Search found 734 matches

by Wricha
Wed Apr 14, 2021 10:00 pm
Forum: Personal Finance (Not Investing)
Topic: How foolish is this? [Buying waterfront apartment in Florida]
Replies: 41
Views: 3409

Re: How foolish is this? [Buying waterfront apartment in Florida]

"The building was built in 1981." protagonist: Dade County (Miami) requires a 40 year inspection of condos in Miami. The result can be a large assessment (we had two). I would try to determine if the building has an adequate capital reserve even without the government inspection. Hope thi...
by Wricha
Wed Apr 14, 2021 4:10 pm
Forum: Personal Finance (Not Investing)
Topic: How foolish is this? [Buying waterfront apartment in Florida]
Replies: 41
Views: 3409

Re: How foolish is this? [Buying waterfront apartment in Florida]

The price seems very reasonable, water view? (Gulf, lake, canal, river). Is this a hotel - condo deal? (If so, these are the first to take hit in the downturn and the last to recover.)
by Wricha
Wed Apr 14, 2021 4:01 pm
Forum: Personal Finance (Not Investing)
Topic: "Nobody's ever regretted paying off the mortgage."
Replies: 176
Views: 9719

Re: "Nobody's ever regretted paying off the mortgage."

Have not had personal debt in almost 25 years (best pillow I ever sleep on). Schwab had a deal recently on a 5 year arm for me to pull out cash from house at 1.65%. In the end I backed out. To borrow money to invest in the stock market just seemed greedy. (something about pigs get fat and hogs get s...
by Wricha
Wed Apr 14, 2021 5:41 am
Forum: Investing - Theory, News & General
Topic: What important truth do very few people agree with you on?
Replies: 5
Views: 989

Re: What important truth do very few people agree with you on?

Not sure few people agree but a lot of people don’t believe it. That wealth is not a zero sum game. Just read a thread on this board where some folks believes it is.
by Wricha
Tue Apr 06, 2021 2:32 pm
Forum: Personal Finance (Not Investing)
Topic: For those retired or FI, how much do you spend annually?
Replies: 285
Views: 20487

Re: How much do you spend annually in retirement?

My gut tells me that $50,000 annually would be living "high on the hog" assuming all debts are paid off. You'll find there are many retirees on this board who spend that much on one category such as housing, income taxes or travel. Gill I would say the average has be over $100k, not inclu...
by Wricha
Tue Apr 06, 2021 9:36 am
Forum: Investing - Theory, News & General
Topic: [How does one compare the value of real estate in relation to other assets?]
Replies: 10
Views: 814

Re: [How does one compare the value of real estate in relation to other assets?]

Real estate value should be viewed in terms of cash flow. Primary residence is in place of rent (cash flow). Other real estate should have some cash flow associated with it. For me: (does not include personal residence in net worth) Asset. Precent of Net Worth Cash Flow Precent Stock 50% 15% Bonds. ...
by Wricha
Mon Apr 05, 2021 2:21 pm
Forum: Personal Finance (Not Investing)
Topic: How much Net Worth do you really need to be in the Top One Percent?
Replies: 12
Views: 2270

Re: How much Net Worth do you really need to be in the Top One Percent?

I would lean toward the 11 million number. This is based only on observation. Any large city, lake, river, ocean, intercostal, mountain resorts results in millions of houses that are well over a million dollars. Most of those homes are being used part time, meaning the person owning them have more t...
by Wricha
Fri Apr 02, 2021 7:26 am
Forum: Personal Finance (Not Investing)
Topic: Do you trust the current value of your portfolio?
Replies: 130
Views: 9189

Re: Do you trust the current value of your portfolio?

Trust the number if you are comfortable with your asset allocation. Folks that are hopping on one foot while withdrawing 3% on odd years and 2% on even years while discounting SS by 25% on the full moon have assets that have grown more than anticipated. Now, it’s time to tell themselves a story that...
by Wricha
Mon Mar 29, 2021 3:54 pm
Forum: Personal Consumer Issues
Topic: Curious about negative expat experiences -- why don't more people do it?
Replies: 111
Views: 10644

Re: Curious about negative expat experiences -- why don't more people do it?

Every time I go abroad I miss the US. The familiarity, the freedoms, the rule of law, the large size, English speaking, the beautiful landscape etc. Western Canada is the only place I've even thought for a second about going to for more than a few weeks. And it's not like I've never left. I've prac...
by Wricha
Mon Mar 29, 2021 3:28 pm
Forum: Personal Finance (Not Investing)
Topic: ARM 5 year 1.65% Jumbo would you?
Replies: 14
Views: 1375

Re: ARM 5 year 1.65% Jumbo would you?

Why? Just because you can do something, doesn't mean you should. +1. I don't see any justification to pay out $23,000 in closing costs in the OP's post, nor do I read any need to have an additional $900k liquid. Thanks folks and to surfstar, I decide to drop the loan I should have been more clear $...
by Wricha
Mon Mar 29, 2021 4:14 am
Forum: Personal Finance (Not Investing)
Topic: ARM 5 year 1.65% Jumbo would you?
Replies: 14
Views: 1375

Re: ARM 5 year 1.65% Jumbo would you?

Just closed my refi with Schwab ...5 year ARM at 1.85% at no cost. I could have got 1.65% but then would have to pay the refi cost. Loan size $1.87M ..no brainer for me. When they gave me the rate I was so shocked that I asked for in an email to make sure it was real...Saved $6K from previous rate ...
by Wricha
Sun Mar 28, 2021 6:55 pm
Forum: Personal Finance (Not Investing)
Topic: ARM 5 year 1.65% Jumbo would you?
Replies: 14
Views: 1375

Re: ARM 5 year 1.65% Jumbo would you?

ResearchMed wrote: Sun Mar 28, 2021 4:52 pm Was there a requirement to have a certain balance at Schwab?

And any idea if they offer this for refinancing or just "cash out"?

RM
I think you could use it for refinancing . Yes, you needed a balance.
by Wricha
Sun Mar 28, 2021 4:44 pm
Forum: Personal Finance (Not Investing)
Topic: ARM 5 year 1.65% Jumbo would you?
Replies: 14
Views: 1375

ARM 5 year 1.65% Jumbo would you?

I got an email from Schwab about a month ago that said they had a very good rate on a Morgage. I looked into it, here is the deal. They will give me $900k (cash out) on my house, closing cost are $23k, for 5 years @ 1.65%. I have not had any personal debt in 25 years. So taking on debt is new. The $...
by Wricha
Fri Mar 26, 2021 5:18 pm
Forum: Personal Finance (Not Investing)
Topic: What percentage of net worth in retirement account is "Too much" for early 40s?
Replies: 64
Views: 7117

Re: What percentage of net worth in retirement account is "Too much" for early 40s?

I would say that minimum that one should put in a taxed deferred account is the amount your employer is willing to match. After that, I am less concerned. If putting savings in a taxed deferred account keeps you from spending it then by all means max it out. I am retired and ended up with 20% tax d...
by Wricha
Thu Mar 25, 2021 5:46 am
Forum: Personal Finance (Not Investing)
Topic: What percentage of net worth in retirement account is "Too much" for early 40s?
Replies: 64
Views: 7117

Re: What percentage of net worth in retirement account is "Too much" for early 40s?

I would say that minimum that one should put in a taxed deferred account is the amount your employer is willing to match. After that, I am less concerned. If putting savings in a taxed deferred account keeps you from spending it then by all means max it out. I am retired and ended up with 20% tax de...
by Wricha
Sat Mar 20, 2021 1:30 pm
Forum: Personal Investments
Topic: How to think about total net worth when 90% of it is in a private business
Replies: 31
Views: 2972

Re: How to think about total net worth when 90% of it is in a private business

Hi all, Recently came about a high 7-figure (after tax) amount in secondary liquidity as part of a financing round in my business. The remaining value of my equity according to the financing terms is high 8-figures. To date I’ve invested our 401ks, IRAs, and small taxable brokerage in equities in a...
by Wricha
Sat Mar 20, 2021 1:20 pm
Forum: Personal Finance (Not Investing)
Topic: Can you give financial advice to friends and receive money?
Replies: 54
Views: 4587

Re: Can you give financial advice to friends and receive money?

I tell them what I do myself. I’ll also refer them to “Bogleheads Guide to Investing” and “Little Book Of Common Sense Investing”. Heck, if I like them well enough, I might even give copies to them. I have also given people “Bogleheads guide to Investment did it this week matter of fact. I would wa...
by Wricha
Fri Mar 19, 2021 6:35 am
Forum: Personal Consumer Issues
Topic: Las Vegas or Tampa for retirement relocation?
Replies: 69
Views: 6036

Re: Las Vegas or Tampa for retirement relocation?

I lived in Cali and NYC and I never understood why so many people on the east coast are so obsessed about Florida. I always liked Nevada more especially Las Vegas suburban area. Weather wise you are going to enjoy lack of tropical storms and lack of humidity. Temperature wise 100F in Florida does n...
by Wricha
Wed Mar 03, 2021 11:03 am
Forum: Personal Finance (Not Investing)
Topic: Schwab customer service completely swamped?
Replies: 29
Views: 2775

Re: Schwab customer service completely swamped?

They have been very good for me, wait time if any certainty less than 2 minutes. I dial the local number and it switches to the national pool. Almost an immediate answer on the switch over every time.
by Wricha
Wed Mar 03, 2021 4:04 am
Forum: Personal Consumer Issues
Topic: Non-fungible tokens (NFTs): anyone investing in those?
Replies: 246
Views: 17314

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

Yes there are valid and useful applications for NFTs. Yes people are making insane amount of money on them. Yes they have value as people are willing to pay for them. No this isn’t the right forum to discuss them. Can you suggest a good forum for people who don't have much knowledge in Tech? Thanks...
by Wricha
Thu Feb 25, 2021 3:32 am
Forum: Investing - Theory, News & General
Topic: Charlie Munger - DJCO Annual Meeting
Replies: 24
Views: 1964

Re: A 97 Year-Old's Perspective

Maybe because I old also, reading Mr Munger comments makes me smile.
by Wricha
Thu Feb 18, 2021 3:04 pm
Forum: Personal Finance (Not Investing)
Topic: How should I spend all this money?
Replies: 72
Views: 9062

Re: How should I spend all this money?

You have a lot of extra money and now you are trying to decide how to use that extra money to bring joy in to your life. Scholarships, charities, boats, watches or rescue dogs will not do it. Most people expect form (in this case money) to bring them joy by exchanging it for another form (charities...
by Wricha
Thu Feb 18, 2021 2:49 pm
Forum: Personal Finance (Not Investing)
Topic: How should I spend all this money?
Replies: 72
Views: 9062

Re: How should I spend all this money?

You have a lot of extra money and now you are trying to decide how to use that extra money to bring joy in to your life. Scholarships, charities, boats, watches or rescue dogs will not do it. Most people expect form (in this case money) to bring them joy by exchanging it for another form (charities...
by Wricha
Thu Feb 18, 2021 7:04 am
Forum: Personal Finance (Not Investing)
Topic: How should I spend all this money?
Replies: 72
Views: 9062

Re: How should I spend all this money?

You have a lot of extra money and now you are trying to decide how to use that extra money to bring joy in to your life. Scholarships, charities, boats, watches or rescue dogs will not do it. Most people expect form (in this case money) to bring them joy by exchanging it for another form (charities,...
by Wricha
Wed Feb 17, 2021 9:43 pm
Forum: Personal Finance (Not Investing)
Topic: Dividing estate
Replies: 14
Views: 1262

Re: Dividing estate

Read “Beyond the grave” By Condon. This is a book for someone in your situation. I don’t think there is absolutely correct answer but this book will help you be more clear.
by Wricha
Wed Feb 17, 2021 4:33 pm
Forum: Personal Finance (Not Investing)
Topic: Reasonability Check on Mortgage Points
Replies: 12
Views: 805

Re: Reasonability Check on Mortgage Points

I am at the end stage of a mortgage refi. I am currently quoted at 2.125%, 15-year, $280k principal, with about $1200 in closing costs. I asked the lender what would happen if we movee up 0.25% on the interest rate to get closing cash closer to zero. They came back with a new closing disclosure tha...
by Wricha
Mon Feb 15, 2021 3:59 pm
Forum: Personal Finance (Not Investing)
Topic: Retire now (45 yrs old) or keep working for the kids?
Replies: 67
Views: 5866

Re: Retire now (45 yrs old) or keep working for the kids?

You were smart enough to come up with 10 million dollar portfolio and now you are saying the only way you can’t teach/demonstrate a work ethic is to work in the salt mines? With a little creativity and more time to spend with your kids I think you can develop other options. Otherwise, people may thi...
by Wricha
Sun Feb 14, 2021 9:51 pm
Forum: Personal Finance (Not Investing)
Topic: Preparing mentally for retirement
Replies: 46
Views: 3825

Re: Preparing mentally for retirement

I was in your situation in my mid 50’s. However, I was at my peak earning years and wanted to increase my financial buffer. Wound up working another five years because I changed my mindset to “the worst thing that can happen is I get a severance package.” I then changed my routines. I took a 30 min...
by Wricha
Thu Feb 11, 2021 2:30 pm
Forum: Personal Investments
Topic: What to do with cash-out refi money from investment property
Replies: 20
Views: 1475

Re: What to do with cash-out refi money from investment property

Given your total financial picture. I would pay off debt particularly if you have become disenchanted with real estate. I own commercial real estate and have refi many times mostly used the cash to buy other properties. This last time 3 years ago I just put it into the market. Real estate is a wond...
by Wricha
Thu Feb 11, 2021 7:08 am
Forum: Personal Finance (Not Investing)
Topic: The pros and cons of gifting money to children early?
Replies: 162
Views: 11098

Re: The pros and cons of gifting money to children early?

I wonder what percentage of young people go off the rails the first chance they get to enjoy some real independence, or receive some level of additional money. Well, I know I did... I was a poster-boy for good behavior in high school. Once I hit college, I became a huge party animal, and nearly flu...
by Wricha
Wed Feb 10, 2021 7:41 pm
Forum: Personal Investments
Topic: What to do with cash-out refi money from investment property
Replies: 20
Views: 1475

Re: What to do with cash-out refi money from investment property

Given your total financial picture. I would pay off debt particularly if you have become disenchanted with real estate. I own commercial real estate and have refi many times mostly used the cash to buy other properties. This last time 3 years ago I just put it into the market. Real estate is a wonde...
by Wricha
Tue Feb 09, 2021 5:04 pm
Forum: Personal Investments
Topic: Are Bogleheads still investing at Vanguard?
Replies: 132
Views: 11603

Re: Are Bogleheads still investing at Vanguard?

I was with Vanguard for many years, about 8 years ago I switched to Schwab because of minor but annoying glitches. Schwab gave me $5k to move $2500 for taxable account and $2500 for an IRA (this was not the reason I switched). I really think Schwab does a much job. Admittedly, I only talk to them on...
by Wricha
Mon Feb 08, 2021 12:33 pm
Forum: Personal Finance (Not Investing)
Topic: Loan to friend. Secure with second mortgage.
Replies: 81
Views: 4856

Re: Loan to friend. Secure with second mortgage.

Since it is not a material amounts of money to you and you think of it as gift your fine. I lent a good friend $5k 20 years ago never ask him for money. Didn’t get paid back. I was ok because in my mind it was a gift. Five years ago I received a check from him for $10k sent back the check and said I...
by Wricha
Sun Feb 07, 2021 10:34 pm
Forum: Personal Finance (Not Investing)
Topic: What was YOUR path to Financial Independence
Replies: 21
Views: 2698

Re: What was YOUR path to Financial Independence

I like the way you broke out the different stages. Graduated from college STEM went into the army as an officer (Chemical,Nuclear, Biological warfare) Lieutenant making $590/Month with $260/month car payment! (Very boglehead). Clearly PTP Got out of the Army went to graduate school while working ful...
by Wricha
Sun Feb 07, 2021 8:13 pm
Forum: Investing - Theory, News & General
Topic: At which interest level (2%?3%?more?) would a savings account tempt you?
Replies: 44
Views: 3078

Re: At which interest level (2%?3%?more?) would a savings account tempt you?

For me 4% would get me thinking. A couple of years ago there was brief up tick thanks to “Dave” on Bogleheads I was able to get 4.25%, and a couple of 4% CD’s through credit unions all with 5 year term. For a number of reasons over the length of my investment life I bought quite a few muni bonds 20...
by Wricha
Sun Feb 07, 2021 7:41 pm
Forum: Investing - Theory, News & General
Topic: Retirees: How typical am I?
Replies: 82
Views: 7300

Re: Retirees: How typical am I?

First, can’t speak to typical. Recommendation: Get on personal capital. It will track your cash flow, which will allow you to create a budget. Then you can compare that budget to your withdrawal rate. Takes an hour to set up and it’s free. Pulls in all your data (expenses; credit cards, checks etc a...
by Wricha
Sun Feb 07, 2021 10:07 am
Forum: Investing - Theory, News & General
Topic: At which interest level (2%?3%?more?) would a savings account tempt you?
Replies: 44
Views: 3078

Re: At which interest level (2%?3%?more?) would a savings account tempt you?

For me 4% would get me thinking. A couple of years ago there was brief up tick thanks to “Dave” on Bogleheads I was able to get 4.25%, and a couple of 4% CD’s through credit unions all with 5 year term. For a number of reasons over the length of my investment life I bought quite a few muni bonds 20-...
by Wricha
Wed Feb 03, 2021 11:09 pm
Forum: Personal Finance (Not Investing)
Topic: Worth it to get a CPA? What's the average cost for those that use one for taxes?
Replies: 25
Views: 2452

Re: Worth it to get a CPA? What's the average cost for those that use one for taxes?

I find using a CPA to be worthwhile as it allowed me to focus my energies elsewhere and make more then I pay them. I have some commercial real estate and personal taxes tax with a tax bill over 5 figures. I have almost no interest in learning tax codes/regulations plus I like the idea of having some...
by Wricha
Tue Jan 26, 2021 7:21 pm
Forum: Personal Finance (Not Investing)
Topic: Twenty Four Years of Taxes
Replies: 75
Views: 8544

Re: Twenty Four Years of Taxes

Just an FYI: some of the Federal Income tax comes back to your local community. In fact, the majority of States get more money from the Federal Government than they pay in. There's a chart (on line) that I can't seem to find... that shows this. The money from your paycheck going to the "Federa...
by Wricha
Fri Jan 22, 2021 10:09 pm
Forum: Personal Finance (Not Investing)
Topic: Real estate investment with daughter
Replies: 21
Views: 1875

Re: Real estate investment with daughter

Wow, what could go wrong? This is just a pure appreciation play? I am generally very pro real estate and in particular investment real estate. Given the information you provided your appear to looking for a 5 year flip so your daughter can make easy money on her $20k. Honestly, this sounds like an a...
by Wricha
Sun Jan 17, 2021 8:46 pm
Forum: Personal Finance (Not Investing)
Topic: Should folks who are able be spending more?
Replies: 47
Views: 4447

Re: Should folks who are able be spending more?

I can’t say I am being completely magnanimous here but I have been spending money on home improvements like a drunken sailor. I am doing projects that I hadn’t considered 3 months ago with 2 more contractors coming this week. I think I am just bored but rationalizing it for the good of the whole. Re...
by Wricha
Thu Jan 14, 2021 4:00 pm
Forum: Personal Finance (Not Investing)
Topic: How to payoff and still protect a sibling's home
Replies: 51
Views: 4005

Re: How to payoff and still protect a sibling's home

Was in a similar situation. For what it’s worth it seems like they have not hit bottom either because you are not allowing it or they are not there. Bottom maybe losing the house, and the wife leaving since he has nothing left at which point you can buy a one bedroom condo where everything is taking...
by Wricha
Mon Jan 11, 2021 4:32 pm
Forum: Personal Consumer Issues
Topic: How did you choose a location to retire?
Replies: 113
Views: 10332

Re: How did you choose a location to retire?

Grew up in PA. Bought a 2nd home in Fl (at the age of 50) for the warm weather. About 5 years ago (retired) I decided to drive down to Asheville for long weekend made a left turn off interstate 81 on to interstate 26 and saw those mountains 25 miles outside of Asheville never went back. (Lived in P...
by Wricha
Sun Jan 10, 2021 5:39 pm
Forum: Personal Consumer Issues
Topic: How did you choose a location to retire?
Replies: 113
Views: 10332

Re: How did you choose a location to retire?

Grew up in PA. Bought a 2nd home in Fl (at the age of 50) for the warm weather. About 5 years ago (retired) I decided to drive down to Asheville for long weekend made a left turn off interstate 81 on to interstate 26 and saw those mountains 25 miles outside of Asheville never went back. (Lived in P...
by Wricha
Sun Jan 10, 2021 10:07 am
Forum: Personal Consumer Issues
Topic: How did you choose a location to retire?
Replies: 113
Views: 10332

Re: How did you choose a location to retire?

Grew up in PA. Bought a 2nd home in Fl (at the age of 50) for the warm weather. About 5 years ago (retired) I decided to drive down to Asheville for long weekend made a left turn off interstate 81 on to interstate 26 and saw those mountains 25 miles outside of Asheville never went back. (Lived in PA...
by Wricha
Sat Jan 09, 2021 6:36 pm
Forum: Personal Consumer Issues
Topic: Regrets postponing retirement too long?
Replies: 171
Views: 15584

Re: Regrets postponing retirement too long?

There have been several threads asking about retirement regrets, mostly about retiring too young, too soon, with too little money. I would like to ask for experience related to regrets postponing retirement too long. As people usually say: you can correct it if retiring too early, you cannot correc...
by Wricha
Sat Jan 02, 2021 5:40 pm
Forum: Personal Finance (Not Investing)
Topic: Share your net worth progression
Replies: 2497
Views: 572798

Re: Share your net worth progression

What is the top 1% household net worth by age To be top 1% in 2020, a household needed a net worth of $11,099,166. $10,374,030 was the 1% threshold in 2017. Age Top 1% Net Worth 18-24 $435,076.59 25-29 $606,188.36 30-34 $956,944.74 35-39 $4,034,486.45 40-44 $7,909,636.79 45-49 $10,494,100.10 50-54 ...
by Wricha
Sat Jan 02, 2021 8:23 am
Forum: Personal Finance (Not Investing)
Topic: Share your net worth progression
Replies: 2497
Views: 572798

Re: Share your net worth progression

For reference, here is the latest professional study for the retirement savings by age: [...] Age Group | Median Retirement Savings | Alternative Definition 18-24 $0.00 $1,010.00 25-29 $0.00 $3,100.00 30-34 $2,000.00 $10,700.00 35-39 $2,500.00 $11,000.00 40-44 $6,950.00 $22,000.00 45-49 $10,000.00 ...
by Wricha
Wed Dec 30, 2020 4:47 pm
Forum: Personal Consumer Issues
Topic: Personal Life Coach
Replies: 58
Views: 4317

Re: Personal Life Coach

JPH wrote: Wed Dec 30, 2020 10:07 am
rockstar wrote: Tue Dec 29, 2020 11:38 pm Sounds like we're going into the unlicensed, snake oil realm here. Isn't there an app for this? I used to have a magic eight ball.
Ah, yes. The wonderous magic eight ball! Never fails me.
“Doubtful”