Search found 46 matches

by dcd72
Tue Jan 26, 2021 8:45 am
Forum: Personal Finance (Not Investing)
Topic: How to get a bigger mortgage with lower income
Replies: 17
Views: 1738

Re: How to get a bigger mortgage with lower income

It seems like your best bet is to have your mother give you $300,000 to add to your down payment.

While you may be sure of your ability to service a $900k mortgage on a salary of $125-$150k, the bank is going to (understandably) balk at that. It's 6x-7x your salary.
by dcd72
Wed Dec 23, 2020 1:41 pm
Forum: Personal Finance (Not Investing)
Topic: Running out of cash
Replies: 132
Views: 11456

Re: Running out of cash

Im with Celia and Tony. You describe being cash poor, but you are actually playing games with the tax system to make a 6 figure income (im guessing 120k + ?) look like a poverty line income so you qualify for subsidies meant to give poor families access to healthcare. +1 This may sound a little har...
by dcd72
Fri Dec 11, 2020 6:18 pm
Forum: Personal Finance (Not Investing)
Topic: Anyone "save" anything other than money for retirement?
Replies: 47
Views: 5291

Re: Anyone "save" anything other than money for retirement?

I have what my wife refers to as my 401S plan. I like all kinds of scotch, whiskey and bourbon and over the last couple years I will splurge on a bottle ($30-$60) once every couple months or when I see a good sale. The plan is to enjoy these spirits throughout retirement I'd estimate I have 24-30 b...
by dcd72
Tue Dec 08, 2020 12:01 pm
Forum: Personal Finance (Not Investing)
Topic: What should a 23 year old consider before purchasing a Tesla?
Replies: 264
Views: 13495

Re: What should a 23 year old consider before purchasing a Tesla?

I was 23 once. I bought a Chevy Camaro. I want to say it cost about a years salary at the time, maybe a year and a half. I enjoyed the car, but it only lasted me about 8 years before it smoked like chimney. What I will tell you is the new wears off really fast and in the end it will just end up bei...
by dcd72
Wed Nov 25, 2020 10:06 am
Forum: Personal Finance (Not Investing)
Topic: Dentist billing in advance
Replies: 40
Views: 3111

Re: Dentist billing in advance

I’ll pay day of procedure upon arrival, and perhaps for hardware/products that are custom made further in advance, but I am not prepaying for labor. My daughter's orthodontist quotes a flat fee at the beginning of a phase of the treatment (we're now on the third, and hopefully final, phase). It inc...
by dcd72
Tue Nov 24, 2020 8:45 am
Forum: Personal Finance (Not Investing)
Topic: Can we afford this $725,000 house?
Replies: 162
Views: 11973

Re: Can we afford this $725,000 house?

Holy moly .. $725k with only 1/3 acre lot and only 3300 sq ft? Certainly not out of line for a family of 4 size wise. I had no idea this area was so expensive. I’m guessing property taxes and utilities are crazy high too? Just a wild guess but $15k for taxes and half that for utilities? I know that...
by dcd72
Mon Nov 23, 2020 1:28 pm
Forum: Personal Finance (Not Investing)
Topic: Does anyone use an accountant for personal taxes?
Replies: 146
Views: 9741

Re: Does anyone use an accountant for personal taxes?

I am a partner in a firm with offices in 13 states. My personal taxes are a nightmare.
by dcd72
Mon Nov 02, 2020 8:58 am
Forum: Personal Finance (Not Investing)
Topic: Am I crazy to get Tesla Model Y?
Replies: 50
Views: 4002

Re: Am I crazy to get Tesla Model Y?

I have no opinion about Tesla v. other electric car v. internal combustion engine. But whatever you buy, don't take out a HELOC to pay for it (!!) and definitely don't decrease 401k contributions to pay for it (!!!).
by dcd72
Wed Oct 28, 2020 5:21 pm
Forum: Personal Finance (Not Investing)
Topic: Family finance courses or methods / convincing a spouse (long)
Replies: 84
Views: 5466

Re: Family finance courses or methods / convincing a spouse (long)

But at a minimum, I'd suggest separating out her 'self' budget from the grocery and kids' budget. Seems to me that doing so is likely to set an unhealthy dynamic where her money for clothing/etc is in competition with the kids. I 'd be pretty annoyed if 'my' fund was 'pay all the bills and do all t...
by dcd72
Wed Sep 23, 2020 3:52 pm
Forum: Personal Finance (Not Investing)
Topic: Physicians: Should I leave my job?
Replies: 207
Views: 16283

Re: Physicians: Should I leave my job?

We don’t begrudge computer IT folks, lawyers, or business folk etc from getting paid what they are worth relative to how much money they are bringing in, why are people finding his behavior troubling? It's funny. In any other profession, the professional sets their fee upfront and it is paid. When ...
by dcd72
Mon Sep 21, 2020 2:44 pm
Forum: Personal Finance (Not Investing)
Topic: The conundrum of Pennsylvania 401K contributors who are in no way "married" to the state for retirement. What to do?
Replies: 24
Views: 2783

Re: The conundrum of Pennsylvania 401K contributors who are in no way "married" to the state for retirement. What to do?

other than the state legislature growing a brain and a heart in the near future, Contrary to your suggestion, this framework makes sense from the state's (excuse me, Commonwealth's) perspective. Very few people are going to base the decision on to where they live while working based on this quirk (...
by dcd72
Fri Jan 17, 2020 8:49 am
Forum: Personal Finance (Not Investing)
Topic: Can I potentially retire in 2023? Or is it too early for me?
Replies: 27
Views: 4804

Re: Can I potentially retire in 2023? Or is it too early for me?

The math here puzzles me. You say your total expenses, *including income tax and mortgage* are $110,000 on $320,000 HHI in a HCOL area. That's exceedingly low. Let's say your combined income tax obligations, state and federal, are 15% of your HHI. That's $48,000, leaving you with $62,000. You are pa...
by dcd72
Sun Nov 03, 2019 8:25 am
Forum: Personal Finance (Not Investing)
Topic: 25yo financial check-in
Replies: 15
Views: 1888

Re: 25yo financial check-in

As others have said, you are doing exceptionally well. However, I'm not sure I understand the fascination with keeping your taxable income below $40k. Early in your career, those Roth contributions are far more advantageous than the minimal tax implications of breaking the $40k threshhold.
by dcd72
Mon Mar 25, 2019 6:13 am
Forum: Personal Finance (Not Investing)
Topic: Do you treat inheritance as a singular or shared asset?
Replies: 113
Views: 6645

Re: Do you treat inheritance as a singular or shared asset?

I'm strongly leaning toward each of us keeping our inheritances outside of our marriage, for a variety of reasons. I'd be interested in reading your reasons. I personally haven't found a reason yet not to share all inheritances with my spouse. Here's one - I am a partner in a law firm. While the ri...
by dcd72
Tue Mar 12, 2019 9:34 am
Forum: Personal Finance (Not Investing)
Topic: Does a Roth ever make sense before exhausting tax deferred space?
Replies: 8
Views: 924

Re: Does a Roth ever make sense before exhausting tax deferred space?

A framing question: At your income, what is the actual $ difference in tax expense between traditional and Roth contributions? Does that amount move the needle for you in your annual budget? I would strongly recommend rolling old 401ks AND traditional IRAs into current 401ks. You are presumably goo...
by dcd72
Tue Mar 12, 2019 7:50 am
Forum: Personal Finance (Not Investing)
Topic: Does a Roth ever make sense before exhausting tax deferred space?
Replies: 8
Views: 924

Does a Roth ever make sense before exhausting tax deferred space?

Ages – 47 and 50. For the past 5 years, we have maxed out our 401k contributions. Each of us has some rollover 401k funds in traditional IRAs, so we never were able to do a backdoor Roth. It was always on my list to roll those balances into a current 401k, but I never got around to it. (I know, I kn...
by dcd72
Sun Jul 08, 2018 7:47 am
Forum: Personal Finance (Not Investing)
Topic: Retirement Destination - are you happy with your choice?
Replies: 127
Views: 18060

Re: Retirement Destination - are you happy with your choice?

I retired to Washington DC because that's where I've lived my entire life, and no other location has been calling my name. I'm a city guy at heart, so I'm not sure I would be happy in a suburban or rural setting (which is where most retirement communities are located). I think the DC summers are al...
by dcd72
Sat May 19, 2018 1:21 pm
Forum: Personal Finance (Not Investing)
Topic: Dave Ramsey it or keep low interest debt
Replies: 134
Views: 11740

Re: Dave Ramsey it or keep low interest debt

No one can say with certainty which will actually be better for you financially . Which do you think and feel will put you ahead financially, investing or paying off the loans? If you are truly on the fence and can't decide despite all that you know about this decision from being active on Boglehea...
by dcd72
Wed Jan 24, 2018 9:04 am
Forum: Personal Finance (Not Investing)
Topic: Working in the real world
Replies: 118
Views: 11724

Re: Working in the real world

I live in a VHCOL area. Some would say the numbers around here are so crazy that we are living on another planet. The salaries at the company where I work cover a wide range. There are part time workers who are college students who make $14/hour. But they are learning important skills and gaining e...
by dcd72
Mon Dec 11, 2017 4:17 pm
Forum: Personal Consumer Issues
Topic: Save all this money, what do you splurge on?
Replies: 193
Views: 21949

Re: Save all this money, what do you splurge on?

Like many others, food (love trying new restaurants, which may or may not be in our city) and travel (annual ski trip out west, annual trip to Maine, bi-annual European or other vacations). And, I can't believe no one has mentioned this yet - good, hard to find alcohol (bourbon - damn you, bottle-sp...
by dcd72
Fri Dec 08, 2017 7:56 am
Forum: Personal Finance (Not Investing)
Topic: House on the market less than a day. Did listing agent commit fraud?
Replies: 56
Views: 8374

Re: House on the market less than a day. Did listing agent commit fraud?

Nothing illegal about it with my limited experience. Unfortunately, someone beat you to the house. No reason you can't see the house and put a backup offer, in case, the primary buyer falls out. I will say for the seller it is more advantageous to keep showing the house. The big mistake I did when ...
by dcd72
Wed Dec 06, 2017 12:51 pm
Forum: Personal Finance (Not Investing)
Topic: Mortgage as percentage of take-home pay
Replies: 79
Views: 12688

Re: Mortgage as percentage of take-home pay

Take home pay is also a variable concept. Is it take home pay in January, when we're paying full 401k contributions and OASDI taxes? Is it mid-year, after OASDI taxes cease? Is it September, when 401k contributions top out? Do we count the deferred income (20%) that, while not technically guaranteed...
by dcd72
Thu Nov 30, 2017 1:41 pm
Forum: Personal Finance (Not Investing)
Topic: I Can "Afford" This Right? (New Car)
Replies: 60
Views: 5949

Re: I Can "Afford" This Right? (New Car)

You can absolutely afford it. I'm a little conservative, so I'd likely take $30,000 from cash savings, take out a low-interest loan for the rest, and pay off the loan and replenish the cash savings over the next year or so.

Enjoy the car!
by dcd72
Fri Nov 17, 2017 8:48 am
Forum: Personal Finance (Not Investing)
Topic: To buy or not to buy...house buying question (budget)
Replies: 20
Views: 2837

Re: To buy or not to buy...house buying question (budget)

If you wait until the spring market to buy, you can save an extra $30-$40k, and comfortably purchase a $700,000 house with 20% down and more than enough to cover closing costs. A mortgage of $560,000 on $475,000 HHI is fine. After that, I would knock out the 4 lower loan amounts in 3 or so months, a...
by dcd72
Thu Sep 21, 2017 3:11 pm
Forum: Personal Finance (Not Investing)
Topic: Any holes in this long term disability policy?
Replies: 15
Views: 1349

Re: Any holes in this long term disability policy?

For that price, this coverage likely has an SSDI offset provision in it which will substantially reduce your benefits.
by dcd72
Wed Sep 13, 2017 6:52 am
Forum: Personal Finance (Not Investing)
Topic: Tesla Financing
Replies: 22
Views: 3063

Re: Tesla Financing

I've made the decision to go fully green with my next car and go with a Tesla Model X for a variety of reasons. Now I have to decide on how to pay for it. I have been told by the sales guy that Tesla offers financing as low as 0.99% APR (depending upon your credit rating). I always thought that APR...
by dcd72
Tue Jul 25, 2017 2:52 pm
Forum: Personal Finance (Not Investing)
Topic: Need Advice on Credit Card Debt
Replies: 38
Views: 3214

Re: Need Advice on Credit Card Debt

My goal is to pay this off as soon as possible to invest more money in my Roth, 401K, 529, Money Market and Brokerage account The "more" implies that you currently are investing in some or all of those accounts. At 25% interest, you should strongly consider redirecting those investments u...
by dcd72
Thu Jul 13, 2017 4:41 pm
Forum: Personal Investments
Topic: Portfolio Questions - Novice with Significant (?) Assets
Replies: 4
Views: 903

Re: Portfolio Questions - Novice with Significant (?) Assets

We have traditionally been OK savers, but indifferent investors. I am looking to change that (and not focus on what the portfolio would look like if I’d been more diligent for the past 15 years!). To that end, we are moving a series of smaller investment accounts over to Vanguard, and I would love ...
by dcd72
Thu Jul 13, 2017 12:17 pm
Forum: Personal Investments
Topic: Portfolio Questions - Novice with Significant (?) Assets
Replies: 4
Views: 903

Portfolio Questions - Novice with Significant (?) Assets

We have traditionally been OK savers, but indifferent investors. I am looking to change that (and not focus on what the portfolio would look like if I’d been more diligent for the past 15 years!). To that end, we are moving a series of smaller investment accounts over to Vanguard, and I would love s...
by dcd72
Wed Jul 12, 2017 10:46 am
Forum: Personal Finance (Not Investing)
Topic: Evaluating housing and longer commutes
Replies: 20
Views: 1862

Re: Evaluating housing and longer commutes

If the choices (oversimplified, perhaps) add 50 miles per day to both commutes - that would be about 13,000 miles per year. At, say, 50 cents per mile - that is $6,500 commuting cost increase. I think, where they are looking, it may be much more than 50 miles (for the two of them) . They would, pro...
by dcd72
Mon Jul 10, 2017 1:47 pm
Forum: Personal Finance (Not Investing)
Topic: How to save for and finance house move up
Replies: 64
Views: 5027

Re: How to save for and finance house move up

Have you and your wife discussed that every dollar you are not putting into 403/401/457 is costing you $0.33 in taxes (28% fed + 5% state)?? That would be a huge motivation to put more into retirement. Are you on track for your retirement and college savings plan, and how would that change under ne...
by dcd72
Mon Jul 10, 2017 11:55 am
Forum: Personal Finance (Not Investing)
Topic: How to save for and finance house move up
Replies: 64
Views: 5027

Re: How to save for and finance house move up

You asked not to be lectured about past decisions but it seems to me that you still are making bad decisions and asking how to go about doing so. You will never have enough money or things unless you learn to be satisfied with what you have. Many of the problems in the world start with this basic f...
by dcd72
Mon Jul 10, 2017 10:21 am
Forum: Personal Finance (Not Investing)
Topic: How to save for and finance house move up
Replies: 64
Views: 5027

Re: How to save for and finance house move up

I didn't read whole posthing but first thing to jump out I think your list is in wrong order. Pay off consumer debt asap Increase retirement so you know what you can actually afford in a house Then look at bigger house. May need to be a 5 yr plan I will add depending on market this idea that you ne...
by dcd72
Thu Jun 22, 2017 10:28 am
Forum: Personal Finance (Not Investing)
Topic: Siblings in disagreement over mom's house.
Replies: 241
Views: 32844

Re: Siblings in disagreement over mom's house.

In my family our parents and grandparents generation left their homes to their children equally. The intent was not to split the proceeds in equal amounts. What they really wanted was for the siblings to remain close and use the money to take care of each for the rest of their lives as the parents ...
by dcd72
Thu Jun 22, 2017 7:02 am
Forum: Personal Finance (Not Investing)
Topic: Did I just get seriously ripped off?? (Car lease)
Replies: 54
Views: 9403

Re: Did I just get seriously ripped off?? (Car lease)

My monthly cost of ownership is now $544.92 plus taxes (Ontario, Canada), equalling $615.75 monthly.
Ownership? I do not think that word means what you think it means.
by dcd72
Thu Jun 15, 2017 3:54 pm
Forum: Personal Finance (Not Investing)
Topic: Mortgage amount vs savings vs interest deduction
Replies: 26
Views: 2785

Re: Mortgage amount vs savings vs interest deduction

Reston, etc are not DC - they are exurbs. The commute in from Reston to DC is almost an hour. If you want to live in NW DC or Arlington, $1.3M will buy you a ranch home. One other factor to consider is that a jumbo loan above $1M is considered a 'super jumbo' and has higher rates and different unde...
by dcd72
Wed Jun 07, 2017 7:08 am
Forum: Personal Finance (Not Investing)
Topic: Home purchase budget advice
Replies: 20
Views: 2514

Re: Home purchase budget advice

I'm still scratching my head about on how the math work out with the 1950 rent, the 5100 "non housing" and the 1300 "left over"... can you clarify? Is the 1950 part of the 5100 or not? (I am assuming it has to be part of the 5100 and the non housing is a typo... Unless you have ...
by dcd72
Fri May 19, 2017 10:22 am
Forum: Personal Finance (Not Investing)
Topic: Buy 1st House Cash?
Replies: 20
Views: 2444

Re: Buy 1st House Cash?

My wife and I are actually in a unique situation right now. She makes very little salary but the perk of her job is that we get free rent at a 2 bedroom apartment (at a University) and get free food in the cafeteria 9 months of the year. I know this wasn't your question, but I would hold off on mov...
by dcd72
Thu Apr 20, 2017 7:23 am
Forum: Personal Finance (Not Investing)
Topic: Should I pay off these loans?
Replies: 24
Views: 3079

Re: Should I pay off these loans?

*Car loan: $10,500 outstanding balance; 1.5% rate; paying $460/mo; payoff ~ Feb. 2018 Help me out with this - assuming you haven't yet made the April 2017 payment, you are paying $460/month and contemplate 14 months until payoff. But that translates to $6440 in payments, and your balance is $10,500...
by dcd72
Thu Feb 02, 2017 8:14 am
Forum: Personal Finance (Not Investing)
Topic: One more can I afford $1.5M house
Replies: 56
Views: 6486

Re: One more can I afford $1.5M house

Your incomes are great. You can buy the house right now and be completely normal. I would be a little patient. 1. Pay off your student loans 2. Save and set aside 6+ months of expenses in a true Emergency Fund 3. Save up 20% + money for closing fees + money for furniture, moving, "right now&qu...
by dcd72
Mon Aug 22, 2016 8:30 am
Forum: Personal Finance (Not Investing)
Topic: Can I afford a new car?
Replies: 69
Views: 7924

Re: Can I afford a new car?

just to be clear and ask a 3rd question: everyone here also advises against a used Toyota 4Runner? something like a 2006 with ~100K miles for <$15K? (i think you can tell i really like this truck). again, i would sell the Honda to be able to afford it, making it a much more reasonable purchase, str...
by dcd72
Mon Aug 15, 2016 4:56 pm
Forum: Personal Finance (Not Investing)
Topic: Payoff Debt at Sacrifice of Leisure?
Replies: 77
Views: 8378

Re: Payoff Debt at Sacrifice of Leisure?

"We've decided that we will pay all the loans off with the EF." This is what I'd do, with one small tweak. If loan 3 truly is 0% interest (really?!) don't pay it off. Move an amount equal to the remaining principal balance into a separate account, set up an automatic payment, and forget a...
by dcd72
Tue Jun 14, 2016 1:11 pm
Forum: Personal Finance (Not Investing)
Topic: Mortgage Recast Question
Replies: 13
Views: 2685

Re: Mortgage Recast Question

orca91 wrote:Doing so also restarts the amortization schedule and most of your payments go to interest again.
No, that's a refinance. The entire point of recasting a mortgage is that it DOESN'T restart the amortization schedule.
by dcd72
Thu Apr 28, 2016 9:59 am
Forum: Personal Finance (Not Investing)
Topic: Are females just not interested in investing in general or is it just the women that I date?
Replies: 89
Views: 13224

Re: Are females just not interested in investing in general or is it just the women that I date?

Calm down, man. Make sure you don't become the problem in the relationship. Save money but enjoy life too. You're going to get a lot of curve balls thrown at you in life so everything won't go according to your plan. Realize everybody is different. BTW, your question is sexist. +1. A far bigger thr...
by dcd72
Tue Apr 26, 2016 8:33 am
Forum: Personal Finance (Not Investing)
Topic: Have any of you overextended on housing? What were your experiences?
Replies: 42
Views: 6282

Re: Have any of you overextended on housing? What were your experiences?

I am also in the DC metro area, and it is easy to get rolled into over-extending, given the dynamic pressures of commute time, schools, and the dramatically escalating price of close-in properties. When it was time for us to move from the city (within the last year), we ultimately decided to extend ...