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Mortgage/Credit Score

Discussion in 'General' started by Gorilla George, May 13, 2021.

  1. rd49

    rd49 Well-Known Member

    None I can think of unless he is not licensed where you are. My guy is in Florida, where I started my relationship with him, he continued on when I moved to TN and still manages my stuff now that I am in PA. Do online calls and still visit him when we are down in FL. He manages folks in a number of other states as well. 25+ year relationship.
     
  2. sheepofblue

    sheepofblue Well-Known Member

    My biggest advice is do not trust ANY one person/company with your money. If nothing else split it in half. Then if you have someone dodgy you are not living on cat food or working until you are 80. But on this front I will admit I am paranoid as Grandpa got screwed on his pension and worked until he couldn't to get something to replace it. Just because you are paranoid does not mean everyone is not out to BBQ you.
     
    Gorilla George likes this.
  3. SuddenBraking

    SuddenBraking The Iron Price

    What exactly is “it” which takes up so much time?
     
  4. Is there a particular reason why he would need to be located in the same place?

    Not sarcasm, thats a genuine question. Like i said, ive never used one of these dudes before.
     
  5. YamahaRick

    YamahaRick Yamaha Two Stroke Czar

    Because this: "It's all about the relationship you have."

    Some folks are OK w/o the handholding. Being the guy gets an AAAA+ rating from Mongo, that is probably good enough for someone like you or me.

    That being said, you at times have to be careful regardless. Ask folks within the racing community that got screwed by a mini-Bernie Madoff that was part of Army of Darkness. It can happen to anyone.

    When my father passed away, I discovered a majority of his assets were in high risk (read: high commissions for the agent) funds. My dad was 80 and had no business being at such risk. I had the funds moved elsewhere a few weeks later. When I met the guy, I told him point blank "You better be glad murder is a crime, or you'd have six bullets in your forehead right now."
     
    Gorilla George likes this.
  6. Mongo

    Mongo Administrator

    I'm in Atlanta and he's in Cincinnati. No issues on our stuff at all, did do in person meetings once a year but finally went to phone calls. He'll get in touch when he wants to make any changes and gives me grief about my credit card a couple times a year :D
     
  7. Mongo

    Mongo Administrator

    That's one thing I like about Bart, his first questions were about our short and long term plans so he could evaluate our risk tolerance. He has Evelyne more conservative as in theory she'll be retiring before me so he doesn't want to chance losing anything of hers. I'm middle of the road to conservative. Obviously it's all a gamble so that is taken into account.
     
  8. auminer

    auminer Renaissance Redneck

    Giving LaPlace' Demon a close comfortable shave with Occam's Razor. :D

    I have to gather ALL of the information that exists about EVERY publicly traded product and extrapolate the optimum investment choices for a small-mid cap, blue-collar industry, low forward PEG with excellent potential for a positive earnings surprise strategy.

    Anything less is half-ass.

    To me.

    I out-OCD @Gorilla George on this topic. It's not healthy, so I don't do it anymore. But when I did, for a couple of years there I maintained an alpha of 25+ with a beta of under 0.55. Which is thought to be impossible. I forget what the Sharpe ratio was.

    Licensing issue. No matter what you do you gotta render unto Caesar.
     
    SuddenBraking likes this.
  9. Mongo

    Mongo Administrator

    That's what the CPA handles. Not sure what an investment broker would need to be licensed in my home state for. The local and federal taxes get paid no matter where his office is.
     
  10. If he even knows about your credit card, then he must do more for you than what I am looking for.

    One of the main reasons I have never went to anyone for stuff like this, is that I hate being told what to do, or to be questioned about anything. Getting this RSQ8 probably isnt wise, and I don't need it. But I want it, and that is good enough reason for me. I dont want anyone telling me what I should or shouldnt do with my money, questioning how much I spend on stuff, etc.

    Obviously I dont know your relationship with the guy, and he may just "give you a hard time" in sort of a joking manner. But i have heard stories from guys i work with, which is one of the reasons i have never gotten a financial guy. Some guys said they are given a budget on what they can spend each month, or will buy something and then have to explain to their financial guy why they bought it because it wasnt "in the plan", stuff like that.

    Basically, I just want someone to invest and play with my money like i do on Robinhood, except someone that is actually good at it. :D Someone that will actually do the research, make day-trades if necessary, and make the money "work for me". But that is it. I dont want someone giving me a budget, or telling me how much/little I should spend on a purchase, stuff like that.

    BTW - I am still going to contact him and talk to him. So this post doesnt change anything as far as me wanting to reach out to him. I am just saying that i wont want/expect him to actually get involved in my financials.
     
  11. Mongo

    Mongo Administrator

    It is absolutely joking and just part of advice on how to manage our money - not remotely telling me what I can or can't do.

    Some people want/need a budget and a person to be their conscience, I don't. I've got Evelyne for that :crackup:
     
    Gorilla George likes this.
  12. YamahaRick

    YamahaRick Yamaha Two Stroke Czar

    You are confused. That's called being married to a bitch. Or being "the bitch" yourself, because the only way you can buy stuff is if your wife gives you an allowance.
     
  13. HPPT

    HPPT !!!

    My magic eight ball is showing a call from Bart to Mongo in the near future that starts with the words "Don't you ever give my phone number again to anyone without talking to me first!"
     
  14. Mongo

    Mongo Administrator

    :crackup: Wouldn't surprise me a bit...
     
  15. I don't have to worry about that. I control our finances. Hell the wife doesnt even know how much her own paycheck is, and she doesnt care.

    Take the RSQ8 for example. The only question she has asked is "Can I name this one?". :D

    Shit, I take that back. She did make one comment about the year model. I sent her a link to the Audi website and she saw that some of the vehicles are listed as 2022's, and some are 2021's (the RSQ8 is still listed as a 2021). She said if we are around the cutoff point, it makes more sense to order one when it will be a 2022 so it will be newer. I agree with her.
     
  16. :crackup:
     
  17. crashman

    crashman Grumpy old man

    I am with you. I am sure that I coukd be making more investing but I have everything paid off. I especially like pointing out to my manager that I do not have a mortgage. :D But my score dropped under 10 points when I paid it off. You never know when the wheels will fall off the oilfield wagon. The only marks against me are that I cosigned on my daughters vehicle. Mortgage is paid off, no vehicle payment and average credit age is only 10 years due to me moving from Canada. I do absolutely no bullshit credit manipulation crap to try to run my score up and my credit stays between 820 and 835. I am currently looking for my retirement home and it only dropped 2 points when I got preapproved for that. Based on my experiences if I was you I would just pay the shack off and call it good.
     
    Phl218 and Gorilla George like this.
  18. sheepofblue

    sheepofblue Well-Known Member

    Or teamwork where you leverage each other's strengths :beer:
     
  19. See, that is what me and wife have going on.

    I like spending all the money. She doesnt like spending any or even messing with it. So it balances out. :D
     
    Trainwreck and sheepofblue like this.
  20. Trainwreck

    Trainwreck I could give a heck

    My wife and I are similar. Except we keep almost all of our finances separate. We have a joint account that each of us put our jointly bills in. But we don't split anything. Our mortgage, utilities, insurance, nothing whatever that bill is we BOTH put that full amount into our joint checking. So, we essentially gain a month worth of bills saved every month. We then use that money for "joint like" things, like if we go on a vacation, buy a couch, TV, or have an emergency for our home, pets, our personal.

    Other than that, I don't know how much her phone bill is, is didn't know how much her car payment was, how much she spent on gym memberships, her po3nhub subscription.. lol nothing. She also doesn't know what mine are. This is how we've always been and we don't see any reason to change it. I came up with the idea when we moved in together 6-7 years ago.

    I also had some hard rules for us as far as budgeting especially for our mortgage. The rule was that we can never own a house or property that the person making the LEAST amount of money couldn't pay the mortgage on with a single week's paycheck. Seeing as that has always been me, we base our housing budget on my income alone. We don't care what the lender says. This has allowed us to stay extremely flexible, and very low stress from a financial standpoint. In the 7 years we have been doing this, the ONLY time we even had a heated discussion about money is when she quit her job for a different one and was waiting on an official start date for her new one (got pushed back because of COVID)... During this time, I almost sent a deposit down for a 996 911 Turbo, and the whole thing was making her very uncomfortable. I knew everything was going to work out, but because she had never ever told me no for anything ever, I more or less gave in for the sake of her anxiety. Which, I don't regret, because I put that money back into the 2020 market, and well.. Now I can potentially shop for 997 911 Turbo's or GT4's.

    We also have a TD Ameritrade account together which I manage and trade with. We both put 20% of our pay after retirement/taxes into this account. This is how we are getting our next house on a budget that fits MY pay lol. The most interesting thing about how I manage almost all of "our" money is the fact that my wife has a Masters in accounting and finance, is a CPA, and literally handles MILLIONS of dollars for her job. Meanwhile, I'm some trailer trash kid, who figured out how welding works, and spring boarded from there. lol We are from two different dimensions when it came to childhood. She was upper middle class, I'm from blocks where houses got orange papers on the doors, yet you'd still have whole families living in them..

    TBH it's one thing that makes us work so well. She lets me know its ok to buy things, because I have money, work hard, and deserve them. While I'm the voice of reason when she thinks buying a $9,000 couch is a good idea, even though we are rarely home. lol even if it is with "her money"
     

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