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  • Craigy Craigy 
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    Splash Refinancing Bonus

    Yeah this feels like a lot of money right now, but compared to what you should make during your career (hopefully), it’s peanuts.

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    in reply to: First Post… What would you do with 5k? #241067 Reply
    Liked by Lordosis, bosdent
    Craigy Craigy 
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    Most attorneys don’t just lock their doors and put up a “gone fishin’ ” sign.  I think having someone you trust set the stage for estate planning is a good idea.  In the next 5 years or so, you will be able to vet his partners or associates or find another attorney you trust.  Unless you have some unusual assets, your estate is going to be really small at this point.  If you have kids you want to set up a plan to help them and make sure they have a guardian if something happens.  You want to make sure your life insurance is enough and the beneficiaries are correct.  You also want a living will/medical power of attorney.  After that you need the 30-40 years to make it super complicated to manage all your wealth that will be generated from all the advice provided at the White Coat Investor!

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    It happens pretty frequently.  Not so much locking up their doors, more like one day, firm is closed because dead.

    In theory we’re supposed to have succession plans in place but there’s not a lot of penalties the bar association can assert against a dead guy.  Here it can be a pretty big problem too since most attorneys usually retain custody of the original testaments, and the clients themselves end up having to fight to get their documents back (or recover them at all).

    I’d guestimate there’s a non-negligible chance of your attorney biting the big one anytime mid 50s on.  All that stress, depression, alcoholism, divorces, really takes its toll.  😆  If you’re going to see an attorney in his 70s, yeah this becomes a big concern.

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    Craigy Craigy 
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    If you had two good attorneys charging a similar price, it might not be a bad idea to pick the one that was with a larger firm vs an older single-attorney practice.  But personally I wouldn’t be too concerned.  Especially if you know the old guy comes highly recommended, is reasonably priced, and the alternative is opening a phone book and starting your attorney search from scratch.

    However I recently had one client who came to me instead of their previous attorney, citing that he was concerned with their other attorney (a good, competent guy from my understanding) being older and unlikely to continue to serve them in the future.  It could have been other reasons, but I doubt we were much cheaper.

    It’s not an invalid concern.  Is he the only attorney at his firm?  If so, as a couple others mentioned above, ask him about his business succession plans.

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    Craigy Craigy 
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    Not much to add, but I have been offered 3.875% on a single-close construction-to-permanent 30 year fixed, with 20%+ down.

    I would imagine you should be able to get low 3s for a regular refinance 30 year, with at least 20% equity or a physician product.  15 year should be near 3.000 wihtout points, I suspect will be sub-3 soon without points.

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    in reply to: Mortgage Refinance rates – Whats the best out there?! #240142 Reply
    Craigy Craigy 
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    We have a POS plan which only provides in-state coverage.

    It was explained to us during the annual meeting (2 years now) that if we get sick on a trip, we would need to travel back to the state to have coverage.

    We appear to have an unlimited out-of-pocket maximum.

    I won’t pretend to be an expert on health coverage, but the plans are getting worse and worse.  In my particular instance my employer is choosing the cheapest plan possible, or perhaps one of the cheapest plans possible offered by their broker.

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    in reply to: HSA seems like a bad idea – for emergencies #240120 Reply
    Liked by AZPT
    Craigy Craigy 
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    Wealth tax is not going to start at 50 million, no way. 1/10th of that if not less.

    In reality will only hurt people who worked for their money as the others will structure their assets in a way to avoid the tax, like everything else

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    Regardless if it started at $50M, it will soon find its way down to those with less.  Even unadjusted, eventually inflation takes its toll.

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    Craigy Craigy 
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    It’s fairly difficult for many to work the hours and put in the effort and have little to ‘show’ for it.  A big bank balance makes many happy, but to some it is just a number.

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    in reply to: Non financial challenges of FIRE #239883 Reply
    Liked by q-school, Lordosis
    Craigy Craigy 
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    Only regret would be if we get a warren-type wealth tax and you wished you had enjoyed your savings instead of handing it over to the feds. 

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    nytimes: “the proposal is to tax a family’s wealth above $50 million at 2 percent a year, with an additional surcharge of 1 percent on wealth over $1 billion.”

     

    really?

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    you can’t even imagine how much money and time is spent misinforming people about what these policies actually are.

    actually you probably can.

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    If I was worth 50M or better yet 1B and a policy like that was enacted I would be moving to a more tax friendly country.  That would be madness.  Catch me if you can!

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    Definitely worth springing for the $10M monaco 1 bedroom apartment.  At $100M of wealth, it would pay for itself in 5 years.

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    Craigy Craigy 
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    Simplify lifestyle.  Save more, spend less.  Avoid large, long-term liabilities.  Pay down debt aggressively.  So…  I guess I wouldn’t do anything different.  Just toggle the switch toward as extreme as you want to be.

    If I thought there would be complete socialized medicine in 2020, I’d be working double time, eating PBJs, and livin’ in a van down by the river.

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    I would recommend saving as much as you can. You won’t regret it.

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    Yeah what these two guys said.  When you have wealth you have the freedom to not have to worry about your next paycheck.

    Only regret would be if we get a warren-type wealth tax and you wished you had enjoyed your savings instead of handing it over to the feds.  Slim chance but it’s a theoretical possibility.

    IMO there’s a good possibility that socialized healthcare could make medical professionals even wealthier, at least in the short term.  Though it would likely mean more work with less pay in the long term.  There will be those that are able to play the game better than others, same as today.

    As others said, in all likelihood, it’s not going to happen overnight, and you’ll have time to prepare.  Good news, the preparation is the same as preparing for early retirement.

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    Craigy Craigy 
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    Regardless of who is in control of the government, you won’t wake up to socialized healthcare. Continue to meet your current financial goals and you’ll be in good shape.

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    Idk, my boi Dr. Z got home one day…

    https://www.youtube.com/watch?v=mq__Z-Z_Ofs

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    Craigy Craigy 
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    $200k gift for a 2nd year D.O. student?

    Easy, pay off those first two years of D.O. school, about $100k/year these days, right?  😉

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    Craigy Craigy 
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    The negative yield bond is in essence paying a premium to have someone guaranty you a future payment.  The quips in the articles are true, business school didn’t teach you this in your economics classes.

    Institutional investors buy negative-yield bonds often because they are required to, typically under their own charter, by law, or by other third-party agreements such as lending or pension agreements, etc.

    There are large entities and individual investors choosing to hold physical cash in this environment.  This isn’t free, and carries its own set of inherent risks.

    Holding wealth in general is a risky proposition.  You have something to lose.  There is a cost to securing your assets and preventing loss.

     

     

     

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    in reply to: Negative bond yield? #239320 Reply
    Liked by Zaphod
    Craigy Craigy 
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    I believe it’s called an “incidental disclosure.”

    The chart on the door could be a violation.  You could argue that the whole concept of a patient waiting room breaches the patient’s confidentiality.  But how far does that extend.  What about the parking lot, etc.

    Regardless, you should consult a qualified attorney in your area.  🙂

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    in reply to: HIPAA Nonsense #239318 Reply
    Craigy Craigy 
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    Been cashing out myself over the past weeks.  I think I liquidated over $100k so far.  Plan another $200k shortly but most of what’s left is money market. 😎 😎 😎

    I’d love to say it’s timing, but we need the cash to buy a lot.  😀

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    in reply to: HUGE sell off today! #239220 Reply
    Liked by Tangler
    Craigy Craigy 
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    I would keep shopping rates.

    Unless you have a need to keep $60k stashed, like Andrew said above, it’s costing you about $3,900 a year to keep that parked.  Less if they pay you interest on it.

    How much cash do you have saved?  I would be awful tempted to just write a check to your highest rate loan right now, go down to a minimum of cash on hand of whatever you’re comfortable with.

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