Search found 115 matches
- Mon Aug 06, 2012 6:02 pm
- Forum: Personal Consumer Issues
- Topic: Foreclosured neighbor stalling handing over HOA account
- Replies: 22
- Views: 3327
Re: Foreclosured neighbor stalling handing over HOA account
I don't know how much money is involved here, but it sounds like it is time to get a lawyer involved to advise you.
- Mon Aug 06, 2012 5:08 pm
- Forum: Personal Consumer Issues
- Topic: Foreclosured neighbor stalling handing over HOA account
- Replies: 22
- Views: 3327
Re: Foreclosured neighbor stalling handing over HOA account
I assume there are other board members of the HOA. You all need to get together ASAP and appoint someone else as treasurer. Put the decision/minutes in writing and then have the others sign it. Then that person needs to contact the bank and give them whatever paperwork necessary to get accesss to the bank account as the representative for the HOA. Assuming no one else on the board already had that authority. The bank will need to see some kind of paperwork that the HOA has given authority to the new person to be treasurer.
- Mon Aug 06, 2012 3:52 pm
- Forum: Personal Finance (Not Investing)
- Topic: What is your Profession, Salary, Age, and Location?
- Replies: 37
- Views: 5192
Re: What is your Profession, Salary, Age, and Location?
Age 14
$0.50/hr babysitting
Kentucky
Age 17
$2/hr busing tables in restaurant
Louisiana
Along the way getting my education, I worked in a greenhouse, as a waitress, property painter, donut shop cashier, cleaning dorm bathrooms. (worst job ever) Then worked in chemical plants.
Now 50 something
Govt Chemical Engineer
$115K
Wash, DC metro area
$0.50/hr babysitting
Kentucky
Age 17
$2/hr busing tables in restaurant
Louisiana
Along the way getting my education, I worked in a greenhouse, as a waitress, property painter, donut shop cashier, cleaning dorm bathrooms. (worst job ever) Then worked in chemical plants.
Now 50 something
Govt Chemical Engineer
$115K
Wash, DC metro area
- Thu Jul 26, 2012 2:20 pm
- Forum: Personal Finance (Not Investing)
- Topic: Inheritance for Mentally disabled person
- Replies: 8
- Views: 1406
Re: Inheritance for Mentally disabled person
My step-uncle was going to leave a $80K to his mentally ill sister, but then found out this would cause problems with her eligibility for the low-income housing in which she lived. She also had a past history of spending money inappropriately such as giving too much of it to boyfriends and not leaving enough for herself. My uncle ending up leaving the money to the sister's two adult responsible sons, with the understanding that they would use the money as they saw fit to help fulfill her needs. One of the sons was basically overseeing her care (she was mid-70s when my uncle died) and helping her manage her life anyway.
- Sat Jun 16, 2012 8:57 am
- Forum: Personal Finance (Not Investing)
- Topic: Lending Clubs
- Replies: 39
- Views: 4682
Re: Lending Clubs
Looks fun to tinker with, but can you make any serious money here without a huge workload? If you had 500k to loan out and grossed 6% after defaults and expenses, that's a respectable 30k extra income, but it seems you have to keep up with an overwhelming number of accounts. How much time would it take to keep track of 500k in loans, just wondering? I just realized your question was about tracking $500K of notes, not investing. On the summary page of my account, Lending Club displays something "My Notes at a Glance". If I click on this, it then gives me a breakdown of the category of notes as follows (data below is for my own portfolio of notes). Then I can click each category can get a listing of notes in that category. Then I c...
- Sat Jun 16, 2012 8:45 am
- Forum: Personal Finance (Not Investing)
- Topic: Lending Clubs
- Replies: 39
- Views: 4682
Re: Lending Clubs
Looks fun to tinker with, but can you make any serious money here without a huge workload? If you had 500k to loan out and grossed 6% after defaults and expenses, that's a respectable 30k extra income, but it seems you have to keep up with an overwhelming number of accounts. How much time would it take to keep track of 500k in loans, just wondering? It would probably take a while to get $500K invested even with picking loans using the automatic portfolio selection function rather than selecting the loans individually by yourself. It would also depend on what criteria you set for selecting loans. Right now today, there are only a total 1913 loans available in the system in various stages of funding. If you chose to fund them all at minimum ...
- Fri Jun 15, 2012 2:15 pm
- Forum: Personal Finance (Not Investing)
- Topic: Lending Clubs
- Replies: 39
- Views: 4682
Re: Lending Clubs
These loans are unsecured and people do default. Also I believe Prosper and Lending Club are still not operating in the black although their business is increasing every year. I think Lending Club may be doing better than Prosper and Prosper has a class action lawsuit pending. But Lending Club got some institutional investors to start buying loans, so that is a positive sign. Also investment is not that liquid. I start out investing as an experiment and still won't put large of a percentage of my money in there, but I think it is one way of further diversifying my portfolio.SnapShots wrote:This sounds too good to be true. Am I missing something? Very enticing idea to look into.
- Fri Jun 15, 2012 2:06 pm
- Forum: Personal Finance (Not Investing)
- Topic: Lending Clubs
- Replies: 39
- Views: 4682
Re: Lending Clubs
I'm thinking the best way to do this would be under the cover of a IRA if one can? Depending on how they/you keep track of taxes I would think could turn into a nightmare. Just starting with $5k and using $25/notes you would have 200 notes. The tax reporting is not that hard. For all your notes, Lending Club reports the total interest and late payment fees received, plus any amounts recovered from charge-offs on the end of year statement. Service fees (1%) are reported on the monthly statements. I just report the paid interest as interest income and late payment fees as misc income, I think. You could even deduct the 1% service fees from taxable income if you meet certain criteria. Reporting defaults and charge-offs is a little more work. ...
- Thu Jun 14, 2012 4:56 pm
- Forum: Personal Finance (Not Investing)
- Topic: Lending Clubs
- Replies: 39
- Views: 4682
Re: Lending Clubs
I have also considered starting Roth IRA with Lending Club next year. They require $5,000 investment to get the no-fee Roth IRA. It would make more sense to keep the peer-to-peer lending inside of a Roth IRA for tax reasons. But my taxable investment could also serve as emergency cash source if I need it. I could sell the loans on the secondary market (Folio) or I could take the interest and principal repayments as cash, instead of reinvesting them as I do now.
- Thu Jun 14, 2012 4:50 pm
- Forum: Personal Finance (Not Investing)
- Topic: Lending Clubs
- Replies: 39
- Views: 4682
Re: Lending Clubs
I started investing in Prosper back in 2008, then with Lending Club in 2009 when Prosper stopped for a while. I only invested a couple of hundred dollars in each until I got the hang of it. I only have a couple of loans with Prosper now. Decided to stay mostly with Lending Club. Now I have about $10,100 in Lending Club. 509 loans with 40 paid off, 7 defaulted, 8 late (some of those will default). My net annulized return as provided by Lending Club is 9.43%. I started out with A and B rated loans but now do more of the riskier but higher interest loans. Lending Club statistics showed that you get a higher return with the riskier loans even after taking into account the higher default rate. I only invest $25 per loan, the minimum and I pick a...
- Wed Apr 25, 2012 11:35 am
- Forum: Personal Finance (Not Investing)
- Topic: Helping adult mother financially
- Replies: 65
- Views: 6553
Re: Helping adult mother financially
So I guess Grandfather had no assets or life insurance when he died that would cover a cemetary plot? If you do decide to pay $5000 for a plot, I would tell your Mom that you would pay the cemetary directly instead of funneling the money through her. I bought a cemetary plot next to my father's (he died in 2007) for $900. But this was in a medium sized town in Louisiana. Is $5000 a reasonable price for a plot? I know it is tough to decide about situations like this.
- Wed Apr 25, 2012 11:17 am
- Forum: Personal Finance (Not Investing)
- Topic: Helping adult mother financially
- Replies: 65
- Views: 6553
Re: Helping adult mother financially
Where does the stepfather fit into all this? Is he still alive? Working or retired?
- Wed Mar 28, 2012 5:41 pm
- Forum: Personal Consumer Issues
- Topic: Setting up an investments only PC
- Replies: 90
- Views: 8839
Re: Setting up an investments only PC
I remember some years back when hackers were able to get into some TSP (fed govt 401k) investment accounts and take money out. A few TSP users computers (I think it was there not-well-protected home computers) got key loggers program installed on them and outsiders were able to access their TSP userids and passwords. Then the hackers did an electronic online request for TSP loan and had the loan proceeds direct deposited into a bank account. TSP covered the losses for those affected and then stopped allowing electronic online loan requests.
- Thu Mar 15, 2012 11:12 pm
- Forum: Personal Investments
- Topic: Retired - Do Roth conversion or not?
- Replies: 30
- Views: 2324
Re: Retired - Do Roth conversion or not?
If you are in the 25% federal bracket now, then tax rate could go up if Congress lets the Bush tax cuts expire. They extended them for this year (2012), but it they don't do another extension, I thought the 25% bracket goes away thus you might be in the 28% bracket in future years with same income as you have now. So I would go ahead and convert money to Roth maybe saving yourself 3% in tax.
- Thu Mar 15, 2012 3:14 pm
- Forum: Personal Finance (Not Investing)
- Topic: Reward Checking Accounts vs High Yield CDs/Savings Accounts
- Replies: 22
- Views: 4461
Re: Reward Checking Accounts vs High Yield CDs/Savings Accou
I have used two Rewards Checking accounts, with a required 22 debits a month for the two accounts. It does take some behavior modification (did not use debit card before this) and meticulous tracking to make sure I was making all the required number of debits within the cycle for each account. I would write them all down in my planner and then record them in Quicken on Sat at home when I was doing my other financial business. I had two rewards accounts because one account only covered up to $25K deposit. The first account started out at 4% interest but then had dropped down to 2% interest over the past two years. The second account I had (with a credit union) started out with 4%, then dropped very quickly and is now about 2% interest, in a ...