Search found 231 matches

by Minty
Sat May 18, 2019 10:38 am
Forum: Personal Finance (Not Investing)
Topic: Debt: Student loan or cabin
Replies: 27
Views: 1884

Re: Debt: Student loan or cabin

student loan. It has higher rate. Agreed. And it is not dischargeable in bankruptcy. That does not appear to be a major consideration here, but all other things being equal, student loans are undesirable debt. And the fact that the overall interest on the cabin his higher given the higher balance i...
by Minty
Sat May 18, 2019 9:59 am
Forum: Personal Finance (Not Investing)
Topic: Very High Net Worth, elite private or “good” public
Replies: 278
Views: 17563

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

The 2 oldest are doing well. I have no problem spending money on education, but there is an argument for "if it ain't broke, don't fix it." The option to transfer to another school will always be there. Of course, if the public school does not offer the opportunity for AP classes, placement in appr...
by Minty
Sat May 18, 2019 9:56 am
Forum: Personal Finance (Not Investing)
Topic: Term4Sale callbacks trying to upsell?
Replies: 25
Views: 1749

Re: Term4Sale callbacks trying to upsell?

By the way, a couple of posters mentioned that I will need more coverage as I age. Or that they wished they had bought more coverage in their earlier years. I thought the consensus was we should need less coverage as we age, since our net worth and ability to combat a financial crisis goes up? One ...
by Minty
Tue May 14, 2019 10:59 am
Forum: Personal Consumer Issues
Topic: PSA: Do you have working carbon monoxide detectors?
Replies: 44
Views: 2335

Re: PSA: Do you have working carbon monoxide detectors?

How do you make sure they are working? I have a CO detector inside my downstairs hallway right next to the garage door. Just 7 feet away through that door into the garage is my house heater. Last year I found a giant hole in the exhaust pipe from that heater. So I suspect when the heater ran it spe...
by Minty
Sat May 11, 2019 10:02 am
Forum: Personal Finance (Not Investing)
Topic: Term4Sale callbacks trying to upsell?
Replies: 25
Views: 1749

Re: Term4Sale callbacks trying to upsell?

By the way, a couple of posters mentioned that I will need more coverage as I age. Or that they wished they had bought more coverage in their earlier years. I thought the consensus was we should need less coverage as we age, since our net worth and ability to combat a financial crisis goes up? One ...
by Minty
Fri May 03, 2019 1:28 am
Forum: Personal Investments
Topic: Company IPO'd. What's Next?
Replies: 37
Views: 3723

Re: Company IPO'd. What's Next?

I have to imagine these banks do make people money despite their fees, otherwise, why would people use them? Although the bankers who charge a percentage of assets under management have no special insight into the market (if they did, they would manage their own funds and make billions) they are wi...
by Minty
Thu May 02, 2019 8:48 pm
Forum: Personal Investments
Topic: Using 0% credit card balance transfers for additional investment capital
Replies: 15
Views: 1291

Re: Using 0% credit card balance transfers for additional investment capital

As one data point, back in the 2000s, I made $20K or $25K doing 0%, no-fee, cash advances and investing the proceeds in the highest high-yield savings accounts. At my peak, I had $280K in credit card debt, matched by $280K (plus interest) in bank deposits. When a good offer comes along , I do it aga...
by Minty
Wed May 01, 2019 11:47 pm
Forum: Personal Investments
Topic: Too late to start over with nothing?
Replies: 40
Views: 6037

Re: Too late to start over with nothing?

If you are not flush, consider keeping your savings at a bank other than the one which holds your mortgage. If they feel you owe them money, your contract may well allow them simply to take the money out of your account (set off). It is a risk.
by Minty
Wed May 01, 2019 3:56 pm
Forum: Personal Finance (Not Investing)
Topic: How much life insurance?
Replies: 8
Views: 959

Re: How much life insurance?

I like White Coat Investor's advice on this issue . Bear in mind that the 10x income amount rapidly becomes outdated (i.e., the good news and the bad news is that with inflation and career progression, 10x your income today may well be 8x or 6x in 10 years). So I agree with Stinky that rounding up t...
by Minty
Mon Apr 29, 2019 3:21 pm
Forum: Personal Finance (Not Investing)
Topic: Earned income for 9 year old
Replies: 52
Views: 3044

Re: Earned income for 9 year old

I learned from another thread that "Payments for the services of a child under age 18 who works for his or her parent in a trade or business are not subject to social security and Medicare taxes if the trade or business is a sole proprietorship or a partnership in which each partner is a parent of t...
by Minty
Mon Apr 29, 2019 12:18 am
Forum: Personal Investments
Topic: Investing in Business as a partner
Replies: 18
Views: 894

Re: Investing in Business as a partner

In a span of less than 1 year, he has made a considerable reputation. Yelp & Google review is very positive. A lot of red flags on this deal, and, under the circumstances, this is one. It is not surprising that some customers enjoy a product made available at less than cost. Another issue: Why do t...
by Minty
Sun Apr 28, 2019 11:25 pm
Forum: Personal Investments
Topic: Investing in Business as a partner
Replies: 18
Views: 894

Re: Investing in Business as a partner

Really not sure why you would consider putting money into a negative cash flow situation that involves a $4m loan. It seems too likely to be a losing proposition.
by Minty
Sat Apr 27, 2019 10:13 pm
Forum: Personal Finance (Not Investing)
Topic: How to define wealth
Replies: 51
Views: 4714

Re: How to define wealth

I would define "wealthy" exclusively in financial terms. Health, friends, and family are sometimes said to be relevant to wealth, but to me, it distorts the meaning of the word to describe a miserable, lonely billionaire as something other than wealthy. "Wealthy" is not necessarily a synonym for hav...
by Minty
Sat Apr 27, 2019 8:35 pm
Forum: Personal Finance (Not Investing)
Topic: Daughter's First Job
Replies: 45
Views: 3654

Re: Daughter's First Job

If she asked me what I would do if I were her, I'd say move out of the parents' house no matter which job she took! I tend to agree that she should move out either way, especially if she did not go away to college and spend summers away. Let her choose based on which job is best for her career, rat...
by Minty
Thu Apr 25, 2019 11:12 am
Forum: Personal Consumer Issues
Topic: How much House should I Buy?
Replies: 51
Views: 4495

Re: How much House should I Buy?

Are you planning on having more kids? What does the rent v. buy calculation suggest? In any event, if it were me, I'd buy a townhouse in a great school district, at least if no more kids were on the horizon, to keep up a solid savings rate.
by Minty
Tue Apr 23, 2019 10:13 pm
Forum: Personal Consumer Issues
Topic: Nonfinancial value of state university vs private college (USC)?
Replies: 64
Views: 2957

Re: Nonfinancial value of state university vs private college (USC)?

Congratulations on great choices. According to U.S. News, USC has an 8 to 1 student-faculty ratio; U Maryland's is 18 to 1. USC has a 77% 4 year graduation rate compared to 67% for Maryland. What the adults in our family did in a similar situation was give the child the choice, with the understandin...
by Minty
Sun Apr 21, 2019 2:46 pm
Forum: Investing - Theory, News & General
Topic: When to prioritize funding 529?
Replies: 31
Views: 2347

Re: When to prioritize funding 529?

Assuming no high interest debt, a solid emergency fund, etc., I think it depends on your income and whether you plan to pay for the kids' college. Your income is apparently high enough that your kids are unlikely to get need-based financial aid. If that's right, and if you are committed to paying fo...
by Minty
Mon Apr 01, 2019 9:21 am
Forum: Investing - Theory, News & General
Topic: I don't understand stock buybacks
Replies: 89
Views: 4269

Re: I don't understand stock buybacks

Surely almost all active investors can and do distinguish between an EPS increase based on operational success, and one based on an accounting change. If increased EPS not based on increased earnings predictably improved stock prices, wouldn't we see a lot more reverse stock splits than we do? A bu...
by Minty
Mon Apr 01, 2019 2:05 am
Forum: Investing - Theory, News & General
Topic: I don't understand stock buybacks
Replies: 89
Views: 4269

Re: I don't understand stock buybacks

If a company issues stock buybacks in lieu of declaring dividends, how does the average investor materially benefit from the buybacks? I've wondered about this myself, and read this and other buyback threads with interest. It seems that if a company chooses to return earnings to shareholders, a buy...
by Minty
Wed Mar 27, 2019 11:27 am
Forum: Personal Finance (Not Investing)
Topic: OK to give adult offspring job but not unearned salary?
Replies: 9
Views: 1375

Re: OK to give adult offspring job but not unearned salary?

I would focus on education funds for grandchildren and beyond, and matching or funding children's 401ks or other retirement plans. I would not want to deprive my children of the incentive to take responsibility for themselves and their families.
by Minty
Mon Mar 25, 2019 11:45 pm
Forum: Personal Finance (Not Investing)
Topic: Help with law school decision
Replies: 78
Views: 5252

Re: Help with law school decision

The OP’s daughter really should consider taking 2+ years off before going to law school. She would be a better candidate, have real-world experience to relate to her law school classes, and have better job prospects when she graduates. Students who go straight from college to law have a hard time d...
by Minty
Mon Mar 25, 2019 11:03 pm
Forum: Personal Finance (Not Investing)
Topic: Help with law school decision
Replies: 78
Views: 5252

Re: Help with law school decision

These are great options, and if for programmatic or personal reasons she had her heart set on any of these schools, I don't think there is a bad choice among them. I think the key considerations are: 1. Does she have an idea why she wants to go to law school? 2. Is this strictly financial/ROI decisi...
by Minty
Sun Mar 24, 2019 11:30 pm
Forum: Personal Finance (Not Investing)
Topic: Should we have renters insurance?
Replies: 68
Views: 3450

Re: Should we have renters insurance?

I would read your lease carefully. Sometimes they have a clause that your must have protection against fire damage to your landlord’s property. And of course there is always slip and fall, liability if a guest or neighbor sues you. People sue for frivolous and legit reasons all the time. Reading th...
by Minty
Sun Mar 24, 2019 11:30 pm
Forum: Personal Finance (Not Investing)
Topic: Should we have renters insurance?
Replies: 68
Views: 3450

Re: Should we have renters insurance?

I would read your lease carefully. Sometimes they have a clause that your must have protection against fire damage to your landlord’s property. And of course there is always slip and fall, liability if a guest or neighbor sues you. People sue for frivolous and legit reasons all the time. Reading th...
by Minty
Sat Mar 23, 2019 1:48 pm
Forum: Personal Finance (Not Investing)
Topic: Should we have renters insurance?
Replies: 68
Views: 3450

Re: Should we have renters insurance?

I am not necessarily a huge fan of renters insurance. Yes, it's cheap. In large part, that is because it doesn't pay out much. If it did pay out much, it wouldn't be cheap. For the value of your posssessions, you clearly don't "need" renters insurance. You might want renters insurance should your i...
by Minty
Tue Mar 19, 2019 11:33 am
Forum: Personal Investments
Topic: Restaurant investment for a noob
Replies: 19
Views: 1921

Re: Restaurant investment for a noob

See if one of the other participants will buy you out. If the offering documents require distribution of profits, as your initial post suggests, pointing that out might get the conversation going.
by Minty
Sat Mar 02, 2019 3:40 pm
Forum: Personal Finance (Not Investing)
Topic: Fall of America's Money Answers Man - Jordan Goodman
Replies: 18
Views: 2244

Re: Fall of America's Money Answers Man - Jordan Goodman

It is my sense that most people cheated in these schemes are unsophisticated more than greedy. The fact that some people aren't in the habit of educating themselves with reliable information on sites like this doesn't make them greedy, just vulnerable and trusting. It is funny to think about it, but...
by Minty
Thu Feb 28, 2019 4:04 pm
Forum: Personal Finance (Not Investing)
Topic: Best way to ensure USPS mailed tax return makes it to IRS
Replies: 52
Views: 3414

Re: Best way to ensure USPS mailed tax return makes it to IRS

I file at the Post Office via ordinary first class mail with a certificate of mailing and have never had a problem. An excellent bit of info. Never heard of this before. Presumably there is no charge for this service? No, USPS charges you. I suppose you could come close to duplicating it for free j...
by Minty
Thu Feb 28, 2019 3:48 pm
Forum: Personal Investments
Topic: Great Goofs
Replies: 47
Views: 4382

Re: Great Goofs

1. Purchasing annual renewable term instead of level term life insurance. It is very expensive 20 years in. 2. Chasing hot mutual funds in early years of work (but at least I got the money invested, so I didn't get hurt too badly). 3. The one driving me crazy at the moment is that I forgot a $20 off...
by Minty
Thu Feb 28, 2019 3:41 pm
Forum: Personal Consumer Issues
Topic: How do YOU make coffee?
Replies: 201
Views: 8636

Re: How do YOU make coffee?

Cheap coffee pot with good rating on Amazon, Costco/Kirkland bulk ground coffee.
by Minty
Sat Feb 23, 2019 1:29 pm
Forum: Personal Finance (Not Investing)
Topic: Best way to ensure USPS mailed tax return makes it to IRS
Replies: 52
Views: 3414

Re: Best way to ensure USPS mailed tax return makes it to IRS

I file at the Post Office via ordinary first class mail with a certificate of mailing and have never had a problem.
by Minty
Tue Feb 19, 2019 2:11 am
Forum: Personal Finance (Not Investing)
Topic: High earners: thoughts on college and aid
Replies: 91
Views: 7049

Re: High earners: thoughts on college and aid

So, my advice is do not ED ( binding) into any school. And not just for financial reasons. Reasonable points, but my understanding is that elite-ish schools use ED to fill the bottom of their class. Schools want high yield rates, and want people who can/will pay something close to sticker. So if yo...
by Minty
Mon Feb 18, 2019 3:55 pm
Forum: Personal Finance (Not Investing)
Topic: Do I need a degree?
Replies: 73
Views: 4368

Re: Do I need a degree?

I'd be interested in views of the HR and other managers we've heard from on the for-profit sector. Does a for-profit degree carry the same weight in hiring as a degree from a non-profit public or private school? Obviously the for-profits have a higher default rate on student loans but that's a non-i...
by Minty
Mon Feb 18, 2019 3:03 pm
Forum: Personal Finance (Not Investing)
Topic: High earners: thoughts on college and aid
Replies: 91
Views: 7049

Re: High earners: thoughts on college and aid

Our household income is around 200k, and we had 2 children in college last year. We did not receive any need-based financial aid from the local state universities. Yes, this is an important point. At around $200K or above, there will be little hope of need-based financial aid from any but the wealt...
by Minty
Mon Feb 18, 2019 1:54 pm
Forum: Personal Finance (Not Investing)
Topic: High earners: thoughts on college and aid
Replies: 91
Views: 7049

Re: High earners: thoughts on college and aid

If your kids are admitted to one of the generous private colleges (HYPMS, for exsmple), you might still get some aid up to around $250k, especially if you have more than one in college at the same time. However, that’s a big IF; acceptance rates are single digit percent even for qualified applicant...
by Minty
Mon Feb 18, 2019 1:02 pm
Forum: Personal Finance (Not Investing)
Topic: Do I need a degree?
Replies: 73
Views: 4368

Re: Do I need a degree?

Another option to consider exploring is Empire State College , a public (SUNY), accredited, non-profit, on-site and on-line institution which gives credit for life and work experience, etc. I have no personal information about the school, but I have heard it bandied about as a place where people can...
by Minty
Mon Feb 18, 2019 12:54 pm
Forum: Personal Finance (Not Investing)
Topic: High earners: thoughts on college and aid
Replies: 91
Views: 7049

Re: High earners: thoughts on college and aid

We are in that position, and our children were offered token amounts of need-based gift aid (< 10% of tuition) and work-study for periods when two would simultaneously attend ultra high cost colleges. With just one in school, aid was loan-only. We also had substantial taxable savings in this period,...
by Minty
Mon Feb 18, 2019 1:53 am
Forum: Personal Finance (Not Investing)
Topic: BH Career advice
Replies: 20
Views: 2210

Re: BH Career advice

It would help to understand something about the organization of your office. If you are the owner, I would assume the other attorneys are cash-flowing? Can you take on fewer cases yourself, and just manage the employees? Do you have (or can you make) partners who can share leadership? Put another wa...
by Minty
Fri Feb 15, 2019 10:54 am
Forum: Personal Finance (Not Investing)
Topic: Invest or 529 PLan
Replies: 63
Views: 1893

Re: Invest or 529 PLan

My family was in almost exactly the same situation as you were when I was your age; income, pension, good state schools, except we had two kids, not three. Now one is in college and the other is heading there in the fall. We saved in 529s, and are very glad we did. In my case, the calculation turned...
by Minty
Wed Feb 13, 2019 11:35 am
Forum: Personal Finance (Not Investing)
Topic: Cost of college and 529
Replies: 642
Views: 25662

Re: Cost of college and 529

NYU is one of the high priced schools notorious for providing little aid. There are plenty of schools which offer merit aid for students whose qualifications would make them attractive. Maybe you got accepted to High Prestige U but couldn't afford it, but with a scholarship you can go to Darn Good ...
by Minty
Tue Feb 12, 2019 11:58 pm
Forum: Personal Finance (Not Investing)
Topic: Cost of college and 529
Replies: 642
Views: 25662

Re: Cost of college and 529

NYU is one of the high priced schools notorious for providing little aid. There are plenty of schools which offer merit aid for students whose qualifications would make them attractive. Maybe you got accepted to High Prestige U but couldn't afford it, but with a scholarship you can go to Darn Good ...
by Minty
Sun Feb 10, 2019 11:58 pm
Forum: Personal Finance (Not Investing)
Topic: Cost of college and 529
Replies: 642
Views: 25662

Re: Cost of college and 529

Interestingly enough, there is an elaborate law review article relevant to this discussion which concludes "Section 529 Plans are optimal only when capital can be exclusively committed to education funding, which may not be the most desirable savings tactic for a wide swath of American families who ...
by Minty
Sun Feb 10, 2019 1:24 pm
Forum: Personal Finance (Not Investing)
Topic: Cost of college and 529
Replies: 642
Views: 25662

Re: Cost of college and 529

This will allow them to take the AOTC credit and that credit will almost exactly offset the capital gains kiddie tax that they would have to pay on the stock sell. Then, rather than replenish the 529, I will replenish my stock account at a higher basis. I don't this will work. I believe they would ...
by Minty
Sat Feb 09, 2019 7:31 pm
Forum: Personal Finance (Not Investing)
Topic: Cost of college and 529
Replies: 642
Views: 25662

Re: Cost of college and 529

willthrill81 wrote:
Sat Feb 09, 2019 7:19 pm
KingRiggs wrote:
Sat Feb 09, 2019 7:08 pm
There are no absolute rights or wrongs.
The discussion that's been ongoing has to do with mathematics, where there are "absolute rights and wrongs."
True, but a lot of these discussions and scenarios turn on contingencies which are unknowable at the time the decisions have to be made.
by Minty
Tue Feb 05, 2019 12:52 pm
Forum: Personal Finance (Not Investing)
Topic: Cost of college and 529
Replies: 642
Views: 25662

Re: Cost of college and 529

. . . That doesn't mean don't save for education, and it doesn't mean not going to a good school. It means never taking out the most toxic debt out there, which are student loans, which can't be discharged, impact your credit score and borrowing ability for 10-20 years, and go towards something tha...
by Minty
Mon Feb 04, 2019 8:23 pm
Forum: Investing - Theory, News & General
Topic: Crypto Exchange goes bankrupt after owner dies with only password
Replies: 90
Views: 10732

Crypto Exchange Loses Password; $190M Inaccessible

[Thread merged into here, see below. --admin LadyGeek] So Canadian crypto exchange QuadrigaCX with $190 million on deposit is locked out of its assets after the CEO's death, because no one else has the password . This sort of story (as well as tales of lost multimillion dollar hard drives ) suggest...
by Minty
Sat Feb 02, 2019 7:36 pm
Forum: Personal Finance (Not Investing)
Topic: Cost of college and 529
Replies: 642
Views: 25662

Re: Cost of college and 529

I think there are reasonable points on both sides of the current debate in this thread, and they are pretty clear. My datapoint is that Dear Spouse and I are in the process of drawing down two six-figure 529 plans, and in retrospect, are glad we funded them. Yet, the key was to have the saved the mo...
by Minty
Thu Jan 24, 2019 12:42 pm
Forum: Personal Finance (Not Investing)
Topic: Student financial aid and lowering net pay
Replies: 27
Views: 1150

Re: Student fincial aid and lowering net pay

My only other suggestion is that it is better to have assets in the parent's name than in the child's. So savings, gifts and earnings should be held in the parent's accounts if possible. A student's asset (savings, gift, earnings, whatever) in a parent's account is still the student's asset, and no...
by Minty
Thu Jan 24, 2019 11:40 am
Forum: Personal Finance (Not Investing)
Topic: Student financial aid and lowering net pay
Replies: 27
Views: 1150

Re: Student fincial aid and lowering net pay

My only other suggestion is that it is better to have assets in the parent's name than in the child's. So savings, gifts and earnings should be held in the parent's accounts if possible. A student's asset (savings, gift, earnings, whatever) in a parent's account is still the student's asset, and no...
by Minty
Thu Jan 24, 2019 10:54 am
Forum: Personal Finance (Not Investing)
Topic: Student financial aid and lowering net pay
Replies: 27
Views: 1150

Re: Student fincial aid and lowering net pay

I'm in the middle of this in tthat (I think) I've finished FAFSA for the year, but will have to do it for the next four years as I have for the last three. As I understand it, FAFSA does not ask for or count retirement accounts as assets but the CSS form required by a relatively small group of priva...