Search found 201 matches

by robocop
Wed Sep 18, 2019 3:48 pm
Forum: Personal Finance (Not Investing)
Topic: Anyone have experience with TAB Bank or BMO Harris?
Replies: 3
Views: 333

Anyone have experience with TAB Bank or BMO Harris?

All, Thanks to your excellent advice, I recently sold a number of shares of my taxable mutual fund account since we plan to buy a house in the next 3 years sometime. I am now looking for somewhere to park it that maximizes both the interest I earn and my ability to access it when needed without pena...
by robocop
Wed Sep 18, 2019 3:45 pm
Forum: Personal Finance (Not Investing)
Topic: Minimizing hard credit pulls when getting mortgage preapproval
Replies: 14
Views: 878

Re: Minimizing hard credit pulls when getting mortgage preapproval

Mortgage loan officer here, As long as all the credit pulls occur within 30 days of the first pull it will not drop your score any additional amount beyond the first one if they are all for mortgage applications. A law was changed to allow this because it is not fair to penalize someone for trying ...
by robocop
Wed Sep 18, 2019 3:43 pm
Forum: Personal Finance (Not Investing)
Topic: Minimizing hard credit pulls when getting mortgage preapproval
Replies: 14
Views: 878

Re: Minimizing hard credit pulls when getting mortgage preapproval

If my partner and I are interested in being ready to buy if we find the right house for the right price, but also are willing to wait up to 3 years before pulling the trigger so we can find the right place for us, are there any ways to be preapproved for a mortgage without totally destroying our cr...
by robocop
Wed Sep 18, 2019 3:39 pm
Forum: Personal Finance (Not Investing)
Topic: Minimizing capital gains taxes
Replies: 2
Views: 455

Re: Minimizing capital gains taxes

My questions are: 1. Should I pull out all $200k this year, given our lower income? Seems like we’ll avoid the higher capital gains rate, but might run into the net investment tax. That said, it seems impossible to avoid that tax in future years without repeal, which seems unlikely. 2. If not, how ...
by robocop
Wed Sep 18, 2019 3:37 pm
Forum: Personal Finance (Not Investing)
Topic: Bay Area teacher saving half my income – why the doubt? (and asking more questions)
Replies: 493
Views: 25963

Re: Bay Area teacher saving half my income – why the doubt? (and asking more questions)

Very interesting case study. Thanks Ron for being a teacher (a profession that is so important) and congrats on the luck and the tax strategy! It is seriously impressive. I wonder if some of the doubt/negativity may also come from the substantial amount of praise for you on this and other posts abou...
by robocop
Wed Sep 18, 2019 2:55 pm
Forum: Personal Finance (Not Investing)
Topic: Buy a house now or in the next 3 years?
Replies: 35
Views: 3882

Re: Buy a house now or in the next 3 years?

I personally wouldn't do it. I wouldn't want that much of my net worth going into a home. A combined salary and bonuses of that level technically could afford a $600+K mortgage with a big enough down payment, but again, it's personal choice if you actually want to do it. Your taxable account is you...
by robocop
Wed Sep 18, 2019 2:43 pm
Forum: Personal Finance (Not Investing)
Topic: Buy a house now or in the next 3 years?
Replies: 35
Views: 3882

Re: Buy a house now or in the next 3 years?

Personally, I wouldn’t be buying a $1 million 4,000 sf house in North Jersey carrying an $800k mortgage in 2019. Got it. The annoying thing is that it's hard to find newer builds in this area that aren't that big. We don't need 4,000 sf, but we really would like a newer build. And I don't think bui...
by robocop
Wed Sep 11, 2019 6:40 am
Forum: Personal Finance (Not Investing)
Topic: Minimizing hard credit pulls when getting mortgage preapproval
Replies: 14
Views: 878

Re: Minimizing hard credit pulls when getting mortgage preapproval

If my partner and I are interested in being ready to buy if we find the right house for the right price, but also are willing to wait up to 3 years before pulling the trigger so we can find the right place for us, are there any ways to be preapproved for a mortgage without totally destroying our cr...
by robocop
Tue Sep 10, 2019 1:25 pm
Forum: Personal Finance (Not Investing)
Topic: Minimizing hard credit pulls when getting mortgage preapproval
Replies: 14
Views: 878

Minimizing hard credit pulls when getting mortgage preapproval

If my partner and I are interested in being ready to buy if we find the right house for the right price, but also are willing to wait up to 3 years before pulling the trigger so we can find the right place for us, are there any ways to be preapproved for a mortgage without totally destroying our cre...
by robocop
Tue Sep 10, 2019 1:10 pm
Forum: Personal Finance (Not Investing)
Topic: Minimizing capital gains taxes
Replies: 2
Views: 455

Minimizing capital gains taxes

Some of you may have seen my recent post about buying a house in the next three years. The consensus there was that I should pull the money we have saved for a down payment out of its current location (in Vanguard Target Retirement funds in a brokerage account) into something more stable, even if we...
by robocop
Tue Sep 10, 2019 12:40 pm
Forum: Personal Finance (Not Investing)
Topic: Buy a house now or in the next 3 years?
Replies: 35
Views: 3882

Re: Buy a house now or in the next 3 years?

Personally, I wouldn’t be buying a $1 million 4,000 sf house in North Jersey carrying an $800k mortgage in 2019. Got it. The annoying thing is that it's hard to find newer builds in this area that aren't that big. We don't need 4,000 sf, but we really would like a newer build. And I don't think bui...
by robocop
Tue Sep 10, 2019 12:23 pm
Forum: Personal Finance (Not Investing)
Topic: Buy a house now or in the next 3 years?
Replies: 35
Views: 3882

Re: Buy a house now or in the next 3 years?

There is a $24,400 standard deduction. Keep in mind your property tax and state tax which is capped at $20k and your mortgage interest will be $6k for a total itemized deduction of $26k. The difference between itemized and standard is ($26k - $24.4k = $1.6k) at 32% federal tax you will be saving ($...
by robocop
Tue Sep 10, 2019 12:22 pm
Forum: Personal Finance (Not Investing)
Topic: Buy a house now or in the next 3 years?
Replies: 35
Views: 3882

Re: Buy a house now or in the next 3 years?

Have you looked in Maplewood? Yes. But the prices are just as high as other places that are a better commute for me, and those places reportedly have better schools too. And we are trying to avoid Essex County because the higher property taxes mean that a similarly priced house is actually much mor...
by robocop
Fri Sep 06, 2019 12:16 am
Forum: Personal Finance (Not Investing)
Topic: Buy a house now or in the next 3 years?
Replies: 35
Views: 3882

Re: Buy a house now or in the next 3 years?

1. Is this plan too risky? Will we be too house-poor? It seems like we could easily tighten our belts and, if necessary, reduce our 529 and Roth savings for a few years while 2 kids are in daycare, but I'd like some other perspectives on whether that's true, since we don't know anyone who we feel c...
by robocop
Fri Sep 06, 2019 12:06 am
Forum: Personal Finance (Not Investing)
Topic: Buy a house now or in the next 3 years?
Replies: 35
Views: 3882

Re: Buy a house now or in the next 3 years?

..... My questions are: 1. Is this plan too risky? Will we be too house-poor? It seems like we could easily tighten our belts and, if necessary, reduce our 529 and Roth savings for a few years while 2 kids are in daycare, but I'd like some other perspectives on whether that's true, since we don't k...
by robocop
Thu Sep 05, 2019 11:13 pm
Forum: Personal Finance (Not Investing)
Topic: Buy a house now or in the next 3 years?
Replies: 35
Views: 3882

Re: Buy a house now or in the next 3 years?

You are doing just fine retirement wise. Congrats on paying off the student loan...I can now see the reason you focussed on the 529. Don't get pressured into buying...there will always be houses and the market will adjust. Don't let realtors drive you into hasty decisions. Also, kids will sense you...
by robocop
Thu Sep 05, 2019 10:54 pm
Forum: Personal Finance (Not Investing)
Topic: Buy a house now or in the next 3 years?
Replies: 35
Views: 3882

Re: Buy a house now or in the next 3 years?

Personally, I wouldn’t be buying a $1 million 4,000 sf house in North Jersey carrying an $800k mortgage in 2019. Got it. The annoying thing is that it's hard to find newer builds in this area that aren't that big. We don't need 4,000 sf, but we really would like a newer build. And I don't think bui...
by robocop
Thu Sep 05, 2019 10:48 pm
Forum: Personal Finance (Not Investing)
Topic: Buy a house now or in the next 3 years?
Replies: 35
Views: 3882

Re: Buy a house now or in the next 3 years?

I would suggest developing a detailed monthly budget (include maintenance and upkeep and increased utilities) and see how it compares to your current monthly budget. Don’t forget all the closing costs, moving expenses, etc. Another set of expenses to consider is wow I am in a new bigger home and I ...
by robocop
Thu Sep 05, 2019 10:22 pm
Forum: Personal Finance (Not Investing)
Topic: Buy a house now or in the next 3 years?
Replies: 35
Views: 3882

Re: Buy a house now or in the next 3 years?

Planning on public schools for the kids? I think yall are behind in retirement savings based on your income, and thus would divert the 529 money into taxable. I would keep the mortgage around 650k or 675k. With a 200k downpayment you are feeling a little shy on taxable funds so maybe after you get ...
by robocop
Thu Sep 05, 2019 6:36 pm
Forum: Personal Finance (Not Investing)
Topic: Buy a house now or in the next 3 years?
Replies: 35
Views: 3882

Re: Buy a house now or in the next 3 years?

1. Is this plan too risky? Will we be too house-poor? It seems like we could easily tighten our belts and, if necessary, reduce our 529 and Roth savings for a few years while 2 kids are in daycare, but I'd like some other perspectives on whether that's true, since we don't know anyone who we feel c...
by robocop
Thu Sep 05, 2019 6:29 am
Forum: Personal Finance (Not Investing)
Topic: Buy a house now or in the next 3 years?
Replies: 35
Views: 3882

Re: Buy a house now or in the next 3 years?

(ages 35 and 38) ..... We are hoping to have another child soon (we currently have one), I would wait a year or two to see if you might need expensive IVF treatments and preferably until you have a health baby. Thanks for the advice--the risk of not having a healthy baby is something we should defi...
by robocop
Wed Aug 14, 2019 4:14 pm
Forum: Personal Finance (Not Investing)
Topic: Buy a house now or in the next 3 years?
Replies: 35
Views: 3882

Buy a house now or in the next 3 years?

Hi everyone, I'm hoping to gain some additional perspectives from the wise Bogleheads of this forum on our current potential home purchase. Here are our stats: Combined approximate annual income: $270,000 base salary/self-employment income (ages 35 and 38) $49,000 target bonus $20,000 target RSU (at...
by robocop
Thu Mar 07, 2013 12:05 am
Forum: Personal Finance (Not Investing)
Topic: Student Loan Repayment Strategy
Replies: 32
Views: 5482

Re: Student Loan Repayment Strategy

The plan generally looks good to me. Don't forget to minimize minimum payments so you can make your money work harder at the high interest loans- either through IBR or graduated repayment. If you have equity in a car, I'd also consider financing it at 1.74% (PenFed) to pay off higher interest studen...
by robocop
Wed Mar 06, 2013 11:49 pm
Forum: Personal Consumer Issues
Topic: Lab service and ultrasound service recommendation
Replies: 12
Views: 1399

Re: Lab service and ultrasound service recommendation

I know that one time experiences are not always good indicators of future results, but I had a terrible experience with LabCorp and will forever avoid them in the future. There was a billing error, but the company did not realize it until over a year later. In the meantime, I would call in every mon...
by robocop
Thu Feb 28, 2013 4:58 pm
Forum: Personal Consumer Issues
Topic: Would you seriously date someone with $300K in debt?
Replies: 85
Views: 5674

Re: Would you seriously date someone with $300K in debt?

Back to the original question . . . Is she doing public-interest work, i.e., nonprofit, prosecutor's office, indigent criminal defense? If so, has she pursued the loan forgiveness programs available for lawyers who choose such paths? If loan forgiveness is not an option, would she consider taking a...
by robocop
Wed Feb 27, 2013 8:11 pm
Forum: Personal Finance (Not Investing)
Topic: Railroad Employment and Personal Finance Questions
Replies: 10
Views: 1476

Re: Railroad Employment and Personal Finance Questions

Are you a member of a credit union? If so, I would drop by and talk to them about getting a credit card. You might be surprised that you don't even need to start with a secured card. I shopped around all over for a credit card right after I got my first job at 16, and I remember being disappointed i...
by robocop
Tue Feb 26, 2013 12:49 pm
Forum: Personal Finance (Not Investing)
Topic: Student Loan Repayment Strategy
Replies: 32
Views: 5482

Re: Student Loan Repayment Strategy

Yes, once the interest capitalizes, interest is charged on the interest as well as the principal balance. If I could go back and change my own student loan situation, I would have paid off that accrued interest before repayment began for this very reason. If I were you I would seek every option to m...
by robocop
Tue Feb 26, 2013 12:33 pm
Forum: Personal Finance (Not Investing)
Topic: Guru that gullible and irresponsible coworker could follow?
Replies: 16
Views: 2270

Re: Guru that gullible and irresponsible coworker could foll

Dave Ramsey is probably best in this situation. He offers classes too- I think they are called Financial Peace University. He has his flaws, but he is very persuasive at selling his ideas.
by robocop
Fri Feb 22, 2013 11:23 am
Forum: Personal Finance (Not Investing)
Topic: Should I Cash in 2 of my Whole Life Policies?
Replies: 7
Views: 676

Re: Should I Cash in 2 of my Whole Life Policies?

a couple of things... gains are taxed as income and not capital gains if you dont plan to leave any money behind at your eventual death then any permanent insurance is hard to justify especially since you seem to indicate you currently dont have any insurance need at all and if you did that these p...
by robocop
Fri Feb 22, 2013 11:17 am
Forum: Personal Finance (Not Investing)
Topic: Should I Cash in 2 of my Whole Life Policies?
Replies: 7
Views: 676

Re: Should I Cash in 2 of my Whole Life Policies?

Thanks for the replies. I will cancel the 2 today, and take some time to think about the 3rd.

Thanks for the correction on how it will be taxed- just goes to show you that not everything you read on the internet is true :happy .
by robocop
Thu Feb 21, 2013 1:28 pm
Forum: Personal Finance (Not Investing)
Topic: Should I Cash in 2 of my Whole Life Policies?
Replies: 7
Views: 676

Should I Cash in 2 of my Whole Life Policies?

I have 3 whole life insurance policies (I know, I know), and am considering whether to cancel 2 of these policies. The first was purchased for me at a very young age by relatives, and the other 2 were purchased in 2006 and 2009 by my relatives when I was in college and grad school. Now that the prem...
by robocop
Tue Feb 19, 2013 6:07 pm
Forum: Personal Finance (Not Investing)
Topic: Where were you financially in your late twenties?
Replies: 191
Views: 17567

Re: Where were you financially in your late twenties?

29 here. Just crossed into the black this year. I'm at about 25k net worth, with my EF and 401K outweighing my low-interest student and auto debt. I consider myself extremely fortunate to discuss things with the wise people on this forum, and am forever grateful for the advice they have provided for...
by robocop
Tue Feb 19, 2013 5:34 pm
Forum: Personal Finance (Not Investing)
Topic: Is $2M umbrella enough for $200K income + no assets?
Replies: 31
Views: 4626

Re: Is $2M umbrella enough for $200K income + no assets?

I practice in federal court, and we are required to disclose applicable insurance policies early on in a case. They are part of what we call "initial disclosures." See Rule 1(a)(iv) here: http://www.law.cornell.edu/rules/frcp/rule_26. Whether you would have to disclose insurance information early on...
by robocop
Fri Feb 15, 2013 5:28 pm
Forum: Personal Investments
Topic: Investing Advice for a Young Professional
Replies: 6
Views: 1321

Re: Investing Advice for a Young Professional

A couple of thoughts: You can open a 529 for yourself as well. If I were you, I would put the cash earmarked for use in my 2nd year in there in 2014 in a stable fund to get the match, as opposed to taking out a student loan in order to start a 529 for my child. Will you still qualify for that progra...
by robocop
Thu Feb 14, 2013 7:58 pm
Forum: Personal Investments
Topic: 22 y/o Just Starting
Replies: 32
Views: 2954

Re: 22 y/o Just Starting

Hi Kevin, Welcome to the forum! You've made a great first step in simply realizing the importance of saving at 22. That alone puts you in the top decile of your peers in terms of financial outlook. The only thing I would add is you should revisit your reluctance to part with your car loan. Holding ...
by robocop
Mon Feb 11, 2013 2:35 pm
Forum: Personal Investments
Topic: First Post - Any input welcome! [Help with Portfolio]
Replies: 6
Views: 1213

Re: First Post - Any input welcome! [Help with Portfolio]

I'd stick with the traditional health insurance plan since it sounds like a good deal. I only do HDHP and HSA because it is cheaper than the normal HMO plan for me at work, and so that + the extra tax space works out for me. I'd also add TIPS as the other poster suggested. I wouldn't try to tinker m...
by robocop
Fri Feb 01, 2013 6:50 pm
Forum: Personal Investments
Topic: Pay off Car or Start ROTH IRA?
Replies: 14
Views: 4369

Re: Pay off Car or Start ROTH IRA?

I'd go for the Roth. I'd also refi my auto loan at PenFed for a 1.49% rate.
by robocop
Thu Jan 31, 2013 6:14 pm
Forum: Personal Finance (Not Investing)
Topic: Pay Mortage, Student Loans or Invest
Replies: 8
Views: 1401

Re: Pay Mortage, Student Loans or Invest

If I were you, I would actually take a different approach then you are. First, I would take an auto loan on my car(s) at PenFed to tap into any vehicle equity. They have loans at 1.49%, which could give you money to pay off higher interest debt or to boost your EF. Second, I would also be concerned ...
by robocop
Wed Jan 30, 2013 4:45 pm
Forum: Personal Investments
Topic: 2013 Annual Financial Review
Replies: 5
Views: 1664

Re: 2013 Annual Financial Review

Thanks Grt2bOutdoors. Can you explain why you recommend contributing to the Roth first, and contributing into the 401k each paycheck? With respect to the bond funds- isn't putting any potential downpayment money into a bond fund risky? It was my understanding that bond funds can go down, and that ma...
by robocop
Wed Jan 30, 2013 12:53 pm
Forum: Personal Consumer Issues
Topic: Women's Work Clothing Recommendations
Replies: 22
Views: 2822

Re: Women's Work Clothing Recommendations

Thanks for all the tips ladies. I will definitely check these out! Juniormint, I am 5'5", but I have often had to shorten dress pants myself. I have found that pants from The Limited, Banana Republic, and United Colors of Benetton were the most tailor friendly, in that their shape made them still lo...
by robocop
Wed Jan 30, 2013 2:48 am
Forum: Personal Investments
Topic: 2013 Annual Financial Review
Replies: 5
Views: 1664

2013 Annual Financial Review

Hi, I am about 4 years into my career, and I did a financial review here last year (see http://www.bogleheads.org/forum/viewtopic.php?f=2&t=89731). I got some awesome tips that I hadn't thought of and am very appreciative- thanks everyone! I try to post the helpful tips I received for others here on...
by robocop
Mon Jan 28, 2013 4:58 pm
Forum: Personal Investments
Topic: Which 529 plan?
Replies: 22
Views: 3601

Re: Which 529 plan?

Be careful if you want to change account owners- the NY plan does NOT allow ownership changes to the account. That made it a dealbreaker for me (an aunt), who is opening the account but may want to change ownership to the parents in the future depending on our situation. I decided to stick with WI, ...
by robocop
Sat Jan 26, 2013 8:45 pm
Forum: Personal Investments
Topic: Need Help with 529 For Nephew
Replies: 1
Views: 604

Need Help with 529 For Nephew

I will be opening a 529 for my nephew for his 3rd birthday shortly. It will probably receive contributions from a fair number of people- a little from grandparents on both sides, perhaps a little from his other aunt and uncle, and probably a decent amount from me and the parents of my nephew. Just t...
by robocop
Fri Jan 25, 2013 1:34 pm
Forum: Personal Finance (Not Investing)
Topic: Advice for first credit card
Replies: 16
Views: 1328

Re: Advice for first credit card

I am a member of CreditKarma (a free service that shows you an estimated credit score, simulates actions to tell you how you can improve your score, etc.). I only mention this because it has a feature which advertises credit cards. While that itself is not that useful (you can find great suggestions...
by robocop
Thu Jan 24, 2013 11:43 am
Forum: Personal Investments
Topic: Two Comma Club
Replies: 199
Views: 36650

Re: Two Comma Club

Congratulations, that is a great accomplishment! Would you be willing to share more details of how you got there? For example, at what age did you start? How long did it take? Did you get any windfalls, like an inheritance or gifts? I would also love to hear more details. I recently just joined a d...
by robocop
Fri Jan 18, 2013 12:55 pm
Forum: Personal Finance (Not Investing)
Topic: Which debt to pay first?
Replies: 30
Views: 2308

Re: Which debt to pay first?

Awesome. Thanks for the "idiot check"! 2) Yes, I'd like to increase our emergency funds to 6k. I realize many people would advise to put more, but 6k would be exactly 3 months of expenses. Our jobs are really really stable and flexible, so if we're not worried about job loss, is there another reaso...
by robocop
Mon Jan 14, 2013 4:35 pm
Forum: Personal Consumer Issues
Topic: Women's Work Clothing Recommendations
Replies: 22
Views: 2822

Women's Work Clothing Recommendations

I just started working 3 1/2 years ago, and am slowly building up my staples for my wardrobe (mostly biz casual, sometimes I have to wear suits). I have been unhappy with the quality of many of my purchases and was hoping for some suggestions from those of you who may have found some great alternati...
by robocop
Fri Jan 11, 2013 5:24 pm
Forum: Personal Investments
Topic: Help with Roth IRA/College Fund
Replies: 15
Views: 1720

Re: Help with Roth IRA/College Fund

Remember that due to your age, you will be unable to withdraw any earnings on the Roth for your daughter's college without a 10% penalty. If I were you, I would instead fund a 529, because then you can withdraw both the contributions and the earnings for her college expenses without any tax penaltie...
by robocop
Thu Jan 10, 2013 1:05 pm
Forum: Personal Investments
Topic: Backdoor Roth IRA Questions
Replies: 4
Views: 710

Re: Backdoor Roth IRA Questions

Thank you so much for your detailed reply. It is extremely helpful! One further question I had: when I said wait to convert until April 2014 for 2013, I actually meant is there an advantage to waiting to open the tIRA and then converting immediately. I know there was this year, as I still got the ta...
by robocop
Wed Jan 09, 2013 7:47 pm
Forum: Personal Investments
Topic: Backdoor Roth IRA Questions
Replies: 4
Views: 710

Backdoor Roth IRA Questions

Hi, These are probably basic backdoor Roth questions, so I apologize in advance. Thanks for any help you can provide! I did a Roth conversion in 2011 (my income is too high to contribute directly), and I would like to contribute again for 2012. First, when I convert from the non-deductible tIRA that...