ostrichtacossaturn7593

Comments:

• The easiest way to cheat people is a small amount of money multiplied by a lot of transactions. So I’d challenge any price tag vs register discrepancy of more than about 10%, and above $.25 or so, on principle — assuming I wasn’t otherwise pressed for time. Home Depot got caught doing this recently by the California Attorney General: https://www.nbcnews.com/news/amp/rcna171574

  Post: Getting Rolled by Jonathan Clements

  Link to comment from September 21, 2024

• Thanks for the suggestion!

  Post: Medigap pricing question

  Link to comment from September 8, 2024

• Costco told us if our annual rebate provided by the more costly Executive membership did not exceed the additional fee for the Executive membership, they would refund the difference and allow us to downgrade our membership to the lower amount. So far, our annual rebate has not only paid for the marginal cost of the Executive membership over Basic, (like Nuke Ken) it always exceeded the total cost of the Executive membership.

  Post: Best/worst deals at Costco

  Link to comment from July 15, 2024

• Please keep writing for HD, Andy. We need more of what you personally learned from Bogle through your quantitative and qualitative CFA/CFP perspective.

  Post: The Apprentice

  Link to comment from June 29, 2024

• What international cell phone plan did you choose? We’ll be in Spain and Portugal in July and will need a way to take and receive calls from the U.S.

  Post: Our Nomadic Life

  Link to comment from June 5, 2024

• I used Jonathan’s query, and then asked Copilot to “Rewrite this in the personal writing style of Jonathan Clements and other blogs written for www.HumbleDollar.com.” Here’s CoPilot’s response, which I found to reflect much of Jonathan’s wit, and folksy and engaging writing style. What are your impressions on this version compared to Jonathan? (First and last paragraphs are CoPilot’s commentary, not mine.) Drawing from the insights into Jonathan Clements’ writing style and the tone of HumbleDollar.com, here’s a revised version of the article in a style that mirrors his personal and anecdotal approach: A Bitter Pill: My Medicare Advantage Disenchantment I’ve always been a fan of simplicity. That’s why, when Medicare Advantage came knocking with its promise of a one-stop-shop for health care, I was all ears. The brochures were slick, the benefits sounded comprehensive, and the idea of having dental and vision thrown into the mix was appealing. It felt like a smart financial move, a way to streamline my golden years. But as I soon discovered, simplicity is often just a mirage in the complex desert of health care. It wasn’t until a denied claim here and an out-of-network charge there that the sheen of Medicare Advantage began to tarnish. The reality of network restrictions and unexpected costs hit me like a ton of bricks. I found myself on the hook for a hefty sum for what I thought were routine procedures covered by my plan. It was a classic case of “read the fine print,” but who really does that until it’s too late? Disenchanted, I looked to traditional Medicare for solace. Its broad acceptance and the freedom to choose my providers were like a beacon of hope. But then I encountered the world of Medigap policies. These supplemental plans, which cover what Medicare doesn’t, were my ticket to financial security—or so I thought. The catch? I was past the golden window of opportunity to enroll without penalty, and my health conditions now put me at the mercy of insurers’ scrutiny. I found myself caught between a rock and a hard place. On one hand, the familiarity and wider coverage of traditional Medicare beckoned. On the other, the potential financial exposure without a Medigap policy loomed large. It was a financial puzzle that I hadn’t anticipated, and it left me feeling more vulnerable than ever. In the end, I remained with Medicare Advantage, wiser and more cautious. The experience taught me that health care decisions are not just about the numbers; they’re about understanding the nuances and preparing for the unexpected. It’s a lesson I’ve taken to heart, and one I share in the hope that others can navigate these waters with greater ease. As I reflect on this journey, I can’t help but think about the broader implications for our health care system. We’re often sold on simplicity and convenience, but at what cost? How many others are out there, struggling to make sense of their coverage and fearing the financial repercussions of a system that’s anything but straightforward? It’s a conversation worth having, and it’s one that I’ll continue to engage in, both as a beneficiary and as a voice for those who find themselves lost in the labyrinth of Medicare. After all, isn’t that what HumbleDollar is all about? Sharing our stories, learning from each other, and finding our way—together. This rendition aims to capture the essence of Clements’ style, focusing on personal experience and the lessons learned, while also inviting readers to ponder the larger questions raised by those experiences.

  Post: No Advantage for Me

  Link to comment from May 26, 2024

• Look what I got by adding this to the beginning of Jonathan’s search terms: “In the style of Jonathan Clements and using HumbleDollar writing guidelines, write an 800-word article about the time I got stuck in an elevator with Jack Bogle and the investment lessons I learned.” Although the title is too long to meet HumbleDollar guidelines, those additional instructions seemed to “personalize” the resulting content a bit more. Truly remarkable! Here’s what ChatGPT gave me (# and ## means a bolded title and subtitle, respectively): # Stuck with Jack Bogle: Elevator Lessons in Investment Wisdom In the vast and varied world of investing, one rarely expects to receive life-changing advice in the confines of an elevator. Yet, there I was, stuck between floors with none other than Jack Bogle, the legendary founder of Vanguard Group and the pioneer of index fund investing. What began as an ordinary day turned into an extraordinary learning experience, offering insights that would shape my financial journey forever. ## The Unexpected Meeting It was a brisk autumn morning, and I had just attended a financial conference where Jack Bogle was the keynote speaker. Energized by his talk, I stepped into the elevator, lost in thoughts of index funds and market efficiency. As the doors were closing, a hand reached out to stop them, and in walked Jack Bogle himself. My initial surprise quickly turned into awe as I realized I had a few precious minutes with the man who revolutionized investing for the average person. The elevator jerked and came to a sudden halt. We were stuck. After a moment of awkward silence, I mustered the courage to speak. "Mr. Bogle, your speech was inspiring. Do you have any advice for a young investor?" His eyes twinkled with a mix of amusement and wisdom. "Well, it seems the market has given us a captive audience. Let's make the most of it." ## Lesson 1: The Power of Simplicity Bogle began by emphasizing the importance of simplicity in investing. "Investing doesn’t have to be complicated," he said. "In fact, the simpler your approach, the better your chances of success. Most investors are better off sticking with low-cost index funds." He explained that many investors fall into the trap of believing that complexity equates to sophistication. They chase hot stocks, time the market, and buy into high-fee mutual funds, only to find that their returns are diminished by costs and poor timing. "Remember, it's not what you make, it's what you keep after costs and taxes," he added. ## Lesson 2: The Magic of Compounding As the minutes ticked by, Bogle shared his thoughts on the power of compounding. "Compounding is the eighth wonder of the world," he said, echoing Einstein's famous quote. "The earlier you start investing, the more time your money has to grow. Even small, regular contributions can grow significantly over time." He illustrated this with a simple example: Investing $1,000 a year at an 8% return from age 25 to 65 would result in a nest egg of over $300,000. "Time is your friend," he said. "The longer you stay invested, the more you benefit from the exponential growth of your investments." ## Lesson 3: The Folly of Market Timing Bogle then turned to the pitfalls of market timing. "Trying to time the market is a fool's errand," he declared. "Even the experts get it wrong. The market's movements are unpredictable, and missing just a few of the best days can drastically reduce your returns." He cited studies showing that those who stayed invested through market ups and downs generally fared better than those who tried to jump in and out. "Stay the course," he advised. "Set a long-term plan and stick with it, regardless of market fluctuations." ## Lesson 4: The Value of Diversification As the elevator repair crew worked to free us, Bogle spoke about diversification. "Diversification is the only free lunch in investing," he said with a smile. "By spreading your investments across a wide range of assets, you reduce risk without sacrificing return." He recommended a diversified portfolio that includes a mix of stocks, bonds, and international assets. "Index funds are an excellent way to achieve diversification because they provide broad market exposure at a low cost," he noted. ## Lesson 5: Focus on What You Can Control Finally, Bogle stressed the importance of focusing on what you can control. "You can't control the markets," he said, "but you can control your costs, your asset allocation, and your behavior." He urged me to keep investment costs low by choosing low-fee index funds and to maintain a disciplined approach to investing. "Emotional decisions are often costly," he warned. "Stick to your plan, rebalance your portfolio as needed, and don't let short-term market movements derail your long-term goals." ## The Doors Open Just as Bogle finished his last point, the elevator doors opened. Our impromptu meeting had come to an end, but the lessons I learned stayed with me. As we stepped out, he gave me a firm handshake and said, "Remember, investing is a marathon, not a sprint. Patience and discipline are your greatest allies." Reflecting on that day, I realized that those 20 minutes in the elevator provided more value than years of study and research. Jack Bogle's wisdom distilled the essence of successful investing into clear, actionable principles. His emphasis on simplicity, the power of compounding, the folly of market timing, the importance of diversification, and the need to focus on controllable factors became the foundation of my investment philosophy. As I continue my financial journey, I often think back to that serendipitous encounter and the timeless advice I received. And whenever I step into an elevator, I can’t help but smile, wondering if it might stop just long enough to offer another unexpected lesson.

  Post: The Lift I Needed

  Link to comment from May 25, 2024

• One of the main lifetime mistakes I’ve made over the last 40 years is choosing to make tax-deductible retirement account contributions (using IRAs, SEP-IRAs, SIMPLE IRAs, 403b, and more recently Solo 401(k) accounts) instead of Roth contributions to either a Roth IRA or now a Roth 401(k), particularly in my earlier and lower income/lower marginal tax bracket years. Roths became available in 1998, so perhaps I only wasted ~26.5 years of those 40. My advice to my kids is “contribute to a Roth account whenever your marginal tax bracket is less than 24%.” I have no idea if that is technically accurate or not, but that rule would have certainly saved us some big upcoming tax bills when RMDs start for me in 2035.

  Post: Paying to Avoid Pain

  Link to comment from May 11, 2024

• Valuable lessons here. Kudos to you for applying your income tax knowledge to help seniors. Sounds like this particular one could have afforded a CPA who may have been able to be a bit more aggressive than your sponsoring organization likely allows. Does your nonprofit organization encourage its volunteer preparers to make referrals to CPAs in the more complex situations that arise with a person able to pay a tax preparer?

  Post: Fact Finding

  Link to comment from May 7, 2024

• Family is my best opportunity for accomplishing some lasting good in the world as well.

  Post: The Retiree’s Dilemma

  Link to comment from April 23, 2024