Go to Jeff Salisbury LWGate Home Page.From: persfin-digest <owner-persfin-digest@shore.net>
Subject: persfin-digest V4 #50
Date: Thu, 26 Jun 1997 20:37:10 -0400 (EDT)
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persfin-digest Thursday, June 26 1997 Volume 04 : Number 050
IN THIS ISSUE:
ADVERTISEMENT: MCI CONNECT FOR CC:MAIL [Oppenheimer Software <Connect-Sa]
Housing Costs Info? [bonsai@world.std.com]
Re: Signature Guarantee ["Louis J. Schwarz, CFP, RFC" <sfc@clark.net>]
Re:Real Estate Foreclosure Sales Web Site /URLs in an EMail ["rbarnes" <r]
Re: "Spiders" and Index Funds [Rich Carreiro <rlcarr@animato.pn.com>]
HIPAA and Crohn's Disease [Steve Donahue <sdonahue@erols.com>]
Setup of URLs and E-Mail links in Netscape [Vicki Simons <probe@scescape.]
Re: Foreclosure Property [BOB FORD <BOB_FORD@compuserve.com>]
Re: Where To Keep Your Will [BOB FORD <BOB_FORD@compuserve.com>]
re: 401K: pre-tax vs. post-tax ["Hope Feinglass"<Hope_Feinglass@moneymind]
RE: "Spiders"? ["Dalmia, Bipin K." <DALMIABK@phibred.com>]
Debit Card Question [elaine steward <esslady@ix.netcom.com>]
Re: Auxiliary Heat for Swimming Pool [Avrum Lapin <avrum113@cyberg8t.com]
Is This Contest a Scam? [David Martin <dmartin@seabreeze.hc.ti.com>]
Re: where to keep wills [curious@sirius.com]
RE: Where to Keep Wills / Life Insurance Questions ["Cal Lester C.L.U."]
re: Fleet bank [Ken Stone <kstone@pantheon.YALE.EDU>]
Value Line Report: What's it all mean ? ["Wall, Steven" <walls@phibred.co]
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Date: Thu, 26 Jun 1997 19:59:43 -0400 (EDT)
From: Oppenheimer Software <Connect-Sales@mcimail.com>
Subject: ADVERTISEMENT: MCI CONNECT FOR CC:MAIL
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------------------------------
Date: Thu, 26 Jun 1997 20:00:58 -0400 (EDT)
From: bonsai@world.std.com
Subject: Housing Costs Info?
A recent post here on average expenses as percentage of net pay got me
thinking -- can anyone point me to a source of info on what people pay for
housing? I know the post I mention said 34% as a guideline, and I know the
FHA suggests 29% of _gross_ pay should go to housing costs -- but has any
research been done on what real living people (especially in cities) pay??
In my own recent informal poll of friends and coworkers in Boston I find
that in actuality many of them are forking over much closer to 50% (of net)
to rent or mortgage plus utilities.
On the one hand I think "that's absurd!" but on the other hand, most people
I know do not own cars. When I consider moving to the suburbs to lower my
rent, I can't seem to see any cost advantage -- if I lower my rent by $150
a month by moving 20 miles away, I'll have to get a car, which will just
eat up the $150 I'm saving on rent!
I'm curious to know if any stats on this exist on the web (I guess I want
to be reassured that unless I move to a rural area, there really IS no
cheap livin'! ;-)
Thanks!
Bonnie
------------------------------
Date: Thu, 26 Jun 1997 20:04:05 -0400 (EDT)
From: "Louis J. Schwarz, CFP, RFC" <sfc@clark.net>
Subject: Re: Signature Guarantee
>>Terry Meisener writes...
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.
(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)
- --
Ira is correct regarding liquidating on closing time of the day,
however, if there is no advance action for larger amount such as $25,000
or more, most mutual fund families usually requires the signature
guarantee on file. The best way is to have the mutual funds held in the
street name with the brokerage account - the most convenient method I
have seen for my clients for many years. If alone, the mutual funds may
need such guarantees if mailed to different address, transferred to
outside institutions, or in substantial amounts.
Louis J. Schwarz, CFP, RFC TTY 301-587-5996
Schwarz Financial Concepts FAX 301-587-5997
814 Thayer Avenue, Suite 301 Voice Relay 800-735-2258
Silver Spring, Maryland 20910-4500 Mailto:sfc@deafcfp.com
(Editor's Comment - Some fine print I remember in a Fidelity prospectus:
if the market melts down, Fidelity reserves the right to perform an
"orderly liquidation" (in other words, you might get shafted). If there
are a huge number of sell orders, Fidelity may need to hold your sell
order until they raise enough capital to cover it. Who knows what the
price might be by then! -IK)
------------------------------
Date: Thu, 26 Jun 1997 20:05:29 -0400 (EDT)
From: "rbarnes" <rbarnes@pop.mindspring.com>
Subject: Re:Real Estate Foreclosure Sales Web Site /URLs in an EMail
My advice is to check out this link. And always search out more!
http://www.real-estate-online.com/
Also , I recommend you have at least $15,000-20,000 working capital
(cash) for starters. Hopefully you love working on houses, and have
the time to put into the fix-up. Foreclosures can be profitable,
but will require some risk and labor. Get educated before diving in.
Finding a good home inspector should be your first task, although
physical access to these properties is often tough.
Good Luck!
- -RB
- --------------------------------------------
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.
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.
Mike
Mike, Chuck, et al,
Many email programs will recognize a URL when it's typed or pasted
into a message. The recipient's program must recognize it too on
their end. If all is well you'll end up with "clickable " links
which will send your browser to the reverenced website. If the
software doesn't work (AOL) you're out of luck.
I use and like Netscape 3.0, but also use Pegasus Mail. Pegasus
is very powerful and will allow you to send email to a group list
without showing everybody's email address in the header. It includes
a spell checker too. Both of these will handle the links
beautifully.
Since Netscape 4.0 is out, the older version is selling cheap right
now. I recommend the Netscape Gold pkg. that includes the tools to
easily create your website.
Check these site for Pegasus Mail- IT'S FREE!
http://www.hotfiles.com
http://www.shareware.com
------------------------------
Date: Thu, 26 Jun 1997 20:06:24 -0400 (EDT)
From: Rich Carreiro <rlcarr@animato.pn.com>
Subject: Re: "Spiders" and Index Funds
>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.
Are you sure about that? From what I've read about SPDRs, I get the exact
opposite impression -- i.e. that SPDRs *are* cap-weighted, just like an
index fund.
In any case, there's an easy way to settle it -- go to http://www.amex.com,
follow the links for SPDRs, and read the specification for them.
Rich Carreiro
rlcarr@animato.pn.com
------------------------------
Date: Thu, 26 Jun 1997 20:10:43 -0400 (EDT)
From: Steve Donahue <sdonahue@erols.com>
Subject: HIPAA and Crohn's Disease
<<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.
If I understand your question correctly, HIPAA requires that if you are
employed by a company which offers helth insurancn to its employees, you
may not be excluded from that coverage because of a pre-existing
condition.
Depending upon your previous insurance history, you may be precluded
from obtaining that coverage for up to 12 months. This twelve month
per-existing condition exlusiion is reduced by one month for each
month of prior continuous coverage. If you change jobs, therefore, and
you had coverage on your previous job for 12 months, you can be convered
immediately.
Be sure to obtain a certificate of prior continuous coverage from your
old employer.
Also, if there is a gap in your employment history (i.e., you were laoi
off) and decided mot to avail yourself of COBRA Continuation coverage,
your protection under HIPAA is non-existant.
The same holds true for individual coverage -- you must have been
covered under a prior group health plan. There is no requirement under
HIPAA that an insurance company offer you an individual policy unless you
had been previously and continuously covered.
<<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.
You are absolutely correct that there is no regulation under HIPAA
regarding prices.
HIPAA amended ERISA which gives the power to regulate insurance
offerings to the state (unless the insurer is the company itself...a whole
different can of worms).
Most states have some regulation in place, although in some cases the
maximum charge may be up to 175 percent of a regular policy. Check with
your state insurance commissioner's office to see if there are limits.
Obviously, since insurers tend to charge on an experience basis, a large
claim from one employee at a small company is liable to increase the
premiums for that company more than a similar claim at a large company
(more lives to spread the loss over...)
<<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).
Projecting the fimamcial ramifications wuoudl ovbiously take more
information than you have provided. For example, the ramifications will
be based on premiums charged to your employer, the number of employees,
local regulations, etc., is the company self-insured.
<<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?
That is the intent under HIPAA.
I highly suggest looking at the Department of Labor's (PWBA) home page
where there is a FAQ set up. The above answers are based on some work
we did while tracking HIPAA for regulatory purposes. The FAQ is a
better source since it is more complete then trying to list all the
exceptions and qualifications
here. The FAQ is at:
http://www.dol.gov/dol/pwba/public/pubs/q&aguide.htm
Steve Donahue
Personal Financial Links Page -- http://www.erols.com/sdonahue
------------------------------
Date: Thu, 26 Jun 1997 20:11:35 -0400 (EDT)
From: Vicki Simons <probe@scescape.net>
Subject: Setup of URLs and E-Mail links in Netscape
Hi, Persfiners,
Making URLs and E-Mail addresses "clickable links" in Netscape Mail
is easy.
URLs:
1. Type http:// or https:// and the remainder of the URL.
(Entering just "www.whatever.com" won't be clickable.)
2. If you have spaces in your URL, connect them with an underscore,
like this one between quotes "_".
3. Common mistake #1: a typographical error that renders the URL
useless (it pays to proofread).
4. Common mistake #2: substituting a ";" for the ":" in the address
(it has to be the colon to work).
E-Mail addresses: Precede your exact address with "mailto:" (see
below). Note: some browsers don't read the "mailto:" command.
I hope this helps.
- --
Vicki Simons mailto:probe@scescape.net http://www.scescape.net/probe
Probe Consultants - "Recovering Refunds for Consumers Every Single Day"
------------------------------
Date: Thu, 26 Jun 1997 20:14:29 -0400 (EDT)
From: BOB FORD <BOB_FORD@compuserve.com>
Subject: Re: Foreclosure Property
>Also, have any PersFin'ers had experience (good or bad) with real estate
>forclosure sales?
>Tom
TOM
I have been a real estate investor for 30 years. During that time I have
bought several foreclosure properties. The best advice I can give you is
"BUYING FORECLOSURE PROPERTY AT AUCTION IS FOR REAL ESTATE PROFESSIONALS
ONLY"
You must have a good real estate education, lots of cash, and good legal
advice to make a profit at buying foreclosures at auction. I will give
you just a few of the problems you will face. There are a lot more. Sorry
even this is so long Ira.
1. How do you determine the value of the property if you can not get inside
to see it? Most foreclosures are occupied.
2. When someone is forces to give up ownership of a house in a foreclosure,
they usually trash the house.
3. Once you become the owner, how to you force the occupants to more? You
need legal help on this. This will cost you time and money. Courts do not
like landlords (which is what you become) making people move from the
house in a foreclosure. If the occupants hire an attorney, they can stall
their eviction for years. After all legal actions have completed and you
finally get an eviction order from a local court, all the occupants have
to do is file bankruptcy and the eviction order can not be served.
4. Can the owner redeem the property and for how long. Again you must
know the laws of your state. As long as the property can be redeemed, it
is almost impossible to sell. Good legal advice is a must.
5. Can you get title insurance once you are the owner. Be sure before you
bid at a foreclosure auction. Check with a title company.
5. In 90 percent of the foreclosures, the back taxes are past due. Check
with the tax collector before you bid. You may have to pay a large tax
bill.
6. Is the foreclose sale for a first mortgage, a second mortgage, etc.
This is vital information you must know. Check the public records if you
know how or pay a title company or attorney to find out for you.
7. Is there an IRS lien on the property? You must know.
If anyone needs more information on this e-mail me. This is just a partial
list of problems.
GOOD LUCK
BOB FORD
BOB_FORD@COMPUSERVE.COM
------------------------------
Date: Thu, 26 Jun 1997 20:19:54 -0400 (EDT)
From: BOB FORD <BOB_FORD@compuserve.com>
Subject: Re: Where To Keep Your Will
>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?
>Barry
BARRY
I am not an attorney and the following is not legal advice. It is just my
opinion. It is based on my experience in California. The laws of your
state may be different.
You want your will kept where it will be found and given to the executor
when you die. The executor will be the person that will carry out the
instructions in the will and they probably will not do so without the
original will. So it seems reasonable to me that the executor should keep
the original copy. It is probably rare but there have been cases where
the spouse did not get as much in a will as he/she would have received
without a will. If the spouse has your will and does not like the
provisions, it can disappear on your death.
BOB FORD
------------------------------
Date: Thu, 26 Jun 1997 20:21:27 -0400 (EDT)
From: "Hope Feinglass"<Hope_Feinglass@moneyminds.com>
Subject: re: 401K: pre-tax vs. post-tax
>From: dcameron@harper.cc.il.us (Dave Cameron)
>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.
Hi, Dave.
If you're willing to roll your 401k assets to a self-directed IRA now, you
not only will be able to remove your after-tax contributions, you will be
required to!
What Fidelity told you was correct: you cannot simply withdraw after-tax
contributions from a 401k. What they failed to mention, though, is that
when you roll an IRA from a 401k plan to an IRA, you are only permitted to
roll over the pre-tax contributions and all earnings (on both pre- and
post-tax contributions).
Don't worry about the paperwork--it shouldn't be to bad, even if with
after-tax contributions involved.
Hope this helps.
Hope Feinglass, CPA, CFP
Director of Tax & Financial Planning
Money Minds
http://www.money-minds.com
------------------------------
Date: Thu, 26 Jun 1997 20:22:23 -0400 (EDT)
From: "Dalmia, Bipin K." <DALMIABK@phibred.com>
Subject: RE: "Spiders"?
i tried downloading the spdr specs from amex.com but there seems to be a
problem.
anyway, i read the story again that appeared in forbes and i guess i was
wrong about the equal weighting. the forbes story makes a case for equal
weighting versus market-cap weighting and then recommends spiders so i
just drew the obvious, albeit wrong, conclusion. spiders are market-cap
weighted, just like the index and any index mutual fund.
if you are interested, here's the forbes story, i think it is worth a
read for all fellow persfinancers.
http://www.forbes.com/forbes/97/0407/5907090a.htm
now the obvious question: where can i find an investment that is
_equally_ weighted among many stocks (at least 100)?
thanx, bip
------------------------------
Date: Thu, 26 Jun 1997 20:23:12 -0400 (EDT)
From: elaine steward <esslady@ix.netcom.com>
Subject: Debit Card Question
> 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?
Bank of America in Pasadena, California, allowed me to do this. They DID
have to issue yet another card, so don't just assume that you can use
your old card.
elaine
------------------------------
Date: Thu, 26 Jun 1997 20:26:28 -0400 (EDT)
From: Avrum Lapin <avrum113@cyberg8t.com>
Subject: Re: Auxiliary Heat for Swimming Pool
I recommend a solar pool cover. (Heavy plastic with air bubbles).
Here (in Southern California) an 18x36 cover runs $99. They are guarenteed
for 5 years ( and just about make it) and are easy to install (lay on water
and trim with a utility knife) and they pull up easily. Ours is made by
CANTAR (in New Jersey) (1-800-631-0281). Pool supply stores should carry
them.
I've seen articles about pool heaters which use the exhaust (for want of a
better word) from central air-conditioners but I have not seen them for
sale.
Avrum Lapin
Upland., CA
------------------------------
Date: Thu, 26 Jun 1997 20:27:13 -0400 (EDT)
From: David Martin <dmartin@seabreeze.hc.ti.com>
Subject: Is This Contest a Scam?
A friend of mine is participating in a contest he saw in a
music magazine. He sends in about $5 for every phase of the contest,
and he solves a puzzle to get to the next phase. It is run by a
company called Pandemonium Incorporated, and the only address he has
is a PO box in Minneapolis. They have an email address,
gods@pandemonium.com. It looks like a scam to me, but he he won't
believe me. Has anyone heard of this particular contest?
Also, if he wins, he won't win money, but recording stereo
equipment supposedly worth about 20,000. How do the taxes work for
something like this? It seems to me that even if he sells it, it might
not be enough to cover the taxes since selling stuff second-hand often
brings you much less than the retail price. He says that he can always
just refuse it if that is the case.
Thanks.
-David Martin
------------------------------
Date: Thu, 26 Jun 1997 20:28:26 -0400 (EDT)
From: curious@sirius.com
Subject: Re: where to keep wills
I keep mine in my freezer.
------------------------------
Date: Thu, 26 Jun 1997 20:29:59 -0400 (EDT)
From: "Cal Lester C.L.U." <Cal_Lester@msn.com>
Subject: RE: Where to Keep Wills / Life Insurance Questions
Can anyone tell me the best place to keep the original of a will:
a. With the lawyer who prepared it?
>>>> Little problem, especially IF the Attorney is a member of a P.A.
You want to be certain that the Will will still be available at your
death. A Sole practitioner Attorney might close up shop before YOU do.
b. In your spouse's safe deposit box?
>>>> A Safe deposit box is never a good place to keep important papers that
you want read after YOUR death. If your wife died simultaneously with you,
then her deposit box could be sealed.
c. With the executor?
>>>> Fine idea, since he / she will be responsible for it. Remember YOU can
change that Executor when ever you wish.
>Subject: Re: Life Insurance Questions
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
>>>> I would consider the above to be rather dicey advise simply because the
writer failed to take into consideration either the current health of the
insured, nor the current value of the existing policy. There are many strong
advocates of both sides of the Term Vs: Permanent policy question, and they
all make a lot of money selling books. However each individual situation is
unique, and that persons individual needs must be looked PRIOR to making such
a suggestion.
ANOTHER PERSFINER WROTE:
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!
>>>> Far more accurate advice. The writer at least acknowledges that there may
be difficulty in securing ANY NEW COVERAGE, when the applicants health has to
some degree degenerated. The last line is MOST apropos in that the existing
coverage MUST be maintained while you are examining any other alternative
(whether I think that alternative is good or bad).
Please also note that she mentions that they were able to replace her
husband's ART ( a Term Plan ) with a new 15 yr. Level Plan ( also a Term Plan
) at a better price. Good bad or indifferent, it was still Term for Term, not
Term for Permanent. I do wonder what they intend to do 15 years from now, when
they just might still need some Life Insurance protection. The difference in
premium purchased 15 years later (starting at any age ) will be dramatic.
Cal Lester CLU
Insurance Course CoOrdinator
Broward Community College
------------------------------
Date: Thu, 26 Jun 1997 20:31:03 -0400 (EDT)
From: Ken Stone <kstone@pantheon.YALE.EDU>
Subject: re: Fleet bank
I also am a customer of Fleet (Fleece?) Bank and I too received the letter
announcing how my checking account just got 'better' (read: more
expensive). I went to speak with an agent at a local branch and was told
that to avoid the new and higher monthly charges I would have to have a
combined minimal balance among various investment or loan accounts. I am
about to buy a new house so I inquired about whether a mortgage would apply
to the minimum. No, they said, but a car loan or home equity loan would!
Not even a jumbo mortgage would apply, yet a $5000 car loan would. Hmmmm.
For those who live in Connecticut, The Bank of New Haven has free checking
and no fee for any 'foreign' ATM so long as you set up direct deposit of
your paycheck (or any other regular transaction). The B of NH agent said
that they are getting alot of business from Fleet customers.
Thanks.
Ken
------------------------------
Date: Thu, 26 Jun 1997 20:32:11 -0400 (EDT)
From: "Wall, Steven" <walls@phibred.com>
Subject: Value Line Report: What's it all mean ?
Persfiners:
Found these nifty Value Line Reports on-line, but . . .
where can I find a good summary of what all the different terms mean on
the report ?
Tks.
---------------------------
sj wall
walls@phibred.com
---------------------------
------------------------------
End of persfin-digest V4 #50
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