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Seminal Flu posted:Man watching Trump, I can't wait to see the very, very tremendous beautiful job he's going to do. It's going to be fantastic, big league. Gonna keep my head down, do my job, make my resume as attractive as possible, and apply for the silver fern program if things get lovely. I'm banking on "he's all talk and nothing incredibly horrible is actually gonna happen, this is exactly like holding your investments in a depression" but gently caress if I ain't got a backup plan.
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Jan 11, 2017 17:30
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I wonder if his coke dealer is Russian. Maybe it's because I'm watching it in the airport on a poo poo screen but it looks like the stress is getting to him already.
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Jan 11, 2017 17:39
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CornHolio posted:I've so far not bought tires for my truck. I'm probably going to put it off until the spring. My biggest problem right now is determining what kind to buy - truckish, offroad tires or more highway friendly tires. I'm happy with the Discount Tire Pathfinder S AT (which is a Kumho Road Venture SAT KL61 without Kumho's branding) on my WJ. They're not any noticeably worse on the highway than the very much street-oriented tires that were on it when I bought it, but definitely better off-road and even in the wet.
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Jan 11, 2017 17:40
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Adiabatic posted:Please let me know if you have any questions. A financial advisor and CPA is a great idea and you should roll with that, but I want you to have ammo to first find the right one and second bring up questions for him/her to have to explain why it will/wont be in your best interest. I'm nowhere near TT's position financially (and won't be for a long time), but I'm genuinely curious how you find a good local advisor and CPA. I'm extremely lucky in that my father has been a CPA since the mid 1970s, was partner for a long time in one of the largest firms in my hometown, then went solo, then joined up with another firm that one of his former partners works in, and is slowly winding his own personal involvement down (and selling his clients off to the partnership he's currently in - he has no desire to be partner again). I'm able to use him for advice so long as I'm in Texas. But I don't plan to remain in Texas, and I know he's very close to retirement (he turned 70 in December). He's very much tied up in my hometown and doesn't really talk to many people outside of there, aside from being a professional witness as a CVA. tl;dr how do you find a good financial advisor and CPA? It doesn't seem like something you can just head over to Yelp for. Especially when you're in a metro area that makes up over a dozen counties and includes part of another state (DFW MSA is 20 counties and includes part of a county in Oklahoma). Also, what are fees like?
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Jan 11, 2017 17:40
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Adiabatic posted:Gonna keep my head down, do my job, make my resume as attractive as possible, and apply for the silver fern program if things get lovely. ha me and my wife are doing the very same thing she's more and more comfortable with the idea of living somewhere that is actually nice and if bringing her mum along to live with us is what gets me the gently caress out of here then i'll build her a very nice suite in my beautiful home in new zealand
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Jan 11, 2017 17:42
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Yu-Gi-Ho! posted:I'm nowhere near TT's position financially (and won't be for a long time), but I'm genuinely curious how you find a good local advisor and CPA. dave ramsey has a site that lists people in areas that he personally backs (ie they have "the heart of a teacher and will go over everything with you" etc), which is what I was going to try out. Otherwise yeah here in detroit there seems to be a small run down building with NAMEY MCNAMENSTEIN, CPA on just about every corner
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Jan 11, 2017 17:45
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funny Star Wars parody posted:eh idk, i'm not sure if that tax benefit is better than freeing up $1500/month to put into a mutual fund that will on average give me a 12% return. I should probably go see an accountant or financial adviser of some sort I am confirming and affirming this advice. Even if it's just one session. edit: Be careful with Dave Ramsey recommendations. Not poo-pooing them all, but I had a really bad experience with the mortgage company he recommends and after discussing with a few others they had a similar bad experience. Goober Peas fucked around with this message at 17:56 on Jan 11, 2017 |
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Jan 11, 2017 17:53
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Yu-Gi-Ho! posted:I'm nowhere near TT's position financially (and won't be for a long time), but I'm genuinely curious how you find a good local advisor and CPA. Disclaimer: This is totally and completely just my opinion. I am a random dude and don't manage any funds apart from my own. Anti-sensationalism is a great trait for someone handling your money to have. Anyone who comes at you saying "I can outperform the index by X amount" can't back it up by fact. If they can, they got lucky for a short time (a short time in this case is 1 or 2 years) or they're doing something illegal/shady. Warren Buffet bet some awesome hedge fund manager $1MM he couldn't beat the market over something like 5 or 10 years. Dude had to pay Buffet. Also google Monkeys Beating Hedge Fund Managers At The Market. Good financial advisors aren't going to have a way to beat the market in returns. Where they shine is finding different ways to keep fees and taxes from eating up your returns while competently managing risk through all different kinds of diversification. Feel free to ask them "what-if" questions on worst-case scenarios like long-term market depressions and bubbles and poo poo because if they don't have a good answer (a good answer can include "you'll have much more to worry about than money then") then you aren't diversified as much as you should be. Fees can be a percentage, but I've personally found the best financial advisors charge a flat hourly fee instead of a percentage. I mean come on that's like de-facto fiduciary duty right there unless he rolled Chaotic Evil. Random tangent: I (and BFC) personally love Vanguard as they're just a combo of bonds and index funds with super low fees (like 0.17%/yr) since God-King-Messiah Jack Bogle set Vanguard up so the investors completely own the fund. That being said, I personally have money in lower-return vehicles because DIVERSIFICATION. Adiabatic fucked around with this message at 18:00 on Jan 11, 2017 |
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Jan 11, 2017 17:57
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Adiabatic posted:That being said, I personally have vehicles in lower-return vehicles because DIVERSIFICATION. I think diversifying into WJs and E30s is not going to result in much ROI 
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Jan 11, 2017 18:00
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IOwnCalculus posted:I think diversifying into WJs and E30s is not going to result in much ROI CONVERTIBLE AUTOMATIC E30S WILL OUTPERFORM THE INDEX JUST YOU WATCH
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Jan 11, 2017 18:00
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Adiabatic posted:Anti-sensationalism is a great trait for someone handling your money to have. Anyone who comes at you saying "I can outperform the index by X amount" can't back it up by fact. If they can, they got lucky for a short time (a short time in this case is 1 or 2 years) or they're doing something illegal/shady. Warren Buffet bet some awesome hedge fund manager $1MM he couldn't beat the market over something like 5 or 10 years. Dude had to pay Buffet. Also google Monkeys Beating Hedge Fund Managers At The Market. I'm not the smartest guy by a long shot - I'd guess I'm one of the lower IQ people in AI to be honest - but I know if I were to invest anything, it would be on the highly conservative side. I'd rather have a guaranteed small, even tiny, payout, vs "hey I KNOW I can get you 10% back this year alone!" followed by "I lost 25% of your investment, but you still owe me money for losing a bunch of your money". Fiscally, I tend to be very conservative outside of social spending. I'm hoping that within a year I'll be in a financial position to actually worry about investing, instead of playing the "gently caress I have more fires to put out?! Didn't I already pay that bill once or twice this year?! gently caress!" game. My stepdad buys into the "I can outperform EVERYBODY" hook, line, and sinker, and wonders why he's losing $20k+ a year.. that's before all of the software and webinar subscriptions, half of which come with plenty of malware. 
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Jan 11, 2017 18:07
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Goober Peas posted:I am confirming and affirming this advice. Even if it's just one session. I am also having a hard time understanding how it could ever add up to be better for an individual to keep a bigger tax deduction via paying mortgage interest, vs eliminating the interest payment outright.
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Jan 11, 2017 18:12
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kastein posted:There are plenty of excellent textbooks out there that cover this poo poo actually - hell, the one I read when I was 8 and used to help my dad wire the garage* in the mid 90s covered stuff exactly like that. I'll see if I can figure out which one I read. I find that having several "home wiring" books to be useful, since they sometimes explains things differently from each other. I've got a newer Home Depot one, and a couple of older ('60s-'70s. '80s) wiring books for reference, and the internet can be useful. Usually someone will explain of diagram it in a way I find illuminating (heh). BraveUlysses posted:double payments might be going a bit overboard, you might just be better off saving most of that money or starting to contribute more of your pretax wages to a 401k, especially if your employer offers matching contributions and you aren't already taking them. Yeah, maybe split the difference. Having a paid off house can make a lot of other things feasible, but build up a savings safety-net first. Rhyno posted:His father is a cop! His is gonna be a hilarious ride. He absolutely didn't tell his parents that he aimed a gun at the other car but when witnesses started showing up he admitted he had a gun. He still claims he didn't point it at the other car but like every witness that has come forward says he did. Frankly, it doesn't matter where he pointed it. If it looks like a gun, and you're brandishing it, you totally deserve to get a lead enema.  Jumping Jesus Christ on a pogo stick. This poo poo show just keeps on going. I love all the folks still defending their choice of this Cheeto-in-Chief. Rhyno posted:The people I've been talking with locally think he's hosed. Witnesses say he instigated, was brake checking the Cadillac, he was endangering other motorists. Maybe if he was still a minor they could protect him but he's a loving adult now. I'm also told he does have a history of suppressed violations (daddy took care of them) so something it gonna happen to this dipshit. By being "nice" and letting the kid get away with everything without appropriate punishment/consequences, usually.
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Jan 11, 2017 18:16
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angryrobots posted:I am also having a hard time understanding how it could ever add up to be better for an individual to keep a bigger tax deduction via paying mortgage interest, vs eliminating the interest payment outright. But it's not an option to eliminate the interest payment outright. If you have a good rate on your loan there's little reason to do double payments--especially when TT is young and would greatly benefit from investing that same amount of money that would be going to the double payment as a real investment.
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Jan 11, 2017 18:17
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angryrobots posted:I am also having a hard time understanding how it could ever add up to be better for an individual to keep a bigger tax deduction via paying mortgage interest, vs eliminating the interest payment outright. Because the money that would've gone towards paying that could be invested elsewhere to offset the hit you're taking. If you're generating a 4% return through investments versus a net 2% interest payment through tax deductions you're coming out ahead. Where you're partially right is what if your mortgage term is up in 5 years you've got 20 years left on the mortgage and the going interest rate is 12%, you might have been better off just paying down the mortgage over the long term.
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Jan 11, 2017 18:21
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I agree with that, if that's the situation. Definitely need to start saving for retirement asap. (Edit: I thought TT was saying he could pay it in full or pretty quickly.) angryrobots fucked around with this message at 19:05 on Jan 11, 2017 |
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Jan 11, 2017 18:23
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BraveUlysses posted:He drives a stock tan accord? His biggest crime is being named Studebaker and living in Indiana and driving a loving Honda. 
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Jan 11, 2017 18:56
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1500quidporsche posted:Because the money that would've gone towards paying that could be invested elsewhere to offset the hit you're taking. If you're generating a 4% return through investments versus a net 2% interest payment through tax deductions you're coming out ahead. Where you're partially right is what if your mortgage term is up in 5 years you've got 20 years left on the mortgage and the going interest rate is 12%, you might have been better off just paying down the mortgage over the long term. And this is why hiring a CPA and financial advisor that know your state (and preferably city, if not metro) laws is a really good idea. I'm certainly not smart enough to figure out if I should throw all my money at a mortgage, or throw some at it and go with some investments, etc. I'm bad at adulting, and particularly bad at math. I mentioned it before, but my dad has been a CPA since before I was born. He's able to advise me on federal and state stuff, but he has no clue on local stuff, since he's over 600 miles away and has never practiced in DFW. Texas is pretty easy for that too, since we don't have a state income tax - but each city is different, and there's several hundred cities/towns that make up the Dallas/Ft. Worth metro area alone. Whenever I finally buy a house, I'll be asking him if he knows anyone local to me to help me with everything. He and I both know he doesn't know region-specific stuff, and to be honest, it's highly unlikely I'll even be in Texas when I do buy. Even if I do live in DFW or Austin when I finally buy, my hometown (El Paso - where my dad lives, and has always practiced) is an arid desert climate, whereas I'm at the rear end in a top hat end of tornado alley (in a subtropical climate), so insurance requirements and suggestions are so different that we may as well be in different countries.
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Jan 11, 2017 19:01
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Yu-Gi-Ho! posted:I'm not the smartest guy by a long shot - I'd guess I'm one of the lower IQ Okay this right here, you shut the hell up. You're one of the smartest people on this forum, you just make a few bad decisions from time to time. I'm serious, I'm visiting DFW this summer and I will punch you in the face. Stupid kid chat: his parents have decided to sue the news station for slander over the mention of the airsoft gun. They're really doubling down on the little angel thing. And then someone just stepped forward and claimed he pulled it on them at a car show in August. poo poo show continues.
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Jan 11, 2017 19:39
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angryrobots posted:I agree with that, if that's the situation. Definitely need to start saving for retirement asap. He is. But if his tax bracket is somewhere around 25% his 3.25% mortgage is costing him a little less than 2.5% per year. If he took the money he would use to pay off the mortgage and instead invested it, any net returns over 2.5% is cash in his hand. Figure normalizing over a 30 year mortgage, index funds will shell out an average of 4-7% over 30 years. That doesnt sound like much but 1.5% (4%-2.5%) on 200k is $3,000 in the first year.
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Jan 11, 2017 19:43
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Its also important to note that mortgages are amortized, so youre front-loaded on interest in the beginning. Most of your payment is interest in the beginning while most of it is principal in the end. If he paid it off now hed effectively have paid a much higher interest rate. This is also why you have to carefully consider what you've already paid before you refinance to a lower interest rate. You could be paying more in the long run. Edit: Sally borrows 200k at 3.25% for 30 years. Her first year she pays $4,004.25 towards principle and pays a total of $6,971.52 in interest because lol amortization. She gets $1,742.88 back because of the mortgage interest tax deduction, so if she decided gently caress it im gonna pay off the remaining $195,995.75 that means she just paid $9,232.89 on $4,004.25 over the course of a year. She effectively took out a 1 year loan for $4k at 130% APR. Adiabatic fucked around with this message at 20:02 on Jan 11, 2017 |
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Jan 11, 2017 19:47
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Rhyno posted:poo poo show continues. I hate the fact that this is going to take months to resolve because this is loving hilarious.
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Jan 11, 2017 19:55
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I was planning on extra mortgage payments but it ended up not making sense for my situation. With a $100k 15 year loan at 2.875% I might as well spend that extra money on pretty much anything else.
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Jan 11, 2017 19:56
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I don't know the rules in the US but up here any sort of double payment is principal only. I don't necessarily disagree with your thinking but you also have to assume that mortgage rates aren't going to remain at 3% either and that has to factor into your decision, but everybody ignores that side of the equation. I'm already thinking/budgeting on the idea we're going to be seeing a 4-5% interest rate two or three years from now, but with Trump it's anybody's guess what the hell happens.
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Jan 11, 2017 20:04
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1500quidporsche posted:I don't know the rules in the US but up here any sort of double payment is principal only. my dad just refinanced yesterday to go from 8.25 to 4.25, so if the rates have climbed by 1% since i got my mortgage in September, i can only imagine what it's going to look like in a year also yes any extra payment i pay, at least on my mortgage, goes straight to the principal
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Jan 11, 2017 20:06
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1500quidporsche posted:I don't know the rules in the US but up here any sort of double payment is principal only. Right Sally would be paying only principle on the remaining $196k as a one time overpayment, but that would have effectively meant $4k 1 year loan at 130% interest. See my edit above.
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Jan 11, 2017 20:08
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funny Star Wars parody posted:my dad just refinanced yesterday to go from 8.25 to 4.25, so if the rates have climbed by 1% since i got my mortgage in September, i can only imagine what it's going to look like in a year Strictly talking total money spent, 8.25 to 4.25 was most likely a good call, depending on how far he was into his mortgage. However I implore people to use an amortization calculator to see exactly how much interest theyve paid already. The longer youre in a mortgage the less sense it makes to refinance.
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Jan 11, 2017 20:10
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So I made a stink about how my mom got treated at this place on their Facebook page. The owner of the place just reached out to me on Facebook. There's a small chance this could get interesting. Rhyno posted:Okay this right here, you shut the hell up. You're one of the smartest people on this forum, you just make a few bad decisions from time to time. I'm serious, I'm visiting DFW this summer and I will punch you in the face. We have people with masters degrees (and higher) in here, while I don't have anything beyond a HS diploma and a couple of CE certificates. I have enough college credit hours for a bachelor's, if I could make up my own degree. But it'd be cool to meet up. Just don't knock out any of my remaining teeth unless I can knock some of yours out too.
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Jan 11, 2017 20:13
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But what if I don't itemize my deductions because the standard deduction is higher? Not everyone pays enough interest on their mortgage to make it worthwhile.
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Jan 11, 2017 20:15
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i think it can be undisputed fact that the dumbest people itt are either me or fridgecorn
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Jan 11, 2017 20:16
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Adiabatic posted:However I implore people to use an amortization calculator to see exactly how much interest theyve paid already. The longer youre in a mortgage the less sense it makes to refinance. Hard to make a sweeping argument like that, too many variables -- original/current interest rate, amount of principle, original length of original mortgage, time left on original mortgage, length of new mortgage, etc. I closed on a refi on October 31, 15 years at 2.875%. Down a point from our previous refi, with the negotiated costs, it'll take us less than a year to pay the costs and from then on, it's saved money. The next week, for some weird reason, interest rates shot up, so I think we got the lowest rate we'll see for a long time.
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Jan 11, 2017 20:17
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EVERYWHERE 
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IOwnCalculus posted:I'm happy with the Discount Tire Pathfinder S AT (which is a Kumho Road Venture SAT KL61 without Kumho's branding) on my WJ. They're not any noticeably worse on the highway than the very much street-oriented tires that were on it when I bought it, but definitely better off-road and even in the wet. I'm going to have to look these up. Thanks! stump posted:We had two sets of Hankook Dyanapro ATM's on our euro/ROW ranger and I was really impressed. They are an off road tyre but I was pretty impressed with them on road, cruised at 85+ happily (the rest of the truck wasn't happy past that!), handled well on twistier roads. Good in snow, mud, and loose rocky ground too. Cost about £75 a corner in the UK, would def buy again if I had had another 4x4. Not that it is an issue for you, but we got 35,000 miles out of our first set. These as well, if they're available here in the US.
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Jan 11, 2017 20:20
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I'm pretty sure those Hankooks are available since I think Discount is doing the same deal with that exact tire as another Pathfinder-branded tire.
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Jan 11, 2017 20:24
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Adiabatic posted:Right Sally would be paying only principle on the remaining $196k as a one time overpayment, but that would have effectively meant $4k 1 year loan at 130% interest. See my edit above. She took out a one year loan at $200k and paid the interest rate for that $200k for one year. That's not 130% interest. Edit: Adiabatic posted:Its also important to note that mortgages are amortized, so youre front-loaded on interest in the beginning. Most of your payment is interest in the beginning while most of it is principal in the end. If he paid it off now hed effectively have paid a much higher interest rate. This is also why you have to carefully consider what you've already paid before you refinance to a lower interest rate. You could be paying more in the long run. Interest isn't front loaded in a mortgage, amortization is just a payment schedule so you pay it off in X years. You're still paying the same interest rate in the final year of your mortgage, is just that the amount remaining is so small it's insignificant in relation to what you're paying. F1DriverQuidenBerg fucked around with this message at 20:38 on Jan 11, 2017 |
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Jan 11, 2017 20:25
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funny Star Wars parody posted:i think it can be undisputed fact that the dumbest people itt are either me or fridgecorn Yes but your doggo is awesome so it balances
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Jan 11, 2017 20:27
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IOwnCalculus posted:I hate the fact that this is going to take months to resolve because this is loving hilarious.  I wish I could get hourly updates on this.
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Jan 11, 2017 20:28
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Rhyno posted:Okay this right here, you shut the hell up. You're one of the smartest people on this forum, you just make a few bad decisions from time to time. I'm serious, I'm visiting DFW this summer and I will punch you in the face. Lol. Smart thing for the kid now is to find whoever he brandished the airsoft pistol at and say he won't press charges if they don't. Because he sounds exactly like the little shithead that won't because his parents have told him what a perfect little angel he is. And thinks he can't be touched because his daddys a cop.
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Jan 11, 2017 20:31
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Seminal Flu posted:Hard to make a sweeping argument like that, too many variables -- original/current interest rate, amount of principle, original length of original mortgage, time left on original mortgage, length of new mortgage, etc. You can do it relatively easily with two amortization calculators open. Take the amount of principle left after X months and use that for the principle on the new interest rate. Total interest paid up to that point + total interest paid at the new interest rate on the new principle + refinance fees needs to be less than total interest paid on the entire amount at the old interest rate. I just did it for 8.25 to 4.25 and the break even point is 174 months, or 14.5 years. Any longer and you'll be paying, strictly speaking in terms of total interest paid.
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Jan 11, 2017 20:36
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1500quidporsche posted:She took out a one year loan at $200k and paid the interest rate for that $200k for one year. That's not 130% interest. Edit: I see what youre saying now and didnt mean to be curt in my response to it. My bad! What I mean to say is if Sally has $196k chillin and decides to take out a $200k loan and then one year later decides to pay it off with the $196k she still has, in total interest paid she comes out the same as taking a $4k loan out at 130% interest. Adiabatic fucked around with this message at 21:05 on Jan 11, 2017 |
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Jan 11, 2017 20:37
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rdb posted:But what if I don't itemize my deductions because the standard deduction is higher? Not everyone pays enough interest on their mortgage to make it worthwhile. Yeah that's also an issue and why you should look into a CPA and why I brought up alternative minimum tax and also why Im saying "generally" a lot.
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Jan 11, 2017 20:39
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