Search found 387 matches

by kenbrumy
Tue Jan 26, 2010 8:00 am
Forum: Personal Finance (Not Investing)
Topic: Question about path to become a financial counselor/planner
Replies: 21
Views: 3220

I have trouble seeing how a true Boglehead can be a successful, paid financial planner. I do know there are several FPs on this forum and I wonder how they handle discussions with clients. If I was doing it I would have to say: 1. "This isn't hard. You could do it yourself." 2. "I don't have any spe...
by kenbrumy
Mon Jan 25, 2010 4:23 pm
Forum: Personal Finance (Not Investing)
Topic: Will More Borrowers Walk Away From Their Mortgages? - NYT
Replies: 53
Views: 6624

It would be wise to care about the lender. If the lender does not have a near-certainty of repayment, the lender will not make any loans (at least not at a reasonable rate), and there will be no more home loans to anyone. Right now we have a government threatening undisclosed consequences on banks ...
by kenbrumy
Mon Jan 25, 2010 1:11 pm
Forum: Personal Finance (Not Investing)
Topic: How one enterprising debtor wins against Bill Collectors.
Replies: 11
Views: 2800

I liked this article. It might become my retirement job. I have had very limited exposure to debt collectors and they have all been crappy. My most recent and best follows. My FIL's last name but not his first was on a Verizon account bought by a collection agency. Since my wife was/is managing his ...
by kenbrumy
Mon Jan 25, 2010 11:20 am
Forum: Personal Finance (Not Investing)
Topic: Will More Borrowers Walk Away From Their Mortgages? - NYT
Replies: 53
Views: 6624

The last thing I would personally do or recommend to anyone else is to pay on a mortgage you can't afford and destroy your financial life because of it. I've seen people do that by dumping all of their savings into a mortgage when they were out of work. They ended up totally broke with an underwater...
by kenbrumy
Mon Jan 25, 2010 11:06 am
Forum: Personal Finance (Not Investing)
Topic: Question about path to become a financial counselor/planner
Replies: 21
Views: 3220

You point out one of the fallacies of giving any credibility to any of the financial "certifications." In order to get one, you have to spend your time selling high cost products to unsuspecting rubes. With enough experience, you can then "see the light," become a fee only or very low fee financial ...
by kenbrumy
Sun Jan 24, 2010 1:23 pm
Forum: Personal Finance (Not Investing)
Topic: Something wrong with renting forever?
Replies: 76
Views: 10147

Buying only makes sense if you are very confident you won't move for a minimum of five years. Transaction costs in real estate are grossly under-considered when the buy-vs-rent evaluation is made. You get hit with about 2 to 3% in closing costs when you buy and pay about 7% to sell in addition to th...
by kenbrumy
Sun Jan 24, 2010 9:08 am
Forum: Investing - Theory, News & General
Topic: Here Comes the Double Dip!
Replies: 71
Views: 11527

One of the weekend radio financial shows has a guy that's been espousing a major crash in the stock market for the past year. I think he started almost at the March bottom. He has been pretty consistent in saying that everything that's happened has been perfectly tracking his personal version of the...
by kenbrumy
Sat Jan 23, 2010 9:25 am
Forum: Personal Finance (Not Investing)
Topic: Unpayable Credit for Eldercare
Replies: 14
Views: 2022

Re: Unpayable Credit for Eldercare

I have a 97 year old uncle who is in an assisted living care facility but also requires a direct caregiver. His money is just now spent down. What are the consequences of drawing down $45,000 of three credit card lines to pay for his ongoing care (I am full power of attorney). His life expectancy i...
by kenbrumy
Fri Jan 22, 2010 11:40 am
Forum: Investing - Help with Personal Investments
Topic: AssetBuilders - all DFA ??
Replies: 30
Views: 4605

Thanks, Taylor, for your excellent suggestion regarding Target Funds. I've spent a few days now looking at how this might fit our needs and haven't found a scenario I'm comfortable with. This is the kind of thing that, if you make a mistake in the 1% range, you might as will have used a FA from the...
by kenbrumy
Fri Jan 22, 2010 9:47 am
Forum: Investing - Help with Personal Investments
Topic: AssetBuilders - all DFA ??
Replies: 30
Views: 4605

Are you perhaps confusing Ferri with Ric Edleman, the author of "Truth and Lies About Money"? You are right. That's what happens when you go on forums real early in the morning. All Ric's just ran together before the coffee was done. I haven't read any of Ferri's books but will soon be getting a co...
by kenbrumy
Fri Jan 22, 2010 7:56 am
Forum: Investing - Help with Personal Investments
Topic: AssetBuilders - all DFA ??
Replies: 30
Views: 4605

I would agree with that premise. But, I believe that good financial advisors can add a lot of value that no target retirement fund can accomplish. I think the OP is doing the due diligence to determine if the FA does add value. My previous post referenced a couple of advisors that many forum member...
by kenbrumy
Thu Jan 21, 2010 2:14 pm
Forum: Investing - Help with Personal Investments
Topic: AssetBuilders - all DFA ??
Replies: 30
Views: 4605

Re: Retirement portfolio

One option you might consider is to move everything into a Target Retirement Fund. However, this will not work if you have securities with large capital gains in your taxable account. There is more than one road to Dublin. This is great idea for the totally incapable. Hi Ken: I must be "totally inc...
by kenbrumy
Thu Jan 21, 2010 2:04 pm
Forum: Investing - Theory, News & General
Topic: Index only philosophy
Replies: 12
Views: 1506

I believe actively managed funds are the best way to go provided you only hold the ones that consistently outperform their comparable index. :roll:
by kenbrumy
Mon Jan 18, 2010 1:15 pm
Forum: Investing - Help with Personal Investments
Topic: consolidation advice for 94 year old
Replies: 24
Views: 3047

That sounds reasonable but is there a good reason not to just have her add you as a TOD co-signatory on her existing bank account that receives SS? No need for any other changes. I've done this without any difficulties, right through the death and estate settlement process. I wrote checks on the ac...
by kenbrumy
Mon Jan 18, 2010 10:28 am
Forum: Investing - Help with Personal Investments
Topic: consolidation advice for 94 year old
Replies: 24
Views: 3047

Re: 94 yr old-POA

Hi Kenbrumy, In the case of my relation, though she can sign documents, she wants me to deal with all financial questions via phone, email or in person. For this, all the firms require the POA. Also, since they are so inconsistent with who will or will not accept the legally signed POA from some ye...
by kenbrumy
Sun Jan 17, 2010 9:40 am
Forum: Personal Finance (Not Investing)
Topic: Whole life Insurance as an investment for High Income Family
Replies: 73
Views: 10643

Re: Whole life Insurance as an investment for High Income Fa

Hi, I have gone through lot of insurance related threads on this forum. I have also purchased and read the Insurance chapter in The Bogleheads' Guide to Retirement Planning. Which clearly says WLI is not a good idea as an investment vehicle. Hours of net searching reinforced the idea. But my FP say...
by kenbrumy
Sun Jan 17, 2010 9:37 am
Forum: Personal Finance (Not Investing)
Topic: Whole life Insurance as an investment for High Income Family
Replies: 73
Views: 10643

Me: I am a Chartered Retirement Aerostatics Planner. Buy buoyancy lifting aerostatic devices from me to put in the trunk of your car. Helium-based BLADs are best. Have a half-pound brochure on 80-weight glossy paper with a picture of a cheerful senior couple holding hands and skipping along a beach...
by kenbrumy
Sun Jan 17, 2010 9:23 am
Forum: Investing - Help with Personal Investments
Topic: 94 year old #2
Replies: 17
Views: 1587

Using a POA, you will not be able to create any sort of joint accounts to my knowledge. The elderly relation is mentally competent and can set up new accounts with the OP and/or his sister as TOD owners, or modify her current accounts to add them as TOD. These are not "joint accounts", but she coul...
by kenbrumy
Sun Jan 17, 2010 7:20 am
Forum: Investing - Help with Personal Investments
Topic: 94 year old #2
Replies: 17
Views: 1587

If you set up an account in your relatives name, it has to be a custodial account. The beneficiary is her estate. Using a POA, you will not be able to create any sort of joint accounts to my knowledge. If she has already created joint accounts, they can continue without any changes. My wife and I se...
by kenbrumy
Sun Jan 17, 2010 7:08 am
Forum: Investing - Help with Personal Investments
Topic: consolidation advice for 94 year old
Replies: 24
Views: 3047

I haven't seen/noticed in any of your post how you came into the POA. You say she is "with it" so why do you have a POA? I've gone through this with my in laws so I'll be blunt and brutal about it. You either have the POA or you don't. If you have the POA, do what you need to do. There is no need to...
by kenbrumy
Sun Jan 17, 2010 6:57 am
Forum: Investing - Help with Personal Investments
Topic: 94 yr old 2+
Replies: 2
Views: 633

Re: 94 yr old 2+

Wanted to add, re the POA, I already had problems with one annuity firm who said they accept POA's not older than six months! In NYC, seems banks are inconsistent with their rule. TD, for example are fine a POA signed of any age while others also quote anywhere from six months to one year. As my re...
by kenbrumy
Sat Jan 16, 2010 2:52 pm
Forum: Investing - Theory, News & General
Topic: why do brokered CDs yield more than Treasuries?
Replies: 31
Views: 4908

I hope I'm not perpetuating an urban myth but I believe the FDIC has an option to delay paying people for FDIC insured deposits. That has never happened that I'm aware of and, if it did, would probably be almost as bad as the FDIC defaulting. Banks would loose deposits enmasse in my opinion the same...
by kenbrumy
Fri Jan 15, 2010 1:42 pm
Forum: Investing - Theory, News & General
Topic: Larry's new book
Replies: 28
Views: 4429

It's always easy to data mine and put whatever you are currently recommending look like the real deal. After all, you have data back XX years showing it beat all other portfolios. To a certain extent, all fund families share some guilt here. Some more than others. DFA (more guilty than JB but less t...
by kenbrumy
Fri Jan 15, 2010 8:38 am
Forum: Investing - Help with Personal Investments
Topic: AssetBuilders - all DFA ??
Replies: 30
Views: 4605

Re: All DFA?

Taylor Larimore wrote:
One option you might consider is to move everything into a Target Retirement Fund. However, this will not work if you have securities with large capital gains in your taxable account.

There is more than one road to Dublin.
This is great idea for the totally incapable.
by kenbrumy
Fri Jan 15, 2010 8:08 am
Forum: Investing - Help with Personal Investments
Topic: AssetBuilders - all DFA ??
Replies: 30
Views: 4605

It seems a shame to cut your wife out of what may be 1/8 or 1/4 of her income by paying for a DFA adviser. If nothing else buy a bond fund in assets not included in the DFA accounts. It seems a shame to pay 1% on top of their slightly higher fund fees to manage a bond fund which should be 60+% of th...
by kenbrumy
Sun Jan 10, 2010 9:06 am
Forum: Investing - Help with Personal Investments
Topic: Financial Adviser Boston Area
Replies: 10
Views: 2316

Why don't you spend a little time on the Boglehead's reading list and be your own financial adviser?
by kenbrumy
Sat Jan 09, 2010 9:49 am
Forum: Investing - Help with Personal Investments
Topic: Help! I've Fallen and Need Help Getting Up
Replies: 7
Views: 1807

I agree with livesoft that you need to cut expenses. You didn't give any indication about the relative values in each account. I personally have very poor choices in my companies SERP and 401k plans (only index funds are S&P500) but I compensate easily by having most of my assets in self-directed IR...
by kenbrumy
Mon Jan 04, 2010 2:23 pm
Forum: Personal Consumer Issues
Topic: Anyone here work for the State of California?
Replies: 13
Views: 2471

I wasn't interviewing for a state job but I was all but given an offer to work north of San Francisco. As I looked at what the deal was and considered what the headhunter said the salary offer would be, I decided it was better to be out of work in Houston than employed in California. I have a SIL an...
by kenbrumy
Sat Jan 02, 2010 2:45 pm
Forum: Personal Finance (Not Investing)
Topic: Best Cell Phone Plan?
Replies: 54
Views: 13005

Personally, I'm a Tracfone user and have been very satisfied for the last year. Some people we know had problems with their cell coverage after Hurricane Ike but we never did. We bought $30 phones through Wal Mart that are "double minutes" for the life of the phone. DW uses about 200 minutes per mon...
by kenbrumy
Sat Jan 02, 2010 10:18 am
Forum: Investing - Theory, News & General
Topic: Increase foreign equity allocation?
Replies: 16
Views: 2855

Yes. The internet became widespread, the world became flat, the costs for international investing dropped significantly, the Berlin wall fell, the Soviet Union disappeared, China re-introduced capitalism, and the US no longer reigns supreme over the solar system. You left out the US's move toward s...
by kenbrumy
Fri Jan 01, 2010 11:39 am
Forum: Personal Consumer Issues
Topic: 2010 BOGLEHEAD CONTEST REGISTRATION
Replies: 284
Views: 32589

1339
by kenbrumy
Thu Dec 31, 2009 4:58 pm
Forum: Investing - Help with Personal Investments
Topic: TurboTax
Replies: 60
Views: 15546

I use Basic. It's more than enough.
by kenbrumy
Mon Dec 28, 2009 5:14 pm
Forum: Personal Finance (Not Investing)
Topic: Self-insuring long term care
Replies: 84
Views: 12262

Spend some time in a long term care facility. I spent quite a lot during my father's last few years. I don't want to go through that. My plan is to end my life rather than spend a fortune to sit in a wheel chair, confused and in pain, having my diapers changed. We all have to face death. I seems cr...
by kenbrumy
Mon Dec 28, 2009 12:58 pm
Forum: Personal Finance (Not Investing)
Topic: Dependent Life Insurance
Replies: 4
Views: 899

Life insurance is typically only needed to cover the financial impact of that person's death. The only purpose I can see in the insurance you listed is to cover their unlikely funeral expenses in childhood. I would only recommend this if the cost of your child's funeral would be a crushing financial...
by kenbrumy
Mon Dec 28, 2009 12:52 pm
Forum: Personal Consumer Issues
Topic: Premium Mattress Suggestions Requested
Replies: 25
Views: 9165

DW and I recently bough a Bragada memory foam mattress that we're very happy with so far (about 6 months). She complained of back issues that have almost gone away entirely. I travel a lot for work right now and don't sleep anywhere near as well as I do at home. Bragada has both memory foam and late...
by kenbrumy
Mon Dec 28, 2009 12:37 pm
Forum: Personal Finance (Not Investing)
Topic: Self-insuring long term care
Replies: 84
Views: 12262

What companies have you and your family dealt with that caused you to feel this way? Sure would be helpfull to the rest of us to hear your stories. I won't mention specific companies because insurance companies can pretty much crush any individual with lawsuits. I will give summaries although lacki...
by kenbrumy
Mon Dec 28, 2009 11:18 am
Forum: Personal Finance (Not Investing)
Topic: Self-insuring long term care
Replies: 84
Views: 12262

LittleOlMe, Care to confirm you sell LTC policies? That doesn't mean you shouldn't post but potential conflicts of interest should be made known. I guess I should also disclose that I don't make any money off of not selling LTCI or any annuity product. I do, however, dislike most insurance companies...
by kenbrumy
Mon Dec 28, 2009 6:02 am
Forum: Personal Finance (Not Investing)
Topic: Annuity annuitant question
Replies: 9
Views: 1765

Welcome to annuity hell. Had you executed the POA (ie. taken over) for your aunt before she bought the policy. If so, you have grounds for undoing the annuity. Have you executed the POA yet? If you haven't, they should politely but firmly tell you to mind your own business. Your aunt is still empowe...
by kenbrumy
Sun Dec 27, 2009 6:37 pm
Forum: Personal Finance (Not Investing)
Topic: Self-insuring long term care
Replies: 84
Views: 12262

Mitchell777 wrote:Some are nice, if nice is the right word.
Nice is not the right word from what I've seen. Better than the alternative is probably the best you can say.
by kenbrumy
Sun Dec 27, 2009 4:56 pm
Forum: Personal Consumer Issues
Topic: Grandma's diary
Replies: 8
Views: 2346

If her handwriting is legible, you could scan the diary. That might be a good idea to create an electronic copy to work from and keep the original in a safe, dry location. If you have a scanned copy you could make it as available as you wanted to. You could distribute copies to all family members. I...
by kenbrumy
Sun Dec 27, 2009 12:15 pm
Forum: Personal Finance (Not Investing)
Topic: Self-insuring long term care
Replies: 84
Views: 12262

When my MIL when into nursing care the family expenses for my MIL and FIL fell to the cost of nursing care and the minimum to run the cost of their house. He effectively lived at the nursing facility. When my FIL was diagnosed with Alzheimer's he was put into assisted living. When we eliminated thei...
by kenbrumy
Sun Dec 27, 2009 11:49 am
Forum: Personal Finance (Not Investing)
Topic: Self-insuring long term care
Replies: 84
Views: 12262

If I defer my SS until 70 years old, it will cover the current cost of assisted living and almost the total cost of nursing care. Whoa nelly! I think you'd better explain how you figure that. Let me do a back-of-the-envelope rough calculation. Did I slip a major cog somewhere in my calculations? I ...
by kenbrumy
Sun Dec 27, 2009 8:24 am
Forum: Personal Finance (Not Investing)
Topic: .
Replies: 21
Views: 3625

I take objection (rather strongly) to the use of the term "ignorant foreigner". If the poster had used the term "uninformed ---" it would not sound nearly as much like an insult. We must remember that all of us, or our ancestors, were foreigners at one time. If you read the original post you'll see...
by kenbrumy
Sat Dec 26, 2009 5:58 pm
Forum: Personal Finance (Not Investing)
Topic: Self-insuring long term care
Replies: 84
Views: 12262

If I defer my SS until 70 years old, it will cover the current cost of assisted living and almost the total cost of nursing care. The net "self-insurance" cost at that point is very little. DW would have to survive without my SS for the interim (or I would if she's the lottery winner). The current d...
by kenbrumy
Sat Dec 26, 2009 5:41 pm
Forum: Personal Finance (Not Investing)
Topic: Job woes; anything I can do?
Replies: 56
Views: 9316

dm, It's age discrimination but you'll never have anyone say it or even suggest it. Adding insult to injury, even if they did you would probably not be able to get any help from the Feds in pursuing an age discrimination lawsuit. Age discrimination is alive and well and is a major factor in hirings ...
by kenbrumy
Sat Dec 26, 2009 5:32 pm
Forum: Investing - Help with Personal Investments
Topic: These guys say "avoid target retirement funds".
Replies: 24
Views: 4066

I am new to this forum can any one send me a link to what bogleheads would consider an ideal retirment portfolio. Thx. There are an infinite number of ideal retirement portfolios. Each boglehead has their own and then they migrate over time. I suggest you do a search for "reading list" and read som...
by kenbrumy
Sat Dec 26, 2009 5:24 pm
Forum: Investing - Help with Personal Investments
Topic: These guys say "avoid target retirement funds".
Replies: 24
Views: 4066

Financial advisers certainly have a vested interest in convincing people that their services add value. I will agree with them that a target retirement fund may not be a good idea because you get an asset allocation that the fund adviser decided is right for you and not what you decide. There is als...
by kenbrumy
Sat Dec 26, 2009 9:46 am
Forum: Personal Finance (Not Investing)
Topic: Self-insuring long term care
Replies: 84
Views: 12262

I'm a self-insurer primarily because I distrust insurance companies. If you buy LTC insurance you get to merrily pay for possibly decades before you might need it. As you age and your infirmities increase you become trapped in the policy. My father had LTC insurance and every few years they raised t...
by kenbrumy
Sat Dec 26, 2009 8:18 am
Forum: Personal Finance (Not Investing)
Topic: .
Replies: 21
Views: 3625

Re: What does college really cost? How much to put in 529 pl

Aplogies for starting a `how long is a piece of string' thread. It's even worse than that. You didn't say what state you're living in or even if it is in the US although by saying a 529 plan the US part seems a safe assumption. I'm glad you let it be known that you fall into the "ignorant foreigner...
by kenbrumy
Fri Dec 25, 2009 11:28 am
Forum: Investing - Theory, News & General
Topic: Vanguard ETFs distribution question
Replies: 8
Views: 1415

WTH -- you've got to have better things to do than worry about what your brokerage account balance should show but doesn't. It's a safe bet the money will show up as promised. You can even calculate the dollar amount and add it mentally to your balance. Why does it matter that your printed balance d...