Search found 428 matches

by Minty
Wed Apr 14, 2021 9:36 am
Forum: Personal Finance (Not Investing)
Topic: First child entering college in the fall... need some advice
Replies: 174
Views: 10317

Re: First child entering college in the fall... need some advice

As I always say on these threads, we had higher income than OP and still got some need-based aid--subsidized loans, and a little grant when we had two in school simultaneously. One thought: The " Private College 529 " allows purchase of tuition credits at today's price which can be used ev...
by Minty
Sat Mar 20, 2021 1:07 am
Forum: Personal Finance (Not Investing)
Topic: Life Insurance
Replies: 13
Views: 1286

Re: Life Insurance

I think it turns on your family expenses and how much of that $4 million is investable. I might look at $500K for spouse and $3 million for you.
by Minty
Sat Mar 13, 2021 1:52 pm
Forum: Personal Finance (Not Investing)
Topic: 0% car loan and invest the cash?
Replies: 35
Views: 2498

Re: 0% car loan and invest the cash?

Yeah, it’s a Honda and the negotiation was an all cash buy. I think I’m getting a fair deal. Total cost of the car is 2.5% of my invested assets, so I think I’ll do this “experiment” and see if it works out. I suppose if the car loan gets cumbersome I’ll just pay it off. Thanks for the insights! I ...
by Minty
Sat Mar 13, 2021 1:41 pm
Forum: Personal Finance (Not Investing)
Topic: How to deposit a check without endorsing it in the back?
Replies: 31
Views: 3737

Re: How to deposit a check without endorsing it in the back?

I always write "FOR DEPOSIT ONLY" as the endorsement on my checks, never had a problem. Back in the day, the bank used to have a rubber stamp saying that and would usually stamp the check for me rather then me signing or writing anything. I'm pretty sure there's an old episode of "Th...
by Minty
Mon Mar 01, 2021 11:24 am
Forum: Personal Consumer Issues
Topic: Texas resident selling car to buyer from Illinois
Replies: 24
Views: 1847

Re: Texas resident selling car to buyer from Illinois

Everything about this guy rings true. His phone number matches his state. He manages an aircraft maintenance operation, took several calls from mechanics an pilots who clearly weren't faking it. Knew his way around cars very well. The thing about fraudsters is that they work hard to create the impr...
by Minty
Mon Mar 01, 2021 11:21 am
Forum: Personal Finance (Not Investing)
Topic: Don't think I need life insurance - can you confirm?
Replies: 18
Views: 1316

Re: Don't think I need life insurance - can you confirm?

Our level term life insurance is ending later this year. From what I can tell, we do not need life insurance but would like some confirmation from others. I am the breadwinner of the family - DH manages our rental and personal properties. I am 49 and he is 50 - two kids age 13 & 12. My work net...
by Minty
Tue Feb 23, 2021 9:16 pm
Forum: Personal Investments
Topic: Parents gifting my infant son $10k. What's the smartest way to invest it?
Replies: 45
Views: 3940

Re: Parents gifting my infant son $10k. What's the smartest way to invest it?

that's good. or VTWAX is investing in the total (global) world stock market index fund. So that's more diversified than just vtsax. Will it do better? Unfortunately, my crystal ball is cloudy. you could also put it in a 529 plan instead of a taxable acct, if you think your son will attend college. ...
by Minty
Sat Feb 06, 2021 12:50 pm
Forum: Personal Investments
Topic: Gifting money to child for investment into 529 for grandchild
Replies: 7
Views: 404

Re: Gifting money to child for investment into 529 for grandchild

You can gift 15k a year to anyone you want with no reporting. The gifted can then do anything they want with the money. ...but this gift comes with strings attached. Gill Gill, would you say your conclusion is conservative if a gift is absolute and unconditional, even if coupled with advice like &q...
by Minty
Sat Jan 30, 2021 11:42 am
Forum: Personal Finance (Not Investing)
Topic: Motivate Graduating HS Sr to Start Life - facing an uphill climb
Replies: 175
Views: 12599

Re: College financial aid - facing an uphill climb

I vote gap year(s)/subsistence job. And I would not recommend twisting someone's arm to go to college if they are not motivated. But, everyone has to know that they have the ability to support themselves (out of practical necessity, and for adult dignity). So laying around the house while the parent...
by Minty
Sun Jan 03, 2021 9:19 pm
Forum: Personal Finance (Not Investing)
Topic: Refi a small loan with only 10 yrs remaining?
Replies: 16
Views: 711

Re: Refi a small loan with only 10 yrs remaining?

You should be able to do much better than 3%; take a look at the Refinance Mega Thread. 2.5% seems high, but your loan amount is a bit low.
by Minty
Wed Dec 30, 2020 12:43 pm
Forum: Personal Investments
Topic: What do with Exxon inheritance
Replies: 43
Views: 3615

Re: What do with Exxon inheritance

My advice:

(1) Leave Raymond James for Vanguard, Fidelity, or Schwab.
(2) Sell the stock and invest in an index fund.
by Minty
Tue Dec 29, 2020 12:59 pm
Forum: Personal Investments
Topic: Inheritance Help
Replies: 29
Views: 1774

Re: Inheritance Help

So what I am taking from this is yes, it is a good idea to pay the $40k towards mortgage to eliminate PMI? :D But also look into a refi. If you can lower your rate and eliminate PMI, that would be ideal. :greedy I just bought the house in September, do you think it is still a good idea to look into...
by Minty
Tue Dec 29, 2020 11:56 am
Forum: Personal Investments
Topic: Inheritance Help
Replies: 29
Views: 1774

Re: Inheritance Help

gl0ckn3r wrote: Tue Dec 29, 2020 11:51 am
So what I am taking from this is yes, it is a good idea to pay the $40k towards mortgage to eliminate PMI? :D
But also look into a refi. If you can lower your rate and eliminate PMI, that would be ideal. :greedy
by Minty
Sun Dec 27, 2020 4:45 pm
Forum: Personal Finance (Not Investing)
Topic: Physician: Take partnership vs relocate?
Replies: 21
Views: 2543

Re: Physician: Take partnership vs relocate?

Am I nuts for repeatedly turning down these supposedly coveted things No. Do what you want. Who cares what anyone else thinks? You obviously will keep body and soul together whatever career choices you make, so you and your spouse should do the very hard thing of figuring out what is important to y...
by Minty
Fri Dec 25, 2020 5:15 pm
Forum: Personal Investments
Topic: Simple Inheritance questions
Replies: 18
Views: 2234

Re: Simple Inheritance questions

Sorry for your loss. Well, you could consider exchanging whatever is in the inherited Roth now for a Total Stock fund, and letting it ride for the ten years you have to empty an inherited IRA. I think the right move is not to withdraw from the Roth for as long as you can avoid it because the gains a...
by Minty
Tue Dec 22, 2020 11:11 am
Forum: Personal Finance (Not Investing)
Topic: How much to save for 529 plan?
Replies: 24
Views: 2380

Re: How much to save for 529 plan?

If you start now and invest $1,000 a month in eighteen years the 529 account will be just over $400,000 with a 7% return. That is about how much a top tier, private university bachelors degree will cost you in the year 2038. For a baby born in 2020, using 3% as an annual college cost inflation fact...
by Minty
Mon Dec 21, 2020 9:02 am
Forum: Personal Investments
Topic: Go from 12% to 22% federal income tax rate to pay off mortgage?
Replies: 23
Views: 1822

Re: Go from 12% to 22% federal income tax rate to pay off mortgage?

Great work. You might also see if you can save half a point on your mortgage with a no-cost refi.
by Minty
Sat Dec 19, 2020 12:06 pm
Forum: Personal Finance (Not Investing)
Topic: Re-fi: 15 vs. 30 year fixed?
Replies: 29
Views: 1811

Re: Re-fi: 15 vs. 30 year fixed?

charleypartanna wrote: Sat Dec 19, 2020 11:56 am As far as retirement, yes, maxing out all tax shelters and saving a couple hundred thousand per year. On track for retirement goals overall.
I vote for the 15 then. A smidge cheaper, and it sounds like you don't need the cash flow, so this maximizes net worth within your situation.
by Minty
Sat Dec 19, 2020 11:06 am
Forum: Personal Finance (Not Investing)
Topic: College-Age Kids getting student loans when parent income too high
Replies: 133
Views: 7968

Re: College-Age Kids getting student loans when parent income too high

I paid 80% of my education through loans and scholarships as my parent s where poor. I have had a good enough career that I should be able to cash flow my kids education. I had to dig out for 15 years after school and missed opportunities due to that debt, I want my kids to have better. I will let ...
by Minty
Sat Dec 19, 2020 10:25 am
Forum: Personal Finance (Not Investing)
Topic: What is the Worst Financial Decision/Mistake You Have Made?
Replies: 230
Views: 18488

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

I don't kick myself for not buying Bitcoin at 8 cents or being 100% equities at various points, because I made reasonable judgments at the time. I kick myself for the things I kind of knew were mistakes at the time. Honorable Mention: Buying a house using a poor home inspector. The problem was a rea...
by Minty
Mon Dec 14, 2020 5:53 pm
Forum: Personal Finance (Not Investing)
Topic: Why submit a FAFSA?
Replies: 145
Views: 8318

Re: Why submit a FAFSA?

I filled mine out for my son. it took couple of hours. My EFC is in 6 digits so no aid but I thought maybe if admissions see I can pay maybe he’ll get into the reach schools. I don’t know if admissions are allowed to see that number, but why not? Reach schools often are need blind. Typically, FA of...
by Minty
Sun Dec 13, 2020 3:28 pm
Forum: Personal Finance (Not Investing)
Topic: Why submit a FAFSA?
Replies: 145
Views: 8318

Re: Why submit a FAFSA?

I filled mine out for my son. it took couple of hours. My EFC is in 6 digits so no aid but I thought maybe if admissions see I can pay maybe he’ll get into the reach schools. I don’t know if admissions are allowed to see that number, but why not? Reach schools often are need blind. Typically, FA of...
by Minty
Sun Dec 13, 2020 2:54 pm
Forum: Personal Finance (Not Investing)
Topic: Why submit a FAFSA?
Replies: 145
Views: 8318

Re: Why submit a FAFSA?

I believe our AGI is to high, $350k, for any hardship type grants scholarship. I believe we have too much savings, both retirement, 529 and taxable (7-figures) to get an expected family contribution rate that would open us up to non-loan type financial aid. I keep posting this, but with income and ...
by Minty
Sun Dec 13, 2020 11:04 am
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 10220
Views: 734440

Re: Refinance Mega Thread

I inquired with loan cabin today and they gave me the following for a no cash out refi, in cali, ltv about 72%... 25 yr at 2.5% with 5k credit, 2.375 with 1500 credit, and 2.25 with a cost of 2300 20 yr term at 2.375 with 4500 credit, 2.25 with 1k credit, or 2.125 with 4k cost 30 yr term at 2.375 w...
by Minty
Sat Dec 12, 2020 2:06 pm
Forum: Personal Investments
Topic: Post Divorce Next Steps
Replies: 34
Views: 3454

Re: Post Divorce Next Steps

WarAdmiral wrote: Sat Dec 12, 2020 1:24 pm
infromed wrote: Sat Dec 12, 2020 11:44 am -Is there something else I should be doing with my new earnings?
also start thinking about estate planning - Trusts and Wills.
And life insurance, if you don't have it.
by Minty
Fri Dec 11, 2020 2:43 pm
Forum: Personal Investments
Topic: What’s “your number” for each kid’s 529?
Replies: 439
Views: 27820

Re: What’s “your number” for each kid’s 529?

$150K per child. Now we've started funding the older one's 529. Although she's already graduated, I want to pay the loans with tax free earnings.
by Minty
Fri Dec 11, 2020 2:35 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 10220
Views: 734440

Re: Refinance Mega Thread

Hi guys, looking to help a cousin make a decision on his refi: Current outstanding balance: 945k (13 months into current mortgage) @ 3.5%, located in CA He got 2 offers: 1. 2.75% with 10k in loan cost (incl $6k in points) 2. Pay down balance to $822k ($125k payment) @ 2.375% with about $4k in loan ...
by Minty
Fri Dec 11, 2020 10:58 am
Forum: Personal Finance (Not Investing)
Topic: Life insurance advice
Replies: 18
Views: 1080

Re: Life insurance advice

Bear in mind inflation and raises, though, when you calculate the amount. Our 15 and 22 year old policies were adequate when we bought them, but are now a little small (we have accumulated assets along the way, but with increases in salaries, unfortunately there have been increases in expenses--such...
by Minty
Fri Dec 11, 2020 10:41 am
Forum: Personal Investments
Topic: Pay off mortgage early
Replies: 22
Views: 2150

Re: Pay off mortgage early

But first see what no-cost refi options are available to reduce your rate. Then you can pay it off quickly if you like, but if you are paying 2% interest, you may decide the liquidity is better.
by Minty
Fri Dec 11, 2020 10:07 am
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 10220
Views: 734440

Re: Refinance Mega Thread

Hi all, just an update on my Loan Cabin woes. I finally got through underwriting (applied in July), but the guy handling the final paperwork quit without telling anyone. Now once again I'm back to not being able to communicate with anyone. My loan officer will rarely answer calls, texts, or email, ...
by Minty
Thu Dec 10, 2020 11:08 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 10220
Views: 734440

Re: Refinance Mega Thread

Hi all, just an update on my Loan Cabin woes. I finally got through underwriting (applied in July), but the guy handling the final paperwork quit without telling anyone. Now once again I'm back to not being able to communicate with anyone. My loan officer will rarely answer calls, texts, or email, ...
by Minty
Thu Dec 10, 2020 9:16 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 10220
Views: 734440

Re: Refinance Mega Thread

I have a 15yr fixed quote *with* closing costs but a lower interest rate that I want Better to beat. Since Better doesnt have any closing costs, do they usually match the interest rate and remove closing costs? Yes, they do match or do slightly better on the rate/costs if you send them a competitiv...
by Minty
Thu Dec 10, 2020 6:35 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 10220
Views: 734440

Re: Refinance Mega Thread

I have a 15yr fixed quote *with* closing costs but a lower interest rate that I want Better to beat. Since Better doesnt have any closing costs, do they usually match the interest rate and remove closing costs? Yes, they do match or do slightly better on the rate/costs if you send them a competitiv...
by Minty
Thu Dec 10, 2020 1:45 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 10220
Views: 734440

Re: Refinance Mega Thread

The general consensus here seems to be that it is best to refinance only if I can roll all of the fees into the new loan. I noticed that escrow makes up a significant portion of the fees. Wouldn't be sensible to pay the escrow up front since any remaining escrow in my current loan would be refunded...
by Minty
Thu Dec 10, 2020 10:12 am
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 10220
Views: 734440

Re: Refinance Mega Thread

I refied with Owning in the summer, and then the rates dropped again. I actually called them to offer them the business, but they said they had a policy against doing a quick refi so I refied with someone else. Now Owning has reached out with an offer to participate in their "Retention Rate pro...
by Minty
Wed Dec 09, 2020 7:39 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 10220
Views: 734440

Re: Refinance Mega Thread

I got my appraisal lower than estimated and hence IM increased the rate to 2.5%. However, with points he mentioned I can get 2.375%, The break even seems to be 33 months. Is it better to pay points (rolled into loan) considering I plan to stay longer than that? I am not too sure if I can get better...
by Minty
Wed Dec 09, 2020 1:34 pm
Forum: Personal Finance (Not Investing)
Topic: mortgage refi question - brick and mortar vs online
Replies: 12
Views: 648

Re: mortgage refi question - brick and mortar vs online

I don't know if I'm old fashioned, but I'd like to have a local bank service my loan My guess is that you'll pay a lot for that, compared to the going rate. Some lenders hold their own notes, but you will really have to shop, unless you get lucky. I'd look at the Refinance Mega Thread; lots of grea...
by Minty
Wed Dec 09, 2020 12:26 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 10220
Views: 734440

Re: Refinance Mega Thread

Just a monthly reminder to stay away from loan cabin. Still in underwriting and I locked 5 months ago. Is that the common experience on this thread by others? I got a 2.25% rate & apr quote from them today for 30yr fixed so considering it strongly. It was for me. Distinctly nonresponsive compar...
by Minty
Tue Dec 08, 2020 2:57 pm
Forum: Personal Consumer Issues
Topic: Career planning - Therapist/psychologist?
Replies: 27
Views: 1638

Re: Career planning - Therapist/psychologist?

My spouse has a B.A. in Psychology and an MSW, and is a licensed therapist in California. She had to perform some substantial number of hours under supervision, much of which she did in school, to get licensed, and pass an exam. She has had no problem finding work, and makes about 1.5X the median pe...
by Minty
Mon Dec 07, 2020 11:34 am
Forum: Personal Investments
Topic: Life Insurance for Pension risk
Replies: 9
Views: 447

Re: Life Insurance for Pension risk

I will be starting an early pension in March 2021. The pension is in "critical and declining" status https://www.dol.gov/agencies/ebsa/about-ebsa/our-activities/public-disclosure/critical-status-notices. I am considering buying a life insurance policy (which I have already been approved f...
by Minty
Mon Dec 07, 2020 10:12 am
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 10220
Views: 734440

Re: Refinance Mega Thread

For people who refinanced with Owning, who ended up servicing your loan? With Lenderfi I had Chase which was the best one I ever had. PHH Mortgage. It is a no-frills website but I never had any problems having my loan payments credited. They did try to force me into buying extra home insurance by c...
by Minty
Sat Dec 05, 2020 2:25 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 10220
Views: 734440

Re: Refinance Mega Thread

For people who refinanced with Owning, who ended up servicing your loan? With Lenderfi I had Chase which was the best one I ever had. PHH Mortgage. It is a no-frills website but I never had any problems having my loan payments credited. They did try to force me into buying extra home insurance by c...
by Minty
Sat Dec 05, 2020 2:03 pm
Forum: Personal Finance (Not Investing)
Topic: 529 account - is there a better way?
Replies: 175
Views: 8510

Re: 529 account - is there a better way?

Let's not forget about the fact that if you make enough to: - max your 401k - stuff the roth ira - put some in 529s... You're not getting anything from the government except student loans anyways. (most likely) Unless you plan on having very low income when/before the student starts college. So I w...
by Minty
Sat Dec 05, 2020 1:32 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance 1.6yo mortgage?
Replies: 30
Views: 2271

Re: Refinance 1.6yo mortgage?

Filled out Loan Cabin application last night and going to do some others today. Should I just stick with the ones here or also add a couple local ones (or big banks?) Whats the max i would want to do? I'd look at the Refinance Mega Thread , figure out what mortgages with your profile are getting, a...
by Minty
Thu Dec 03, 2020 8:34 pm
Forum: Personal Finance (Not Investing)
Topic: Complicated Rental Refinance with Huge Upside - Should I do it?
Replies: 17
Views: 1853

Re: Complicated Rental Refinance with Huge Upside - Should I do it?

Have you shopped elsewhere for a refi? The market is good.
by Minty
Wed Dec 02, 2020 4:35 pm
Forum: Personal Investments
Topic: Airbnb IPO offering for hosts - should I do it?
Replies: 77
Views: 7857

Re: Airbnb IPO offering for hosts - should I do it?

If the IPO price is below market because it is a gift to insiders, wouldn't it be perfectly Bogleheadish to buy some?
by Minty
Sun Nov 29, 2020 12:09 pm
Forum: Personal Consumer Issues
Topic: Gifts for adults children at Xmas
Replies: 39
Views: 3183

Re: Gifts for adults children at Xmas

I want my kids to do something they LOVE and are personally fulfilled by...not for the endeavor of generating wealth like my wife and I pursued if they have no interest in that path. I personally have no issue if my kids don't grow up to be interested in investing although I will try to hammer home...
by Minty
Sun Nov 29, 2020 12:00 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 10220
Views: 734440

Re: Refinance Mega Thread

Can those who refi'd with Interactive Mortgage comment on how long it took to be notified after closing who the new loan servicer will be? I closed first week of November, and paid 3 weeks of interest until December 1. The closing papers included the January 1 payment coupon payable to Interactive ...
by Minty
Sat Nov 28, 2020 10:15 pm
Forum: Personal Consumer Issues
Topic: Gifts for adults children at Xmas
Replies: 39
Views: 3183

Re: Gifts for adults children at Xmas

Give them money. Give them advice. Let them decide what to do with each. Exactly. Honest question: So what do I do about the fact that I am willing to give my children significant money to help pay off their student loans, or for retirement savings, but not for general living expenses to adults who...