Search found 953 matches

by miamivice
Fri Feb 23, 2018 11:43 am
Forum: Personal Consumer Issues
Topic: Auto insurance damage claim
Replies: 58
Views: 3829

Re: Auto insurance damage claim

Insurance companies don't pay out to an insured more than a car is worth. I.e., they're not going to pay $6700 on claim 1 and $8000 on claim 2 to a person who owns a car worth $10,500. The details on exactly what they pay out are based on terms of the insurance contract and state law, but I think th...
by miamivice
Fri Feb 23, 2018 11:36 am
Forum: Personal Finance (Not Investing)
Topic: How Do People Without Computer Access Prepare and File Their Taxes?
Replies: 53
Views: 3835

Re: How Do People Without Computer Access Prepare and File Their Taxes?

I'm sure some folks do their taxes using TurboTax on library computers. You have a distinct lack of privacy doing taxes in a library setting but I'm sure some folks do it. Some libraries will check out laptops to you for use in the library. You could check out one and do your taxes in a corner of th...
by miamivice
Fri Feb 23, 2018 10:57 am
Forum: Personal Consumer Issues
Topic: Help! Buying my first sofa/couch
Replies: 27
Views: 2138

Re: Help! Buying my first sofa/couch

i'd check costco both in store and online. Costco furniture is very expensive. While it is probably high quality and probably cheaper than buying it at Nordstrom's, I wouldn't think of Costco furniture as appropriate for a rental. And if I had a known move in the future, I certainly wouldn't drop s...
by miamivice
Fri Feb 23, 2018 10:56 am
Forum: Personal Consumer Issues
Topic: Help! Buying my first sofa/couch
Replies: 27
Views: 2138

Re: Help! Buying my first sofa/couch

I've looked at Craigslist, but if you factor in the cost and stress of getting a UHaul and picking up a couch myself, it starts approaching the cost of a new couch. Just as a comment about that, I've started selling stuff on Craigslist, and it appears that one of the new trends is to ask the seller...
by miamivice
Fri Feb 23, 2018 10:50 am
Forum: Personal Finance (Not Investing)
Topic: How am I really doing for retirement savings?
Replies: 45
Views: 5374

Re: How am I really doing for retirement savings?

Have we all forgotten about the "mystery asset" ? It's because of the mystery asset and the cost of childcare for two kids is why I'm pinched for change right now. Debt service on the mystery asset is right about $13,000 a year (and in 2018 will not be tax deductible) and I spent about $27,000 on c...
by miamivice
Fri Feb 23, 2018 10:12 am
Forum: Personal Finance (Not Investing)
Topic: How am I really doing for retirement savings?
Replies: 45
Views: 5374

Re: How am I really doing for retirement savings?

Folks, OP was in good shape until he decided to be "House Poor". You could search his posts and learned about the worry and insecurity that comes with being "House Poor". And, the lack of flexibility to downsize your work. KlangFool I'm not "house poor", KlangFool. Our monthly home mortgage (PITI) ...
by miamivice
Thu Feb 22, 2018 5:25 pm
Forum: Personal Finance (Not Investing)
Topic: Is a prenup required to establish a list of separate property before marriage?
Replies: 67
Views: 3481

Re: Is a prenup required to establish a list of separate property before marriage?

I did some digging and found out some information from your past posts: - You've been engaged for about 3 years - In June of 2016, you were thinking about getting married, but expressed a lot of concern about blending assets (your home primarily) at that time. - In 2015, you described your assets an...
by miamivice
Thu Feb 22, 2018 5:11 pm
Forum: Personal Finance (Not Investing)
Topic: Time for twins to go to daycare
Replies: 38
Views: 3124

Re: Time for twins to go to daycare

I misread the original post, so I'm deleting my response. But to the OP: You say daycare for two infants costs $500 per month per kid, or $12,000 per year? Where in the world do you get daycare that cheap? In my area it runs around $20,000 per year per kid, or about $40,000 for twin infants. And ou...
by miamivice
Thu Feb 22, 2018 4:41 pm
Forum: Personal Finance (Not Investing)
Topic: Is a prenup required to establish a list of separate property before marriage?
Replies: 67
Views: 3481

Re: Is a prenup required to establish a list of separate property before marriage?

I'm well aware of arguments about the enforceability of prenups without advance legal review, but is that really still the case where all we want to do is establish the fact of what we owned, and state law is just fine? I mentioned this before but I think it is worth a separate post. I don't see wh...
by miamivice
Thu Feb 22, 2018 3:46 pm
Forum: Personal Finance (Not Investing)
Topic: Time for twins to go to daycare
Replies: 38
Views: 3124

Re: Time for twins to go to daycare

I misread the original post, so I'm deleting my response. But to the OP: You say daycare for two infants costs $500 per month per kid, or $12,000 per year? Where in the world do you get daycare that cheap? In my area it runs around $20,000 per year per kid, or about $40,000 for twin infants. And our...
by miamivice
Thu Feb 22, 2018 3:42 pm
Forum: Personal Finance (Not Investing)
Topic: Time for twins to go to daycare
Replies: 38
Views: 3124

Re: Time for twins to go to daycare

I would agree with the others that now is the time you need a joint bank account to pay for joint expenses. Your kids will cost a lot. Food, diapers, toys, extra curricular activities, injuries (trips to the ER). Some expenses might be easy to split like daycare, and some expenses will be very diffi...
by miamivice
Thu Feb 22, 2018 3:19 pm
Forum: Personal Finance (Not Investing)
Topic: Is a prenup required to establish a list of separate property before marriage?
Replies: 67
Views: 3481

Re: Is a prenup required to establish a list of separate property before marriage?

I'm well aware of arguments about the enforceability of prenups without advance legal review, but is that really still the case where all we want to do is establish the fact of what we owned, and state law is just fine? I mentioned this before but I think it is worth a separate post. I don't see wh...
by miamivice
Thu Feb 22, 2018 3:03 pm
Forum: Personal Finance (Not Investing)
Topic: Is a prenup required to establish a list of separate property before marriage?
Replies: 67
Views: 3481

Re: Is a prenup required to establish a list of separate property before marriage?

If protection of assets was important to me, I would talk to a lawyer with my spouse to be. You also want to make sure you are confidently on the same page about this pre-nup idea before you tie the knot. If it was a matter of talking to a lawyer WITH her there would be no issue. But I have been to...
by miamivice
Thu Feb 22, 2018 1:23 pm
Forum: Personal Finance (Not Investing)
Topic: Is a prenup required to establish a list of separate property before marriage?
Replies: 67
Views: 3481

Re: Is a prenup required to establish a list of separate property before marriage?

Does anyone want to bite on whether the value of the equity in a house owned by one person before a marriage can be considered separate property in the event of a divorce, if the couple refinanced the house after marriage, resulting in both their names ending up in the deed? If a prenup doesn't hel...
by miamivice
Thu Feb 22, 2018 11:50 am
Forum: Personal Finance (Not Investing)
Topic: Is a prenup required to establish a list of separate property before marriage?
Replies: 67
Views: 3481

Re: Is a prenup required to establish a list of separate property before marriage?

Tamarind wrote:
Thu Feb 22, 2018 10:40 am
She'd rather invest her $500.
For all intents and purposes, it's no longer "her" $500 or "his" $500. It's now "our" $1000.

Marriage is about comingling a lot of things. Money is one of them. Just wait until kids show up.
by miamivice
Thu Feb 22, 2018 11:47 am
Forum: Personal Finance (Not Investing)
Topic: Is a prenup required to establish a list of separate property before marriage?
Replies: 67
Views: 3481

Re: Is a prenup required to establish a list of separate property before marriage?

I'm not very familiar with prenups. However, it seems to be a simple matter that assets you enter into the marriage remain yours, and assets that she brings into the marriage remains hers in a divorce. This would be simple enough to keep a recent statement from each of your and her accounts in a saf...
by miamivice
Wed Feb 21, 2018 3:48 pm
Forum: Personal Finance (Not Investing)
Topic: Need an education on Rental Insurance
Replies: 14
Views: 715

Re: Need an education on Rental Insurance

Again, sit down with an insurance agent, discuss what you are in need of, and listen to what they have to suggest. My take on it is you probably need business / commercial insurance. You are running a business (leasing a house that is jointly owned between two individuals) and you are renting it to ...
by miamivice
Wed Feb 21, 2018 2:45 pm
Forum: Personal Finance (Not Investing)
Topic: Clever phishing -- be careful!
Replies: 21
Views: 1987

Re: Clever phishing -- be careful!

The story from Reddit isn't very plausible. Read the full account at the link I posted. The phiser got access to the account by resetting the password with the “help” of the unwitting victim providing the confirmation texts. Once in they can easily lookup transaction history to further the subterfu...
by miamivice
Wed Feb 21, 2018 2:35 pm
Forum: Personal Finance (Not Investing)
Topic: Clever phishing -- be careful!
Replies: 21
Views: 1987

Re: Clever phishing -- be careful!

The story from Reddit isn't very plausible. I'm not sure how a scammer would get the purchase history, account information, etc, from someone unless they had already hacked the account. Also, the digits from 2 factor authentication don't do any good unless you already know the person's username and ...
by miamivice
Wed Feb 21, 2018 11:38 am
Forum: Personal Finance (Not Investing)
Topic: Deducting Scholarly Book Donation - Form 8283 Question
Replies: 1
Views: 145

Re: Deducting Scholarly Book Donation - Form 8283 Question

First of all, the law is the law. If the law says you need to hire an appraiser, then you need to hire an appraiser. You're not allowed to fudge numbers just to get it under the appraisal amount. However, if you look back at your records, you might find that some of the books that you donated may no...
by miamivice
Wed Feb 21, 2018 11:29 am
Forum: Personal Finance (Not Investing)
Topic: Need an education on Rental Insurance
Replies: 14
Views: 715

Re: Need an education on Insurance

This forum is for personal finance. A rental house jointly owned by multiple people, and then leased to a corporation (non-profit) who then uses it to house volunteers, is a different league than personal finance. I honestly don't know how insurance works on rental property in general, and specifica...
by miamivice
Wed Feb 21, 2018 11:02 am
Forum: Personal Finance (Not Investing)
Topic: How am I really doing for retirement savings?
Replies: 45
Views: 5374

Re: How am I really doing for retirement savings?

I'm sure this will get deleted, but I've noticed a trend with all of your threads: you are constantly seeking validation from others (or constantly making humblebrags). You are doing fantastic, no need to keep asking. I appreciate your comments. All of my threads are sincere. I have a lot of financ...
by miamivice
Wed Feb 21, 2018 10:53 am
Forum: Personal Finance (Not Investing)
Topic: How am I really doing for retirement savings?
Replies: 45
Views: 5374

How am I really doing for retirement savings?

We're looking at our budgets carefully right now. With two growing kids, we're finding that our budget is tighter today than it was a few years ago, when we had 1 little kid, which then felt tighter from when we had no kids. Anyways, I'm trying to decide whether we need to go "full throttle" (maxing...
by miamivice
Tue Feb 20, 2018 9:21 pm
Forum: Personal Finance (Not Investing)
Topic: Sales tax deduction - definition of "renovation"
Replies: 1
Views: 379

Sales tax deduction - definition of "renovation"

Per Publication 600, folks can write off sales taxes against income for federal income tax. The IRS provides two options for deducting sales tax. You can either deduct the total amount of sales tax paid in 2017, or you can use a value from a table plus add in certain major expenses. One major expens...
by miamivice
Mon Feb 12, 2018 9:32 pm
Forum: Personal Finance (Not Investing)
Topic: moving my mother's "escape" fund to me
Replies: 28
Views: 4092

Re: moving my mother's "escape" fund to me

I'm sorry but what is being done by the OP is neither ethical nor legal. Assets acquired in the course of marriage, in almost every state, are jointly owned by the married couple. The same goes with debts and liabilities. This is simply wrong. Married individuals can have both separate assets and l...
by miamivice
Mon Feb 12, 2018 9:24 pm
Forum: Personal Finance (Not Investing)
Topic: moving my mother's "escape" fund to me
Replies: 28
Views: 4092

Re: moving my mother's "escape" fund to me

I'm sorry but what is being done by the OP is neither ethical nor legal. Assets acquired in the course of marriage, in almost every state, are jointly owned by the married couple. The same goes with debts and liabilities. This is simply wrong. Married individuals can have both separate assets and l...
by miamivice
Mon Feb 12, 2018 6:50 pm
Forum: Personal Consumer Issues
Topic: What big item (>20k) are you saving up for?
Replies: 159
Views: 15879

What big item (>20k) are you saving up for?

A lot of Bogleheads have considerable taxable accounts. If you are saving up to buy a large purchase (in excess of say $20,000), what might that item be? Around my neighborhood I see a lot of folks have boats and recreational vehicles. I suspect most are paying monthly on them though. At my megacorp...
by miamivice
Mon Feb 12, 2018 6:36 pm
Forum: Personal Finance (Not Investing)
Topic: Family expecting “comps”
Replies: 38
Views: 5497

Re: Family expecting “comps”

Here's an angle that hasn't been mentioned. Business income taxes are based on income, which is the amount of revenue received minus expenses, including the cost of goods sold. Merchandise given away to family and friends shouldn't be included in the cost of goods sold, as you really just gave somet...
by miamivice
Mon Feb 12, 2018 5:20 pm
Forum: Investing - Help with Personal Investments
Topic: Brokerage or 529's...
Replies: 17
Views: 1228

Re: Brokerage or 529's...

My rebuttal is taxable accounts can be invested tax-efficiently and there are several scenarios in which capital gains would not be taxed. It would be helpful if you would explain in what situations gains in a taxable account are not taxed. In the formerly 15% bracket, stepped-up basis after death,...
by miamivice
Mon Feb 12, 2018 2:16 pm
Forum: Investing - Help with Personal Investments
Topic: Brokerage or 529's...
Replies: 17
Views: 1228

Re: Brokerage or 529's...

mega317 wrote:
Mon Feb 12, 2018 1:43 pm
My rebuttal is taxable accounts can be invested tax-efficiently and there are several scenarios in which capital gains would not be taxed.
It would be helpful if you would explain in what situations gains in a taxable account are not taxed.
by miamivice
Mon Feb 12, 2018 1:31 pm
Forum: Investing - Help with Personal Investments
Topic: Brokerage or 529's...
Replies: 17
Views: 1228

Re: Brokerage or 529's...

A lot of people seem to struggle with this, but it's seems like a no-brainer to me. A brokerage account is a taxable account. After tax money is put in and you pay 15% on any returns that are generated while the money is in the account. A 529 account is a tax advantaged account. After money is put i...
by miamivice
Mon Feb 12, 2018 11:31 am
Forum: Personal Finance (Not Investing)
Topic: moving my mother's "escape" fund to me
Replies: 28
Views: 4092

Re: moving my mother's "escape" fund to me

If your parents lived in a community property state at the time she put these in a joint account with her sister, there may be a legal issue, since the money may be half your dad's. Wow, are you saying that in a community property state, if a person accumulates money through their own efforts and a...
by miamivice
Mon Feb 12, 2018 11:25 am
Forum: Personal Finance (Not Investing)
Topic: moving my mother's "escape" fund to me
Replies: 28
Views: 4092

Re: moving my mother's "escape" fund to me

I'm sorry but what is being done by the OP is neither ethical nor legal. Assets acquired in the course of marriage, in the 9 community property states, are jointly owned by the married couple. The same goes with debts and liabilities. Trying to hide a large sum of money in your child's or sisters na...
by miamivice
Sun Feb 11, 2018 9:24 pm
Forum: Personal Finance (Not Investing)
Topic: Car insurance on my name or kid's ?
Replies: 3
Views: 430

Re: Car insurance on my name or kid's ?

The above two posters are incorrect if your son is living with you. Under most states laws, car insurance covers every driver in your house. Your son's name and information should be on your policy. He might be able to get his own policy if he uses the same insurance carrier as you, but generally th...
by miamivice
Sun Feb 11, 2018 8:50 pm
Forum: Investing - Theory, News & General
Topic: U-Haul Investors Club
Replies: 14
Views: 3414

Re: U-Haul Investors Club

(knock at the door)... "I'm sorry, there's bad news. U-Haul defaulted on your investment. But not to worry, your loan is 'asset-backed'. Where would you like us to put these 12,000 furniture dollies?" :happy Agreed. The condition of most U-Haul trailers or other equipment that I have seen would not...
by miamivice
Sun Feb 11, 2018 3:48 pm
Forum: Investing - Theory, News & General
Topic: U-Haul Investors Club
Replies: 14
Views: 3414

Re: U-Haul Investors Club

Something like the U-Haul Investors Club is exactly what Bogleheads are against. While I don't have time to analyze the details, I remember a few years back before the housing bust when I saw an advertisement for a loan to a real estate company to purchase some land, subdivide lots, and build houses...
by miamivice
Sat Feb 10, 2018 10:19 am
Forum: Personal Consumer Issues
Topic: How to stop mail for former occupants?
Replies: 103
Views: 7315

Re: How to stop mail for former occupants?

OP, if this issue is of big concern, you might consider a virtual mailbox. I believe with these services, all of your mail (addressed to both you and/or the previous tenant) is forwarded to a company which then scans everything electronically. You get to decide what is kept, what is discarded, and ...
by miamivice
Fri Feb 09, 2018 2:58 pm
Forum: Personal Finance (Not Investing)
Topic: How Do You Discuss Starting Time when You Get a Job Offer
Replies: 29
Views: 2714

Re: How Do You Discuss Starting Time when You Get a Job Offer

From my perspective, I don't consider start times and quitting times to be something that can be negotiated. Most hourly positions are mandated by the boss and folks start and stop at the end of scheduled shifs. You start as a group (if you work as a group) or as an individual at the scheduled start...
by miamivice
Fri Feb 09, 2018 2:15 pm
Forum: Personal Finance (Not Investing)
Topic: Need help from someone experienced with bankruptcy and probate
Replies: 16
Views: 1083

Re: Need help from someone experienced with bankruptcy and probate

Earl Lemongrab wrote:
Fri Feb 09, 2018 1:36 pm
miamivice wrote:
Thu Feb 08, 2018 5:23 pm
I do not believe any debts are discharged at death if there are still assets to distribute (outside of bankruptcy).
Federal student loans.
You learn something new everyday.
by miamivice
Fri Feb 09, 2018 10:45 am
Forum: Investing - Help with Personal Investments
Topic: What is considered a taxable account?
Replies: 9
Views: 769

Re: What is considered a taxable account?

So even though the Roth is funded with after-tax dollars and the 401k is with pre-tax dollars, both are considered taxable? I thought the 401k was tax deferred since i don't pay taxes on it until I take money out. Taxable accounts are those that are not tax advantaged. Roth IRAs, Traditional IRAs, ...
by miamivice
Fri Feb 09, 2018 10:28 am
Forum: Investing - Help with Personal Investments
Topic: What is considered a taxable account?
Replies: 9
Views: 769

Re: What is considered a taxable account?

Taxable accounts are those that are not tax advantaged. Roth IRAs, Traditional IRAs, 401ks, 529, and HSAs are all tax advantaged. A regular stock account is a taxable account.
by miamivice
Thu Feb 08, 2018 9:47 pm
Forum: Investing - Help with Personal Investments
Topic: Mega /+ backdoor roth instead of 529
Replies: 16
Views: 1313

Re: Mega /+ backdoor roth instead of 529

It sounds like you can do this. The downside is that you have to set aside 400k for your kids between now and when they go to college. For most people, that's a steep price to pay. I think we'll have about $400k total for two kids as well. We put $76k into our kids 529s total, and aren't putting an...
by miamivice
Thu Feb 08, 2018 5:23 pm
Forum: Personal Finance (Not Investing)
Topic: Need help from someone experienced with bankruptcy and probate
Replies: 16
Views: 1083

Re: Need help from someone experienced with bankruptcy and probate

As many others will say, you need to ask an attorney experienced in this particular case and the laws of your state. But at a first glance, since the bankruptcy was not finalized at the time of her death, I would suspect that all of her debts must be paid off by the estate before the estate assets c...
by miamivice
Thu Feb 08, 2018 5:16 pm
Forum: Investing - Help with Personal Investments
Topic: Mega /+ backdoor roth instead of 529
Replies: 16
Views: 1313

Re: Mega /+ backdoor roth instead of 529

It sounds like you can do this. The downside is that you have to set aside 400k for your kids between now and when they go to college. For most people, that's a steep price to pay. I think we'll have about $400k total for two kids as well. We put $76k into our kids 529s total, and aren't putting any...
by miamivice
Thu Feb 08, 2018 5:03 pm
Forum: Personal Finance (Not Investing)
Topic: Am I saving too much for retirement?
Replies: 105
Views: 14880

Re: Am I saving too much for retirment?

You're completely correct that two incomes does not equal high income. It is (partially) what makes our family a higher income family, but you're correct that there may be many lower two income families and some higher income single income families.
by miamivice
Thu Feb 08, 2018 3:39 pm
Forum: Personal Finance (Not Investing)
Topic: Am I saving too much for retirement?
Replies: 105
Views: 14880

Re: Am I saving too much for retirment?

I think where the chart breaks down is at higher income levels, and in particular, dual income households. Dual income households do not need more money in retirement than single income households, y et, according to the chart, they need to have way more saved up. I would say this is only half true...
by miamivice
Thu Feb 08, 2018 3:20 pm
Forum: Personal Finance (Not Investing)
Topic: Am I saving too much for retirement?
Replies: 105
Views: 14880

Re: Am I saving too much for retirment?

I think where the chart breaks down is at higher income levels, and in particular, dual income households. Dual income households do not need more money in retirement than single income households, y et, according to the chart, they need to have way more saved up. I would say this is only half true...
by miamivice
Thu Feb 08, 2018 2:48 pm
Forum: Personal Consumer Issues
Topic: Should having a brand new roof lower home insurance premium?
Replies: 26
Views: 1993

Re: Should having a brand new roof lower home insurance premium?

I'm hoping someone here might have some knowledge of the home insurance market. Here's the scenario: My wife and I are in the process of buying a new home. Our offer has been accepted, and we are currently negotiating some repairs with the seller. As a part of our home inspection, the inspector fou...
by miamivice
Thu Feb 08, 2018 2:29 pm
Forum: Personal Finance (Not Investing)
Topic: Am I saving too much for retirement?
Replies: 105
Views: 14880

Re: Am I saving too much for retirment?

For young people, like the 28 year old OP, spending multiples are unhelpful because it's a multiple of how much one spends in retirement. Young people have no clue how much they'll spend in retirement. A multiple of income is far easier because they know how much they make. I'm not objecting to the ...