Go to Jeff Salisbury LWGate Home Page.From: persfin-digest <owner-persfin-digest@shore.net>
Subject: persfin-digest V4 #38
Date: Thu, 22 May 1997 15:52:09 -0400 (EDT)
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persfin-digest Thursday, May 22 1997 Volume 04 : Number 038
IN THIS ISSUE:
ADVERTISEMENT: MCI CONNECT FOR CC:MAIL [Oppenheimer Software <Connect-Sa]
Re: Cost Of Living Web Site [Greg Romer <Greg.Romer@B1GGRAT.B1PO1.NYGW.N]
Cost of Living - Another Source [Paul Ritchie-EPR004 <Paul_Ritchie-EPR004]
Yet Another Source [Boris Varshavsky <borisv@ctron.com>]
IRA retirement saving accounts - Tax Deductability? [ktjensen@juno.com]
Signature guarantee - fraudulent? [Jeff Morgan <Morgajs@parsec.com>]
a thought on how to see a HMO doctor "quickly" ["Peter Palma" <rpalma@msa]
Re: Tax Deductability of Homeowners Association Dues [Kent Shaw <kshaw@er]
Re: 2nd TD deductibility [elaine steward <esslady@ix.netcom.com>]
Re: Vanguard MMF [Richard Austin <rcaustin@startext.net>]
Microsoft, monopolies [David Martin <dmartin@seabreeze.hc.ti.com>]
Re: IRA........for minors [Rich Carreiro <rlcarr@animato.pn.com>]
RE: Microsoft's Entering Other Markets [bonsai@world.std.com]
Discount mail order prescription program? [Vicki Simons <probe@scescape.n]
Re: Rebate Cards... Gift idea [Sue_Nielsen@idx.com]
Re: Cost of Living for Metro Areas? [Avrum Lapin <avrum113@cyberg8t.com>]
Re: Car accident - advice needed [Avrum Lapin <avrum113@cyberg8t.com>]
Re: Experience with Frank Armstrong's Book "Investment Strategies for the 21st Century [Avrum Lapin <avrum11]
Re: home improvements increasing cost basis [kahless@ns.waymark.net]
Re: 2 Family Home [BOB FORD <BOB_FORD@compuserve.com>]
Re: Gifts for Children [BOB FORD <BOB_FORD@CompuServe.COM>]
Target Rewards Visa no more? [afn01634@afn.org (George Kolb)]
WANTED: Excel Speadsheet of Shopping Lists?? [ktjensen@juno.com]
Quicken Credit Card linked to local checking account? [ktjensen@juno.com]
Buy/Sell Forums? [John.Wolf@corp.wrgrace.com]
How to Get 25% Down Payment? ["Jason Goodburn Moffit" <jmoffit@dynamic.ca]
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Date: Thu, 22 May 1997 14:49:32 -0400 (EDT)
From: Oppenheimer Software <Connect-Sales@mcimail.com>
Subject: ADVERTISEMENT: MCI CONNECT FOR CC:MAIL
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------------------------------
Date: Thu, 22 May 1997 14:50:51 -0400 (EDT)
From: Greg Romer <Greg.Romer@B1GGRAT.B1PO1.NYGW.NGW.frbny.sprint.com>
Subject: Re: Cost Of Living Web Site
>From: hartwig@gate.net (Bob Hartwig)
>Subject: Cost of Living for Metro Areas?
I think Money mag has this info, try there Web site at http://money.com,
but there is another site on the Web which lets tells you the cost of
living difference from the town you're in now with any other town you
want. The site is:
http://www.homefair.com/homefair/cmr/salcalc.html
Good luck,
Greg
------------------------------
Date: Thu, 22 May 1997 14:51:20 -0400 (EDT)
From: Paul Ritchie-EPR004 <Paul_Ritchie-EPR004@email.mot.com>
Subject: Cost of Living - Another Source
Bob,
A good reference that lists the cost of living indices for all major
metropolitan areas (US only) is the "Places Rated Almanac." It also has
alot of other useful and interesting information. This soft-cover book can
be found at any decent sized bookstore (usually in the business or travel
area).
Paul Ritchie
------------------------------
Date: Thu, 22 May 1997 14:52:14 -0400 (EDT)
From: Boris Varshavsky <borisv@ctron.com>
Subject: Yet Another Source
Bob,
There is at least one regular (bi-annual?) book on this subject.
Try your public library, and I'm sure you'll find it there.
Sorry, I don't remember the title ("cost of living directory"?)...
- -Boris
Dover,NH
------------------------------
Date: Thu, 22 May 1997 14:52:41 -0400 (EDT)
From: ktjensen@juno.com
Subject: IRA retirement saving accounts - Tax Deductability?
Do you know what contributions to an IRA are fully tax deductable? What
are the income limitations? Is this an IRS question?? Thanks for any
info.
ktjensen@juno.com
Louisville, Kentucky
------------------------------
Date: Thu, 22 May 1997 14:53:38 -0400 (EDT)
From: Jeff Morgan <Morgajs@parsec.com>
Subject: Signature guarantee - fraudulent?
I recently took steps to transfer some IRA funds from
a mutual fund house to a brokerage house.
While trying to resolve a couple of administrative
mistakes in the process (it always happens to me!),
I received a faxed copy of my original funds transfer
authorization form.
The faxed copy had a signature guarantee stamp,
reading:
SIGNATURE GUARANTEED
MEDALLION GUARANTEED
U.S. CLEARING <illegible>
<Illegible signature>
<illegible>
NYSE <illegible>
The faxed copy had been reduced, adding to the illegibility...
The trouble is, I wasn't present for any kind of signature
guarantee process. I filled out the form, signed it, popped
it in the US mail.
In my past experience, a signature guarantee has
required me to be standing in front of a bank officer
flashing a valid ID like a driver's license.
How can someone along the way guarantee a signature
without the signer present?
Is this standard and legal? It smacks of fraud to me,
and none of the folks who handled my forms will own
up to the dirty deed.
TIA.
- --
Jeff Morgan - mailto:morgajs@parsec.com
------------------------------
Date: Thu, 22 May 1997 14:56:28 -0400 (EDT)
From: "Peter Palma" <rpalma@msai.mea.com>
Subject: a thought on how to see a HMO doctor "quickly"
I've had trouble before seeing my primary care provider
without waiting two weeks for an appointment.
My solution was to switch to a different doctor.
Luckily I live in a large enough area to keep switching
indefinitely until I find someone who gives good service.
But, a friend made the following suggestion:
When you call to make an appointment, you almost never get through to
a doctor or nurse. It's the staff who "triages" you and decides how
urgent your need is to visit the doctor.
So, a complaint they consider routine or nonthreatening may require a
wait of weeks to get an appointment.
Why not tell them symptoms that will make them see you quickly?
Tell them your right arm has been tingling for the last few days or you
feel short of breath (potential stroke or heart attack symptoms).
They will probably give you an appointment for the next day. When you get to
see the doctor, just say, "Oh, that's all better now, but as long as I'm
here, I've also ..."
I'm not sure I'd do this but I've been annoyed enough with the poor
service at doctors' offices recently to at least consider it.
Pete
(Editor's Comment - Just mumble the words "chest pain" at an emergency
room and you'll step to the head of the line. -IK)
------------------------------
Date: Thu, 22 May 1997 14:57:41 -0400 (EDT)
From: Kent Shaw <kshaw@erols.com>
Subject: Re: Tax Deductability of Homeowners Association Dues
>
> > are homeowners association dues tax deductible...?
> > can i apply part of the per month homeowners dues towards the cost
> > basis of my home?
> No on both counts, unless part of the dues contribute to the structural
> elements in the your unit, such as a new roof or water heater (add to
> basis)or if any part goes to local or state taxes (deduct.) Special
> assessments for local improvements DO increase your basis but are not
> deductible.
I am not sure that this advice is correct. Revenue Ruling 81-152 permits
condominium owners to increase their tax basis for the portion of condominium
fees that are used for capital repairs and replacements to the common
elements.
These repairs and replacements can be made from either special
assessments or that portion of your condominium fees that go into the
Reserve fund. The ruling is based on the fact that a condominium owner is
actually a part owner of the common elements and that the condominium
association is merely an agent for the owners when it spends money on these
common elements. Under a Homeowner Association, common elements do not
belong to the owner of the individual homes. Instead, title belongs to the
Homeowner Association itself. Therefore, if you are talking about
condominium fees, then a portion of the payments can increase your tax basis.
If you really mean a homeowner association, then probably not.
Kent Shaw, CPA
------------------------------
Date: Thu, 22 May 1997 14:59:46 -0400 (EDT)
From: elaine steward <esslady@ix.netcom.com>
Subject: Re: 2nd TD deductibility
> From: Mandragon <don_m@nde4.nde.state.ne.us>
> Subject: 2nd Mortgage with little equity
> I have a question about getting a second mortgage to consolidate
> consumer debts. My wife and I received a mailing that offered us a
> second mortgage.
Not to split hairs or anything, but home mortgages are only deductible
from one's taxes to the extent that the money has been invested in the
house.
I KNOW everyone does what the poster proposes, but it's not really the
intent of the deductibility.
elaine
(Editor's Comment (not a tax expert): Not true. The first $100K of debt
secured by a primary residence is tax deductible and can be used for any
purpose. Beyond that, if the money is to be used for home improvements,
deductible debt can go to $1 million (combined 1st and 2nd house). -IK)
------------------------------
Date: Thu, 22 May 1997 15:00:47 -0400 (EDT)
From: Richard Austin <rcaustin@startext.net>
Subject: Re: Vanguard MMF
>I've been following the list for a long time now and finally have a
>question. I'd like to put some money into a Money Market Fund (Vanguard)
>but am unclear about something. When I make use of the check writing
>privileges on such an account, do I have to pay capital gains on this
>amount, since I'm essentially selling shares? If I plan on writing checks
>every other month or so, am I better off with a money market account from a
>bank rather than a fund? Am I misunderstanding something? I would
>appreciate any help.
You are probably better off with Vanguard MM Prime than a bank MM if they
pay a higher yield than the bank. You must write checks for a minimum of
$250.00. There will be no capital gains with the VGMM account. The income
is reported by Vanguard as Ordinary Dividends and you pay income tax on
that the same as you would on bank MM interest.
Vanguard is very good at producing, simple easy to understand statement and
you can access your accounts on-line if you use 128 bit encrypted browsers
such as Netscape or MSIE.
Dick in Texas
Personally, I have a diversified portfolio. That's when your money goes
down the drain in six different sinks.
------------------------------
Date: Thu, 22 May 1997 15:04:21 -0400 (EDT)
From: David Martin <dmartin@seabreeze.hc.ti.com>
Subject: Microsoft, monopolies
Rob presented a long post on Microsoft and monopolies from an
Ayn Randian standpoint. I agree with him, and would like to make an
extra observation:
>Pull out that IBM Selectric gathering dust in the closet and start
>banging away. Also, when last I checked, the Microsoft Office suite now
>is a hell of a lot cheaper than Word + Excel + Access + PowerPoint three
>years ago. That's not exactly driving prices up. And exactly how much
>did you pay for Microsoft Internet Explorer? Sure sounds like coercion
>to me.
The usual fear about monopolies is that they will use their
power to drive up prices beyond what is "reasonable". One thing that
makes this particularly hard for a software company to do is that, if
it drives prices up too much, people will simply start copying
software and using it illegally. It is not easy to copy a car, a
Pentium, or insulin, but software can usually be copied fairly
easily. I am not syaing that this is ethical or legal (and in fact I
oppose breaking the law in any way), but it is a fact. So, not only
does Microsoft need to deal with normal market forces, but it also has
to deal with the fact that if it charges too much, too many people
will steal its product rather than buy it.
-David Martin
------------------------------
Date: Thu, 22 May 1997 15:04:43 -0400 (EDT)
From: Rich Carreiro <rlcarr@animato.pn.com>
Subject: Re: IRA........for minors
>The money to fund the child's IRA can come from the parent in the form
>of a gift to the child, as long as the child had at least that much
>earned income. It might be wise for the child to file an income tax
>return, even if no taxes are due to show the source of income.
I would further add that the child might as well declare the
contribution non-deductible in many cases. If the child's income is
low enough that he would be paying no taxes without making an IRA
contribution, why take a deduction that he will get no benefit from?
Elect to make the contribution non-deductible, fill out the Form 8606,
and then that contribution will not be taxed when it is ultimately
withdrawn.
- --
Rich Carreiro
rlcarr@animato.pn.com
------------------------------
Date: Thu, 22 May 1997 15:05:15 -0400 (EDT)
From: bonsai@world.std.com
Subject: RE: Microsoft's Entering Other Markets
>
>How exactly did Microsoft "acquire a monopoly position?" Let's all keep
>in mind how Microsoft got where it is. It's simple. Millions of
>individual software consumers, for one reason or another, chose a
>Microsoft product over a competing product. Free will. No coercion. No
>gun barrels. No nicotine.
Well, I don't think that's really accurate. I'd say they "acquired a
monopoly position" through OEM deals -- which have consistently served to
effectively narrow the options of individual software consumers.
But you're right -- we don't HAVE to buy MS if we don't want to.
Fortunately we all have option of using things that are half the size and
twice as stable as MS products ;-)
Bonnie
------------------------------
Date: Thu, 22 May 1997 15:06:04 -0400 (EDT)
From: Vicki Simons <probe@scescape.net>
Subject: Discount mail order prescription program?
During a recent conversation with a not-yet-retirement-age lady,
she mentioned the high price of her medicine. As she does not
have Internet access, I volunteered to find whatever I could
on discount mail order prescription programs or services.
I'm looking for an actual service to which persons can submit their
prescriptions and receive the lowest possible price on orders or
their generic counterparts. I'd appreciate having the URLs and
the toll free phone numbers of these companies. Since my hometown
is populated with many retirees, some of whom are on fixed incomes,
this information will help more than just one person. Thanks.
- --
Vicki Simons mailto:probe@scescape.net http://www.scescape.net/probe
------------------------------
Date: Thu, 22 May 1997 15:07:06 -0400 (EDT)
From: Sue_Nielsen@idx.com
Subject: Re: Rebate Cards... Gift idea
In response to:
>>I am looking for a Master/Visa card that has a rebate.....
>(Editor's Comment: Check out:
>Discover Card (1-800-DISCOVER)
>GE True Rewards (1-800-877-1050) They have a rebate but also a $25 fee.
>BJ's Wholesale Card (1-800-308-6979)
>You should be able to get about a 1%-2% rebate paying by credit cards.
- - -IK)
Just wanted to send along an FYI....
When the original discussion of GE True Rewards applying an annual fee came
along last fall, I called the customer service people to cancel our card.
I found that our card was not one of those affected or I switched to the
non-gold version (sorry can't remember which) at any rate, it is still an
option to pursue. We do pay the balance each month so obviously that was
not the specific factor that determined who would get a $25 fee.
We only end up charging about 8-10K on the GE Rewards card each year as we
also run the maximum amount (10K??) through a GM card which we have set up
as a college graduation present for my sister and have to use a Discover at
our local Costco (wholesale distributor chain) as it is the only card they
accept.
For those of you in the frugal category out there, you might like to
consider this sort of "gift" for your child, grandchild, godchild, etc.
We sat down and talked with my sister at the start of college to determine
her interest level and said that we would use the card as our gift to her
for the four years of undergraduate study, if she cared to by a GM product
after school. She thought this was a fine idea and will in essence have
$2000+ to apply against a purchase after she graduates. She could continue
to use the card on her own for a couple more years if she so desires.
Obviously we added her as a card owner (self, spouse, giftee) so that she
is entitled to use the accumulated balance whenever. Food for thought.....
Sue
------------------------------
Date: Thu, 22 May 1997 15:07:40 -0400 (EDT)
From: Avrum Lapin <avrum113@cyberg8t.com>
Subject: Re: Cost of Living for Metro Areas?
The BLS (the guys who calculate the CPI) publish CPI for major
metropolitan regions. You will find these in the "wolrld Almanac" or at any
Public Library.
There is also an outfit called "Runzheimer (sp?) which does a more
extensive job. The tables that you see periodically in Money, Business
Week etc come from them. There is also a book called "Places Rated" which
I think uses their data.
My experience is that these tables are slanted towards the upwardly
mobile fast tracker who is consumption oriented.
I believe that the major factor is your house (one which fits your
family's lifetstyle ) and it's location, its heating/cooling bill, state
and local taxes and such "necessities?" as private schools, golf etc
Avrum Lapin
Upland., CA
------------------------------
Date: Thu, 22 May 1997 15:12:58 -0400 (EDT)
From: Avrum Lapin <avrum113@cyberg8t.com>
Subject: Re: Car accident - advice needed
You have a valid claim. You will definitely get your car fixed and your
medical bills taken care of. You will probably get something for pain and
and suffering.
Now comes the hard part: The truck's insurer will want to settle for the
least amount. You state that your insurance had lapsed at the time of the
accident. Driving uninsured is illegal (even though 25% of drivers have
none). The Police can impound your car (expect to pay about $700 to getit
out orthey will sell it) and the insurer will use the threat of reporting
thelack of insurance to try to talk you into a lower settlement. They
will also suggest that you stopped suddenly and are partially at fault.
You must file a report with the CA DMV as well (the trucker will)
As an aside, my city uses the impoundments a revenue enhancer. Just like
you have "drunk driver" stops we also have "valid Driver's license and show
insurance stops about once or twice a month. As long as the city can
recover the tow charge ($75) when they sell the unclaimed cars to the junk
yard they are ahead)
You will need to see a doctor now about your injuries if you expect to get
re-imbursed.
A good Personal Injury (PI) Lawyer will front the Doctor's Bills and the
car repair and take a lien on the case. PI lawyers in CA work on
contingency. The big trick is to find one who is a good negotiator and who
is relatively ethical.
Other than to contact friend who hav eused lawyers in the past I have no
recommendation.
Avrum Lapin
Upland., CA
------------------------------
Date: Thu, 22 May 1997 15:21:05 -0400 (EDT)
From: Avrum Lapin <avrum113@cyberg8t.com>
Subject: Re: Experience with Frank Armstrong's Book "Investment Strategies for the 21st Century
I've read the book and was relatively impressed. (but then I had read
Random Walk, Stocks for the Long Run and What Works on Wall Street). All
of thesebooks tend to suggest a buy and hold strategy, value over growth,
no load over load, passive over active investing.
All of the above books say equities are better than bonds over the long
haul. but you need to have some money in cash and fixed income. Armstrong
is the only book where I have seen a "formula" on how you (as an individual
investor) can calculate what percentage you should hold in non equities.
Armstrong does rant on about full line stock brokers and load funds but you
can filter out the rantings.
Personally I am steering my investments in the direction he suggests when
it is appropriate. I need to tell you that as late as 7 years ago my 401K
plan was totally in fixed income and I thought in terms of 30 yrs
treasuries after retirement. As the opportunities come up I am moving
towards about a 70% equity position (I am now 59) but I won't take a big
loss by dumping all my fixed income at fire sale prices just to achieve the
70% goal. My 30% will be primarily laddered bonds so as to cover at least
10 yrs of retirement drawdown (Armstong suggests 5 but I am too
conservative).
I must of glossed over his "investment planning service" I suspect that he
has a CFP business. If I am going to use a CFP I want to see him across a
desk or I might as well use Schwab
As for finding low P/B funds - I suspect that the Morningstar CD would
allow a screen. What I have done is to page through MorningStar and
select the funds whose investment style is value , see if they are no load
and have over 85% of their funds in equities and then note their P/B, P/E,
and P/Cash flow and then select from there. I am not sure what P/B you
need to be considered value oriented but if you take the P/B for Vanguard
Index 500 and Vanguard Index Value and split the difference you have a good
criteria.
Avrum Lapin
Upland., CA
------------------------------
Date: Thu, 22 May 1997 15:27:14 -0400 (EDT)
From: kahless@ns.waymark.net
Subject: Re: home improvements increasing cost basis
>>if i add 'home improvements', do they increase the... basis?
http://www.irs.ustreas.gov/prod/forms_pubs/pubs.html
Publication 523: Selling Your Home
Page 6 starts a section titled: Adjusted Basis
Quoted from page 7
Improvements. These add to the value of your home, prolonging
its useful life, or adapt it to new uses. You add the cost of
improvements to the basis of your property.
Repairs. These maintain your home in good condition. They
do not add to its value or prolong its life, and you do not add
their cost to the basis of your property.
There is a table included which lists examples of improvements.
>Major
>improvements ... such
>as a replacement roof, an addition, replacement water heater,
>new deck, etc. which add structurally or functionally to the
>home DO add to the basis.
Note that in my case, the cost of the replacement water heater
was disallowed during the IRS audit I underwent. Why?
Because it was a "like" replacement. The agent told me that
if I had replaced it with a bigger or significantly more efficient
water heat, I could have used the cost to lower my basis.
Keep that in mind.
>Window treatments and the like
>are removable and cosmetic and do not add to the basis.
Note that adding (not replacing) window screens and/or
storm windows are considered improvements.
Also note that the IRS makes an exception as follows:
Exception. The entire job is considered an improvement,
however, if items that would otherwise be considered
repairs are done as part of an extensive remodeling or restoration
of your house.
>Remember, some things such as Insurance payments
>for casualty losses (in the tax sense) DECREASE your basis in
>the property.
Using my situation as an example: When the water heater leaked,
it leaked into the house, ruining the flooring in one room. The
cost of the flooring I ended up putting in was more than the
insurance payment. The difference between the cost and the
reimbursement ended up increasing the basis.
The IRS web page is a lot easier to get to and a whole lot faster
to download the pubs now that tax season is over. Whew!
Sam
------------------------------
Date: Thu, 22 May 1997 15:28:10 -0400 (EDT)
From: BOB FORD <BOB_FORD@compuserve.com>
Subject: Re: 2 Family Home
> My fiance and I are considering (going to try) to purchase a two family
>home with a 15 year mortgage. If we can find one we like. I'm sure it
>will be a long search. Everyone I've spoken to says it sounds like we
>are on the right thinking track. We would like to try our hand at being
>a landlord only because we think we would make good ones compared to the
>way we have been treated in the past and to have some real estate
>investment. I'm not the handiest guy but am willing to work hard (What
>in life ever comes easy?). I would like to have some questions answered
>and some feedback from all of you as to your experiences and opinions on
>owning a two family home.
>1. What real estate traps should I look for?
Most first time landlords fail because of ONE reason. They do not treat
being a landlord as a business. Your renters are NOT your friends. They
are just someone with whom you do business. You should tell them in very
blunt terms, IF YOU DO NOT PAY THE RENT ON TIME, YOU CAN NOT LIVE HERE.
Consult a local real estate attorney so that you understand completely the
eviction laws of your state. If the renters have not paid the rent on
time, START THE EVICTION PROCESS.
>2. Should be able to determine a bad boiler or roof or foundation?
This is a job for a professional inspector. Consult one before you buy.
>3. Any tax benefits or downfalls?
Yes, depreciation and expenses. Consult a tax professional to learn what
you can and can not do to get the maximum tax benefits.
4. Liabilities?
Yes, someone could be injured on the property and you could be liable. Get
insurance to cover this. Also if you let drug activity occur on the
property , it could be seized.
>5. Any suggested reading on mortgages? Scoping out Property? Owning a
Two Family?
Get the set of books written by
JIM NAPIER
P.O. DRAWER F
CHIPLEY, FLORIDA 32428
904-638-0005
They are excellent reference material.
>6. Major Expenses?
Replace a roof, repair a foundation, install new heating and cooling
equipment.
>7. What would you have done differently or prepared for if you had to do
>it again?
Got a good real estate education before I bought my first property.
GOOD LUCK
BOB FORD
------------------------------
Date: Thu, 22 May 1997 15:30:41 -0400 (EDT)
From: BOB FORD <BOB_FORD@CompuServe.COM>
Subject: Re: Gifts for Children
I got a lot of good input on my idea of buying municipal bonds for
children's college. Thanks to everyone for their information. I can see
the idea needs a lot of refinement. That is the great thing about this
list. We learn from each other. Thanks Ira for doing a great job on this
list.
Someone pointed out that assets in a child's name hurt them when it comes
to getting aid to go to college. This brings a question to my mind that
perhaps some one can help me with. The question is "WHEN IS THE TRANSFER
OF AN ASSET (A GIFT) ACCOMPLISHED?"
I seem to remember from a business law course in college a very long time
ago (How long? Edsels were a new car that year) that a gift is not a gift
until the giver intends the transfer of ownership to happen. That is, it
is not a gift until the giver gives it and the receiver accepts it. Does
anyone know if that is true?
Suppose a trust fund has been set up for a child's college expenses. Can a
child legally claim that this is not part of their assets when they apply
for college because the gift has not yet been given to them so they could
not have accepted is yet?
BOB FORD
------------------------------
Date: Thu, 22 May 1997 15:31:11 -0400 (EDT)
From: afn01634@afn.org (George Kolb)
Subject: Target Rewards Visa no more?
Does anyone else have a Target Rewards Visa (issued by First Bank of SD)
that is being closed? I loved this card! We do most of our household
shopping at Target (an upscale version of Wal-Mart for anyone not already
familiar with the store), so the 3% back on Target purchases was very much
appreciated. I wonder if it was *so* well appreciated that it caused the
termination of the program? When you think of how often and how much people
spend at Target/Wal-Mart/K-Mart type stores, I suppose maybe the program was
costing them more than it was bringing in...? Think of how much money you
could get back if all the grocery stores ever catch on. I suppose I could
start shopping at K-Mart and use their *** 6% *** back card, but I just like
Target too much (not to mention they're closer anyway - perhaps that figured
into the card issuer/company's decision).
With GE bailing and now Target, I'm losing some of my (formerly) best cards.
Oh well, there's still plenty of good deals out there, so I suppose it's
their loss at least in some respects...
George Kolb
Gainesville, FL
------------------------------
Date: Thu, 22 May 1997 15:31:48 -0400 (EDT)
From: ktjensen@juno.com
Subject: WANTED: Excel Speadsheet of Shopping Lists??
Does anyone have a shopping list for a typical family's supplies in EXCEL
format?? I know this is like looking for a needle in a haystack, but
maybe someone can tell me if they have ever heard of this??
I am looking to create a supply list that can be used as a basis to
reduce household expenses for a typical family of four. It could be a
list for supplies for a month or for two weeks.
Let me know by emailing directly to me at ktjensen@juno.com
Thanks in advance.
------------------------------
Date: Thu, 22 May 1997 15:45:05 -0400 (EDT)
From: ktjensen@juno.com
Subject: Quicken Credit Card linked to local checking account?
Please email me your opinions about this:
1. Open a local bank checking account.
2. Open a credit card account for a Quicken Software credit card
with a preset limit.
3. Link Quicken Software credit card to automatically pay from my
checking account.
4. Pretend that my Quicken credit card is a debit card.
This way I have effectively made any checking account a Quicken Software
account. I can make all my deposits locally too.
I can track every single transaction I make, except the checks. Within
Quicken I can automate most of the checks.
Does anyone have any easier suggestions?? Maybe I should just get an
account at a bank that can do Quicken Accounts, except I can not find any
banks that have reasonable fees to do this.
Email responses back to ktjensen@juno.com
------------------------------
Date: Thu, 22 May 1997 15:47:33 -0400 (EDT)
From: John.Wolf@corp.wrgrace.com
Subject: Buy/Sell Forums?
I remember seeing a website listed on the Persfin for a forum to
buy/sell or do a search for an object, (in my case a Coleman Pop-up
Camper brand name Niagara) could these sites or any other be listed or
sent to my email??
Many thanks,
John
------------------------------
Date: Thu, 22 May 1997 15:48:49 -0400 (EDT)
From: "Jason Goodburn Moffit" <jmoffit@dynamic.ca>
Subject: How to Get 25% Down Payment?
I have just recently purchased my first home, and I am nearing the 25%
down payment mark. In order to qualify for the mortgage, I need 25%.
I have a bit of a dilemma.
My home closes on 16-Jun-97, and as at that date, I will have a 15%
downpayment. However, as of July 15th, I have two lump sum payments
from different sources which will cover this and more of the 10%
required. These payments were to be available 1-Jun-97, but were
delayed.
I have a line of credit I can tap, which will more than make up for
the shortfall, which I can pay out a month later.
The problem is that a downpayment cannot contain borrowed money, which
may disqualify me from using my line of credit, regardless of the fact
that I can repay it almost immediately.
My potential mortgage is at one bank (Bank A), and my line of credit
is at another bank (Bank B). My line of credit provides overdraft on
cheques. Bank A knows about my Line of Credit at Bank B. My L.O.C.
at Bank B is now at Zero, and will remain so.
Here is what I am considering:
1) Issuing a bank draft for the first 15% downpayment, which will be
covered.
2) Issuing a cheque (linked to my overdraft) for the remaining 10%.
Will this fly? Is this permissable? What morals (and/or laws) am I
breaking should I do this?
I am a great believer in full disclosure, however, this may cause
problems for me in this particular case.
Should I disclose this info to Bank A, and let them know exactly where
everything stands, and explain to them the lump sums? I can arrange
that the lump sums be paid out directly to the line of credit, and
show proof to the bank. I'm afraid that the bank might not bend on
this one though.
As for other options, such as high-margin mortgages/mortgage
insurance, yes, this is an option as a last resort. However, I end up
paying $5000 in insurance fees, for a one month liability. Compare
this with $300 in financing fees.
Any help and suggestions would be appreciated.
------------------------------
End of persfin-digest V4 #38
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