Search found 399 matches

by EFF_fan81
Thu Aug 06, 2020 9:09 pm
Forum: Personal Finance (Not Investing)
Topic: Tired Lawyer, Need career and life advice
Replies: 106
Views: 13893

Re: Tired Lawyer, Need career and life advice

The "Dark side" of going in-house: https://www.bcgsearch.com/article/60637/The-dark-Side-Of-Going-In-House/ What it's Really Like as an In-House Attorney: Don't believe Everything You've heard: https://www.bcgsearch.com/article/60692/A-View-from-the-Other-Side-My-Life-as-an-In-House-Attorney/ Why Y...
by EFF_fan81
Mon Aug 03, 2020 9:57 am
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 6889
Views: 457394

Re: Refinance Mega Thread

I locked back in June on a 15 year at 2.625 with $3,000 in closing costs for a refi (no cash out) for $470k on an $800k property with FICO scores in the 800s. It seems to me this rate is uncompetitive now. Can I negotiate something lower with the current lender? Do I need to just cut bait and go wit...
by EFF_fan81
Sun Jul 26, 2020 9:09 pm
Forum: Personal Finance (Not Investing)
Topic: Custom Home Thoughts
Replies: 103
Views: 7523

Re: Custom Home Thoughts

I don't have that much patience for these types of posts.

"I'm rich, can I make a financially suboptimal decision and still be OK?"

Of course you can. You know this already. Build the home if you want it badly enough, expect you may lose money.
by EFF_fan81
Sun Jul 19, 2020 6:54 am
Forum: Personal Consumer Issues
Topic: Advice on a more livable place
Replies: 145
Views: 12284

Re: Advice on a more livable place

The DMV is for suckers...lived there multiple times, no life, HCOL, spending life commuting, arrogant/elite people (with the exception being immigrants). Not a fan of the half million dollar+ townhomes that were cornfields only 5 years ago and very long drives from...anything. Leaving Northern VA a...
by EFF_fan81
Thu Jul 16, 2020 11:47 am
Forum: Personal Finance (Not Investing)
Topic: Tired Lawyer, Need career and life advice
Replies: 106
Views: 13893

Re: Tired Lawyer, Need career and life advice

Going to post again with a more thorough set of thoughts since you and I are in pretty similar circumstances. I think you are depressed and ground down from your legal career (including probably quasi-PTSD from law firm life) and struggling to adapt to a new job and new stage of life. I was going th...
by EFF_fan81
Thu Jul 16, 2020 7:52 am
Forum: Personal Finance (Not Investing)
Topic: Tired Lawyer, Need career and life advice
Replies: 106
Views: 13893

Re: Tired Lawyer, Need career and life advice

You have, by my count, a net worth of approximately $3 million and one child. You could both stop working and FIRE right now if you keep your spending moderate. There's no MCOL I'm the country where it costs $1 million to buy a decent house in a good school district. I could get under that number in...
by EFF_fan81
Mon Jun 08, 2020 4:03 pm
Forum: Personal Finance (Not Investing)
Topic: Cancel Auto Insurance on Extra Car During Covid Times
Replies: 9
Views: 493

Re: Cancel Auto Insurance on Extra Car During Covid Times

I did this with second car with USAA for two months and saved about $100. They charge you a small storage fee and e-mail you a piece of paper that you put on your driver's dash that reads IN STORAGE DO NOT DRIVE.

Worth the 15 minute call IMO.
by EFF_fan81
Mon Jun 08, 2020 3:59 pm
Forum: Personal Finance (Not Investing)
Topic: CARES Act and Home Improvements
Replies: 1
Views: 273

CARES Act and Home Improvements

I got a cryptic e-mail from Turbotax saying that certain energy efficiency credits were extended through 2020 in the CARES Act and I could potentially amend my return and save in taxes. When I logged in, the site was angry at me for not filing my 2020 return (I switched companies) and then wouldn't ...
by EFF_fan81
Wed May 27, 2020 9:11 pm
Forum: Investing - Theory, News & General
Topic: How Much is a Pension Worth?
Replies: 30
Views: 3076

Re: How Much is a Pension Worth?

The SPIA cost calculation is informative, and, of course, there are other considerations. The pension and the lump-sum equivalent have some very different characteristics. The pension usually has strong protection against creditors and seizure. The lump-sum does not. The lump sum can be invested in...
by EFF_fan81
Wed May 27, 2020 12:10 pm
Forum: Personal Finance (Not Investing)
Topic: Mortgage rates headed lower?
Replies: 69
Views: 7768

Re: Mortgage rates headed lower?

The jumbo market is completely different from the conforming loan market as private securitization are used vs FNMA and FHLMC doing most of the securitization on conforming loans. I have seen headlines about issues with the jumbo market, but I really haven’t researched the issue. Yep. The governmen...
by EFF_fan81
Wed May 27, 2020 12:09 pm
Forum: Personal Consumer Issues
Topic: Should I pay $1,600 for this lawn care fix?
Replies: 56
Views: 5646

Re: Should I pay $1,600 for this lawn care fix?

I would not do this until I was sure there was no possible way I would ever run out of money again, plus I gave heavily to charity and plus that giving included carbon offsets. I did actually do grading on my own house, for waaaay more than you suggest, but that was to stop water getting into my ho...
by EFF_fan81
Mon May 25, 2020 8:07 pm
Forum: Personal Consumer Issues
Topic: Should I pay $1,600 for this lawn care fix?
Replies: 56
Views: 5646

Re: Should I pay $1,600 for this lawn care fix?

I would not do this until I was sure there was no possible way I would ever run out of money again, plus I gave heavily to charity and plus that giving included carbon offsets. I did actually do grading on my own house, for waaaay more than you suggest, but that was to stop water getting into my hou...
by EFF_fan81
Tue May 19, 2020 6:45 pm
Forum: Personal Finance (Not Investing)
Topic: New job / wife 33 weeks pregnant / paternity
Replies: 43
Views: 4916

Re: New job / wife 33 weeks pregnant / paternity

Cross the bridge if it comes to it.

Option 2 is the most reasonable to me.

For all you know it could take months to get the offer.
by EFF_fan81
Tue May 19, 2020 6:37 pm
Forum: Personal Finance (Not Investing)
Topic: How did you determine your target savings rate?
Replies: 109
Views: 4894

Re: How did you determine your target savings rate?

I max my 457. There are various deductions and matches for a pension system that is equal to about the same amount that will vest in two years. We pay the mortgage and auto-deduct into three 529s. Every year we top up the 529s to the state deduction max and fund two Roth IRAs. (Occasionally we've dr...
by EFF_fan81
Tue May 19, 2020 5:24 pm
Forum: Personal Consumer Issues
Topic: What is your most luxury/expensive hobby.
Replies: 264
Views: 20599

Re: What is your most luxury/expensive hobby.

Raising three little children in a major metro area.

I'm pretty sure this is actually among the more expensive hobbies on this thread.
by EFF_fan81
Mon May 18, 2020 7:28 am
Forum: Personal Finance (Not Investing)
Topic: Rent is increased by 6%, negotiation tips?
Replies: 62
Views: 5913

Re: Rent is increased by 6%, negotiation tips?

The "professional" management model used for large company owned properties is set up to avoid allowing negotiations over rent. Usually the front-office is staffed by lower level employees that have little decision making latitude. They will be very polite but say there is nothing they can do - pol...
by EFF_fan81
Sun May 17, 2020 6:28 pm
Forum: Personal Consumer Issues
Topic: June vacation
Replies: 29
Views: 3932

Re: June vacation

I think the reality is that, for OP and many other Americans contemplating international travel, the decision will be made for you by travel restrictions imposed by the authorities in your destination. As the U.S. has a significantly higher rate of infections and fatalities than most other develope...
by EFF_fan81
Sat May 16, 2020 4:16 pm
Forum: Investing - Theory, News & General
Topic: Appreciating the magnitude of Sequence of Returns immediately after retirement
Replies: 115
Views: 6136

Re: Appreciating the magnitude of Sequence of Returns immediately after retirement

This is a really great post, and it dovetails with the other ongoing discussion about FIRE. Personally, the importance of the Sequence of Returns Risk is actually why I don't plant to obsess about a really low SWR. Instead, I plan to just accumulate an extra couple years of living expenses and have ...
by EFF_fan81
Sat May 16, 2020 1:40 pm
Forum: Personal Finance (Not Investing)
Topic: Income about to be halved - what do we do?
Replies: 62
Views: 7911

Re: Income about to be halved - what do we do?

$65k in savings account getting at best 1.5% vs $63k mortgage at 3.75% i think the decision is obvious even though I am a very strong proponent of keeping a mortgage and investing the rest. This would open up your cashflow significantly and allow you to rebuild the savings account pretty quickly. O...
by EFF_fan81
Sat May 16, 2020 1:40 pm
Forum: Personal Finance (Not Investing)
Topic: Income about to be halved - what do we do?
Replies: 62
Views: 7911

Re: Income about to be halved - what do we do?

$65k in savings account getting at best 1.5% vs $63k mortgage at 3.75% i think the decision is obvious even though I am a very strong proponent of keeping a mortgage and investing the rest. This would open up your cashflow significantly and allow you to rebuild the savings account pretty quickly. O...
by EFF_fan81
Fri May 08, 2020 3:17 pm
Forum: Investing - Theory, News & General
Topic: My theory about FIRE
Replies: 419
Views: 31574

Re: My theory about FIRE

fatFIRE wrote: Fri May 08, 2020 2:58 pm Innovative research also means nothing if it cannot be monetized.
So if someone were to create a vaccine for say, dengue fever, and it saved many lives but was not monetizable, would it mean nothing?
by EFF_fan81
Fri May 08, 2020 11:18 am
Forum: Investing - Theory, News & General
Topic: My theory about FIRE
Replies: 419
Views: 31574

Re: My theory about FIRE

FWIW - I think these two quotes are not reasonable expectations.... "I would love it if I could find a career situation where I was passionate enough that my goals aligned exactly with my job responsibilities." "Personally, I would like to be a part-time angel investor, part-time windsurfing instru...
by EFF_fan81
Fri May 08, 2020 9:38 am
Forum: Investing - Theory, News & General
Topic: My theory about FIRE
Replies: 419
Views: 31574

Re: My theory about FIRE

I understand. The problem is we are dealing with all the complexity of human life and trying to distill it through disjointed comments. I personally abandoned plans for early FIRE and quit biglaw for a more reasonable law job and had three kids, all pushing out plans by at least a decade. So I under...
by EFF_fan81
Fri May 08, 2020 9:14 am
Forum: Investing - Theory, News & General
Topic: My theory about FIRE
Replies: 419
Views: 31574

Re: My theory about FIRE

... I'm just pointing out that if you don't set yourself on the right path, or at least avoid the paths that you will will not take you there or will take forever to take you there... you're setting yourself up for failure. My issue is that people here still advocate for slower/inefficient paths. A...
by EFF_fan81
Thu May 07, 2020 8:38 pm
Forum: Investing - Theory, News & General
Topic: My theory about FIRE
Replies: 419
Views: 31574

Re: My theory about FIRE

Also, I don't think anyone ever talks about how the economy needs more lawyers and more investment bankers, hate to tell you. When they talk about "knowledge" workers they mostly mean "STEM" + medicine. These fields also tend to be kinder on new entrants, more frequently allowing them to do more me...
by EFF_fan81
Thu May 07, 2020 4:33 pm
Forum: Investing - Theory, News & General
Topic: [Investment strategy from this point forward]
Replies: 50
Views: 2199

Re: [Investment strategy from this point forward]

Can you read and understand financial statements? I can, but still don't trust myself for long term investing in individual stocks. Then you need to do a deep dive, as some of those in obvious "winning" sectors are still not companies that should be invested in. If you have the time, go for it. Als...
by EFF_fan81
Thu May 07, 2020 4:18 pm
Forum: Investing - Theory, News & General
Topic: My theory about FIRE
Replies: 419
Views: 31574

Re: My theory about FIRE

... I'm just pointing out that if you don't set yourself on the right path, or at least avoid the paths that you will will not take you there or will take forever to take you there... you're setting yourself up for failure. My issue is that people here still advocate for slower/inefficient paths. A...
by EFF_fan81
Thu May 07, 2020 12:04 pm
Forum: Investing - Theory, News & General
Topic: My theory about FIRE
Replies: 419
Views: 31574

Re: My theory about FIRE

I'm puzzled by posts like this. Of course when you first join a firm, you won't be doing the highest level tasks. It takes time to work your way up. Like you said, "things improved after a while". Plus from everything I've read law and finance are notorious for essentially "hazing" new hires with h...
by EFF_fan81
Wed May 06, 2020 6:50 pm
Forum: Personal Consumer Issues
Topic: Craigslist - are these scams?
Replies: 49
Views: 3354

Re: Craigslist - are these scams?

Craiglist for cash, in person pickup.

Ebay for shiping (buyer pays first, done through paypal, formal dispute process).

Easy peasy. I just flat out ignore any e-mails from people who don't seem to express a sincere interest in a respectful, efficient cash transaction.
by EFF_fan81
Wed May 06, 2020 5:44 pm
Forum: Investing - Theory, News & General
Topic: My theory about FIRE
Replies: 419
Views: 31574

Re: My theory about FIRE

Getting to financial independence at a young age makes sense as it alleviates financial worries that one might have and gives one a great sense of security. But the part I don't get is all the promising smart people (which you have to be to be able to attain FI early) that go into careers that they...
by EFF_fan81
Mon May 04, 2020 10:15 pm
Forum: Investing - Theory, News & General
Topic: My theory about FIRE
Replies: 419
Views: 31574

Re: My theory about FIRE

And as much as it's so hard for people to understand... I like money. I really like it. It's demonized as being "bad" in our society, but I like money and I like to have more of it. That to me is bliss, not free time for golf, tennis, etc... Forgot to mention during our prior exchange the other exc...
by EFF_fan81
Fri May 01, 2020 7:49 pm
Forum: Personal Finance (Not Investing)
Topic: Quitting a job after two weeks: relocation expenses
Replies: 196
Views: 18027

Re: Quitting a job after two weeks: relocation expenses

40 hours a week will get you walked out the door this week. 100 hours is too much and the damage to your health will not be worth it. Like other posters said, expect to work 60-80 hours a week under constant pressure and deadlines. Learn when to say "yes sir" and get it done and when and how to push...
by EFF_fan81
Tue Apr 28, 2020 7:40 am
Forum: Personal Investments
Topic: WHAT TO DO for family of 5, tiny house, extra $: Mortage payoff vs. 529 vs. taxable retirement
Replies: 27
Views: 2042

Re: WHAT TO DO for family of 5, tiny house, extra $: Mortage payoff vs. 529 vs. taxable retirement

Definitely hearing from the 'other side' here... (BTDT about 20 yrs ago (kids been out of college for ~15 yrs) Single earner family never made over $60k lived in a HCOL area. - often overseas. (I'm missing something... your annual salary / budget % discretionary / fixed spending) a, (Mortgage) I do...
by EFF_fan81
Mon Apr 27, 2020 10:12 pm
Forum: Personal Finance (Not Investing)
Topic: Do you expect your employer to change their stance on WFH after Coronavirus?
Replies: 99
Views: 6272

Re: Do you expect your employer to change their stance on WFH after Coronavirus?

If push comes to shove, I'd choose the "get a lower paid full time remote job and move to LCOL" rather than put up with that. I think this is going to majorly change how companies operate and have ramifactions for real estate markets as well (office, retail and residential). For years my belief has...
by EFF_fan81
Mon Apr 27, 2020 8:03 pm
Forum: Personal Finance (Not Investing)
Topic: Do you expect your employer to change their stance on WFH after Coronavirus?
Replies: 99
Views: 6272

Re: Do you expect your employer to change their stance on WFH after Coronavirus?

Another vote here for work from home. I used to work 45-1 hour away in the CBD of my major metro. I quit my job for multiple reasons, one of which was the commute. My current job is near my house, so I always went in, but there were pointless meetings and distractions and now there's less of that. I...
by EFF_fan81
Mon Apr 27, 2020 5:46 pm
Forum: US Chapters
Topic: Your USER NAME...what does it mean?
Replies: 532
Views: 72509

Re: Your USER NAME...what does it mean?

I had a different username here, but changed it to something random to protect my privacy because I realized I was using the same username on many sites and that presented a risk. EFF stands for the "Electronic Frontier Foundation," which protects both privacy rights and free speech online. 81 is no...
by EFF_fan81
Sun Apr 26, 2020 8:26 am
Forum: Investing - Theory, News & General
Topic: Federal Reserve scraps transfer count limits on savings accounts
Replies: 55
Views: 5407

Re: Federal Reserve scraps transfer count limits on savings accounts

I opened up a few Ally Bank savings accounts and pay all my bill via direct debit from the various accounts. I only opened multiple accounts in order to have sufficient withdrawals to pay for all of my various bills without exceeding the 6 withdrawal limit on any one account. But even if they got r...
by EFF_fan81
Sun Apr 26, 2020 7:48 am
Forum: Investing - Theory, News & General
Topic: Federal Reserve scraps transfer count limits on savings accounts
Replies: 55
Views: 5407

Re: Federal Reserve scraps transfer count limits on savings accounts

I opened up a few Ally Bank savings accounts and pay all my bill via direct debit from the various accounts. I only opened multiple accounts in order to have sufficient withdrawals to pay for all of my various bills without exceeding the 6 withdrawal limit on any one account. But even if they got r...
by EFF_fan81
Thu Apr 23, 2020 8:15 pm
Forum: Personal Finance (Not Investing)
Topic: Unemployed renter w/1.1m taxable - looking to buy 400k home for cash
Replies: 36
Views: 3950

Re: Unemployed renter w/1.1m taxable - looking to buy 400k home for cash

I would not do this unless you had a very precise understanding of your annual spend and were comfortable you could live on the earnings from $700k and it does not sound like that is the case. Rent a low cost apartment until you have figured out (1) whether you will work again and if so, where and h...
by EFF_fan81
Thu Apr 23, 2020 5:10 pm
Forum: Personal Finance (Not Investing)
Topic: Expert Consultant: $110 / hr??
Replies: 70
Views: 6612

Re: Expert Consultant: $110 / hr??

This is an investment bank!

I wouldn't pick up the phone for less than $1,000, flat fee. If you get this do, do your research so you are crisp, professional, useful. If they balk at the price, they aren't that serious anyways.
by EFF_fan81
Wed Apr 22, 2020 5:09 pm
Forum: Personal Finance (Not Investing)
Topic: Work Hours Reduced and then Furloughed
Replies: 37
Views: 5515

Re: Work Hours Reduced and then Furloughed

If the employer only needs 4 hours of work done and you're willing to come in for 4 hours, he has no incentive to get you back to full time. Personally, I'd say "thanks, but no thanks until you're willing to bring me back full time". There is another consideration. He has said that the employer is ...
by EFF_fan81
Wed Apr 22, 2020 5:04 pm
Forum: Personal Finance (Not Investing)
Topic: Any One-More-Year FIRE people sticking to their plan?
Replies: 72
Views: 8618

Re: Any One-More-Year FIRE people sticking to their plan?

Today on bogleheads I learned that I need to save for 100 years of long term care plus the worst great depression in the world.

I have three kids so probably I need to worry about 250 years if long term care and I bet a supervolcano will explode at some point too.

Stick a fork in me, I'm done.
by EFF_fan81
Tue Apr 21, 2020 11:33 pm
Forum: Personal Finance (Not Investing)
Topic: Parents want me to pay off their mortgage in exchange for title
Replies: 102
Views: 9461

Re: Parents want me to pay off their mortgage in exchange for title

Surprised how many heartless responses there are to this question. Many if not most of us could afford to do this with little to no consequences financially. I’d do it in a heartbeat and not look back. Some things are more important than dying rich most especially the well being of my parents. I wo...
by EFF_fan81
Tue Apr 21, 2020 10:55 pm
Forum: Personal Finance (Not Investing)
Topic: Advice on buying a weekend car [UPDATE]
Replies: 90
Views: 4541

Re: Advice on buying a weekend car

My lord. This sure isn't the Mr. Money Mustache forum, that's for sure. I'd save the weekend car for when you have 25x your living expenses in investable assets (and have decided whether or not to have kids and, if yes, had them and adjusted budgets / lifestyle accordingly). Right now you don't even...
by EFF_fan81
Tue Apr 21, 2020 6:54 pm
Forum: Personal Finance (Not Investing)
Topic: Another Close or Walk Dilemma
Replies: 21
Views: 2921

Re: Another Close or Walk Dilemma

Remember too this is not going to be as simple as you say "I've decided I want to terminate and my contract says I can and so give me my money back." Seller is going to say NO to releasing the deposit from escrow and the escrow agent is just going to sit on the funds and you might have to sue for i...
by EFF_fan81
Tue Apr 21, 2020 6:32 pm
Forum: Personal Finance (Not Investing)
Topic: Another Close or Walk Dilemma
Replies: 21
Views: 2921

Re: Another Close or Walk Dilemma

Remember too this is not going to be as simple as you say "I've decided I want to terminate and my contract says I can and so give me my money back." Seller is going to say NO to releasing the deposit from escrow and the escrow agent is just going to sit on the funds and you might have to sue for it...
by EFF_fan81
Tue Apr 21, 2020 6:17 pm
Forum: Personal Finance (Not Investing)
Topic: How to negotiate severance if laid off?
Replies: 75
Views: 6301

Re: How to negotiate severance if laid off?

Good severance: 1 year of pay for every 2 years worked. Why would an employer pay that? I certainly wouldn't. Why would you want 1/3 of your pay at the end of your stint with the company anyway? As near as I can tell, most of a severance is just an employer that feels badly about having to let you ...
by EFF_fan81
Tue Apr 21, 2020 5:57 pm
Forum: Personal Finance (Not Investing)
Topic: Parents want me to pay off their mortgage in exchange for title
Replies: 102
Views: 9461

Re: Parents want me to pay off their mortgage in exchange for title

We were in a similar predicament. We kept it simple. My parents sold the home to us. We in turn rented it out to them. We had a real estate agent do the paperwork. Easiest 3% she ever made. She only took 1 commision and not 2 as buyer and seller since she never had to show the home. So that was a 3...
by EFF_fan81
Tue Apr 21, 2020 5:45 pm
Forum: Personal Finance (Not Investing)
Topic: Wife racked up $13,000 in credit card debt...I'm sad/angry
Replies: 6
Views: 2290

Re: Wife racked up $13,000 in credit card debt...I'm sad/angry

This is a financial predicament but the solution is not financial. You need marriage counseling.

Mental illness is real, however, racking up debt without the consent of the other partner is a big red flag in my book.

I could go on but sometimes short and simple is best.