Search found 689 matches

by miamivice
Thu Dec 28, 2017 2:30 pm
Forum: Personal Finance (Not Investing)
Topic: College Savings- Prepaid Tuition Plans?
Replies: 11
Views: 886

Re: College Savings- Prepaid Tuition Plans?

My husband and I have a 3 month old daughter and we are starting to think about how we want to save for her college education. We envision a multi-tiered approach including a 529 plan, taxable account, and cash flow if needed. The other option we have is to prepay part or all of her tuition ahead o...
by miamivice
Thu Dec 28, 2017 2:25 pm
Forum: Personal Consumer Issues
Topic: Think Home might have Asbestos (what to do?)
Replies: 20
Views: 1147

Re: Think Home might have Asbestos (what to do?)

Generally, asbestos is fine if you don't touch it. If you decide you want to remodel, have it tested. If you have asbestos, then have professionals handle the remodeling. Whether you have to disclose is state specific, but from what you describe I don't think you'd have to disclose because you don't...
by miamivice
Mon Dec 25, 2017 2:52 pm
Forum: Investing - Help with Personal Investments
Topic: 529 Plan for a single parent
Replies: 3
Views: 344

Re: 529 Plan for a single parent

Since Florida has no state income tax, we could use any plan we wanted without consideration to state tax benefits. We chose Nevada's 529 plan because it is administered by Vanguard. To keep it simple for you, I would just choose Nevada's plan and never look back. It has low fees and run by Vanguard...
by miamivice
Fri Dec 22, 2017 9:20 am
Forum: Personal Finance (Not Investing)
Topic: Do you include your house in your net worth if you own it outright?
Replies: 89
Views: 6458

Re: Do you include your house in your net worth if you own it outright?

If you want to be picky, reduce the net by 6-7% of the potentially selling price. Do you also reduce the value of your investments by 15% * unrealized gain to reflect the long term capital gains tax that the government takes? Or reduce 401k balances by 10 - 20% to account for the amount of ordinary...
by miamivice
Thu Dec 21, 2017 4:07 pm
Forum: Personal Finance (Not Investing)
Topic: Do you include your house in your net worth if you own it outright?
Replies: 89
Views: 6458

Re: Do you include your house in your net worth if you own it outright?

Your net worth should include the amount of your home equity (sale price minus mortgage, if any). Right now, we are not living in a forever house. We'll sell someday. So I surely include home equity in my net worth calculations as we'll be able to use our home equity for non-housing purposes in the ...
by miamivice
Thu Dec 21, 2017 3:30 pm
Forum: Investing - Help with Personal Investments
Topic: Possible wrong 529s withdrawal
Replies: 7
Views: 582

Re: Possible wrong 529s withdrawal

Correct. You withdraw both contributions and earnings when you make any withdrawal.
by miamivice
Thu Dec 21, 2017 2:30 pm
Forum: Personal Finance (Not Investing)
Topic: Is my IRA contribution for this earned income legitimate?
Replies: 5
Views: 479

Re: Is my IRA contribution for this earned income legitimate?

The important thing is when you get paid for the work. If you are paid for the work in 2017, you will receive (in early 2018) a 1099 showing your 2017 earnings. Then you're correct to put money into your IRA based on the earned income. If, however, you don't get paid until 2018, you will not receive...
by miamivice
Thu Dec 21, 2017 10:42 am
Forum: Personal Finance (Not Investing)
Topic: Please Post Tax Bill Questions Here [was Tax Bill Omnibus Thread]
Replies: 878
Views: 48764

Re: Tax Bill Omnibus Thread

I don't know if it's been said above (didn't read all 412 posts) but the thing I find most interesting about the new tax plan is that few people will itemize. A $24,000 standard deduction is huge. It takes a lot of donations + taxes + interest in order to justify itemizing. The takeaway on that is t...
by miamivice
Tue Dec 19, 2017 8:14 pm
Forum: Personal Finance (Not Investing)
Topic: Financial Assistance to Adult Child (health insurance)
Replies: 107
Views: 5820

Re: Financial Assistance to Adult Child (health insurance)

I am hoping Bogleheads may come up with a creative approach to solving this problem: Our adult (30 yo) daughter has been almost completely financially independent since she graduated from college. We have helped with the occasional crunch or medical/dental bill, but this has not amounted to much. S...
by miamivice
Mon Dec 18, 2017 11:55 pm
Forum: Personal Finance (Not Investing)
Topic: opinions requested on student college decision / financial related
Replies: 87
Views: 4186

Re: opinions requested on student college decision / financial related

My understanding is that nursing is an in-demand field with strong work opportunities and good pay. My perspective is that students, with good marks, who enter in-demand fields, can obtain whatever work floats their boat regardless of the name of the school they attend. I'd probably encourage my chi...
by miamivice
Mon Dec 18, 2017 12:50 pm
Forum: Investing - Theory, News & General
Topic: Is Menards the future of retail? If so, what does it mean?
Replies: 37
Views: 2419

Re: Is Menards the future of retail? If so, what does it mean?

It's my opinion that the OP is convinced of a lot of things I don't agree with, but since the actual answers are trade secrets, the best we can do is argue about it. For example, he makes statements that name brand and store brand items have the same internal parts as both goods are are made on the ...
by miamivice
Mon Dec 18, 2017 11:34 am
Forum: Investing - Theory, News & General
Topic: Is Menards the future of retail? If so, what does it mean?
Replies: 37
Views: 2419

Re: Is Menards the future of retail? If so, what does it mean?

I am willing to pay more for a brand name item that is attached to the house rather than saving a few bucks on a store brand item. A toilet, for example. You want the toilet to work properly 100% of the time. Night, day, weekend, weekday. To me, that's not an item that I would want to try a knock-of...
by miamivice
Mon Dec 18, 2017 10:57 am
Forum: Investing - Theory, News & General
Topic: Is Menards the future of retail? If so, what does it mean?
Replies: 37
Views: 2419

Re: Is Menards the future of retail? If so, what does it mean?

I feel that the OP really enjoys shopping at Menards, and is contemplating buying stock in Menard's because he thinks that the Menard's model will be successful, the company will grow, and the stock price will go up. And perhaps, the OP is seeking validation from us that his opinion is accurate. My ...
by miamivice
Mon Dec 18, 2017 10:52 am
Forum: Personal Finance (Not Investing)
Topic: How much Auto Insurance to get
Replies: 12
Views: 912

Re: How much Auto Insurance to get

Hello, I am re-examining our Car insurance and was not sure how to determine how much we need to have. Can someone help explain: 1. What auto liability $ amount to hold? (Currently we have $100k/300k liability with $50k property) 2. When should we get an umbrella policy? (I heard you have to raise ...
by miamivice
Fri Dec 15, 2017 4:37 pm
Forum: Personal Finance (Not Investing)
Topic: Home owner liablity questions - parcel delivery
Replies: 19
Views: 1891

Re: Home owner liablity questions - parcel delivery

I think a lot of people are confusing a businesses requirement to provide a safe retail environment for customers versus a homeowners requirement to keep their home and property safe for guests. There is very little court precedent that requires a homeowner to keep property maintained and safe for g...
by miamivice
Fri Dec 15, 2017 3:02 pm
Forum: Personal Consumer Issues
Topic: Uber vs Ambulance - HUGE cost difference
Replies: 85
Views: 10814

Re: Uber vs Ambulance - HUGE cost difference

Likewise, if I have a broken arm and can't drive, I'd call Uber, not an ambulance. If I was an Uber driver I'd refuse any rider who was injured and wanted me to drive them to the hospital. I wouldn't want the liability of making their injury worse, or the responsibility to try to monitor them to en...
by miamivice
Fri Dec 15, 2017 9:45 am
Forum: Personal Finance (Not Investing)
Topic: Can we afford to live on one income?
Replies: 70
Views: 5768

Re: Can we afford to live on one income?

Yes you can do it. It looks like there are some areas to reduce expenses if you are willing to do so. How much would you be paying for child care? I don't see that mentioned anywhere in the post and that's a major part of the financial decision. What are your prospects for pay raises over the next ...
by miamivice
Fri Dec 15, 2017 9:41 am
Forum: Personal Finance (Not Investing)
Topic: Should I open a fitness center for extra money?
Replies: 37
Views: 2868

Should I open a fitness center for extra money?

One of my former high school classmates, who seems pretty darn smart to me, just opened a fitness center in the town this person lives in. They are pretty stoked about the idea. It cost about $5000 to obtain the franchise license, and maybe $20k to $50k in startup costs (initial lease, equipment for...
by miamivice
Fri Dec 15, 2017 9:34 am
Forum: Personal Finance (Not Investing)
Topic: Home owner liablity questions - parcel delivery
Replies: 19
Views: 1891

Re: Home owner liablity questions - parcel delivery

My understanding is this type of claim would fall under tort liability. I believe there are 3 criteria that must be met: 1) There must be a duty to care 2) There must have been a breach in the duty to care 3) The breach in duty must have caused an injury. In the case of a delivery person dropping of...
by miamivice
Wed Dec 13, 2017 3:45 pm
Forum: Personal Finance (Not Investing)
Topic: How much did you contribute to your 401k in 2017?
Replies: 155
Views: 10527

How much did you contribute to your 401k in 2017?

Two questions:

1) How much did you contribute to your 401k in 2017?

2) What is your current age?

I'll start.

Age 38. 2017 employee contributions are $14,000. Wife contributed maybe $12,000.
by miamivice
Wed Dec 13, 2017 10:56 am
Forum: Personal Finance (Not Investing)
Topic: Teaching elementary school kids about money
Replies: 32
Views: 2013

Teaching elementary school kids about money

I'm wondering how other Boglehead parents have taught their kids about money? Not the mechanics of it (quarters, dimes, dollars, etc) but about the importance of saving and setting aside for the future. What did you do with your kids that you felt was effective? Our oldest is in early elementary sch...
by miamivice
Thu Dec 07, 2017 2:32 pm
Forum: Personal Finance (Not Investing)
Topic: What do Bogleheads say when they don't want to spend money?
Replies: 103
Views: 5721

What do Bogleheads say when they don't want to spend money?

Question for you... When most people don't want to spend money on something, they often say they can't afford it. This is probably an accurate statement for most people to make. However, Bogleheads are not average, and it's definitely not accurate for many of us. We certainly can afford a lot of thi...
by miamivice
Thu Dec 07, 2017 2:20 pm
Forum: Personal Finance (Not Investing)
Topic: At what age your investments start making more money than you?
Replies: 107
Views: 7686

Re: At what age your investments start making more money than you?

Many years ago, I set a personal goal for myself to earn more in dividends per year than a certain high school friend earns in a year at his/her workplace.

My wife is unimpressed with my goal.
by miamivice
Thu Dec 07, 2017 1:53 pm
Forum: Personal Finance (Not Investing)
Topic: At what age your investments start making more money than you?
Replies: 107
Views: 7686

Re: At what age your investments start making more money than you?

I'm at 72% right now, and I'm 38. (That is using my estimate of 8% annual returns rather than the actual returns).

It'll be a while before I see 100% unless our pay goes down for some reason.
by miamivice
Thu Dec 07, 2017 1:38 pm
Forum: Investing - Help with Personal Investments
Topic: First post from this retiree with questions - my daughter sent me here!
Replies: 34
Views: 3969

Re: First post from this retiree with questions - my daughter sent me here!

miamivice, a 30k withdrawl is 6.3%. No, not a safe withdrawal rate. You used 25 years in your calculation and the SWR uses 30, but it's still a problem because the 4% growth you used isn't going to be even. In times when the market is down, a 6.3% withdrawal rate increases and could spin into a non...
by miamivice
Thu Dec 07, 2017 10:06 am
Forum: Investing - Help with Personal Investments
Topic: First post from this retiree with questions - my daughter sent me here!
Replies: 34
Views: 3969

Re: First post from this retiree with questions - my daughter sent me here!

I calculate you can probably spend withdraw $2,500 per month for the rest of your life from your retirement accounts. Would $2,000 plus the monthly income you receive provide a nice retirement for you? If so, you are in good shape. How did you calculate $30k per year from retirement accounts of $46...
by miamivice
Wed Dec 06, 2017 11:52 pm
Forum: Personal Finance (Not Investing)
Topic: How do you know you are FI? [Financially Independent]
Replies: 48
Views: 3966

Re: How do you know you are FI? [Financially Independent]

I am just 40. What I am trying to figure out right now is.. am I FI and if not when will I be FI? I am looking for a list of things that you need to check mark to declare (to yourself) you FI status. There is a website called FireCalc.org. You type in your current net worth, and your annual spendin...
by miamivice
Wed Dec 06, 2017 4:15 pm
Forum: Investing - Theory, News & General
Topic: Unsolicited advice - 32 yo w/ 80% bonds, fixed income fund
Replies: 36
Views: 3217

Re: Unsolicited advice - 32 yo w/ 80% bonds, fixed income fund

I would not recommend giving unsolicited advice to buddies. For one, nobody knows what the future holds. What you suggest may actually turn out to be the wrong advice. i.e, bonds might outperform stocks in the next five years, and then your buddy is mad at you for making a bad suggestion. For two, ...
by miamivice
Wed Dec 06, 2017 2:47 pm
Forum: Personal Consumer Issues
Topic: Do people still use AAA?
Replies: 242
Views: 15647

Re: Do people still use AAA?

Obviously a lot of AAA lovers here. As far as towing, most Bogleheads say to purchase insurance for risks that you cannot assume yourself. A tow costs maybe $150 or $200. AAA costs maybe $50 or $100 a year. So if you don't need your car towed more often than once every couple years, it's better to s...
by miamivice
Wed Dec 06, 2017 2:41 pm
Forum: Investing - Theory, News & General
Topic: Unsolicited advice - 32 yo w/ 80% bonds, fixed income fund
Replies: 36
Views: 3217

Re: Unsolicited advice - 32 yo w/ 80% bonds, fixed income fund

I would not recommend giving unsolicited advice to buddies. For one, nobody knows what the future holds. What you suggest may actually turn out to be the wrong advice. i.e, bonds might outperform stocks in the next five years, and then your buddy is mad at you for making a bad suggestion. For two, ...
by miamivice
Wed Dec 06, 2017 2:36 pm
Forum: Investing - Help with Personal Investments
Topic: First post from this retiree with questions - my daughter sent me here!
Replies: 34
Views: 3969

Re: First post from this retiree with questions - my daughter sent me here!

I calculate you can probably spend withdraw $2,500 per month for the rest of your life from your retirement accounts. Would $2,000 plus the monthly income you receive provide a nice retirement for you? If so, you are in good shape. How did you calculate $30k per year from retirement accounts of $46...
by miamivice
Wed Dec 06, 2017 1:26 pm
Forum: Personal Finance (Not Investing)
Topic: Mortgage as percentage of take-home pay
Replies: 79
Views: 5998

Re: Mortgage as percentage of take-home pay

OP, 1) I do not buy any house that I cannot pay the mortgage off if I want to. Aka, my net worth is 2 or more times the price of the house. So, I do not judge the affordability of the house only based on the mortgage payment. Are you suggesting everybody rent until they have saved up enough to buy ...
by miamivice
Wed Dec 06, 2017 1:00 pm
Forum: Personal Finance (Not Investing)
Topic: Friend buys a lot of stuff because he want's to reduce his tax liability. Is this thinking flawed?
Replies: 47
Views: 4215

Re: Friend buys a lot of stuff because he want's to reduce his tax liability. Is this thinking flawed?

Yes, obviously your friend's thinking is flawed. Running a "business" with the main objective to avoid income tax is counterproductive. Would I rather make $10,000 and pay a percentage of that to the government, or just spend the 10K on things that I don't need? The answer is obvious. All that bein...
by miamivice
Wed Dec 06, 2017 12:54 pm
Forum: Personal Finance (Not Investing)
Topic: Friend buys a lot of stuff because he want's to reduce his tax liability. Is this thinking flawed?
Replies: 47
Views: 4215

Re: Friend buys a lot of stuff because he want's to reduce his tax liability. Is this thinking flawed?

Money spent on non-business expenses does not reduce one's tax liability. The money he spends on things that are considered business expenses reduce the income tax he has to pay, but only by his marginal tax rate. For example, a $100 business expenses reduces his taxes by $100 * .15 (if he is in the...
by miamivice
Tue Dec 05, 2017 2:44 pm
Forum: Investing - Help with Personal Investments
Topic: First post from this retiree with questions - my daughter sent me here!
Replies: 34
Views: 3969

Re: First post from this retiree with questions - my daughter sent me here!

I calculate you can probably spend withdraw $2,500 per month for the rest of your life from your retirement accounts.

Would $2,000 plus the monthly income you receive provide a nice retirement for you? If so, you are in good shape.
by miamivice
Tue Dec 05, 2017 2:21 pm
Forum: Personal Finance (Not Investing)
Topic: Question on inheriting real estate from parents
Replies: 24
Views: 2873

Re: Question on inheriting real estate from parents

I glanced through the above posts but didn't see it mentioned. The current estate tax only affects people with more than $5.25 million in assets. (With estate planning, a married couple can pass $10.5 million to the heirs tax free) Is the estate worth more than $5.25 million? If not there is no issue.
by miamivice
Tue Dec 05, 2017 1:50 pm
Forum: Personal Finance (Not Investing)
Topic: Lowering real estate agent costs when selling?
Replies: 34
Views: 2696

Re: Lowering real estate agent costs when selling?

Actionable: 1 If you are in a high demand area, right now R/E is doing well in many areas, inventory is low for good properties, you can try a FSBO first. 2 Then if it doesn't sell right away, move on to a Flat Fee MLS R/E listing service, 3 then finally a regular Brokerage. What the large brokerag...
by miamivice
Tue Dec 05, 2017 1:23 pm
Forum: Personal Consumer Issues
Topic: Holiday Tipping
Replies: 30
Views: 2370

Re: Holiday Tipping

Hello Bogleheads always nice to chat with you. My wife and I were discussing how to tip this holiday season. We have read some articles and wanted to know what the forum thought. We are planning on tipping the following folks and wanted to know how you determine what to tip; newspaper delivery pers...
by miamivice
Tue Dec 05, 2017 12:54 pm
Forum: Investing - Theory, News & General
Topic: Unsolicited advice - 32 yo w/ 80% bonds, fixed income fund
Replies: 36
Views: 3217

Re: Unsolicited advice - 32 yo w/ 80% bonds, fixed income fund

I would not recommend giving unsolicited advice to buddies. For one, nobody knows what the future holds. What you suggest may actually turn out to be the wrong advice. i.e, bonds might outperform stocks in the next five years, and then your buddy is mad at you for making a bad suggestion. For two, h...
by miamivice
Tue Dec 05, 2017 12:11 pm
Forum: Personal Consumer Issues
Topic: Disputing a charge against an auto repair shop, should I give them another chance to make it right?
Replies: 17
Views: 1838

Re: Disputing a charge against an auto repair shop, should I give them another chance to make it right?

I generally suggest avoiding disputing charges with your credit card when it comes to vehicles. While the charge might be reversed, the money is still owed. In most states, auto repair places are allowed to place mechanic's liens on your vehicle, which allows them to reposses your vehicle to pay of...
by miamivice
Tue Dec 05, 2017 12:05 pm
Forum: Personal Consumer Issues
Topic: Lowering My Grocery Bill
Replies: 110
Views: 7369

Re: Lowering My Grocery Bill

I suggest shopping for name brand products at Wal-Mart, online using their store pickup option. Then you drive to Wal-Mart and they load the groceries in your car. Grocery prices are the same as in-store and there is no pickup surcharge. Essentially, this allows you to get Wal-Mart pricing (which is...
by miamivice
Tue Dec 05, 2017 12:02 pm
Forum: Personal Consumer Issues
Topic: Disputing a charge against an auto repair shop, should I give them another chance to make it right?
Replies: 17
Views: 1838

Re: Disputing a charge against an auto repair shop, should I give them another chance to make it right?

I generally suggest avoiding disputing charges with your credit card when it comes to vehicles. While the charge might be reversed, the money is still owed. In most states, auto repair places are allowed to place mechanic's liens on your vehicle, which allows them to reposses your vehicle to pay off...
by miamivice
Tue Dec 05, 2017 11:57 am
Forum: Personal Finance (Not Investing)
Topic: Investment question: Ordinary income tax today vs deferred capital gains tax
Replies: 2
Views: 279

Investment question: Ordinary income tax today vs deferred capital gains tax

Some people are convinced that owning property and renting it out (AirBnB, long term rental, vacation rental, etc) is a sweet deal, as you get a trifecta: property appreciation, rental income, and occasional free use. When I've done the math, one sticking point that I have run into is rental income ...
by miamivice
Tue Dec 05, 2017 11:31 am
Forum: Personal Finance (Not Investing)
Topic: Lowering real estate agent costs when selling?
Replies: 34
Views: 2696

Re: Lowering real estate agent costs when selling?

OP .... irrespective of the cost, do you believe you need a real estate agent to effectively sell your home? Somebody needs to open the door and let them walk through the house. 1% listing agent fee is about $9000. That's fine. 3% buyers agent fee is $27,000, and I think that's too high. Can I just...
by miamivice
Tue Dec 05, 2017 11:18 am
Forum: Personal Finance (Not Investing)
Topic: Best solution for digitizing documents?
Replies: 43
Views: 3658

Re: Best solution for digitizing documents?

I haven't bothered with preserving (digitally or otherwise) documents in nearly a decade. My wife many years ago pointed out that I wasted a lot of time filing everything, so I started shredding paper documents. Eventually I opted in to receiving electronic documents for everything and no longer rec...
by miamivice
Tue Dec 05, 2017 10:55 am
Forum: Investing - Theory, News & General
Topic: Vanguard customer service reps need some training
Replies: 66
Views: 7067

Re: Vanguard customer service reps need some training

Just venting here since I can't call and talk to representative until Monday. I did an exchange (in my Roth account) yesterday over the phone. I wanted to clear out one of my funds since it overlaps with our 401k holdings and put the money to three other Roth funds that I already had in that accoun...
by miamivice
Tue Dec 05, 2017 10:43 am
Forum: Personal Finance (Not Investing)
Topic: Lowering real estate agent costs when selling?
Replies: 34
Views: 2696

Lowering real estate agent costs when selling?

What options do I have to lower the real estate cost of selling our house? Looking at a calculator, the real estate agent cost to sell our house comes to $36,000 - if I use a discount brokerage house. A full price brokerage house might come to $54,000. The breakdown is about $27,000 to the buyer's a...
by miamivice
Mon Dec 04, 2017 10:35 am
Forum: Personal Finance (Not Investing)
Topic: Sources for aggregate FAFSA data?
Replies: 1
Views: 296

Sources for aggregate FAFSA data?

Is there someplace where one can review aggregate financial data provided to the government through the FAFSA forms? Of course, personally identifying information will be redacted. It seems that this would be very interesting information to review, i.e., average income of parents in our zipcode, ave...
by miamivice
Sun Dec 03, 2017 9:04 pm
Forum: Personal Finance (Not Investing)
Topic: Status Money website - good or bad?
Replies: 5
Views: 1052

Status Money website - good or bad?

I saw a Facebook post about a new website called Status Money. The concept is intriguing - type in some personal information (like financial stuff), and the website will show you how you compare to others in your area. The idea of the website is that it crowd source personal financial data, and pres...
by miamivice
Thu Nov 30, 2017 1:05 pm
Forum: Investing - Theory, News & General
Topic: Is there any reason to invest in real estate?
Replies: 98
Views: 7909

Re: Is there any reason to invest in real estate?

All, 20% ROI is not sustainable or practical to obtain for any length of time. If 20% ROI was available to everybody through real estate investing, nobody would invest in the stock market which returns 8% ROI historically. Some of you may have been lucky. Some may have added to your initial investme...