Search found 829 matches

by miamivice
Mon Feb 12, 2018 9:32 pm
Forum: Personal Finance (Not Investing)
Topic: moving my mother's "escape" fund to me
Replies: 28
Views: 3206

Re: moving my mother's "escape" fund to me

I'm sorry but what is being done by the OP is neither ethical nor legal. Assets acquired in the course of marriage, in almost every state, are jointly owned by the married couple. The same goes with debts and liabilities. This is simply wrong. Married individuals can have both separate assets and l...
by miamivice
Mon Feb 12, 2018 9:24 pm
Forum: Personal Finance (Not Investing)
Topic: moving my mother's "escape" fund to me
Replies: 28
Views: 3206

Re: moving my mother's "escape" fund to me

I'm sorry but what is being done by the OP is neither ethical nor legal. Assets acquired in the course of marriage, in almost every state, are jointly owned by the married couple. The same goes with debts and liabilities. This is simply wrong. Married individuals can have both separate assets and l...
by miamivice
Mon Feb 12, 2018 6:50 pm
Forum: Personal Consumer Issues
Topic: What big item (>20k) are you saving up for?
Replies: 109
Views: 7539

What big item (>20k) are you saving up for?

A lot of Bogleheads have considerable taxable accounts. If you are saving up to buy a large purchase (in excess of say $20,000), what might that item be? Around my neighborhood I see a lot of folks have boats and recreational vehicles. I suspect most are paying monthly on them though. At my megacorp...
by miamivice
Mon Feb 12, 2018 6:36 pm
Forum: Personal Finance (Not Investing)
Topic: Family expecting “comps”
Replies: 38
Views: 4690

Re: Family expecting “comps”

Here's an angle that hasn't been mentioned. Business income taxes are based on income, which is the amount of revenue received minus expenses, including the cost of goods sold. Merchandise given away to family and friends shouldn't be included in the cost of goods sold, as you really just gave somet...
by miamivice
Mon Feb 12, 2018 5:20 pm
Forum: Investing - Help with Personal Investments
Topic: Brokerage or 529's...
Replies: 17
Views: 929

Re: Brokerage or 529's...

My rebuttal is taxable accounts can be invested tax-efficiently and there are several scenarios in which capital gains would not be taxed. It would be helpful if you would explain in what situations gains in a taxable account are not taxed. In the formerly 15% bracket, stepped-up basis after death,...
by miamivice
Mon Feb 12, 2018 2:16 pm
Forum: Investing - Help with Personal Investments
Topic: Brokerage or 529's...
Replies: 17
Views: 929

Re: Brokerage or 529's...

mega317 wrote:
Mon Feb 12, 2018 1:43 pm
My rebuttal is taxable accounts can be invested tax-efficiently and there are several scenarios in which capital gains would not be taxed.
It would be helpful if you would explain in what situations gains in a taxable account are not taxed.
by miamivice
Mon Feb 12, 2018 1:31 pm
Forum: Investing - Help with Personal Investments
Topic: Brokerage or 529's...
Replies: 17
Views: 929

Re: Brokerage or 529's...

A lot of people seem to struggle with this, but it's seems like a no-brainer to me. A brokerage account is a taxable account. After tax money is put in and you pay 15% on any returns that are generated while the money is in the account. A 529 account is a tax advantaged account. After money is put i...
by miamivice
Mon Feb 12, 2018 11:31 am
Forum: Personal Finance (Not Investing)
Topic: moving my mother's "escape" fund to me
Replies: 28
Views: 3206

Re: moving my mother's "escape" fund to me

If your parents lived in a community property state at the time she put these in a joint account with her sister, there may be a legal issue, since the money may be half your dad's. Wow, are you saying that in a community property state, if a person accumulates money through their own efforts and a...
by miamivice
Mon Feb 12, 2018 11:25 am
Forum: Personal Finance (Not Investing)
Topic: moving my mother's "escape" fund to me
Replies: 28
Views: 3206

Re: moving my mother's "escape" fund to me

I'm sorry but what is being done by the OP is neither ethical nor legal. Assets acquired in the course of marriage, in the 9 community property states, are jointly owned by the married couple. The same goes with debts and liabilities. Trying to hide a large sum of money in your child's or sisters na...
by miamivice
Sun Feb 11, 2018 9:24 pm
Forum: Personal Finance (Not Investing)
Topic: Car insurance on my name or kid's ?
Replies: 3
Views: 328

Re: Car insurance on my name or kid's ?

The above two posters are incorrect if your son is living with you. Under most states laws, car insurance covers every driver in your house. Your son's name and information should be on your policy. He might be able to get his own policy if he uses the same insurance carrier as you, but generally th...
by miamivice
Sun Feb 11, 2018 8:50 pm
Forum: Investing - Theory, News & General
Topic: U-Haul Investors Club
Replies: 14
Views: 2216

Re: U-Haul Investors Club

(knock at the door)... "I'm sorry, there's bad news. U-Haul defaulted on your investment. But not to worry, your loan is 'asset-backed'. Where would you like us to put these 12,000 furniture dollies?" :happy Agreed. The condition of most U-Haul trailers or other equipment that I have seen would not...
by miamivice
Sun Feb 11, 2018 3:48 pm
Forum: Investing - Theory, News & General
Topic: U-Haul Investors Club
Replies: 14
Views: 2216

Re: U-Haul Investors Club

Something like the U-Haul Investors Club is exactly what Bogleheads are against. While I don't have time to analyze the details, I remember a few years back before the housing bust when I saw an advertisement for a loan to a real estate company to purchase some land, subdivide lots, and build houses...
by miamivice
Sat Feb 10, 2018 10:19 am
Forum: Personal Consumer Issues
Topic: How to stop mail for former occupants?
Replies: 103
Views: 5770

Re: How to stop mail for former occupants?

OP, if this issue is of big concern, you might consider a virtual mailbox. I believe with these services, all of your mail (addressed to both you and/or the previous tenant) is forwarded to a company which then scans everything electronically. You get to decide what is kept, what is discarded, and ...
by miamivice
Fri Feb 09, 2018 2:58 pm
Forum: Personal Finance (Not Investing)
Topic: How Do You Discuss Starting Time when You Get a Job Offer
Replies: 29
Views: 2144

Re: How Do You Discuss Starting Time when You Get a Job Offer

From my perspective, I don't consider start times and quitting times to be something that can be negotiated. Most hourly positions are mandated by the boss and folks start and stop at the end of scheduled shifs. You start as a group (if you work as a group) or as an individual at the scheduled start...
by miamivice
Fri Feb 09, 2018 2:15 pm
Forum: Personal Finance (Not Investing)
Topic: Need help from someone experienced with bankruptcy and probate
Replies: 16
Views: 816

Re: Need help from someone experienced with bankruptcy and probate

Earl Lemongrab wrote:
Fri Feb 09, 2018 1:36 pm
miamivice wrote:
Thu Feb 08, 2018 5:23 pm
I do not believe any debts are discharged at death if there are still assets to distribute (outside of bankruptcy).
Federal student loans.
You learn something new everyday.
by miamivice
Fri Feb 09, 2018 10:45 am
Forum: Investing - Help with Personal Investments
Topic: What is considered a taxable account?
Replies: 9
Views: 597

Re: What is considered a taxable account?

So even though the Roth is funded with after-tax dollars and the 401k is with pre-tax dollars, both are considered taxable? I thought the 401k was tax deferred since i don't pay taxes on it until I take money out. Taxable accounts are those that are not tax advantaged. Roth IRAs, Traditional IRAs, ...
by miamivice
Fri Feb 09, 2018 10:28 am
Forum: Investing - Help with Personal Investments
Topic: What is considered a taxable account?
Replies: 9
Views: 597

Re: What is considered a taxable account?

Taxable accounts are those that are not tax advantaged. Roth IRAs, Traditional IRAs, 401ks, 529, and HSAs are all tax advantaged. A regular stock account is a taxable account.
by miamivice
Thu Feb 08, 2018 9:47 pm
Forum: Investing - Help with Personal Investments
Topic: Mega /+ backdoor roth instead of 529
Replies: 16
Views: 881

Re: Mega /+ backdoor roth instead of 529

It sounds like you can do this. The downside is that you have to set aside 400k for your kids between now and when they go to college. For most people, that's a steep price to pay. I think we'll have about $400k total for two kids as well. We put $76k into our kids 529s total, and aren't putting an...
by miamivice
Thu Feb 08, 2018 5:23 pm
Forum: Personal Finance (Not Investing)
Topic: Need help from someone experienced with bankruptcy and probate
Replies: 16
Views: 816

Re: Need help from someone experienced with bankruptcy and probate

As many others will say, you need to ask an attorney experienced in this particular case and the laws of your state. But at a first glance, since the bankruptcy was not finalized at the time of her death, I would suspect that all of her debts must be paid off by the estate before the estate assets c...
by miamivice
Thu Feb 08, 2018 5:16 pm
Forum: Investing - Help with Personal Investments
Topic: Mega /+ backdoor roth instead of 529
Replies: 16
Views: 881

Re: Mega /+ backdoor roth instead of 529

It sounds like you can do this. The downside is that you have to set aside 400k for your kids between now and when they go to college. For most people, that's a steep price to pay. I think we'll have about $400k total for two kids as well. We put $76k into our kids 529s total, and aren't putting any...
by miamivice
Thu Feb 08, 2018 5:03 pm
Forum: Personal Finance (Not Investing)
Topic: Am I saving too much for retirement?
Replies: 104
Views: 11268

Re: Am I saving too much for retirment?

You're completely correct that two incomes does not equal high income. It is (partially) what makes our family a higher income family, but you're correct that there may be many lower two income families and some higher income single income families.
by miamivice
Thu Feb 08, 2018 3:39 pm
Forum: Personal Finance (Not Investing)
Topic: Am I saving too much for retirement?
Replies: 104
Views: 11268

Re: Am I saving too much for retirment?

I think where the chart breaks down is at higher income levels, and in particular, dual income households. Dual income households do not need more money in retirement than single income households, y et, according to the chart, they need to have way more saved up. I would say this is only half true...
by miamivice
Thu Feb 08, 2018 3:20 pm
Forum: Personal Finance (Not Investing)
Topic: Am I saving too much for retirement?
Replies: 104
Views: 11268

Re: Am I saving too much for retirment?

I think where the chart breaks down is at higher income levels, and in particular, dual income households. Dual income households do not need more money in retirement than single income households, y et, according to the chart, they need to have way more saved up. I would say this is only half true...
by miamivice
Thu Feb 08, 2018 2:48 pm
Forum: Personal Consumer Issues
Topic: Should having a brand new roof lower home insurance premium?
Replies: 26
Views: 1136

Re: Should having a brand new roof lower home insurance premium?

I'm hoping someone here might have some knowledge of the home insurance market. Here's the scenario: My wife and I are in the process of buying a new home. Our offer has been accepted, and we are currently negotiating some repairs with the seller. As a part of our home inspection, the inspector fou...
by miamivice
Thu Feb 08, 2018 2:29 pm
Forum: Personal Finance (Not Investing)
Topic: Am I saving too much for retirement?
Replies: 104
Views: 11268

Re: Am I saving too much for retirment?

For young people, like the 28 year old OP, spending multiples are unhelpful because it's a multiple of how much one spends in retirement. Young people have no clue how much they'll spend in retirement. A multiple of income is far easier because they know how much they make. I'm not objecting to the ...
by miamivice
Thu Feb 08, 2018 1:42 pm
Forum: Personal Finance (Not Investing)
Topic: Am I saving too much for retirement?
Replies: 104
Views: 11268

Re: Am I saving too much for retirment?

I think where the chart breaks down is at higher income levels, and in particular, dual income households. Dual income households do not need more money in retirement than single income households, y et, according to the chart, they need to have way more saved up. I would say this is only half true...
by miamivice
Thu Feb 08, 2018 1:38 pm
Forum: Personal Finance (Not Investing)
Topic: free dinner investing seminar
Replies: 223
Views: 13752

Re: free dinner investing seminar

Gee, guess I’m the only one troubled by the ethics of accepting a “free” meal to listen to a sales pitch I know I’d never entertain in a million years. Some poor schmo pays for that meal — and even if it is the salesman-of-few-scruples, I feel I’d have fewer scruples to take advantage of him. He’s ...
by miamivice
Thu Feb 08, 2018 12:37 pm
Forum: Personal Consumer Issues
Topic: Tip amount for daily newspaper delivery
Replies: 21
Views: 1134

Re: Tip amount for daily newspaper delivery

Newspaper delivery is not a tipped profession.

Ensuring the newspaper is properly delivered is part of the job/contract.
by miamivice
Thu Feb 08, 2018 11:27 am
Forum: Personal Finance (Not Investing)
Topic: No Emergency Funds yet Major Car Emergency
Replies: 47
Views: 2997

Re: No Emergency Funds yet Major Car Emergency

It sounds to me that you have no option other than repairing the car. I would not think that a vehicle with a bad engine that had to be towed out of your driveway would sell for very much. Now I haven't tried, and one poster up there said that he had great luck, but I am not sure I would want to try...
by miamivice
Thu Feb 08, 2018 11:15 am
Forum: Personal Finance (Not Investing)
Topic: Am I saving too much for retirement?
Replies: 104
Views: 11268

Re: Am I saving too much for retirment?

The question for those in this thread who are not keen on the multiples of salary chart below as a general guideline before the later years allow for a more customized and nuanced view (such as multiples of more up to date expenses in retirement), what road map would you provide instead for the OP ...
by miamivice
Wed Feb 07, 2018 9:42 pm
Forum: Personal Finance (Not Investing)
Topic: free dinner investing seminar
Replies: 223
Views: 13752

Re: free dinner investing seminar

I've never gone, but yes I would assume they are financial instruments designed to profit the person paying for the free dinner. I would expect everyone in the room attends for the free dinner with no intentions of purchasing, but enough sign up to justify the free dinner. Your friend very well may ...
by miamivice
Wed Feb 07, 2018 6:30 pm
Forum: Personal Consumer Issues
Topic: Children extracurricular activities
Replies: 10
Views: 1445

Re: Children extracurricular activities

That has been offered at some places where my children have enrolled in activities. I have not gone for it because my kids interests might change before the 6 months or year is up, and then we'd probably be out the money. Or the place might go out of business. Too much risk for too little reward.
by miamivice
Wed Feb 07, 2018 4:47 pm
Forum: Personal Consumer Issues
Topic: How to stop mail for former occupants?
Replies: 103
Views: 5770

Re: How to stop mail for former occupants?

As far as the comments about the ethics of opening mail addressed and delivered to my mailbox, I have these comments. 1. It's now my mailbox. I purchased the house from former owner, which included access to the mailbox. It's a locked mailbox and they gave me the keys to the mailbox. If he didn't wa...
by miamivice
Wed Feb 07, 2018 12:49 pm
Forum: Personal Finance (Not Investing)
Topic: Am I saving too much for retirement?
Replies: 104
Views: 11268

Re: Am I saving too much for retirment?

https://farm5.staticflickr.com/4734/39408665641_95e7a57516_o.jpg https://www.fidelity.com/viewpoints/retirement/how-much-money-do-i-need-to-retire Maybe you can answer this because I can't get a clear answer to this for a while now. When they say salary, does that mean my starting salary at the beg...
by miamivice
Wed Feb 07, 2018 12:08 pm
Forum: Personal Consumer Issues
Topic: How to stop mail for former occupants?
Replies: 103
Views: 5770

How to stop mail for former occupants?

The previous occupants of our address moved and did not submit a mail forwarding card. At first it was interesting mail - like retirement account statements, etc. (Yes, I was nosy and yes I did open mail that was not addressed to me). Eventually that stopped as they switched their accounts to on-lin...
by miamivice
Wed Feb 07, 2018 11:24 am
Forum: Investing - Help with Personal Investments
Topic: Taxable vs 401k investments
Replies: 17
Views: 1083

Re: Taxable vs 401k investments

I would be willing to bet you will be unable to retire at 40 or 45, so I would focus first on your retirement and then taxable after you've met your retirement savings goal.
by miamivice
Wed Feb 07, 2018 11:09 am
Forum: Personal Finance (Not Investing)
Topic: Am I saving too much for retirement?
Replies: 104
Views: 11268

Re: Am I saving too much for retirment?

I agree with those that advocate balance between savings and spending. While saving is generally a good thing, and I advocate saving, there is a lot to be said for living for today. The OP is 28 and married and no kids. Take that trip to Hawaii with your wife. You'll enjoy it. Go to Las Vegas and li...
by miamivice
Wed Feb 07, 2018 11:00 am
Forum: Personal Finance (Not Investing)
Topic: Dependent Care Reimbursement Account question
Replies: 2
Views: 140

Re: Dependent Care Reimbursement Account question

There's some wording on my work's HR page that makes this a little confusing to me - we're planning on contributing the maximum $5k to a dependent reimbursement account. It's only like 3 1/2 months of day care, but every little bit, huh? Anyway, we both work. As long as we don't go over the $5k tot...
by miamivice
Wed Feb 07, 2018 10:55 am
Forum: Personal Finance (Not Investing)
Topic: Am I saving too much for retirement?
Replies: 104
Views: 11268

Re: Am I saving too much for retirment?

You are approaching the first road sign on that map at age 30 where you should have saved 1x your salary - we prefer to use household salary for a dual income couple (your salary + wife's salary). Does a dual income couple need to have more in retirement to live comfortable than a single income cou...
by miamivice
Wed Feb 07, 2018 10:52 am
Forum: Personal Finance (Not Investing)
Topic: Am I saving too much for retirement?
Replies: 104
Views: 11268

Re: Am I saving too much for retirment?

With regards to the Fidelity chart, keep in mind they are an investment company and make money from people choosing to park money with them. I have always felt that charts like these, always sponsored by investment companies, are too aggressive. The other issue I have with income multipliers is that...
by miamivice
Wed Feb 07, 2018 10:45 am
Forum: Personal Finance (Not Investing)
Topic: Am I saving too much for retirement?
Replies: 104
Views: 11268

Re: Am I saving too much for retirment?

OP, 1) Why do you think that you will retire? Aka, fully-employed continuously until 62 years old? 2) You can calculate your current portfolio size, saving rate, and assume a return rate. Then, you will know when you will reach 25X your current annual expense. How many years before you reach that n...
by miamivice
Wed Feb 07, 2018 10:30 am
Forum: Personal Consumer Issues
Topic: House renovation financing
Replies: 17
Views: 1197

Re: House renovation financing

HELOCs are good options. They used to be tax deductible but that changed this year unfortunately. But you have to have enough income to pay the loan, so that may or may not be a problem. I thought HELOCs and home equity loans were still deductible so long as you use the money for home improvement/r...
by miamivice
Wed Feb 07, 2018 10:29 am
Forum: Personal Finance (Not Investing)
Topic: Extra cash earning opportunities
Replies: 5
Views: 674

Extra cash earning opportunities

Wondering if any Bogleheads here have found good extra cash earning opportunities, and cared to share them? I'm sure probably not, because every extra cash earning opportunity I've experienced has always been kept on the hush-hush. Once everybody knows about it, it stops being an opportunity. Well, ...
by miamivice
Tue Feb 06, 2018 9:27 pm
Forum: Investing - Theory, News & General
Topic: Stealing from the kids for our retirement [High valuations => depressed future returns expectations]
Replies: 54
Views: 5305

Re: Stealing from the kids for our retirement

I really have no way of predicting what stock prices will do in the future.
by miamivice
Tue Feb 06, 2018 9:26 pm
Forum: Personal Consumer Issues
Topic: House renovation financing
Replies: 17
Views: 1197

Re: House renovation financing

Generally, home renovations do not pay off. You can get a fairly large percentage of your money back, and enjoy the renovation while you live there, but the cost of the renovation typically costs more than the value that it adds to a house. So I would look at the renovation as an expense rather than...
by miamivice
Tue Feb 06, 2018 9:22 pm
Forum: Personal Finance (Not Investing)
Topic: Am I saving too much for retirement?
Replies: 104
Views: 11268

Re: Am I saving too much for retirment?

Hi all, l'm 28 and trying to balance saving for retirement and keeping enough to enjoy myself now. I realize that in order to know how much you should save, you need to know how much you will need in retirement. However, at my age I find it difficult to have any realistic idea of my spending in 30+...
by miamivice
Tue Feb 06, 2018 5:22 pm
Forum: Personal Finance (Not Investing)
Topic: [New MA & VT Tax reporting]- 1099-K threshold reduced to $600
Replies: 99
Views: 5189

Re: [New MA & VT Tax reporting]- 1099-K threshold reduced to $600

Selling objects to generate cash - is the actual definition of business I am not sure how this lines up with a situation where you bought a camera for $1500, used it for 3 yrs to take photos of your kids and sold the camera for $800. Does not sound like a business to me. Then you file C-EZ. Line 1 ...
by miamivice
Tue Feb 06, 2018 4:53 pm
Forum: Personal Finance (Not Investing)
Topic: [New MA & VT Tax reporting]- 1099-K threshold reduced to $600
Replies: 99
Views: 5189

Re: [New MA & VT Tax reporting]- 1099-K threshold reduced to $600

OK, I think I found the answer. From the IRS website: https://www.irs.gov/payments/general-faqs-on-new-payment-card-reporting-requirements I received Form 1099-K. How do I report it on my tax return? Separate reporting of these transactions is not required. However, you should follow the return ins...
by miamivice
Tue Feb 06, 2018 2:34 pm
Forum: Personal Finance (Not Investing)
Topic: [New MA & VT Tax reporting]- 1099-K threshold reduced to $600
Replies: 99
Views: 5189

Re: [New MA & VT Tax reporting]- 1099-K threshold reduced to $600

OK, I think I found the answer. From the IRS website: https://www.irs.gov/payments/general-faqs-on-new-payment-card-reporting-requirements I received Form 1099-K. How do I report it on my tax return? Separate reporting of these transactions is not required. However, you should follow the return inst...