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Subject: persfin-digest V4 #49
Date: Sun, 22 Jun 1997 21:48:21 -0400 (EDT)
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persfin-digest Sunday, June 22 1997 Volume 04 : Number 049
IN THIS ISSUE:
ADVERTISEMENT: MCI FAX REPLY SERVICE [Oppenheimer Software <Connect-Sale]
Federally guaranteed signature Is A Pain [TERRY MISENER <TRMISENE@NRWPO.N]
auxillary heat for swimming pool? [TERRY MISENER <TRMISENE@NRWPO.NURS.SC.]
Re: comparing satellite TV services [Jacqueline.D.Richardson@Hitchcock.OR]
Where to keep original copy of wills? [Barry Basden <bbasden@orion.tstar.]
Re: "Spiders"? ["Dalmia, Bipin K." <DALMIABK@phibred.com>]
Re: Life Insurance Questions [jeff@scrooge.csd.sdl.usu.edu (Jeff Salisbur]
Re: A bank to replace Fleet? [David Martin <dmartin@seabreeze.hc.ti.com>]
speaking of maps [APRESTON@server.vcccd.cc.ca.us]
RE: Car Loan Refinancing [Jeff Morgan <Morgajs@parsec.com>]
Re: Fidelity Investments "Portfolio Review"? ["Hope Feinglass"<Hope_Feing]
More on Fleet [Mike Machnik <machnik@tiac.net>]
Real estate foreclosure sales ["Thomas J. Stevens" <amadan@ziplink.net>]
Re: Life Insurance Questions ["Cal Lester C.L.U." <Cal_Lester@msn.com>]
Re: Life Insurance Questions [Laura <laurar@chesco.com>]
Health Insurance Portability Act & Chronic Illness question [koyn <koyn@f]
Can you refuse an unsolicited bank debit card? [Joe Cabrera <toonhead@tia]
401K: pre-tax vs. post-tax [dcameron@harper.cc.il.us (Dave Cameron)]
"Recognized Experts" [rzahn@ix.netcom.com (Richard L. Zahn CD-4E-22)]
Re: Charles Wilmot Request [Mike Morehouse <mikemore@rocketmail.com>]
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Date: Sun, 22 Jun 1997 21:20:56 -0400 (EDT)
From: Oppenheimer Software <Connect-Sales@mcimail.com>
Subject: ADVERTISEMENT: MCI FAX REPLY SERVICE
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------------------------------
Date: Sun, 22 Jun 1997 21:24:23 -0400 (EDT)
From: TERRY MISENER <TRMISENE@NRWPO.NURS.SC.EDU>
Subject: Federally guaranteed signature Is A Pain
I do not do alot of mutual fund selling. Buy and hold seems
to be my style. But, have a couple of questions/concerns.
Is it only Fidelity or do all funds actualize a sell order
whenever it is to their best interest within a 7 day period? It
is not like the stock market.. direct sell within the hour, or at
least was not from my perspective. Also,, having to find a
federally guaranteed signature is also a bother. These all
seem to be set up to limit the speed of liquidations. Any
comments and reasons. Thanks in advance.
Terry Misener
Columbia, SC
(Editor's Comment - Your order should be executed at the net asset value
of the fund after the market closes (4pm). Everyone who places an order
on that day gets the closing price. I don't understand why you need a
signature guarantee. -IK)
------------------------------
Date: Sun, 22 Jun 1997 21:25:13 -0400 (EDT)
From: TERRY MISENER <TRMISENE@NRWPO.NURS.SC.EDU>
Subject: auxillary heat for swimming pool?
I know this is not the home repair network, but it is a fiscal
question. Is there any where on the net to find different
methods and their comparative costs for auxillary heating of
inground pools? Think I hear gas heat is expensive.
Someone recently mentioned a heat pump package for this
but can not find info either. Thanks... Want to increase pool
temp, but do not want to own the utility company. And, yes
know about solar, but requires a certain amount of roof facing
the right direction.
------------------------------
Date: Sun, 22 Jun 1997 21:26:17 -0400 (EDT)
From: Jacqueline.D.Richardson@Hitchcock.ORG (Jacqueline D. Richardson)
Subject: Re: comparing satellite TV services
- --- "Dalmia, Bipin K." wrote:
is there some place on the net that compares costs and services of all the
major satellite TV service providers? e.g.
PrimeStar, DirectTV etc. etc.
- --- end of quoted material ---
I would be interested in this as well. I have Primestar which, until
recently, I was fairly happy with. In April they added a number of new
channels and restructured their packages. As a result, my bill has gone
up about $20 per month for the same channels I had/wanted before. Granted
I now have additional channels, but nothing extra that I really want, so
in effect I am paying $20 extra for the same thing. (Please don't say find
something else to do...
Winters are very long and dark in New England.)
Thanks
jackie
------------------------------
Date: Sun, 22 Jun 1997 21:27:28 -0400 (EDT)
From: Barry Basden <bbasden@orion.tstar.net>
Subject: Where to keep original copy of wills?
Can anyone tell me the best place to keep the original of a will:
a. With the lawyer who prepared it?
b. In your spouse's safe deposit box?
c. With the executor?
d. Any of the above?
Thanks,
Barry
------------------------------
Date: Sun, 22 Jun 1997 21:28:44 -0400 (EDT)
From: "Dalmia, Bipin K." <DALMIABK@phibred.com>
Subject: Re: "Spiders"?
hello:
there is another BIG fundamental difference between spiders and an index
mutual fund (closed or open, although i fail to understand why an index
fund should be closed-end). an index mutual fund is weighted by the
market value of the underlying stocks, just like the index is. spiders
are weighted equally for all the underlying stocks of the same index.
there was a nice article couple months ago in forbes (i think) that
talked about this difference and how the market cap weighting is like a
self-fulfilling prophecy.
bip
------------------------------
Date: Sun, 22 Jun 1997 21:30:08 -0400 (EDT)
From: jeff@scrooge.csd.sdl.usu.edu (Jeff Salisbury)
Subject: Re: Life Insurance Questions
> Help! I find insurance pretty confusing. Can I get some advice on whether
> to keep paying premiums on a life insurance policy or to bail out and
> invest the money elsewhere?
>
> We purchased a Universal Life Insurance policy in 1985 and our monthly
> premium is $50 of which about $37 is actually deducted for the insurance
> cost. The current interest rate is 6% with a guaranteed interest rate of
> 4%. Total premiums paid to date are $7,300 and the current account value
> is $3,300. I am insured with benefits of $132,000 and my husband is
> insured as a rider with benefits of $106,000. I am a 39 year old
> non-smoker and my husband is a 42 year old non-smoker. Some medical
> problems over the last 10 years would probably make him a high risk for
> purchasing other insurance on his own. We also both have very good life
> insurance coverage through our employers. We need life insurance, we have
> 3 children under the age of 12.
>
> When I compare the premiums for this coverage with term, it seems like we
> are getting a good value. Should we cash out? Or should we stop paying
> any excess over the cost of the insurance and direct it elsewhere (it's
> only $13 a month)?
>
> Thanks!
>-- End of excerpt from taylor.hs@pg.com
Taylor,
Go buy the soft-bound book "Personal Finance for Dummies" (I think you
can buy it through Ira's web-based book store). The book costs $10-15.
The author has an entire section on this. The book is just terrific
overall.
In a nutshell, the author is a strong advocate of buying term life. He
also is generally against any kind of commission-based insurance or any
other financial product. I believe that universal life would be
considered a commission-based product...
Jeff Salisbury
------------------------------
Date: Sun, 22 Jun 1997 21:31:01 -0400 (EDT)
From: David Martin <dmartin@seabreeze.hc.ti.com>
Subject: Re: A bank to replace Fleet?
>Does anyone have a suggestion for a bank we should look into? The credit
>union at work doesn't seem to meet our needs. Things we are interested in
>and that are particular to our situation:
I would look into USTrust Bank. I used them when I lived in
Boston; they might have branches in New Hampshire. Features include:
NO minimum balance requirement
FREE checking
NO ATM charges, even for ATMs of other banks (like BankBoston)
overdraft protection
direct deposit
automatic withdrawal
You can deposit checks by mailing them in if you want.
Before I used USTrust, I used Baybank (now BankBoston), which
would charge a fee for using some of the Baybank ATMs in
supermarkets. When I switched to USTrust, I could get money out of
those ATMs without paying a fee!
To be honest, I don't know why anyone who lives near a USTrust
branch would use any other bank. (Although a credit union might offer
better rates on car loans and mortgages.) I live in NJ now, so I had
to get another bank account, but I've recommended USTrust to all of my
friends in Boston, and they all switched.
Keep in mind that I only keep eneough money in my bank account
to get cash and write checks; everything else is in Vanguard money
market fund. I didn't earn any interest on my USTrust account, but I
didn't keep much there in the first place.
Of course, USTrust may someday change things, but for right
now, it's a great deal.
Not an employee, just a satisfied customer.
-David Martin
------------------------------
Date: Sun, 22 Jun 1997 21:31:36 -0400 (EDT)
From: APRESTON@server.vcccd.cc.ca.us
Subject: speaking of maps
someone asked about web maps. someone else gave a couple of WWW addresses.
i have used two - yahoo.com and lycos.com
one feature that you can get is "the best route" from one location to
another, but lycos.com's seems to be better. yahoo will not provide
directions for much over 500 miles, while lycos will give directions from as
far as california to texas.
------------------------------
Date: Sun, 22 Jun 1997 21:33:30 -0400 (EDT)
From: Jeff Morgan <Morgajs@parsec.com>
Subject: RE: Car Loan Refinancing
>
> Greetings.
>
> I took a Car loan of $12000/- at 8.5% last June from a Credit Union.
> Now, the same Credit Union has come out with a scheme, whereby I can
> get my remaining loan refinanced at 7.75% APR. The catch is that I need to
> borrow extra $1000.
>
> I am trying to figure out if this deal makes any sense. If I refinance
>
> the loan, my monthly payment is going to increase since I want to keep
>
> the period same as before (4 years).
>
> In the mean time, I also want to try and pay back the loan as soon as
> possible. I may not be able to afford a bigger monthly payment, but I
>
> plan to make a bigger payment of say $1000 once in a while whenever I
> feel comfortable with my bank balance.
>
> I would like know opinion of fellow persfiners on this situation.
> Should
> I refinance the loan to 7.75% by taking extra $1000 or just continue
> with my present payment at 8.5%?
>
> Thanks !
>
>
One thing you may want to ask: will they allow you to take
this additional $1000 you have to borrow, wait a couple weeks
or so, and pay that $1000 back in as a lump sum payment to
be applied to the loan principal?
- --
Jeff Morgan - mailto:morgajs@parsec.com
------------------------------
Date: Sun, 22 Jun 1997 21:36:04 -0400 (EDT)
From: "Hope Feinglass"<Hope_Feinglass@moneyminds.com>
Subject: Re: Fidelity Investments "Portfolio Review"?
>From: Keith Mealy <kmealy@cincom.com>
>In the mail I got an invitation to come down to the
>local Fidelity Investor's Center to have a "Portfolio Review"
>with a Financial Representative. Has anyone ever done this
>and can tell me what to expect from this session?
>(Editor's Comment - I've noticed that Fidelity and Schwab, who previously
>avoided advising customers on their portfolios, seem to be getting into
>the financial planning business. Does this bother any financial planners
>among us? Is this undercutting the CFP community, which also uses
>Fidelity and Schwab to execute financial plans? Are Fidelity and Schwab
>acting as "full service" brokers? -IK)
Hi, Ira and Keith.
Ok, my curiosity got to me. I just called Fidelity and found out that this
"free portfolio review" is only available for investors with a minimum of
$200,000 to invest.
Prospective investors provide Fidelity with profile information, then
Fidelity presents a recommended allocation of Fidelity funds. It's free
because Fidelity's goal is to get you to sign up for their Portfolio
Advisory Service.
For 1% a year, Fidelity will help you transfer your assets over there,
select Fidelity Funds, and monitor them during the year, reallocating them
as necessary (but without discussing this with you first). In addition,
the investor gets a "personal relationship officer" who can answer
investment type questions, but who is not a financial planner and cannot
provide you with any type of financial planning, tax, or estate guidance.
Also, if the assets aren't at Fidelity, you're on your own.
In contrast, for 1% at Money Minds (125,000 minimum), you get a full review
of all your mutual funds, allocation and mutual fund recommendations (with
the universe of no-load funds possible), we also monitor and review your
entire portfolio 4 times per year, provide & discuss recommendations with
you, and implement any changes you approve. Rather than a personal
relationship officer, though, you work with a Certified Financial Planner
who not only *can* help with retirement, tax, and other planning concerns,
but *needs to* in order to help you make good investment decisions.
It boggles my mind that Fidelity (and other Advisors) can be so focused on
investments without really understanding a person's full financial
situation. There's been much written in the financial planning trade
publications about professionals jumping on the investment management
bandwagon, since the 1% fees seem so attractive. The predictions indicate
that those advisors who focus exclusively on investments, without guiding
*and educating* the client through the big picture, will have some rough
waters to navigate during extended bear markets.
Again, rather than being threatened by Fidelity's presence, I am proud that
I can point to such a well-respected organization, and know that--for we
advisors who are really providing full service planning--there is no
comparison.
(Shameless plug? Perhaps. But you can't say I'm not passionate about what
I do. : - )
Hope Feinglass, CPA, CFP
Director of Tax & Financial Planning
Money Minds
http://www.money-minds.com
------------------------------
Date: Sun, 22 Jun 1997 21:36:35 -0400 (EDT)
From: Mike Machnik <machnik@tiac.net>
Subject: More on Fleet
Thanks to all for the replies about banking alternatives to Fleet.
I went out the last couple of days and looked into several other banks in
the southern N.H. area: Citizens, BankBoston, and Bank of NH. There were
some decent alternatives to the Fleet One account at some, but even those
seemed to make up for it with things like fees for Point-of-Sale
transactions, etc. And some, like Citizens, did not have interstate
banking set up as Fleet does.
So I went back to Fleet and explained our situation. I wound up finding
out some things that seem to make it better for us to stay with Fleet, with
a few changes to our account status:
* Close out the relationship banking connection.
* Change accounts from regular checking/savings to WorkPlace checking/savings.
The former is simply because there is no alternative at any bank that
allows us to meet the minimums and also meets our needs.
The latter I found out about almost by accident. Fleet offers WorkPlace
accounts to employees at my company and apparently many others, given that
you have direct deposit set up (which we do anyway). These accounts have
minimums of $0 checking / $100 savings to avoid fees as long as you are
with an employer that has this deal set up with Fleet.
You can still tie the accounts together to make it easy to transfer among
them using ATMs or telephone. That was a big requirement and I thought it
might only have been possible with Fleet One.
The one thing we lose is the free cash reserve - free with Fleet One, but
$24/year otherwise. We'll close that out and instead set up automatic
overdraft with our savings account. There is a $3 fee each time that kicks
in, but we only used the cash reserve once in three years as it was, and we
track the balances closely enough that I'm sure we will not make much use
of that feature.
We retain the ability to bank at any Fleet office from Maine to Florida and
use Fleet ATMs anywhere for free, again an important feature. Note that
Fleet does charge $1.50 for non-Fleet ATM transactions, but we've never
been anyplace where there was not a Fleet close by when we needed to use an
ATM. The other three I mentioned did not charge for usage of an outside
ATM.
So, others considering leaving Fleet might want to look into the WorkPlace
account option. I didn't find it at any of the other three banks I went to.
BTW, something else which wasn't really a factor but would have been a nice
addition, was that Fleet does not offer online banking to users of Macs
(they do for PC users). However, I was told that they plan to set it up
through the web sometime in 1998. The ATM/telephone options probably make
this unnecessary for us, but it was something additional I learned that I
did not know before. It does seem that most banks offer toll-free
telephone access of account information, so there isn't much difference in
that regard. As long as there is a way to access it somehow, that's fine
with me.
- --
Mike Machnik
machnik@tiac.net
------------------------------
Date: Sun, 22 Jun 1997 21:37:18 -0400 (EDT)
From: "Thomas J. Stevens" <amadan@ziplink.net>
Subject: Real estate foreclosure sales
Hi!
A friend asked me and I didn't know (now we BOTH want to know) of any
web sites or other good sources of information about buying real
estate at foreclosure auctions. We'll check the library and have already
checked Ira's WWW page, but any useful URLs would be appreciated.
Also, have any PersFin'ers had experience (good or bad) with real estate
forclosure sales?
Tom
------------------------------
Date: Sun, 22 Jun 1997 21:38:59 -0400 (EDT)
From: "Cal Lester C.L.U." <Cal_Lester@msn.com>
Subject: Re: Life Insurance Questions
(Taylor asked..)
Help! I find insurance pretty confusing.
>>>> Most people do, so do not despair.
Can I get some advice on whether to keep paying premiums on a life insurance
policy or to bail out and
invest the money elsewhere?
>>>> IF you were to INVEST the money elsewhere, you would have to earn 6% or
more AFTER taxes to equal what you have.
We purchased a Universal Life Insurance policy in 1985 and our monthly
premium is $50 of which about $37 is actually deducted for the insurance
cost. The current interest rate is 6% with a guaranteed interest rate of
4%. Total premiums paid to date are $7,300 and the current account value
is $3,300.
>>>> A Current Account Value of $3,300, with only $13.00 per month being
applied to the Current Account ( which is only $13.00 X 12 X 12 = $1,872, is
not a bad return on your so called INVESTMENT over the past 12 years.
Obviously IF you had put in more, you would have had more of a Tax Deferred
build-up.
I am insured with benefits of $132,000 and my husband is insured as a rider
with benefits of $106,000. I am a 39 year old non-smoker and my husband is a
42 year old non-smoker.Some medical
problems over the last 10 years would probably make him a high risk for
purchasing other insurance
on his own
>>>> An INSURANCE cost of $37.00 per month for $238,000 of Death Protection is
not an unreasonable premium. Especially since you mention that your husband
has some medical condition that might be ratable if he were to apply for
additional coverage now.
. We also both have very good life insurance coverage through our
employers. We need life insurance, we have 3 children under the age of 12.
>>>> I agree with your comment that you NEED Life Insurance, based on your
family. However, I do believe that you just might be placing too much emphasis
on your GROUP coverage through your employment. Please keep in mind that you
do NOT own that insurance. It could be GONE tomorrow, for what ever reason.
WHEREAS, you DO OWN the Universal Life policy that YOU are paying premiums on.
When I compare the premiums for this coverage with term, it seems like we
are getting a good value. Should we cash out? Or should we stop paying
any excess over the cost of the insurance and direct it elsewhere (it's
only $13 a month)?
>>>> You should most definitely KEEP that personally owned policy. In fact,
with three kids, I would suggest that you INCREASE the monthly premium
DRASTICALLY, to at least $100 a month or more. The extra money that you pay
in, will GROW on a Tax Deferred Basis, and could provide TAX FREE MONEY FOR
COLLEGE FUNDING for one or more of your children. If you could divert $200 a
month to that same policy, you would see dramatic increases in the cash value
account.
If you have any questions, you can contact me by E-Mail, Cal_Lester@msn.com
Cal Lester CLU.
------------------------------
Date: Sun, 22 Jun 1997 21:39:55 -0400 (EDT)
From: Laura <laurar@chesco.com>
Subject: Re: Life Insurance Questions
>When I compare the premiums for this coverage with term, it seems like we
>are getting a good value. Should we cash out? Or should we stop paying
>any excess over the cost of the insurance and direct it elsewhere (it's
>only $13 a month)?
I'm not sure where you're looking when you compare the premiums for term.
But, using quickquote (www.quickquote.com) for my state, a male age 42 and
female age 40 preferred could get $200,000 coverage *each* 15-year level
term for about what you're paying for the UL ($37/month). Even when I did
"impaired risk" (high cholestoral and diabetes) for the male, he could
still get about $125,000 for the same amount. [For the preferred risk I
found about $280/yr for male age 42 and $190 for female age 40]
I don't know what kind of health problems your husband has, but I'd take a
look at this site or others like it. We used quickquote last year to
replace my husband's ART plan with a 15-yr level -- got about 2x the
coverage for the same payment! I was pleased with their service.
If you decide to cash out do not do so until you have the new policy in
your hands!
------------------------------
Date: Sun, 22 Jun 1997 21:40:43 -0400 (EDT)
From: koyn <koyn@fastrans.net>
Subject: Health Insurance Portability Act & Chronic Illness question
I have recently been diagnoses with Crohn's disease and have some
questions regarding my future ability to obtain health insurance.
I understand that the Health Insurance Portability and Accountability Act
passed last year requires insurance companies to offer insurance coverage
to me when I am part of a group, or for individual coverage.
My concern is that the act does not seem to limit what I may be charged
for such coverage if I need an individual policy at some point, or what my
employer may be charged for the entire group.
I would be interested in hearing others' understandings and views on this
issue and the financial ramifications of contracting a chronic illness
while depending on an employer's health insurance. (I hope to be able to
move to an individual policy at some point in case a future job does not
provide insurance or I am self employed).
I did notice that there is a six month look back on pre-existing
conditions that seems to indicate preexisting conditions for which medical
advice, diagnosis, care, or treatment was recommended or received within
the 6-month period ending on the enrollment date. Does this mean that if
my illness goes into remission for six months, and then I apply for
individual health insurance, I would be treated as a healthy person, and
not be asked on the application about health prior to six months before?
Thanks in advance for any information.
------------------------------
Date: Sun, 22 Jun 1997 21:41:50 -0400 (EDT)
From: Joe Cabrera <toonhead@tiac.net>
Subject: Can you refuse an unsolicited bank debit card?
I was always under the impression that if your bank sends you a debit card
to replace your ATM card, you can refuse to use it and stick with your
plain ATM card. Is this correct?
------------------------------
Date: Sun, 22 Jun 1997 21:42:58 -0400 (EDT)
From: dcameron@harper.cc.il.us (Dave Cameron)
Subject: 401K: pre-tax vs. post-tax
I just left my job of 10 years. With that ex-employer I have
a 401K. The first few years I worked there - I put in a
portion of the money I set aside post-tax and a portion pre-tax.
Now... after leaving (401K manager is the Fidelity Mutual
Fund Corp.) the job, I want to remove my post-tax portion
on the theory that I've already paid taxes on it. This way
if I roll the money into an IRA at a later date, the paper-
work will be simpler. Fidelity says I can't do it, that
it is against Federal Law to stipulate withdrawal of ONLY
the post-tax portion.
Anyone know anything about this,
Thanks
Dave Cameron
dcameron@harper.cc.il.us
------------------------------
Date: Sun, 22 Jun 1997 21:45:40 -0400 (EDT)
From: rzahn@ix.netcom.com (Richard L. Zahn CD-4E-22)
Subject: "Recognized Experts"
Ira -- The following exchange took place a couple of weeks ago:
>Thanks to many nationally recognized experts for their help: Peter Lynch,
>Sir John Templeton Bob Brinker, Danny Fontana, Bill Staton, and our own
>Ira Krakow.
>(Editor's Comment - I'm humbled by being mentioned in such austere
>company. :) -IK)
Ira, I have never pictured you as being "austere." (Did you mean
"august?") ;)
Dick Zahn
Cloudy Grand Rapids
(Editor's Comment - The company is austere, which means solemn, almost
reverent. Money is such a serious subject that it's forbidden to smile
when talking about it :). -IK)
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Date: Sun, 22 Jun 1997 21:47:04 -0400 (EDT)
From: Mike Morehouse <mikemore@rocketmail.com>
Subject: Re: Charles Wilmot Request
Re:Mike,
Please tell me how you setup URL's (in blue) so that the recipient can
merely click on them and they access Netscape in the process.
Thanks.
Chuck Wilmot
cwilmot@azstarnet.com
- ----------------
Chuck,
If I did that I don't know how I did it!!! All I did was go to the
sites I had bookmarked for maps and copy them from the Location window in
Netscape and then paste them into the e-mail I sent you. Maybe when I did
that, my Rocketmail e-mail program automatically makes links out of them.
This might be a good question to forward to Rocketmail. I'll ask them
and let you know what I find out.
Regards,
Mike
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End of persfin-digest V4 #49
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