Search found 1971 matches

by 8foot7
Fri May 29, 2020 12:11 pm
Forum: Personal Finance (Not Investing)
Topic: credit union won't accept paycheck for deposit
Replies: 8
Views: 286

Re: credit union won't accept paycheck for deposit

A custodial account does not belong to the minor until the minor reaches the age of consent; it belongs to the custodian. Therefore depositing a paycheck written out to the minor into a custodial account would improperly convert the minor's money (which is unencumbered currently as a negotiable che...
by 8foot7
Fri May 29, 2020 12:08 pm
Forum: Personal Finance (Not Investing)
Topic: credit union won't accept paycheck for deposit
Replies: 8
Views: 286

Re: credit union won't accept paycheck for deposit

Generally banks will let a 16 year old have a checking account, especially if it is jointly owned with a parent (not set up as a custodial account, but as a joint account). This would eliminate the problem you are encountering, but it would also let your son have unrestricted access to the funds in ...
by 8foot7
Fri May 29, 2020 11:52 am
Forum: Personal Finance (Not Investing)
Topic: credit union won't accept paycheck for deposit
Replies: 8
Views: 286

Re: credit union won't accept paycheck for deposit

A custodial account does not belong to the minor until the minor reaches the age of consent; it belongs to the custodian. Therefore depositing a paycheck written out to the minor into a custodial account would improperly convert the minor's money (which is unencumbered currently as a negotiable chec...
by 8foot7
Fri May 29, 2020 10:32 am
Forum: Personal Finance (Not Investing)
Topic: Employer approval for a side gig
Replies: 43
Views: 2083

Re: Employer approval for a side gig

Looking for some basic advice here and thoughts on what sort of outcome I should expect. Per my employer's code of conduct, I must notify them of any type of ownership and/or employment with a secondary venture. I don't think you are asking permission (at least I wouldn't be). I think you would be ...
by 8foot7
Fri May 29, 2020 10:31 am
Forum: Personal Consumer Issues
Topic: Car Issues - No Oil
Replies: 36
Views: 1657

Re: Car Issues - No Oil

I had a 98 Volvo that drank oil. Drank it. One day ran over some debris on the interstate at night (couldn't see it in the roadway until it was too late to avoid it) -- turns out it punctured the oil pan. Didn't know that until about 30 miles later I hear clicking sounds and lots of warning lights o...
by 8foot7
Mon May 25, 2020 10:27 am
Forum: Personal Finance (Not Investing)
Topic: Customer hasn't paid me not worth cost of lawyer but...
Replies: 48
Views: 4961

Re: Customer hasn't paid me not worth cost of lawyer but...

I learned a long time ago net 60 means 60 days from whenever your contact decides your invoice is approved and presents it to accounting. Or 60 days from whenever accounting gets all their i's dotted and t's crossed. The 60, or 90, or whatever bore no relation to the date on your invoice or the date...
by 8foot7
Fri May 22, 2020 5:07 pm
Forum: Personal Finance (Not Investing)
Topic: EIDL - Economic Injury Disaster Loan
Replies: 20
Views: 1409

Re: EIDL - Economic Injury Disaster Loan

I applied for EIDL in early April. I finally got an email today to verify identity. (Note: Experian indicated that SBA ran a credit check on my SSN). After I confirmed identity, it said that the interest rate on the loan would be 3.75%. Why on earth would I borrow from the govt and pay them 3.75% i...
by 8foot7
Fri May 22, 2020 2:20 pm
Forum: Personal Finance (Not Investing)
Topic: Prepaying PPP Loan Prior to Requesting Forgiveness
Replies: 8
Views: 451

Re: Prepaying PPP Loan Prior to Requesting Forgiveness

At 1% interest annualized over a couple of months I think I would just sit tight and let the forgiveness process be nailed down, worked out, and have a few people go through it. Even a $250,000 PPP loan will incur just $200 per month in interest, and if your time is worth anything, fighting to get m...
by 8foot7
Fri May 22, 2020 10:00 am
Forum: Personal Finance (Not Investing)
Topic: Selling home - low ball negotiation
Replies: 145
Views: 12068

Re: Selling home - low ball negotiation

Completely ignore the offer You counter when you have a reasonable offer , if you Counter now you have lost major ground When we sold our houses we didn’t do a thing with the offers until we talked to our friends in the business world who do it all the time Ignore the offer . Let it expire . They w...
by 8foot7
Fri May 22, 2020 8:53 am
Forum: Personal Investments
Topic: Is Chasing Yield Worth It? (Banks)
Replies: 15
Views: 1176

Re: Is Chasing Yield Worth It? (Banks)

Most of us can probably grab a few hundred a year, even up to a grand or a little more, chasing these things, especially if you move around substantial sums. That number levels out because many companies put restrictions on bonuses for returning customers, either preventing them from receiving a bon...
by 8foot7
Thu May 21, 2020 6:16 pm
Forum: Personal Consumer Issues
Topic: Can I afford to buy an expensive guitar?
Replies: 34
Views: 1297

Re: Can I afford to buy an expensive guitar?

CommitmentDevice wrote:
Thu May 21, 2020 5:21 pm
My spouse proposed an alternative goal... "if you connect with a bunch of musicians in our new town and end up playing a lot, then it'll be time for getting a great guitar."
Your spouse is smart. Hang on to that one.
by 8foot7
Thu May 21, 2020 12:23 pm
Forum: Personal Consumer Issues
Topic: Can I afford to buy an expensive guitar?
Replies: 34
Views: 1297

Re: Can I afford to buy an expensive guitar?

Two or three schools of thought. 1) Your student loan debt ought to be an emergency, or darn near one, at least the 55k of it that won't be forgiven. Buying a house with 55k in unsecured student loan debt is probably not the wisest move ever. -or- 2) A 10% down payment on a 300k house is 30k, so you...
by 8foot7
Thu May 21, 2020 11:47 am
Forum: Personal Finance (Not Investing)
Topic: PPP: Will Forgivable Loans Incur Tax Liability?
Replies: 4
Views: 361

Re: PPP: Will Forgivable Loans Incur Tax Liability?

https://www.jdsupra.com/legalnews/tax-e ... irs-72682/

"Under Section 1106(i) of the CARES Act, any amounts forgiven are excluded from gross income."
by 8foot7
Thu May 21, 2020 11:20 am
Forum: Personal Consumer Issues
Topic: Do you dislike recurring billing for gyms?
Replies: 68
Views: 3416

Re: Do you dislike recurring billing for gyms?

I won't permit automatic drafts from my bank account. I will put recurring credit card transactions on a card that lets me do the virtual numbers - where you can get a unique card number, cvv code and exp date for a particular transaction - and give that virtual number to the merchant. That way I ca...
by 8foot7
Thu May 21, 2020 8:25 am
Forum: Personal Finance (Not Investing)
Topic: Child inheritance -change executor?
Replies: 20
Views: 1388

Re: Child inheritance -change executor?

You need a copy of the will, a copy of the trust, and an appointment with a lawyer pronto. The demand for yearly accounting is important, too, but also like driving with only the rear-view mirror: if he's misspent trust funds, given his broke unemployed state there would be little chance to recover ...
by 8foot7
Tue May 19, 2020 7:14 pm
Forum: Personal Finance (Not Investing)
Topic: Mortgage payoff logistics and large ACH transfer
Replies: 16
Views: 1589

Re: Mortgage payoff logistics and large ACH transfer

The ACH system limit for non-same day transactions is one cent below 100 million dollars. Some banks may have individual limits that are smaller.
by 8foot7
Tue May 19, 2020 5:34 pm
Forum: Personal Consumer Issues
Topic: Do you give mechanics 2nd (3rd) chances?
Replies: 22
Views: 1614

Re: Do you give mechanics 2nd (3rd) chances?

2nd chance yes. 3rd chance no and the first two charges either get refunded or disputed.
by 8foot7
Mon May 18, 2020 7:24 pm
Forum: Personal Finance (Not Investing)
Topic: HELOC - original mortgage not satisfied
Replies: 17
Views: 1072

Re: HELOC - original mortgage not satisfied

You should send a bill to Chase or whomever is servicing Washington Mutual loans for their failure to record a satisfaction. You know, since they surely charged you for the recording in the first place.
by 8foot7
Mon May 18, 2020 12:26 pm
Forum: Personal Finance (Not Investing)
Topic: Three years of emergency fund too much in this time?
Replies: 39
Views: 4310

Re: Three years of emergency fund too much in this time?

millennialmillions wrote:
Sun May 17, 2020 6:41 pm
Yes, three years of emergency fund is too much. At that point, it is no longer an emergency fund and is instead a significant portion of your asset allocation.
I am a fan of liquidity but if your goal is 25x expenses, your 3 year "emergency fund" is actually 12% of what you need to retire.
by 8foot7
Mon May 18, 2020 8:57 am
Forum: Personal Finance (Not Investing)
Topic: How to respond to poor life decision affecting job
Replies: 28
Views: 3198

Re: How to respond to poor life decision affecting job

Depending upon how well document the company's policy about working remotely and what you were told by HR and your manager, you may have a legal case against the company. Inconsistency on policies is usually very actionable legally. Of course, returning to the company under those circumstances may ...
by 8foot7
Sun May 17, 2020 12:16 pm
Forum: Personal Finance (Not Investing)
Topic: Income about to be halved - what do we do?
Replies: 62
Views: 7692

Re: Income about to be halved - what do we do?

-If I throw all of our earned commissions as they get paid and 10k from savings onto the mortgage then we will be done in September and that will free up 2300 a month and solve the above problem. Should we I would. You still earn 150k and have 90k liquid or close. This solves the problem. Or you co...
by 8foot7
Sun May 17, 2020 11:40 am
Forum: Personal Finance (Not Investing)
Topic: Pay off Tesla as Planned or Keep Cash for Covid Uncertainty?
Replies: 62
Views: 3730

Re: Pay off Tesla as Planned or Keep Cash for Covid Uncertainty?

I have been in a similar predicament before. At 3.99%, your rate is not particularly good. I would sell the car if you can leave the transaction with money in your pocket or not have to bring money to the table. This eliminates relatively expensive debt and improves your cash flow. At this time, if ...
by 8foot7
Sun May 17, 2020 8:45 am
Forum: Personal Finance (Not Investing)
Topic: Rent is increased by 6%, negotiation tips?
Replies: 60
Views: 5091

Re: Rent is increased by 6%, negotiation tips?

No idea about your rental market but I’m planning to offer my landlord an 18% decrease in rent for a lease renewal at the same time. The building has multiple empty units. I live in a tourism hotspot and no one is here. Beach is closed. Our rent is high. I prefer to be very aggressive in negotiatio...
by 8foot7
Sun May 17, 2020 8:41 am
Forum: Personal Finance (Not Investing)
Topic: Rent is increased by 6%, negotiation tips?
Replies: 60
Views: 5091

Re: Rent is increased by 6%, negotiation tips?

Your best bet with a corporate landlord is to do the mystery shop for new customers.
by 8foot7
Sat May 16, 2020 8:16 am
Forum: Personal Finance (Not Investing)
Topic: Selling home - low ball negotiation
Replies: 145
Views: 12068

Re: Selling home - low ball negotiation

I light have missed it, but why do you want to move? Clarifying what your objective is in the grander scheme can help you figure out what your number is. Is the sale of this home unlocking the possibility of something else?
by 8foot7
Fri May 15, 2020 10:49 am
Forum: Personal Finance (Not Investing)
Topic: Small businesses stopping employees from getting Pandemic payments?
Replies: 54
Views: 3334

Re: Small businesses stopping employees from getting Pandemic payments?

As someone else said, this was the entire (and fairly well reasoned, imo) rationale behind the PPP. This kind of situation will come to a head more and more -- even without the fed unemployment kicker in play, folks have different feelings about whether it's safe to go back to work and sometimes tho...
by 8foot7
Fri May 15, 2020 8:14 am
Forum: Personal Finance (Not Investing)
Topic: Selling home - low ball negotiation
Replies: 145
Views: 12068

Re: Selling home - low ball negotiation

Brokers with this attitude don’t last very long in the broker business. I think one good thing about a real estate crisis, if this actually ends up becoming one, is that it generally drives out these part-time "realtors" who are only keen on scalping 6% off a transaction that was already going to h...
by 8foot7
Thu May 14, 2020 9:18 pm
Forum: Personal Finance (Not Investing)
Topic: Selling home - low ball negotiation
Replies: 145
Views: 12068

Re: Selling home - low ball negotiation

If they truly offered you 10%, that is, they want to buy a 500k house for 50k, then I wouldn’t even bother responding. 10% off asking (500k house, 450k offer) is something I’d explore. It’s a big discount but it was an opening salvo. Perhaps as others say if they waive an inspection contingency and ...
by 8foot7
Thu May 14, 2020 4:48 pm
Forum: Personal Finance (Not Investing)
Topic: Leaving a Job Voluntarily during a pandemic?
Replies: 31
Views: 2912

Re: Leaving a Job Voluntarily during a pandemic?

It's clear whatever you decide that you need to be looking for a job right now. Are you single? Is anyone depending on you? Are you mobile? Is the company going to sign a promissory note to you? Lot of time for things to go real south real quick between now and November. You could take the deal and...
by 8foot7
Thu May 14, 2020 2:51 pm
Forum: Personal Finance (Not Investing)
Topic: Leaving a Job Voluntarily during a pandemic?
Replies: 31
Views: 2912

Re: Leaving a Job Voluntarily during a pandemic?

It's clear whatever you decide that you need to be looking for a job right now. Are you single? Is anyone depending on you? Are you mobile? Is the company going to sign a promissory note to you? Lot of time for things to go real south real quick between now and November. You could take the deal and ...
by 8foot7
Thu May 14, 2020 11:37 am
Forum: Personal Consumer Issues
Topic: Strange Ethernet Issue
Replies: 29
Views: 1581

Re: Strange Ethernet Issue

Many switches do an 'autocrossover' which means you didn't need a crossover cable (a cable with 568a on one end and 568b on the other end) like you used to need to connect two different switches. The Fios router's integrated switch may be handing the A and B automagically because of this logic even ...
by 8foot7
Thu May 14, 2020 11:07 am
Forum: Personal Finance (Not Investing)
Topic: Family member returning borrowed money?
Replies: 27
Views: 3066

Re: Family member returning borrowed money?

There is no issue with doing this as an electronic transaction or with a check. This is because there is a trail of where the money came from, which is what the flags on cash are trying to establish. Further, there is no such thing as structuring with electronic transactions. You can make as many t...
by 8foot7
Thu May 14, 2020 10:45 am
Forum: Personal Consumer Issues
Topic: Dentist charges $10 for PPE
Replies: 234
Views: 10795

Re: Dentist charges $10 for PPE

4 pages on a $10 fee for PPE Are we all out of problems? Maybe this is a positive economic indicator? Actually, I think it is really sad that there are smart people here who think that somehow the $10 is a scam. Unbelievable. The point is not that it's a scam -- it's not -- but that charging nuisan...
by 8foot7
Thu May 14, 2020 10:32 am
Forum: Personal Finance (Not Investing)
Topic: Personally guaranteed business loan
Replies: 13
Views: 775

Re: Personally guaranteed business loan

Jesa wrote:
Thu May 14, 2020 10:06 am
... possible save your credit.
when one owes a bank $3 million one might not be able to pay, with all due respect, one's credit report should be the least of one's concerns.
by 8foot7
Thu May 14, 2020 8:16 am
Forum: Personal Finance (Not Investing)
Topic: Personally guaranteed business loan
Replies: 13
Views: 775

Re: Personally guaranteed business loan

Many bank loans of this sort are constructed so that both you and your partner are on the hook for the whole thing. Make sure your note says you are only responsible for 1.3. The key phrase here is "jointly and severally liable." When your partner gets a whiff that you are defaulting, if it comes to...
by 8foot7
Thu May 14, 2020 7:57 am
Forum: Personal Finance (Not Investing)
Topic: Mystery bill from dentist
Replies: 47
Views: 3174

Re: Mystery bill from dentist

I’d offer $50. You did get the X-ray after all. But there is no excuse for a half-decade billing snafu. If they don’t want to take $50 as settlement in full documented in writing then they can have a big ole goose egg. Make sure you tell them it’s a one-time offer that expires in 48 hours. If I tru...
by 8foot7
Wed May 13, 2020 8:14 pm
Forum: Personal Consumer Issues
Topic: Dentist charges $10 for PPE
Replies: 234
Views: 10795

Re: Dentist charges $10 for PPE

Six month routine visits may easily turn into annual routine visits. This. For a family of four another $10 a head is $80/year in new BS fees. We have healthy teeth and have gone years without cavities. Annual plan here we come. If this becomes a widespread tactic, they’ll get their $40 surcharge b...
by 8foot7
Wed May 13, 2020 8:09 pm
Forum: Personal Finance (Not Investing)
Topic: Mystery bill from dentist
Replies: 47
Views: 3174

Re: Mystery bill from dentist

I’d offer $50. You did get the X-ray after all. But there is no excuse for a half-decade billing snafu. If they don’t want to take $50 as settlement in full documented in writing then they can have a big ole goose egg. Make sure you tell them it’s a one-time offer that expires in 48 hours.
by 8foot7
Wed May 13, 2020 3:27 pm
Forum: Personal Consumer Issues
Topic: Dentist charges $10 for PPE
Replies: 234
Views: 10795

Re: Dentist charges $10 for PPE

I might chip in a couple of bucks to help defray the sudden spike in price, but there's no way I'm paying a $10-20 surcharge every time my family of four goes to the dentist. That's a cost of doing business. If he can't operate his business profitably purchasing all of the required supplies to offer...
by 8foot7
Tue May 12, 2020 6:54 pm
Forum: Personal Finance (Not Investing)
Topic: Broke mother-in-law retiring due to COVID-19
Replies: 54
Views: 6494

Re: Broke mother-in-law retiring due to COVID-19

I would not pay her credit cards off. This is a disaster you can see coming. She has no business retiring. Perhaps she doesn’t want to teach anymore, but she does not have enough money to stop working period, and you’re kidding yourself if you think you won’t be expected by either her or your wife o...
by 8foot7
Mon May 11, 2020 9:07 am
Forum: Personal Finance (Not Investing)
Topic: Advice needed - sister's home in foreclosure - terminal cancer
Replies: 26
Views: 2844

Re: Advice needed - sister's home in foreclosure - terminal cancer

I think I would advance $12k to get the loan current to preserve an asset worth 600k that is going to be foreclosed on for a 95k loan because I can assure you no one will be looking to maximize that 600k and all the bank will care about is getting their 95k out of it, which they are assured to do. P...
by 8foot7
Mon May 11, 2020 8:07 am
Forum: Personal Consumer Issues
Topic: Should I purchase my end-of-lease Audi A4?
Replies: 58
Views: 3407

Re: Should I purchase my end-of-lease Audi A4?

I truly believe if you like driving an Audi you should just continue to lease new Audis every three years and just call it what it is, a luxury purchase. The BH way is to drive a paid off Camry (or lately I guess it's these Subarus) for 20 years. If you like a luxury car and can afford a lease payme...
by 8foot7
Sun May 10, 2020 2:33 pm
Forum: Personal Finance (Not Investing)
Topic: Layoff Imminent, seeking guidance.
Replies: 56
Views: 7320

Re: Layoff Imminent, seeking guidance.

Zero chance you will reverse this. At a megacorp these lists are prepared, checked, checked again, reviewed at multiple levels, and verified. Any (very slim) chance you had of talking yourself out of this group was a month, if not more, ago, when these lists were circulating. You know, when you clos...
by 8foot7
Thu May 07, 2020 3:25 pm
Forum: Personal Finance (Not Investing)
Topic: Choosing not to correct all billing/financial errors
Replies: 68
Views: 4591

Re: Choosing not to correct all billing/financial errors

I know of a family involved in a will dispute both sides say is about 20k. They are spending a lot more than that in attorney fees fighting over “the principle.” This came up during my divorce. My lawyer billed in 6 minute increments at $400 an hour, so every time I emailed him a question about som...
by 8foot7
Thu May 07, 2020 2:16 pm
Forum: Personal Finance (Not Investing)
Topic: PPP Loan Withdrawal Deadline Extended--Self-Employed
Replies: 6
Views: 366

Re: PPP Loan Withdrawal Deadline Extended--Self-Employed

I tend to agree if you have been negatively affected from the revenue side, then you should go ahead and try to get money while the grab bag is open. If you run Shake Shack, my advice does not apply.
by 8foot7
Thu May 07, 2020 2:13 pm
Forum: Personal Finance (Not Investing)
Topic: keep emergency cash at local bank?
Replies: 26
Views: 1226

Re: keep emergency cash at local bank?

Not to mention that one time you really need cash from your online bank and they decide your withdrawal looks 'suspicious' and freeze your account/pause the withdrawal until they are satisfied it is a legitimate request. There have been several threads on Ally here in particular where transfers get ...
by 8foot7
Thu May 07, 2020 11:59 am
Forum: Personal Finance (Not Investing)
Topic: Choosing not to correct all billing/financial errors
Replies: 68
Views: 4591

Re: Choosing not to correct all billing/financial errors

I almost always let things go that are $5 or under - whether they are in my favor or not. When I unjustly benefit, above $5 I almost always make some effort to correct it, with the effort being somewhat relative to the amount in error. If I have to call and fight about money owed to me (a mistake no...
by 8foot7
Thu May 07, 2020 11:56 am
Forum: Personal Finance (Not Investing)
Topic: PPP Loan Withdrawal Deadline Extended--Self-Employed
Replies: 6
Views: 366

Re: PPP Loan Withdrawal Deadline Extended--Self-Employed

I would assume they are attempting to shed the load of applications and are hoping the weakminded and fraudsters will withdraw.
by 8foot7
Thu May 07, 2020 10:55 am
Forum: Personal Finance (Not Investing)
Topic: How to negotiate severance if laid off?
Replies: 75
Views: 6082

Re: How to negotiate severance if laid off?

If you have to ask if you have leverage in a layoff situation, you don't have leverage. A general rule of thumb. The time to negotiate severance is during the employment contract negotiation upfront before hire. If you are not important enough to warrant a contract, as opposed to being an at-will em...
by 8foot7
Thu May 07, 2020 9:23 am
Forum: Personal Finance (Not Investing)
Topic: keep emergency cash at local bank?
Replies: 26
Views: 1226

Re: keep emergency cash at local bank?

Even at double your previous yield, on 5k in absolute terms you are talking a return of just over $100 a year, or less than $10/mo. You were receiving about half that before, or less than $5/mo. At some point you have to confront the diminishing returns of trying to optimize every last nickel. I wou...