Search found 1061 matches

by SQRT
Tue May 21, 2019 7:18 am
Forum: Personal Finance (Not Investing)
Topic: Very High Net Worth, elite private or “good” public
Replies: 188
Views: 11783

Re: High net worth, elite private or “good” public

Why is it always a BMW? I drive one. My wife drives one. Bought my daughter one. Heck even my Xwife drives one. All of us are pretty normal(well maybe not the X). Do people here really think that driving a BMW automatically will make the driver an entitled arrogant jerk? Most f the BMW drivers I kn...
by SQRT
Sun May 19, 2019 12:54 pm
Forum: Personal Finance (Not Investing)
Topic: Very High Net Worth, elite private or “good” public
Replies: 188
Views: 11783

Re: High net worth, elite private or “good” public

I was referring to high school students driving BMWs and other cars that IMO a high school student should not have access to. So how does this work if the family car is a BMW? The inherent problem with being high wealth is your kids will inevitably live a high net worth lifestyle. In the long run, ...
by SQRT
Sun May 19, 2019 10:37 am
Forum: Personal Finance (Not Investing)
Topic: Very High Net Worth, elite private or “good” public
Replies: 188
Views: 11783

Re: High net worth, elite private or “good” public

I was referring to high school students driving BMWs and other cars that IMO a high school student should not have access to. So how does this work if the family car is a BMW? The inherent problem with being high wealth is your kids will inevitably live a high net worth lifestyle. In the long run, ...
by SQRT
Sat May 18, 2019 5:55 am
Forum: Personal Finance (Not Investing)
Topic: Very High Net Worth, elite private or “good” public
Replies: 188
Views: 11783

Re: High net worth, elite private or “good” public

I was in your position and sent my daughter to private schools. No regrets. Worked out very well.
by SQRT
Fri May 17, 2019 7:13 am
Forum: Personal Finance (Not Investing)
Topic: Cash - Throw it all on the table!!!
Replies: 112
Views: 13903

Re: Cash - Throw it all on the table!!!

After thinking about this issue a little more, it seems to me that there are basically 3 reasons to hold cash. 1) Emergency fund. This would be most important for younger people who rely on employment income. Unemployment would be their biggest risk. Often a precarious financial position that would ...
by SQRT
Wed May 15, 2019 4:25 pm
Forum: Personal Finance (Not Investing)
Topic: Cash - Throw it all on the table!!!
Replies: 112
Views: 13903

Re: Cash - Throw it all on the table!!!

Answers are all over the map. Without context not much use. Can someone develop a rational list of considerations that would go into a model that might help one decide how much cash to keep? Maybe we can move the discussion up a notch? Maybe, things like risk appetite, asset allocation, sources of r...
by SQRT
Tue Apr 30, 2019 9:14 am
Forum: Personal Finance (Not Investing)
Topic: Whats the Point of Climbing the Corporate Ladder?
Replies: 164
Views: 16807

Re: Whats the Point of Climbing the Corporate Ladder?

No one on their deathbed says, I wish I would have spent more money. No one says, I wish I would have made Sr. VP. David Rubenstein, age 69, said on Freakonomics podcast, "I would give away all the money I have today, every penny, if I could be five years younger." Perhaps. I suspect people don’t s...
by SQRT
Tue Apr 30, 2019 7:29 am
Forum: Personal Finance (Not Investing)
Topic: Whats the Point of Climbing the Corporate Ladder?
Replies: 164
Views: 16807

Re: Whats the Point of Climbing the Corporate Ladder?

@Mak1277. Obviously true and reflects my experience. Was never very frugal but was still able to save a lot of my very high comp. Ended up retiring at 56 with multiple deca’s. Sometimes (not always) a little extra effort pays off. Assessing the likely/possible payoff versus the costs of extra effort...
by SQRT
Mon Apr 29, 2019 10:54 am
Forum: Personal Finance (Not Investing)
Topic: Whats the Point of Climbing the Corporate Ladder?
Replies: 164
Views: 16807

Re: Whats the Point of Climbing the Corporate Ladder?

I think you're underestimating how much better "making a huge salary" is compared to just compounding. Yes, compounding is wonderful, but it's not as wonderful as making massive annual salaries. Sure, if your calculation is based on savings percentage, or NW as a multiple of salary, you're probably...
by SQRT
Mon Apr 29, 2019 10:45 am
Forum: Personal Finance (Not Investing)
Topic: Do insurance cos need SS number to quote auto & home?
Replies: 10
Views: 794

Re: Do insurance cos need SS number to quote auto & home?

I’m a Canadian snowbird and was able to get auto and house insurance (State Farm) for our place in Arizona without a US SS number. Took a bit of effort checking around as I recall. Wouldn’t be surprised if my rates might be a little higher than normal though.
by SQRT
Mon Apr 29, 2019 7:23 am
Forum: Personal Finance (Not Investing)
Topic: Whats the Point of Climbing the Corporate Ladder?
Replies: 164
Views: 16807

Re: Whats the Point of Climbing the Corporate Ladder?

I think the point is to make more money, or feel more important, or both. Neither were priorities to me. Sometimes I think that was a mistake That’s mostly it although I doubt a desire to “feel important” is a major contributor. Many people might also have an internal desire to “succeed” ie self ac...
by SQRT
Mon Apr 29, 2019 7:11 am
Forum: Personal Finance (Not Investing)
Topic: Savings rate
Replies: 104
Views: 8865

Re: Savings rate

Just trying to work out if I save enough. Unfortunately, "enough" can be a very squishy, nebulous term. I don't know what "enough" is for me, but as I get older and closer to when I think I'd like to be done working, I agree it can be a squishy, nebulous term, although I prefer the phrase wibbly wo...
by SQRT
Sun Apr 28, 2019 12:26 pm
Forum: Personal Finance (Not Investing)
Topic: How to define wealth
Replies: 51
Views: 4711

Re: How to define wealth

It seems like this question unnecessarily asks the responder to compare their situation to others. People's dreams are killed by worrying about keeping up with the Jones'. To me the only amount you ever need to focus on is the amount you need to do what is important to you, whether that is $30,000/...
by SQRT
Sun Apr 28, 2019 8:24 am
Forum: Personal Finance (Not Investing)
Topic: How to define wealth
Replies: 51
Views: 4711

Re: How to define wealth

How do we define wealth? Prob for us its more about having an overall sense of security, both emotionally and financially. But the literal term is so ambiguous because it holds such a different meaning to many different people. I think it's silly and irrelevant to rate or compare our personal succe...
by SQRT
Wed Apr 24, 2019 8:57 am
Forum: Personal Finance (Not Investing)
Topic: Whats the Point of Climbing the Corporate Ladder?
Replies: 164
Views: 16807

Re: Whats the Point of Climbing the Corporate Ladder?

During my career, quite a while ago, I had to “let go” people who had basically retired on the job. Not saying the OP would do this but a mindset of low ambition, lack of improvement, complaining about the bosses, etc can often mean being unemployed in your early ‘50’s. If you aren’t progressing it...
by SQRT
Wed Apr 24, 2019 8:47 am
Forum: Personal Finance (Not Investing)
Topic: Whats the Point of Climbing the Corporate Ladder?
Replies: 164
Views: 16807

Re: Whats the Point of Climbing the Corporate Ladder?

During my career, quite a while ago, I had to “let go” people who had basically retired on the job. Not saying the OP would do this but a mindset of low ambition, lack of improvement, complaining about the bosses, etc can often mean being unemployed in your early ‘50’s. If you aren’t progressing it ...
by SQRT
Tue Apr 23, 2019 7:22 am
Forum: Personal Finance (Not Investing)
Topic: travel budget in retirement
Replies: 47
Views: 3307

Re: travel budget in retirement

How much in percentage of annual income do you budget for travel as a retiree? Thanks in advance. cjh This is a very individual question. Travel will vary widely depending on the individual and their travel plans. Perhaps your best approach is to budget yearly based upon available funds and travel ...
by SQRT
Mon Apr 22, 2019 7:52 am
Forum: Personal Finance (Not Investing)
Topic: Selling individual stock.
Replies: 14
Views: 1380

Re: Selling individual stock.

I am in a similar situation except my “large single name” is my previous employer. I am 68 retired 12 years. A couple of years ago I started liquidating stock to supplement our divs and pensions. The obvious choice was the “overweighted name”. Hated to do it. Our wealth was predicated on this invest...
by SQRT
Mon Apr 22, 2019 7:42 am
Forum: Personal Finance (Not Investing)
Topic: Delayed gratification.
Replies: 55
Views: 6078

Re: Delayed gratification.

Obviously, balance is key. Easy to say, difficult to do. I probably delayed gratification a little too long. Really into my 50’s before I started to spend. But this resulted in a very well funded early retirement at 56. Making up for it now.
by SQRT
Sun Apr 21, 2019 9:27 am
Forum: Personal Finance (Not Investing)
Topic: Rethinking Asset Allocation
Replies: 10
Views: 748

Re: Rethinking Asset Allocation

With CSRS pension and SS we cover 77% of our routine spending and over 100% of our needs. With RMD we will cover 136% of our routine spending. Routine spending does not include new cars or the limited help we have given our children. During the crisis, I did not move money or change allocations. Of...
by SQRT
Sun Apr 21, 2019 9:17 am
Forum: Personal Finance (Not Investing)
Topic: Rethinking Asset Allocation
Replies: 10
Views: 748

Re: Rethinking Asset Allocation

This allocation is pretty aggressive. Do you have pensions other than SS? If so I could see this allocation as reasonable. But it really does depend on your risk appetite/aversion. Sounds like you might be changing that? Or at least reaching that conclusion. How did you react to 2008-2008.
by SQRT
Sun Apr 21, 2019 7:05 am
Forum: Personal Consumer Issues
Topic: Vacation home experiences?
Replies: 35
Views: 3446

Re: Vacation home experiences?

We bought a vacation home in 1997 when I was 46. Lake house about 2.5 hours outside Toronto. 2 acres, 500 ft of lake frontage, 3,000 sq ft house. I am sitting there now as I write this. It is still our favourite place in the world despite buying two more vacation type properties. The big thing is th...
by SQRT
Wed Apr 17, 2019 9:48 am
Forum: Personal Finance (Not Investing)
Topic: What defines "income" on a retiree's credit card application?
Replies: 102
Views: 6096

Re: What defines "income" on a retiree's credit card application?

I recently applied on line for a limit increase on one of my cards. Put in my income as pension and divs. Got a call from the CC issuer to confirm the figures. They accepted my statements over the phone and increased the limit. No discussion of my net worth, RMD’s, cap gains, or SWR’s.
by SQRT
Mon Apr 15, 2019 2:00 pm
Forum: Personal Finance (Not Investing)
Topic: What defines "income" on a retiree's credit card application?
Replies: 102
Views: 6096

Re: What defines "income" on a retiree's credit card application?

I just include dividends and pensions. That has generally been sufficient. Sometimes they ask for tax returns. I have avoided those guys.
by SQRT
Mon Apr 15, 2019 10:54 am
Forum: Personal Finance (Not Investing)
Topic: Job choice: higher pay or more interesting work?
Replies: 14
Views: 1641

Re: Job choice: higher pay or more interesting work?

Do what makes you happiest. Hard for strangers to give opinions on what makes you happy. I always went for the money because that’s what made me happiest. But everyone is different. Edit to add. It might depend on how much more money for how much more effort. In my case the extra money was way in ex...
by SQRT
Tue Apr 09, 2019 10:34 am
Forum: Personal Finance (Not Investing)
Topic: can I afford second home purchase with retirement funds
Replies: 19
Views: 2360

Re: can I afford second home purchase with retirement funds

Second homes are luxury lifestyle decisions. We have several. I would think it would be better to pay cash at your stage of life. This will help you decide if it is really worth it to you. Having said that, your second home seems a tad expensive to me given your net worth. Our real estate represents...
by SQRT
Sat Apr 06, 2019 5:03 am
Forum: Personal Finance (Not Investing)
Topic: Married couples: can you have a team mentality with separate finances?
Replies: 183
Views: 8552

Re: Married couples: can you have a team mentality with separate finances?

When my wife and I were first together, we made a point of keeping our finances separate. I was dealing with a very expensive divorce and she had assets that we didn’t want to risk losing in that divorce. There are reasons in Canada to keep assets separate as each person files their own individual t...
by SQRT
Thu Apr 04, 2019 11:01 am
Forum: Personal Finance (Not Investing)
Topic: Is our household budget crazy?
Replies: 141
Views: 11798

Re: Is our household budget crazy?

Certainly a good idea to assess your spending to make such consistent with your values. Everybody should do this. It’s just that everybody has different values. We are constantly doing this reassessment. Values would include charitable giving and any legacy objectives in addition to current consumpt...
by SQRT
Mon Apr 01, 2019 5:58 pm
Forum: Personal Consumer Issues
Topic: Folks in their 60s and above. What early investment on health do you recommend.
Replies: 193
Views: 13090

Re: Folks in their 60s and above. What early investment on health do you recommend.

I believe the best investment in your health is to workout strenuously most days. ....Takes commitment but well worth it. This is great advice for those that are committed which I think might be 0.001% at most of the adult population in the USA. Do you have advice that will work for at least 95% of...
by SQRT
Mon Apr 01, 2019 11:14 am
Forum: Personal Consumer Issues
Topic: Folks in their 60s and above. What early investment on health do you recommend.
Replies: 193
Views: 13090

Re: Folks in their 60s and above. What early investment on health do you recommend.

I believe the best investment in your health is to workout strenuously most days. ....Takes commitment but well worth it. This is great advice for those that are committed which I think might be 0.001% at most of the adult population in the USA. Do you have advice that will work for at least 95% of...
by SQRT
Mon Apr 01, 2019 10:37 am
Forum: Personal Consumer Issues
Topic: Folks in their 60s and above. What early investment on health do you recommend.
Replies: 193
Views: 13090

Re: Folks in their 60s and above. What early investment on health do you recommend.

I believe the best investment in your health is to workout strenuously most days. This will help keep your weight down, help control your blood sugar levels, keep you mobile, reduce likelihood of cardio vascular disease, etc. Really is a “wonder drug” I’m 68 and have been working out 5-6 times a wee...
by SQRT
Thu Mar 28, 2019 6:24 pm
Forum: Personal Finance (Not Investing)
Topic: Is our household budget crazy?
Replies: 141
Views: 11798

Re: Is our household budget crazy?

I’m not sure why you are concerned? Somebody criticizing you? Looks quite reasonable to me given your means. Didn’t disclose your tax expense or what your savings budget is, That would complete the picture. The more you make, the more you can spend (if you wish). Not a sin, well maybe around here it...
by SQRT
Thu Mar 28, 2019 12:12 pm
Forum: Personal Finance (Not Investing)
Topic: What's your cash position
Replies: 155
Views: 18055

Re: What's your cash position

Seriously though, how do people with such a low cash allocation deal with “unexpected” meaningful expenses? My 8% translates into a bit more than $300k, which is arguably an excessive amount to keep in cash, but it means I never have to sell any of my bonds or stocks whenever we decide to take some...
by SQRT
Wed Mar 27, 2019 6:56 pm
Forum: Personal Finance (Not Investing)
Topic: [Retiring before 65: How do you deal with health insurance?]
Replies: 87
Views: 10738

Re: [Retiring before 65: How do you deal with health insurance?]

Cobra, or retire to Canada, or a European country.. Your post probably wasn’t serious but. Not that easy to retire to Canada. Certainly not an expert but you certainly just can’t show up and claim “asylum”. There would be a waiting period (6 months?) to quality for healthcare I believe. As someone ...
by SQRT
Wed Mar 27, 2019 10:17 am
Forum: Personal Finance (Not Investing)
Topic: Are family vacations considered a reportable gift?
Replies: 33
Views: 3698

Re: Are family vacations considered a reportable gift?

A common quip among the elder set is "If you pay, they will come". The counter-quip would be "If you do not pay, they may not come". Good one and so true. We pay for relatives and sometimes friends to join us on vacations. Sometimes at one of our vacation homes or sometimes at other exotic places. ...
by SQRT
Mon Mar 25, 2019 2:37 pm
Forum: Personal Finance (Not Investing)
Topic: Should I ditch bonds? (Because I have a mortgage)
Replies: 45
Views: 3894

Re: Should I ditch bonds? (Because I have a mortgage)

If you consider the mortgage to be a negative bond then you would INCREASE your bond holdings to get to your desired allocation. Agree. Having a mortgage increases your financial risk which you can mitigate by increasing your Fixed Incone proportion in your asset allocation. Note that I don't belie...
by SQRT
Mon Mar 25, 2019 2:37 pm
Forum: Personal Finance (Not Investing)
Topic: Should I ditch bonds? (Because I have a mortgage)
Replies: 45
Views: 3894

Re: Should I ditch bonds? (Because I have a mortgage)

strongboy2005 wrote:
Mon Mar 25, 2019 2:29 pm
I don’t consider my mortgage in my asset allocation. Instead, I include my home equity as a bond in my asset allocation.
That’s quite a stretch. In my view.
by SQRT
Mon Mar 25, 2019 11:13 am
Forum: Personal Finance (Not Investing)
Topic: Do you treat inheritance as a singular or shared asset?
Replies: 113
Views: 5443

Re: Do you treat inheritance as a singular or shared asset?

Yes, life can get cheerfully complicated in these days of blended families, but I don’t see why everyone has to make things so dramatic, and it’s especially irritating (to me) to read comments that keeping inheritances separate obviously indicates trust issues and impending marital disaster. Totall...
by SQRT
Mon Mar 25, 2019 10:01 am
Forum: Personal Finance (Not Investing)
Topic: Do you treat inheritance as a singular or shared asset?
Replies: 113
Views: 5443

Re: Do you treat inheritance as a singular or shared asset?

I think I can see the POV of all the different methods to handle an inheritance. My wife will decide with me what she would like to do with her mom's inheritance. I will support whatever she decides with me. But what I will never do is refer to anything in our marriage as mine and hers. That concep...
by SQRT
Mon Mar 25, 2019 2:47 am
Forum: Personal Finance (Not Investing)
Topic: Should I ditch bonds? (Because I have a mortgage)
Replies: 45
Views: 3894

Re: Should I ditch bonds? (Because I have a mortgage)

Earl Lemongrab wrote:
Fri Mar 22, 2019 3:01 pm
If you consider the mortgage to be a negative bond then you would INCREASE your bond holdings to get to your desired allocation.
Agree. Having a mortgage increases your financial risk which you can mitigate by increasing your Fixed Incone proportion in your asset allocation.
by SQRT
Mon Mar 25, 2019 2:20 am
Forum: Personal Finance (Not Investing)
Topic: Do you treat inheritance as a singular or shared asset?
Replies: 113
Views: 5443

Re: Do you treat inheritance as a singular or shared asset?

My spouse and I have kept our finances separate. Both retired for about 12 years. She has her portfolio (from her own savings and inheritances) and I have mine (just from savings). Mine is about 10 times bigger than hers. In Canada it’s important to keep each spouse’s incomes separate as there is no...
by SQRT
Wed Mar 20, 2019 11:20 am
Forum: Personal Finance (Not Investing)
Topic: Stock Options
Replies: 21
Views: 1617

Re: Stock Options

Conventional wisdom would be to sell all of it ASAP. I was in a similar position though, kept the stock, and made millions. But I was an insider and had an intimate understanding of the company. Wouldn’t recommend what I did. You didn’t mention your total net worth but if it’s less than $10million, ...
by SQRT
Wed Mar 20, 2019 11:13 am
Forum: Personal Finance (Not Investing)
Topic: Donating stock instead of cash to charities
Replies: 37
Views: 1638

Re: Donating stock instead of cash to charities

Donating appreciated stock is a great strategy. Saves you the 15% cap gains, and maybe even 20% Also an excellent stategy in Canada. Get full donation credit for the market value of the stock and dont have to pay any cap gains tax(in Canada cap gains tax is about 25%) on the appreciation. Very simp...
by SQRT
Tue Mar 19, 2019 12:18 pm
Forum: Personal Finance (Not Investing)
Topic: Can I afford a $1.5 million house?
Replies: 125
Views: 8674

Re: Can I afford a $1.5 million house?

You have three vacation properties or three timeshares? Big difference. Either way I could financially be judgmental but I would have different comments for each... but I digress as you did not ask for my opinion. As you say it's your choice how to spend your money and it's my choice to judge or no...
by SQRT
Tue Mar 19, 2019 10:55 am
Forum: Personal Finance (Not Investing)
Topic: Can I afford a $1.5 million house?
Replies: 125
Views: 8674

Re: Can I afford a $1.5 million house?

In a way you are asking if you can afford a $500k vacation home. Sure you can but should you? Vacation homes, financially speaking, are a complete waste of money. Non-financially many people justify them because it's great family bonding time, yada, yada, yada. Others justify them because they make...
by SQRT
Sun Mar 17, 2019 11:59 am
Forum: Personal Finance (Not Investing)
Topic: Housing should be no more than 28% of your income.
Replies: 66
Views: 5907

Re: Housing should be no more than 28% of your income.

Obviously it depends on your stage of life and personal circumstances. I’ll share our story although it’s not really relevant to the OP. Perhaps it will be of interest to others. I’m 68 years old and have been retired for about 12 years. Our total real estate expense is about 20% of our pre tax cash...
by SQRT
Fri Feb 22, 2019 9:21 am
Forum: Personal Finance (Not Investing)
Topic: Retirement Budgeting - What Do You Spend?
Replies: 46
Views: 5000

Re: Retirement Budgeting - What Do You Spend?

A retirement budget is a necessary thing to do before one “pulls the trigger”. Starting point would usually be actuals in the years before retirement. I certainly did this and have about 12 years experience with actuals. Actuals pretty close to plans. However, I certainly didn’t ask anybody what th...
by SQRT
Thu Feb 21, 2019 11:42 am
Forum: Personal Finance (Not Investing)
Topic: To: Taylor Larimore: Early Withdrawals
Replies: 46
Views: 7020

Re: To: Taylor Larimore: Early Withdrawals

I think Taylor's situation is not common now. He had $1M when he retired and health insurance for the family. As a former federal employee, he might have a pension. He was in a good spot and probably had no need to worry about 3% or 4% SWR. Just my guess. Not to mention retiring at the start of a v...
by SQRT
Thu Feb 21, 2019 10:58 am
Forum: Personal Finance (Not Investing)
Topic: Auto Extended Warranties
Replies: 48
Views: 2237

Re: Auto Extended Warranties

I decline every time, especially the "tire warranty." SMH. The warranty is not the same as if you buy new or in the lease, there is always a deductible and they cover either parts or labor - one or the other. Just do some research on any known issues. Get those serviced and then make the call on if...
by SQRT
Tue Feb 19, 2019 11:22 pm
Forum: Personal Finance (Not Investing)
Topic: Auto Extended Warranties
Replies: 48
Views: 2237

Re: Auto Extended Warranties

I’ve bought extended warranties on low mileage BMW’s (3 series,X5,M5). All were losers for me. Wouldnt do it again. You mean the extended warranties were a waste of money , right, not the cars? Cars are/were great. Only drive BMW’s. I meant the warranties. I’ve owned many BMW’s over the last 20 yea...