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05_20_97_ QFN & Money Talks II
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2014-12-23
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OnlineHost:
OnlineHost: *** You are in "MoneyWhiz I". ***
OnlineHost:
Panfam6: 8.25%
BOZOGUY: gets an "imaginary" benefit of $1,400
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BOZOGUY: They forget that the first $6,700 of deductions are FREE.
AuntieSpen: HI PAN: HOW DID YOU KNOW SO QUICKLY AND ACCURATELY?
Panfam6: i'm going through the process now
AuntieSpen: DID YOU SHOP AROUND?
Panfam6: yes
AuntieSpen: GOOD FOR YOU...IT'S TIME CONSUMING BUT WORTH IT
TomLWoods: 8.25 for Home Equity? Sounds low. Are you sure 8.25 is the 30yr
fixed rate?
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Panfam6: only fixed for 30 mos
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BULKS: YOU CAN SHOP FOR LOW HOME EQUITY RATES WITH BANK RATE MONITOR ON QFN.
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AuntieSpen: ALSO, THE FED DID NOT RAISE RATES AT ITS MEETING TODAY.
TTRoberts: I agree with Pam, 8.25 is about right . . . maybe even lower if
you REALY shop hard.
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BOZOGUY: God Bless Alan Greenspan!
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AuntieSpen: TT: WHAT STATE DO YOU LIVE IN OR CITY?
Panfam6: how long do you think they will remain low
TTRoberts: Near San Jose, CA
EBBIS: Is the interest on a home equity line of credit deductible? Did I say
that right?
AuntieSpen: PAN: IT'S HARD TO ACCURATELY PREDICT, BUT MY GUESS IS THEY WILL
RISE ONCE AT LEAST
AuntieSpen: BEFORE THE END OF THE YEAR; ECONOMY IS SO HEALTHY; INFLATION
COULD RETURN
AuntieSpen: BUT THAT'S REALL A GUESS
Panfam6: oh
TTRoberts: With people in so much debt, how can they generate inflation?
BOZOGUY: Because our generation has spent more than any in history......and
won't stop
BOZOGUY: And because prices are 'inflexible' downward.
AuntieSpen: EBBIS: YES, IT IS.
JVPFC: hi room whats the subject?
TTRoberts: Boz, I think they've pretty much reached their credit limit
BULKS: THE SUBJECT STARTED AS DEBT MANAGEMENT.
BOZOGUY: LOL.......a sad thought, TT
AuntieSpen: JVPC: DEBT, BUDGETS, LOANS, CREDIT CARDS
TTRoberts: Boz, I KNOW . . . :-)
JVPFC: i manage a finance company-love the subject
BOZOGUY: AuntieSpen, do you recommend that people live on a budget??
AuntieSpen: YES, BUT NOT ONE THAT'S SO DETAILED IT DRIVES YOU CRAZY AND YOU
GIVE IT UP
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TTRoberts: I agree, Antie
BOZOGUY: Like a "financial" diet!
Panfam6: is it wise to pay off credit card debt with home equity?
AuntieSpen: I BELIEVE IN TRACKING MONEY...BUT NOT NECESSARILY PENNIES
BOZOGUY: Panfam.........not usually
TTRoberts: budgets are good for a guildline . . .
BULKS: QUICKEN MAKES TRACKING AGAINST A BUDGET EASY, ESPECIALLY WITH ONLINE
BANKING.
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Panfam6: why
BOZOGUY: TT......I agree wholeheartedly
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AuntieSpen: AUNTIE SPENDER ALSO COVERS BUDGETS AND ALSO HOW TO TREAT YOURSELF
BOZOGUY: Panfam.....because that doesn't address the real problems.
AuntieSpen: NOW AND THEN FOR BEING GOOD AT: WWW.TALKS.COM
Panfam6: if the credit cards eliminated?
BOZOGUY: yep
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TTRoberts: Auntie, one of the first things I address as a financial planner
is "changing habits" becaus
TTRoberts: a budget doesn't work unless that is done first.
AuntieSpen: TT: ABSOLUTELY; YOU HAVE TO WANT TO CHANGE; YOUR MOM CAN'T DO IT
FOR YOU
BULKS: QUICKEN CAN BRING TO LIGHT THINGS YOU MIGHT NOT HAVE KNOWN ABOUT YOUR
SPENDING HABITS.
EBBIS: Boy, there are days when I wish she would
BOZOGUY: Panfam......what they just said is why consolidating usually doesn't
work
JVPFC: tt-consumers need to determine their needs vs their wants
AuntieSpen: TT: WHAT KIND OF PLANNER ARE YOU?
Panfam6: so if habits are changed why not
TTRoberts: Aunti, a Personal Financial Planner - Fee Off-set planner if you
will
BOZOGUY: Uh........did you ever hear of "The best laid plans of Mice and
Men?"
AuntieSpen: TT: IS THAT THE SAME AS FEE-ONLY PLANNER?
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TTRoberts: Auntie, not exactly . . . start with fee . . IF client want to use
procucts with commission
TTRoberts: then fee can be off-set accordingly
AuntieSpen: TT: GOOD COMBINATION...GIVES CLIENT FLEXIBILITY
BOZOGUY: TT...do you do debt planning with your clients?
TTRoberts: Exactly!
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TTRoberts: Boz . . .YES
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BOZOGUY: TT......even when they cannot afford to invest in a product?
TTRoberts: Boz, then they pay a fee
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EBBIS: Is it possible to do payroll deduction investing? I mean other than
401K
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BOZOGUY: EBBIS....yes
AuntieSpen: EBBIS: YES...CAN HAVE MONEY PUT INTO MONEY MARKET FUND, MONTHLY
Three Mcs: Are any of you night bird investors familiar with Lsi logic??
AuntieSpen: OR INTO EE SAVINGS BONDS, TOO
BOZOGUY: EBBIS: you can also direct deposit any amount into a separate
account......that any......
BOZOGUY: investment company can draw for your investment account.
AuntieSpen: THREE: WHAT IS IT?
BOZOGUY: very little hassle with the employer that way.
EBBIS: What if you want to invest in a particular stock?
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BOZOGUY: There are millions of brokers that would love to help you!
AuntieSpen: EBBIS: SOME STOCKS CAN BE PURCHASED DIRECTLY FROM COMPANY; I HAVE
A
AuntieSpen: LIST IN MY BOOK
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EBBIS: So yu do not have to have a ton of money up front?
BOZOGUY: nope
TTRoberts: EBB, there are payroll decuction plans . . . you'll need to talk
with a broker about it
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AuntieSpen: EBBIS: BUY DIRECTLY FROM COMPANY AND USUALLY NO BROKER'S FEE OR A
REDUCED ONE
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TTRoberts: EBB, usually with a payroll decuction plan, your initial outlay
isn't as much.
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AKnox: I have a question. Can someone answer it for me?
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BOZOGUY: we will all try, AK
EBBIS: If you are doing payroll deduction, how do you figure broker's fees?
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AuntieSpen: KNOX: WHAT IS IT?
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TTRoberts: Auntie, do you thing going direct is a good way for a novice to
go?
BOZOGUY: TT, for that matter, is stock-picking a good way for a novice to go?
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AuntieSpen: tt: ONLY IF THEY KNOW THE COMPANY IS FINANCIALLY SOUND?
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AuntieSpen: INDIVIDUALS CAN BE GOOD STOCKPICKERS...IT DEPENDS ON THEIR
INTEREST & SAVVY
AuntieSpen: KNOX: ARE YOU THERE?
TTRoberts: Auntie, it's not the stock picking that is the problem, it's how
they hold them . . don't yo
TTRoberts: think
BOZOGUY: I know of one locally that made millions picking stocks...... :)
BULKS: INVESTING IN INDIVIDUAL COMPANIES CAN BE FINE, BUT IT DOES REQUIRE
YOUR TIME TO MONITOR...
AuntieSpen: TT: KNOWING WHEN TO SELL ITS CRITICAL; MOST PEOPLE ARE GREEDY AND
HANG ON TO LOSERS
BULKS: WITH MUTUAL FUNDS, SOMEONE ELSE (PRESUMABLY AN EXPERT) IS DOING THAT
JOB FOR YOU.
TTRoberts: Aunti, or sell at the wrong time!
BULKS: IF YOU'D LIKE TO SEARCH FOR MUTUAL FUNDS THAT MATCH YOUR CRITERIA,
CHECK OUT...
AuntieSpen: BULKS IS RIGHT...BUT NOT ALL MUTUAL FUNDS MANAGE TO OUTPERFORM
THE MARKET
BULKS: MUTUAL FUND SEARCH AT QFN (WWW.QUICKEN.COM)
AuntieSpen: ALSO: "PORTFOLIO" COLUMN AT MONEY TALKS:WWW.TALKS.COM
AuntieSpen: IT'S UPDATED WEEKLY BY FUND EXPERT, JOHN TOMPKINS...HE'S
EXCELLENT
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AuntieSpen: TT: DO YOU LIKE VALUE LINE?
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TTRoberts: YES
AuntieSpen: VALUE LINE''S 1 THRU 5 RANKING SYSTEM IS USEFUL, IF A BIT STUDIED
Papperazzi: So I missed the show are we still talking auto lease
EBBIS: ranking of mutual funds?
TTRoberts: I like Value Line, but use Morningstar as most of my work deal
with mutual funds
AuntieSpen: EBBIS: VALUE LINE RANKS OVER 1,500 STOCKS; UPDATED WEEKLY BY
INDUSTRIES
AuntieSpen: TT IS RIGHT, MORNINGSTAR IS EXCELLENT FOR MUTUAL FUND RESEARCH
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Papperazzi: Auntie...... we got the message
BULKS: AT QFN, WE USE MORNINGSTAR DATA TO RANK MUTUAL FUNDS BY ASSET CLASS.
AuntieSpen: PAPPERAZZI: DO YOU HAVE A CAR LOAN? WE'VE BEEN DISCUSSING
DEBTS/CREDIT
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BOZOGUY: Auntie, what is the longest a car loan should be?
TTRoberts: Auntie, in your opintion, is buying a home always better than
renting if one can afford it?
Papperazzi: Auntie... Have car loan, wanted credit rating. now it is $400
over 2 yrs do not want
AuntieSpen: IT SHOULD BE PAID OFF BEFORE THE CAR COLLAPSES/ I ACTUALLY DON'T
KNOW;
EBBIS: Thanks for the thoughts. It has been helpful.
AuntieSpen: PERHAPS TT CAN ANSWER THAT ONE
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BOZOGUY: TT??
TTRoberts: Aunti, as far as a car loan, it's debt and the sooner you pay for
it the better!
AuntieSpen: TT: YES, I THINKS OWNERSHIP IS USUALLY BETTER...AND ALSO GIVES
ONE A SENSE OF SECURITY
BOZOGUY: but, TT.......do you recommend a maximum term for a car loan?
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BULKS: CAR LOANS CAN BE RELATIVELY LOW INTEREST. IF YOU'RE MAKING A KILLING
IN THE STOCK MARKET...
AuntieSpen: BULKS: DOES QUICKEN CALCULATE CAR LOANS?
BULKS: THEN A CAR LOAN ISN'T THE WORST DEBT TO CARRY.
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TTRoberts: BOZ, not if one can afford a shorter period. One should also keep
the car until it costs
TTRoberts: more to fix than a car payment
BULKS: QUICKEN HAS LOAN CALCULATORS THAT DETERMINE YOUR PAYMENT SCHEDULE.
TTRoberts: . . . but that's not the American way! :-) m LOL
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BOZOGUY: no doubt!
Papperazzi: MISTAKE..... We are talking LEASE
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BULKS: IT ALSO EASILY TRACKS YOUR PAYMENTS. YOU CAN DO WHAT-IF SCENARIOS TO
SEE...
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BULKS: THE EFFECTS OF PRE-PAYMENT ON YOUR LOANS.
BOZOGUY: sorry, Papp, you said "have car loan"
Papperazzi: Sorry Bozo, language problem, am English in USA
AuntieSpen: BUYING A LEASED CAR THAT'S TURNED IN CAN TURN OUT TO BE A BARGAIN
TTRoberts: Auntie, true . . . and buying a "company car" too
BULKS: GREAT CAR DEALS CAN ALSO BE FOUND AT REPOSSESSED AUTO AUCTIONS.
Papperazzi: To me I owe so I owe, do not like debt
AuntieSpen: TT: WHAT ABOUT BUYING A USED RENTAL CAR -- HERTZ, AVIS, NATIONAL?
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TTRoberts: Auntie, can get a good deal, but need to be carful as these car
are often abused though
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TTRoberts: they tend to have good maintenance
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AuntieSpen: TT: AUNTIE LIVES IN NYC AND SO DOES NOT DRIVE A CAR VERY OFTEN;
SPENDS $$ ON BUS, TAXIS
TTRoberts: LOL
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BULKS: BULKS LIVES IN CALIFORNIA, WHERE SHE'S FORCED TO DRIVE ALL THE TIME.
Papperazzi: I bought, sorry leased a Toyota Camry; payments are $400 over 2
yrs, it stays parked
AuntieSpen: DOES BULK OWN OR LEASE?
BULKS: I OWN, BUT BOUGHT A USED CAR BECAUSE YOU LOSE $$$ AS SOON AS YOU DRIVE
OFF THE LOT.
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Papperazzi: BULKS........ I Agree
TTRoberts: I usually buy new because I keep my cars for a LONG time.
BOZOGUY: TT.......LOL..........me too
AuntieSpen: PUMPING YOUR OWN GAS ALSO SAVES MONEY...AS APPARENTLY DOES
DRIVING 55MPH
TTRoberts: Auntie, here in CA, pumping your own is the norm
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BOZOGUY: Pumping your own is illegal in NJ, I think.
AuntieSpen: HERE, TOO, BUT DIFFICULT ON THOSE WHO WEAR WHITE GLOVES
TTRoberts: but JUST TRY driving at 55 . . . L)L
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BULKS: IF YOU PUMP YOUR GAS EARLY IN THE AM, YOU GET MORE BECAUSE GAS
CONTRACTS WHEN IT'S COLD.
Papperazzi: Auntie..... Everyone pumps their own gas in CAit isll prepaid
BOZOGUY: You have GOT to be kidding.
AuntieSpen: BULKS KNOWS SOME AMAZING FACTS!
TTRoberts: Bulks, LOL . . . .gues that only matters if the price is going up
Papperazzi: Dumb Country.... ?
BOZOGUY: now, now, Papp
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AuntieSpen: AUNTIE'S COLUMN AT WWW.TALKS.COM COVERS 50 WAYS TO SAVE $50;
PUMPING GAS IS ONE
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AuntieSpen: BULK; DOES QUICKEN GIVE SAVINGS TIPS?
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TTRoberts: Auntie, is using a rubber hose one of the ways? :-)
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BOZOGUY: Is the "Quicken" referred to here related to the "Quicken"
program????????????
BOZOGUY: Intuit software program, that is.
BULKS: GOOD POINT. WHEN I SAY "QUICKEN", I MEAN THE SOFTWARE PRODUCT YOU BUY.
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BULKS: WHEN I SAY "QFN", I MEAN THE FREE WEBSITE AT WWW.QUICKEN.COM.
BOZOGUY: thanks
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BULKS: WHERE YOU CAN FIND THE AFFOREMENTIONED DEBT REDUCTION PLANNER AND...
BOZOGUY: no relation though, i take it.
Papperazzi: Great Auntie, saw a message, save money, cut drier squares in
half? use nature!!!
BULKS: OTHER USEFUL TOOLS TO HELP YOU SAVE MONEY AND MAKE BETTER DECISIONS.
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TTRoberts: Intuit stole my software I developed for myself about 10 years ago
. .well, it sure started
BOZOGUY: Is that debt reduction planner downloadable???
TTRoberts: out looking a lot like what I developed. :-)
BOZOGUY: TT, really?
TTRoberts: no kidding . . .to the point that is was stolen, anyway.
BOZOGUY: phew!
Papperazzi: Bozo..... There is a Budget Planner available,
BULKS: NO NEED TO DOWNLOAD THE DEBT PLANNER - IT STAYS ON THE SITE.
TTRoberts: I wasn't smart enought to market it.
BOZOGUY: I just say (on PBS) the guy who started Intuit.....
BOZOGUY: it was a great piece of success.
BOZOGUY: Bulks: Is that secure? will personal financial info be avail to
others???
AuntieSpen: IT'S 12:30 AM IN NYC AND AUNTIE (NANCY DUNNAN) HAS TO TURN IN;
HER WWW.TALKS
Papperazzi: Bozo.... No market without uptake
BOZOGUY: ??
TTRoberts: I really like Quicken. I only wish they had done a better job at
defining certain terms in
AuntieSpen: .COM COLUMN IS DUE TOMORROW: IT'S ALL ABOUT FILING INSURANCE
CLAIMS. GOOD NIGHT
TTRoberts: their glossary
BULKS: THE DATA IS NOT SAVED ANYWHERE, AND THE PLANNER IS MADE USING JAVA...
BOZOGUY: thanks, Nancy
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BULKS: SO SECURITY IS NOT AN ISSUE. GOODNIGHT NANCY, IT'S BEEN FUN.
BOZOGUY: TT, what do you charge for debt planning?
AuntieSpen: BOZO: YOUR WELCOME; BE SURE TO CHECK OUT MONEY TALKS.
Papperazzi: Fuck all to do with Quicken actually
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BOZOGUY: Papp,,,,,,,,,we don't talk like that here :)
TTRoberts: YES, thanks Nancy
MWDebtFree: **Papperazzi - No vulgarity please.**
Papperazzi: Bozo....................................
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Papperazzi: MW.... You can say better?
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BOZOGUY: TT???
TTRoberts: sorry . . . who was it that was leaving???
MWDebtFree: **Well all, we've run way over so we need to wrap it up. Any
final questions?**
MWDebtFree: BULKS, thank you so much!
MWDebtFree: It was a great show!
MWDebtFree: Thanks to all of you and goodnight!
BULKS: GOODNIGHT, ALL. SEE YOU AT WWW.QUICKEN.COM!