Search found 1754 matches

by guitarguy
Wed Feb 29, 2012 12:13 pm
Forum: Personal Finance (Not Investing)
Topic: Talking personal finance
Replies: 37
Views: 3893

Re: Talking personal finance

I don't give advice or comment unless asked I generally follow this rule of thumb too. If the topic comes up or something I'll converse, but I generally don't give advice ... Just last week when he asked for my help, I showed my recent college grad brother my budget spreadsheet and helped him devel...
by guitarguy
Sat Feb 25, 2012 5:38 pm
Forum: Personal Finance (Not Investing)
Topic: when did you start to max out 401k?
Replies: 58
Views: 7224

Re: when did you start to max out 401k?

Don't recall the exact year but in the mid to late 90's when the limit was between $9k and 10k, and it was 33% of my gross. I remember having this discussion with an accountant friend, that I was determined to max it though my student loans weren't paid off yet. He said I should pay off the loans f...
by guitarguy
Fri Feb 24, 2012 3:40 pm
Forum: Personal Finance (Not Investing)
Topic: when did you start to max out 401k?
Replies: 58
Views: 7224

Re: when did you start to max out 401k?

Still haven't. Just turned 27. I just go up to the match and then max a Roth IRA because like many others, my 401(k) isn't very cost effective...lots of expensive fund choices and only one index. Wife contributes to hers up to full match also. We'd like to be able to save more, but pesky house and s...
by guitarguy
Fri Feb 24, 2012 11:56 am
Forum: Personal Finance (Not Investing)
Topic: No Cost FHA Streamline to save 1.125%?
Replies: 17
Views: 2478

Re: No Cost FHA Streamline to save 1.125%?

Well...I think I'm just going to pass. After thinking about it more today and talking with the wife...it's not worth the hassle. I think we're just going to focus on getting rid of our MIP as soon as we can and not bother adding these extra costs. Maybe if our balance was 2 or 3x what it is, the sav...
by guitarguy
Fri Feb 24, 2012 9:27 am
Forum: Personal Finance (Not Investing)
Topic: No Cost FHA Streamline to save 1.125%?
Replies: 17
Views: 2478

Re: No Cost FHA Streamline to save 1.125%?

Thanks for posting the actual sheet - very helpful! Thanks for all the help. :beer My biggest concern is that either 1)you didn't hear this person correctly or 2)they weren't hearing you correctly or 3)they aren't paying attention. You are right that you loan amount is NOT staying the same and ther...
by guitarguy
Thu Feb 23, 2012 10:10 am
Forum: Personal Finance (Not Investing)
Topic: No Cost FHA Streamline to save 1.125%?
Replies: 17
Views: 2478

Re: No Cost FHA Streamline to save 1.125%?

Well, after getting this cost estimate worksheet from this lender, I'm not happy and I have some questions. Here are some actual numbers: Taxes: ~$2075/yr Ins: $525/yr Current Payment Total: $839.89 Principal: $141.89 Interest: $434.72 Escrow: $263.28 (incl. $46.06/m FHA MIP) Balance: $101,646 Term:...
by guitarguy
Mon Feb 20, 2012 11:57 am
Forum: Personal Finance (Not Investing)
Topic: No Cost FHA Streamline to save 1.125%?
Replies: 17
Views: 2478

Re: No Cost FHA Streamline to save 1.125%?

The problem with resetting the clock is that your principal payment goes down. Think of a car loan that you have 3 years left and someone offers a lower rate as long as you go back up to 6 years. You now instinctively that the principal part is stretched back out to 6 years and that is not necessar...
by guitarguy
Mon Feb 20, 2012 8:04 am
Forum: Personal Finance (Not Investing)
Topic: No Cost FHA Streamline to save 1.125%?
Replies: 17
Views: 2478

Re: No Cost FHA Streamline to save 1.125%?

Be sure to check all components of your new payment and your projected old payment. The FHA monthly premium has recently doubled (from .55% yearly to 1.10% yearly for >5% down). It is possible that your FHA premium is higher and is being offset by a lower interest payment. The $40 savings may be co...
by guitarguy
Sat Feb 18, 2012 5:53 pm
Forum: Personal Finance (Not Investing)
Topic: No Cost FHA Streamline to save 1.125%?
Replies: 17
Views: 2478

Re: No Cost FHA Streamline to save 1.125%?

Why not save $40 per month if the only cost is shuffling a few papers and your time and effort shuffling them? Sounds too good to be true, so be careful. If due diligence discloses significant costs besides PMI (origination fee, document preparation fee, recording fee, appraisal fee, etc.) be sure ...
by guitarguy
Sat Feb 18, 2012 5:47 pm
Forum: Personal Finance (Not Investing)
Topic: Paying off low interest student loans early -- a mistake?
Replies: 71
Views: 16165

Re: Paying off low interest student loans early -- a mistake

What risk free liquid investment can we choose to earn over 3%? It must be liquid because our loan rates are variable, and it must earn enough above the loan rates to outweigh the "peace-of-mind" factor of paying the loans off, which admittedly is a decent size piece of the equation for us. My comm...
by guitarguy
Fri Feb 17, 2012 11:41 am
Forum: Personal Finance (Not Investing)
Topic: No Cost FHA Streamline to save 1.125%?
Replies: 17
Views: 2478

No Cost FHA Streamline to save 1.125%?

I did an FHA Streamline back in 2009 and I'm investigating doing another one. Original loan was in 2008. This time around, I can go from 5.125% down to 4% and save about $40/m on my payment even after the PMI price increase that they implemented recently. This is also "zero-cost" according to the mo...
by guitarguy
Fri Feb 17, 2012 9:23 am
Forum: Personal Finance (Not Investing)
Topic: Paying off low interest student loans early -- a mistake?
Replies: 71
Views: 16165

Re: Paying off low interest student loans early -- a mistake

Being able to borrow at a rate lower than the government, with the ability to prepay whenever you want, should rarely if ever be paid early. The only realistic situation I can see is if you are facing something like divorce or bankruptcy. I will add to that a 3rd reason: an expected (or known) chan...
by guitarguy
Thu Feb 16, 2012 12:52 pm
Forum: Personal Finance (Not Investing)
Topic: Paying off low interest student loans early -- a mistake?
Replies: 71
Views: 16165

Re: Paying off low interest student loans early -- a mistake

Being able to borrow at a rate lower than the government, with the ability to prepay whenever you want, should rarely if ever be paid early. The only realistic situation I can see is if you are facing something like divorce or bankruptcy. I will add to that a 3rd reason: an expected (or known) chan...
by guitarguy
Wed Feb 15, 2012 11:51 am
Forum: Personal Finance (Not Investing)
Topic: Jeremy Lin is a Boglehead...
Replies: 42
Views: 5575

Re: Jeremy Lin is a Boglehead...

SteveB3005 wrote:Lindex funds
That's downright Linsanity...
by guitarguy
Wed Feb 15, 2012 11:49 am
Forum: Personal Finance (Not Investing)
Topic: Considering a change to Chase Bank
Replies: 52
Views: 4714

Re: Considering a change to Chase Bank

It's definitely two. It will cost you $12 to find out the hard way. And one has to be at least $500. My husband is paid weekly and he was working partial weeks due to weather and he had four deposits each less than $500 and they still charged the $12. When he was laid off, we had set up a $501 push...
by guitarguy
Sun Feb 12, 2012 1:09 pm
Forum: Personal Finance (Not Investing)
Topic: Why Do You Save?
Replies: 45
Views: 2804

Re: Why Do You Save?

The ability to forego todays pleasures for tomorrows promise is one of the few hallmarks of the successful. Dont stop doing what you are doing because the fear will slowly abate and joy will replace it. Well said! :sharebeer One reason we save, and why I (in particular) am so conscious with finance...
by guitarguy
Sun Feb 12, 2012 12:48 pm
Forum: Personal Finance (Not Investing)
Topic: Considering a change to Chase Bank
Replies: 52
Views: 4714

Re: Considering a change to Chase Bank

I've had a Chase checking account since they absorbed the previous bank and a Chase credit card for 20 years and have never once gotten any type of call trying to sell me anything. +1. I've never gotten any soliciting calls from them either. I've had Chase since they absorbed "whatever-the-other-lo...
by guitarguy
Tue Feb 07, 2012 12:52 pm
Forum: Personal Finance (Not Investing)
Topic: Dave Ramsey's 7 Baby Steps
Replies: 21
Views: 3167

Re: Dave Ramsey's 7 Baby Steps

I posted this same thread/topic a while back. http://www.bogleheads.org/forum/viewtopic.php?f=2&t=87135 Overall my conclusion was to step back and take a look at who his target is...people riddled with debt, and bad high interest debt at that. For them, his debt advice is perfect because they have a...
by guitarguy
Mon Feb 06, 2012 1:21 pm
Forum: Personal Finance (Not Investing)
Topic: Plan to move ~5 years, pay extra or save?
Replies: 13
Views: 1625

Re: Plan to move ~5 years, pay extra or save?

If I were you I'd just save rather than pay extra. If paying a little more to make it a round number makes you happy, do it, but I'd just save the bulk of your extra funds. If you park your cash in CDs or wherever an and earn something on it, the difference in what you'd save by pre-paying that low ...
by guitarguy
Mon Jan 30, 2012 12:56 pm
Forum: Investing - Help with Personal Investments
Topic: Recent Engineering College Grad- Help!
Replies: 50
Views: 4199

Re: Recent Engineering College Grad- Help!

Another semi-recent engineering grad here (2008). Congrats. Everyone has already said it, but I'll say it again. 1. Live very frugally. 2. 401k to match. 3. Save up a $1k E-Fund. 4. Smash your debt. Those rates are crazy. Forget about Roth or anything else right now. I graduated with a fair amount o...
by guitarguy
Thu Jan 26, 2012 12:52 pm
Forum: Personal Finance (Not Investing)
Topic: would you buy this Honda Accord?
Replies: 15
Views: 1956

Re: would you buy this Honda Accord?

Personally, $9k is too much cash to spend on a rebuilt title IMO. But........ Rebuilt titles CAN be a good buy...it just depends on the damage and the situation. See if they have documentation (pictures and repair receipts) of what happened. With the repair and parts costs these days, sometimes cars...
by guitarguy
Tue Jan 24, 2012 1:50 pm
Forum: Personal Finance (Not Investing)
Topic: How many are you are paying monthly bank fees
Replies: 75
Views: 4941

Re: How many are you are paying monthly bank fees

I bank with Chase and Ally. No fees for Ally at all. No fees from Chase if we have a direct deposit of at least $500 every billing cycle (once a month) which we almost always do. I just got charged a $6 fee because the way my paydates worked out over the Christmas break, I didn't get paid in the bil...
by guitarguy
Thu Jan 19, 2012 12:58 pm
Forum: Personal Finance (Not Investing)
Topic: 1099 Tax Question
Replies: 1
Views: 363

1099 Tax Question

I have to issue 4 1099-MISC forms this year to my band members and fill in musicians. Per the state of Michigan website, "certain payers" that file a 1099-MISC with the IRS must also file with the state. To get a copy sent to the state (I use Filetaxes.com) I have to include "State Information" (box...
by guitarguy
Wed Jan 18, 2012 1:17 pm
Forum: Personal Consumer Issues
Topic: Active Winter Outerwear
Replies: 10
Views: 1475

Re: Active Winter Outerwear

Hi everyone thanks for all the replies! I was talking to a co-worker here and he has a pair of higher end North Face gloves for snowboarding. I priced them out as well as some others mentioned here, and they seem quite similar in terms of material and such. Lifetime warranty, and I love my jacket ma...
by guitarguy
Wed Jan 18, 2012 11:49 am
Forum: Personal Consumer Issues
Topic: IMac?
Replies: 23
Views: 2069

Re: IMac?

And, I know my wife would love the iphoto program. iPhoto is OK. To be honest, it hasn't been my favorite thing since switching to Mac. It's alright but it's nothing to really get hyped about (at least for me). My wife does the photo thing a lot more than me and she keeps them on our PC instead of ...
by guitarguy
Wed Jan 18, 2012 11:42 am
Forum: Personal Finance (Not Investing)
Topic: credit card rebate trickery (Chase BP Visa and PNC)
Replies: 47
Views: 7341

Re: credit card rebate trickery (Chase BP Visa and PNC)

All I know is that the BP Visa blows now. It blows as of March 1st, yeah. :annoyed Until the change goes into effect it's still my best option, so now comes the calculation of exactly how much gas do I have to buy to end up with just over $25 in rewards that I'll redeem before March 1st and then fi...
by guitarguy
Wed Jan 18, 2012 11:37 am
Forum: Personal Consumer Issues
Topic: Did you ever regret your career choice
Replies: 54
Views: 5609

Re: Did you ever regret your career choice

Nope not so far. I'm an engineer that doesn't have to sit at a desk and go to meetings all day but rather works 70% in a lab doing hands on stuff. Great benefits and a pretty decent income at 26. Little or no travel, little or no overtime, little or no stress, and very few people that I don't get al...
by guitarguy
Wed Jan 18, 2012 7:06 am
Forum: Personal Finance (Not Investing)
Topic: credit card rebate trickery (Chase BP Visa and PNC)
Replies: 47
Views: 7341

Re: credit card rebate trickery (Chase BP Visa and PNC)

All I know is that the BP Visa blows now. It blows as of March 1st, yeah. :annoyed Until the change goes into effect it's still my best option, so now comes the calculation of exactly how much gas do I have to buy to end up with just over $25 in rewards that I'll redeem before March 1st and then fi...
by guitarguy
Tue Jan 17, 2012 9:58 am
Forum: Personal Consumer Issues
Topic: Active Winter Outerwear
Replies: 10
Views: 1475

Active Winter Outerwear

I like to hike and such in the snow in the winter time (Michigan). I have a great North Face jacket that I love. Plenty warm and has vents in the underarms to help stay 'cool' when being active in the cold weather. I would love some recommendations for gloves and maybe even winter hats that would be...
by guitarguy
Mon Jan 16, 2012 11:31 am
Forum: Personal Finance (Not Investing)
Topic: credit card rebate trickery (Chase BP Visa and PNC)
Replies: 47
Views: 7341

Re: credit card rebate trickery (Chase BP Visa and PNC)

jeffyscott wrote:Chase gives me a bit more than 5%, due to the 10% bonus and 10 points per transaction.
Which Chase card is that?
by guitarguy
Mon Jan 16, 2012 11:27 am
Forum: Personal Finance (Not Investing)
Topic: credit card rebate trickery (Chase BP Visa and PNC)
Replies: 47
Views: 7341

Re: credit card rebate trickery (Chase BP Visa and PNC)

:mrgreen: You guys also have to consider paying cash nets a discount on gas @ the pump also. No, at least not around here. Cash isn't the discount...paying credit is an up-charge (usually about $0.10 extra per gal). This is usually only the case at some stations around here. The BP I usually go to ...
by guitarguy
Mon Jan 16, 2012 7:40 am
Forum: Personal Finance (Not Investing)
Topic: credit card rebate trickery (Chase BP Visa and PNC)
Replies: 47
Views: 7341

Re: credit card rebate trickery (Chase BP Visa and PNC)

I don't think it is a limited release, one of the articles I had linked above says: The pre-launch campaign beginning Jan. 15 will involve direct mail, e-mail and statement inserts sent to the company’s nearly 2 million current Visa cardholders from Chase Bank, BP’s card-issuer Somewhere else I had...
by guitarguy
Sun Jan 15, 2012 6:45 pm
Forum: Personal Finance (Not Investing)
Topic: credit card rebate trickery (Chase BP Visa and PNC)
Replies: 47
Views: 7341

Re: credit card rebate trickery (Chase BP Visa and PNC)

Just got the notice in the mail today (it came yesterday).

Looks like we can enjoy our 5% rewards until March 1st...
by guitarguy
Sat Jan 14, 2012 1:15 pm
Forum: Personal Finance (Not Investing)
Topic: credit card rebate trickery (Chase BP Visa and PNC)
Replies: 47
Views: 7341

Re: credit card rebate trickery (Chase BP Visa and PNC)

I'm thoroughly pissed with BP and chase now. I have used this card for all gas purchases for over 3 years.. In that time I have only going to non bp gas stations 10 times maximum. Same here. I probably will continue to go to BP though (whether or not I use the BP visa) as there is one right on my w...
by guitarguy
Sat Jan 14, 2012 9:13 am
Forum: Personal Consumer Issues
Topic: Buying refurbished Dare I say...Apple
Replies: 22
Views: 3083

Re: Buying refurbished Dare I say...Apple

If you are familiar with Windows I probably wouldn't make the switch to Apple. True dat. If you enjoy troubleshooting problems and running virus protection and having to delete 100 unwanted junk programs on your new computer (and on and on with other annoying things), then definitely don't switch t...
by guitarguy
Sat Jan 14, 2012 9:04 am
Forum: Personal Finance (Not Investing)
Topic: credit card rebate trickery (Chase BP Visa and PNC)
Replies: 47
Views: 7341

Re: credit card rebate trickery (Chase BP Visa and PNC)

Well this card just basically became close to worthless. I use it only for gas, and spend about $350/m. About $17/m in rewards. And I don't drive a Dodge Ram...which is about the only thing out there that has a 20 gal tank (ok not really but most smaller cars don't). So I can only use the 'rebates' ...
by guitarguy
Fri Jan 13, 2012 5:43 pm
Forum: Personal Finance (Not Investing)
Topic: credit card rebate trickery (Chase BP Visa and PNC)
Replies: 47
Views: 7341

Re: credit card rebate trickery (Chase BP Visa and PNC)

Aha, regarding the BP Visa change, via a search, I found this: BP Credit Cards with Pump Rewards BP credit cards are already carried by more than two million consumers and are on target to convert to cents-off rewards later this year. The BP Visa will offer 5¢ off per gallon for every $100 spent on...
by guitarguy
Fri Jan 13, 2012 4:15 pm
Forum: Personal Finance (Not Investing)
Topic: Student Loan Repayment
Replies: 11
Views: 1131

Re: Student Loan Repayment

I don't want to derail the thread much, but I have a related question that might also pertain to the OP... How much should fixed vs. variable rates change one's course of action? Between my wife and I, we have 9 different loans (all between 2.5 and 3%) with some being variable and some fixed rates. ...
by guitarguy
Sun Jan 08, 2012 11:11 am
Forum: Personal Consumer Issues
Topic: Where to buy decent dress shoes
Replies: 4
Views: 485

Where to buy decent dress shoes

Another shoe thread... I need a new pair of black leather dress shoes to wear with suits and dress pants. I don't wear these type of shoes for work so they'd be used sparingly when needed. I'm not really concerned with name brand but I want something that looks good and will be pretty comfortable an...
by guitarguy
Sun Jan 08, 2012 11:01 am
Forum: Personal Consumer Issues
Topic: How to stop a puppy from biting and nibbling
Replies: 25
Views: 2441

Re: How to stop a puppy from biting and nibbling

I wouldn't do any corrections yet (water in the face or cans with pennies or what-have-you) yet because the pup doesn't know it's doing anything wrong. Before you can fairly correct a dog they have to realize they're doing wrong, and have to have already learned what the right behavior alternative i...
by guitarguy
Sun Jan 08, 2012 10:39 am
Forum: Personal Consumer Issues
Topic: Buying shoes
Replies: 17
Views: 1882

Re: Buying shoes

hicabob wrote:the new shoe smell
:lol:
by guitarguy
Sun Jan 08, 2012 10:34 am
Forum: Personal Finance (Not Investing)
Topic: Personal Finance Advice for 33 Year Old
Replies: 9
Views: 1048

Re: Personal Finance Advice for 33 Year Old

My philosophy towards this is to pay down all higher rate debt (over 3% is where I personally drew my line when dealing with our student loans) and then split between savings/debt/investments at whatever percentages you choose....don't put all your eggs in one basket. Here's what I'd do: 1. Make 100...
by guitarguy
Thu Jan 05, 2012 9:52 am
Forum: Personal Finance (Not Investing)
Topic: How to divide $625 per month savings
Replies: 16
Views: 2127

Re: How to divide $625 per month savings

Out of curiousity, what is your income and tax bracket? If you have $6k/m in expenses, that says you have a pretty high income level and maybe a high tax bracket as well? Why Roth?? As for the savings, I'd second the opinion to split between prepaying debt, building your e-fund, and saving for retir...
by guitarguy
Tue Jan 03, 2012 12:21 pm
Forum: Personal Finance (Not Investing)
Topic: Engineer: how to make more money
Replies: 54
Views: 18932

Re: Engineer: how to make more money

Start a band!! :twisted:
by guitarguy
Sat Dec 24, 2011 6:52 am
Forum: Personal Finance (Not Investing)
Topic: When will you/should you attain positive net worth?
Replies: 58
Views: 6357

Re: When will you/should you attain positive net worth?

Are you forgetting the value of your house? That should come close to cancelling out the mortgage unless you bought at the peak with no money down. Obviously the biggest driver here is student loans. And that will vary a lot based on school and profession. Very good...thank you! My loan balance is ...
by guitarguy
Thu Dec 22, 2011 1:34 pm
Forum: Personal Finance (Not Investing)
Topic: When will you/should you attain positive net worth?
Replies: 58
Views: 6357

When will you/should you attain positive net worth?

This is obviously for the younger members here like myself... I'm 26, income is ~ $63k, investing in a 401k, maxing a Roth, paying down student loans (accelerated schedule), and a mortgage (minimum payments). No other debt. Assuming I don't take on any more debt (which I don't plan on doing) and kee...
by guitarguy
Thu Dec 22, 2011 12:14 pm
Forum: Personal Finance (Not Investing)
Topic: Sallie Mae "2 percent" cash back???? False?
Replies: 29
Views: 2329

Re: Sallie Mae "2 percent" cash back???? False?

gtaylor wrote:* You want really pointless, I had a Bank of America mortgage last year that would only auto-pay from Bank of America checking accounts. Outrageous!
My mortgage is through BOA and they autopay from my checking account at Chase. I never had that problem.
by guitarguy
Wed Dec 21, 2011 1:01 pm
Forum: Personal Finance (Not Investing)
Topic: Torn on whether or not to refi 30yr to 15yr
Replies: 26
Views: 2616

Re: Torn on whether or not to refi 30yr to 15yr

P.S. I can't refi into another 30 year FHA loan without having to pay *double* the monthly MI AND resetting the clock for paying it for 5 years. Doesn't make sense to do that, though I wish that were an option. This is the boat I'm in. What's the deal with the double MI costs?? I'm about 2 years in...
by guitarguy
Tue Dec 20, 2011 12:17 pm
Forum: Personal Finance (Not Investing)
Topic: Dave Ramsey
Replies: 31
Views: 5229

Re: Dave Ramsey

Whats wrong with Dave? Lets count: 1. Exaggerated stock-fund returns 2. Investment allocation all to stock. 3. Roth IRA for everyone, all the time. 4. Leasing a car is always bad. (Come on, why is renting a house ok but renting a car wrong?) 5. Losing the company match from a 401k while you pay dow...
by guitarguy
Mon Dec 19, 2011 9:30 pm
Forum: Personal Finance (Not Investing)
Topic: Dave Ramsey
Replies: 31
Views: 5229

Re: Dave Ramsey

At just 25 years old I am debt free, refinanced to a 15yr 3.25% mortgage , will have a 6 month and growing emergency fund, will be fully funding a 401k and two Roths. If I had not read his book I would likely not be taking advantage of my six figure income and though I would not be drowning in debt...