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Personal Finance Advice and Education! (5 Viewers)
- Thread starter No. 16
- Start date
Long Ball Larry
Footballguy
yeah, that's why i thought it was amusing enough to post verbatim...
basically a few sentences written in the book and beef it up with the same amount of text in "u", "like", and "cuz".
Which might be what that book looks like in 25 years...
-OZ-
Footballguy
Rattle and Hum
Footballguy
Sand
Footballguy
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Rattle and Hum
Footballguy
Freak Show
Footballguy
It doesn't look like it's the index fund, so .74% is probably right. She'll be able to sign into the account in the next couple of day's. I'll see what other options are offered.
NutterButter
Footballguy
Just as a point of reference, the expense ratio on my fidelity 401k index fund is .015%.
NutterButter
Footballguy
NutterButter
Footballguy
And cheaper. Nothing stopping you from just following some simple formula to get the right mix of stocks and bonds when the time comes.
SFBayDuck
Footballguy
I switched jobs recently and just went with the index fund approach for my new 401K - Fidelity 500 Index Fund (90%) and Fidelity US Bond Index Fund (10%). They had the lowest expense ratios of all of my options at .015% and .025%.
I did have a Target Date fund in my old 401K, but as I roll it over to an IRA I'm just going to drop it into the lowest expense ratio index funds available at about that same 90/10 stocks/bonds ratio.
RUSF18
Footballguy
This is what I was looking at, showing a net expense ratio of 0.08%.
If we're talking about something different with the exact fund, definitely agree that's too high.
https://www.schwabfunds.com/public/csim/home/products/mutual_funds/performance.html?symbol=SWYJX
Short answer for what a 21 year old should be looking for with a retirement plan: expense ratio as low as possible, risk tolerance as high as possible.
If there aren't any optimal funds with the combination of the above to invest in, contribute enough to get the full match and then go to Vanguard/Fidelity/etc with the remainder.
NutterButter
Footballguy
Ah, that's a lot better. I just googled that fund and the chart they show at the top of the search results has .74% as the expense ratio so I blame google.
KCitons
Footballguy
We are looking at possibly downsizing to a smaller house in the next year. I'm looking at options that will give us the most buying flexibility. Our current home is paid off and valued somewhere in the $210k-$240k range. We've done some light browsing for houses in the $160-170k range. (think starter house). The thought is that we will rent it to our daughter at cost while we do some traveling. If she stays in town for her career, we may do a rent to own. Things are still fluid at this point.
I'm thinking a home equity line of credit is our best option? I'm still at Wells Fargo and did a little research. It sounds like I can get a $150k line without fees or other red tape. I won't have to pay anything until we draw on it. We also have $50k in cash and another $50k in personally managed "fun" stocks. (I wouldn't want to be forced to sell those). Fico Score is above 825 and debt to income ratio is around 20%. I'm not sure how they will count the auto lease against debt. The lease is up in April.
Is there any other option that I may be missing? I know there is something called a bridge loan. But, not sure about fees or timing issues. We could find a house we like tomorrow, or it could take until next May. I don't want to pay on a loan until I need the money. I'm still trying to understand the terms on the home equity line of credit. I think there is an option for 1 year fixed rate at 3.4%, then variable after that.
Thanks.
I'm thinking a home equity line of credit is our best option? I'm still at Wells Fargo and did a little research. It sounds like I can get a $150k line without fees or other red tape. I won't have to pay anything until we draw on it. We also have $50k in cash and another $50k in personally managed "fun" stocks. (I wouldn't want to be forced to sell those). Fico Score is above 825 and debt to income ratio is around 20%. I'm not sure how they will count the auto lease against debt. The lease is up in April.
Is there any other option that I may be missing? I know there is something called a bridge loan. But, not sure about fees or timing issues. We could find a house we like tomorrow, or it could take until next May. I don't want to pay on a loan until I need the money. I'm still trying to understand the terms on the home equity line of credit. I think there is an option for 1 year fixed rate at 3.4%, then variable after that.
Thanks.
culdeus
Footballguy
Ugh. My mom is moving her retirement stuff to "wealth management" from Schwab. It's just not something I can stop. Rationale is that a huge crash is coming and she needs help, as if active management will do anything but draw fees on the way down. :Facepalm: . She's got to the point where matressing the money would outlive her and do better than the fees on a active run account.
Gawain
Footballguy
My mom refuses to draft a will because, "my parents didn't have one and everything worked out fine." One of those things where you probably can't convince her and trying too hard might just damage your relationship. I give my folks their quirks. Figure they dealt with mine for 18+ years.
Bob Sacamano
Footballguy
culdeus
Footballguy
It's some Merrill Private Client group out of Florida that for all intents cold called my uncle a couple years back.
So it's reputable in the sense it's a big bank and not a Nigerian prince, if that is the question.
She had a relationship with A-B under a friends and family thing that cost only about 60bp and that covered her equity portion of private stuff, while IRAs and things were at Schwab in a very typical retirement mix. A-B did fine, didn't blow me away. Could have just put it all in a 2030 fund and saved a little in fees and had similar results.
I haven't seen what the wrap fees will look like on the Merrill side, but I'm guessing it's north of 100bp if not 150.
I'm going to go the shake and bake on this deal. She knows I'm not thrilled with the idea, and I'm pushing to take the equity chunk that was just blue chips that pay dividends and dump them in Schwab.
On Dentist's advice I hold a good chunk at both Merrill and Schwab. The Merrill account is for all intents fee free for trades, and Schwab gives me access to their 0.00 ETF. I wouldn't doubt it if they try to fold me in, lol.
I don't have any huge worries, but don't like to see her get ripped off. She's likely to live another 20 years and I don't foresee having to come out of pocket to pay for her expenses or anything, and it's likely this move won't impact this in any serious manner either. Just pisses me off that we still feel like these salesmen are still worth such a fee structure.
Sand
Footballguy
culdeus
Footballguy
Well, last night it came out that to get a better fee structure at ML, moving the IRA over is part of the plan. Yeah. No, i haven't seen what the fees look like with/without this but it's not going to be favorable. It took a hell of a lot of work to get the IRAs moved to mostly passive stuff at schwab from a local to her merrill broker with his stupid fees, so that is unwinding. A few Suzy Ormond books were purchased....
Freak Show
Footballguy
Would "Fidelity 500 Index" work for her? It shows as: Large Cap
7.98% 1 year rate of return
11.33% 5 year rate of return
14.01% 10yr/INCEP rate of return
0.02% Gross Exp%
100% Equities
ghostguy123
Footballguy
Random
Footballguy
Sand
Footballguy
It's an enticement to have your money there and spend fees on other services (I use Fidelity and like them, so this isn't snark). I'm sure they have a fund manager, but that one is pretty passive.
culdeus
Footballguy
-OZ-
Footballguy
That might help you.
Usually without a will the property goes to spouse, then equally among children.
Does she have substantial holdings you'll fight over? Does she have minor children? Is her estate complex?
Sometimes just a list of where #### is would be more beneficial. Really that's essential.
pollardsvision
Footballguy
Speaking of fees and passive/active and all that, I'm sure you guys have discussed, but do you guys tend more towards low/no fee passively managed stuff, or spending a little more on actively managed funds?
I'm a total novice, but I've been shifting more and more towards reasonably priced mutual funds (0.70% to 1.15% GER's, heck, I'm not even sure those are "reasonably priced", but they seem so to me).
I was looking to land somewhere around 70% in mutual funds and 30% in cheap passive index stuff. Does that seems reasonable?
I'm a total novice, but I've been shifting more and more towards reasonably priced mutual funds (0.70% to 1.15% GER's, heck, I'm not even sure those are "reasonably priced", but they seem so to me).
I was looking to land somewhere around 70% in mutual funds and 30% in cheap passive index stuff. Does that seems reasonable?
PinkydaPimp
Footballguy
This is what I have my retirement in (I'm 40 FWIW). 0.015% exp ratio for me. Gonna check out those ones that Random mentioned to see if those are available to me.
Redwes25
Footballguy
Bulk is passive. You are paying more in fees with active and probably good chance that you active funds won’t beat the market (and may do worse) and you add in the xtra fees you are at a bigger loss to market itself.
NutterButter
Footballguy
All index all the time. How do these fund managers still have jobs?
STEADYMOBBIN 22
Footballguy
Our house is worth ~$550,000 and we owe $350,000.
Wife and I are considering taking out about $20,000-$30,000 to build a detached garage.
What would be better, HELOC or just pulling out the cash and refinancing?
Wife and I are considering taking out about $20,000-$30,000 to build a detached garage.
What would be better, HELOC or just pulling out the cash and refinancing?
Gawain
Footballguy
Bloomberg had a great interview today with Harold Bowen III
The guy who's built perhaps the best large-city pension system subscribes to a model that is very applicable to retail investors like us.
The guy who's built perhaps the best large-city pension system subscribes to a model that is very applicable to retail investors like us.
-OZ-
Footballguy
passive. I'll manage our accounts. Just one way, but consider Paul Merriman's aggressive portfolio. or as many say "VTSAX and chill", but I like diversification.pollardsvision said:
What accounts are you using? (Roth IRA, other IRA, 401k?)
-OZ-
Footballguy
pollardsvision
Footballguy
Thanks everyone. Cheap, passive funds seem to be the consensus. I'd heard a lot about the Warren Buffet bet a while back, but got sidetracked a bit.
Just a Roth IRA. Only started it back in February, and certainly still working out the kinks, but I don't think it's anything that can't be corrected fairly quickly.
As of now, about half of it is mutual funds with .70-.88% ER's. The rest in cheap index funds and ETF's. I'll just stick to the index funds going forward.
At this early stage for me, VTSAX, and really a lot of the Vanguard products, are difficult because of the minimum's and with the ETF's, the cost of one share. Schwab seems to be much more "poor guy friendly". So, for now, I gotta go the "SWTSX/SWPPX and Chill" route, I guess.
-OZ-
Footballguy
GoBirds
Footballguy
What are your thoughts on Vanguard mutual funds vs ETF? I have a target date fund wasn’t sure if in adding additional funds I need to lean one or the other. Is one likely to do better in a pullback?
Juxtatarot
Footballguy
STEADYMOBBIN 22 said:
Does it make sense to refi regardless of the garage? Another thing to think about is the interest rate to cash out is often slightly higher than a straight refinance. You might be better off refinancing and getting a HELOC.
HELOC rate will likely be variable based on Prime. Since Prime is expected to go down, that should also be a consideration.
-OZ-
Footballguy
Honestly I don't think there's a significant difference for most people.
A pullback will affect the underlying holdings, which will impact the ETF or fund about equally. The one advantage imo of ETFs is you can rebalance immediately. With MFs, you sell and buy at the end of the day, so unless I'm wrong it takes two days to rebalance in most accounts. Other than the TSP, I'm entirely in ETFs so I might be wrong.
Otoh, with ETFs you probably have to purchase in whole shares within can leave some extra cash sitting in the account, too little to buy another share. M1 gets around this, other brokerages might too.
The difference is so marginal it's basically irrelevant in the big picture.
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GoBirds
Footballguy
This ETF advantage can’t lead to funds getting overbought compared to the underlying assets I guess is my concern where the value of the MF may be better?
Gawain
Footballguy
Sand
Footballguy
