Search found 40 matches

by mollymillions
Mon Aug 03, 2015 12:54 pm
Forum: Personal Finance (Not Investing)
Topic: Protecting a young adult from his money?
Replies: 27
Views: 5509

Re: Protecting a young adult from his money?

I think the first step is to make sure this young man is getting adequate treatment for his conditions. The impulsive and irrational behavior associated with ADHD and bipolar can result in decisions a lot worse than blowing through a financial windfall. If medical treatment can get him to a point where he can make rational, non-impulsive decisions, I think you would then be able to work with him and an attorney to set up a trust, to protect himself from possible future episodes of impulsive and irrational financial behavior. People who are symptomatic for these illnesses simultaneously have poor insight regarding the self-destructiveness of their behavior. They don't recognize it as abnormal while symptomatic, but they can recognize past b...
by mollymillions
Thu Jul 30, 2015 10:32 am
Forum: Personal Finance (Not Investing)
Topic: Rental House - Passive Loss
Replies: 6
Views: 882

Re: Rental House - Passive Loss

Most of the required expenditures were incurred due to deductible repairs. A large number of "little things". Some examples: broken windows, drywall damage, multiple plumbing issues, flooring damaged due to plumbing leak, chimney sweep, full painting, extensive cleaning, dishwasher repair, HVAC repair, lawn care, pest remediation. The only thing I am planning to classify as an 'improvement' is the replacement of all the carpeting, since that came out above the $500 safe harbor limit. The previous year I operated at a very small profit, with a full year of rental income and no deductible repairs. This year I will only have half a year of rental income and a few thousand in additional deductible expenses, which, in addition to the u...
by mollymillions
Thu Jul 30, 2015 9:17 am
Forum: Personal Finance (Not Investing)
Topic: Rental House - Passive Loss
Replies: 6
Views: 882

Re: Rental House - Passive Loss

Awesome, thanks for the info!

Re: question 2 - I suspected as much, though I didn't know if it would be better in some scenario to roll the loss over instead of claiming it as a deduction for this year.
by mollymillions
Thu Jul 30, 2015 8:16 am
Forum: Personal Finance (Not Investing)
Topic: Rental House - Passive Loss
Replies: 6
Views: 882

Rental House - Passive Loss

Hi all. I have a house that I've been renting for almost 2 years. My previous tenants moved out in January of this year. Due in part to non-ideal tenants, and in part to my own procrastination, there were substantial repairs and etc. that needed done. The house sat idle for a couple of months while I completed repairs and prepared to rent it again. It was ready in late May and I then hired a rental management company to find a tenant and manage the property. I've been doing some calculations to estimate my tax position for the rental after this year, and it looks like I will be operating at a substantial ($10,000+) loss for the year (due to 5 months without rent and repair cost). My questions are: 1. - Since I was "actively involved&qu...
by mollymillions
Mon Apr 27, 2015 9:56 am
Forum: Personal Finance (Not Investing)
Topic: HSA help
Replies: 3
Views: 794

Re: HSA help

Great, thanks!

I'll be able to evaluate plan details early next week after I've started. I'll update at that time.
by mollymillions
Fri Apr 24, 2015 11:56 am
Forum: Personal Finance (Not Investing)
Topic: HSA help
Replies: 3
Views: 794

HSA help

Hi all,
I recently accepted an offer for a new job, and will be starting in just over a week. The health benefits will be changing significantly. One particular change is the inclusion of an HSA in the health benefit plan.

I am trying to determine how much to contribute to the HSA going forward and what type of investment vehicles to put the money in. The HSA is administered by WageWorks and there is no employer contribution.

Any tips on going through this process would be greatly appreciated.
by mollymillions
Mon Apr 20, 2015 3:12 pm
Forum: Personal Finance (Not Investing)
Topic: Can't Just Do Nothing
Replies: 45
Views: 8831

Re: Can't Just Do Nothing

I wouldn't recommend the above scenario to anyone - it would require an intimate understanding of the contract and proposal process for federal contracting, the market, suppliers and customers etc. But it's an interesting example of a specific drop-shipping game. Last time I checked, the small business has to certify that they are performing or manufacturing at least 51% of the service/end product. Falsifying a claim to this effect is considered contract fraud and many have gone to jail doing less. That is one good reason why I would not recommend it to anyone. The rules surrounding federal contracting are very arcane, and the penalties for misconduct are severe. However, the specific practice that I mentioned does seem to be somewhat comm...
by mollymillions
Thu Apr 16, 2015 8:52 am
Forum: Personal Finance (Not Investing)
Topic: Can't Just Do Nothing
Replies: 45
Views: 8831

Re: Can't Just Do Nothing

[quote="Drew777" Credit card churning and manufactured spending has been profitable for me recently, and I'm trying to get into dropshipping on eBay now. Please educate and enlighten us with your experiences in the above topics. I have some idea about CC churning but no clue about dropshipping. Interested in knowing more about it. Well, I could probably write a book on those subjects with just the little I've learned in the last couple months. I recently started a blog, but it's in the infancy stages and who knows if it will ever take off. I am not the most knowledgeable, but am happy to help as much as I can. Feel free to PM me with specific questions. As far as dropshipping, the basic idea is to sell something you don't already...
by mollymillions
Tue Apr 14, 2015 8:46 am
Forum: Personal Finance (Not Investing)
Topic: evaluating job offer - health plans
Replies: 19
Views: 2250

Re: evaluating job offer - health plans

2tall4economy wrote:I. Can't add anything specific to your situation but your high and low plan are very normal in the fortune 500 world. The high plan is more or less an exact Match to my employer.
This will be the new normal if it's not already.

Hsa and high deductible caps to the rescue.
Yeah that agrees with what I've found in researching the last few days. I have reason to suspect my current company will be changing to this model at some point in the not-too-distant future also.
by mollymillions
Mon Apr 13, 2015 5:16 pm
Forum: Personal Finance (Not Investing)
Topic: evaluating job offer - health plans
Replies: 19
Views: 2250

Re: evaluating job offer - health plans

So, some good news! It looks like i'll be okay with the tier 4 drug - if coverage exception is not approved for some reason (based on my calling around today, it should be) there are multiple "copay assistance" plans provided by the drug manufacturer that essentially pay the medication cost for me (out of the kindest of their hearts! *WINK*). Other good news - even though coverage is at 80% as opposed to 100%, there is no flat copay, so for most covered services it seems i'll actually be paying less . So, long story short, it appears total outlay will be more than currently due to the higher deductible and premiums (and no dental plan!), but not dramatically so. Thanks everyone for your kind help, I greatly appreciate it!!! Edit:...
by mollymillions
Mon Apr 13, 2015 2:35 pm
Forum: Personal Finance (Not Investing)
Topic: evaluating job offer - health plans
Replies: 19
Views: 2250

Re: evaluating job offer - health plans

So, some good news! It looks like i'll be okay with the tier 4 drug - if coverage exception is not approved for some reason (based on my calling around today, it should be) there are multiple "copay assistance" plans provided by the drug manufacturer that essentially pay the medication cost for me (out of the kindest of their hearts! *WINK*). Other good news - even though coverage is at 80% as opposed to 100%, there is no flat copay, so for most covered services it seems i'll actually be paying less . So, long story short, it appears total outlay will be more than currently due to the higher deductible and premiums (and no dental plan!), but not dramatically so. Thanks everyone for your kind help, I greatly appreciate it!!! Edit: ...
by mollymillions
Mon Apr 13, 2015 2:06 pm
Forum: Personal Finance (Not Investing)
Topic: evaluating job offer - health plans
Replies: 19
Views: 2250

Re: evaluating job offer - health plans

If only one deductible and one OOP maximum are listed then both the medical and pharmacy costs should count toward that deductible and OOP maximum. If you choose the high plan and continue with similar medical and pharmacy utilization then you will be paying $2600 (deductible) +$6,000 (OOP max) = $8600 plus the bi-weekly premium ($218*26). Some benefit plans count the deductible toward the OOP max, so if that is the case, the story could be a bit better. In total, you will be paying $14,268 each year if you max out the plan benefits, which is something to seriously consider when evaluating the salary offered by the new employer. The max you can put in the HSA in 2015 is $6500 for families and $3350 for singles. There is no harm to maxing o...
by mollymillions
Mon Apr 13, 2015 12:03 pm
Forum: Personal Finance (Not Investing)
Topic: evaluating job offer - health plans
Replies: 19
Views: 2250

Re: evaluating job offer - health plans

In response to your question about how to find out if certain treatments are covered: Can you get a copy of the plan booklet that lists the benefits? If you have a large employer, it might even be on the employer website. If it's a standard plan offered by the insurance company that isn't customized for specific employers, it might be on the insurance company website. I have the booklet, yes. I also looked up the drug classification tables for the new drug plan provider. The issue is that the medication I am taking is classed as a "Tier 4" which is designated "not covered", so it requires pre-approval from insurance before I can start taking it. No idea what the criteria are for deciding if an exception will be granted ...
by mollymillions
Mon Apr 13, 2015 11:37 am
Forum: Personal Finance (Not Investing)
Topic: evaluating job offer - health plans
Replies: 19
Views: 2250

Re: evaluating job offer - health plans

Not sure if this will affect you but I'm throwing it out in case it does . . . If the expensive medication you are on for your autoimmune disease is a biologic, you should know that the Affordable Care Act paved the way for the development of generic biologic drugs. Generic versions of some of them should be available in 2016 or 2017, I think. The generics will still be expensive compared to non-biologic drugs because of the way biologics are manufactured, but every little bit helps. Yep, it's a biologic. I'm hoping for generics to be available sometime within the next 2-3 years, but that won't help me for a while. I'd think the maximum out of pocket difference of $11,600 would be a good starting number plus a WAG for the difference in pre...
by mollymillions
Mon Apr 13, 2015 10:05 am
Forum: Personal Finance (Not Investing)
Topic: evaluating job offer - health plans
Replies: 19
Views: 2250

Re: evaluating job offer - health plans

Sawhorse - thanks for the input! Answers in red: As someone with expensive medical problems, I can relate to your difficult decision. A few questions: 1. How do the networks compare? Do both networks have an equally wide list of providers? Do your current physicians participate? The networks are the same. Network participation is quite common locally, and my current physicians do participate. 2. What, if any, out of network coverage is there? There is (poor) out of network coverage, but I haven't included it, because the networks are pretty extensive and so far I've been able to keep in-network for most issues. 3. What specific procedures, treatments, etc are covered? If you need a certain treatment or a certain service, will they cover it?...
by mollymillions
Sun Apr 12, 2015 5:05 pm
Forum: Personal Finance (Not Investing)
Topic: evaluating job offer - health plans
Replies: 19
Views: 2250

evaluating job offer - health plans

Hi all. I recently interviewed for a new job. The interview went well and I anticipate an employment offer within the next few days. I requested benefits information so that I can properly compare overall compensation packages. Other than healthcare plans the benefit packages are comparable. There are two health plans available, but unfortunately, neither are very good. This might just be perspective due to the high quality of my current plan. The difference is so significant, that I calculated that I would need a 10% salary increase just to break even, with the better of the two new plan options. This is only factoring in increased premiums and a minimal contribution to an HSA account. The deductible in the new plan is much higher, however...
by mollymillions
Fri Jun 27, 2014 4:57 pm
Forum: Personal Finance (Not Investing)
Topic: Suze Orman or Dave Ramsey?
Replies: 85
Views: 20662

Re:

Dave is a strong advocate for index funds and has mentioned Vanguard. interesting...this is not the impression i get when listening to DR. he seems to suggest consulting one of his Endorsed Local Providers (ELPs) for investing and then doing a 25/25/25/25 split between growth, intl,agg growth, and growth&income funds which do not sound like index funds to me. i have never heard him recommend Vanguard on his tv show/podcasts. he has mentioned load funds like American funds before. he does not believe in investing in ANY bonds - just stock mutual funds and real estate. At least that is how i have understood over the recent years. I have been listening to Dave Ramsey's show for a couple of years now pretty regularly. I listened to the sho...
by mollymillions
Mon Jun 23, 2014 5:20 pm
Forum: Personal Finance (Not Investing)
Topic: Is Medical School Worth it Financially?
Replies: 66
Views: 10258

Re: Is Medical School Worth it Financially?

Here is data from the US Bureau of Labor Statistics (http://www.bls.gov/bls/blswage.htm). The BLS lists wage data for over 800 occupations - unfortunately "software engineer" is not one of them. However, there is significant relevant data that I believe adds to the discussion. Dentists seem to do alright, better than I would have expected: Dentists - $168,870 Dentists, general - $164,570 Prosthodontists (I do not know what this is, but it is the lowest-paying dental specialty listed) - $128,310 Physicians do a little better than dentists overall: Physicians and Surgeons - $191,880 - This is the across-the-board average for physicians. Family and General Practitioners - $183,940 - the much-maligned "non-specialty" physici...
by mollymillions
Mon May 19, 2014 12:56 pm
Forum: Personal Finance (Not Investing)
Topic: Poor Planning Parents
Replies: 28
Views: 4404

Re: Poor Planning Parents (baby boomers)

As cheese_breath mentioned it looks like their assets far outweigh their liabilities. A simple solution would be to sell (1), move to (3), pay off (2) with the proceeds from (1), invest the overage, and then either sell their business property or continue operating it, either seem viable.

Alternatively they could sell (3), and stay in (1), which would net them more cash to invest, but either plan would be reasonable.
by mollymillions
Fri Jan 24, 2014 2:05 pm
Forum: Personal Investments
Topic: Roth 401k and other Q's
Replies: 15
Views: 1361

Re: Roth 401k and other Q's

cherijoh wrote:
mollymillions wrote: The company I work for allows contributions to be split between Roth and Traditional 401K, but the combined maximum allowable contribution stays the same.
Yes, that's how ours is set up as well.
by mollymillions
Fri Jan 24, 2014 1:49 pm
Forum: Personal Investments
Topic: Roth 401k and other Q's
Replies: 15
Views: 1361

Re: Roth 401k and other Q's

Thanks for the input!

We are planning to increase our retirement contributions once we purchase a home (in ~3 years), but would like to use any extra money to save for a down payment until then. The exception to this is that we would like to start the college fund now, because the investment timeframe for the college fund is much shorter.

The Roth 401k has the same contribution limit as a traditional 401k, but I do not believe that you are allowed to contribute to a Roth 401k AND a Roth IRA in the same year. The primary drawback of the Roth 401k seems to be the poor fund selection.
by mollymillions
Fri Jan 24, 2014 10:20 am
Forum: Personal Investments
Topic: Roth 401k and other Q's
Replies: 15
Views: 1361

Roth 401k and other Q's

Emergency funds: 3 months of expenses in place Tax Filing Status: Married filing jointly, 1 child. Tax Rate: 15% Federal, 5% State (Household income 60k w2 wages, +900/mo($10,800/year) from rental) State of Residence: AL Age: Him 31, her 27 Desired Asset Allocation: 70%stocks /30% bonds Debt: Rental House: 26.5 years remaining on mortgage @ 4.5%. I suspect LTV on the rental is near 100%. We break even with rent vs. total cost of ownership. Student Loans: His: 5.12% 5.12% 6.8% 5.41% Hers: 3.86% 3.86% 3.4% 6.8% 3.4% 6.8% Total student loan balance is in the high 5-figures. Current Retirement Assets (low 5-figures): His 401k %100 - FSEMX - S&P Index Fund with 0.10% ER. 401k Fund options: Bond funds: PIMCO Real Return/Admin (PARRX) - 0.70%...
by mollymillions
Tue Aug 20, 2013 9:45 am
Forum: Personal Finance (Not Investing)
Topic: Inflation is scary stuff.
Replies: 42
Views: 5579

Re: Inflation is scary stuff.

There are consequences of inflation that we usually don't think about. Consider someone with adequate life insurance coverage, but can no longer buy life insurance due to recent health changes. The financial protection (in real terms) for that person's beneficiaries can be significantly decreased by inflation. Yet, there is nothing they can do about it. IMO, the only good thing about inflation is that it prevents deflation, which can be even worse. Jeff Why is deflation bad? That seems to be a truism that goes unquestioned. Deflation is wonderful. I love sales. It leaves more money in my pocket so I can buy other things, thus strengthening the economy. If it were not for the generally falling prices in electronics, there would be a lot few...
by mollymillions
Mon Jul 01, 2013 1:10 pm
Forum: Personal Finance (Not Investing)
Topic: Wife needs advice on finding entry level IT job
Replies: 29
Views: 3566

Re: Wife needs advice on finding entry level IT job

1. We certainly do not want to do anything thats not legal. Is it illegal on my wife's part to do volunteering work? It is illegal for any for-profit company to have employees doing work for which they are not paid (volunteer). It is not illegal for non-profit companies to utilize volunteers. For-profit companies can provide unpaid internships, but there are lots of regulations surrounding these. They are generally required to provide educational credits and provide strong educational value for the intern. E.g. it is illegal to have an unpaid intern doing janitorial work. As others have mentioned, you seem to be using "entry-level IT" very broadly. "Entry-level IT" would be a helpdesk/technician type position, which you...
by mollymillions
Thu Jun 27, 2013 2:01 pm
Forum: Personal Finance (Not Investing)
Topic: Hedging Gasoline Price
Replies: 38
Views: 2938

Re: Hedging Gasoline Price

You can get some 50-gallon drums and roll down to the quick stop ;)
by mollymillions
Thu Mar 07, 2013 4:52 pm
Forum: Personal Finance (Not Investing)
Topic: Student Loan Repayment Strategy
Replies: 32
Views: 6018

Re: Student Loan Repayment Strategy

1. Signed up for online classes at CC (~$280 total for 2 months of classes). Classes begin on March 18, and since my grace period ends on March 22, I will be eligible for student loan deferment and an additional 6 months of grace period after classes end. This will allow me to tackle my unsub loans while the govt is continuing to pay the subsidized loan interest. It will also buy me at least 8 more months before my unsub interest capitalizes. I don't think that is how it works. You need to check the fine print for your specific loan, but I believe that you only get one 6-month grace period - http://www.nslds.ed.gov/nslds_SA/SaFaqDetail.do?faqpage=faq5 . If you could actually keep doing this and pay $280 every 8 months to defer your loan fo...
by mollymillions
Thu Mar 07, 2013 4:35 pm
Forum: Personal Consumer Issues
Topic: How to prevent others from copying your work?
Replies: 17
Views: 3635

Re: How to prevent others from copying my self-published boo

First, I want to say that this forum has been very helpful! I need your advise. I have put together a study guide and it has been selling well. However, I am very concerned that someone would copy my book, turn it into a PDF, and then send it to other people. This would destroy my business. What can I do to protect my work and prevent someone from copying it? Any suggestion is greatly appreciated! As has been suggested, you can publish through an electronic system with DRM (e.g. Amazon Kindle) which would mitigate the risk of copying. However, there is typically nothing that you can do to physically prevent someone photocopying the book and distributing it. The good news is that this is unlikely to "destroy your business". It cou...
by mollymillions
Thu Mar 07, 2013 3:54 pm
Forum: Personal Finance (Not Investing)
Topic: Student Loan Repayment Strategy
Replies: 32
Views: 6018

Re: Student Loan Repayment Strategy

1. Signed up for online classes at CC (~$280 total for 2 months of classes). Classes begin on March 18, and since my grace period ends on March 22, I will be eligible for student loan deferment and an additional 6 months of grace period after classes end. This will allow me to tackle my unsub loans while the govt is continuing to pay the subsidized loan interest. It will also buy me at least 8 more months before my unsub interest capitalizes. I don't think that is how it works. You need to check the fine print for your specific loan, but I believe that you only get one 6-month grace period - http://www.nslds.ed.gov/nslds_SA/SaFaqDetail.do?faqpage=faq5 . Also, you must be attending at least half-time for the loans to go into deferment. Ther...
by mollymillions
Tue Mar 05, 2013 10:00 am
Forum: Personal Finance (Not Investing)
Topic: Settlement offer [Credit Card Debt]
Replies: 8
Views: 2215

Re: Settlement offer [Credit Card Debt]

With some difficult (and possibly time-consuming) you may be able to settle the debt for around 20% of what is owed. If you are in a hurry you may not be able to knock it down that far.

I have heard recommendations that if you get an agreement, in writing that this settlement pays the debt in full, that this should mitigate the negative credit impact of having the debt settled (though damage has already been done, and it is likely only time will heal that).

Whatever you end up paying them, be sure to get the agreement in writing before you send them any money. Collectors lie. Do not allow them to draft your bank account, pay with a certified check or money order only, for safety. These organizations can be very unscrupulous.
by mollymillions
Mon Mar 04, 2013 12:00 pm
Forum: Personal Finance (Not Investing)
Topic: Need help figuring out how to reduce expenses and pay debt
Replies: 21
Views: 2794

Re: Need help figuring out how to reduce expenses and pay de

Housing - $2300 Car - $450 Insurance - $500 LOC - $300 Groceries - $600 Haircuts - $100 TV/ISP - $175 RRSP - $150 Cell - $120 Trans - $175 Entertainment - $800 Total: $5670 The total you give is less than the $6000 minimum net that you state that you are bringing in. Do you have a higher minimum payment on your LOC or are you only paying the interest? You also didn't mention utilities, is that in addition to what you've listed or is it included in the HOA fee or something? There is obviously a lot of wiggle room in your budget. The house is a little high (especially with that LOC) but you can keep it if you like. There are a number of things that you can cut in order to keep the house, in varying degrees of intensity. The car lease is rough...
by mollymillions
Wed Feb 20, 2013 11:15 am
Forum: Personal Finance (Not Investing)
Topic: Call from collections agency
Replies: 34
Views: 3290

Re: Call from collections agency

NerdGirl wrote:They waived the security deposit. Why would they want a deposit when they can just bill us after-the-fact? :-(
A security deposit is to provide a buffer and reduce cases where they would have difficulty collecting money owed after-the-fact.
by mollymillions
Mon Feb 18, 2013 2:04 pm
Forum: Personal Investments
Topic: Bad time to rebalance to bonds?
Replies: 30
Views: 4430

Re: Bad time to rebalance to bonds?

Thanks for the input everyone!

I will do some more research on fixed-income assets (incl. bonds) and see what will work best for our situation.
by mollymillions
Fri Feb 15, 2013 4:36 pm
Forum: Personal Investments
Topic: Bad time to rebalance to bonds?
Replies: 30
Views: 4430

Bad time to rebalance to bonds?

A (hopefully) simple question:
For someone 10 years away from retirement who is 100% invested in equities, would now be a bad time to rebalance toward bonds? I ask this because several people have told me that since interest rates are so low, bond prices are very high and so rebalancing towards bonds would be a bad choice.

(I don't completely understand bonds yet, so I apologize if this question is ignorant.)
by mollymillions
Thu Feb 14, 2013 2:28 pm
Forum: Personal Investments
Topic: Dave Ramsey recommends 2 funds on the air
Replies: 53
Views: 26093

Re: Dave Ramsey recommends 2 funds on the air

The following comes from this article . How Can You Make Sure Your Retirement Funds Last? As long as you didn’t take the ready-fire-aim approach to retirement planning, you should already know how to make retirement last. But, here’s a refresher: You’re going to keep your nest egg invested and averaging 12% growth. We’re estimating inflation at 4%. So, to maintain your nest egg and break even with inflation, you will live on 8% income from your nest egg. That means if you have a nest egg of $625,000, you will live on $50,000 per year: $625,000 x 8% (.08) = $50,000. Other examples are here and here . Oh, I guess he's getting the silly 8% number from the silly (and basically hypothetical) 12% number. That is obviously a bad assumption but I ...
by mollymillions
Thu Feb 14, 2013 9:18 am
Forum: Personal Investments
Topic: Dave Ramsey recommends 2 funds on the air
Replies: 53
Views: 26093

Re: Dave Ramsey recommends 2 funds on the air

Recommending an 8% withdrawal rate in retirement is bad. It's worse than recommending high cost actively managed funds. It's worse than recommending equity indexed annuities. It's worse than most of the bad advice we rail against on this forum. This is accurate. Though I've never heard him go into a lot of detail on his "8%" quote. He may not be factoring in inflation, his goal may not be to maintain a nest-egg in perpetuity, he may really be able to maintain that himself (since he's filthy rich at this point), whatever. From what I can tell, he pretty much just throws that number out there (like the "12% returns") just so people can do a napkin-calculation and become encouraged to save and invest. I certainly agree tha...
by mollymillions
Wed Feb 13, 2013 2:34 pm
Forum: Personal Investments
Topic: Dave Ramsey recommends 2 funds on the air
Replies: 53
Views: 26093

Re: Dave Ramsey recommends 2 funds on the air

I listened to this episode also. Dave did not recommend either of the funds that he mentioned. He disclosed these funds that he has invested in as a response to many people asking something along the lines of "where are these magical 12% return mutual funds that you always refer to???" He is not a broker, or an investment adviser, and he doesn't recommend specific investments. This is the first time (that I know of) that he has disclosed this information after many years of being asked for it. During his general rant on this topic in the episode he explained his investing advice a little. He isn't really that concerned with what exactly people have their money invested in. He encourages people to invest in the market, stay in for ...
by mollymillions
Wed Feb 13, 2013 9:40 am
Forum: Personal Investments
Topic: IRA - allocation questions
Replies: 1
Views: 319

IRA - allocation questions

Hello Bogleheads, My mother recently received an IRA containing about $100,000 in a divorce settlement (further details re: the settlement in my recent post here ). She is 55 years old, and her yearly income is under $20,000. She will possibly need to begin tapping into her IRA as soon as she is eligible (~4 years). The IRA is currently with Merrill Lynch, and is 100% equities, spread across a plethora of seemingly random poorly-performing funds. She is preparing to rebalance the IRA - what would be a good asset allocation for her? I know 100% equities (and the funds that have been selected) is not the way to go. She will probably just leave the IRA with ML, unless it would be very profitable to move it to Vanguard. She is also receiving a ...
by mollymillions
Wed Feb 06, 2013 10:36 am
Forum: Personal Finance (Not Investing)
Topic: Any books or sites to help with health insurance selection?
Replies: 5
Views: 810

Re: Any books or sites to help with health insurance selecti

Hi! The health insurance market in the US is somewhat obtuse and seems to require a significant amount of arcane knowledge to navigate properly. I am currently doing this for my older, underemployed, mother who is in poor health. Difficulties abound. Basically, the point of health insurance is to be able to cover large, backbreaking cost if something bad (illness, injury) happens to you. Most people would be bankrupt if they end up with a $500,000 hospital bill. You didn't provide a lot of detail in your post but you seem to be one of the lucky ones in the US whose employer subsidizes your health insurance. If so, congratulations! Since you seem to have options provided through your employer, you are lucky in that they will subsidize the co...
by mollymillions
Sun Jan 27, 2013 12:43 pm
Forum: Personal Finance (Not Investing)
Topic: Divorced after 35 years [Insurance, housing, portfolio help]
Replies: 19
Views: 3947

Re: Divorced after 35 years [Insurance, housing, portfolio h

Thank you everyone for the encouragement and advice. We will wait on making a housing decision for now, and will check into the SS and insurance issues.

I made some edits to my post to address some questions. If anyone has anything else to add please do!
by mollymillions
Fri Jan 25, 2013 2:56 pm
Forum: Personal Finance (Not Investing)
Topic: Divorced after 35 years [Insurance, housing, portfolio help]
Replies: 19
Views: 3947

Divorced after 35 years [Insurance, housing, portfolio help]

Hello Bogleheads, I am looking for financial advice to give my mother. She has recently completed divorce proceedings after being a stay-at-home mom for about 35 years. I am concerned about her, as her financial prospects are very limited and she is 55 years old. Here are the financial details: For the last 4 years or so she has worked a menial job making around $18k/year (no benefits). This is not expected to increase significantly. In the divorce settlement she is receiving $100k in an IRA, and $90k in cash She currently has a private health insurance plan that costs around $600/mo. This plan covers her and some of her younger children. She can't really afford this now, so we need to look at options for health insurance (she does have som...