Search found 100 matches

by flyfishers83
Wed Apr 21, 2021 7:54 pm
Forum: Personal Consumer Issues
Topic: 12 year boat loan!
Replies: 32
Views: 2973

Re: 12 year boat loan!

If you go to a boat show, you’ll see lots of payments indicated at 15-20 years. Some boats have gotten really expensive. I saw a picture of a friend’s new boat. He bought it a couple years old and it was preeetttyyy. Used, it was 180k. And that’s for a 26 foot boat. I’ve been in the market for a fis...
by flyfishers83
Tue Apr 20, 2021 11:08 am
Forum: Investing - Theory, News & General
Topic: Help me get a basic education in cryptocurrency
Replies: 178
Views: 10781

Re: Help me get a basic education in cryptocurrency

My problem with the China issue, is that I don’t know how to evaluate the risk. What are the positive or negative outcomes presented by the risk and what are the associated probabilities? I don’t even think I could enumerate all of the risks.
by flyfishers83
Mon Apr 19, 2021 8:06 am
Forum: Personal Consumer Issues
Topic: DIY recessed lighting installation?
Replies: 51
Views: 2769

Re: DIY recessed lighting installation?

One suggestion-If you're going to use LEDs, test them before installing all of them. There is a huge range in brightness and color these days, and you probably can't simply replace the bulb if you install and don't like. We went through this when retrofitting existing can lights with LEDs. You'd hat...
by flyfishers83
Sat Apr 17, 2021 1:52 pm
Forum: Investing - Theory, News & General
Topic: For those adding Crypto as an asset class to their AA
Replies: 152
Views: 9151

Re: For those adding Crypto as an asset class to their AA

It’s not clear to me how having instant access to large sums of money to buy additional speculative assets without basics like KYC is a net positive. When things go bad, it’s going to go very bad.
by flyfishers83
Fri Apr 16, 2021 1:40 pm
Forum: Investing - Theory, News & General
Topic: Cryptocurrency - Bitcoin Continues to Soar!
Replies: 299
Views: 25616

Re: Cryptocurrency - Bitcoin Continues to Soar!

To put a further point on it, let's run with the raffle example. In the original example, the price and quantity were set from the beginning. Instead, suppose no set price, but people bid. You sell 100 raffle tickets for $.1-$1, and then $5 and then people start bidding up the price from $5 to $100....
by flyfishers83
Fri Apr 16, 2021 12:25 pm
Forum: Investing - Theory, News & General
Topic: Cryptocurrency - Bitcoin Continues to Soar!
Replies: 299
Views: 25616

Re: Cryptocurrency - Bitcoin Continues to Soar!

It get's to be even an more dangerous tornado when people use their paper wealth as collateral to make bets on other crypto.
by flyfishers83
Wed Apr 14, 2021 4:59 pm
Forum: Investing - Theory, News & General
Topic: Non-fungible tokens (NFTs): anyone investing in those?
Replies: 246
Views: 17497

Re: Non-fungible tokens (NFTs): anyone investing in those?

Won’t the frictionless proliferation of NFTs have a tendency to erode value. Historically, collectibles have been valuable because of rarity/controlled manufacture. I would think rapid proliferation would quickly eat up available dollars. Maybe that’s not a concern yet, but would seem to be a conce...
by flyfishers83
Wed Apr 14, 2021 2:50 pm
Forum: Investing - Theory, News & General
Topic: Non-fungible tokens (NFTs): anyone investing in those?
Replies: 246
Views: 17497

Re: Non-fungible tokens (NFTs): anyone investing in those?

I wouldn’t go that far, but there has to be a limit. If you told me that a top shot could be bought for some nominal amount of money, I would probably understand. The universe of buyers for a lot of these things can’t be that large.
by flyfishers83
Wed Apr 14, 2021 2:13 pm
Forum: Investing - Theory, News & General
Topic: Non-fungible tokens (NFTs): anyone investing in those?
Replies: 246
Views: 17497

Re: Non-fungible tokens (NFTs): anyone investing in those?

Won’t the frictionless proliferation of NFTs have a tendency to erode value. Historically, collectibles have been valuable because of rarity/controlled manufacture. I would think rapid proliferation would quickly eat up available dollars. Maybe that’s not a concern yet, but would seem to be a concer...
by flyfishers83
Wed Apr 14, 2021 1:53 pm
Forum: Investing - Theory, News & General
Topic: Coinbase IPO - anyone tempted?
Replies: 232
Views: 16267

Re: Coinbase IPO - anyone tempted?

I was tempted, but it seems like a worse play than just buying crypto. If the musical chairs stop and prices really do stabilize to become a meaningful store of value, then trading revenue dries up.
by flyfishers83
Tue Apr 13, 2021 9:03 am
Forum: Personal Finance (Not Investing)
Topic: Any happy lawyers out there?
Replies: 138
Views: 12817

Re: Any happy lawyers out there?

As others have suggested, spend some time to figure out what about the law is interesting. I had a general interest in law and always planned to go to law school. A large percentage of my class never planned on practicing law. I only practiced for a short time. The only thing I miss is the courtroom...
by flyfishers83
Mon Apr 12, 2021 3:58 pm
Forum: Personal Finance (Not Investing)
Topic: Turnkey rentals in another state
Replies: 8
Views: 528

Re: Turnkey rentals in another state

You have to ask yourself if these are such a great investment, why wouldn’t they keep them and rent themselves. My guess is the fees are significant and there is some expected amount of churn of the properties.
by flyfishers83
Sat Apr 10, 2021 8:21 am
Forum: Personal Finance (Not Investing)
Topic: Remodel during housing hysteria?
Replies: 54
Views: 3586

Re: Remodel during housing hysteria?

The biggest risk here is that the renovated house is worth a fraction of what you’ve put in. It sounds like you would be at the upper end of the market with only a partially renovated house. If you stay forever, probably fine. If you Reno and decide you need to move in a couple of years, you might l...
by flyfishers83
Sat Apr 10, 2021 7:03 am
Forum: Personal Finance (Not Investing)
Topic: Financing to Purchase Law Firm
Replies: 45
Views: 3710

Re: Financing to Purchase Law Firm

What are you getting for the 20 million? Real estate, accounts receivable, fees associated with litigation in progress? Do you also need an operating line of credit to pay expenses, salaries, etc? Are the current partners staying on for some time, or leaving?
by flyfishers83
Wed Apr 07, 2021 9:11 am
Forum: Personal Finance (Not Investing)
Topic: Tax bill split between spouses
Replies: 81
Views: 4283

Re: Tax bill split between spouses

This could get really complicated if you have income from investments. I'd probably not try to go very far down that rabbit hole. I also wouldn't try to put a whole lot of precision to this. Presumably you both enjoy some benefits from the other's income, even with the disparity. You get the benefit...
by flyfishers83
Tue Apr 06, 2021 10:53 am
Forum: Investing - Theory, News & General
Topic: Schwab's take on bitcoin
Replies: 44
Views: 4398

Re: Schwab's take on bitcoin

I expect all mainstream financial entities to say the same thing. If there is no reasonably discernible value or no “accepted” value metrics they can’t recommend to clients. If they do, they’re likely to find themselves ensnared in endless litigation and regulatory inquiries if/when there is a corre...
by flyfishers83
Tue Apr 06, 2021 12:08 am
Forum: Personal Finance (Not Investing)
Topic: How much house can we afford?
Replies: 28
Views: 2272

Re: How much house can we afford?

You can probably afford the upper end of your range. However, My suggestion is to take some time and figure out priorities. Life isn’t all about money, but if you took a couple of years to really save and invest, you have the opportunity to really set yourselves up nicely. Then you’ll be in a positi...
by flyfishers83
Fri Apr 02, 2021 10:00 pm
Forum: Personal Consumer Issues
Topic: High spenders what do you spend on?
Replies: 255
Views: 25403

Re: High spenders what do you spend on?

I’m certainly not a “high spender”, but I do really enjoy high end equipment. Mostly fishing tackle, but also shotguns and other gadgets. The value of my fishing tackle would probably shock most ($500 plus reels and individual lures that are worth more than $500) , but I’ve acquired it deliberately ...
by flyfishers83
Thu Apr 01, 2021 1:30 pm
Forum: Personal Investments
Topic: Mega Backdoor Roth questions
Replies: 7
Views: 475

Re: Mega Backdoor Roth questions

Thanks for the input. In order to get some money flowing to after-tax, I've gone ahead and adjusted the pre-tax and added a contribution percentage for after tax. It seems like I can contribute significant percentages, so I have some flexibility. I'll need to adjust at some point, but can figure tha...
by flyfishers83
Thu Apr 01, 2021 11:32 am
Forum: Personal Investments
Topic: Mega Backdoor Roth questions
Replies: 7
Views: 475

Mega Backdoor Roth questions

My employer has recently added an after tax 401k option giving me the opportunity to pursue a Mega Backdoor Roth. A couple of questions: 1. I'm currently thinking to increase my regular 401K contributions to max out sometime mid-year and then switch to After-tax contributions. My employer does not m...
by flyfishers83
Thu Apr 01, 2021 10:48 am
Forum: Personal Finance (Not Investing)
Topic: Taxes on Sportsbook/Gambling Winnings
Replies: 32
Views: 2426

Re: Taxes on Sportsbook/Gambling Winnings

I believe if you don't itemize you can't deduct your losses. The IRS has some publications and interactive tools to walk through the determination.
by flyfishers83
Thu Apr 01, 2021 10:42 am
Forum: Personal Finance (Not Investing)
Topic: (Invalid?) Relocation repayment agreement
Replies: 13
Views: 929

Re: (Invalid?) Relocation repayment agreement

I take your description to mean that you do not have a full employment contract that covers compensation, benefits, etc. I don't know how courts view relocation agreements when there has been a material change in employment, but I'd venture a guess that you are not alone. Lots of pay reductions over...
by flyfishers83
Wed Mar 31, 2021 10:49 am
Forum: Investing - Theory, News & General
Topic: Bitcoin Resources for Patient/Curious Bogleheads
Replies: 313
Views: 15827

Re: Bitcoin Resources for Patient/Curious Bogleheads

I am curious about changes in Bitcoin. I've started poking around a bit, but don't have a good understanding. Does anybody know of any good resources offhand that explain the process and any associated limitations. As I understand it, certain entities (only miners?) can "vote" to change th...
by flyfishers83
Wed Mar 31, 2021 9:24 am
Forum: Personal Investments
Topic: Employer 401K Losing Out of Matched Money
Replies: 39
Views: 2468

Re: Employer 401K Screwing Me Out of Matched Money

Just adding that there are lots of different rules around plans and the rules change. Until this year, my employer did not allow 401k withholding from bonuses. Employer also changed match calculation last year to my detriment and further eliminated altogether this year. On the plus side employer jus...
by flyfishers83
Tue Mar 30, 2021 1:14 pm
Forum: Personal Finance (Not Investing)
Topic: Buying a farm
Replies: 34
Views: 4506

Re: Buying a farm

I would first answer whether you just want a recreational property but think you need an income producing property to offset the cost of the land acquisition. Figure out what you want first and don't be wedded to a single property. Thing like utilities can be horribly expensive if they're not alread...
by flyfishers83
Tue Mar 30, 2021 8:05 am
Forum: Investing - Theory, News & General
Topic: Bitcoin Resources for Patient/Curious Bogleheads
Replies: 313
Views: 15827

Re: Bitcoin Resources for Patient/Curious Bogleheads

I find it fascinating that we don’t know the identity of the creator(s). I can’t think of anything created by humans with this monetary value where the creator is unknown. Raises a bunch of questions.
by flyfishers83
Sun Mar 28, 2021 8:15 am
Forum: Investing - Theory, News & General
Topic: Bitcoin Resources for Patient/Curious Bogleheads
Replies: 313
Views: 15827

Re: Bitcoin Resources for Patient/Curious Bogleheads

Whenever I look at cryptocurrencies a few things keep holding me back. Fundamentally, I have seen no reliable method for valuing. Since I can’t value, I’d buy the full basket of cryptos, but that also doesn’t exist. A few other points: If bitcoin really stabilizes and becomes a SOV, won’t most of th...
by flyfishers83
Mon Mar 15, 2021 12:23 pm
Forum: Personal Investments
Topic: Proposed Intra Family Property Transfer
Replies: 23
Views: 1594

Re: Proposed Intra Family Property Transfer

Since there seems to be persistent disagreement about what to do with the property, I definitely wouldn't do 3 or 4. That's adding complexity, and it's not clear that it's financially beneficial. Personally, without the need for cash, I would not sell at a discount property that generates reasonable...
by flyfishers83
Sun Mar 14, 2021 9:59 pm
Forum: Personal Investments
Topic: 15x expenses, then SS
Replies: 95
Views: 7910

Re: 15x expenses, then SS

Sometimes, a big part of these questions comes down to whether you value your time or your stuff. You could flip this around. Instead of trying to accommodate 100k of annual spend, you could get serious about your budget and projected spend numbers. Figure out what the cuts would like and then decid...
by flyfishers83
Thu Mar 11, 2021 6:12 pm
Forum: Personal Finance (Not Investing)
Topic: Buying a house now has turned into an auction. How to approach it?
Replies: 61
Views: 7073

Re: Buying a house now has turned into an auction. How to approach it?

This is happening even in my tiny midwest town. I looked at 44 acres of recreational land. Listed on Friday, I viewed on Sunday and was told multiple offers over asking, best and final due at 6:00 on Sunday. This is property without any reasonable utility access. So, I already thought over priced an...
by flyfishers83
Wed Mar 10, 2021 10:13 am
Forum: Personal Finance (Not Investing)
Topic: Over covered with Towing
Replies: 11
Views: 799

Re: Over covered with Towing

Depends on what you're towing and where. Towing a boat/trailer in lots of rural areas that would require a long tow for both vehicle and trailer, I'd pay for appropriate coverage. Regular urban driving with a regular vehicle, probably not.
by flyfishers83
Fri Mar 05, 2021 10:55 am
Forum: Personal Investments
Topic: 529 Accounts vs. Custodial Accounts
Replies: 2
Views: 275

Re: 529 Accounts vs. Custodial Accounts

Keep in mind that the difference is going to be a tiny amount of money. Like $120/yr on $100,000 balance. My guess is that other considerations will significantly outweigh the cost consideration.
by flyfishers83
Thu Mar 04, 2021 1:56 pm
Forum: Investing - Theory, News & General
Topic: HSA as Emergency Fund
Replies: 22
Views: 1436

Re: HSA as Emergency Fund

I view our HSA as part of our emergency fund. I’d rather not touch it, but could withdraw all of it in a true emergency.

As for how to accumulate a bunch of medical bills quickly-go through several rounds of IVF.
by flyfishers83
Thu Mar 04, 2021 12:08 pm
Forum: Investing - Theory, News & General
Topic: Non-fungible tokens (NFTs): anyone investing in those?
Replies: 246
Views: 17497

Re: Non-fungible tokens (NFTs): anyone investing in those?

I can see some of the use cases. Others really leave me scratching my head. At a fundamental level, what does one do with most of the NFTs? Digital art can presumably be displayed digitally. Or do people buying these not care to actually see them? Does the value reside in the idea and not the actual...
by flyfishers83
Wed Mar 03, 2021 12:36 pm
Forum: Investing - Theory, News & General
Topic: What am I missing about HSA Triple Tax Advantage?
Replies: 11
Views: 962

Re: What am I missing about HSA Triple Tax Advantage?

What happens after 2051? Are you assuming Medicare enrollment? At that point, you begin spending out of the HSA (Medicare premiums, dental, vision, all sorts of stuff). It gets a bit tricky to project what that looks like on a yearly basis.
by flyfishers83
Thu Feb 25, 2021 3:54 pm
Forum: Personal Finance (Not Investing)
Topic: Using dependent care FSA - tax effect on baby sitter - 1099?
Replies: 25
Views: 934

Re: Using dependent care FSA - tax effect on baby sitter - 1099?

I think the point trying to be made is that they've made it some amount of time without need of care and are going to try to cram $1200 worth of "daycare" in the next month. It is completely legitimate to use an in home care provider. However, they'll need to figure out a number of pieces,...
by flyfishers83
Thu Feb 25, 2021 2:05 pm
Forum: Personal Investments
Topic: Paying off Student Loans vs Investing
Replies: 28
Views: 1942

Re: Paying off Student Loans vs Investing

You have some competing goals. Part of the equation is figuring out how badly you want to get rid of your student loans. If you want to pay it off, you could pay it off tomorrow. Or you could pay a chunk and increase your monthly payments. Or, you could hit pause on that decision while waiting for t...
by flyfishers83
Tue Feb 23, 2021 9:17 am
Forum: Investing - Theory, News & General
Topic: If you bought Bitcoin, when do you plan to sell?
Replies: 396
Views: 38197

Re: If you bought Bitcoin, when do you plan to sell?

Regarding the Tether settlement, the part that I'm not clear about is shutting down Tether and Bitfinex trading in New York. I don't know how meaningful that is.
by flyfishers83
Wed Feb 10, 2021 9:20 pm
Forum: Personal Finance (Not Investing)
Topic: Sent to Collections by Sprint but the Debt isn't Mine
Replies: 33
Views: 3840

Re: Sent to Collections by Sprint but the Debt isn't Mine

Sprint is out of the immediate picture now. I'd figure out some sort of follow up with Experian and expect you'll need to do the same for the other bureaus. After that, the CFPB complaint is reasonable. I'd also look at an attorney. There are statutory damages, and it could be pretty straight forward.
by flyfishers83
Wed Feb 10, 2021 5:29 pm
Forum: Investing - Theory, News & General
Topic: Depositors earning 5-15%
Replies: 219
Views: 19875

Re: Depositors earning 5-15%

I assume these companies make money by lending out at an interest rate greater than these deposit rates. Makes you wonder how risky these underlying loans are. In the current interest rate environment, paying 15-20-25% or more interest seems like there must be a reason why the borrowers aren't going...
by flyfishers83
Tue Feb 09, 2021 1:17 pm
Forum: Personal Finance (Not Investing)
Topic: Loan to friend. Secure with second mortgage.
Replies: 81
Views: 4858

Re: Loan to friend. Secure with second mortgage.

Just wanted to add a little perspective on how relationships change. My wife and I unwillingly loaned close to 40k to a family member (result of joint credit card that was used prodigiously that we paid off and closed). We've gotten approximately 7k paid back over the last 3.5 years. Definitely chan...
by flyfishers83
Sat Feb 06, 2021 3:36 pm
Forum: Personal Finance (Not Investing)
Topic: 529 for student loans
Replies: 4
Views: 301

Re: 529 for student loans

This is state specific. Check to make sure your state allows and also check whether you would be subject to state tax deduction recapture.
by flyfishers83
Fri Feb 05, 2021 2:08 pm
Forum: Personal Finance (Not Investing)
Topic: Student Loan Repayment
Replies: 5
Views: 702

Re: Student Loan Repayment

I intended to pay off the last of my student loans last year. With the interest freeze, I am sitting on it for now. So long as you’re not blowing the payoff dollars on frivolous spending, there’s not a financial downside to waiting.
by flyfishers83
Fri Feb 05, 2021 10:59 am
Forum: Personal Finance (Not Investing)
Topic: How to get a Letter of Testamentary if no probate needed?
Replies: 48
Views: 1775

Re: How to get a Letter of Testamentary if no probate needed?

[/quote] Why is that forgery hypothetical any different for a trust, which has no requirement for LoT? As noted earlier, it's not just a piece of paper, it is notarized and had 2 witness signatures. If notary seals and witness signatures have no meaning or legal force, then what is their purpose? Wh...
by flyfishers83
Thu Feb 04, 2021 9:05 pm
Forum: Personal Finance (Not Investing)
Topic: How to get a Letter of Testamentary if no probate needed?
Replies: 48
Views: 1775

Re: How to get a Letter of Testamentary if no probate needed?

In some ways I think you’re over complicating this. You’re trying to effectuate 1/4 split of assets that are at this point a mixture of non-trust/non-probate assets by virtue of the POD and the sole trust asset which is the house. You can’t undo the POD designation and make these estate assets—and I...
by flyfishers83
Wed Feb 03, 2021 8:21 pm
Forum: Personal Finance (Not Investing)
Topic: Does anyone negotiate to reduce medical bill(s)?
Replies: 37
Views: 2640

Re: Does anyone negotiate to reduce medical bill(s)?

My local hospital will always give 20% off. I started to ask about a discount for paying cash hoping for a small discount and was cut off and informed that I can always get a 20% discount for paying in full. That’s been a fair amount of money with my wife’s medical and having a baby.
by flyfishers83
Wed Feb 03, 2021 10:31 am
Forum: Personal Investments
Topic: Index fund advice for taxable account?
Replies: 8
Views: 1056

Re: Index fund advice for taxable account?

You could increase your 401k contributions and live off the cash, assuming you need the cash for regular expenses.
by flyfishers83
Wed Jan 27, 2021 9:31 pm
Forum: Personal Consumer Issues
Topic: Starting a Christmas Tree Farm?
Replies: 17
Views: 1552

Re: Starting a Christmas Tree Farm?

It’s a lot of work. I grew up on a 40 acre Christmas tree farm. My dad started it as a side job. With only 5 acres, this would barely qualify as a hobby farm. You’d really need to figure out how much time you want to spend doing this and your sales strategy. If you don’t live close, you’ll also have...
by flyfishers83
Fri Jan 22, 2021 4:29 pm
Forum: Personal Consumer Issues
Topic: Work from home getting harder
Replies: 95
Views: 7343

Re: Work from home getting harder

I’ve been wfh for close to 6 years now. I really don’t like pure wfh. I miss interaction with friends and truly collaborative face to face meetings. That said, lenient wfh has allowed me to go to a lot of dr appointments with my wife. I also have lots of flexibility. It’s key to set boundaries and e...