How Much is Too Much
5 replies
AUTHOR: DAN SMITH on 6/27/2024
FIRST: Jonathan Clements on 6/28 | RECENT: Ed Wong on 6/29
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Comments:
Great analogy William
Post: A Painful Confession
Link to comment from June 28, 2024
The day after my mom died she received a big bag of prescription drugs. My sister-in-law said I didn't have to send them back because they didn't cost anything. I hate when I hear comments like that. I sent them back.
Post: “Free” you say. I’m thinking maybe that’s not accurate.
Link to comment from June 27, 2024
Clients of mine lost their business and were struggling to avoid bankruptcy. They also had a couple 140 pound dogs. Those dogs must have cost them a fortune to feed and care for, but people love their pets. I hope that Sally's pup stays healthy so Sally doesn't need to get the CC back out.
Post: Digging Out
Link to comment from June 27, 2024
Owning rentals is not for sissies. I dabbled in my 20s with a 4 family and a house. I had no experience with rentals and made dumb mistakes. I sold them after just a few years. Had I been patient they would have provided some decent income today. I found it difficult to work full time at one occupation while being a part time landlord.
Post: Brooklyn Bungle
Link to comment from June 27, 2024
Mark, this truly drives home the "small world" concept.
Post: After All These Years
Link to comment from June 26, 2024
My folks set a great example for me with their deliberate approach to saving and spending. Having a bountiful retirement usually requires some forethought. During the final 10 or so years prior to calling it quits Chris and I had no debt and were able to save about a third of our income. Now between SS and a 3% withdrawal rate we have nearly matched our pre-retirement income. Now with no need to save any longer we are feeling pretty good about our finances. Of course old habits die hard; nearly all of the 3% IRA distribution is going into the brokerage a count.
Post: Not That Person
Link to comment from June 26, 2024
To quote Rick, 1 million generates 60k from an annuity, so about 6 %. That's more then you can safely draw from your IRA, and you can get a return of unused premium if you die to soon. Also, those options don't cost too much. Just don't spend all your money on the annuity. However, you do say that you have covered all of your basic expenses, so in that case I would agree that you don't need the annuity. One can always be purchased in the future if needed.
Post: Is an automatic income stream in retirement unrealistic?
Link to comment from June 25, 2024
There are statistics I've seen that say people using a financial planner have more money than those who don't. IMO it's for the same reason some use a tax preparer even when their taxes are simple; it's because they are terrified of things they don't understand. Many won't save without someone pushing them to do the right thing. So for those folks I think 1% is fair up to a point, but fees should shrink as assets increase. An hourly advisor is great but someone with little or no money to manage isn't going to put out several hundred dollars or more for the advice. You have to be mindful of the fact that most people aren't money nerds like we HD'ers.
Post: Is a good financial advisor worth 1% of assets per year?
Link to comment from June 25, 2024
I knew GM, via Onstar I presume, was collecting mileage and service data but I've given no thought to the issues you detail here. This is truly disturbing Sonja. Thanks for sharing.
Post: We Drive, They Spy
Link to comment from June 25, 2024
My high school sweetheart couldn't wait to get out of town, She has had a wonderful and fulfilling life. She has a daughter in Spain and a son in Australia and uses them as an excuse to see the world.
Post: After All These Years
Link to comment from June 25, 2024