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Subject: persfin-digest V4 #51
Date: Mon, 30 Jun 1997 21:09:43 -0400 (EDT)
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persfin-digest Monday, June 30 1997 Volume 04 : Number 051
IN THIS ISSUE:
ADVERTISEMENT: MCI AUTOFORWARD [Oppenheimer Software <Connect-Sales@mcim]
Re: Where To Keep Your Will ["Joseph Brouillette" <Broutek@worldnet.att.]
Best Money Market Mutual Funds and Best Small Cap Index Mutual Funds? [Mi]
Should I Use an Outside Company To Print My Checks? [Kila Roberts <robert]
Re: Housing Costs Info [stockr1@juno.com (Russ Stock)]
Credit Collection harassment to wrong person [Rajesh Shah <rshah@c-cube.c]
Re: Debit Card Question [David Meyers <dmeyers@panix.com>]
Where to purchase Mutual Funds? OneSource Charges $40 Extra! ["Brian O'R]
Interesting Web Sites [owowo@NetGuard.Net (Richard)]
Re: Value Line [Scott Barnett <sab@crisp.net>]
Fidelity cuts index fees [Rich Carreiro <rlcarr@animato.pn.com>]
Re: PMI REMOVAL [BOB FORD <BOB_FORD@compuserve.com>]
Re: IRAs for minors [JONESW@CCSUA.CTSTATEU.EDU]
at-home MBA? [Ken Stone <kstone@pantheon.YALE.EDU>]
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Date: Mon, 30 Jun 1997 20:47:18 -0400 (EDT)
From: Oppenheimer Software <Connect-Sales@mcimail.com>
Subject: ADVERTISEMENT: MCI AUTOFORWARD
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Fax:800-492-6862
------------------------------
Date: Mon, 30 Jun 1997 20:50:31 -0400 (EDT)
From: "Joseph Brouillette" <Broutek@worldnet.att.net>
Subject: Re: Where To Keep Your Will
First let me say that there are good and bad in every profession, and you
should be on your guard while dealing with all. In my comments I don't mean
to say that all lawyers are bad. It does muse me though how their *** good
business procedures *** leans towards the gray areas so much.
It's a great idea to keep a copy of your will with the attorney who makes
it out (keep a copy for yourself, and give a ** sealed copy ** to a friend
or relative also). Some people believe that the attorney who makes out the
will, must also read the will. This is not the case unless it is specified
in the will itself.
The attorney who makes out your will ; will most likely encourage you to
put in your will that he will settle the estate. Unless you have specific
cause to do so - don't tie your will up so as to have any special attorney
read your will. If you do, can you imagine the settlement cost power he has
over your estate? You might find out how much he would charge to settle
your estate if you were to die today. Remember, simplicity is what the fee
should be based on, not the value of the estate. Be cautious of a lawyer
who charges on a percentage basis for this service.
If you like his fee, use that cost basis somehow to create a future cost
projection for reading of the will upon your death in the future (perhaps
tie the cost to the CPI and have him write the cost in the will). Lawers
are notorious, especially here in Louisiana, to charge exorbitant fees for
settling a will.
They are also notorious for gleaning of the estate itself. That is to say,
paying low prices for assets of the estates, or directing beneficiaries to
*** friends *** who will list real estate, and do *** other favors *** for
their clients. Of course they most probably will get kickbacks for all of
these services.
Usually the beneficiaries are not concerned about this at the death of
there love one till it is all over, and then they realize later that they
have been rooked. Beneficiaries from out of town are especially venerable
to this type of behavior.
>From what I have told you, you can realize why *** some lawyers *** are so
driven to write your will for a small fee. They know they most likely will
be the attorney who will read the will upon your death and profit
exorbitantly. Joseph
------------------------------
Date: Mon, 30 Jun 1997 20:50:58 -0400 (EDT)
From: Mike Morehouse <mikemore@rocketmail.com>
Subject: Best Money Market Mutual Funds and Best Small Cap Index Mutual Funds?
Anyone have any recommendations on the best money market mutual funds?
Also, I am looking for a small cap index mutual fund to put some
taxable money as I've maxed my IRA's.
Thanks,
Mike Morehouse
------------------------------
Date: Mon, 30 Jun 1997 20:51:55 -0400 (EDT)
From: Kila Roberts <roberts@mort.bsd.uchicago.edu>
Subject: Should I Use an Outside Company To Print My Checks?
It is time for me to reorder checks and instead of purchasing them through
my bank, I was thinking about using an outside company that prints checks
but at a cost lower than what the bank would charge. Has anyone else
ordered these types of checks? Experienced any problems?
Any help is appreciated
Kila
roberts@mort.bsd.uchicago.edu
------------------------------
Date: Mon, 30 Jun 1997 20:53:50 -0400 (EDT)
From: stockr1@juno.com (Russ Stock)
Subject: Re: Housing Costs Info
it was recently posted:
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
Dear Bonsai: the %34 or %29 or %28 that you hear used by lenders
reflects the percent of GROSS INCOME, not net income. Therefore, you
need to base your calculations on gross income rather than net. That is
probably why you will hear some giving up to 50% of their net income
towards their housing expense.
The 'standard' rule (nothing is standard !) is for one to use no more
than 28% toward their house payment (including real estate taxes, HO
insurance and any PMI) and 36% for the house payment and revolving and
installment payments. These numbers are 29% and 41% for FHA loans.
Russ Stock
Mortgage Banker
Stockr1@juno.com
Stockr1@aol.com
------------------------------
Date: Mon, 30 Jun 1997 20:54:29 -0400 (EDT)
From: Rajesh Shah <rshah@c-cube.com>
Subject: Credit Collection harassment to wrong person
Folks,
I happen to get a lot of phone calls and few mail lately
from different collection agency for the person who has
same first name and last name as mine. These phone calls
are at late in the night or early in the mornning. The
people from collection agency are very rude, blamming me
or threatening me to ruin my credit history, taking me to
court and stuff like that. Also they try to collect my SS
# and my wife' SS # and b'day etc, which I refuse to give
them. I never know if there is a prank call to collect
my personal data and misuse it. Without giving my SS # and
other personal information, I have a tough time to explain
them that they are talking with the wrong person.
Is there any way I can stop this ?? I am ready to use the
lawyer to stop this harashemnt to me.
Rajesh
------------------------------
Date: Mon, 30 Jun 1997 20:55:15 -0400 (EDT)
From: David Meyers <dmeyers@panix.com>
Subject: Re: Debit Card Question
>From: elaine steward <esslady@ix.netcom.com>
>> 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.
Chase Manhattan did the same to me - they sent me a debit
card which I did not want. I could have simply chopped
it up into little tiny bits, but the card would still be
theoretically active. Not so good. What I had to do (and
did, in the bank branch) was activate the debit card by
using it in the ATM machine, which de-activated my
existing ATM card. Then, go to their desk and have them
explicitly de-activate the debit card, whereupon they
issued me a new ATM card. Their idiocy cost them in my
case, but I guess they make up for it by the folks who
just go "OK" and proceed to use the damned thing. The
hassle, of course, pissed me off, and I'd have left them
except that they are giving me a great deal otherwise.
- --D
------------------------------
Date: Mon, 30 Jun 1997 20:57:39 -0400 (EDT)
From: "Brian O'Rourke" <borourke@strategies-u.com>
Subject: Where to purchase Mutual Funds? OneSource Charges $40 Extra!
I currently have a Schwab account. Is there any advantage to buying mutual
funds through Schwab OneSource as opposed to buying directly from the
company? The funds I am interested in are not part of the OneSource plan,
so I would have to pay around $40 extra per fund to get them through
Schwab. Besides the convenience of getting all my fund information on one
statement, does Schwab provide any additional useful paperwork at tax time
that is not provided by a mutual fund company?
Brian O'Rourke
(Editor's Comment - If you use a money management tool like Quicken
there's really no benefit in centralizing your money in one place. In
fact, it adds to the danger if that custodian becomes insolvent, thus
tying up substantially all your money. I like the idea of multiple
custodians. -IK)
------------------------------
Date: Mon, 30 Jun 1997 20:58:40 -0400 (EDT)
From: owowo@NetGuard.Net (Richard)
Subject: Interesting Web Sites
Friends: (i have to do something interesting while unemployed)
http://www.bloomberg.com/
this has financial news...some open to the public...some parts only for
subscribers...subscription worth the tracking and detail news and
charts...less than $30 a year for 10 issues and web access
http://www.investools.com/cgi-bin/Library/msmf.pl
this is morningstar rating system...you can look up mutual funds by rank, etc.
http://www.nytimes.com/
the new york times...daily newspaper for news...need to register
HINT:using netscape, i store id and password in properties, under item on
tool bar
http://www.nytimes.com/partners/quote/hoovers.html
search company name or ticker symbol...like search for electric and get all
firms with electric in their names...search for southwestern and don't get
SBC Communications because SBC (the old southwestern bell) doesn't have
southwestern in its name
http://www.stockinfo.standardpoor.com/#index
get list of OTC stocks and get details on some... see
Alphabetical List of OTC Bulletin Board Companies
Company-Sponsored OTC Bulletin Board Company Descriptions
within that page to get alpha list and details
http://www.pointcast.com/
a page that can be tailored to your needs...includes CNN news categories,
company news, health news, sports news, weather, industry, etc....all have
sub categories for tailoring...10 + megabytes...a bear to initially
download...and takes some good time to load news first time...but then it
takes just a lot of time...not bad (probably) on a fast system...
http://www.inlink.com/~jbhicks/stlguide.html
an interesting st louis site
http://www.clothesline.com/stainDet/index.html
tides in -- dirts out
http://www.pueblo.gsa.gov/
government publications...
h
a
v
e
f
u
n
Richard A. Bauer ---- St Louis MO
www.netguard.net/~owowo/index.htm
------------------------------
Date: Mon, 30 Jun 1997 20:59:19 -0400 (EDT)
From: Scott Barnett <sab@crisp.net>
Subject: Re: Value Line
>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 ?
>
Were these reports free? If so, I'd love to know the URL.
If you check out the NAIC (http://www.better-investing.com) they
have a link that explains all about Value Line. Also, check out
http://www.investorama.com. Doug Gerlach maintains this site - it's
incredibly informative.
- --
Scott Barnett
sab@crisp.net
------------------------------
Date: Mon, 30 Jun 1997 21:01:17 -0400 (EDT)
From: Rich Carreiro <rlcarr@animato.pn.com>
Subject: Fidelity cuts index fees
(Editor's Comment - This was submitted April 19, 1997. -IK)
John Bogle must be grinning...Fidelity has chopped the expense ratio
on their SP500 index funds (both the regular one and the one offered
in 401(k) plans) from 0.45% to 0.19%, to match Vanguard.
Rich Carreiro
rlcarr@animato.pn.com
------------------------------
Date: Mon, 30 Jun 1997 21:03:30 -0400 (EDT)
From: BOB FORD <BOB_FORD@compuserve.com>
Subject: Re: PMI REMOVAL
>From: "James B. Bartley" <bbart@erols.com>
>Subject: Private Mortgage Insurance question
>The balance to loan ratio on my mortgage has fallen below 80%, which is
the
>level at which the mortgage company should be willing to stop charging
PMI.
> However, when I contacted my mortgage company they informed me (with no
>previous warning) that they would not stop charging PMI because I had been
>late on two payments to the company.
>I was told that one payment was 1day late being posted and the other 2
days
>late, though both payments had been mailed early enough to ensure by First
>Class Postage that they would arrive in plenty of time; and when I checked
>with my bank, both checks had cleared Nationsbank on the same day that the
>mortgage company said they had posted the credit to my account.
>I asked my bank representative about the check clearing process and they
>said that the checks had to make it from Minnesota to Richmond, VA in one
>day in order to get the stamp shown on the back of the cancelled checks.
>Two questions: what rights do I have to get PMI withdrawn?
>Is there a regulatory agency available to assist me in getting PMI
>removed?
>Barry Bartley
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.
If your loan is an FHA loan, PMI can not be removed from your loan.
Actually it is not PMI on an FHA loan but it has the same effect. If it is
a conventional loan you may get the lender to remove it. My state
California requires it to be removed when the loan to value ratio is less
than 80 percent. Check with your legal advisor in your state. Also read
your loan documents carefully to see what they have to say about PMI
removal.
One thing you can do is to take your lender to small claims court each
month for the amount of your PMI. This often will get you results. Be
prepared with an appraisal that shows your loan to value ratio is less
than 80 percent.
You can usually get PMI canceled if your loan is over 2 years old and
1. The loan to value ratio is 80 percent of less due to addition or
improvement of the property.
or
2. The loan to value is 75 percent or less due to appreciation of the
property.
or
3. The loan has amortized to 80 percent or less of the loaned amount.
Ask your friends if they have had problems getting PMI removed. If they
have you might have a good case for a class action suit. Talk to a real
estate attorney. They will be happy to see you.
Here is an idea anyone with PMI might consider. Say your loan is over 2
years old and it is for 90 percent of the value of your property. You
will be paying PMI.
Get a second loan on the property for 15 percent of the value and use that
money to pay off the fist loan so it's loan to value ratio is 75 percent.
You still owe 90 percent of the home value on loans. Your second may have
a higher interest rate that your current first. HOWEVER, you can now get
PMI removed from your first loan. In almost every case, you total home
payments will GO DOWN. Also the interest on your second is tax deductable
whereas PMI is not.
BOB FORD
------------------------------
Date: Mon, 30 Jun 1997 21:04:56 -0400 (EDT)
From: JONESW@CCSUA.CTSTATEU.EDU
Subject: Re: IRAs for minors
>From Bill Jones
Paul Landsberg says it might be a good idea to give your teenager the money
for an IRA (when he has earned money that he spends for other things) and
let it accumulate until the teenager retires. But if the teenager's tax
rate is 15%, especially if it is 0%, then there is a better way. Put the
money in a taxable account until the first year in which he is at the 28%
tax rate, then fund the IRA (or 403b or whatever).
Example: You have $1000 to spare, so you put $1177 in his IRA (you will get
$177 back in taxes, at 15%). Some years later it has doubled to $2354, and
it is December of the year before his marginal tax rate hits 28%.
Compare that with: You put the $1000 in a taxable account in his name and
let it ride to that same December. It has doubled, except for paying taxes
along the way, so it is worth $1850. So he cashes it in and, the next month,
he puts it in an IRA or 401k. The amount of the IRA will be $2569, because
he will get 28% back on his taxes (i.e., 1850/0.72 = 2569).
This is a profit of $215 in the worst case. If his initial tax rate is 0%
(because he gets the standard deduction), or if the money is saved in a
stock fund, he comes out even more ahead.
------------------------------
Date: Mon, 30 Jun 1997 21:06:50 -0400 (EDT)
From: Ken Stone <kstone@pantheon.YALE.EDU>
Subject: at-home MBA?
Can anyone recommend any at-home MBA courses? Either web-based, electronic
media or correspondance-by-mail? Responses appreciated regarding both
specific programs and general impression of quality of at-home MBA's. Would
it be better to go to a local university's evening program?
Thanks,
Ken
------------------------------
End of persfin-digest V4 #51
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