Search found 2726 matches

by NotWhoYouThink
Tue Aug 20, 2019 9:39 am
Forum: Personal Investments
Topic: Advice Requested: My Mom's Edward Jones Account
Replies: 30
Views: 3077

Re: Advice Requested: My Mom's Edward Jones Account

You are all so absolutely AWESOME.... My mom did mention to me that her Edward Jones adviser had discovered that the annuity thing may not be such a good idea. I will get more information from her about it and post it. I'll call my mom, Linda, today and see when we can meet to discuss her next step...
by NotWhoYouThink
Sat Aug 17, 2019 3:14 pm
Forum: Personal Consumer Issues
Topic: Aliens have captured my husband [wants to buy a Porsche]
Replies: 138
Views: 11337

Re: Aliens have captured my husband

He is only 74. He is too young for a Lexus. Everything about it will be expensive. If you accept that and make your minds up not to blow your stack when your hear outrageous prices for mundane maintenance items you'll be fine. But if you get it under warranty you won't have to pay for any big stuff ...
by NotWhoYouThink
Fri Aug 16, 2019 8:30 am
Forum: Personal Consumer Issues
Topic: Do burglars steal and use paperwork?
Replies: 39
Views: 4915

Re: Do burglars steal and use paperwork?

Much more likely to have your financial information stolen by house sitters, care givers, or family members. Someone you know and trust.
by NotWhoYouThink
Thu Aug 15, 2019 3:33 pm
Forum: Personal Finance (Not Investing)
Topic: Niece divorce - house questions
Replies: 44
Views: 3945

Re: Niece divorce and house

That's like asking "How should I spend a $25K bonus" without any more information. No one can say. Did he own the house before they were married? Did he pay off her college loans, or she his? Did she run up $50K in credit card debt? Did he cash out his 401k to pay for his girlfriends cosmetic surger...
by NotWhoYouThink
Thu Aug 15, 2019 7:10 am
Forum: Personal Investments
Topic: Investing Father's Assets Who Is In Nursing Home (POA)
Replies: 68
Views: 4812

Re: Investing Father's Assets Who Is In Nursing Home (POA)

Here’s what I would do: -I wouldn’t trust that Medicaid facilities will be good enough going into the future. So I’d avoid that route. -I’d sell the house, simplify his holdings, and go with the three fund portfolio with an AA of 60/40 or so. - Get him in the best nursing home for his condition tha...
by NotWhoYouThink
Thu Aug 15, 2019 7:06 am
Forum: Personal Investments
Topic: Investing Father's Assets Who Is In Nursing Home (POA)
Replies: 68
Views: 4812

Re: Investing Father's Assets Who Is In Nursing Home (POA)

In my mind analogous to the folks recently found to have given up legal guardianship of their kids so the kids would qualify for more college money -- at the taxpayers' and other truly needy kids' expense... Your father did a good job saving and investing assets to take care of himself in retiremen...
by NotWhoYouThink
Thu Aug 15, 2019 6:45 am
Forum: Personal Consumer Issues
Topic: 1) What age did you have your teen get a driver's license?
Replies: 48
Views: 2119

Re: 1) What age did you have your teen get a driver's license?

CoastalWinds wrote:
Thu Aug 15, 2019 12:32 am
I was 36 when I had my teen get a license 😀
I was 48.
It was a huge help for him to be able to offload quite a bit of the chauffeuring his parents had been doing.
by NotWhoYouThink
Wed Aug 14, 2019 9:04 pm
Forum: Personal Investments
Topic: Investing Father's Assets Who Is In Nursing Home (POA)
Replies: 68
Views: 4812

Re: Investing Father's Assets Who Is In Nursing Home (POA)

I would likely not take any significant amount out of the invested money once the 5 years is up but I can't confidently say the same for my sister. Once the five-year Medicaid clawback period has expired, the Trust beneficiaries should consider using available trust funds to continue to self-pay fo...
by NotWhoYouThink
Tue Aug 13, 2019 4:34 pm
Forum: Personal Investments
Topic: Can having wealthy parents be a justification for a more aggressive investment strategy?
Replies: 97
Views: 7898

Re: Can having wealthy parents be a justification for a more aggressive investment strategy?

What does your spouse think? Your parents, if they leave money to anyone, will likely leave it in trusts to you and your descendants, not to your spouse. So how much risk is your spouse willing to take? You could get hit by a bus tomorrow (so you need life insurance) or run off with your barista nex...
by NotWhoYouThink
Tue Aug 13, 2019 7:33 am
Forum: Personal Investments
Topic: Time to annuitize?
Replies: 15
Views: 2152

Re: Time to annuitize?

People need to be more careful about terminology. "Fee only" sounds good but doesn't mean what people think it means. What you want is advice from someone who charges by the hour for advice only, and does not manage the funds on an ongoing basis. Not a unicorn, but not easy to find, either. And good...
by NotWhoYouThink
Mon Aug 12, 2019 4:58 pm
Forum: Personal Investments
Topic: Life insurance, is it a good deal?
Replies: 35
Views: 1753

Re: Life insurance, is it a good deal?

She does not want to lose money so stocks are too risky for her. She doesn't know much English and she has no desire to manage her investments. Also adding ... IF she really wants to do life insurance, go with low-cost VUL through TIAA or Ameritas. That's interesting and I'll look into it. What abo...
by NotWhoYouThink
Mon Aug 12, 2019 12:55 pm
Forum: Personal Investments
Topic: does my dad need bonds as part of drawdown allocation?
Replies: 8
Views: 497

Re: does my dad need bonds as part of drawdown allocation?

What is he living on now - his IRA, pension, taxable investments, what? Once he starts drawing SS, will SS plus any pension fund his annual expenses? If not, what % of his IRA will he need every year to meet expenses? (OF course he will have to withdraw RMDs every year, but won't have to spend any o...
by NotWhoYouThink
Sun Aug 11, 2019 11:58 am
Forum: Personal Finance (Not Investing)
Topic: Trust to avoid Probate
Replies: 21
Views: 2019

Re: Trust to avoid Probate

Maybe it's just me, but the idea of inheriting a house jointly with siblings through a TOD sounds like more trouble than probate. Easier to have a few thousand dollars plus the house, at least, in an estate account that the executor can deal with. Let the executor sell the house and write checks.
by NotWhoYouThink
Sat Aug 10, 2019 9:31 am
Forum: Personal Finance (Not Investing)
Topic: Trust to avoid Probate
Replies: 21
Views: 2019

Re: Trust to avoid Probate

Are the investments in IRAs? If so, they can avoid probate using beneficiary designations. For investments outside of IRAs he can either use beneficiaries, or a trust, or go through probate. In most cases probate isn't all that expensive or complicated. The executor will need money to pay final expe...
by NotWhoYouThink
Fri Aug 09, 2019 3:33 pm
Forum: Personal Finance (Not Investing)
Topic: What is the best way to pass on wealth to heirs?
Replies: 30
Views: 3207

Re: What is the best way to pass on wealth to heirs?

Inheriting a Roth account would be best for tax purposes. Depending on the heir, you might want to leave them the money in a trust - a lot depends on how risk averse the grantor is, and how responsible the heir is.
by NotWhoYouThink
Wed Aug 07, 2019 4:20 pm
Forum: Personal Investments
Topic: Fisher Investment solicitation
Replies: 27
Views: 2531

Re: Fisher Investment solicitation

You will Never ever ever never never never ever ever get him to "admit" you are right and he is wrong. Won't happen. Give up.

Do enough reading to assure yourself you are investing wisely, and ignore the hucksters.
by NotWhoYouThink
Wed Aug 07, 2019 12:04 pm
Forum: Personal Consumer Issues
Topic: Worth it to upgrade to Main Cabin Extra?
Replies: 76
Views: 4287

Re: Worth it to upgrade to Main Cabin Extra?

Try it and see what you think. It's really very personal. I'm 5'3" and have decided that the extra room in economy is worth it for flights of 3-5 hours, and that business class is worth it for flights over 5 hours. Points, money, whatever it takes that's how I'll book now. My husband is a foot talle...
by NotWhoYouThink
Wed Aug 07, 2019 7:58 am
Forum: Personal Investments
Topic: Helping my CSRS parent navigate meeting with Raymond James CFP
Replies: 35
Views: 3424

Re: Helping my parents

First, since it's your father's money and not yours you have limited ability to affect the outcome here. Accept that he's made it this far and it's his money and his decision. Be prepared to live with his decision, even if you may not agree with it. Your best bet is to cancel the meeting. The Raymon...
by NotWhoYouThink
Mon Aug 05, 2019 3:35 pm
Forum: Personal Finance (Not Investing)
Topic: Are we considered House poor?
Replies: 21
Views: 3576

Re: Are we considered House poor?

"considered" house poor by whom? Banks? Your parents? Yourselves? Internet strangers? If you are able to save to meet your goals, you are fine. If not, then something needs to change - more income or less spending. One arbitrary data point doesn't mean much. If you are 58 and have no retirement asse...
by NotWhoYouThink
Mon Aug 05, 2019 7:49 am
Forum: Personal Finance (Not Investing)
Topic: Financial anxiety and next steps in relationship
Replies: 102
Views: 8019

Re: Financial anxiety and next steps in relationship

Really, you should have gotten better financial advice and less relationship advice from this post. You should treat this more like an MBA case study. You should look at several options - 1, she stays employed and pays off the loans via PSLF. As mentioned repeatedly above, make sure she is really on...
by NotWhoYouThink
Mon Aug 05, 2019 6:58 am
Forum: Personal Investments
Topic: Inheriting Taxable Accounts
Replies: 9
Views: 1367

Re: Inheriting Taxable Accounts

The terms of the trust will dictate what can and can't be done with the trust funds. This is the most important thing to remember. Read and follow the terms of the trust. Selling whatever is in the fund and replacing it with a low cost target date fund at Vanguard or Fidelity makes sense. The trust...
by NotWhoYouThink
Sat Aug 03, 2019 1:38 pm
Forum: Personal Investments
Topic: withdrawals for RMDs
Replies: 6
Views: 675

Re: withdrawals for RMDs

I would consolidate it all into a target retirement fund made up of index funds, and then sell whatever amount is needed each year (or month) for RMD. Maybe you are keeping track of your AA with all those funds, but it sounds like a scrap pile of old ideas. Or you could pick 3 index funds and an AA ...
by NotWhoYouThink
Thu Aug 01, 2019 4:52 pm
Forum: Investing - Theory, News & General
Topic: Selling coin collection?
Replies: 34
Views: 2989

Re: Selling coin collection?

If you find it interesting , your local library may have various books on coin collecting with values, etc. You may even find someone there who specializes on books for collectors or even knows dealers. That's the thing, many of us could not possibly find it less interesting. But throwing money awa...
by NotWhoYouThink
Tue Jul 30, 2019 5:51 pm
Forum: Personal Finance (Not Investing)
Topic: Complex inheritance situation
Replies: 21
Views: 1135

Re: Complex inheritance situation

My friend befriended and old lady that frequented the same doctor as my friend. She had very little family and left my friends some cash, stocks, and bonds. Nothing life changing. But definitely a nice chunk of cash. The old lady was supposed to leave my friend her NYC apartment as well, but passed...
by NotWhoYouThink
Mon Jul 29, 2019 4:21 pm
Forum: Personal Finance (Not Investing)
Topic: Requesting real-estate advice--first-time homebuyer in a peculiar quandary thanks, ironically, to father's beneficence
Replies: 37
Views: 2847

Re: Requesting real-estate advice--first-time homebuyer in a peculiar quandary thanks, ironically, to father's beneficen

Moreover, since I am no legal expert, I have been considering using National Family Mortgage, which charges $1,075 to facilitate the private financing, as well as $15/month to service the loan by setting up electronic payments and such. The set-up fee is no small sum, but I want to avoid the ~250,0...
by NotWhoYouThink
Mon Jul 29, 2019 2:47 pm
Forum: Personal Finance (Not Investing)
Topic: Requesting real-estate advice--first-time homebuyer in a peculiar quandary thanks, ironically, to father's beneficence
Replies: 37
Views: 2847

Re: Requesting real-estate advice--first-time homebuyer in a peculiar quandary thanks, ironically, to father's beneficen

Offering you a loan you don't need doesn't sound all that beneficent. Looks like more trouble than it is worth, and getting your finances unnecessarily tangled with your father's. As you correctly wrote in your first post, it is fraud to tell the bank the money from your father is a gift when it is ...
by NotWhoYouThink
Fri Jul 26, 2019 2:22 pm
Forum: Investing - Theory, News & General
Topic: My Fido retirement meeting pushing me to SMA
Replies: 90
Views: 8176

Re: My Fido retirement meeting pushing me to SMA

He told me low cost funds were more for people with a lower amount of assets. That is called flattery. Low cost funds are for the poors, not for high earning capable intelligent fellows such as yourself. SMA are Fidelity Separately Managed Accounts. I had never heard about them. The way he explain ...
by NotWhoYouThink
Fri Jul 26, 2019 7:18 am
Forum: Personal Investments
Topic: What to do in a crash
Replies: 65
Views: 7334

Re: What to do in a crash

Hang up the phone. Oh, a market crash! If you are working and living off your paycheck there is no reason to sell anything except to rebalance. Adjust your contributions to buy whatever is down, likely stocks. If your investments are all in tax advantaged accounts there is no opportunity for tax los...
by NotWhoYouThink
Thu Jul 25, 2019 12:19 pm
Forum: Personal Finance (Not Investing)
Topic: DAF for church offering? [Donor Advised Fund]
Replies: 81
Views: 10553

Re: DAF for church offering? [Donor Advised Fund]

If one contributes to a charity through via a previously funded DAF, will an employer typically still match the annual distributions from the DAF? My Megacorp will not. You can ask yours what their policy is. Also, the charities around here that provide state tax credits wouldn't provide them to me...
by NotWhoYouThink
Thu Jul 25, 2019 9:22 am
Forum: Personal Finance (Not Investing)
Topic: How do you deal with looking bad compared to others?
Replies: 77
Views: 5508

Re: How do you deal with looking bad compared to others?

I know I shouldn't care and I personally don't. Yes, you do. It would fix the relatives problem, shut people's mouths, make my kids happy No, it wouldn't. This is not a money problem, it's a self-confidence problem. If you don't like your life, work to change it. If you do (except for the comments)...
by NotWhoYouThink
Thu Jul 25, 2019 7:17 am
Forum: Personal Finance (Not Investing)
Topic: How do you deal with looking bad compared to others?
Replies: 77
Views: 5508

Re: How do you deal with looking bad compared to others?

Let your brother pick up the tab at family dinners, everybody knows he can afford it and you can't. Same for vacations. Make sure your kids know that not everyone that spends a lot of money has a lot of money. And maybe he does have more money, who cares? If you don't your kids probably won't. Can't...
by NotWhoYouThink
Wed Jul 24, 2019 9:20 pm
Forum: Personal Finance (Not Investing)
Topic: Update with Part 2: What would it take for you, the non-landlord, passive-investor, to become a landlord?
Replies: 57
Views: 4599

Re: What would it take for you, the non-landlord, passive-investor, to become a landlord?

It's likely that at least one of your parents could live at least 25 years. Maybe more. Do you want to keep up this rental business, and take the chance that the neighborhood will stay good, no earthquake or recession or fire or riot will ruin the value of the home, you'll have an easy time managing...
by NotWhoYouThink
Wed Jul 24, 2019 5:37 pm
Forum: Personal Finance (Not Investing)
Topic: Getting money from a 529
Replies: 45
Views: 3429

Re: Getting money from a 529

You don't need to send them a mountain of paperwork. You don't need to send them a receipt. Several of us have sent simple one page letters stating that the money went to tuition, room, board, and books, and included summaries of those costs. The IRS employees are paid by the taxpayers. That's us. N...
by NotWhoYouThink
Wed Jul 24, 2019 4:39 pm
Forum: Personal Finance (Not Investing)
Topic: Getting money from a 529
Replies: 45
Views: 3429

Re: Getting money from a 529

Basically, for these assorted expenses, assuming they're qualified, if one keeps records (receipts), and then makes a corresponding withdrawal in December, that *should* be ok, right? Not just should be ok but is ok. However, you may still get a CP2000 notice. Many of us have, and there doesn't see...
by NotWhoYouThink
Tue Jul 23, 2019 5:39 pm
Forum: Personal Finance (Not Investing)
Topic: Family Fraud
Replies: 45
Views: 5177

Re: Family Fraud

Do your parents have enough to live on for the remainder of their life expectancy? Is the money stolen 5% or 50% of their net worth? If the losses will affect your parents' ability to pay for their own care, this may become your problem because the state may not pay for their care when they run out ...
by NotWhoYouThink
Tue Jul 23, 2019 8:31 am
Forum: Personal Consumer Issues
Topic: Thinking about buying late grandparents' house, proper boundaries with rest of family?
Replies: 27
Views: 2104

Re: Thinking about buying late grandparents' house, proper boundaries with rest of family?

Anything and everything you do to change the house will be wrong. Paint, siding, windows, landscaping, wrong, wrong, wrong. Because it is no longer the house your parents/aunts/uncles grew up in. Disrespectful of you to ruin their memories. That's not fair, once you buy a house it is yours to restor...
by NotWhoYouThink
Sat Jul 20, 2019 7:55 am
Forum: Personal Finance (Not Investing)
Topic: Updating / Modify a Revocable Living Trust
Replies: 20
Views: 1195

Re: Updating / Modify a Revocable Living Trust

If the account is titled to the trust, it won't have a beneficiary designation, because the trust determines the beneficiary. If the account does have a beneficiary designation (TOD) it probably isn't titled to the trust, which is a different but common situation. I see no legal problem with a marri...
by NotWhoYouThink
Thu Jul 18, 2019 5:25 pm
Forum: Personal Investments
Topic: This is bad right?? [my investment earnings]
Replies: 43
Views: 5037

Re: This is bad right??

What did you tell your friend about your goals and risk tolerance? Does your portfolio reflect that? It's good that you are starting to look at it and take control. I second the recommendation to post in the format for asking investment questions, it will help you learn and people here will make som...
by NotWhoYouThink
Thu Jul 18, 2019 4:30 pm
Forum: Personal Consumer Issues
Topic: Thoughts on starting a life advisor business?
Replies: 25
Views: 2118

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: 8
Views: 1823

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: 3215

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: 96
Views: 10575

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: 3215

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: 4568

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: 51
Views: 3992

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: 2535

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: 1653

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.