Search found 974 matches

by gasdoc
Sat Apr 29, 2017 7:07 am
Forum: Personal Finance (Not Investing)
Topic: 529- should I stop contributing?
Replies: 44
Views: 4664

Re: 529- should I stop contributing?

^ My kids' schools don't require the selection of a major until the end of sophomore year. After that you can change majors, but depending on what courses you've taken, you might have some additional courses to take. Basically, you decide halfway through a 4 year education what you're doing, althou...
by gasdoc
Thu Apr 27, 2017 2:19 pm
Forum: Personal Finance (Not Investing)
Topic: 529- should I stop contributing?
Replies: 44
Views: 4664

Re: 529- should I stop contributing?

DD got into prestigious PLME program (8 year Medicine program after High School) at Brown University an IVY league and only IVY league to provide such program after high school. Coming to cost aspect: $70K every year. Brown does not provide merit aids and we will not qualify for need based aids. Yo...
by gasdoc
Tue Apr 25, 2017 7:44 pm
Forum: Personal Finance (Not Investing)
Topic: 529- should I stop contributing?
Replies: 44
Views: 4664

Re: 529- should I stop contributing?

Everyone seems to be assuming they will be paying the rack rate at the private colleges. While that may be the case at top shelf schools for "wealthy" individuals, there is plenty of scholarship money available at "second-tier" private colleges for good students, good athletes, g...
by gasdoc
Tue Apr 25, 2017 6:49 am
Forum: Personal Finance (Not Investing)
Topic: Helping adult children
Replies: 78
Views: 6869

Re: Helping adult children

I have 4 kids but two are still in college. I have paid for all their college educations, very generously compared to actual needs of a college student. But the eldest works, her husband works (a Vice President in a medium sized company) and they have 3 kids. Good jobs; but they always seem to have...
by gasdoc
Mon Apr 24, 2017 7:45 pm
Forum: Personal Finance (Not Investing)
Topic: Helping adult children
Replies: 78
Views: 6869

Re: Helping adult children

My mother has helped my sister and me at different times. Most significantly, she paid $100K for college educations for each of us, but only expected repayment from me. Why? Because I had a much higher income than Sis did. Did I think this was unfair? No, because neither Mom nor Sis had great financ...
by gasdoc
Fri Apr 21, 2017 9:34 am
Forum: Investing - Help with Personal Investments
Topic: Hedging against divorce
Replies: 17
Views: 4346

Re: Hedging against divorce

What if the mutual funds, in non-retirement accounts, are owned jointly? Can one name simply be removed, or is that considered a "transfer?"

gasdoc
by gasdoc
Wed Apr 19, 2017 9:33 am
Forum: Personal Finance (Not Investing)
Topic: How to Avoid Tax Refund Being Seized
Replies: 37
Views: 4360

Re: How to Avoid Tax Refund Being Seized

+1. But is it possible that the FIL cosigned for the debt, and therefore he also is wanting to see it paid off by personally paying it rather than just giving the money to the daughter?

gasdoc
by gasdoc
Wed Apr 19, 2017 9:02 am
Forum: Personal Finance (Not Investing)
Topic: What kind of stuff would you never DIY, assuming you could?
Replies: 75
Views: 5793

Re: What kind of stuff would you never DIY, assuming you could?

+1. I would normally find one post I agree with, but in this case, I agree with them all!!!! :sharebeer

gasdoc
by gasdoc
Wed Apr 19, 2017 8:58 am
Forum: Personal Finance (Not Investing)
Topic: Is spending 15K to furnish home too much?
Replies: 39
Views: 4453

Re: Is spending 15K to furnish home too much?

I just remembered that five years ago we bought our future retirement home and furnished it all in two months to be used as a rental for now. We paid about $20-$25K. That includes furniture, kitchen ware, wall hangings, lamps, the whole "kit and caboodle."

gasdoc
by gasdoc
Wed Apr 19, 2017 7:48 am
Forum: Personal Finance (Not Investing)
Topic: What kind of stuff would you never DIY, assuming you could?
Replies: 75
Views: 5793

Re: What kind of stuff would you never DIY, assuming you could?

I doubt he was doing it to save money. More likely, as a distraction from the stresses of his day job. My next door neighbor is a semi-retired anesthesiologist. When he went part time he bought a lawn tractor and canceled his mowing service. His lawn doesn't look that great but he sure looks happy ...
by gasdoc
Tue Apr 18, 2017 6:24 pm
Forum: Personal Finance (Not Investing)
Topic: Why do I owe so much on my taxes?
Replies: 32
Views: 3890

Re: Why do I owe so much on my taxes?

The above posters explain what happened. Yes, you can claim zero deductions. You might instead just develop an emergency fund that holds enough to be able to pay unexpected expenses like this. Tax time will come every April from this point on, and it is better to pay at the end rather than receive a...
by gasdoc
Tue Apr 18, 2017 8:56 am
Forum: Personal Finance (Not Investing)
Topic: Do you have an umbrella policy?
Replies: 129
Views: 12071

Re: Do you have an umbrella policy?

Recently increased our umbrella from $1M to $2M, cost went from about $200/y to $300/y. Have 3 cars, a boat, and 2 houses, one of which is a vacation rental. We went up to $5M on the umbrella when we purchased and started renting out our future retirement home, and at the same time had a teenager s...
by gasdoc
Mon Apr 17, 2017 7:32 pm
Forum: Personal Finance (Not Investing)
Topic: Carrying a mortgage into retirement
Replies: 39
Views: 4552

Re: Carrying a mortgage into retirement

radiowave wrote:
Thoughts?

Also, I think a separate thread about the "ideal" retirement home may be worthwhile.


Off point, but think of The Villages, Florida. Small, one floor, lots of services and activities available.

gasdoc
by gasdoc
Mon Apr 17, 2017 12:41 pm
Forum: Personal Finance (Not Investing)
Topic: Carrying a mortgage into retirement
Replies: 39
Views: 4552

Re: Carrying a mortgage into retirement

I would pay cash for the house. There are too many uncertainties in retirement without adding that debt. I would like to know that the house is at least owned free and clear.

gasdoc
by gasdoc
Mon Apr 17, 2017 12:24 pm
Forum: Personal Finance (Not Investing)
Topic: Do you have an umbrella policy?
Replies: 129
Views: 12071

Re: Do you have an umbrella policy?

Yes. $5M. I want the other attorney to have this decision to make.... I can work a little for an easy $5Million, or I can work a lot for $5Million plus personal assets. I want the umbrella to be enough that he/she settles for the "easy $5Million" umbrella.

gasdoc
by gasdoc
Mon Apr 17, 2017 8:51 am
Forum: Personal Finance (Not Investing)
Topic: New car...finance or not?
Replies: 17
Views: 1386

Re: New car...finance or not?

Toons wrote:Leave the tax deferred,tax free money alone,
Use taxable funds.
Pay cash no loan. :happy


Well said.

gasdoc
by gasdoc
Mon Apr 17, 2017 8:49 am
Forum: Personal Finance (Not Investing)
Topic: Is spending 15K to furnish home too much?
Replies: 39
Views: 4453

Re: Is spending 15K to furnish home too much?

We spent $11,000 on a dining room table 25 years ago. If you decide to go the route of buying quality wood furniture that will last a lifetime (we did) Just have to make sure the wife's preferences last a lifetime. That is the real challenge! :beer Good point. Everything we bought at that time is s...
by gasdoc
Mon Apr 17, 2017 8:40 am
Forum: Personal Finance (Not Investing)
Topic: Would you ever rent a house to a family member?
Replies: 21
Views: 1339

Re: Would you ever rent a house to a family member?

Generally, no. The only reason might be if I were allowing an elderly parent to live in the house essentially rent-free, but charging a minimal rent to satisfy the IRS and prevent the parent from the embarrassment of taking support from the child. As some sort of win-win business transaction between...
by gasdoc
Mon Apr 17, 2017 8:07 am
Forum: Personal Finance (Not Investing)
Topic: Is spending 15K to furnish home too much?
Replies: 39
Views: 4453

Re: Is spending 15K to furnish home too much?

We spent $11,000 on a dining room table 25 years ago. If you decide to go the route of buying quality wood furniture that will last a lifetime (we did), there are furniture sales companies in the Carolinas that sell top quality furniture at lower than full retail prices. It requires you to drive/fly...
by gasdoc
Mon Apr 17, 2017 7:49 am
Forum: Personal Finance (Not Investing)
Topic: HSA as Part of Emergency Fund
Replies: 20
Views: 1506

Re: HSA as Part of Emergency Fund

Separate.

gasdoc
by gasdoc
Mon Apr 17, 2017 7:47 am
Forum: Personal Finance (Not Investing)
Topic: 'True' Cost Of A More Expensive House
Replies: 22
Views: 3750

Re: 'True' Cost Of A More Expensive House

The details will make all the difference but you should expect higher property taxes, higher utility costs, higher maintenance costs etc. It can really add up. Probably unrealistic but he said the houses were "identical " more expensive is only more maintenance if it is also bigger. If th...
by gasdoc
Sun Apr 16, 2017 6:40 pm
Forum: Personal Consumer Issues
Topic: how much is reasonable amount to spend [on gymnastics]
Replies: 42
Views: 3090

Re: how much is reasonable amount to spend

Loik098 wrote:
Then you can lock her up until she's 30.


I wish. :confused

gasdoc
by gasdoc
Sun Apr 16, 2017 5:24 pm
Forum: Personal Consumer Issues
Topic: how much is reasonable amount to spend [on gymnastics]
Replies: 42
Views: 3090

Re: how much is reasonable amount to spend

How old is your daughter now? We did support our own DD in soccer, and she did this alongside many of the activities that your daughter also does. It kept her physically active, and promoted general health and fitness at a time when many of her female peers were overly concerned with dating, make-up...
by gasdoc
Sun Apr 16, 2017 5:09 pm
Forum: Personal Finance (Not Investing)
Topic: 'True' Cost Of A More Expensive House
Replies: 22
Views: 3750

Re: 'True' Cost Of A More Expensive House

DW and I went with the more expensive house- $525K (medium COL area). It has been very enjoyable, but I think the most expensive part of the purchase was not the house itself, but instead the neighborhood and the need to "keep up with the Jones's. For example, the landscaping required professio...
by gasdoc
Sun Apr 16, 2017 4:31 pm
Forum: Personal Finance (Not Investing)
Topic: Can a self-employed person utilize direct deposit?
Replies: 17
Views: 1043

Re: Can a self-employed person utilize direct deposit?

Just ACH a day or two earlier since you know what the delay is. Even with payroll companies, payroll has to be finalized a couple of days out in order for the money to show up in the employee account on payday. I found that out when the HR/payroll guy at a company I worked at missed the deadline on...
by gasdoc
Sun Apr 16, 2017 4:03 pm
Forum: Personal Finance (Not Investing)
Topic: Can a self-employed person utilize direct deposit?
Replies: 17
Views: 1043

Re: Can a self-employed person utilize direct deposit?

Just ACH a day or two earlier since you know what the delay is. Even with payroll companies, payroll has to be finalized a couple of days out in order for the money to show up in the employee account on payday. I found that out when the HR/payroll guy at a company I worked at missed the deadline on...
by gasdoc
Sun Apr 16, 2017 2:44 pm
Forum: Personal Finance (Not Investing)
Topic: Can a self-employed person utilize direct deposit?
Replies: 17
Views: 1043

Re: Can a self-employed person utilize direct deposit?

I just want to clarify that I keep my business account at Vanguard because it is the only business checking account that I can find that pays interest and has no fees. I keep the personal checking account at CapitalOne 360 because it pays better interest than Vanguard, and is more flexible. Is ther...
by gasdoc
Sun Apr 16, 2017 1:13 pm
Forum: Personal Finance (Not Investing)
Topic: Can a self-employed person utilize direct deposit?
Replies: 17
Views: 1043

Re: Can a self-employed person utilize direct deposit?

I just want to clarify that I keep my business account at Vanguard because it is the only business checking account that I can find that pays interest and has no fees. I keep the personal checking account at CapitalOne 360 because it pays better interest than Vanguard, and is more flexible. Is there...
by gasdoc
Sun Apr 16, 2017 12:58 pm
Forum: Personal Finance (Not Investing)
Topic: Can a self-employed person utilize direct deposit?
Replies: 17
Views: 1043

Re: Can a self-employed person utilize direct deposit?

dm200 wrote:Maybe just write a paper chack and deposit it.


I no longer have paper checks with the business account. I could do this, but I would rather keep it all electronic if I could.

Thanks,
gasdoc
by gasdoc
Sun Apr 16, 2017 12:56 pm
Forum: Personal Finance (Not Investing)
Topic: Can a self-employed person utilize direct deposit?
Replies: 17
Views: 1043

Re: Can a self-employed person utilize direct deposit?

For now, my two accounts are at different banks. I may need to look into having both at the same bank. Currently, the business account is at Vanguard. The personal account is at CapitalOne360. I may need to look into setting up a business account at CapitalOne360. I believe they started to do this. ...
by gasdoc
Sun Apr 16, 2017 9:40 am
Forum: Personal Finance (Not Investing)
Topic: Can a self-employed person utilize direct deposit?
Replies: 17
Views: 1043

Can a self-employed person utilize direct deposit?

I am self employed, getting my revenues by various transfer methods into my business account. I then transfer funds from my business account to my personal account monthly as a paycheck to myself. The money takes two business days to transfer. Does anyone know a faster way to make this transfer? The...
by gasdoc
Sun Apr 16, 2017 9:32 am
Forum: Personal Finance (Not Investing)
Topic: How to avoid heath care surprises?
Replies: 26
Views: 1592

Re: How to avoid heath care surprises?

Don't they show the sticker cost and the discount on the Explanation of Benefits? That's what our insurance does. I thought it was a universal practice. I'm looking at a Summary Plan Description (SPD). Is that the same thing? The information isn't in there... It's not the same thing. An SPD tells y...
by gasdoc
Sun Apr 16, 2017 7:47 am
Forum: Personal Finance (Not Investing)
Topic: Will - what is complicated?
Replies: 72
Views: 3917

Re: Will - what is complicated?

The topic of attorneys vs automated will software has come up many times on Bogleheads over the years. Though Bogleheads tend to be a frugal group, the overwhelming advice is that this is an area you don't want to cheapen out on. I'm not sure I'd conclude that, especially if you exclude attorney bo...
by gasdoc
Sun Apr 16, 2017 7:40 am
Forum: Personal Finance (Not Investing)
Topic: The Stages of Retirement Saving
Replies: 55
Views: 10322

Re: The Stages of Retirement Saving

...I do plan to ensure all my licenses and certifications are good for another year or two when I leave my job Interesting. After I retire early, I'll keep my license active into old age, so that if I ever need to return to work, I could do so immediately, avoiding the re-activation process of an i...
by gasdoc
Sat Apr 15, 2017 5:42 pm
Forum: Personal Finance (Not Investing)
Topic: Require Access to School Records?
Replies: 100
Views: 4094

Re: Require Access to School Records?

Gasdoc, I would not ask her to sign the form. I would say that you'd *like* to discuss her class schedule, since she's premed and you might know a bit about that to offer her. ;) And then I would say that you *expect* to see the report cards at the end of the semester, for further discussion and op...
by gasdoc
Sat Apr 15, 2017 9:38 am
Forum: Personal Finance (Not Investing)
Topic: Require Access to School Records?
Replies: 100
Views: 4094

Re: Require Access to School Records?

The law you're referring to is FERPA - the Family Educational Rights & Privacy Act. http://familypolicy.ed.gov/faq-page I am a college administrator, and used to work much more directly with students than I do now; FERPA is a Big Deal for anyone working in that environment. There is no "ap...
by gasdoc
Fri Apr 14, 2017 9:29 am
Forum: Personal Finance (Not Investing)
Topic: What constitutes "a lot" of money?
Replies: 81
Views: 11024

Re: What constitutes "a lot" of money?

A "lot" is based on the number of places to the left of the decimal point when I look though my Quicken expense report. There are tons of $X.XX and $XX.XX, fewer $XXX.XX, fewer yet of $X,XXX.XX, and a handful of $XX,XXX.XX. Those are the ones that are a "lot!" The size of the por...
by gasdoc
Thu Apr 13, 2017 4:46 pm
Forum: Personal Finance (Not Investing)
Topic: million dollar condo?
Replies: 32
Views: 3359

Re: million dollar condo?

I would not make major life changes until after you have had the kids for a couple of years. Trust me, you look at life differently. Those TV programs you used to watch- now you see the evils in them. The music you used to listen to- now you hear the evil in the lyrics. And the neighborhoods you use...
by gasdoc
Thu Apr 13, 2017 4:32 pm
Forum: Personal Finance (Not Investing)
Topic: Will - what is complicated?
Replies: 72
Views: 3917

Re: Will - what is complicated?

gasdoc, So if I were going into surgery, it would be OK with you if I self anesthetized? Because of course the professional probably went to some Caribbean wannabee medical school. And who also charges way too much for the value received. That would be a bit "complicated." But if you want...
by gasdoc
Thu Apr 13, 2017 11:08 am
Forum: Personal Finance (Not Investing)
Topic: Windfall for someone on Medicaid
Replies: 12
Views: 1721

Re: Windfall for someone on Medicaid

Personally, I'd be totally fine with just handing the check over to medicaid, but my understanding is not how that works.. all existing care would lose coverage, including things keeping them alive, for some indeterminate period of time (months) until medicaid paperwork sorts itself out - usually r...
by gasdoc
Thu Apr 13, 2017 11:06 am
Forum: Personal Finance (Not Investing)
Topic: The Stages of Retirement Saving
Replies: 55
Views: 10322

Re: The Stages of Retirement Saving

...I have decided to work less, though. This fall, I'll be dropping to 0.6 FTE, so I'll be working 40% less. This schedule will give me a lot more freedom and free time, and should be a good transition to a more complete wind-down of my career. PhysicianOnFIRE, I wonder how hard a hard time you'll ...
by gasdoc
Wed Apr 12, 2017 6:56 pm
Forum: Personal Finance (Not Investing)
Topic: Windfall for someone on Medicaid
Replies: 12
Views: 1721

Re: Windfall for someone on Medicaid

Perhaps he should use the money to pay for his healthcare, and then re-apply for medicaid? Why should the health care providers "eat" the cost of his care by accepting medicaid rates to take care of him when he has the financial resources to pay his bills? What am I missing? I take care of...
by gasdoc
Wed Apr 12, 2017 6:49 pm
Forum: Personal Finance (Not Investing)
Topic: Will - what is complicated?
Replies: 72
Views: 3917

Re: Will - what is complicated?

What is complicated?- in my opinion, once divorce and/or remarriage occurs, it is complicated. If I owned a business and wanted something to happen other than selling the business at my death, I would consult an estate attorney. Based on my experience, it is more important to redo the wills every co...
by gasdoc
Wed Apr 12, 2017 6:44 pm
Forum: Personal Finance (Not Investing)
Topic: Will - what is complicated?
Replies: 72
Views: 3917

Re: Will - what is complicated?

I am answering this thread only because I think the OP is getting one-sided advice. Does everyone that has posted so far really believe a group of attorneys in the state of X could not write up software for the typical couple with a couple of kids, where the questionnaire asks you who you want to ha...
by gasdoc
Wed Apr 12, 2017 1:57 pm
Forum: Personal Finance (Not Investing)
Topic: Can we afford private school tuition
Replies: 42
Views: 3225

Re: Can we afford private school tuition

My husband and I are going to enter our 40s very soon and we have recently started making a combined income of about $300K. We live in a high cost of living area and have 2 kids 9 and 4. We have not been very financially savvy but also never thought we spent a lot of money. Sometime in the recent p...
by gasdoc
Wed Apr 12, 2017 9:05 am
Forum: Personal Finance (Not Investing)
Topic: MasterCard or Visa... Or One of Each?
Replies: 22
Views: 1886

Re: MasterCard or Visa... Or One of Each?

Why not have more than one credit card? Nobody says you have to use it. It's good to have a backup in a drawer. If your debit card is your backup, do you plan to not carry both in the same wallet at the same time? If you don't have that plan, what happens when you lose your wallet, never mind havin...
by gasdoc
Tue Apr 11, 2017 3:07 pm
Forum: Personal Finance (Not Investing)
Topic: Best place to setup a will
Replies: 42
Views: 3581

Re: Best place to setup a will

The questions the software asks are straightforward and easily answered. It is kind of like doing TurboTax when all you have is a short form tax form to fill out. I've used Turbo Tax for several years now. I always have to check the results, because its questions seem straightforward, but aren't al...
by gasdoc
Tue Apr 11, 2017 3:02 pm
Forum: Personal Finance (Not Investing)
Topic: The Stages of Retirement Saving
Replies: 55
Views: 10322

Re: The Stages of Retirement Saving

JDCarpenter wrote:
gasdoc wrote:...

PoF,
How old are you, if I may ask? I would like to hit that 0.6 FTE at age 60, and 0.0 FTE at age 62, if that works out.

gasdoc


He's 39, maybe 40 now? http://www.physicianonfire.com/about-me/

Came out of the gate fast and with a plan!


Wow. The name fits.

gasdoc
by gasdoc
Tue Apr 11, 2017 1:10 pm
Forum: Personal Finance (Not Investing)
Topic: Best place to setup a will
Replies: 42
Views: 3581

Re: Best place to setup a will

I don't believe anyone that has used LegalZoom has said to avoid it. It is very well organized and complete. These things are actually very straightforward unless it isn't. If there is anything outside the normal, I would go to an attorney. If everything about your situation is standard, LegalZoom ...
by gasdoc
Tue Apr 11, 2017 1:05 pm
Forum: Personal Finance (Not Investing)
Topic: The Stages of Retirement Saving
Replies: 55
Views: 10322

Re: The Stages of Retirement Saving

I would like to hit that 0.6 FTE at age 60, and 0.0 FTE at age 62 gasdoc, why not skipping 0.6 FTE and reach 0.0 FTE at age 61? Maybe. But the nights and weekends are getting rougher (24 hour shifts on call days). Only in the last year have I refused to work past 24 hours when they are short staffe...

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