Words don't seem enough. In the Jewish tradition a person dies twice: the first is the physical death of the body; the second is when the person is no longer remembered. I'm confident that Jonathan's second death will be generations away. RIP.
It seems that I had to provide a net worth statement to a lender once many years ago. Younger folks should keep an eye on their NW to make sure it is growing as they go along. My own NW now is tracked as a matter of amusement.
How much umbrella insurance to get? I look at the total exposure (within reason). If I have a $5 million net worth and $3 million of that is in IRAs then I consider what state I live in. My state protects all IRAs from creditors so my real exposure is only $2 million and that would be my umbrella amount. (I made up those numbers :) Lawyers don't like going after physical assets, so primary houses / property are pretty safe and can be excluded from the above ponderings, though I wouldn't. It is amazing the dismal IRA protections provided by some states, eg. California & Wyoming, so be sure to check out your state.
I had a friend in the 1970s who worked in the bond department of a major Wall Street firm. He dealt all day in $200 million sums. He couldn't balance his checkbook; his wife did it. As an aside, his salary at the time was $22k/yr for 10-hour days and two weeks vacation. But his bonus each year was $3-5 million so he retired okay. Another friend owned a small company where his salary was $1 million per year. He never saved a cent and died (by suicide) penniless and facing a return to prison for fraud. The tangled webs, eh?
Comments
Words don't seem enough. In the Jewish tradition a person dies twice: the first is the physical death of the body; the second is when the person is no longer remembered. I'm confident that Jonathan's second death will be generations away. RIP.
Post: Farewell Friends
Link to comment from September 23, 2025
Don't pay attention to Mr Bengen's Rule. SS + RMDs cover everything. Large slush fund for backup.
Post: Are you actually using the 4% rule?
Link to comment from September 17, 2025
I plead ignorance. What does "dander" mean in your usage?
Post: The Long Dander Home: Being Close to Your Crew
Link to comment from September 15, 2025
It seems that I had to provide a net worth statement to a lender once many years ago. Younger folks should keep an eye on their NW to make sure it is growing as they go along. My own NW now is tracked as a matter of amusement.
Post: The Financial Metric I Refuse to Calculate
Link to comment from September 14, 2025
How much umbrella insurance to get? I look at the total exposure (within reason). If I have a $5 million net worth and $3 million of that is in IRAs then I consider what state I live in. My state protects all IRAs from creditors so my real exposure is only $2 million and that would be my umbrella amount. (I made up those numbers :) Lawyers don't like going after physical assets, so primary houses / property are pretty safe and can be excluded from the above ponderings, though I wouldn't. It is amazing the dismal IRA protections provided by some states, eg. California & Wyoming, so be sure to check out your state.
Post: Navigating the Unknowns of Financial Decisions
Link to comment from September 13, 2025
Just the financials. Cheaper for him on MA now.
Post: Helping a Sibling with Health Insurance Costs?
Link to comment from September 9, 2025
Leave him on the MA plan unless he hates it for some reason.
Post: Helping a Sibling with Health Insurance Costs?
Link to comment from September 8, 2025
It's Roth IRA. Roth was a person.
Post: How Much to Save to Retire?
Link to comment from September 7, 2025
For those interested in what those early FAX (Qwip) machines looked like and how they operate, see the movie Bullit, near to the end.
Post: My thoughts on technology- can’t get enough
Link to comment from August 29, 2025
I had a friend in the 1970s who worked in the bond department of a major Wall Street firm. He dealt all day in $200 million sums. He couldn't balance his checkbook; his wife did it. As an aside, his salary at the time was $22k/yr for 10-hour days and two weeks vacation. But his bonus each year was $3-5 million so he retired okay. Another friend owned a small company where his salary was $1 million per year. He never saved a cent and died (by suicide) penniless and facing a return to prison for fraud. The tangled webs, eh?
Post: Still a Wild Child: When Spending Habits Never Grow Up
Link to comment from August 29, 2025