Search found 146 matches

by Minty
Sat Aug 18, 2018 1:36 pm
Forum: Investing - Help with Personal Investments
Topic: Making money last through retirement
Replies: 26
Views: 4401

Re: Making money last through retirement

Hopefully you will not need it for decades, but if you have affordable life insurance through work, I would get it. Also, I second HereToLearn's observation about selective colleges, which are likely to offer a lot of need-based financial aid. They also tend to have higher retention and graduation r...
by Minty
Fri Aug 17, 2018 9:18 pm
Forum: Personal Finance (Not Investing)
Topic: Non-owner contributing to home renovations: what's fair?
Replies: 39
Views: 2287

Re: Non-owner contributing to home renovations: what's fair?

It's ten fricking thousand dollars. No need to get so complicated. Sounds like the poster is more concerned about his relationship, as he should be, than a financial transaction. Right. The "relationship" solution and the simple solution is for OP just to pay the money, and everyone keeps 100% of t...
by Minty
Fri Aug 17, 2018 6:00 pm
Forum: Personal Finance (Not Investing)
Topic: Non-owner contributing to home renovations: what's fair?
Replies: 39
Views: 2287

Re: Non-owner contributing to home renovations: what's fair?

Perhaps a simple equation might work best. If your house is now worth $500,000 (just an easy number to work with) and your partner pays for $10,000 in renovations, that $10,000 represents 2% of the value of your home. If you sell in five years and the sales price is $600,000, apply that same 2% to ...
by Minty
Fri Aug 17, 2018 5:10 pm
Forum: Personal Consumer Issues
Topic: Reckless driving ticket in VA-Help!
Replies: 41
Views: 3429

Re: Reckless driving ticket in VA-Help!

This is a lot like the question of whether you need homeowners insurance. Get a lawyer. See if the lawyer can get the charge reduced to improper driving.
by Minty
Fri Aug 17, 2018 12:52 pm
Forum: Personal Finance (Not Investing)
Topic: Pay off personal loan at house closing?
Replies: 12
Views: 808

Re: Pay off personal loan at house closing?

I like it because you are sure to get the money.
by Minty
Fri Aug 17, 2018 12:25 pm
Forum: Investing - Help with Personal Investments
Topic: Pay for Deductible Education Expense with 529 Funds?
Replies: 7
Views: 499

Re: Pay for Deductible Education Expense with 529 Funds?

Based on the discussion at Page 64 of IRS Publication 970 , which is applicable to tax year 2017, but seems sensible, for a qualified tuition plan (aka a 529 plan) contributions used for qualifying expenses are deductible, but the tax-free returns are not deductible, as that would constitute double-...
by Minty
Thu Aug 16, 2018 7:38 pm
Forum: Investing - Help with Personal Investments
Topic: Moving within Fidelity
Replies: 12
Views: 1433

Re: Moving within Fidelity

I'm tempted, but I'm going to wait until there are results. These new proprietary indices may do great, but it is also possible that they will underperform existing Fidelity funds by more than the difference in ER. I also worry a tiny bit about the effectiveness of sampling methods in a smaller fund...
by Minty
Wed Aug 15, 2018 11:54 pm
Forum: Personal Finance (Not Investing)
Topic: Help with inheritance choice
Replies: 38
Views: 3170

Re: Help with inheritance choice

The inherited IRA will grow tax deferred for the next 40+ years. You'll only have to take out small distributions each year. In the long run the bank CD will NOT be worth more. You're getting some terrible advice on this forum. If he takes the 100% after tax CD and invests it in a total market inde...
by Minty
Wed Aug 15, 2018 6:33 pm
Forum: Personal Finance (Not Investing)
Topic: Help with inheritance choice
Replies: 38
Views: 3170

Re: Help with inheritance choice

$1 million (the bank account) is worth more than ~~$600,000 (the TIAA account after taxes). So if I had a choice I'd take the bank account since it is larger. If you prefer the TIAA investments (I assume that there are some stocks and bonds) you can put the cash into that, tax free.
by Minty
Wed Aug 15, 2018 6:26 pm
Forum: Personal Finance (Not Investing)
Topic: College grant ( not loans ) eligibilty
Replies: 21
Views: 844

Re: College grant ( not loans ) eligibilty

Lots of schools, including mine, provide need-based financial aid to multimillionaires, in theory, based on the way the FAFSA works. FAFSA excludes retirement accounts, primary residences, and family businesses with 100 or fewer full-time employees. So if you own outright, say, a prewar Park Avenue ...
by Minty
Wed Aug 15, 2018 12:15 am
Forum: Personal Finance (Not Investing)
Topic: Credi card balance transfer offer
Replies: 10
Views: 812

Re: Credit card balance transfer offer

App-o-rama (AKA credit card arbitrage) was a thing before the financial crisis. At my peak I had close to 300K in high yield savings accounts; the banks lent me a multiple of my annual income, unsecured, with no interest or fees. I still take the free money when offered--why not?--though the amount...
by Minty
Thu Aug 09, 2018 8:17 pm
Forum: Personal Finance (Not Investing)
Topic: Will you pay for your kids' college/graduate education?
Replies: 366
Views: 14237

Re: Will you pay for your kids' college/graduate education?

Why do kids of rich parents deserve something different? I agree in principle that children of rich and poor should be treated alike. But need-based financial aid is generally not available for children, themselves broke, whose parents are affluent, regardless of the parents' willingness to pay . S...
by Minty
Wed Aug 08, 2018 9:43 am
Forum: Personal Finance (Not Investing)
Topic: Has anyone taken out an online mortgage?
Replies: 32
Views: 2117

Re: Has anyone taken out an online mortgage?

In Fall, 2016, we refied after shopping on Bankrate and Zillow. IIRC, the online form required inputting information, but I got nonbinding quotes with no credit pull, until I actually applied to a specific lender. We went with an outfit called AnnieMac in New Jersey, and all went smoothly. 3% fixed ...
by Minty
Sat Aug 04, 2018 11:14 pm
Forum: Personal Finance (Not Investing)
Topic: Will you pay for your kids' college/graduate education?
Replies: 366
Views: 14237

Re: Will you pay for your kids' college/graduate education?

We've been funding 529s for a long time, and plan to pay for our kids' college, with them taking reasonable loans. We'll help with graduate school to the extent that we can. All of this is conditional on them doing their part by working hard.
by Minty
Sat Aug 04, 2018 12:44 pm
Forum: Personal Consumer Issues
Topic: Vacation- home precautions?
Replies: 39
Views: 4962

Re: Vacation- home precautions?

I set the manual lock on the garage door, and turn the hot water heater to "pilot". How do you do this? Do you have a separate deadbolt or something on the garage door or is i a setting on your automatic door opener? Sorry, Texasdiver, I've been reading the forum without signing in for a while. In ...
by Minty
Sat Jun 30, 2018 12:22 am
Forum: Personal Consumer Issues
Topic: Vacation- home precautions?
Replies: 39
Views: 4962

Re: Vacation- home precautions?

I set the manual lock on the garage door, and turn the hot water heater to "pilot".
by Minty
Tue Jun 05, 2018 6:12 pm
Forum: Personal Finance (Not Investing)
Topic: Can a Retired 60 yo MD, MBA Start a Law Career?
Replies: 276
Views: 14354

Re: Can a Retired 60 yo MD, MBA Start a Law Career?

As a long-time law professor, I'll add my two cents. 1. I agree that being a law professor is a great job and a great privilege, " a loophole on life " it has been called. But this is only true for people eager to work with students and publish research. It actually involves a lot of hours to do suc...
by Minty
Tue May 29, 2018 4:24 pm
Forum: Personal Finance (Not Investing)
Topic: work one more year or attend law school
Replies: 67
Views: 5346

Re: work one more year or attend law school

I attended a top 5, and taught at another. My advice is that if you want to be a law professor, go to a top 5. But if the question is practicing law at a big firm or in-house, I'd say you have to think hard about turning down a free ride at a top 10, particularly if it is associated with a fellowshi...
by Minty
Fri May 25, 2018 9:49 pm
Forum: Personal Finance (Not Investing)
Topic: work one more year or attend law school
Replies: 67
Views: 5346

Re: work one more year or attend law school

Have you tested the waters by actually applying?
by Minty
Sun Apr 29, 2018 10:10 pm
Forum: Personal Finance (Not Investing)
Topic: Should I change careers?
Replies: 52
Views: 4180

Re: Should I change careers?

No offense, OP, but I am very hesitant. Lending to or taking positions in private companies is an entirely different thing than trading securities. For example, with securities, at least at the numbers you are talking, you cannot get your calls returned from executives (or get their personal guarant...
by Minty
Thu Apr 26, 2018 8:49 pm
Forum: Investing - Help with Personal Investments
Topic: Pension and Social Security
Replies: 11
Views: 1740

Re: Pension and Social Security

Doesn't it depend on whether the pension was earned while not paying in to Social Security? https://www.ssa.gov/planners/retire/wep.html My understanding is that if a person collects a pension based on work which is exempt from Social Security, SS benefits may be reduced.
by Minty
Sat Apr 07, 2018 9:44 pm
Forum: Personal Finance (Not Investing)
Topic: Ivy school education. Is it worth it?
Replies: 238
Views: 14698

Re: Ivy school education. Is it worth it?

The people who run the world are disproportionately from elite schools. Whether it is causation or correlation hardly matters given the importance of signalling. If it is simply a question of income, perhaps school fanciness matters less; plenty of tradespeople earn more than the President, Senators...
by Minty
Fri Mar 30, 2018 12:45 pm
Forum: Personal Finance (Not Investing)
Topic: When did you know your kids would go to college?
Replies: 91
Views: 4774

Re: When did you know your kids would go to college?

Statistically, it seems that a child's likelihood of college attendance and graduation can be predicted by determining parental income. Wealth Gap in College Graduation Rates Growing, Study Finds . In our family, we always assumed that the children would go to college. From a Boglehead perspective, ...
by Minty
Thu Mar 29, 2018 5:48 pm
Forum: Personal Finance (Not Investing)
Topic: Gifting Appreciated Stocks to Grandparent to pay Child's Private School Tuition
Replies: 121
Views: 7493

Re: Gifting Appreciated Stocks to Grandparent to pay Child's Private School Tuition

Appreciated securities could be donated to schools ... on condition that they be used for tuition. And this is clearly not allowed. Per IRS Publication 526: The contributions must be made to a qualified organization and not set aside for use by a specific person. I think it is allowed, so long as t...
by Minty
Thu Mar 29, 2018 12:00 pm
Forum: Personal Finance (Not Investing)
Topic: Gifting Appreciated Stocks to Grandparent to pay Child's Private School Tuition
Replies: 121
Views: 7493

Re: Gifting Appreciated Stocks to Grandparent to pay Child's Private School Tuition

Whether or not the step transaction doctrine applies, I have grave doubts that this arrangement would constitute a bona fide gift. I did a little research; this article is on point. Question whether gift is valid, or a mere sham, as regards income tax of donor , 125 A.L.R. 779 (1940 & current supple...
by Minty
Fri Mar 23, 2018 10:09 pm
Forum: Personal Consumer Issues
Topic: Underrated places to visit in U.S.?
Replies: 126
Views: 12198

Re: Underrated places to visit in U.S.?

I'm a New York and San Francisco person; I like cities, architecture, history and food. I've also really enjoyed Boise, Charleston, S.C., Pittsburgh, New Orleans, Vegas, Bozeman, Butte, and Helena, MT, and Knoxville, TN.
by Minty
Wed Feb 21, 2018 1:10 am
Forum: Investing - Help with Personal Investments
Topic: How big is the 'Madoff risk' -- All of your money at one advisor?
Replies: 21
Views: 2750

Re: How big is the 'Madoff risk' -- All of your money at one advisor?

tl;dr If my net worth is under a million dollars and I have a financial advisor with 90% of my investible assets (non emergency fund), what is my risk of getting hoodwinked by a Madoff :confused :confused Now, I am a hippie. But once upon a time, I was a straight, conventional lawyer working for a ...
by Minty
Tue Feb 20, 2018 9:00 pm
Forum: Personal Consumer Issues
Topic: What frugal thing did you do today?
Replies: 483
Views: 45029

Re: What frugal thing did you do today?

This definitely transcends "frugal" and should be classified as "cheap" It's worse than cheap - downright dishonest. I wouldn't want a stranger's clothes drying with mine. How do I know what cooties are in it? That is JUST TERRIBLE and possibly illegal! Ok, calm down. I understand you wouldn't want...
by Minty
Tue Feb 20, 2018 1:04 pm
Forum: Personal Finance (Not Investing)
Topic: Life insurance question
Replies: 7
Views: 450

Re: Life insurance question

It would be helpful to know more about your dependents and savings. If you have dependents and not enough money to self-insure, I agree with mhalley. White Coat Investor has what is to my mind a very informed post about purchasing life insurance.
by Minty
Tue Feb 20, 2018 12:56 pm
Forum: Investing - Help with Personal Investments
Topic: 457b deferred comp proposal
Replies: 4
Views: 469

Re: 457b deferred comp proposal

The ERs on the funds aren't too bad, but I hate the idea (if I am reading the post correctly) of investing $300 per year, and paying $24 in account fees. That is a significant haircut right off the top. Anybody think OP should consider saving in a Roth IRA instead? Or maybe taxable for a couple of y...
by Minty
Mon Feb 12, 2018 7:38 pm
Forum: Investing - Help with Personal Investments
Topic: Anybody else Age - 10 in bonds, rest in stocks
Replies: 127
Views: 13284

Re: Anybody else Age - 10 in bonds, rest in stocks

Age minus 13 in bonds. Investment portfolio only, SS and pension excluded from the calculation.
by Minty
Mon Feb 12, 2018 11:55 am
Forum: Personal Finance (Not Investing)
Topic: How much life insurance - and for how long?
Replies: 29
Views: 3014

Re: How much life insurance - and for how long?

Option A: Me - $750K/20yr ($385) + $500K/30yr ($530) Spouse - $750K/20yr ($285) + $500K/30yr ($340) TOTAL = $1,540/yr for 20 years, then $870/yr for 10 years = $39,500 I vote for Option A. Reasonable price, plenty of coverage. You can drop the 30 year policies later on if they are no longer necessa...
by Minty
Wed Jan 17, 2018 4:50 pm
Forum: Personal Finance (Not Investing)
Topic: Life Insurance for Child: Mom and Dad Co-signed Loans
Replies: 9
Views: 1091

Re: Life Insurance for Child: Mom and Dad Co-signed Loans

Quick update: Turns out all of the loans (federal and private, from the school itself) would be forgiven if tragedy struck. The note we signed did not mention that one way or the other. Many thanks as always for the wisdom from this great forum.
by Minty
Fri Jan 05, 2018 4:53 pm
Forum: Forum Issues and Administration
Topic: Misuse of adverse when averse was meant
Replies: 149
Views: 10123

Re: Misuse of adverse

In the passed, I have seen alot of misused words and phrases on this cite. Usually, I except a bazaar usage, because it does not effect me. The only time I would consider counciling a poster whom misspeaks is when they are writing about there job search or seeking career advise. In some fields, brak...
by Minty
Thu Jan 04, 2018 1:53 pm
Forum: Personal Consumer Issues
Topic: What frugal thing did you do today?
Replies: 483
Views: 45029

Re: What frugal thing did you do today?

1. Bought a MacBook Pro for daughter, refurbished instead of new (from the Apple website, based in part on recommendations from the board) and will pay for it with her 529. (I would have preferred a Lenovo for half the price, but one does what one can.) 2. Because of a slight flu, the doc at the urg...
by Minty
Tue Jan 02, 2018 8:18 pm
Forum: Personal Finance (Not Investing)
Topic: Life Insurance Needed?
Replies: 6
Views: 448

Re: Life Insurance Needed?

Life insurance is needed for both parents, I think. If wife were to die, her labor would have to be replaced, and/or OP might want to take time off from work. If OP were to die, wife might have to stop work or hire day care. The $1M nest egg might allow for a $30 or $40 K annual drawdown, which migh...
by Minty
Tue Jan 02, 2018 4:41 pm
Forum: Investing - Theory, News & General
Topic: 2018 Hedge Fund contest
Replies: 158
Views: 15732

Re: 2018 Hedge Fund contest

Name: UnoSimian (30/65 in last year's contest, up 5.63%, not counting my compensation of course)

Long: Cambrex Corp CBM
Essendant Inc ESND
Chemung Finl Corpo. CHMG

Short: Contango Oil & Gas Co. MCF
Stamps.com Inc. STMP
Tronc Inc. TRNC
by Minty
Tue Jan 02, 2018 4:26 pm
Forum: Investing - Help with Personal Investments
Topic: Should I invest in 529s or use taxable account?
Replies: 13
Views: 1042

Re: Should I invest in 529s or use taxable account?

Advantages of 529s: - Tax deferred - $8k state tax deduction ($4k per child) in an 8.5% state tax bracket I assume you know this, but just to be precise, 529s are not just tax deferred, but tax free if used for qualifying educational expenses. And I agree that the higher education sector might well...
by Minty
Mon Jan 01, 2018 6:53 pm
Forum: Personal Finance (Not Investing)
Topic: Saving a little, here and there...
Replies: 21
Views: 4130

Re: Saving a little, here and there...

1. I regularly check the special offers on American Express. I often find that I can get cash back for travel, dining, or other expenditures I was planning to make anyway. But you have to load an offer onto your card on line in order to redeem it. They seem to have offers in the Hilton Hotel line pr...
by Minty
Wed Dec 27, 2017 3:50 pm
Forum: Investing - Theory, News & General
Topic: Is anyone putting money aside into Gold?
Replies: 148
Views: 16522

Re: Is anyone putting money aside into Gold?

I have 1% or less of my portfolio in collectible gold, platinum and silver coins from the mint . I regard it as a hobby where I get to own beautiful things. My "investment" has some downside protection (the coins will always be worth their metal value) and potential for modest appreciation. OTOH, as...
by Minty
Wed Dec 27, 2017 3:27 pm
Forum: Personal Finance (Not Investing)
Topic: Life Insurance for Child: Mom and Dad Co-signed Loans
Replies: 9
Views: 1091

Re: Life Insurance for Child: Mom and Dad Co-signed Loans

Thanks for all of the helpful replies. I will check if we are responsible for the loans even if the borrower is deceased. Celia, we have another child who can have the same deal if she wants it. The younger child is probably in better shape, in terms of accumulation, because we started saving in 529...
by Minty
Tue Dec 26, 2017 2:53 pm
Forum: Personal Finance (Not Investing)
Topic: Life Insurance for Child: Mom and Dad Co-signed Loans
Replies: 9
Views: 1091

Life Insurance for Child: Mom and Dad Co-signed Loans

My daughter attends an expensive college. Spouse and I are paying for most of it with 529 plans and current income, but she is also taking out student loans, some of which we guarantee. There might be 50K in loans by graduation. My question is: Should we get a life insurance policy on our daughter t...
by Minty
Sun Dec 17, 2017 2:16 pm
Forum: Personal Consumer Issues
Topic: New job offer - background check
Replies: 140
Views: 8715

Re: New job offer - background check

Here's a guide to restoration of rights and expungement in all 50 states. http://ccresourcecenter.org/wp-content/ ... Oct-17.pdf I'd say it is always worth getting a criminal record cleared if possible.
by Minty
Sun Dec 10, 2017 4:59 pm
Forum: Personal Finance (Not Investing)
Topic: What are your big-picture ‘rules of life’ —financial or otherwise?
Replies: 123
Views: 14655

Re: "Desidoreta"

lostinjersey: This is my favorite poem. It has helped me through life. It can do the same for you and your family. Desidoreta Best wishes. Taylor What a beautiful poem. It is indeed a beautiful poem. There is a very funny [IMHO] parody of it, Deteriorata , which I post to illustrate the life lesson...
by Minty
Sun Dec 10, 2017 3:30 pm
Forum: Personal Finance (Not Investing)
Topic: Pay taxes on free food?
Replies: 30
Views: 3659

Re: Pay taxes on free food?

Below is an excerpt from a law review article written by an FSU law professor. I have no idea if it is correct. I suspect it is, because there are a million articles about the taxability to recipients of airline frequent flyer miles, but none that I could find about the taxability to the recipient o...
by Minty
Sat Dec 09, 2017 2:08 pm
Forum: Personal Finance (Not Investing)
Topic: Pay taxes on free food?
Replies: 30
Views: 3659

Re: Pay taxes on free food?

I don't know. But I'm going to bet that free food (water bottles, pens, t-shirts) is a business gift that is not taxable to the recipient.
by Minty
Fri Dec 08, 2017 11:38 am
Forum: Investing - Help with Personal Investments
Topic: Do you have any guilty pleasure investments?
Replies: 53
Views: 3784

Re: Do you have any guilty pleasure investments?

Less than 1% of our portfolio is in high dividend index funds. They've done fine.
by Minty
Tue Dec 05, 2017 2:23 pm
Forum: Personal Consumer Issues
Topic: Vegas on a budget
Replies: 49
Views: 4387

Re: Vegas on a budget

Of all the burgers I've had (and I've had some) my favorite is at Smith & Wollensky. My experience is that even at dinner when it may not be on the menu they will serve it if you ask. Smith & Wollensky is gone. Thanks, I did not know that. But it is coming back supposedly. https://www.smithandwolle...
by Minty
Tue Dec 05, 2017 1:51 pm
Forum: Personal Consumer Issues
Topic: Vegas on a budget
Replies: 49
Views: 4387

Re: Vegas on a budget

Mon Ami Gabi is fun. Of all the burgers I've had (and I've had some) my favorite is at Smith & Wollensky. My experience is that even at dinner when it may not be on the menu they will serve it if you ask. A fun Italian joint, sort of in the "Old, Local-ish Vegas" vein of the Peppermill is Casa Di Am...
by Minty
Sun Dec 03, 2017 1:10 pm
Forum: Personal Finance (Not Investing)
Topic: About to take out Term Life Insurance - Questions for Bogleheads
Replies: 13
Views: 1599

Re: About to take out Term Life Insurance - Questions for Bogleheads

I like White Coat Investor's post on life insurance. https://www.whitecoatinvestor.com/how-to-buy-life-insurance/ With $300,000 annual income, $1 million is not nearly enough. OP has no house or significant college savings, and it looks like the bulk of the savings is retirement, i.e., it will be ta...