Search found 2536 matches

by NotWhoYouThink
Thu Jul 18, 2019 4:30 pm
Forum: Personal Consumer Issues
Topic: Thoughts on starting a life advisor business?
Replies: 8
Views: 480

Re: Thoughts on starting a life advisor business?

Can you give away your advice for free? Do your friends seek it, and send their kids your way to solicit your advice?

If not, are you good at selling yourself? Got to build a client list somehow or you'll have trouble making a living.
by NotWhoYouThink
Thu Jul 18, 2019 1:16 pm
Forum: Personal Finance (Not Investing)
Topic: Father Passed Away: Now responsible for mother's finances
Replies: 5
Views: 768

Re: Father Passed Away: Now responsible for mother's finances

Who appointed the conservator and why? Are you interested in becoming conservator?

Sounds like you'll need a lawyer to get individuals assigned to be able to make decisions.
by NotWhoYouThink
Thu Jul 18, 2019 11:43 am
Forum: Personal Finance (Not Investing)
Topic: Why Personal Finance is not taught in Schools in the US
Replies: 59
Views: 2215

Re: Why Personal Finance is not taught in Schools in the US

They teach grammar and writing in school. How does your experience with new hires suggest that is working out?

People learn a lot from their family and neighborhoods. Sometimes they learn what to do, sometimes they learn what to avoid.
by NotWhoYouThink
Thu Jul 18, 2019 11:39 am
Forum: Personal Investments
Topic: Just sat through a wealth-management sales pitch.
Replies: 41
Views: 3038

Re: Just sat through a wealth-management sales pitch.

An annuity in your IRA? Term life insurance for a 65 year old retiree? Holy smokes those are terrible recommendations. Any chance you can suggest to your friend that the daughter seek other employment? When you talk to them again you might question those suggestions. Part of sales is overcoming the ...
by NotWhoYouThink
Thu Jul 18, 2019 10:10 am
Forum: Personal Finance (Not Investing)
Topic: Why Personal Finance is not taught in Schools in the US
Replies: 59
Views: 2215

Re: Why Personal Finance is not taught in Schools in the US

Personal Finance became a requirement when my younger child was in high school. The curriculum looked reasonable, but the main (only?) lesson that stuck was "credit cards are bad, avoid them." Which has some merit, as mentioned in the OP, but context and nuance were missing. Of course these were hig...
by NotWhoYouThink
Wed Jul 17, 2019 7:12 am
Forum: Investing - Theory, News & General
Topic: [Merrill Lynch charges high fees]
Replies: 43
Views: 3856

Re: [Merrill Lynch charges high fees]

Upon reviewing the CMA account, I was shocked to see he was being charged over $450 a month in fees and there were literally ZERO transactions over the last year than weren't ordered directly by my father. (For some reason, I had thought they were periodically reviewing that account and tweaking it...
by NotWhoYouThink
Tue Jul 16, 2019 9:05 am
Forum: Personal Finance (Not Investing)
Topic: Being a hands off homeowner
Replies: 48
Views: 2705

Re: Being a hands off homeowner

Marry someone who likes to do those home maintenance tasks, or wants to learn. You don't both have to replace outlets or snake drains, but it helps if one of you will. Or outsource it. Either way works.
by NotWhoYouThink
Tue Jul 16, 2019 7:39 am
Forum: Personal Investments
Topic: Grandparent 529s
Replies: 29
Views: 2093

Re: Grandparent 529s

As long as you trust your kids, I like the idea of contributing to 529s owned by your kids for benefit of the grandchildren. That way they, and their spouses, know you have committed to help with college expenses, rather than just making vague promises that sound good. Or if the 529 is in your name,...
by NotWhoYouThink
Mon Jul 15, 2019 3:44 pm
Forum: Personal Finance (Not Investing)
Topic: Children's Savings Account & FAFSA
Replies: 29
Views: 1323

Re: Children's Savings Account & FAFSA

aristotelian wrote:
Mon Jul 15, 2019 3:26 pm
Can someone explain to me why FAFSA is such a big deal? We would you want to have less money saved for college in order to take out more debt? Is the goal to get as much debt as possible at a low interest rate?
The goal is to get grants, not loans.
by NotWhoYouThink
Mon Jul 15, 2019 11:06 am
Forum: Personal Investments
Topic: How do most advisors produce client returns?
Replies: 57
Views: 4033

Re: How do most advisors produce client returns?

Taylor and Alex: both comments are very insightful and helpful. Just to clarify, in general, how do the fiduciary advisors then produce returns for their clients. Are there many ways or just a few? Cody, I feel like you are begging the question here. Are you asserting that FAs do in fact "produce" ...
by NotWhoYouThink
Mon Jul 15, 2019 8:11 am
Forum: Personal Finance (Not Investing)
Topic: Children's Savings Account & FAFSA
Replies: 29
Views: 1323

Re: Children's Savings Account & FAFSA

Other things that affect financial aid - Kids' grades and extra-curricular activities (because more desirable students can get into colleges that provide more aid) What colleges kids apply to - some offer a lot of aid, some offer almost none Really, I don't see why kids who have a lot of money saved...
by NotWhoYouThink
Sun Jul 14, 2019 9:23 am
Forum: Personal Investments
Topic: Investing/Savings Account for Kids
Replies: 11
Views: 810

Re: Investing/Savings Account for Kids

Also with a UTMA the account affects any possible financial assistance the child might qualify for through fafsa, etc. Are we talking a few hundred dollars, or a few thousand, or 10s of thousands? If only a few thousand the effect on college aid will be small, and for that matter if they have money...
by NotWhoYouThink
Fri Jul 12, 2019 6:37 pm
Forum: Personal Finance (Not Investing)
Topic: Does a variable annuity make sense while living and working outside US?
Replies: 10
Views: 602

Re: Does a variable annuity make sense in this situation?

A variable annuity, in theory, could be a good way for someone with low impulse control to force herself to put money away for retirement, by building in obstacles to getting to it early. But it's an expensive fix for a specific problem. If that's not one she has, then a VA is probably not the answe...
by NotWhoYouThink
Fri Jul 12, 2019 6:32 pm
Forum: Personal Finance (Not Investing)
Topic: priority of supporting parents vs saving for college
Replies: 54
Views: 3442

Re: priority of supporting parents vs saving for college

OP has a difficult path forward. Many people do manage to live on Social Security, so it may be possible to help them learn to live on the income they have instead of doing much to increase their income. Or maybe pay a few specific bills to put some boundaries on the potential help. And of course wh...
by NotWhoYouThink
Fri Jul 12, 2019 5:24 pm
Forum: Personal Finance (Not Investing)
Topic: Has anyone inherited a obligation/burden/responsibility?
Replies: 76
Views: 7414

Re: Has anyone inherited a obligation/burden/responsibility?

But my dad comes from the Midwest, where any car older than 5 years is tottering towards the junkyard due to salt corrosion, and he couldn't believe that my 10+ year old car was still OK to drive. Sounds like your dad is still living in the 70s. That's not how cars work any more. My mom is a little...
by NotWhoYouThink
Fri Jul 12, 2019 11:14 am
Forum: Personal Finance (Not Investing)
Topic: Buying a court-ordered divorce house
Replies: 10
Views: 1275

Re: Buying a court-ordered divorce house

People who are spiteful in a divorce will be spiteful in a home sale because they are spiteful people. Do your due diligence and make your offer accordingly. You might get a good deal on the house, but are guaranteed to get a good deal of pointless aggravation as well.
by NotWhoYouThink
Fri Jul 12, 2019 7:37 am
Forum: Personal Consumer Issues
Topic: Got robbed in London...Phone stolen...what else do I need to do?
Replies: 50
Views: 6424

Re: Got mugged in London...Phone stolen...what else do I need to do?

email everyone in your contact list telling them you were mugged in London and asking them to send you money.
by NotWhoYouThink
Thu Jul 11, 2019 1:32 pm
Forum: Personal Finance (Not Investing)
Topic: In-Laws are estate/Medicaid planning - need help
Replies: 24
Views: 2186

Re: In-Laws are estate/Medicaid planning - need help

Come up with some plausible scenarios where they are too weak to take care of their home, but not sick enough for Medicaid. What would they do? Assure them that you will not move in with them, and they will not move in with you. If the money is gone and they have given away the house, where do they ...
by NotWhoYouThink
Thu Jul 11, 2019 10:29 am
Forum: Personal Finance (Not Investing)
Topic: Has anyone inherited a obligation/burden/responsibility?
Replies: 76
Views: 7414

Re: Has anyone inherited a obligation/burden/responsibility?

I would refuse to accept a burden that I thought was unreasonable, which would include time shares. I would sell real estate. I would not hold onto something because someone no longer living wanted me to. That includes Aunt Tillie's diamond brooch as well as Grandpa Jack's apple orchard. I enjoy wat...
by NotWhoYouThink
Thu Jul 11, 2019 10:24 am
Forum: Personal Investments
Topic: How do most advisors produce client returns?
Replies: 57
Views: 4033

Re: How do most advisors produce client returns?

The title of your thread is about producing client returns, but the body of your posts is about a)what actions the advisor takes and b)how the advisor gets paid. The returns come from the returns in the stock and bond markets. In short words, if you invested in stocks and bonds over the last 10/20/3...
by NotWhoYouThink
Thu Jul 11, 2019 8:55 am
Forum: Personal Investments
Topic: How do most advisors produce client returns?
Replies: 57
Views: 4033

Re: How do most advisors produce client returns?

They "do their work" by recruiting and retaining clients. Their work is mostly sales, not finance. They choose investments by plugging in the clients' response to questions about investment goals and risk tolerances into their companies' proprietary investment-generator program, and spitting out com...
by NotWhoYouThink
Wed Jul 10, 2019 6:57 am
Forum: Personal Finance (Not Investing)
Topic: In-Laws are estate/Medicaid planning - need help
Replies: 24
Views: 2186

Re: In Laws are estate/Medicaid planning - need help

It would be possible for them to give the house/land to their sons and retain a life estate, but they'd need to go through lawyers to do that, and then your husband would eventually be stuck owning a house with his brother, which he probably doesn't want. It would be better for them to keep the hous...
by NotWhoYouThink
Mon Jul 08, 2019 10:26 am
Forum: Investing - Theory, News & General
Topic: Americans believe they need $1.7 million, on average, to retire
Replies: 284
Views: 27031

Re: Americans believe they need $1.7 million, on average, to retire

$1.7M per individual or per couple? Includes home value? With or without pension?
by NotWhoYouThink
Mon Jul 08, 2019 7:02 am
Forum: Personal Consumer Issues
Topic: Parent giving us money to pay off mortgage
Replies: 17
Views: 2835

Re: Parent giving us money to pay off mortgage

Money is fungible. Is paying off your mortgage the best use for $100K?
by NotWhoYouThink
Mon Jul 08, 2019 6:53 am
Forum: Personal Investments
Topic: Where to invest new cash at this time of all time high market
Replies: 24
Views: 2670

Re: Where to invest new cash at this time of all time high market

All of it into your asset allocation on day 1. I've done this many times. Make a decision, implement it, move on. [OT comment removed by moderator oldcomputerguy]
by NotWhoYouThink
Sun Jul 07, 2019 11:34 am
Forum: Personal Finance (Not Investing)
Topic: Prenuptial for future son-in-law - RESOLVED
Replies: 46
Views: 2386

Re: Prenuptial for future son-in-law

We plan on sitting down with the future couple soon to discuss the prenuptial agreement . What is it that you would like this man and your daughter to agree to before they get married? How does your daughter feel about that? As others have said, it is perfectly plausible that he will have much high...
by NotWhoYouThink
Sat Jul 06, 2019 4:58 pm
Forum: Personal Finance (Not Investing)
Topic: trustee duties when grantor passes
Replies: 19
Views: 735

Re: trustee duties when grantor passes

Questions- when is the irrevocable trust closed- after disbursement? May sound like a dumb question, but what does the trust document say about disbursement? Does it say "disburse to these individuals equally free of trust" or does it say "set up trusts for these individuals and fund them equally" ...
by NotWhoYouThink
Sat Jul 06, 2019 4:46 pm
Forum: Personal Consumer Issues
Topic: Sofa or couch ( an6 difference) for new homeowners
Replies: 25
Views: 1361

Re: Sofa or couch ( an6 difference) for new homeowners

estatesales.net and their zip code
by NotWhoYouThink
Sat Jul 06, 2019 2:48 pm
Forum: Personal Investments
Topic: I'm beside myself about my dad's investment account
Replies: 32
Views: 5424

Re: I'm beside myself about my dad's investment account

If the money is in an irrevocable trust to allow him to receive benefits, then he is not the beneficiary and you will not be able to use the money for his care anyway, right? So he isn't the one affected by the low returns.
by NotWhoYouThink
Sat Jul 06, 2019 9:59 am
Forum: Personal Consumer Issues
Topic: Theodore Roosevelt National Park or Badlands NP -- good for hiking in August?
Replies: 24
Views: 1317

Re: Theodore Roosevelt National Park or Badlands NP -- good for hiking in August?

There may be a better place in these United States to enjoy a musical and a pitchfork steak fondue dinner than Medora, ND at the entrance to the south section of TRNP, but I am not aware of it.
by NotWhoYouThink
Fri Jul 05, 2019 5:46 pm
Forum: Personal Finance (Not Investing)
Topic: Have trust already, how to add monetary gifts to grandchildren
Replies: 20
Views: 816

Re: Have trust already, how to add monetary gifts to grandchildren

It may be less expensive to start all over than to pay an attorney to make what you think is a small change to your estate plan. An attorney isn't just going to assume everything in it is just fine and only work on a change, she will want to spend time reviewing the whole thing, and charge by the ho...
by NotWhoYouThink
Wed Jul 03, 2019 7:04 pm
Forum: Personal Consumer Issues
Topic: What to let kids buy?
Replies: 39
Views: 2342

Re: What to let kids buy?

No one ever gave either of our kids any appreciable amount of money - maybe $20 or $50 for a birthday, so we didn't have to deal with them having the ability to really spend away. Not sure how that would have changed the rules, but it probably would have changed something. Maybe not, and it no longe...
by NotWhoYouThink
Wed Jul 03, 2019 1:01 pm
Forum: Personal Consumer Issues
Topic: Parents got ripped off, what can I do about it?
Replies: 75
Views: 6651

Re: Parents got ripped off, what can I do about it?

If they installed an inferior or substandard unit perhaps the plumber should be asked to exchange it and install one at least as good as the old one that failed Only if the parents pay parts and labor for the new unit. If the one installed was not what they wanted they should have said so before it...
by NotWhoYouThink
Wed Jul 03, 2019 12:35 pm
Forum: Personal Finance (Not Investing)
Topic: Adult son has not controlled credit card overuse!
Replies: 106
Views: 6086

Re: Adult son has not controlled credit card overuse!

He's married? Tread softly. Is his wife part of the problem? Tread very very softly. Let Dave Ramsey do any heavy lifting.
by NotWhoYouThink
Wed Jul 03, 2019 12:33 pm
Forum: Personal Consumer Issues
Topic: Parents got ripped off, what can I do about it?
Replies: 75
Views: 6651

Re: Parents got ripped off, what can I do about it?

If they installed an inferior or substandard unit perhaps the plumber should be asked to exchange it and install one at least as good as the old one that failed Only if the parents pay parts and labor for the new unit. If the one installed was not what they wanted they should have said so before it...
by NotWhoYouThink
Wed Jul 03, 2019 12:30 pm
Forum: Personal Consumer Issues
Topic: What to let kids buy?
Replies: 39
Views: 2342

Re: What to let kids buy?

Your kids are not my kids, but we let ours spend freely. As they got older, their allowance had to cover things like clothing and social activities, but we didn't force any particular spending or saving. In my judgement, forcing a kid to pay 10% (or 1% or 50%) charity is no different from taxation a...
by NotWhoYouThink
Wed Jul 03, 2019 8:54 am
Forum: Personal Investments
Topic: Schwab CFP meeting and feedback
Replies: 30
Views: 2968

Re: Schwab CFP meeting and feedback

4. While we lack for nothing and have a comfortable life, I am struck with how well off we are. Perhaps we ought to enjoy more by spending some of this money while we remain as young as we will get. Tesla for fun? More concerts? Better toilet paper? Charity? Hire a gardener? Dance lessons You've go...
by NotWhoYouThink
Wed Jul 03, 2019 8:42 am
Forum: Personal Consumer Issues
Topic: how do couples work together on home finance
Replies: 60
Views: 4492

Re: how do couples work together on home finance

We decided up front what percentage of our salary to direct to the 401k/IRA (and later 529) and what percent to donate to charity. Later when my compensation included bonuses we decided how much to defer into the 457 and how much to put in an after-tax brokerage account. The rest we can spend. If we...
by NotWhoYouThink
Wed Jul 03, 2019 8:20 am
Forum: Personal Finance (Not Investing)
Topic: Inheriting two homes, sell or rent them ...
Replies: 27
Views: 2252

Re: Inheriting two homes, sell or rent them ...

See also this current thread running about replacing a garbage disposal. https://www.bogleheads.org/forum/viewtopic.php?f=11&t=284740 If you have 2 houses, you have something going wrong with them all the time. Especially if you don't know for sure that they have been meticulously maintained, includ...
by NotWhoYouThink
Mon Jul 01, 2019 7:19 am
Forum: Personal Finance (Not Investing)
Topic: Do you share your net worth with family members?
Replies: 252
Views: 20005

Re: Do you share your net worth with family members?

Apart from spouse, no. At best, the family members are glad for you and you move on with no issues. OTOH, they can become resentful & demanding, and it complicates your relationships with them. Also word can spread and may lead to undesirable consequences. DH & I are frugal and lowkey, but my vario...
by NotWhoYouThink
Thu Jun 27, 2019 3:01 pm
Forum: Personal Investments
Topic: A Nice Problem To Have...Usually
Replies: 10
Views: 3262

Re: A Nice Problem To Have...Usually

We will be receiving 1/4 of the roughly $800K proceeds in a week or so First step: adjust your thinking about your financial situation. This $200,000 is now your money, and it needs to be managed in conjunction with all your other financial plans. You might want to read the wiki Managing A Windfall...
by NotWhoYouThink
Thu Jun 27, 2019 11:26 am
Forum: Personal Finance (Not Investing)
Topic: What major life expenses are you planning for pre/post retirement?
Replies: 16
Views: 2181

Re: What major life expenses are you planning for pre/post retirement?

Cars
Home Maintenance (roof, zoned heating and cooling systems)
Travel travel travel travel
by NotWhoYouThink
Thu Jun 27, 2019 11:24 am
Forum: Personal Consumer Issues
Topic: Need guidance on a tricky situation
Replies: 21
Views: 1143

Re: Need guidance on a tricky situation

Add whatever you paid him to the $150, and you're maybe at about half what it would have cost to board the dog. Easy decision.
by NotWhoYouThink
Wed Jun 26, 2019 6:33 pm
Forum: Personal Finance (Not Investing)
Topic: Considering opening a Wells Fargo Advisors account for 0.25% discount on mortgage interest rate
Replies: 11
Views: 971

Re: Considering opening a Wells Fargo Advisors account for 0.25% discount on mortgage interest rate

Does it have to be an Advisor account, or could it be a Wells Trade account? If advisor, then you should pass, and maybe shop around some for mortgage rates. The Wells Fargo Advisor accounts I have seen have high fees, and the advisors put you in high expense funds. Definitely you would lose more in...
by NotWhoYouThink
Wed Jun 26, 2019 11:20 am
Forum: Personal Consumer Issues
Topic: Life after COBRA - selecting new health insurance
Replies: 37
Views: 3127

Re: Life after COBRA - selecting new health insurance

UHC-HDHP - PPO: $1,616.32; deductible: $1,500/$1,500; OOP: $2000/$4000 Since this has HDHP in the title it is HSA eligible, right? Looks like you are about 2 years ahead of me in this process, I'm following closely. I'm planning now to stick with the option that looks the most like this one - big n...
by NotWhoYouThink
Wed Jun 26, 2019 11:09 am
Forum: Investing - Theory, News & General
Topic: Ric Edelman's view on the stock market
Replies: 27
Views: 4015

Re: Ric Edelman's view on the stock market

Here is a link to Ric Edelman's show (6/23) where he provides some interesting information on stock market behavior. This might give newer investors a better perspective on investing for the long run. Start at ~1:22:40 listen until 1:13, a total of about 10 minutes. http://www.wlsam.com/ric-edelman...
by NotWhoYouThink
Wed Jun 26, 2019 11:06 am
Forum: Personal Finance (Not Investing)
Topic: Question on using 529 for Room & Board
Replies: 13
Views: 1096

Re: Question on using 529 for Room & Board

renue74: Thanks for the reminder about calendar year vs academic year. I've been taking out funds from 529 for several years, but only for tuition and fees, books and supplies, not for R&B because he has been commuting from home. You can actually withdraw up to the amount listed for R&B for a stude...
by NotWhoYouThink
Wed Jun 26, 2019 7:13 am
Forum: Personal Finance (Not Investing)
Topic: Tax planning for NJ - transferring assets from parents to children
Replies: 16
Views: 1004

Re: Tax planning for NJ - transferring assets from parents to children

It's not clear what the OP is trying to accomplish here - what taxes are anticipated that could be avoided? Or is he talking about avoiding health care costs? The 5 year look back on Medicaid has to do with long term care, not general health care. The health care part is based in income, not assets....
by NotWhoYouThink
Tue Jun 25, 2019 10:29 am
Forum: Personal Finance (Not Investing)
Topic: Buying Parent's Home Below Market
Replies: 47
Views: 4565

Re: Buying Parent's Home Below Market

We pay a reduced rent so we can act as property managers to some extent and take care of minor update like painting, repairing and replacing appliances, pay house insurance, repairing decks, caring for the lawn, etc., with our own money. Unfortunately, the larger repairs we can’t afford and don’t h...