 14, 2018 4:35 pm
Forum: Personal Finance (Not Investing)
Topic: [Financial] Habits of the Rich
Replies: 222
Views: 29257

Re: [Financial] Habits of the Rich

Sandi_k wrote:
Wed Nov 14, 2018 3:35 pm
HomerJ wrote:
Wed Nov 14, 2018 1:43 pm
"Money may not buy happiness, but I've never seen anyone look sad while riding a jetski!"
As the owner of one, I can confirm that this is true.

:D :D
Agree. Got a couple this past summer and had a blast.
by SQRT
Wed Nov 14, 2018 12:28 pm
Forum: Personal Finance (Not Investing)
Topic: [Financial] Habits of the Rich
Replies: 222
Views: 29257

Re: [Financial] Habits of the Rich

Yes - I agree that I would rather be "rich" and depressed than "poor" and depressed. If you have to be miserable it's best to be comfortably miserable i guess. LOL. Having $$ means you can live a life of more options/choices and less justification. Balance is KEY-YES! Right, agree. The whole discus...
by SQRT
Wed Nov 14, 2018 9:05 am
Forum: Personal Finance (Not Investing)
Topic: [Financial] Habits of the Rich
Replies: 222
Views: 29257

Re: [Financial] Habits of the Rich

Some of the ideas here give me the impression that I landed on the "how to have a miserable life" "how to change extraordinary years of youth for a handful of dollars" and similar topics. Balance is everything. Don't sacrifice your youth to "gain" couple of years when you are old. See the world. Ha...
by SQRT
Tue Nov 13, 2018 8:59 am
Forum: Personal Finance (Not Investing)
Topic: Purchasing New Home - Down Payment 20 or 25%??
Replies: 19
Views: 1160

Re: Purchasing New Home - Down Payment 20 or 25%??

Put down as much as you can while keeping sufficient liquidity.