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Subject: persfin-digest V4 #13
Date: Wed, 26 Mar 1997 19:46:19 -0500 (EST)
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persfin-digest Wednesday, March 26 1997 Volume 04 : Number 013
IN THIS ISSUE:
ADVERTISEMENT: MCI CONNECT FOR CC:MAIL [Oppenheimer Software <Connect-Sa]
YSB (S&P 500 Equity Linked Notes)? [Rich Carreiro <rlcarr@animato.pn.com>]
Home business looking for health insurance? ["alkon" <alkon@hal-pc.org>]
When to sell a stock? [paulc@epic.com (Paul Collins)]
Mortgage escrow buffers - How Are They Calculated? [Stephen Brodeur <sbro]
TRW/Experian - it was nice while it lasted... [Jeff Morgan <morgajs@parse]
Bookstores versus library - I Vote For The Bookstore [David Martin <dmart]
Quicken/Quickbooks [Bonsuela <bonsai@world.std.com>]
Does a Limited Liability Company Have a Different Corporate Shield? [Tom ]
Re: What's wrong with 'Dogs of the Dow" ? [Jerry Horton HLO1-1/Q4 225-421]
Re: mortgage loan types: fixed Vs ARM, bank vs mortgage company [Randy Ba]
A Vote for the Library ["David E. Damouth" <damouth@wrc.xerox.com>]
The BPL Book Catalog Is Accessible By Modem [Joe Cabrera <toonhead@tiac.n]
Executors Are Entited To Compensation for Estate Work [Greg Panayoti <gre]
Selling some Mutual Funds [Jacqueline.D.Richardson@Hitchcock.ORG (Jacquel]
Buying U.S. Treasuries Direct ["James M. Gurchek" <gurchek@calumet.purdue]
How Do I reinstall My Spell Checker? ["Cal Lester C.L.U." <Cal_Lester@m]
Re: Selling Used Books ["Barry H. Rodin" <brodin@pica.army.mil>]
Why are the Lawyers at Fault? [PRIMO <primo@fast.net>]
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Date: Tue, 25 Mar 1997 19:34:25 -0500 (EST)
From: Oppenheimer Software <Connect-Sales@mcimail.com>
Subject: ADVERTISEMENT: MCI CONNECT FOR CC:MAIL
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------------------------------
Date: Wed, 26 Mar 1997 16:46:00 -0500 (EST)
From: Rich Carreiro <rlcarr@animato.pn.com>
Subject: YSB (S&P 500 Equity Linked Notes)?
I got an interesting flyer from the CBOE today -- Smith Barney has
had an IPO of "S&P 500 Equity Linked Notes" due on 3/11/02 on 3/7/97.
For each unit you own (the IPO price was $15/unit) on March 11, 2002,
you will receive the following:
$15 + Supplemental Redemption Amount, where
SPA = lesser of $0 or
$15*[(ending index - starting index)/starting index)]*1.035
The units are traded on the CBOE in round lots of 100 units, though
odd lots are allowed. The symbol is YSB. I don't know how these are
treated tax-wise (i.e. does the IRS consider them equities or
variable-rate bonds, or what?).
One thing I find interesting is that they appear to be making up for
the usual flaw in such instruments -- the S&P500 is a price-only index,
and %age changes in it leave out the part of total return due to dividends.
In this case, the 1.035 factor appears to make up for that somewhat.
In any case, they seem that they may be a useful thing for people who
would like to get market returns but cannot handle any loss of
principal.
Rich Carreiro
rlcarr@animato.pn.com
------------------------------
Date: Wed, 26 Mar 1997 16:47:32 -0500 (EST)
From: "alkon" <alkon@hal-pc.org>
Subject: Home business looking for health insurance?
I need some suggestions on reasonably priced health insurance for a
small home based business. I know I am practically asking the
impossible, but I would like to hear of my options on this matter.
Thanks, Al Kondo
(Editor's Comment - In Massachusetts, try the Small Business Service
Bureau (Worcester, MA). You join, and then they offer group health
insurance. Is this available in other states? -IK)
------------------------------
Date: Wed, 26 Mar 1997 16:48:28 -0500 (EST)
From: paulc@epic.com (Paul Collins)
Subject: When to sell a stock?
Hello all:
I've been struggling recently with how to make the sell decision for a
stock. Does anyone have any guidelines? What about book recommendations
that talk about when to sell stocks? There are so many books that focus
exclusively on how to buy stocks while glancing over the sell side. I
read one book recently called "Its When You Sell That Counts". The basic
advice was choose a "target price" when buying the stock and sell when it
reaches that price. Unfortunately in the 200 or so pages there was no
mention of how to pick a "target price."
Regards,
Paul Collins
------------------------------
Date: Wed, 26 Mar 1997 16:49:39 -0500 (EST)
From: Stephen Brodeur <sbrodeur@draper.com>
Subject: Mortgage escrow buffers - How Are They Calculated?
I just received my annual update to my mortgage payments, with adjustments
to my escrow contributions. The adjustments include a boost of $40+/month
to build up an 'escrow cushion'. According to their statement, "federal
law authorizes a maximum escrow cushion not to exceed 1/6th of the total
annual anticipated escrow disbursements made during the above cycle. Your
loan documents ot state law may require a lesser cushion."
For the past 2 or 3 years, my escrow has gone below $100 at the low point
in the year. My loan was sold last May. Now the new holders want to raise
the cushion. Needless to say, I am not happy with enhancing the minimum
balance in this forced savings account with my mortgage holder.
The minimum balance they calculated is within the 1/6 total as specified by
their printed description of federal regulations. My mortgage documents do
not specify a specific cap lower than that amount. My two questions are:
1) Is the federal allowance currently 1/6th of the total expected annual
disbursements, as they say?
2) Does Massachusetts have a lower limit than the federal limit? What is it?
All you realty folks out there, could you give an answer or point me to a
source?
Thanks in advance.
- -Steve Brodeur
sbrodeur@draper.com
------------------------------
Date: Wed, 26 Mar 1997 16:50:43 -0500 (EST)
From: Jeff Morgan <morgajs@parsec.com>
Subject: TRW/Experian - it was nice while it lasted...
Just a reminder, Experian stopped offering one free credit
report per year (in most cases) as of 1 March 1997.
See the following link for their press release:
http://www.experian.com/corporate/press_releases/012097.html
The fee is $8 for most states, exceptions can be found at:
http://www.experian.com/product/consumer/exception.html
By the way, on another subject: did Microsoft split again
recently? The last time I looked at it, it was running in the
$140s, now it's in the $90s. I know it split last year, but
AGAIN?!
- --
Jeff Morgan - mailto:morgajs@parsec.com
(Editor's Comment - It split 2:1 recently. -IK)
------------------------------
Date: Wed, 26 Mar 1997 17:03:17 -0500 (EST)
From: David Martin <dmartin@seabreeze.hc.ti.com>
Subject: Bookstores versus library - I Vote For The Bookstore
> Why not use the public library to find out about new books,
> instead of Borders or Barnes and Noble?
I've found the people who work at bookstores to be much more
friendly and helpful than the ones at the library. Also, bookstores
tend to be more conveniently located and open longer hours than
libraries. They usually have a much nicer environment in terms of
lighting, carpeting, etc.
Also, the arrangement of books in a bookstore is much easier
for the casual user. Cookbooks are listed under "cookbooks", history
under "history", and so forth. None of the confusing Dewey decimal
system stuff. (For serious research, the bookstore model may not be
best, of course.)
Once again, you get what you pay for.
-David Martin
(Editor's Comment - Bookstores are for entertainment. Libraries are for
actually learning things. Finish this sentence "I need to do research for
a paper, so I'm going to ....". Anyone finish this with "Borders"?
I have an MA in history. If you go to a typical Borders, you'll think
that history consists of wars - for American history, that means the Civil
War, WWII, Vietnam, and the Gulf War. My favorite era (what Mark Twain
referred to as the Gilded Age, from 1865-1900) is hardly represented. I
think that period is as important as any war we fought. There was intense
class confict (the Pullman Strike, the Homestead Riots, the Molly
Maguires). The most corrupt election in American history (the election of
1877, where Hayes was "elected" in a backroom deal in exchange for some
southern states reentering the union) occurred then.
An SAT type analogy: Borders is to Libraries as McDonalds is to real
restaurants.
Of course, you can special order any book you want, but you can do that
at amazon.com as well. I wonder if the same is true for other subjects.
- -IK)
------------------------------
Date: Wed, 26 Mar 1997 17:48:24 -0500 (EST)
From: Bonsuela <bonsai@world.std.com>
Subject: Quicken/Quickbooks
I'm glad to see some questions about Quicken come up right when I start
thinking about it myself ;-)
I am new to this list; new, in fact, to getting a CLUE about my money...
and I am thinking about Quicken. In addition to keeping track of my own
personal money, I am also interested in setting up some basic
bookkeeping/accounting files for my tiny business (I'm a craftsperson).
I'm about to start researching Intuit's products on the web, but since
it's come up here I wonder: does anyone have direct experience with both
Quicken and Quickbooks and care to comment on whether one or the other
might be better for both personal and small-business use?? Or is it really
best to bite the bullet and use both?
Any thoughts/suggestions would be welcome!
Thanks.
Bonnie
------------------------------
Date: Wed, 26 Mar 1997 17:50:48 -0500 (EST)
From: Tom Gaffney <tgaffney@kent.edu>
Subject: Does a Limited Liability Company Have a Different Corporate Shield?
>In general, everything should be documented. There should be corporate
>resolutions where applicable, board meetings, corporate minutes, etc.
>
>And, of course, not to treat the corporate bank account as your personal
>bank account. e.g. If you borrow money for the corporation, there should
>be loan documents; terms should be at arms length; the loand should not
>be open-ended; etc.
>
>If you sign any corporate documents, make sure it is in your capacity of
>a corporate officer -- e.g. Barry Rodin, President (on corporate
>letterhead) -- and not in your individual capacity.
>
>This is by no means a comprehensive list. And I am not a legal or tax
>professional.
>
>
>Lily Chen
>am302@freenet.buffalo.edu
>
How does this change when you have a limited liability company?
Thomas Gaffney, Auditor
University Auditing
Kent State University
------------------------------
Date: Wed, 26 Mar 1997 18:27:26 -0500 (EST)
From: Jerry Horton HLO1-1/Q4 225-4218 26-Mar-1997 1355 <horton@asdg.enet.dec.com>
Subject: Re: What's wrong with 'Dogs of the Dow" ?
>From: Stephen Brodeur <sbrodeur@draper.com>
>What do you have against the Dogs of the Dow system? I have saved enough to
>place a stake and keep commissions reasonable, and I'm thinking of diving
>in. Especially if a serious market correction takes place while I'm
>deciding on a broker.
>
>- -Steve Brodeur (x2496)
Steve,
Have you considered using DRIPs for making your DotD purchases and sales?
Yes, in most cases you'll have to go through a broker to buy your first
share of each Dog, but after that your transaction costs will be minimal.
- -Jerry
(Editor's Question - Do all dogs have DRIPs? -IK)
------------------------------
Date: Wed, 26 Mar 1997 18:29:18 -0500 (EST)
From: Randy Barnes <rbarnes@atl.mindspring.com>
Subject: Re: mortgage loan types: fixed Vs ARM, bank vs mortgage company
> From: "L & R Seely" <LJS_RTS@msn.com>
>
> We are first time home buyers! I knew that this would be a very demanding
> decision to make, but I have honestly been overwhelmed at the complexity of
> shopping for mortgages, not to mention picking the right house. I am
> concerned about the fixed vs. ARM question! I had read that ARM's are
> good if you think you might not stay in your house for more than 5 years.
> But who can know with certainty what the future holds for their career or
> family situation?
>
> My other question concerns where we get this loan. My local bank has low
> closing costs and an attractive no points, 1/4 point origination fee
> fixed rate 30 year. I know I can get the interest rate a little lower
> 1/8 to 3/8 lower elsewhere, but will encounter several possible downsides
> (higher closing costs, possible "junk fees", the company will sell my
> loan as soon as we close, and points to pay)
>
> We are willing to use all of our savings to put down 10%, so we
> definitely want a conventional, not a FHA loan.
>
> Any help you can give would be appreciated.
>
> ------------------------------
L & R,
First, you must choose between a fixed and an ARM, and now I'll make it
tougher by also throwing in my favorite, the balloon. Are you the type
of people that are likely to be moving to bigger and better homes as
your family grows and matures? Are you in a career that will likely
produce rising incomes? Are you both working and going to keep working,
or is it likely that one or both of you will go through a career change
or similar work transition.
You say you'll be glad to put your entire savings into the deal(10%)
which leads me to believe you have comfortable incomes and can build up
additional savings fairly quickly. Since you can do this you can also
consider the balloons which generally require 10% down as minimum. They
are offered in 5 and 7 year varieties, but you'll only want to consider
the 7.
I like this program for several reasons.
You may not be able to buy your dream home today, but wish to work up to
it. You'll likely be ready and able to move in 3-5 years.
The interest savings can be invested on the side, used as additional
principal payments to reduce your loan balance, or spent on fixup and
furnishings.
While saving you a little money each month you don't have large payment
adjustments as with an ARM. The PMI won't cost more, as it would with an
ARM.
You have 7 years not to worry about it. If you're still in the house
after 6 years, you can plan on moving or refinancing a house that is
worth more (if you bought it right), and the loan products available
down the road are going to be really mind blowing. I also believe that
you'll see interest rate lower within
This is all moot if you are comfortable with the house and payments for
the long haul. Get a fixed and forget it.
FYI, until recently I've made my living as a mortgage lender and I live
in Atlanta Ga, where no one stays in a house for over five years.
Also, I'd not worry too much about points and closing costs. You should
negotiate for the seller to pay everything. You even get to deduct the
points and origination when paid by the seller. If this is not common in
your area go for it anyway. I'd much rather get a $2,500 seller
contribution than an equal amount of price reduction.
If you think ARM, the FHA has the best product available. The margin is
the lowest, and the annual cap is 1%, with a life cap of 5%. You need
the least amount of cash to close, and can't be overcharged by the
lender, attorney, appraiser etc..FHA loans are the best choice for many
people.
As for bank vs. mortgage co., forget the banks. They are never very
competitive. Your loan will get transferred no mater where you start,
and that's not important. It's only an address change anyway. Stick
with the people you feel are giving you the best advice and
information.
One last thing. As a mortgage pro for the past five years, I've never
seen a loan officer get a fixed rate loan on their own home. I'm sure
some have, but you couldn't sell me one.
------------------------------
Date: Wed, 26 Mar 1997 18:35:59 -0500 (EST)
From: "David E. Damouth" <damouth@wrc.xerox.com>
Subject: A Vote for the Library
>Second, where I live, the public library is not open when I am not at work.
>I would love to kill an evening with books in a library. Unfortunately the
>library is closed. I can spend lunch at the library near work, but this gets
I can sit at home, 24 hours a day, and browse the combined holdings of every
public library in my County (and with a little more effort, the University
libraries too). Logging in to this computerized catalog takes one
keystroke (which runs a little Procomm script). By the way, our libraries
are open till 9 pm most evenings.
>Third, the better Barnes and Nobles have coffee shops adjacent to the
>bookstore. Now there is a definition of heaven on earth if ever I heard of
>one.
See above. I make pretty good coffee at home and it's a lot cheaper than at
Barnes & Noble.
>Fourth, the B&N people are just so much better at locating the book you
>want, if it is in print. The local librarians sometimes have the attitude
>"we have so many books, why not read one of the ones we have."
See above. I can usually find the book I want with a few keystrokes. Since
I'm searching the holdings of something like 27 libraries, the chances are
pretty good that it's there, unless it is a new, specialized, technical
topic. Better yet, with a few more keystrokes, I can ask that it be sent
to my local branch library and held there until I pick it up. I just did
a search (from home) on the University of Rochester Library, looking for
information on a rare disease that I'd never heard of (which my wife was
just diagnosed to have).
I turned up a dozen references, including two books dedicated to this
particular disease. Now I can wander over there and read them (but not
check them out, since I'm not a university staff member, alumni or medical
researcher). Try that at Barnes and Noble!
/dave
David E. Damouth
damouth@wrc.xerox.com
Rochester, NY (716) 381-2719
------------------------------
Date: Wed, 26 Mar 1997 18:39:31 -0500 (EST)
From: Joe Cabrera <toonhead@tiac.net>
Subject: The BPL Book Catalog Is Accessible By Modem
>First, with the exception of the BPL, most of the public libraries do not
>have the selection.
>
>Second, where I live, the public library is not open when I am not at work.
>I would love to kill an evening with books in a library. Unfortunately the
>library is closed. I can spend lunch at the library near work, but this gets
>us back to square 1.
A convenience you may not be aware of is that you can access the entire
Boston Public Library book catalog via modem at 617-859-7506. Other city
libraries also have similar services. If any of you haven't checked out
your library lately, it might be worth your while to see what else is new.
------------------------------
Date: Wed, 26 Mar 1997 18:40:27 -0500 (EST)
From: Greg Panayoti <greg_panayoti@il.us.swissbank.com>
Subject: Executors Are Entited To Compensation for Estate Work
>>From: "Burke, Cec EXEC" <CBURKE@tbw.gov.nf.ca>
>>Subject: Re: How Lawyers Ate Through My Father In Law's Estate
>>
>>When my father-in-law passed away the executor of his Will was his best
>>friend for over 40 years. ...<snip>...
>>Before she had a chance the executor presented a bill to the estate for
>>$7,000 for fees. Because he was a best friend my wife and I were totally
>>shocked that this person could even think that he was entitled to anything.
I'm a bit confused. Firstly, executors are entitled to a fee for their
time and effort - this is standard practice (atleast in the NY/NJ area)
so I don't agree when you say he wasn't entitled to anything. I believe
(and I could be wrong) they get 1-2%.
Secondly - it is fair and reasonable for an executor to be reimbursed
for any expenses related to the administration of the will. Now, perhaps
$7,000 is a bit crazy but I'm sure there were SOME expenses of time/money
that this person is entitled to get reimbursed for.
GP
------------------------------
Date: Wed, 26 Mar 1997 18:32:49 -0500 (EST)
From: Jacqueline.D.Richardson@Hitchcock.ORG (Jacqueline D. Richardson)
Subject: Selling some Mutual Funds
I am currently invested in 8 mutual funds. I plan to "skim the profits
off the top" to invest elsewhere, but I need some suggestions/advice on
how to determine which portion of which ones to sell. I want to stay
diversified so I don't want to just sell off one, but how do I determine
which portion of each is best to sell?
Any suggestions?
Thanks
jackie
(Editor's Comment - Why are you selling? Do you see a better opportunity
elsewhere? If not, hold; if so, sell. -IK)
------------------------------
Date: Wed, 26 Mar 1997 18:33:02 -0500 (EST)
From: "James M. Gurchek" <gurchek@calumet.purdue.edu>
Subject: Buying U.S. Treasuries Direct
I am interested in investing in U.S. Treasury Notes and Bonds. I
understand that one can invest in these securities directly, without the
services of a broker. What do I need to do to get started?
(Editor's Comment - You can do it by mail through one of the Federal
Reserve Banks. They have a Treasury Direct program. You fill out a form
for a "noncompetitive tender". You'll get the rate of the next auction.
You will not be able to sell the bonds before maturity, however, as you
would if you bought through a broker. -IK)
------------------------------
Date: Wed, 26 Mar 1997 18:34:01 -0500 (EST)
From: "Cal Lester C.L.U." <Cal_Lester@msn.com>
Subject: How Do I reinstall My Spell Checker?
I have a question this time. I have a Gateway 2000 P5-133 running Windows 95,
using Word for Windows 7. I use Word evry day. A few days ago I noticed that
my "spell checker" was not functioning. When I click on it, my pointer turns
to a spider ( due to the desktop that I use, completely normal ), and the
nothing else happens. It appears to go into an endless loop.
Unfortunately I no longer have the original CD as it was damaged when
someone else used it. However I do have a good backup on my ZIP drive
disks. My problem is that I do not know which files to re-install. Can
someone offer any help???
Cal
(Editor's Comment - Did you violate your licence by allowing someone else
to use the CD? If so, Microsoft won't be too sympathetic. -IK)
------------------------------
Date: Wed, 26 Mar 1997 18:34:31 -0500 (EST)
From: "Barry H. Rodin" <brodin@pica.army.mil>
Subject: Re: Selling Used Books
(Editor's Comment - I posted the message in the appropriate Usenet groups.
For example, yours would be appropriate for misc.invest or
misc.invest.stocks. Computer books are particularly easy to sell - for
example, the Visual Basic groups all have "basic.visual" in their name. A
short personal post that you have a book to sell is appropriate. -IK)
What has been people's experiences when buying over Usenet or similar
non-commercial Internet groups?
The problem, as I see it, is paying for something to someone you know
nothing about. When and how do you pay for it, did you receive what you
were buying, and was it in good condition?
Thanks,
Barry
P.S. Ira,
What preceeds "basic.visual" in the Visual Basic groups?
I am interested in buying:
"Teach Yourself Excel Programming with Visual Basic for Applications
in 21 Days", by Matthew Harris.
(Yes, I know it is available from krakow.com)
(Editor's Comment - A Usenet transaction, like the entire Internet, is
based on trust. I'd post your question in:
comp.lang.basic.visual.misc
comp.lang.basic.visual.3rdparty
comp.lang.basic.visual.databases
Good luck. -IK)
------------------------------
Date: Wed, 26 Mar 1997 18:34:32 -0500 (EST)
From: PRIMO <primo@fast.net>
Subject: Why are the Lawyers at Fault?
>
> To make a long story short, 2 years later the executor received a small
> settlement of $1,500. The lawyers were the big winners billing the estate
> over $12,000. Needless to say both my wife and I have a poor opinion of
> lawyers. We have since made a formal complaint to the local Law Society
> for all the good it will do.
>
> My advice: To set out the executor fees in your Will. If there is a
> dispute, try mediation. It will cost a lot less.
>
I sympathize with the above situation, but exactly how are the lawyers
at fault? The solution to mediate the dispute may not have proven to be
any more fruitful since the executor may have not agreed to mediation.
Therefore, the article would have been more appropriately titled "How An
Executor and Beneficiary Ate Through An Estate." Apparently one thing
is for certain: When it comes to money, there is no such thing as a
"best friend."
However, more importantly, this article should serve as a wake up call
for everyone to take seriously the task choosing an executor. In the
above case, it may have been more prudent for the father-in-law to
simply appoint the beneficiary as the executor.
(Editor's Comment - Lawyers make their money from conflict. If you get
agreement beforehand and want the lawyer to handle just the procedural
details (e.g., in a divorce) your fees will be astronomically less than if
two opposing lawyers, with both meters running, "resolve" the conflict.
- -IK)
------------------------------
End of persfin-digest V4 #13
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