Search found 215 matches

by psy1
Mon Dec 28, 2020 2:15 am
Forum: Personal Finance (Not Investing)
Topic: Physician: Take partnership vs relocate?
Replies: 21
Views: 2543

Re: Physician: Take partnership vs relocate?

My wife and I are a physician couple on the other end of the curve, financially independent and semi-retired since our mid-50's. I think you need to do some math and write out scenarios for yourself. That is what we did. I predict you would see that you are basically doing two jobs and the second jo...
by psy1
Thu Dec 24, 2020 10:34 am
Forum: Personal Finance (Not Investing)
Topic: Running out of cash
Replies: 132
Views: 11491

Re: Running out of cash

I am surprised by the mindset here that equates Backdoor Roth contributions to gaming the system to obtain welfare (subsidized health insurance). The income I earn is not on loan from the government. It is my own property. Minimizing the tax on that income legally is my right (and responsibility). O...
by psy1
Thu Dec 24, 2020 9:54 am
Forum: Personal Finance (Not Investing)
Topic: Running out of cash
Replies: 132
Views: 11491

Re: Running out of cash

A long thread so I did not read it all. What I got from the original post was: millionaire living in the most expensive part of the country, eligible for a $100K pension in a bankrupt state, trying to figure out how to get subsidized healthcare and I...give up. I'm not trying to figure out how to g...
by psy1
Thu Dec 24, 2020 12:31 am
Forum: Personal Finance (Not Investing)
Topic: Running out of cash
Replies: 132
Views: 11491

Re: Running out of cash

A long thread so I did not read it all. What I got from the original post was: millionaire living in the most expensive part of the country, eligible for a $100K pension in a bankrupt state, trying to figure out how to get subsidized healthcare and I...give up. Our premiums are $1900 per month. That...
by psy1
Sun Dec 20, 2020 12:30 am
Forum: Personal Investments
Topic: Investment Advice - Small Portfolio - 19yo
Replies: 38
Views: 1542

Re: Investment Advice - Small Portfolio - 19yo

For age 19 you are doing great in terms of income, savings, investment and willingness to take risk relative you your age. I agree with all the advice about diversification.

I do wonder what grants you can get given your apparent income and assets? Can you elaborate on that?
by psy1
Sun Dec 20, 2020 12:22 am
Forum: Personal Investments
Topic: Backdoor Roth-- Please speak slowly and use small words
Replies: 24
Views: 1427

Re: Backdoor Roth-- Please speak slowly and use small words

FYI on the Roth IRA: you have until April 15, 2021 to contribute to the account but the account must be established in 2020. I am pretty sure on that and others can correct me if wrong. If you are considering a backdoor Roth for 2020 it would be a good idea to establish and account with a zero balan...
by psy1
Sun Dec 13, 2020 3:20 pm
Forum: Investing - Theory, News & General
Topic: College finance qs: Bogleheads or College Confidential?
Replies: 25
Views: 1300

Re: College finance qs: Bogleheads or College Confidential?

It all depends on the level of college that you are considering. Plenty of lower-ranked colleges offer merit money, i.e., to buy top scores. Heck, plenty of colleges ranked ~50 and below offer big merit money. But, one has to have great GPA & test scores. For example, Alabama is known to be gen...
by psy1
Sat Dec 12, 2020 11:45 pm
Forum: Personal Finance (Not Investing)
Topic: Young Attending Check-In
Replies: 10
Views: 2043

Re: Young Attending Check-In

Move/contribute as much into Roth as you can. Resist the urge to buy a house. If possible, even if you take a mortgage, buy a house that you could otherwise pay cash for without too much pain. Get the 529 to 125K and stop. Build a tax efficient taxable investment account. You will need that if you r...
by psy1
Sat Dec 12, 2020 11:00 pm
Forum: Personal Consumer Issues
Topic: Where to Retire?
Replies: 262
Views: 23883

Re: Where to Retire?

Why be limited? Keep your place in Vegas (or downsize it if need be) and then just rent Airbnb's for months at a time wherever you like. Follow the weather, cultural activities, wildlife, sports - whatever suits you. Paris in spring, a lake house in the summer, foliage in the fall, snow or sun in th...
by psy1
Thu Dec 10, 2020 12:56 am
Forum: Personal Consumer Issues
Topic: Warm coat recommendations
Replies: 93
Views: 5134

Re: Warm coat recommendations

Layer with a base layer of merino wool. A mid-layer is needed. An outer layer of down, but not all down is equal. 850-900 fill goose down is the best and you will pay for it. The shell should be water/windproof like Gore-Tex or similar. A fleece balaclava under the down hood is bulletproof. If it is...
by psy1
Thu Dec 10, 2020 12:38 am
Forum: Personal Investments
Topic: Tax penalty if 529 isn't spent on education - how does it work?
Replies: 16
Views: 1628

Re: Tax penalty if 529 isn't spent on education - how does it work?

I found 529 plans to be over-rated. If you invest well over the years, you will be full pay at any school. Therefore, if you save enough in 529 for private schools and your child goes to public, you are vastly overfunded. I suggest adding to 529 funds, if you must, only the amount for an in-state sc...
by psy1
Mon Nov 30, 2020 10:36 pm
Forum: Personal Consumer Issues
Topic: Gift for departing physician
Replies: 47
Views: 3973

Re: Gift for departing physician

The government and its proxies have all but criminalized gifts to physicians. So I would just avoid the issue. I think a heartfelt note and lunch for staff would be best. Most departing physicians know that those who remain in the practice deserve the gifts! A kind note would mean more than anything.
by psy1
Sun Nov 29, 2020 10:23 pm
Forum: Personal Consumer Issues
Topic: Fabulous free things
Replies: 39
Views: 4005

Re: Fabulous free things

Reading this post reminds me - there is no free lunch.
by psy1
Sun Nov 29, 2020 10:19 pm
Forum: Personal Consumer Issues
Topic: New Truck Purchase
Replies: 105
Views: 7657

Re: New Truck Purchase

I did not read most of the previous posts, FYI. I am in the process of unloading my 2010 F150 in order to buy a new truck. One thing to consider, given that you hang onto trucks for awhile, is whether you are likely to tow in the future. If so, you might get more truck than you were otherwise consid...
by psy1
Sat Nov 28, 2020 8:17 pm
Forum: Personal Finance (Not Investing)
Topic: Retire at 55? What should I think about?
Replies: 36
Views: 5919

Re: Retire at 55? What should I think about?

Forgive my replies. I am a psychiatrist, kind of like the curator of a museum of bad ideas and choices. I see everything that does not work, goes wrong, etc. Retirement is a big stressor for couples. The easy situation is when both retire at the same time with the same vision and goals, a full agend...
by psy1
Sat Nov 28, 2020 7:34 pm
Forum: Personal Finance (Not Investing)
Topic: Retire at 55? What should I think about?
Replies: 36
Views: 5919

Re: Retire at 55? What should I think about?

Things to consider: Disability insurance for your wife as sole breadwinner Unemployability in proportion to duration of retirement - consider part time work to stay in the game Divorce - retirement is a stressor, majority of marriages end, etc. This post is a downer. Just to make it worse: Life ins...
by psy1
Fri Nov 27, 2020 9:19 pm
Forum: Personal Finance (Not Investing)
Topic: Retire at 55? What should I think about?
Replies: 36
Views: 5919

Re: Retire at 55? What should I think about?

Things to consider: Disability insurance for your wife as sole breadwinner Unemployability in proportion to duration of retirement - consider part time work to stay in the game Divorce - retirement is a stressor, majority of marriages end, etc. This post is a downer. Well, when someone asks what fa...
by psy1
Fri Nov 27, 2020 6:59 pm
Forum: Personal Finance (Not Investing)
Topic: Retire at 55? What should I think about?
Replies: 36
Views: 5919

Re: Retire at 55? What should I think about?

Things to consider:

Disability insurance for your wife as sole breadwinner
Unemployability in proportion to duration of retirement - consider part time work to stay in the game
Divorce - retirement is a stressor, majority of marriages end, etc.
by psy1
Fri Nov 27, 2020 6:30 pm
Forum: Personal Consumer Issues
Topic: Switch from dual monitors to one big one?
Replies: 39
Views: 3076

Re: Switch from dual monitors to one big one?

I would stick with two monitors. Or add a third in the middle.
by psy1
Sun Nov 15, 2020 2:18 am
Forum: Personal Consumer Issues
Topic: New Traeger Pellet Grill - Super Excited!
Replies: 38
Views: 3158

Re: New Traeger Pellet Grill - Super Excited!

A couple of things: Sous vide is not the way to go for steaks if you have a Traeger. Smoke them on the Traeger at low temp until rare, then nuke them in cast iron on an induction burner or on a hot charcoal grill. Sous vide looks pretty because they are perfectly done but without much flavor and wit...
by psy1
Sun Nov 15, 2020 2:11 am
Forum: Personal Consumer Issues
Topic: New Traeger Pellet Grill - Super Excited!
Replies: 38
Views: 3158

Re: New Traeger Pellet Grill - Super Excited!

Traeger's are fine but have a finite life. Trying to keep it in the garage or otherwise indoors is a major pain. Just leave it outside, cover it, keep it dry, and accept that it will fail at some point. Budget maybe $150/year as a replacement cost. Store pellets indoors in plastic bins. You will wan...
by psy1
Sun Nov 15, 2020 1:40 am
Forum: Personal Finance (Not Investing)
Topic: New baby financial checklist
Replies: 3
Views: 746

Re: New baby financial checklist

You will be tempted by 529 plans. My advice is to avoid them, max out retirement accounts first and then invest in taxable accounts. I say avoid them because they offer too many rules, too little reward, too few investment options, too few trading options, and limited tax benefits. Just do what you ...
by psy1
Thu Oct 29, 2020 7:07 pm
Forum: Personal Consumer Issues
Topic: travel insurance + covid
Replies: 7
Views: 883

Re: travel insurance + covid

We have used World Nomads although have never made a claim. However I did correspond with them regarding COVID. Basically, they cover you if you contract COVID and need care or have disrupted travel. However, they would not cover things like airlines cancelling flights, countries closing and forcing...
by psy1
Thu Oct 22, 2020 5:36 pm
Forum: Personal Consumer Issues
Topic: New smoker recommendation?
Replies: 103
Views: 7144

Re: New smoker recommendation?

A BGE or Kamado Joe are excellent. But they are also a bit of a lifestyle as much as a grill/smoker. I have a BGE XL. Be aware that these grills are very heavy and require support. Mine lives under a 17' x 17' roof built for it. You also need a fair amount of room to store lump charcoal. In addition...
by psy1
Mon Oct 12, 2020 2:54 pm
Forum: Personal Investments
Topic: Mid-40s, basically nothing in taxable, please advise
Replies: 40
Views: 6665

Re: Mid-40s, basically nothing in taxable, please advise

I would always focus on eliminating debt first. From a practical standpoint, the student loans are smaller and you could repay them first. Then tackle the mortgage. Few better feelings than a paid off mortgage! I ended up overfunding my 529. I would advise against too much in a 529. They limit you t...
by psy1
Mon Oct 05, 2020 11:55 pm
Forum: Personal Investments
Topic: 457 v 529
Replies: 3
Views: 379

Re: 457 v 529

Generally speaking there are no advantages of any kind living in NYC (oops I miss NC vs NYC). Nevertheless, I think 529 plans are overhyped and would rather invest in taxable accounts unless you get tangible state tax benefits and have good investment options. Be aware that 529 accounts limit you to...
by psy1
Sun Sep 13, 2020 9:18 am
Forum: Personal Investments
Topic: How much are your 529 Contributions
Replies: 133
Views: 8035

Re: How much are your 529 Contributions

The thing to do is pay $4000 of tuition with parents' cash and have the 529 distribution paid to the child's bank account which then pays the university for the rest.
by psy1
Sat Sep 12, 2020 10:00 pm
Forum: Personal Investments
Topic: How much are your 529 Contributions
Replies: 133
Views: 8035

Re: How much are your 529 Contributions

The conventional wisdom is to contribute a "full" amount to a 529 account to cover education expenses. That is what I did and I regret it. There are not many rules, yet there are too many rules. The big limitation is 2 trades per year. Yes, it used to be one and now it has "deregulate...
by psy1
Sat Sep 12, 2020 7:49 pm
Forum: Personal Consumer Issues
Topic: New Computer Setup for Photoshop
Replies: 47
Views: 2886

Re: New Computer Setup for Photoshop

You have received mostly good advice, but not all good. The problem with asking these questions is that you will get a zillion different answers, all of which work to a degree. One thing you mentioned that others have not touched on is that you want the computer to last as long as 10 years! That is ...
by psy1
Wed Sep 09, 2020 8:54 pm
Forum: Personal Consumer Issues
Topic: Looking for advice on a NAS for backup and media server duties
Replies: 7
Views: 603

Re: Looking for advice on a NAS for backup and media server duties

I have a Synology 5-bay NAS. If you get the 5-bay (i.e. more than 4) then you can set it up with 2 drives redundant if you want that level of security for backups. I have no experience with PLEX but Synology does that. Be careful not to be pennywise and pound foolish in regard to the number of bays....
by psy1
Sun Aug 30, 2020 7:38 pm
Forum: Personal Consumer Issues
Topic: Shopping for college
Replies: 164
Views: 12899

Re: Shopping for college

The best way to save money is to crush the ACT or SAT. Students should study hard for those, the potential ROI is massive. Ha! Ha! That's also the best way to cost a parent the most money. In fact that is true. Multiple state universities, e.g. Alabama, will give out of state students free tuition ...
by psy1
Sun Aug 30, 2020 3:50 pm
Forum: Personal Consumer Issues
Topic: Moving abroad with young children, no international connections: Crazy?
Replies: 64
Views: 5325

Re: Moving abroad with young children, no international connections: Crazy?

I meant they had not taken into account taxation, decrement in income, two physician couple, etc. Being a radiologist helps. I guess another way of answering the question is would he be willing to accept a 25% state income tax to move somewhere else (i.e. the equvalent of his future pay cut)? On top...
by psy1
Sun Aug 30, 2020 12:09 pm
Forum: Personal Consumer Issues
Topic: Moving abroad with young children, no international connections: Crazy?
Replies: 64
Views: 5325

Re: Moving abroad with young children, no international connections: Crazy?

I think many posters are missing the fact that you are a doctor who wants to keep working while living abroad. That fact, your age, and your asset level are the issues I think. I would say that you do not yet have enough money to retire but that is your call. If you try to work as a doctor in anothe...
by psy1
Sat Aug 29, 2020 8:38 pm
Forum: Personal Finance (Not Investing)
Topic: Am I crazy? Cabin advice
Replies: 76
Views: 9416

Re: Am I crazy? Cabin advice

Imagine those 3 small kids all going to full pay private schools that now cost ~$70K per year. The entire cost of the cabin ($600K) would not even cover college at today's prices. I would pass.
by psy1
Fri Aug 14, 2020 9:25 pm
Forum: Personal Consumer Issues
Topic: Products that last forever
Replies: 239
Views: 16664

Re: Products that last forever

I have had good luck with exercise equipment. Every contraption I have ever purchased is as good as new and appears unused.
by psy1
Fri Aug 14, 2020 9:17 pm
Forum: Personal Consumer Issues
Topic: Worthwhile to correct doctor's visit notes?
Replies: 20
Views: 2233

Re: Worthwhile to correct doctor's visit notes?

It is good to correct the notes and make sure that the doctor is not fraudulantly upcoding the visit to bill at a higher level than the service performed. However, keep in mind that electronic health records are not designed for the physician, they are designed for billing, liability minimization, s...
by psy1
Mon Aug 10, 2020 6:56 pm
Forum: Personal Consumer Issues
Topic: Herman Miller Aeron chair
Replies: 64
Views: 5431

Re: Herman Miller Aeron chair

There is no way that Costco chair is even close to an Aeron chair. I have had both. No doubt, an Aeron chair is overpriced but at the same time it is uniquely comfortable. I had a sedentary job and hate feeling hot or clammy. The Aeron chair is mesh which is as cool as a chair can be. It has good lu...
by psy1
Sun Aug 09, 2020 12:22 am
Forum: Personal Investments
Topic: Is switching 529 plans worth it?
Replies: 7
Views: 980

Re: Is switching 529 plans worth it?

I am not a big fan of 529 accounts having invested quite a bit money in one. I over-invested which is generally a good problem to have. My chief complaint is that plan rules limit changes in investments to just two trades per year. That is ridiculous and nonsensical. In the next six months, I antici...
by psy1
Sun Aug 09, 2020 12:03 am
Forum: Personal Finance (Not Investing)
Topic: Starting divorce process - how to succeed financially?
Replies: 79
Views: 10614

Re: Starting divorce process - how to succeed financially?

if you earned $12,000 a year for 10 years and have $120,000 in your retirement accounts you should give up on medical school and just invest you money. If your husband is as you describe, then I don't think "mitigating" legal fees in a divorce from him is wise. He will attempt to eat you a...
by psy1
Wed Jul 22, 2020 8:54 pm
Forum: Personal Consumer Issues
Topic: Moving to Baltimore area
Replies: 49
Views: 4072

Re: Moving to Baltimore area

I have friends in Houston and recently lived briefly in Towson. If you travel anywhere by plane you have to get to DC which can take a long time. Both cities can have traffic but I thought it was worse in Baltimore area. Weather in Baltimore is not as hot as Houston but winters in Houston are very n...
by psy1
Sat Jul 11, 2020 11:35 pm
Forum: Personal Consumer Issues
Topic: 20 yo Kenmore front load clothes washer door closure fail
Replies: 6
Views: 558

Re: 20 yo Kenmore front load clothes washer door closure fail

I am guessing a new washer is on the horizon.

I wonder if this is true: the energy costs of running your existing Kenmore for another 20 years might be greater than buying two new washers at 10 year intervals. Not sure about that, but it's time to move on.
by psy1
Wed Jun 17, 2020 10:19 am
Forum: Personal Finance (Not Investing)
Topic: Too Much Retirement/Not Enough for House?
Replies: 127
Views: 13646

Re: Too Much Retirement/Not Enough for House?

About 95+% of the country lies between the coasts and is affordable. I have lived in larger cities on both coasts and I think it is some sort of infectious disease that causes people to like living there. It is debilitating and immobilizing. I am kidding (half) of course, but I think it is crazy to ...
by psy1
Wed Jun 17, 2020 10:02 am
Forum: Personal Finance (Not Investing)
Topic: Access to funds while living in Vietnam
Replies: 6
Views: 762

Re: Access to funds while living in Vietnam

"Staying long term" does not connote Viet Nam citizenship. If he became a citizen, then he could open a local account etc. I was assuming that he remains a US citizen while living abroad long term. When I was in Viet Nam, I used a VPN through a USA server and had no problem accessing Schwa...
by psy1
Tue Jun 16, 2020 10:57 pm
Forum: Personal Finance (Not Investing)
Topic: Selling primary home and traveling
Replies: 4
Views: 1020

Re: Selling primary home and traveling

My understanding is that you pay state income tax in the state in which you make the money. As for selling a house, I would use a real estate agent and get it over with. If you are a DIY kind of person and are willing to do the leg work then you could sell it yourself and keep the difference. I am i...
by psy1
Tue Jun 16, 2020 10:47 pm
Forum: Personal Finance (Not Investing)
Topic: Access to funds while living in Vietnam
Replies: 6
Views: 762

Re: Access to funds while living in Vietnam

Open an account with Schwab and use free ATM withdrawals for cash and credit cards for other purchases.
by psy1
Tue Jun 16, 2020 10:36 pm
Forum: Personal Finance (Not Investing)
Topic: Parents in a tough situation for retirement
Replies: 117
Views: 13718

Re: Parents in a tough situation for retirement

I would sell the house to your brother as a bargain. Worth a loss to escape. You should feel no guilt or obligation at this point. I have a friend with a different, but similar, situation. He is getting divorced at 66 and knows absolutely nothing about money. All he knows is that he wants a house an...
by psy1
Tue Jun 16, 2020 10:20 pm
Forum: Personal Finance (Not Investing)
Topic: What to do with existing life insurance policy
Replies: 15
Views: 1030

Re: What to do with existing life insurance policy

That is a very expensive policy! I would bail immediately. Your term plan is good. We got 20 year but in retrospect 30 year would have been better for us.
by psy1
Tue Jun 16, 2020 10:10 pm
Forum: Personal Finance (Not Investing)
Topic: Should I keep my $1 million life insurance policy after age 65?
Replies: 65
Views: 5199

Re: Should I keep my $1 million life insurance policy after age 65?

You don't mention if the $6000 annual premium is fixed or variable. If the payment goes up every year, the cost is probably self-limiting and you will drop it. If the premium is a flat $6000 a year and you are 65 then it could be a good deal. Perhaps, for example, 2 adult children would be willing t...
by psy1
Mon Jun 15, 2020 9:02 pm
Forum: Personal Consumer Issues
Topic: E-Bike recommendations
Replies: 118
Views: 9339

Re: E-Bike recommendations

keep it simple and cheap - Rad Mini step through.

I have a Rad Mini and it is great.
by psy1
Sun Jun 14, 2020 12:49 pm
Forum: Personal Finance (Not Investing)
Topic: Relative giving money to start medical practice
Replies: 12
Views: 1709

Re: Relative giving money to start medical practice

The entire enterprise sounds risky. In our little town, most of the residents are covered by just a few insurance products. Each of the two largest insurance products excludes half of the providers. As a solo provider, if you accept private insurance in a small town you are subject to the vagaries o...