Fatwallet.com Finance Our Mission - Serve consumers with knowledge, value and guidance. http://www.fatwallet.comhttp://www.fatwallet.com/rss_tv.php?c=52FatWallet.comhttp://www.fatwallet.com <![CDATA[Number of holdings in an Emerging Markets Bonds ETF]]> http://www.fatwallet.com/forums/finance/1391310/ Rating: 0 Posted By: BrunoB
Views: 134 Replies: 0

The Emerging Markets Bonds ETFs listed here ( http://etfdb.com/etfdb-category/emerging-markets-bonds/) as far as I can see each has more than 200 holdings (including the much smaller VWOB from Vanguard, which has 674 holdings). The only exception is PCY, which has only 70 holdings. Why is this?


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http://www.fatwallet.com/forums/finance/1391310/ Thu, 18 Sep 2014 17:05:26 -0500
<![CDATA[LLC elected as S Corp in NV tax related question for payroll and distribution]]> http://www.fatwallet.com/forums/finance/1391303/ Rating: 0 Posted By: confusedNeedAnswer
Views: 162 Replies: 3

Hi all,

I have just set up an LLC elected to be taxed as an S-Corp. I'm the only shareholder, owner and employee of the LLC. My LLC does IT consulting services. Here are some number
Expected annual Revenue: $100k
Expected annual Expenses: $5000

I plan to run payroll of $24k and distribution of $71k for the year. I do not want to put any money in retirement or pension account. I just want to take all the money out. Would that payroll/distribution raise the flag with the IRS or it has to meet certain "safe" ratio? Also, let's say next year i can double my revenue to $200k, would I still have to follow that "safe" ratio?

I have a CPA to take care of the payroll for me. She advised me that I just need to pay myself the average salary of people in the same industry and kind of work and not have to follow certain ratio, the rest of the money I can just be withdrawn as distribution anytime I want. Also, because the LLC is based in Nevada, the CPA has to run payroll twice a month required by law, is it true?

Here are the taxes I need to keep according to the CPA:
$2000/month payroll, 12% on top of that $2000 goes to employer tax and 19% of that $2000 goes to employee tax (withhold). So every month I need to put $2000 + 12% of $2000 to the payroll account so the CPA can run payroll
$71000 distribution, I need to keep 25% of $71000 distribution when I file end of the year personal income tax. (25% tax bracket for $100k income).

So it comes out setting it up as S-Corp, I will pay more taxes. If it were just a pass through LLC, I'd just have to pay 25% tax on all the income, correct? It looks to me with an S-Corp, I have to pay 25% income tax plus 12% employer tax.

I just have a feeling this CPA is missing out something because S-Corp is supposed to save me on tax. Could you guys take a look at the numbers and let me know if anything is wrong and missing?

Thank you so much



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http://www.fatwallet.com/forums/finance/1391303/ Thu, 18 Sep 2014 16:26:18 -0500
<![CDATA[How to teach someone risk V reward]]> http://www.fatwallet.com/forums/finance/1391254/ Rating: 0 Posted By: newnorley
Views: 339 Replies: 6

I'm posting lots recently, apologies.

My brother really struggles to appreciate risk, I would say I'm overly optimistic but he would literally bet everything on a 100/1 shot.

2 examples:

1/Stocks, a friend of his showed him this AIM (think pink sheets) company in the UK, the friend told him it was risky, my bro apparently read up on it lots but it seems that he tuned out all the bad stuff and just reinforced the good stuff. I think he then convinced himself that it was a certainty to x5 and so he put a significant amount of money into it for him (i.e. all savings and few thousand from wages - he is young tho so savings weren't much and he has no dependents). The stock IS NOW basically worthless.

2/He has been working at a shitty startup for a while, he doesn't like it, he gets paid terribly but becos there is this carrot of 'IPO' one day he stays there. Even though he has very few shares, he has no idea how many shares there are in existence and his boss has proven time and time again that he can't be trusted. He should leave but he dreams of the $$$ from the IPO.

He just doesn't seem to appreciate how low the lows from something bad happening are and can only imagine the upside. Anyone have any ideas how I can get him to change?


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http://www.fatwallet.com/forums/finance/1391254/ Thu, 18 Sep 2014 12:21:02 -0500
<![CDATA[ACA out of pocket / co-pay question]]> http://www.fatwallet.com/forums/finance/1391222/ Rating: 0 Posted By: BrianGa
Views: 309 Replies: 4

This is a little convoluted, but I hope I explain this clearly enough for someone with ACA expertise to opine.

The affordable care act now requires that insurance plans count co-pays toward out of pocket maximums.

My employer provided a healthcare plan ("old healthcare plan") from 1/1/14 to 8/1/14. That plan did not yet include the provision above.

My employer replaced the old healthcare plan with a new healthcare plan, which does include the provision above. The new healthcare plan has "carried over" my out of pocket maximum balance from the old healthcare plan for 2014, but did not include the co-pays that I incurred while covered under theold healthcare plan.

Is the new healthcare plan required to include in myout of pocket maximum balance the co-pays that I incurred under myold healthcare plan earlier this year?

Thanks.


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http://www.fatwallet.com/forums/finance/1391222/ Thu, 18 Sep 2014 09:47:02 -0500
<![CDATA[Using HELOC to fund 529 HSA SEP and Traditional IRA Pros and Cons]]> http://www.fatwallet.com/forums/finance/1391216/ Rating: 0 Posted By: ScottMalinowski
Views: 222 Replies: 5

I need some advise. Here is the story.

Normally year after year without fail my wife and I can fund the following from our surplus.

529s - Two children - 10K - Our state gives a 10% credit on our state income tax.
HSA - approx 6K. Fully funded as a retirement investment vehicle (not really for health expenses at all, we fund those out of pocket.
SEP IRAs approx 1K.
Traditional IRAs about 10K.

Total 27K

This year we have had extra ordinary expenses and the surplus is not available.

We have a low interest HELOC which serves as source cash when needed.

Our debt is only minimal revolving cc that do not carry a balance.

I can see funding the 529s given the state credit will easily cover the HELOC %.

The others will reduce/defer my tax liability by likely HELOC %

Should I use my HELOC to fund these investments?


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http://www.fatwallet.com/forums/finance/1391216/ Thu, 18 Sep 2014 09:24:49 -0500
<![CDATA[Disability for new Physicians]]> http://www.fatwallet.com/forums/finance/1391214/ Rating: 0 Posted By: liynus
Views: 340 Replies: 2

long time lurker - 1st time poster

I'm 33 have a young family and about to start making a significant salary (hopefully) as a physician next summer. I'm interested in the groups thoughts on disability and also life insurance.

I'm at a lost for how much per month I should be paying - what kind of coverage I should get.

Currently I am relatively healthy, and my salary is one of a resident physician ~ 60-70K.

Should I seek coverage before I start a new job, or wait? If so, where are good places/companies to seek quotes?

Thanks


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http://www.fatwallet.com/forums/finance/1391214/ Thu, 18 Sep 2014 09:18:12 -0500
<![CDATA[Seeking info. on owner financing/flipping a mortgage note.]]> http://www.fatwallet.com/forums/finance/1391154/ Rating: 0 Posted By: shawnmid
Views: 445 Replies: 8

I have been contemplating doing this for some time as I met a gentleman, in my business, some years ago who did this and was fairly successful with it. He was based here in Missouri and his model was pretty simple. Buy cheap homes (around 5k), invest little to no money in them, owner finance them at 20-40k @ 10-12% over 30 years, and he would sell the note off after six months at a %10 discount. I'd really like to find someone who has exercised this same model or might have any information that would help me to make an educated decision. Any help would be greatly appreciated. At this point, I am aware of the paperwork involved, what I am completely unaware of are the returns that these notes can garner. I know very little about the note trading business. Thank you for taking the time to read over this.

Thanks,
Shawn


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http://www.fatwallet.com/forums/finance/1391154/ Thu, 18 Sep 2014 02:13:28 -0500
<![CDATA[taking loan from one's own 401]]> http://www.fatwallet.com/forums/finance/1391136/ Rating: -1 Posted By: kashaf
Views: 673 Replies: 10

I am in financial crisis and one of my friend mentioned that I can take money out of my 401 as loan which I have to pay back and all the interest which I would pay will go back to my 401.I don't understand ,Can somebody please help me in this regard


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http://www.fatwallet.com/forums/finance/1391136/ Wed, 17 Sep 2014 22:14:47 -0500
<![CDATA[Meeting a financial advisor - What can I get from it? ]]> http://www.fatwallet.com/forums/finance/1391121/ Rating: 2 Posted By: newnorley
Views: 2550 Replies: 84

A very pleasant financial advisor has cajoled me in to meeting with them. I told her I'm a terrible prospect for her because I see no reason to pay high fees. That being said she still wants to meet with me. Is there anything I should be looking to get from the meeting besides a free coffee? FWIW she works for very large multinational.


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http://www.fatwallet.com/forums/finance/1391121/ Wed, 17 Sep 2014 20:12:14 -0500
<![CDATA[Alibaba IPO this Friday 9/19]]> http://www.fatwallet.com/forums/finance/1391117/ Rating: 2 Posted By: xerty
Views: 1797 Replies: 33

The IPO is scheduled to start this Friday and the old discussion thread got archived.

http://www.fatwallet.com/forums/arcmessageview.php?catid=52&thre...

The indicative price range of $66-68/share values the company at $170B or so. At those prices, that would put it right around the 20th biggest company.If they get off to a good start, they might give Coke or Facebook a run for their money in terms of total valuation. It should also be an exciting day for Yahoo, since YHOO is selling some of their stake in the IPO, and is largely worthless aside from that.

If you like the company, you might pick up some shares since the index funds won't be buying this one. It's a complex Cayman based company structure to get around Chinese foreign ownership rules, so it doesn't qualify for inclusion in most of the standard indexes (although that may get changed eventually if they're embarrassed by missing such a big company). The ADR trading in the US will have the ticker BABA.

Personally I think it's probably worth more than the IPO is currently pricing, but I'm not smoking the same drugs as these guyswho think it's worth $100/share.

Disclosure: already long


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http://www.fatwallet.com/forums/finance/1391117/ Wed, 17 Sep 2014 19:50:31 -0500
<![CDATA[Chase Freedom - No more 10%+10 12/31/15]]> http://www.fatwallet.com/forums/finance/1391114/ Rating: -1 Posted By: tjguitar85
Views: 471 Replies: 2

Received something from Chase that effective 12/31/2015 the 10+10 program is going away. I understand that others had this happen already. It's a bit perplexing that the would notify 15 months ahead of time

They are directing folks to chase.com/freedom25 to read the new program rules.

Got a similar notice about reward changes for Chase ink at chase.com/ink10


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http://www.fatwallet.com/forums/finance/1391114/ Wed, 17 Sep 2014 19:13:08 -0500
<![CDATA[Overfunded Life Insurance - Good Bad?]]> http://www.fatwallet.com/forums/finance/1391100/ Rating: 0 Posted By: tomime
Views: 682 Replies: 23

So I know some but not a whole lot and got myself into the overfunded life insurance. Now I wish to know what I REALLY got into w/o all the communication flowing from my advisor.

So I already maxed out my ROTH and 401K. I have plenty of money sitting in my bank and a friend of my suggested the overfunded life insurance. Initially it looks good, pay now and reap in later. But during my 3rd meeting (3rd year btw), my advisor asked me to open up a 2nd overfunded life insurance for the extra fund that I got from my promotion (equates to around 5k more per year after tax). I felt a little uneased buying TWO life insurance and started to question myself. Thoughts?


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http://www.fatwallet.com/forums/finance/1391100/ Wed, 17 Sep 2014 17:14:04 -0500
<![CDATA[Unused Gift Cards]]> http://www.fatwallet.com/forums/finance/1391094/ Rating: 0 Posted By: avi0lpz
Views: 869 Replies: 18

How do people feel about receiving gift cards?

I'm torn between gift cards being the best gift idea and what do I do with all the gift cards I don't need... My other dilemmas is that I'm left with gift cards with such a small balance and I tell myself that I will use the card again but now I just have a pile of them with such a small balance.

Does the same thing happen with your gift cards?
Is it just me?
What do you guys think?


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http://www.fatwallet.com/forums/finance/1391094/ Wed, 17 Sep 2014 16:43:00 -0500
<![CDATA[SEC spends 25 years and $8.6 million to collect $3.7 million ]]> http://www.fatwallet.com/forums/finance/1391007/ Rating: 0 Posted By: brettdoyle
Views: 1123 Replies: 14

Somewhat of a continuation of this thread This guy took FW H&B advice and ran with it"the victim of three heart attacks by the age of 30"

http://elitedaily.com/news/world/instagram-straight-flexin-dan-bilzerians-instagram-absolutely-ridiculous/

This was an entertaining piece that describes his father, a corporate raider who spent decades setting up trusts, shuffling around assets, and playing games with the SEC to avoid judgements.
WSJ said: 25 years after Mr. Bilzerian became a Wall Street felon, the Securities and Exchange Commission is quitting the fight, winding down its quest to collect a $62 million civil judgment against him for securities fraud.

To a mention of his bank accounts, he says: "What bank accounts? Do you think I'd be stupid enough to have a bank account?"

His is an extreme example of the challenges, and often failures, financial watchdogs encounter in trying to collect judgments after announcing them with fanfare. Mr. Bilzerian consistently thwarted their efforts, according to a review by The wall street journal of thousands of pages of documents from civil and criminal cases and interviews with people familiar with them.


A 1980s Corporate Raider Holds Off the SEC


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http://www.fatwallet.com/forums/finance/1391007/ Wed, 17 Sep 2014 10:01:15 -0500
<![CDATA[out of state vehicle inspection]]> http://www.fatwallet.com/forums/finance/1390906/ Rating: 0 Posted By: Pottershop2
Views: 1024 Replies: 28

I am in California on a temporary work assignment. My permanent home is still in Virginia and my car is registered in Virginia. My Virginia car inspection expires before I will return to Virginia. Can I get a California inspection on my Virginia registered car?


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http://www.fatwallet.com/forums/finance/1390906/ Wed, 17 Sep 2014 01:00:21 -0500
<![CDATA[Need a free checking or savings account to verify Paypal. ]]> http://www.fatwallet.com/forums/finance/1390894/ Rating: 0 Posted By: ahcataldo
Views: 793 Replies: 4

So I've hit the point at which Paypal is requiring me to verify my account in order to keep using it. I don't want to link Paypal to my main checking account and do not want to get the Paypal MasterCard. I would like to just open a free account (savings or checking) without any hard credit pull, throw $10 into it and link it to my Paypal for verification purposes. I'd never use the account, not even to fund Paypal (I'd just continue using current credit cards for that).

It looks like Ally is a solid option for this, as they appear to offer free accounts without minimum balance requirements. Do people agree? Are there other better products for this use?

Thanks!


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http://www.fatwallet.com/forums/finance/1390894/ Tue, 16 Sep 2014 22:57:14 -0500
<![CDATA[ Security: Debit card vs ACH for recurring bills?]]> http://www.fatwallet.com/forums/finance/1390851/ Rating: 0 Posted By: gobleu
Views: 1030 Replies: 34

I agree that debit cards are much less safe than credit cards, but I do not have any credit cards at this time and don't want any.

For safety, I have two checking accounts without overdraft protection: one for check writing and one for debit card use. While it was initially for security, I like the separation of active spending (debit card) from recurring monthly bills (rent check and automatic ACH withdrawals for utilities). My plan was to set the POS limits on the card associated with the check-writing account to $0.

So far good, but I have 2 - 4 small monthly bills totaling about $100/month which require the use of a Visa or MasterCard. From a budget / management standpoint, I'd like to pay these from the check-writing account. Unfortunately I can separate a daily POS limit, but not a per-transaction or monthly limit.

So while I agree that debit cards are risker than credit cards, especially for in store / online retail transactions, are they significantly much worse than checks/ACH for recurring utility payments to a handful of reputable vendors?


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http://www.fatwallet.com/forums/finance/1390851/ Tue, 16 Sep 2014 18:02:08 -0500
<![CDATA[Asset transfer from Kapitall]]> http://www.fatwallet.com/forums/finance/1390817/ Rating: 0 Posted By: SinbadS
Views: 490 Replies: 2

I opened an account with Kapitall (http://www.fatwallet.com/forums/finance/1349564/)and then purchased some ETFs. I am considering transferring these shares to a main-stream broker. Has any member done this before and do they charge any fees? I am not closing the account but moving all shares and leaving some cash behind.


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http://www.fatwallet.com/forums/finance/1390817/ Tue, 16 Sep 2014 14:07:37 -0500
<![CDATA[Tax Exempt Bond Funds - 6% yield, equivalent yield 10%, selling 10% discount to NAV]]> http://www.fatwallet.com/forums/finance/1390808/ Rating: 0 Posted By: SegaRob
Views: 1314 Replies: 34

Here is a list of NYS municipal bonds funds from BlackRock: http://www.blackrock.com/investing/products/product-list#categor...

They have similar funds for other states and national. The NY funds invest in bonds "exempt from federal income taxes (including the alternative minimum tax) and New York State and New York City personal income" which could be 40-50% for high-income earners. Currently, they are selling at 10% discount to net-asset value (NAV) which means you're paying 10% less than buying the bonds individually. I've looked into some of the underlying bonds and they seem to be trading at roughly 10% premium to par value so with the bond fund you're entering at roughly par value. The default rates are exceedingly low.

Over the last 10 years, when including dividends/distributions, these funds have performed similarly to S&P and Dow indexes: http://stockcharts.com/freecharts/perf.php?$INDU,SPY,MHN
The graph doesn't include taxes, so after taxes, the net gain is quite similar. At some points, the gains have far outpaced the stocks which might be in the cards for the near future if there's a correction in the stock market after the last few years of significant gains.

With the fed meeting tomorrow, I expect there might be a big spike up or down depending on the outcome. Despite the short-term volatility, I think long-term that the bonds will converge towards par-value and the fund will converge towards NAV which is essentially leads us to the same prices at present. Even without price/capital appreciation, the ~6% yield equivalent to 10% taxable yield is far better than any savings account at present or anytime in the near future. Depending on your thoughts about what the fed report might entail, you may prefer to invest now or after the meeting tomorrow when the dust settles.


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http://www.fatwallet.com/forums/finance/1390808/ Tue, 16 Sep 2014 13:16:35 -0500
<![CDATA[Can I retire my rental property with the tenant still in it?]]> http://www.fatwallet.com/forums/finance/1390802/ Rating: 0 Posted By: veckle
Views: 1185 Replies: 12

Can I retire my rental property with the tenant still in it, if I just stop collecting rent?

1) Yes
2) No
3) Maybe

The tenant is my girlfriend and only pays $500 per month.

If I let her stay for free, Im hoping it allows me to convert the rental back to personal property in order to stop any further depreciation which I ultimately have to pay back.

If she is in my personal residence with all the utilities in her name, would that still constitute a rental property even though the rent is $0.00?


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http://www.fatwallet.com/forums/finance/1390802/ Tue, 16 Sep 2014 12:53:04 -0500
<![CDATA[Citizen's bank announces program to refi federal student loans in to private loans with rates as low as 2.31%]]> http://www.fatwallet.com/forums/finance/1390783/ Rating: 5 Posted By: whatmary
Views: 1772 Replies: 13

http://blogs.wsj.com/totalreturn/2014/09/16/student-loan-borrowe...

interesting.Citizens Financial Groupannounced on Tuesday that it is accepting applications from both parent and student holders of federal loans to refinance into private loans at the Providence, R.I.-based bank. Some borrowers who have good credit scores could get a lower interest rate than what theyre currently paying.Citizens fixed interest rates start as low as 4.74%, while variable-rate loans, whose rates can change each month, have rates as low as 2.31%. The lowest rates are given to borrowers with very high credit scores and long-term employment and who also have a Citizens checking account and set up automatic bill payments for their loan.


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http://www.fatwallet.com/forums/finance/1390783/ Tue, 16 Sep 2014 11:35:37 -0500
<![CDATA[Alliant CU - $150 cash bonus for New Checking Account Holders]]> http://www.fatwallet.com/forums/finance/1390782/ Rating: 9 Posted By: pbabb2
Views: 2033 Replies: 20

Received this via email yesterday. Seems like a fairly easy $150 (a few requirements outlined below) and I've had good experiences with Alliant in the past (have a credit card with them).

https://www.alliantcreditunion.com/OnlineBanking/Login.aspx?
(URL directs you to online login screen. must be an alliant member which is free)

Here's how to get $150...

1. September 2 to October 31, 2014 Open an Alliant Checking account AND
2. By November 14, 2014

  • Make at least one purchase with your Alliant Visa Debit Card
  • Make at least one payment using Alliant Bill Pay
  • Meet the two easy requirements of High Rate Checking:

o Opt out of paper statements AND
o Make at least one monthly electronic deposit (direct deposit, payroll deposit, ATM deposit, or transfer from another financial institution)

With Alliant checking, you can earn 7x the bank national average on your account,2,4 and you get access to 80,000 surcharge-free ATMs,5 online banking, mobile banking apps6 and a Visa Debit Card - all for free, with no monthly service fees on your account.

$150 bonus offer is available for new checking accountholders only, including Free Teen Checking.1,2 One $150 bonus per member.2

Offer ends October 31, 2014.

Use promo code CHEK002.

To apply online, you must first log in to Alliant Online Banking. Then select "Open an account" on the right menu and follow prompts. For personal assistance call 800-328-1935 or visit an Alliant Branch.

FINE PRINT:
1 To qualify to receive the $150 bonus deposit, member must open an Alliant checking account between September 2, 2014, and October 31, 2014, and complete the following three actions by November 14, 2014: (1) meet the requirements of Alliant High Rate Checking; (2) make at least one signature- or PIN-based purchase with the Alliant Credit Union Visa Debit Card; and (3) make at least one online bill payment using the free bill pay service in Alliant Online Banking. This bonus deposit offer is not applicable to those who opened an Alliant checking account prior to September 2, 2014, or those who open Alliant checking after October 31, 2014. No minimum balance required to earn the bonus. Offer cannot be used in conjunction with any other checking offer. One $150 bonus deposit per member. Once we verify qualifications, we will deposit the $150 bonus deposit directly into the member's account. Deposit will be made by November 28, 2014, and appear on your November 2014 eStatement. Check the status of the bonus deposit on Alliant Online Banking. The $150 bonus deposit is considered as taxable income and will be paid as a special dividend and reported on IRS Form 1099-INT. This account must remain open for at least six months or the bonus amount will be subtracted from your checking or savings account upon closing. The August 2014 High Rate Checking dividend is 0.65% APY. APY is accurate as of the 06/19/2014 dividend declaration date. No minimum balance required to earn the dividend. Dividend may change after account is opened and is subject to change monthly. When applying for your checking account, use promo code CHEK002.

2 High Rate Checking dividends are paid on the last day of each month to checking accountholders who have opted out of receiving paper statements (receive eStatements only) and have a recurring monthly electronic deposit to their Alliant checking account each month (e.g., a direct deposit, payroll deposit, ATM deposit, mobile check deposit or transfer from another financial institution). Otherwise, Alliant checking accounts do not earn a dividend. Checking dividend may change after account is opened and is subject to change monthly. There is no minimum balance requirement to open an Alliant checking account or to earn the stated APY. Alliant checking is free; however, if incurred, fees such as a stop payment or NSF fee will apply. Please refer to the Alliant Fee Schedule for a list of these types of fees. Account is subject to approval. We may not open checking for you if you do not meet Alliant criteria.

3. Alliant eStatements are free. A fee will apply if you choose to receive your account statement in paper form. Refer to the Fee Schedule. To avoid the paper statement fee, log in to Alliant Online Banking to change your statement preference to eStatements.

4 Based on Alliants August 2014 High Rate Checking rate of 0.65% APY vs. the bank national average checking rate of 0.09% APY as of 08/01/2014 sourced from National Association of Federal Credit Unions in cooperation with SNL Financial and Datatrac Corp.

5 Surcharge-free ATMs include Alliant-owned ATMs and ATMs that are part of the Alliance One, Allpoint, Bank of the West, CO-OP Network, Credit Union 24 CU Here and Publix Presto networks. Transactions performed at other ATMs may be subject to the ATM owners surcharge fee. Not all ATMs accept deposits. Please see our online ATM Locator for a list of ATMs that accept deposits or are surcharge-free.

6 You must meet certain criteria for mobile check deposit. Limitations apply. Mobile check deposit requires a camera-enabled device. Data and text charges may apply. Check with your mobile provider.


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http://www.fatwallet.com/forums/finance/1390782/ Tue, 16 Sep 2014 11:19:37 -0500
<![CDATA[Is taking out a home equity loan a good way to pay off credit card debt?]]> http://www.fatwallet.com/forums/finance/1390773/ Rating: 0 Posted By: MarkRobinson
Views: 663 Replies: 12

Is taking out a home equity loan a good way to pay off credit card debt?


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http://www.fatwallet.com/forums/finance/1390773/ Tue, 16 Sep 2014 10:29:40 -0500
<![CDATA[Lump sum payout of a former employer pension]]> http://www.fatwallet.com/forums/finance/1390766/ Rating: 4 Posted By: bob2112
Views: 3185 Replies: 58

Hi All,

I have a pension from a job I left back in 1997 that was recently offered to me in 3 options. I'm married, and about to turn 44 years old. I used Single Life for now for comparison purposes.

1. Single Life Annuity beginning at age 65 - $308 monthly.
2. Single Life Annuity beginning immediately - $65 monthly.
3. Lump Sum Payout - $13,074.

Option 2 is not an option for me, so I'm deciding between 1 and 3. According toimmediateannuities dot com, option 1 would cost me around $24,000 to purchase today, so it seems that I may be best keeping the pension as is.

I know that I can grow the lump sum to $65,000 or so by the time I hit 65 in an IRA/401k, assuming an average annual return of 8%. Drawing 4% annual off of that at age 65 is $220 per month, still less than $308.

FYI, I have a pension plan at my current job, along with a 401k.

Thanks in advance,
Bob


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http://www.fatwallet.com/forums/finance/1390766/ Tue, 16 Sep 2014 09:56:14 -0500
<![CDATA[Delta Platinum Amex card "welcome offers" ?]]> http://www.fatwallet.com/forums/finance/1390765/ Rating: 0 Posted By: snackmeister
Views: 554 Replies: 4

Interested in this card. The "welcome offers" are different at the Delta and Amex sites. Delta "seems" to be more generous. Can anyone provide any insight into this? I suppose the best thing is to call and ask. TIA


Credit Deals

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http://www.fatwallet.com/forums/finance/1390765/ Tue, 16 Sep 2014 09:54:00 -0500
<![CDATA[Woodbridge financial]]> http://www.fatwallet.com/forums/finance/1390751/ Rating: 0 Posted By: blackie7955
Views: 579 Replies: 4

Any one ever deal with these people in the past. They have some interesting alternative investments (first position mortgages-1 year term) and would love to know if anyone here has any experience with them. Thanks in advance for any help.


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http://www.fatwallet.com/forums/finance/1390751/ Tue, 16 Sep 2014 07:10:35 -0500
<![CDATA[no load / no fee mutual funds, where to find them ?]]> http://www.fatwallet.com/forums/finance/1390643/ Rating: 0 Posted By: kinwin
Views: 940 Replies: 12

A few years ago I had an account with ING direct, and they offered no load, no fee, index funds.
Recently this company has been sold to capital one, and I just noticed they now charge $19.95 for each trade of mutual funds. I have not been able to find any mutual funds which is both no load AND no fees anymore.
Does any fatwallet'er out there know of any company offering truly no cost, mutual funds?


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http://www.fatwallet.com/forums/finance/1390643/ Mon, 15 Sep 2014 20:10:44 -0500
<![CDATA[Dispute with property mgmt company]]> http://www.fatwallet.com/forums/finance/1390631/ Rating: 0 Posted By: fwfaltid
Views: 1861 Replies: 34

Long-time member, sorry for the alt-id, but my privacy is important in this matter. Here is my situation that I need advice on. I'm short on details not because I'm trying to hide something, but because I want to keep this short and factual.

-I used a property mgmt company to manage a rental house
-Tenant stopped paying rent, got evicted
-Security deposit was not enough to pay for damages to the house, let alone back rent, and whatever fees the property mgmt company is charging
-Tenant's account was sent to collections
-Dispute is over how the security deposit is to be used. The property mgmt company wants to take out their fees first, including a several hundred dollar late fee that they are charging the tenant.
-I have agreed to pay everything I owe them except for the several hundred dollar late fee. My reason is that courts in the state usually do not allow for late fees to be collected, therefore if the courts won't allow it, then why should I have to pay it, especially when the security deposit is not enough to cover damages.
-Contract is not specific enough to address this exact situation, however it does say they can take out fees from the security deposit.
-Both sides have dug in pretty hard into their respective positions. Negotiation is heated. Property mgmt company is threatening additional fees if I do not pay promptly.
-There is an arbitration clause in the contract. From what I understand, arbitration costs somewhere between $1200 and $2000. Cost is split equally.

We are at an impasse. I am considering going for the nuclear option, which is formally requesting arbitration. I am hoping escalating this will cause them to back off and waive the fees. If it were to come down to it, I would have no problem with paying for my share of the arbitration, but I obviously want to make sure I don't open myself up to additional liability and charges.

Any advice or opinion on this matter? Should I just suck it up and pay everything, including the late fees? Or should I continue escalating it?


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http://www.fatwallet.com/forums/finance/1390631/ Mon, 15 Sep 2014 19:04:45 -0500
<![CDATA[Mini AOR & New Car Loan]]> http://www.fatwallet.com/forums/finance/1390615/ Rating: 0 Posted By: isamerican
Views: 731 Replies: 11

HI all,

Been here on FB a long time and have done AOR's in years past, but my gf is looking to do one and some advice is greatly appreciated.

We are looking at getting a used car loan for $25,000. Only have two CC now AMEX Blue at $10,500 and credit union card at $1,400.

Credit Score = 655
Debt/Income % = 17%
Income =$78,000
Student Loans = $52,000

Do have past settlements on account 5 years, everything else is current and closed.

Recommendations was where to get auto loan.

No car loans at this time.

Can we do a Mini AOR and CAR loan at the same time? Or should we wait on AOR, just curious on what we should try to do.

Thank you

Isamerican

FW on!


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http://www.fatwallet.com/forums/finance/1390615/ Mon, 15 Sep 2014 16:33:24 -0500
<![CDATA[Any advice for someone with large credit and high interest?]]> http://www.fatwallet.com/forums/finance/1390614/ Rating: -8 Posted By: thebeeskness
Views: 757 Replies: 7

Hello,

My friend is graduating this semester with a Ph.d and he told he would be starting on paying back his loans. He said right now he pays about $400 monthly just for interest. I suggested that he moves all the credit to a one bank with the lowest possible interest.

What do you think? Do you have any recommendations?

Thank you!


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http://www.fatwallet.com/forums/finance/1390614/ Mon, 15 Sep 2014 16:31:35 -0500
<![CDATA[Spouse wants hobby account how to do it? ]]> http://www.fatwallet.com/forums/finance/1390593/ Rating: 0 Posted By: MoneyOCD
Views: 3748 Replies: 133

Changed "allowance" to "hobby account" to eliminate wrongperceptions.

Ok, basically situation is in the name - spouse mentioned monthly deposits in separate account.
Reason is to be able to save for bigger personal purchases - hobby related.

We are both employed, maxing 401ks, IRAsand HSAs. Also sizable chunk goes into savings for cars/house maintenance, travel and charity/gifts.
We have child in college that cost us about $1500/month + medical and car insurance, have mortgage. Also doing contributions to ESPP with designation to allocate that money after stock sale to the extra mortgage payment. All that left is usedfor living expenses which are charged to CashBack CC and paid in full every month. I manage all the bills, spouse have access to all accounts, quicken and receives monthly report about all consolidated ins, outs, investments- no secrets there.

Questions:
How to do it into separate checking account and do not jeopardize CashBack?
DoI create myself similar account too? if yes, same amount?
What expenses to include beside mad/hobby money? Anything that I am not thinking about?

Thanks in advance


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http://www.fatwallet.com/forums/finance/1390593/ Mon, 15 Sep 2014 15:01:15 -0500
<![CDATA[Purchasing house with Girlfriend..HELP!]]> http://www.fatwallet.com/forums/finance/1390587/ Rating: -2 Posted By: ICMATULKASPRMKY
Views: 3642 Replies: 102

We have always rented, but decided to start looking into home prices and think it may make more sense than renting. Renting an apartment would be around $2500-$2800 vs a mortgage in the $1800-$2200 range. The big thing is figuring out how to handle the downpayment, finding the best place for rates, and how being married vs not would benefit this situation if it matters at all. My income was significantly low this year, but I have a good amount of money in savings so not sure if I can play some approach to avoid a big down payment. Thanks


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http://www.fatwallet.com/forums/finance/1390587/ Mon, 15 Sep 2014 14:30:37 -0500
<![CDATA[Need help with current housing situation]]> http://www.fatwallet.com/forums/finance/1390559/ Rating: -2 Posted By: averageJoeonFW
Views: 1087 Replies: 9

Hello all,First of all, I want to thank everyone here for making FW (especially the Finance forum) such a great place for me to check every other hour or so.I have somewhat of a complicated housing issues that I need your advice on, Ill try to keep it as short as possible, but please let me know if you need more details in any parts.

I currently have 2 houses with mortgage on (both under my name:

House 1: bought in early 2011, FHA loan, 3.75% interest rate, 3.5% down, currently has $135K left. Current market value of around $210K-
House 2: bought late 2012, Conventional loan, 3.85% interest rate, 5% down, currently has about $175K, second mortgage (home equity) of $26K, current market value of around $255K

My wife and live in house 2, my parents + brothers family + sister lives in house 1.I pay the mortgage for house 2, brother pays mortgage for house 1. The family moved down to my area from a high cost living area to open up their own business, so I helped them with a place to stay. On this house 1, I put about $5K for down (money from my mom). Our plan was to take advantage of the housing market back then, the price was so good, plus the interest rate was low, thats why I bought the house under my name as my brother still had his house back then so he couldnt afford the second house.Now, his house was sold 2 years ago, business is up and running for about 2.5 years, but his credit is now under 600 because of all the current credit cards with balance (he did have 2 late payments also last year). His credit was 800+ range back in 2011.

We are trying to do whats the best way to have the house transfer over to my brothers name?

I know FHA allows other people to assume the loan, providing that the income/credit allow him (already check with Wellsfargo, the mortgage provider), however, with his current credit and about $30K credit card debt, I am sure he wont get approved. His income is about $2,500/month pretax. Business income is about $100-$120K per year (restaurant business in the past 2 years).My wild thought would be taking another equity loan against house 1, pay off his credit card to free up his credit again, then by the time its going back up to an acceptable level by the bank (as well as his income), then have it transferred over to his name. The reason I bring this up is because were planning on to move, so well be ending up selling our house (house 2) and hope to get my name off house 1 as well so I dont want to do anything else related to my credit unless I have to.

Another additional note: my mom and dad work at the same business, they do receive a small income also so for the purpose of income qualification, if needed, we can include them as well ($1100/month each, basic credit, 1-2 credit cards with about 2 years history).


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http://www.fatwallet.com/forums/finance/1390559/ Mon, 15 Sep 2014 12:56:13 -0500
<![CDATA[Yodlee Labs and New Yodlee MoneyCenter]]> http://www.fatwallet.com/forums/finance/1390554/ Rating: 0 Posted By: SinbadS
Views: 639 Replies: 6

I had a Yodlee Labs account. Currently it seems when I try to log in it says, Technical Difficulties. This feature is currently unavailable; please try again later. I wonder if other members experience the same. Also, if I register with New Yodlee MoneyCenter, is there any way to move all my info from Yodlee Labs over to the new site?


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http://www.fatwallet.com/forums/finance/1390554/ Mon, 15 Sep 2014 12:22:04 -0500
<![CDATA[My credit card interest rate went up and Im current with my payments. Why?]]> http://www.fatwallet.com/forums/finance/1390492/ Rating: -11 Posted By: MarkRobinson
Views: 1522 Replies: 17

My credit card interest rate went up and Im current with my payments. Why?


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http://www.fatwallet.com/forums/finance/1390492/ Mon, 15 Sep 2014 08:56:11 -0500
<![CDATA[Question Regarding Rental Income Interest Deduction]]> http://www.fatwallet.com/forums/finance/1390480/ Rating: 0 Posted By: SoonerThanLater
Views: 650 Replies: 7

Hi All,

I've searched and really couldn't find anything about this. We've been renting out our old house for a few years now. We owe about $75k on it and we're thinking about refinancing down to 15 years. However, I was also thinking about just pulling the money out of a 401k and paying it off. I could save on closing costs and other fees. I know the pros and cons to each but I am just wondering how much I would be losing by forgoing the interest deduction???

If I refinance, I'll be paying about $2600 a year in interest. I am normally at the break even point on the rental. Does anyone know how much I will be giving up in "real dollars" when I file my taxes if I don't have that interest??? I know everyone's tax bracket is different but I am just looking for a ballpark to see if this will be worthwhile. I don't like paying interest but if I am getting everything back, that's different. However, I know that's not the case...

I welcome your input. Thanks all!


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http://www.fatwallet.com/forums/finance/1390480/ Mon, 15 Sep 2014 07:09:12 -0500
<![CDATA[Combining AmEx Giftcard Balances?]]> http://www.fatwallet.com/forums/finance/1390474/ Rating: 0 Posted By: SinbadS
Views: 629 Replies: 9

I have several AmEx giftcards with small (odd) balances. It there any way I can combine or transfer those odd balances into one single giftcard?


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http://www.fatwallet.com/forums/finance/1390474/ Mon, 15 Sep 2014 06:05:53 -0500
<![CDATA[VA SUI Rate for employers]]> http://www.fatwallet.com/forums/finance/1390390/ Rating: 0 Posted By: samandy
Views: 656 Replies: 1

It looks like myVA SUI Rate for employers was set bit high for myself.
How can it be corrected and adjusted for previous portion of the year?

Its for my LLC with S corp treatment for my own payroll.

Thank you very much!


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http://www.fatwallet.com/forums/finance/1390390/ Sun, 14 Sep 2014 19:59:51 -0500
<![CDATA[Online Banking Service has been locked out]]> http://www.fatwallet.com/forums/finance/1390281/ Rating: -1 Posted By: SinbadS
Views: 737 Replies: 2

How often do you experience online banking service lock-out because you have linked them to Mint or Yodlee? This makes Mint or Yodlee useless for linking bank accounts.


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http://www.fatwallet.com/forums/finance/1390281/ Sun, 14 Sep 2014 02:20:08 -0500
<![CDATA[Financial Considerations of Going (Back) to College]]> http://www.fatwallet.com/forums/finance/1390220/ Rating: 0 Posted By: nameunknown
Views: 1438 Replies: 10

As a professional, partway into my career, I am considering going back to college to pick up an additional degree that will help me up the next rung in the corporate ladder.

Obviously, increased earning potential is probably to most common reason to go to college. Potentially, job stability and better benefits from one's employer are also advantages. The purpose of this post is to look at other parts of the financial picture; especially ways to cut cost and opportunities for savings and/or deals that are not available to non-college students.

1. Tuition reimbursement by employer. My particular employer pays 75% of the cost for grade of C or better.

2. American Opportunity Tax Credit - Available for only the first 4 years of post secondary education. Includes expenses for course-related books, supplies and equipmentthat are not necessarily paid to the educational institution Covers up to 100% of the first $2000 plus 25% of the next $2000 for a maximum benefit of $2500 per year of which 40% is refundable. Phased out with MAGI greater than $80k (single) or $160k for MFJ. Must be enrolled at least half time. More details: http://www.irs.gov/publications/p970/ch02.html

3. Lifetime Earning Credit - Can be used for undergraduate, graduate, and professional degree course, including courses to acquire or improve job skills. No limit on the number of years you may claim the credit. This is a nonrefundable 20% credit for the first $10,000 of qualified expenses. Phased out above $47k (single) or $94k for joint filers. No limit on the number years the credit may be claimed. More details: http://www.irs.gov/publications/p970/ch03.html

Unfortunately, for both of the credits listed above, it appears double dipping is not allowed. Employer reimbursements are deducted and the tax credits are applied only on the remaining amounts.

4. Microsoft Office 356 University is only $80 for a 4 year subscription for eligible students, faculty, and staff. Requires verification. Can be installed on 2 devices. (A one year subscription to Office 365 Personal is $70 and can only be installed on a single device.)

Please feel free to add to this list!


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http://www.fatwallet.com/forums/finance/1390220/ Sat, 13 Sep 2014 18:14:48 -0500
<![CDATA[Best way to use Chase Reward points]]> http://www.fatwallet.com/forums/finance/1390213/ Rating: -1 Posted By: salilsurendran
Views: 1563 Replies: 21

Hello,
I have over 190k Chase Reward points from my chase freedom credit card. What is the best way to use them? I was just about to get the money credited to my Chase checking account till I read thishttp://thepointsguy.com/2014/05/what-is-a-point-or-mile-worth-ne... which says that each chase point should be 2 cents instead of the 1 cent I will get for Cash Back. Does anyone agree with this valuation?


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http://www.fatwallet.com/forums/finance/1390213/ Sat, 13 Sep 2014 16:56:24 -0500
<![CDATA[Need help comparing pension plans]]> http://www.fatwallet.com/forums/finance/1390202/ Rating: 0 Posted By: pensionplan
Views: 1093 Replies: 13

I am trying to choose between two pension plans. The main difference between the two plans are:

Plan A:
Current employee contribution required: 4.9% (can change in future)
Pension benefit at Age 65: 2% times average of highest 5 years salary times service years
(has COLA with 3% max.)

Plan B:
No employee contribution required
Pension benefit at Age 65: 1% times average of highest 5 years salary times service years
(has COLA with 3% max.)

There are some other minor differences between the plans but above is the gist. Essentially, the 4.9% employee contribution in plan A buys me an extra 1% times average of highest 5 years salary times service years in terms of pension benefit at age 65.

The big question is, which plan is better for me?

The way I am comparing the two plans:
Participate in plan B but invest the 4.9% (that I am not required to contribute) myself in a tax deferred account. Look at the accumulated value of this investment at age 65 and compare that to the extra pension benefit of 1% times average of highest 5 years salary times service years that I would get under plan A.

Some facts
Current age: 45
Let us assume I will be employed in this position at least for 5 years to be vested in the pension.
I will get back my contribution (plus some interest) in case I leave before vesting.
Regardless of which plan I choose, I plan to and will have plenty of avenue to invest in a tax deferred manner. This pension will hopefully be only a part of my retirement income but it is good to have this "guaranteed" stream of income.

Unknowns:
Future plan contribution rates in plan A: this could go up (or down).
Future salary increments.
Rate of return on investments, assuming plan B and I invest the contribution (otherwise made in plan A) myself.
How long I will be employed in a position covered by this pension plan.

I did some spreadsheet calculations with the following assumptions:
1% real salary increment (over inflation) each year,
4% real rate of return on my investment,
contribution rate required in plan A remains the same in future.
I work for 5, 10, 15 or 20 years in a job covered by this pension plan.

I each case, here is what I got for the extra 1% plan A pension benefit expressed as a percentage of accumulated value of my investment under plan B (both at age 65):
Work for 5 years: 10.2%
Work for 10 years: 11.5%
Work for 15 years: 13%
Work for 20 years: 14.6%

In short, plan A sounds fantastic in that one cannot possibly buy a single pay immediate annuity (with COLA) at age 65 that pays 10.2%, let alone 14.6%

If I change my investment return to 8% (after inflation), the numbers are:
Work for 5 years: 5.3%
Work for 10 years: 6.4%
Work for 15 years: 7.8%
Work for 20 years: 9.4%

Again, I believe plan A sounds better.

Questions:
Is my logic for comparison sound?
Are my assumptions reasonable? Is there anything in the assumptions that could drastically alter the conclusion?
Are my numbers reasonable --- I am frankly surprised plan A wins hands down in most if not all cases.
Any other considerations I am overlooking?


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http://www.fatwallet.com/forums/finance/1390202/ Sat, 13 Sep 2014 16:14:00 -0500
<![CDATA[Chase Bank Free $100 for $10,000 Deposit on September 18, 2014]]> http://www.fatwallet.com/forums/finance/1390182/ Rating: -1 Posted By: mas1205
Views: 946 Replies: 2

I received a call from a banker in the Scottsdale (Grayhawk location) branch of Chase Bank to let me know that on September 18th they are giving a $100 bonus to customers who deposit $10,000 into their savings account. This is a one day only promotion and I do not know whether it is available in other branches. The address for this branch is 20871 N Scottsdale Rd, Scottsdale, AZ 85255. Their phone number is 480-513-1213.


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http://www.fatwallet.com/forums/finance/1390182/ Sat, 13 Sep 2014 15:05:11 -0500
<![CDATA[Lunch with Buffett Helps Man Realize He Is A Jerk]]> http://www.fatwallet.com/forums/finance/1390132/ Rating: 15 Posted By: sublimebri
Views: 7608 Replies: 43

http://finance.yahoo.com/news/the-oracle-of-love--how-lunch-with...

Apparently, it was worth every penny of the 300k that the guy bid to have lunch with Warren Buffett... I could have told him he was a d-bag for much less and also told him that spending 300k for a lunch is insane.


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http://www.fatwallet.com/forums/finance/1390132/ Sat, 13 Sep 2014 10:40:17 -0500
<![CDATA[retired - should i convert to roth?]]> http://www.fatwallet.com/forums/finance/1390110/ Rating: 2 Posted By: bigmagnet1
Views: 831 Replies: 5

I am 65 years old, my wife is 61.
We are both retired, are not currently employed, and have no plans to become employed.
We are both in excellent health and expect to live long lives.
Current federal AGI (pensions, investments): $76,000.
Current federal taxable income: $56,000.
We will start taking social security in 2016, which will add: $41,000 to the above.
Current amount in traditional IRA's: $240,000.
We have enough in a non-IRA account to cover the taxes that will be owed if we convert to Roth IRA's.
We have no need to tap into our IRA accounts - our income is more than we need per year and we are able to put excess money from our current income into a non-IRA savings account.

Should I convert the traditional IRA accounts into Roths?
(I realize I should have thought all of this out before but I didn't, so I am trying to make the best decision now.)


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http://www.fatwallet.com/forums/finance/1390110/ Sat, 13 Sep 2014 07:47:07 -0500
<![CDATA[Why is my debt that is past the statute of limitations still being reported on my credit report? ]]> http://www.fatwallet.com/forums/finance/1390100/ Rating: -3 Posted By: MarkRobinson
Views: 1850 Replies: 23

Why is my debt that is past the statute of limitations still being reported on my credit report?


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http://www.fatwallet.com/forums/finance/1390100/ Sat, 13 Sep 2014 05:22:51 -0500
<![CDATA[Business partnership ending and I got bad vibes, how to handle?]]> http://www.fatwallet.com/forums/finance/1390022/ Rating: 2 Posted By: MightySlacker
Views: 1384 Replies: 10

This is in the state of Ohio for reference. Some parts need to be left vague, but hopefully I can get in all pertinents.

A few years ago, my girlfriend and I decided to catering and concessions at a certain venue. It was a place I had worked 5 years before that and we did some unofficial food stuff for smaller events, and when the opening happened to take care of everything food related we took it. The management of the venue were friends and wanted to do a partnership, which appealed to use because we didn't have the capital to go all in by ourselves.

The management purchased the existing catering and concession equipment for X amount, for which we paid half (3 installments that year) and were to own half (we formed a LLC). Our agreement was that my girlfriend and I would get X per hour, and then split the profits at the end of each year. What ended up happening is that the venue ran a food "tab" for its workers which we kept track of, and then deducted that from the profits. 2 years out of the 4 the tab exceeded what their profits would be and money was sent our way.

This year, we moved because I got a job promotion and we decided we could not take care of the business at a level we were accustomed to providing. We jointly decided to try and lease the operations to some people and if they were able to handle it we would be bought out of our half. Unfortunately, the management was fired and replaced in a particularly nasty incident(s). I had talked to them afterwards and the response was just to sell everything.

I went to go look at things last weekend and did not like what I saw. Several items belonging to the business that were not stored with the concession stand(s)/truck(s) were gone, even a couple of propane tanks for one of the stands (which were locked) are gone. The management had pretty much taken everything of theirs not nailed down, but did not think that would include our items. There was a new temporary food person that had said he had briefly talked to previous management but was only interested in some of the equipment, not all of it. I have attempted to contact the previous management multiple times with absolutely no response. My spider sense is tingling.

I'm not really sure what my recourse should be to collect my "half" if things go south. The paperwork is all in the managements name, I just have a bill of sale and my checks whcih are clearly noted to be payments for half of the equipment. The management is in some hot water over multiple shady things that were uncovered, so my complaint would be a drop in the bucket. I don't think i can take them to small claims because they'd just hide behind the business name. I am friendly with the new venue management while the old management isnt even allowed on the property, so I guess I could pillage whats left or hold something for ransom, but I certainly think that would be a last resort kind of option. Any advice on how to proceed?


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http://www.fatwallet.com/forums/finance/1390022/ Fri, 12 Sep 2014 20:05:34 -0500
<![CDATA[PacCity Bank 5.13% installment 6mo $10K max]]> http://www.fatwallet.com/forums/finance/1390009/ Rating: 0 Posted By: lokimoki
Views: 987 Replies: 4

Same"anniversary" dealas last year. Earn $145 interest. Checking account needed.
https://www.paccity.net/anniversary/


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http://www.fatwallet.com/forums/finance/1390009/ Fri, 12 Sep 2014 17:59:56 -0500
<![CDATA[Shelter Insurance Junior Special Policy- revisited from 2012]]> http://www.fatwallet.com/forums/finance/1389999/ Rating: -12 Posted By: srhullender
Views: 715 Replies: 5

http://www.fatwallet.com/forums/finance/1245931/

I stumbled across this post/thread/forum after doing a search on childlifeinsurancepolicies and wanted to comment.
A lot of misconception in this thread. A LOT! To touch on a few that really were way off track are as follows:

This is from the 1st posting...


"Let's take this slowly ...
1. Child life insurance does not help make sure children will be insurable in the future.
yes, it actually does. by buying a policy which carries "Guraranteed Insurability", the child will be able to purchase life insurance, regardless of health, in the future.
2. Child life insurance does help make sure children will be able to purchase from a limited set of adult product options.
True.
3. Those are typically awful products at awful prices.
Permanent Life Insurance is most defianltey applicable ina lot ofsituations.
4. Even where they are not awful products today, they almost certainly will be awful compared to more contemporary products offered 20 years from now.
FALSE! Waitng for those "future products" to "possibly" be more viable is rediculous to say. Plus, its not like we can erase time (as of yet, for you future dwellers lol). Hoping/praying for better products in the future designedto help protect our net worth will be useless unless you start now.
5. If truly uninsurable, those grown children will not be insurable.
What? This made as much sense as this entire post...
6. They will only have the ability to exercise the option to purchase the agreed upon product.
Exactly what its designed to do. And this is a bad thing?I'm actually kind of shocked by this display of pure ignorance. Every one of the posts in this thread are single minded. Let me start with a story...I have this client, we will call him Brian. He is a 39yo married man with a 1 year old. When I met Brian he was 29 and extremely active with his job. He is a risk assessor for a huge dot.com company. Anyway, I had found out shortly after I met Brian that he had Type 1 diabetes. Now Brian had not done such a great job over the years of treating his diabetes from when he was diagnosed at 16.
Soon after we became friends Brians diabetes got worse. He eventually had to have a kidney/pancreas transplant.
Why am I bringing up Brian? Because Brian is one of millions who have Type 1 diabetes. (We arent even talking about any other disease or illness that can cause someone to be uninsuranble.) And Brian is one of millions who is 100% uninsurable. And if he were to find an insurance company who would write a policy on him (which to this date I cannot find), the cost would be so exorbitant that not even the examples above would hold a candle to it.When you can buy a policy for your child that A) doesn't have a continuous premium payment, B) Offers some sort of death benefit and C) offers a Guaranteed Insurability Rider which allows your child to purchase additional amounts later in life, regardless of health.... You are WINNING!

And trust me.Regardless of what products are out in 20, 30, or 40 years down the road or what this insurance is worth that far in the future. If Brian or any one of the millions of people out there were able to buy ANY amount or level of life insurance....they would buy it in a heartbeat! Ragardless of cost or death benefit.

I would say to all of the people who posted in this thread. "Stop being so cheap and actually buy something worth a darn for your kids. How many Wii, Nintendos, Atari, etc have you wasted on your kid already? Trying to tell me $240 is that much of a waste to benefit over a game system or any other crap you splurge on your kids with?" zzzzzzz




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http://www.fatwallet.com/forums/finance/1389999/ Fri, 12 Sep 2014 16:37:44 -0500
<![CDATA[TD Aeroplan Visa Infinite Card vs American Express Blue Sky]]> http://www.fatwallet.com/forums/finance/1389975/ Rating: 0 Posted By: synicish
Views: 859 Replies: 7

Taking into account the obvious annual fee of the TD Visa and no annual fee of the AMEX, which one is the best value for your dollar?

Key question:
When redeeming points, does Aeroplan or Blue Sky Points go farther in terms of value per point?


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http://www.fatwallet.com/forums/finance/1389975/ Fri, 12 Sep 2014 15:00:12 -0500