Search found 2103 matches

by manatee2005
Fri Jun 17, 2022 1:58 am
Forum: Personal Finance (Not Investing)
Topic: Potentially going to spend $9,000, which good credit card offer?
Replies: 11
Views: 1536

Re: Potentially going to spend $9,000, which good credit card offer?

smalliebigs wrote: Thu Jun 16, 2022 9:22 pm Hi all, I'm going to be spending about $9,000 in a vehicle purchase in the near future. I might as well take advantage of this and get a CC offer. Any good recommendations?

I already have, amongst others:
Chase Sapphire Reserve, Chase Business Preferred,
Citi Costco

I travel almost always with Delta. Don't mind if it's travel. I can always transfer to airline.

Thanks!
Dealers let you pay with credit card? What fees do they charge?
by manatee2005
Fri Jun 17, 2022 1:56 am
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 12862
Views: 1265751

Re: Refinance Mega Thread

safari wrote: Fri Jun 17, 2022 1:14 am
manatee2005 wrote: Fri Jun 17, 2022 12:20 am
safari wrote: Wed Jun 15, 2022 11:29 pm
manatee2005 wrote: Wed Jun 15, 2022 10:19 pm
joelly wrote: Wed Jun 15, 2022 10:12 pm

I refied once in 2020. 2.75% no cost.
I was greedy and got all the way down to 2.35% no cost.
I got 2.375% no cost 30 years fixed with cashout :mrgreen:
I hope you didn't invest the cashout money in stocks.
No, I did not. I needed to replenish my emergency fund. Part of the money was used to purchase I bonds.
My cousin cashed out and put the money in UST (Terra) for 20% APY. It all went to 0.
by manatee2005
Fri Jun 17, 2022 12:26 am
Forum: Personal Investments
Topic: Where would you put $1,000 right now?
Replies: 88
Views: 7186

Re: Where would you put $1,000 right now?

AerialWombat wrote: Thu Jun 16, 2022 11:55 pm
pasadena wrote: Thu Jun 16, 2022 1:58 pm I mean, the question is a rhetorical "where would you put $1k right now", not "where should OP put $1k right now".
Well, in that case, my answer would be “IRS”. They’re getting my next $1,000, plus the next nineteen $1,000 after that.
Only 19?
by manatee2005
Fri Jun 17, 2022 12:25 am
Forum: Personal Investments
Topic: Where would you put $1,000 right now?
Replies: 88
Views: 7186

Re: Where would you put $1,000 right now?

WoodBooger55 wrote: Thu Jun 16, 2022 9:39 am Just having a conversation at work about where the best place to put $1,000 would be today..

Some DIA, some QQQ, some SPY, couple said LIT..

Just thought I'd see what Bogelheads would do..

[Note below that the OP is asking on behalf of a friend. -- moderator oldcomputerguy]
Playstation 5 and a bunch of games so I can forget about the real world for a while.
by manatee2005
Fri Jun 17, 2022 12:21 am
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 12862
Views: 1265751

Re: Refinance Mega Thread

joelly wrote: Thu Jun 16, 2022 5:54 pm
manatee2005 wrote: Wed Jun 15, 2022 10:19 pm
joelly wrote: Wed Jun 15, 2022 10:12 pm
manatee2005 wrote: Wed Jun 15, 2022 8:21 pm
anon_investor wrote: Tue Jun 14, 2022 7:49 am

Sure looks like it. Thanks to all that contributed to this thread, it definitely helped me with my summer 2020 refi.
Yes, I refied 5 times in 2020 lol.
I refied once in 2020. 2.75% no cost.
I was greedy and got all the way down to 2.35% no cost.
Wow....that's low :sharebeer congrats!!!
They actually called me a few days before Halloween 2020 and offered it to me because I recently switched from them to some other lender.
by manatee2005
Fri Jun 17, 2022 12:20 am
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 12862
Views: 1265751

Re: Refinance Mega Thread

safari wrote: Wed Jun 15, 2022 11:29 pm
manatee2005 wrote: Wed Jun 15, 2022 10:19 pm
joelly wrote: Wed Jun 15, 2022 10:12 pm
manatee2005 wrote: Wed Jun 15, 2022 8:21 pm
anon_investor wrote: Tue Jun 14, 2022 7:49 am

Sure looks like it. Thanks to all that contributed to this thread, it definitely helped me with my summer 2020 refi.
Yes, I refied 5 times in 2020 lol.
I refied once in 2020. 2.75% no cost.
I was greedy and got all the way down to 2.35% no cost.
I got 2.375% no cost 30 years fixed with cashout :mrgreen:
I hope you didn't invest the cashout money in stocks.
by manatee2005
Wed Jun 15, 2022 10:19 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 12862
Views: 1265751

Re: Refinance Mega Thread

joelly wrote: Wed Jun 15, 2022 10:12 pm
manatee2005 wrote: Wed Jun 15, 2022 8:21 pm
anon_investor wrote: Tue Jun 14, 2022 7:49 am
manatee2005 wrote: Sat May 28, 2022 3:33 am
jay22 wrote: Thu May 05, 2022 3:00 pm I don't think it is unreasonable to assume that we won't see any sub 3% 30 years fixed rates anytime soon.

People who have locked in those rates are sitting on a cash cow - they will be much inclined to sell their homes which in turn will continue to tighten the supply in the housing market. I feel sorry for the first-time home buyers, honestly. :-(
After 257 pages of this thread, it looks like it's over. Unless the economy gets so bad they have to lower rates to 0 again.
Sure looks like it. Thanks to all that contributed to this thread, it definitely helped me with my summer 2020 refi.
Yes, I refied 5 times in 2020 lol.
I refied once in 2020. 2.75% no cost.
I was greedy and got all the way down to 2.35% no cost.
by manatee2005
Wed Jun 15, 2022 8:21 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 12862
Views: 1265751

Re: Refinance Mega Thread

anon_investor wrote: Tue Jun 14, 2022 7:49 am
manatee2005 wrote: Sat May 28, 2022 3:33 am
jay22 wrote: Thu May 05, 2022 3:00 pm I don't think it is unreasonable to assume that we won't see any sub 3% 30 years fixed rates anytime soon.

People who have locked in those rates are sitting on a cash cow - they will be much inclined to sell their homes which in turn will continue to tighten the supply in the housing market. I feel sorry for the first-time home buyers, honestly. :-(
After 257 pages of this thread, it looks like it's over. Unless the economy gets so bad they have to lower rates to 0 again.
Sure looks like it. Thanks to all that contributed to this thread, it definitely helped me with my summer 2020 refi.
Yes, I refied 5 times in 2020 lol.
by manatee2005
Mon Jun 13, 2022 8:52 pm
Forum: Investing - Theory, News & General
Topic: Anyone want to guess where the bottom will be?
Replies: 117
Views: 18270

Re: Anyone want to guess where the bottom will be?

Richard1580 wrote: Mon Jun 13, 2022 8:11 pm So, we are now "officially" in a bear market. Anyone want to guess where the bottom will be? More to the point, would you care to explain *why* the bottom will be where you guess. For the record, I have no idea where the bottom will be - but I do find it all amusing.
300, plus or minus 5
by manatee2005
Mon Jun 13, 2022 11:16 am
Forum: Investing - Theory, News & General
Topic: How to handle the “crash?”
Replies: 105
Views: 15327

Re: How to handle the “crash?”

As you haven't lived through 2008, let me give you a recap of the main things happening in a big bear market in the investor community, including this forum: - At the initial decline (15-20%, where we are now), almost everyone still sticks to their investment plan. "What crash, there is no crash", "corrections are normal", "corrections are an opportunity" etc. Bear market rallies are seen as proof of that theory. - Once we officially clear the bear market threshold of 20% and are down 30% or so, people start to feel real pain in their portfolios and you see more and more people asking for advice how to make their portfolio safer. Most people still stick to their investment plan. Still lots of stories of "...
by manatee2005
Mon Jun 13, 2022 11:13 am
Forum: Investing - Theory, News & General
Topic: How to handle the “crash?”
Replies: 105
Views: 15327

Re: How to handle the “crash?”

martincmartin wrote: Mon Jun 13, 2022 6:52 am
manatee2005 wrote: Sun Jun 12, 2022 9:14 pm I said everyone is signaling demand destruction. It doesn’t mean that everybody believes it (yet). Most people on this thread don’t believe it (yet) so it means we have a ways to drop.
What happened on Friday wasn't an expected drop as we head to an expected recession. It was unexpected information.

The consensus expectation for May's inflation was that it would be a little lower than April. Instead, it was a little higher. So that might mean we need more demand destruction, and so the stock market priced in the effect of that demand destruction.

Demand has a way to drop. If demand drops, but less than expected, stock prices will actually go up.
How about today’s drop then?
by manatee2005
Sun Jun 12, 2022 9:17 pm
Forum: Investing - Theory, News & General
Topic: How to handle the “crash?”
Replies: 105
Views: 15327

Re: How to handle the “crash?”

So, I’m young enough that 2008 wasn’t a big deal for me. I don’t even remember it being bad, mostly because I was too poor to notice, I guess. But now, times are different for me. I’m actively putting 30% of each check I receive into a matched 401K. Should I continue? Or should I do something different? Step 1. Stop calling it a crash. It's not even a bear market yet. Step 2. Stay the course. Step 3. If a real crash comes, skip Step 1 and go to Step 2. Step 4. Look at the long-term history of the market and notice that it isn't doing anything new. Step 5. Rinse and repeat. I mean everyone is signaling that they want demand destruction by destroying the stock market and job market to reign inflation in. That's not actually true. Step 6. Kee...
by manatee2005
Sun Jun 12, 2022 9:14 pm
Forum: Investing - Theory, News & General
Topic: How to handle the “crash?”
Replies: 105
Views: 15327

Re: How to handle the “crash?”

I haven’t heard anyone say they were ceasing 401k contributions on this board so far. So stay the course is probably what most would advise. I have. I mean everyone is signaling that they want demand destruction by destroying the stock market and job market to reign inflation in. I've certainly heard that. We have a lot more to drop. If everyone is saying it, it's already priced in. This is a key thing to understand. For example, when the Fed says they're going to raise rates, and the expectation is say by 1% over the next 6 months, then by the time you read it, bond prices have already adjusted to reflect the full increase. The Fed's rate is what it charges bank, you can't buy or sell bonds at the Fed's rate. Treasuries are sold by auctio...
by manatee2005
Sun Jun 12, 2022 9:08 pm
Forum: Investing - Theory, News & General
Topic: How to handle the “crash?”
Replies: 105
Views: 15327

Re: How to handle the “crash?”

I haven’t heard anyone say they were ceasing 401k contributions on this board so far. So stay the course is probably what most would advise. I have. I mean everyone is signaling that they want demand destruction by destroying the stock market and job market to reign inflation in. We have a lot more to drop. Really, stopping matched contributions? In 2008, when I was not contributing, I couldn’t believe the others were. But it’s going down, I said. :oops: Today I can’t understand how anyone could feel the same way I felt then! I guess it’s a youth thing. Why are you assuming that manatee2005 stopped contributing money that would have received a match? You didn't mention "matching" and neither did manatee2005, just "401k contr...
by manatee2005
Sun Jun 12, 2022 9:05 pm
Forum: Investing - Theory, News & General
Topic: How to handle the “crash?”
Replies: 105
Views: 15327

Re: How to handle the “crash?”

jebmke wrote: Sat Jun 11, 2022 6:59 am
manatee2005 wrote: Sat Jun 11, 2022 12:17 am
AnnetteLouisan wrote: Sat Jun 11, 2022 12:12 am I haven’t heard anyone say they were ceasing 401k contributions on this board so far. So stay the course is probably what most would advise.
I have. I mean everyone is signaling that they want demand destruction by destroying the stock market and job market to reign inflation in. We have a lot more to drop.
Everyone? I listen to Bloomberg radio from time to time when I have a long drive. If you listen long enough you will hear a pessimist and an optimist about the markets and economy.
Bloomberg radio made me chuckle. I wouldn’t listen to them if I were you.
by manatee2005
Sat Jun 11, 2022 12:25 am
Forum: Personal Consumer Issues
Topic: YouTube TV
Replies: 127
Views: 16714

Re: YouTube TV

I'm thinking of cutting the cable cord, here are a few pieces of information, live in a hilly rural area about 60 miles from any TV network, so very doubtful outside rooftop TV antenna will provide any access to airwaves, I am considering You Tube TV as I can access local channels, has cloud base storage if I want to record something to view later, a few questions is the picture as high quality as say cable tv? the HD etc, if I record something can you fast forward through commercials?...anything else anyway to offer in the way of information? I do not want to do Satellite TV, thanks in advance for any responses! I don’t understand why you would want tv? You can get anything you want on YouTube. I just recently watched the napoleonic wars ...
by manatee2005
Sat Jun 11, 2022 12:18 am
Forum: Personal Consumer Issues
Topic: $5000/hour for dental work?
Replies: 65
Views: 7686

Re: $5000/hour for dental work?

TomatoTomahto wrote: Fri Jun 10, 2022 10:07 am Yea and yea.
Yeah and no. 10k is crazy
by manatee2005
Sat Jun 11, 2022 12:17 am
Forum: Investing - Theory, News & General
Topic: How to handle the “crash?”
Replies: 105
Views: 15327

Re: How to handle the “crash?”

AnnetteLouisan wrote: Sat Jun 11, 2022 12:12 am I haven’t heard anyone say they were ceasing 401k contributions on this board so far. So stay the course is probably what most would advise.
I have. I mean everyone is signaling that they want demand destruction by destroying the stock market and job market to reign inflation in. We have a lot more to drop.
by manatee2005
Fri Jun 03, 2022 5:31 pm
Forum: Personal Finance (Not Investing)
Topic: What is your Work Life Balance like in Corporate America?
Replies: 27
Views: 3801

Re: What is your Work Life Balance like in Corporate America?

Every single team is different. You can have a workaholic boss who works 80 hrs a week and who wants you to work 90 hrs a week, or you can have a chill boss and you can get away with 30-40 hrs.
What I found out at this point, is that you have to join, and quickly analyze what kind of a team it is and make adjustments. Don't spend 3 years in a workaholics team.
by manatee2005
Thu Jun 02, 2022 5:30 pm
Forum: Investing - Theory, News & General
Topic: Why 3:45 High Volumes? [Market trading spikes at 3:45 PM ET]
Replies: 8
Views: 1354

Re: Why 3:45 High Volumes?

It’s to create news overnight.
by manatee2005
Thu Jun 02, 2022 2:27 pm
Forum: Investing - Theory, News & General
Topic: What convinced you that you can't outperform the market?
Replies: 179
Views: 15693

Re: What convinced you that you can't outperform the market?

TheoLeo wrote: Thu Jun 02, 2022 6:06 am What convinced you that you can't outperform the market by market timing or picking stocks or sectors?
First big loss
by manatee2005
Thu Jun 02, 2022 12:53 pm
Forum: Personal Finance (Not Investing)
Topic: What is the Worst Financial Decision/Mistake You Have Made?
Replies: 657
Views: 133094

Re: What is the Worst Financial Decision/Mistake You Have Made?

familythriftmd wrote: Thu Jun 02, 2022 12:39 pm A big close call was being "groomed" by "advisors" (I think NW Mutual) during college. They met with me a few times, paid for coffee, etc. Talking about life insurance (whole life, of course). I was pretty close to signing. Fortunately, I asked my dad what he thought. He said cut them off. I am so skittish that I didn't want to, but I did before signing anything. Phew!
Wow you dodged a big one
by manatee2005
Wed Jun 01, 2022 11:51 pm
Forum: Personal Finance (Not Investing)
Topic: Baylor and Waco, TX
Replies: 12
Views: 2779

Re: Baylor and Waco, TX

For your son, I’m assuming he’s an undergrad? Most schools either require or highly recommend that freshmen live on campus. Living on campus is part of the college experience, and how they make the transition from their parent’s house to living independently. For you...does your son really want a parent to come to college with him? I mean having the occasional family event at a football game seems reasonable, but he’s also going to want to go to some games with the friends he makes at school. For the handful of games you go to together, a hotel would probably be appropriate. I found this thread again and just wanted to update you. I did end up spending a lot of September, October and December in Waco. My son loved having me there. I didn't...
by manatee2005
Wed Jun 01, 2022 6:49 pm
Forum: Personal Consumer Issues
Topic: Movies for 10 year old
Replies: 70
Views: 5442

Re: Movies for 10 year old

The secret life of pets
by manatee2005
Wed Jun 01, 2022 6:47 pm
Forum: Personal Consumer Issues
Topic: Movies for 10 year old
Replies: 70
Views: 5442

Re: Movies for 10 year old

newbie003 wrote: Tue May 31, 2022 3:21 pm What are your top 3 recommendations for a 10 year old to watch? I'm not overly concerned with minor language, but want to minimize any s-x references...

Most likely she's seen any of the new/big/popular movies, so I'm looking for perhaps slightly less obvious recommendations (and maybe something not so new).

Thanks.
Snow White
by manatee2005
Wed Jun 01, 2022 3:55 am
Forum: Personal Finance (Not Investing)
Topic: Setting up my 16 year old son for financial success
Replies: 145
Views: 8543

Re: Setting up my 16 year old son for financial success

Parkinglotracer wrote: Wed Jun 01, 2022 3:39 am Make him work for what he wants. Sometimes, The more someone else does, the less someone does.
Yup, one of the constants of the universe.
by manatee2005
Wed Jun 01, 2022 12:40 am
Forum: Personal Consumer Issues
Topic: Movies for 10 year old
Replies: 70
Views: 5442

Re: Movies for 10 year old

mhalley wrote: Tue May 31, 2022 9:04 pm E.T.
The Last Starfighter
The Princess Bride
Shazam
Goonies
Back to the Future 1,2,3
Gremlins
Iron Giant
Dark Crystal
Secret of NIMH
Willy Wonka (Gene Wilder version)
A League of Their Own
Honey I Shrunk the Kids
Karate kid (original)
Batteries not Included
Short Circuit
by manatee2005
Wed Jun 01, 2022 12:38 am
Forum: Personal Consumer Issues
Topic: Movies for 10 year old
Replies: 70
Views: 5442

Re: Movies for 10 year old

Pretty much any Disney movie, right?
by manatee2005
Wed Jun 01, 2022 12:37 am
Forum: Personal Finance (Not Investing)
Topic: Setting up my 16 year old son for financial success
Replies: 145
Views: 8543

Re: Setting up my 16 year old son for financial success

LadyGeek wrote: Tue May 31, 2022 5:47 pm manatee2005 - In order to provide appropriate advice, it's best to keep all the information in one spot. I merged your update back into the original thread. If you have any questions, ask them here.

I also updated the first post to point to the update.

(Thanks to the member who reported the post and provided a link to this thread.)
I completely forgot I made that thread 2.5 years ago, nice find :happy
by manatee2005
Tue May 31, 2022 5:24 pm
Forum: Personal Finance (Not Investing)
Topic: Setting up my 16 year old son for financial success
Replies: 145
Views: 8543

Re: Money advice for teenage son's first jobm

He’s 18. It’s his first job cos of the pandemic we had in the last 2 years. We are in a state that was very locked down. Trust me, none of us were happy about this. He was 2 months from getting the first job at 16 when everything closed. I don’t want to go outside the scope of this board, but yeah, it was frustrating for all. Did he graduate from HS? Will he be going to college? Yeah he just finished his freshman year of college. Well that changes the equation. Just cut off his pizza and beer money and let him earn it himself. Let him know that if he wants pizza and beer money during the school year, he needs to start saving now or plan on continuing to work part-time while in school... :beer Yup, he had a meal plan at the dorm so he didn’...
by manatee2005
Tue May 31, 2022 4:38 pm
Forum: Personal Finance (Not Investing)
Topic: Setting up my 16 year old son for financial success
Replies: 145
Views: 8543

Re: Money advice for teenage son's first jobm

galawdawg wrote: Tue May 31, 2022 4:24 pm
manatee2005 wrote: Tue May 31, 2022 2:53 pm He’s 18. It’s his first job cos of the pandemic we had in the last 2 years. We are in a state that was very locked down. Trust me, none of us were happy about this. He was 2 months from getting the first job at 16 when everything closed.
I don’t want to go outside the scope of this board, but yeah, it was frustrating for all.
Did he graduate from HS? Will he be going to college?
Yeah he just finished his freshman year of college.
by manatee2005
Tue May 31, 2022 2:53 pm
Forum: Personal Finance (Not Investing)
Topic: Setting up my 16 year old son for financial success
Replies: 145
Views: 8543

Re: Money advice for teenage son's first jobm

There is a huge difference between 15 and 19...how old is he? If he is 15, leave him alone and observe the behavior, then provide counsel after the summer job...and presumably little money left over from it. Empirical evidence from the consequences of behavior is a stronger motivator than some anticipatory lesson from "some stupid book my dad made me read". Lessons learned vs "book knowledge". If he is 19, just remind him that this money needs to last through the school year...and come up with a plan to do so--forget the books...actually sit down with excel (et al) and work it out WITH HIM. "if you want $X/week, then you need to save this much--then you can feel free to spend the rest." and, btw--if he is 19--...
by manatee2005
Tue May 31, 2022 3:57 am
Forum: Personal Finance (Not Investing)
Topic: Setting up my 16 year old son for financial success
Replies: 145
Views: 8543

Re: Money advice for teenage son's first job

Ask him to evaluate everything in terms of how many hours he has to work. If he gets $15 after tax and wants to spend $30 on a video game I can ask him to think if it's worth working for 2 hours to buy that game. I am sure your son will keenly understand this tradeoff after a few days or weeks of work, without you needing to spell it out. When I was growing up I worked for something like $8 an hour. The motivating purchase was buying a new PC to play games. I put in enough work to save enough for a modest machine, about $1k, then bought the machine and stopped working, and could instead play Diablo 2 all the time. Success! You work as a teenage not for money but for freedom. By taking away the money he earns (even to save) he will feel you...
by manatee2005
Mon May 30, 2022 10:07 pm
Forum: Personal Finance (Not Investing)
Topic: Setting up my 16 year old son for financial success
Replies: 145
Views: 8543

Re: Money advice for teenage son's first job

Oh, one last thing. The marginal enjoyment of $1000 at age 20 is much higher than the marginal enjoyment of $1000 (real) at age 80. imo. I bought a car. Went on holiday with teenage friends to Ibiza. Travelled to NYC (from London). These are incredibly powerful memories for me. I can't imagine I'll remember what I did with the money if I spent the same real value at age 75. Yeah, there's a balance that is different for everyone. On one extreme you spend it all when young and eat dog food in retirement. On the other extreme you don't spend anything and then you go to Athens when you're 80 and you realize you can't walk up the Acropolis steps. Neither extreme is good, so everyone tries to find the best balance that works for them. You have t...
by manatee2005
Mon May 30, 2022 8:39 pm
Forum: Personal Finance (Not Investing)
Topic: Private School for eldest daughter
Replies: 79
Views: 8764

Re: Private School for eldest daughter

1. You can afford it.
2. Private school will be better for her
3. What type of job pays 360k base?
by manatee2005
Mon May 30, 2022 6:31 pm
Forum: Personal Finance (Not Investing)
Topic: Setting up my 16 year old son for financial success
Replies: 145
Views: 8543

Re: Money advice for teenage son's first job

Back in the '60s the thing to do was to open a passbook "school savings account". Every so often I would go to Bank of America and the teller would add a few pennies of interest to my passbook. "Big deal" I would think, "I made 4 cents of interest. That won't even buy a candy bar." After a few years I had like 40 dollars in my account. Unfortunately, my parents' marriage was on the rocks. One day my mother made me empty my school savings account and give it to her so she could pay the bills. She said she would pay me back. Time went by and I never got my money back, so I asked her when she was going to repay me. My mother had deluded herself into thinking she had paid me back which, of course, she hadn't. I ne...
by manatee2005
Mon May 30, 2022 6:23 pm
Forum: Personal Finance (Not Investing)
Topic: Setting up my 16 year old son for financial success
Replies: 145
Views: 8543

Re: Money advice for teenage son's first job

LTCM wrote: Mon May 30, 2022 5:21 pm 5 years with 5 years of $1000 contributions at 15% for 25 years total = approx $127,000
20 years with 20 years of $1000 contributions at 15% for 20 years total = approx $117,000

So you're going to need 15% to pull that off. Best of luck!
I don't remember what interest he used, but in the 80s interest rates were 17% so at that time 13% wasn't out of the picture.

The point still stands, you would just have to increase the number of years the other person doesn't contribute anything to compensate for low interest rates. Or you invest earlier.
by manatee2005
Mon May 30, 2022 6:08 pm
Forum: Personal Finance (Not Investing)
Topic: Setting up my 16 year old son for financial success
Replies: 145
Views: 8543

Re: Money advice for teenage son's first job

If my parents had tried to get me to read self-help books or make 30-year projections I think I would have laughed at them. Rather than trying to "change" your son, why not let him make his own decisions and mistakes? That's a key developmental stage we all need to go through on the way to becoming self-realized adults. There’s a book that says that trial and error is terrible because trial is costly (in money or time) and error can be deadly. At a certain point in our lives trial and error is inevitable. Which is why it's better for it to occur in our teenage years when the stakes are so low. The consequences for "failure" in this scenario (an $18/hr summer job) are practically non-existent. What happens when your son ...
by manatee2005
Mon May 30, 2022 4:42 pm
Forum: Personal Finance (Not Investing)
Topic: Setting up my 16 year old son for financial success
Replies: 145
Views: 8543

Re: Money advice for teenage son's first job

brian91480 wrote: Mon May 30, 2022 2:06 pm
manatee2005 wrote: Sun May 29, 2022 7:16 pm We did listen to a lot of Dave Ramsey during road trips but it didn't help. Also I tried to lead by example and it also didn't help.

Any other ideas on what we can do?
The 5 things you listed in your first post are all very good. Just remember... you can lead your kid to the water stream, but at some point he needs to learn to drink it.

Keep doing what you're doing... maybe eventually the knowledge will stick.

Show him this video... https://youtu.be/nVl5i4heLi8

--- Brian
Yup, I have learned that lesson a long time ago haha. They are their own people and they do what they want, not what parents want.
by manatee2005
Mon May 30, 2022 4:40 pm
Forum: Personal Finance (Not Investing)
Topic: Setting up my 16 year old son for financial success
Replies: 145
Views: 8543

Re: Money advice for teenage son's first job

If my parents had tried to get me to read self-help books or make 30-year projections I think I would have laughed at them. Rather than trying to "change" your son, why not let him make his own decisions and mistakes? That's a key developmental stage we all need to go through on the way to becoming self-realized adults. There’s a book that says that trial and error is terrible because trial is costly (in money or time) and error can be deadly. You want to learn through observation and simulation, ie learn on other peoples mistakes, not yours. Also sometimes people make mistakes and don’t learn from them cos they don’t have the education to put 2 and 2 together. I know my son will make mistakes, we all do, but at least with this i...
by manatee2005
Mon May 30, 2022 4:34 pm
Forum: Personal Finance (Not Investing)
Topic: Setting up my 16 year old son for financial success
Replies: 145
Views: 8543

Re: Money advice for teenage son's first job

My son just got a summer job making $18/hr (his first job ever). His personality is on the spend side rather than the saver side so I'd like to make sure he understands the value of money more than he does so far and becomes a saver/investor. I was thinking of implementing these steps to get him on the saving/investing track. 1̶.̶ ̶G̶e̶t̶ ̶h̶i̶m̶ ̶t̶o̶ ̶r̶e̶a̶d̶ ̶R̶i̶c̶h̶e̶s̶t̶ ̶m̶a̶n̶ ̶i̶n̶ ̶B̶a̶b̶y̶l̶o̶n̶ 2̶.̶ ̶G̶e̶t̶ ̶h̶i̶m̶ ̶t̶o̶ ̶r̶e̶a̶d̶ ̶M̶i̶l̶l̶i̶o̶n̶a̶i̶r̶e̶ ̶N̶e̶x̶t̶ ̶D̶o̶o̶r̶ 3. Ask him to open a Roth IRA and contribute 15% of his earnings. I can offer to match it. 4̶.̶ ̶A̶s̶k̶ ̶h̶i̶m̶ ̶t̶o̶ ̶e̶v̶a̶l̶u̶a̶t̶e̶ ̶e̶v̶e̶r̶y̶t̶h̶i̶n̶g̶ ̶i̶n̶ ̶t̶e̶r̶m̶s̶ ̶o̶f̶ ̶h̶o̶w̶ ̶m̶a̶n̶y̶ ̶h̶o̶u̶r̶s̶ ̶h̶e̶ ̶h̶a̶s̶ ̶t̶o̶ ̶w̶o̶r̶k̶.̶ ̶I̶f̶ ̶h̶e̶ ̶...
by manatee2005
Sun May 29, 2022 9:20 pm
Forum: Personal Finance (Not Investing)
Topic: Setting up my 16 year old son for financial success
Replies: 145
Views: 8543

Re: Money advice for teenage son's first job

Make sure your son understands that he will be getting a little thing called Form W2 some time next year and he will have to fill out his first of many yearly income tax returns. They say "pay yourself first" but we all know Uncle Sugar/IRS have first dibs on your wages. I presume he has obtained a social security card? When I was a teen these things were all alien to me until I had to face them for the first time. I was doing volunteer work and one of the staff suggested that 16-year-old me get a social security card so off I went and got one. That was in 1971. At that age I think kids are more into immediate gratification because old age seems so far off. They still want to buy toys for themselves because now they can afford to...
by manatee2005
Sun May 29, 2022 9:16 pm
Forum: Personal Finance (Not Investing)
Topic: Setting up my 16 year old son for financial success
Replies: 145
Views: 8543

Re: Money advice for teenage son's first job

What have you done up until now? My 5 year old has been saving a percentage of his weekly allowance towards Retirement for the last two years! The proudest moment of my life was when he told a banker at a state fair at age three that he was saving for retirement unprompted I don’t know if you have more than one kid but the personality type is mostly genetic. My younger son is super saver (like me), my older son is super spender (like my spouse 😀) and I’ve raised them exactly the same. There’s a great book H factor of personality that discuses the 6 personality traits and it’s mostly genetic. Even how you vote is mostly genetic which was a surprise to me: He has a Schwab account with stocks but as you can see the huge drop this year isn’t r...
by manatee2005
Sun May 29, 2022 7:16 pm
Forum: Personal Finance (Not Investing)
Topic: Setting up my 16 year old son for financial success
Replies: 145
Views: 8543

Money advice for teenage son's first job

[Thread merged into here --admin LadyGeek] My son just got a summer job making $18/hr (his first job ever). His personality is on the spend side rather than the saver side so I'd like to make sure he understands the value of money more than he does so far and becomes a saver/investor. I was thinking of implementing these steps to get him on the saving/investing track. 1. Get him to read Richest man in Babylon 2. Get him to read Millionaire Next Door 3. Ask him to open a Roth IRA and contribute 15% of his earnings. I can offer to match it. 4. Ask him to evaluate everything in terms of how many hours he has to work. If he gets $15 after tax and wants to spend $30 on a video game I can ask him to think if it's worth working for 2 hours to buy...
by manatee2005
Sun May 29, 2022 6:51 pm
Forum: Personal Investments
Topic: When did you rebalance YTD?
Replies: 54
Views: 4744

Re: When did you rebalance YTD?

Two days before the Ukraine war.
by manatee2005
Sat May 28, 2022 4:35 am
Forum: Investing - Theory, News & General
Topic: TSLA: What Changed?
Replies: 1158
Views: 137416

Re: TSLA: What Changed?

1nv3s70r wrote: Fri May 27, 2022 4:20 pm How are these the "safest cars on the road"? Just last month, had a Tesla slam into a relatives car from the rear when they were stopped at a light. Totaled the car, fortunately no injuries. Automated emergency breaking is supposed to be a thing, apparently it may not actually work when its actually needed. Yeah this is just one anecdote, but to not be able to 100% prevent such a basic collision with such a hyped tech is deserving of criticism IMO.
When I still rode my bike, Tesla cars were the worst. I always assumed that the driver just left it on autopilot. Every time I had a close call, it was cos of a Tesla.
by manatee2005
Sat May 28, 2022 4:28 am
Forum: Investing - Theory, News & General
Topic: Lessons from 2007 -2009
Replies: 143
Views: 18250

Re: Lessons from 2007 -2009

"What is solid, turns into air" Thank you to Valuethinker, Nisiprius and everyone else who has shared their experiences. These stories convey the visceral punch of risk, which inevitably affects life in far more ways than market numbers on a screen. These posts reflect humility about what is knowable beforehand and an ability to learn, aspects of Boglehead discussions that I really appreciate. Gráinne My tolerance for risk also does not grow as I get older. I have less time to make back the losses from a bear market. So how I reacted to 2000-03 (which financially hit me much harder than 2008-09) vs 08/09 v 2020 was different each time. I no longer have long years of contributing ahead of me. In fact right now, I am in effect buil...
by manatee2005
Sat May 28, 2022 4:26 am
Forum: Investing - Theory, News & General
Topic: U.S. stocks in free fall
Replies: 36221
Views: 4653144

Re: U.S. stocks in free fall

I guess it is too late to sell at this point. Buy more is the only answer? The problem is if you sell now when do you get back in? Maybe never? So for me the plan is just to be contributing every 2 weeks as I always had. You get back in when the Fed announces: "Post pandemic overstaffing and overfilling of inventories has led to significant deflationary pressures und a rise in unemployement. The comittee therefore decided to stop the balance sheet run off and to lower the federal funds rate." Easier said than done. In the last 2 days we already went up 5%. So then you say well let me wait for a little dip cos I don’t want to buy now that it went up. Read the March 2020 threads, there are still people in cash from them. If you can...
by manatee2005
Sat May 28, 2022 4:21 am
Forum: Personal Finance (Not Investing)
Topic: Home mortgage pay off strategies
Replies: 54
Views: 6883

Re: Home mortgage pay off strategies

IAmJustAnAverageDude wrote: Sat May 28, 2022 1:28 am 1. Is it a bad idea to put more money in the house to get to 80% LTV so as to get rid of PMI?

2. Is it a bad idea to get the house interior painted prior to move in? It’s a 8 year old house.
2. Go with what your wife wants. If she wants it painted, paint it. If not, don't paint it.