Search found 2657 matches

by rascott
Wed Jun 16, 2021 8:09 am
Forum: Personal Finance (Not Investing)
Topic: Share your net worth progression
Replies: 2545
Views: 589841

Re: Share your net worth progression

For reference, here is the latest professional study for the retirement savings by age: https://dqydj.com/retirement-savings-by-age/ Most people on this forum are definitely well beyond median numbers. The website provides a calculator to calculate your percentile. That is a very interesting link. ...
by rascott
Wed Jun 16, 2021 7:55 am
Forum: Personal Finance (Not Investing)
Topic: Custom Home Build Cost
Replies: 13
Views: 1054

Re: Custom Home Build Cost

How is a $1.5m income stable? I think this is way to big a project for your asset level and age. If it's really stable, wait 5 years and do it with a $5m pool of money to back it up. Cart way before the horse here. Seems like you have a great business but all businesses die. Could be in 1 year or in...
by rascott
Wed Jun 16, 2021 1:55 am
Forum: Personal Finance (Not Investing)
Topic: Private School - Elementary vs Middle/High (bang for the buck)
Replies: 34
Views: 2900

Re: Private School - Elementary vs Middle/High (bang for the buck)

This is an impossible question to answer.

Nobody here knows your specific area and what makes sense for your family.

Find a school that a house and school that fits in your budget. Kids will do fine in most places. They are very adaptable. Adults are usually the problem.
by rascott
Tue Jun 15, 2021 7:53 pm
Forum: Personal Finance (Not Investing)
Topic: Buying a multigenerational home as a rental: bad idea?
Replies: 9
Views: 1165

Re: Buying a multigenerational home as a rental: bad idea?

My guess is this something that will take longer to rent up the right tenant.... but once you find one, they are likely to stay long term. As this would be a very difficult property to find as a tenant, looking for something like this. I kind of like specialized properties like these as rentals, as ...
by rascott
Tue Jun 15, 2021 4:11 pm
Forum: Personal Finance (Not Investing)
Topic: Ethical to Work with Two Realtors?
Replies: 31
Views: 3593

Re: Ethical to Work with Two Realtors?

I'm a Realtor (on side) and really don't have an issue with it. Other than if it was a house I showed you/ brought to you and then you put in an offer with Realtor #2. Realty business kind of sucks..... for all the griping about it. Being a buyer's agent is really rough in that you could easily work...
by rascott
Tue Jun 15, 2021 2:41 pm
Forum: Personal Consumer Issues
Topic: Buying house 1 million at 40?
Replies: 26
Views: 2978

Re: Buying house 1 million at 40?

Is private school an option with a $700k house? Have you even looked into that option and compared it with what the total cost will be for the $1m house (property taxes, maintenance, excess interest etc) Thanks for your response! Private for 2 kids only high school will cost me 40K x 8 = 320K minim...
by rascott
Tue Jun 15, 2021 8:11 am
Forum: Personal Consumer Issues
Topic: Buying house 1 million at 40?
Replies: 26
Views: 2978

Re: Buying house 1 million at 40?

OP can easily afford it and still retire in 20 years. Now spending $1m on college for two kids is a bigger and different issue. That's an extreme luxury purchase that's likely nowhere near necessary.
by rascott
Tue Jun 15, 2021 6:40 am
Forum: Personal Consumer Issues
Topic: Cancun taxis & ubers
Replies: 8
Views: 724

Re: Cancun taxis & ubers

Canada Transfers is who we used last time, they were great. For all I know, they are the same company as USA Transfers.

Cold towels and cold Coronas waiting for us.
by rascott
Tue Jun 15, 2021 6:20 am
Forum: Personal Consumer Issues
Topic: HVAC Decision between quotes
Replies: 28
Views: 2728

Re: HVAC Decision between quotes

I replaced a 30 yr old single stage, single speed 120k BTU furnace in middle of winter this year (when prices should be higher). I use an owner/ operator that's been in the biz for 30+ years. He does the work himself. Installed a 110k BTU, 2 stage with variable speed motor. It is a Heil. Cost was $3...
by rascott
Tue Jun 15, 2021 6:12 am
Forum: Personal Consumer Issues
Topic: Buying house 1 million at 40?
Replies: 26
Views: 2978

Re: Buying house 1 million at 40?

Is private school an option with a $700k house?

Have you even looked into that option and compared it with what the total cost will be for the $1m house (property taxes, maintenance, excess interest etc)
by rascott
Mon Jun 14, 2021 10:49 pm
Forum: Personal Consumer Issues
Topic: Vacation in Michigan in August
Replies: 22
Views: 1754

Re: Vacation in Michigan in August

Michigan is a huge state. Don't expect to see a lot of it within a week. Niagara Falls is nowhere near your "base".... don't see that as doable even if you could get into Canada. Border is closed, so Windsor is out. Petoskey as mentioned above is a 4 hour drive from AA. Why are you using A...
by rascott
Mon Jun 14, 2021 4:53 pm
Forum: Personal Finance (Not Investing)
Topic: How much does [Seattle area] private school cost?
Replies: 44
Views: 2286

Re: How much does [Seattle area] private school cost?

Many kids in private school remained in in-person instruction this last school year, while their public school peers attended zoom classes..... and often went from good students to failing ones. Interest in private schools is at an all time high right now.
by rascott
Mon Jun 14, 2021 3:42 pm
Forum: Personal Finance (Not Investing)
Topic: How much does [Seattle area] private school cost?
Replies: 44
Views: 2286

Re: How much does private school cost?

What is the motivation for private school? If you're moving to an affluent neighborhood, the public school in the area is likely of high quality. https://www.forbes.com/sites/christopherrim/2019/07/03/why-wealthy-parents-are-increasingly-choosing-public-over-private-schools/?sh=783beb013425 Many va...
by rascott
Mon Jun 14, 2021 3:38 pm
Forum: Personal Finance (Not Investing)
Topic: How much does [Seattle area] private school cost?
Replies: 44
Views: 2286

Re: How much does private school cost?

Private, highly rated schools (K-8) within a few miles of my house range from $5k-$35k. The cheaper ones are Catholic schools that get subsidized to some degree by the parish and archdiocese.
by rascott
Mon Jun 14, 2021 12:08 pm
Forum: Personal Finance (Not Investing)
Topic: First Time Homebuyer: How Much House Can I Afford?
Replies: 21
Views: 1661

Re: First Time Homebuyer: How Much House Can I Afford?

$475k condo on a $60k income is way, way too much of a stretch, IMHO.

Too much of your financial world is now buried in a Florida new construction condo.... not a place I'd be comfortable with.
by rascott
Mon Jun 14, 2021 11:41 am
Forum: Personal Finance (Not Investing)
Topic: Real Estate Advice for Divorcee
Replies: 52
Views: 3734

Re: Real Estate Advice for Divorcee

Are you paying cash for the new home with the assets? Or getting a mortgage?

I don't know why you'd buy a home jointly with someone you are about to be divorced from. Seems like unnecessary paperwork, but we don't have the whole picture.

Agree, seems like a question for the lawyer.
by rascott
Sat Jun 12, 2021 12:20 pm
Forum: Personal Finance (Not Investing)
Topic: FSA Increase
Replies: 7
Views: 660

Re: FSA Increase

No problem. I wanted to make sure I wasn't missing out! With dependent care FSA, are there any options outside of her employer plan if her employer is not increasing to the new limit in 2021? No there isn't.... but know that you'll get a increased child care tax credit when you file for 2021. Depen...
by rascott
Fri Jun 11, 2021 10:20 am
Forum: Personal Finance (Not Investing)
Topic: HVAC / Landlord
Replies: 55
Views: 3394

Re: HVAC / Landlord

10 degrees colder than the outside air is absurd. It's 90 and muggy here right now, and my house is a comfortable 71. And the air isn't close to running all the time. It should be blowing ten degrees colder than your current interior air.... tested at the return compared to the register. Sounds like...
by rascott
Thu Jun 10, 2021 8:25 pm
Forum: Personal Finance (Not Investing)
Topic: Real estate agent reluctant to show offers to the seller prior to decision
Replies: 99
Views: 9646

Re: Real estate agent reluctant to show offers to the seller prior to decision

I have never heard of such nonsense. It's a Realtor violation to not present all offers to a seller.

Also it takes about 5 seconds to forward the offer, since virtually all offers are submitted via email.

Something very fishy going on here.
by rascott
Thu Jun 10, 2021 7:54 pm
Forum: Personal Consumer Issues
Topic: Are those big, national carpet and tile companies money savers?
Replies: 30
Views: 3002

Re: Are those big, national carpet and tile companies money savers?

+1 for waterproof vinyl. I paid about $600 for about 600 sq ft like 3 years ago at Home Depot and installed it myself. 3 years later still looks great and handles light water very well. Also looks very nice. Good idea! I can't install it myself, I have no idea how and I am not that good of a handym...
by rascott
Thu Jun 10, 2021 7:50 pm
Forum: Personal Consumer Issues
Topic: Are those big, national carpet and tile companies money savers?
Replies: 30
Views: 3002

Re: Are those big, national carpet and tile companies money savers?

I got best prices on carpet from some small local shops. Not sure exact what national company you are referring to. I was asking about places like Empire. Way, way higher than a basic local shop. You've got sales people that need paid, etc. Find a small local place where you are dealing directly wi...
by rascott
Thu Jun 10, 2021 7:16 pm
Forum: Personal Consumer Issues
Topic: Are those big, national carpet and tile companies money savers?
Replies: 30
Views: 3002

Re: Are those big, national carpet and tile companies money savers?

I got best prices on carpet from some small local shops. Not sure exact what national company you are referring to.
by rascott
Wed Jun 09, 2021 8:17 pm
Forum: Personal Finance (Not Investing)
Topic: Third Federal HELOC... Does it usually take this long?
Replies: 9
Views: 857

Re: Third Federal HELOC... Does it usually take this long?

Mine took less than 30 days, but that was last fall.
by rascott
Wed Jun 09, 2021 11:53 am
Forum: Personal Finance (Not Investing)
Topic: Online MBA to CPA
Replies: 7
Views: 717

Re: Online MBA to CPA

As mentioned.... you need to check your state level requirements. But in some jurisdictions graduate level classes count at a higher weight (compared with undergrad) when it comes to obtaining the necessary accounting hours. You still need to hit 150+ total credit hours, which most MBA programs will...
by rascott
Mon Jun 07, 2021 12:51 pm
Forum: Personal Finance (Not Investing)
Topic: pricing our house?
Replies: 116
Views: 13143

Re: pricing our house?

gips wrote: Mon Jun 07, 2021 10:55 am yes, we had 15 appointments and zero offers. But as of this morning we're 1 for 15, at full price!
Awesome. It only takes 1!
by rascott
Sun Jun 06, 2021 5:28 am
Forum: Personal Finance (Not Investing)
Topic: Vacation home…financial suicide or reasonable?
Replies: 58
Views: 6587

Re: Vacation home…financial suicide or reasonable?

Dangerous? No not really..... you make more than enough to make up for any mistakes. But I'm not sure this is the wisest course of action. Vacation/ lake homes are very cyclical in value. Right now they are riding an extreme peak. Even if you decided to do this, I would still wait 1-2 years. Typical...
by rascott
Fri Jun 04, 2021 8:50 pm
Forum: Personal Finance (Not Investing)
Topic: Help me stop buying an expensive house in HCOL area
Replies: 20
Views: 2882

Re: Help me stop buying an expensive house in HCOL area

A 3k sq ft house for a family of 4 isn't huge. I can understand wanting a bigger place at your income level. But not sure why you need to double+ your housing price level. If your place is $1.4m..... you should be able to find something in the low $2ms that's an upgrade. But not such a huge upgrade.
by rascott
Thu Jun 03, 2021 12:02 pm
Forum: Personal Finance (Not Investing)
Topic: Pay off rentals and refinance or just refinance?
Replies: 8
Views: 742

Re: Pay off rentals and refinance or just refinance?

What are these rentals worth?

2.75% is pretty decent... can you just get the PMI dropped? You shouldn't be paying that with your stated LTV ratio (though it's close)

Not entirely clear what your question is.
by rascott
Thu Jun 03, 2021 9:16 am
Forum: Personal Finance (Not Investing)
Topic: Maybe I don't understand the Capital Gains Tax Rates
Replies: 28
Views: 3394

Re: Maybe I don't understand the Capital Gains Tax Rates

There are all kinds of hidden surprises buried in the tax code that make it a lot more than just a straight 15% on the $300k.
by rascott
Thu Jun 03, 2021 12:19 am
Forum: Personal Consumer Issues
Topic: Potential Relocation to Austin - Should We Do It?
Replies: 123
Views: 8684

Re: Potential Relocation to Austin - Should We Do It?

Hard pass IMHO. Have yet to understand the appeal of basically anywhere in the state of Texas. San Antonio the only city that's been the least bit appealing. Austin was great like 20 years ago. I don't see your quality of life improving by this move in any way. The bay area is beautiful and has weat...
by rascott
Wed Jun 02, 2021 11:04 pm
Forum: Personal Finance (Not Investing)
Topic: Deciding what to bid on a second home in an insanely hot market
Replies: 38
Views: 4677

Re: Deciding what to bid on a second home in an insanely hot market

Seems like you want a place, and you want it now. Which is fine.... go for it. You have the money and aren't in a place to wait around for years waiting for a prefect deal in a perfect market. I think escalation clauses are ridiculous. If I'm a seller, I'm just going to counter back to you at your ...
by rascott
Wed Jun 02, 2021 8:43 pm
Forum: Personal Finance (Not Investing)
Topic: Deciding what to bid on a second home in an insanely hot market
Replies: 38
Views: 4677

Re: Deciding what to bid on a second home in an insanely hot market

Seems like you want a place, and you want it now. Which is fine.... go for it. You have the money and aren't in a place to wait around for years waiting for a prefect deal in a perfect market. I think escalation clauses are ridiculous. If I'm a seller, I'm just going to counter back to you at your ...
by rascott
Wed Jun 02, 2021 3:08 pm
Forum: Personal Consumer Issues
Topic: Xfinity Mobile Issues
Replies: 6
Views: 410

Re: Xfinity Mobile Issues

Also the signal strength in my house has become terrible. My wife has the same phone and has the same issues. Within your house, it uses WiFi. Has something in your house changed? Have you changed WiFi routers? My wifi has no problems I'm aware of, and no changes have been made to router. Wifi call...
by rascott
Wed Jun 02, 2021 2:47 pm
Forum: Personal Consumer Issues
Topic: Xfinity Mobile Issues
Replies: 6
Views: 410

Re: Xfinity Mobile Issues

Our Xfinity Mobile, using an iPhone SE and a Pixel 4a, haven't experienced any of those issues. However, it seems that after an update that was done to the Samsung A50 5-6 months ago many XM customers are experiencing the same issue you describe. https://forums.xfinity.com/conversations/xfinity-mob...
by rascott
Wed Jun 02, 2021 1:22 pm
Forum: Personal Consumer Issues
Topic: Xfinity Mobile Issues
Replies: 6
Views: 410

Xfinity Mobile Issues

So I've been a happy customer of Xfinity Mobile (XM) for about 18 months or so..... switched over from Verizon and since XM uses Verizon's network, I noticed no drop off in coverage/ service..... until the last month or so. Now my phone constantly drops from the mobile network... when I leave my hou...
by rascott
Wed Jun 02, 2021 10:29 am
Forum: Personal Finance (Not Investing)
Topic: Deciding what to bid on a second home in an insanely hot market
Replies: 38
Views: 4677

Re: Deciding what to bid on a second home in an insanely hot market

Seems like you want a place, and you want it now. Which is fine.... go for it. You have the money and aren't in a place to wait around for years waiting for a prefect deal in a perfect market. I think escalation clauses are ridiculous. If I'm a seller, I'm just going to counter back to you at your t...
by rascott
Wed Jun 02, 2021 9:32 am
Forum: Personal Finance (Not Investing)
Topic: Selling a rental property, maybe?
Replies: 16
Views: 1244

Re: Selling a rental property, maybe?

As mentioned above... your understanding of the CG tax break for primary residency is not accurate in this situation.
by rascott
Tue Jun 01, 2021 12:29 pm
Forum: Investing - Theory, News & General
Topic: Larry Swedroe's article on Single family house rentals
Replies: 88
Views: 8582

Re: Larry Swedroe's article on Single family house rentals

I've owned a bunch of rentals over past couple decades.... most were rented at 1.5% or so to start (after rehab costs) ..... they were all distressed foreclosures. My latest set was purchased in the 2012-14 time range. My newest one was purchased in 2016.. 1% should be the lowest you'd want to go. I...
by rascott
Tue Jun 01, 2021 7:54 am
Forum: Personal Consumer Issues
Topic: Amazon Sidewalk, Use Your Neighbor's Internet for Free
Replies: 84
Views: 10150

Re: Amazon Sidewalk, Use Your Neighbor's Internet for Free

Anybody who has an Echo is crazy. Why bring something like that into your home? Amazon even admits they listen in. Ignorance or indifference? Indifference..... why do I care? I'm not discussing state secrets. I've occasionally reviewed the voice data in the privacy settings.... it's pretty comical ...
by rascott
Mon May 31, 2021 11:15 am
Forum: Personal Finance (Not Investing)
Topic: Housing Help...
Replies: 13
Views: 1718

Re: Housing Help...

If he'd actually take $1m.... that would be really tempting. But my guess is there's no way he actually will take an offer $300k under current value. No matter how nice he is. If I were you I'd start aggressively house hunting for a new rental. It's gonna be brutal, as every landlord is seeing the s...
by rascott
Sat May 29, 2021 9:58 pm
Forum: Personal Finance (Not Investing)
Topic: Real estate syndication
Replies: 9
Views: 1396

Re: Real estate syndication

I have some experience with this.... but guess my question is what are your goals with money? You are at $5m+ NW @ 43... making $500k/yr. And you want to work until age 68 with no children? Are you trying to be the richest person in the graveyard? As to your question.... you really need to be comfor...
by rascott
Sat May 29, 2021 9:55 pm
Forum: Personal Finance (Not Investing)
Topic: Skip $10.5k Dependent Care FSA to get $8k Child Care Tax Credit @ 50% daycare expenses in 2021?
Replies: 124
Views: 12768

Re: Skip $10.5k Dependent Care FSA to get $8k Child Care Tax Credit @ 50% daycare expenses in 2021?

I've played around with this is a spreadsheet a little bit.... and it seems to me that the break even point is around $160k AGI (and this is AGI before accounting for DCFSA contributions) AGI above that, DCFSA seems the answer.... below that it seems that the tax credit is the way to go. This is MF...
by rascott
Thu May 27, 2021 12:05 pm
Forum: Personal Finance (Not Investing)
Topic: Rehash: Masters Accounting vs BS Computer Science Thread
Replies: 17
Views: 1704

Re: Rehash: Masters Accounting vs BS Computer Science Thread

You're likely to have plenty of options in both areas. So go for the one you'd be most interested in doing for the next 20+ years. CPA is pretty much a guaranteed job. Or at least as close to it that exists. Cloud work is booming, and income potential is likely much higher....and you could end up wo...
by rascott
Thu May 27, 2021 10:27 am
Forum: Personal Finance (Not Investing)
Topic: Remodel for sure: Refinance house and HELOC, or just HELOC?
Replies: 15
Views: 694

Re: Remodel for sure: Refinance house and HELOC, or just HELOC?

If the payback period is within the range you are planning on living in the home, it makes sense to refinance. But that eliminates your ability to get a HELOC since you no longer have any equity in your house. Stash your payment savings in an account and pay cash for your home remodeling project. W...
by rascott
Thu May 27, 2021 9:48 am
Forum: Personal Finance (Not Investing)
Topic: Remodel for sure: Refinance house and HELOC, or just HELOC?
Replies: 15
Views: 694

Re: Remodel for sure: Refinance house and HELOC, or just HELOC?

If the payback period is within the range you are planning on living in the home, it makes sense to refinance. But that eliminates your ability to get a HELOC since you no longer have any equity in your house. Stash your payment savings in an account and pay cash for your home remodeling project. W...
by rascott
Thu May 27, 2021 8:23 am
Forum: Personal Finance (Not Investing)
Topic: Remodel for sure: Refinance house and HELOC, or just HELOC?
Replies: 15
Views: 694

Re: Remodel for sure: Refinance house and HELOC, or just HELOC?

Doing the refi is a no brainer.

Why not look at a 15 year? With a rate closer to 2%.... your payment may not be drastically more than your current payment.

Or take a 30 yr and pay extra if you want it paid off faster.
by rascott
Thu May 27, 2021 7:23 am
Forum: Personal Finance (Not Investing)
Topic: Skip $10.5k Dependent Care FSA to get $8k Child Care Tax Credit @ 50% daycare expenses in 2021?
Replies: 124
Views: 12768

Re: Skip $10.5k Dependent Care FSA to get $8k Child Care Tax Credit @ 50% daycare expenses in 2021?

I've played around with this is a spreadsheet a little bit.... and it seems to me that the break even point is around $160k AGI (and this is AGI before accounting for DCFSA contributions) AGI above that, DCFSA seems the answer.... below that it seems that the tax credit is the way to go. This is MFJ...
by rascott
Wed May 26, 2021 10:45 am
Forum: Investing - Theory, News & General
Topic: Are we in a housing bubble?
Replies: 687
Views: 80249

Re: Are we in a housing bubble?

I've watched real estate data closely for the last twenty + years. 2006/8 was driven by extremely easy money coming from wall st. There was never a shortage of housing.... and in actuality inventories were building for years before the bubble popped and the music stopped. So, this time isn't being ...
by rascott
Wed May 26, 2021 2:15 am
Forum: Investing - Theory, News & General
Topic: Are we in a housing bubble?
Replies: 687
Views: 80249

Re: Are we in a housing bubble?

You can get an idea of this if you try to get an alternative loan - asset depletion, collateral backed, etc. The "real" interest rate on these types of loans is probably 4 to 5 percent higher if you don't have that government backstop. This isn’t really true. I am seeing jumbo loans with ...
by rascott
Wed May 26, 2021 1:48 am
Forum: Investing - Theory, News & General
Topic: Are we in a housing bubble?
Replies: 687
Views: 80249

Re: Are we in a housing bubble?

30 yr mortgages make no sense. Housing prices would collapse if the maximum tenor was, say, 5 yrs. Why don't 30y mortgages make sense? If people couldn't get mortgages and had to pay cash for homes, would they be consuming as much housing as they do now? Are consumers financially better off by cons...