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Subject: persfin-digest V4 #109
Date: Wed, 3 Dec 1997 21:42:49 -0500 (EST)
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persfin-digest Wednesday, December 3 1997 Volume 04 : Number 109
IN THIS ISSUE:
ADVERTISEMENT: domainTNG
RE: Buying Prescription Drugs in Mexico - Check State Laws
Re: MBNA Platinum Plus Card
Roth IRA Conversion Question
Re: exchanging money in Japan?
Calculators ad infinitum...
Re: Cheap Prescriptions - Check out Canada
Re: old stock certs
exchanging money in Japan
Re: Buying Currency
Fidelity Funds Changes?
Re: 403-B Plans and Other Questions
Tax Questions
Excel spreadsheet for Roth IRA
Re: exchanging money in Japan?
Mutual Funds and Brokers - Why No Mutual Fund Sale Fees?
Medical Science Donation
bi-weekly mortgages article in NY Times
Planning ahead
Travelers Checks and ATMs in Japan
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Date: Wed, 3 Dec 1997 21:11:17 -0500 (EST)
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------------------------------
Date: Wed, 3 Dec 1997 21:13:14 -0500 (EST)
From: John Wallace <JWallace@karta.com>
Subject: RE: Buying Prescription Drugs in Mexico - Check State Laws
> <SNIP>>
>>Second, where can prescription drugs be purchased inexpensively? We've been
>>spoiled by our HMO which we'll be leaving shortly.
> <SNIP>
>5) If you live near the Mexican border try pharmacies in Mexico - but I
>would be leary of generics ,
>
>Avrum Lapin
>Upland., CA
>
But check your State Laws first, before buying in Mexico !!!
We had a situation here in Texas last year in which the Sherriffs & District
Attorneys in a rural county were arresting & prosecuting returning tourists
for "Possession of Controlled Substances" **even though** they had
valid prescriptions from USA physicians **and** even though the medicines
were legal under Federal law, and had been properly declared at US Customs.
It was basically a scam, and eventually they picked on somebody who had
sufficient resources to hire an attorney and appeal; and the practice was
overturned by an Appeals Court -- but meanwhile, all the other people, who
couldn't afford good lawyers, have Felony convictions on their record.
------------------------------
Date: Wed, 3 Dec 1997 21:16:36 -0500 (EST)
From: dollymadis@megsinet.net
Subject: Re: MBNA Platinum Plus Card
>A few days ago, I received notice to
>tear up this card and was issued a MBNA Platinum Plus Card in
>its' place. It has a $8000 limit and many other benefits. What I
>can't find in the info they sent me was anything dealing with a
>"grace period". Does anyone have any information on this, or >am I
>correct in assuming there is no grace period on this card, and
>thus have no use for it.
The only way to be sure and protect yourself is to contact the card issuer
at their 800# and ask for documentation of what ever their terms are in
writing. tom g
------------------------------
Date: Wed, 3 Dec 1997 21:18:25 -0500 (EST)
From: Yan Zheng <yzheng@saturn.vcu.edu>
Subject: Roth IRA Conversion Question
The rule for conversion from traditional IRA to Roth says that married
people filing separately are not eligible for conversion. What year does
it mean -- the filing status in 1996, or 1997 or 1998? We either filed
jointly or separately over the years, depending on our financial situation
of that year. We have not figured out which way to go for 1997 yet. Any
info is greatly appreciated.
Yan
------------------------------
Date: Wed, 3 Dec 1997 21:19:36 -0500 (EST)
From: rpalma@msai.mea.com (Peter Palma)
Subject: Re: exchanging money in Japan?
>
>I am going to Japan next week. Considering the terrible Japanese market,
>what is the best strategy for exchanging dollars into yen and back again
>upon return? Would you recommend using an ATM card or traveler's
>checks? Thanks.
>
>Ryo Imamura
>imamura@elwha.evergreen.edu
>
There are very few ATM machines in Japan compared to the US and many
of them are not on international networks.
You won't find them outside major cities and shopping areas.
The ATMs typically are in bank lobbys and close at 6 PM.
Even the ATM's that are outside close at night (maybe to keep people
from spending their savings on night life?).
The controls generally aren't in English so unless you can read kanji
you'll need help using an ATM the first time.
Traveler's checks in USD are easy to exchange in Japan at a fair rate (higher
rate than cash).
Banks are very slow to do exchange. I've waited as long as an hour
in a bank that was empty for them to process the forms and get every stamp
of approval.
Hotels are much faster and typically give the same rate as banks.
They may limit the amount you can exchange per day unless you give
advance notice to the front desk.
You can exchange at the airport in Japan without getting cheated unlike any
other place I've ever been.
I've taken over traveler's checks in USD so I didn't have to worry about
exchanging my excess money back to dollars before I left.
Don't expect to use credit cards much because most places don't take them
(except for expensive restaurants, hotels, and major department stores).
Hope it helps,
Pete
rpalma@msai.mea.com
------------------------------
Date: Wed, 3 Dec 1997 21:20:35 -0500 (EST)
From: Stephan <stephan@mail.org>
Subject: Calculators ad infinitum...
Relative to the discussions on bi-weekly mortgage payments, debt
reduction, and auto leases (you _rent_ a car??!)--
Here is a great site from Jim Martindale at UC Irvine -
over 5,000 (five thousand) calculators for every conceivable
(and a few incredible) purpose including lots for loan, debt,
mortgage, college, auto, airline, home improvement, home/small business,
etc., etc...
Ira, you may want to add this to your link collection:
http://www-sci.lib.uci.edu/HSG/RefCalculators.html
Have fun!
Stephan
- --
Send a Free Digital Holiday Post Card
at http://LinktoSuccess.com
------------------------------
Date: Wed, 3 Dec 1997 21:22:34 -0500 (EST)
From: "L. Chen" <am302@FreeNet.Buffalo.EDU>
Subject: Re: Cheap Prescriptions - Check out Canada
It is possible. I bought Johnson & Johnson's dental wax in Canada at a
substantial "savings" from the U.S. price. When I got home, I found the
quality inside is inferior to those I bought in the U.S. I realize dental
wax are not the same as drugs. All I am saying is that the name on the box
is no guaranty of the quality inside.
Chen
------------------------------
Date: Wed, 3 Dec 1997 21:25:19 -0500 (EST)
From: bushman <bushman@telepath.com>
Subject: Re: old stock certs
any full service broker should be able to track down companies of old stock
certificates. they should be able to tell you if the company is still doing
business. whether there has been a merger or what ever.
jay
------------------------------
Date: Wed, 3 Dec 1997 21:26:32 -0500 (EST)
From: jdennis@po3.nsknet.or.jp (John D. Dennis)
Subject: exchanging money in Japan
ATMs are all over, but the instructions for navigating through your
transaction will be in Japanese... Also, VISA sometimes takes a week or two
to process the exchange transaction--and exchange rates may change a bit
during that time.
Japan is a cash economy, although cards work fine for shopping. But be
careful--off any serious tourist trail, merchants may not even take yen
traveller's checks.
The best place to change money is upon arrival/departure. Airport banks
here are the fairest in the world, and they offer rates that equal the
going rates at downtown banks, which is the best you'll get. Traveller's
checks get a slightly better exchange rate than cash, but only enough to
cover the cost of buying them in the first place.
Citibank has a number of branches/machines in Tokyo and a couple other
cities--if you have an account with them they offer English service and
transparent withdrawals from another account in their system. I've heard
their exchange rates favor them a little more.
jdd
------------------------------
Date: Wed, 3 Dec 1997 21:28:09 -0500 (EST)
From: "Suhas Joshi" <suhas@hotmail.com>
Subject: Re: Buying Currency
Since the South East Asian currencies have fallen significantly in
recent times, is it a good idea to buy some of these currencies now as
an investment?
Where can you buy them with the least overhead? If there is a place
where we can buy it with minimal overhead charges, we can apply the
principles of DRIP investing in buying currencies. I am sure these
currencies will gain value in future. I would be interested in knowing
the thoughts of fellow persfiners.
Thanks !
- -Suhas
------------------------------
Date: Wed, 3 Dec 1997 21:28:55 -0500 (EST)
From: Peter & Karen Diamond <diamond@vsi.net>
Subject: Fidelity Funds Changes?
Hello everyone,
Has anyone else noticed that Fidelity is making alot of changes to their
funds?
I have received 3 proxies for fund changes in the last 12-18 months. I
have never received a proxy from Vanguard.
I do not believe it is ever good news when a fund changes its objectives.
To me it says they are striving for higher returns at the expense of
maintaining the fund's objective and integrity.
Any thoughts?
Peter Diamond
------------------------------
Date: Wed, 3 Dec 1997 21:29:43 -0500 (EST)
From: Rich Carreiro <rlcarr@animato.pn.com>
Subject: Re: 403-B Plans and Other Questions
[Disclaimer: this is my opinion, not advice. I am not a professional.]
>The pension plan at this organization consists on a defined
>benefit plan which I will be eligible to join in Mar. 99.
>In order to participate, I will pay 5% of my earnings into
>the plan on an after tax basis only. The plan will pay me
>a monthly benefit on retirement per the following formula
>.02125% x average monthly salary x years of service.
>
>There is no other retirement plan available through the
>organization. My basic question is this. What alternatives
>do I have to save more than 5% toward retirement? My wife
In some sense saying that you are only saving 5% of salary toward
retirement can be a flawed thing when talking about something like a
defined benefit plan. Depending on how long you work for the
organization and how long you live after retirement, the effective
return on investment on that 5% of salary may be quite higher than
what you may have gotten on your own, especially when viewed on a
risk-adjusted basis (as the benefit is guaranteed both as to amount
and as to length).
This isn't to say that you shouldn't look to have other retirement
savings, only that you may effectively be saving more than 5% of your
salary (i.e. one might have to save 10% (picking that out of a hat) of
their salary when self-invested to get the kind of benefit you'll be
getting).
>works for a company that has no retirement plan so I am
>aware that I can put $2000 fully deductible for each of us
>into an IRA for 1998. Because of our income levels, normally
Not quite true. In 1998 her contribution will be fully deductible for
her regardless of income because she has no retirement plan at her
job. However, because YOU have a retirement plan where you work, your
contribution will be subject to the income test on deductibility.
>Do I have any other pre-tax or tax deferred alternatives
>other than the std. IRA based on income deductibility limits.
You might want to look into variable annuities. You can put in any
amount and it'll grow tax-deferred. However, all earnings are treated
as ordinary income even if they came from cap gains (this is only an
issue when withdrawals are made). Also, there will be higher fees
because of the insurance component. There is no basis step-up to
heirs, either. If you go this route, take a hard look at the
offerings from Fidelity and Vanguard. They have commission-free,
low-expense, no surrender fee variable annuities. Hard to beat on the
variable annuity front.
Another possibility is a tax-managed index fund. While not pre-tax or
tax-deferred, it is designed to get as much gain in value from capital
appreciation as opposed to current income. Therefore it should
generate rather low tax liabilities. When you ultimately cash in,
you'll only have to pay cap gains tax rates. Expenses are very low
and your heirs will get a basis step-up.
>I have read in a Vanguard retirement planning publication
>that if I work for an eligible school or non-profit
>organization, I may be permitted to arrange for an
>individual 403B plan directly through an insurance company
>or mutual fund.
I think this is true, but I was under the impression what happens is
that if your employer has a 403(b) plan, you can go to a fund company
on your own instead of through the administator your employer uses.
This is different from your scenario. I may be totally off-base on
this, though, so be sure to check it out on your own. Talking to
Vanguard's 403(b) department would be a good start.
Good luck!
Rich Carreiro
rlcarr@animato.pn.com
------------------------------
Date: Wed, 3 Dec 1997 21:30:54 -0500 (EST)
From: arjuna@manex.org
Subject: Tax Questions
If I buy a house in a different state than where I get my W2 form, can I
deduct the loan interest and other relevant home related deductions?
If husband and wife work in two states does it really matter how we file
taxes (federal as well as state)
If declare a different state than where I get my W2 form as my home state
(how do you do that?) can I file state taxes only for that state or should
I file state taxes for both states.?
If there is a very large gap between the earnings of spouses and they live
in different states, what is the best tax strategy?
Thanks.
------------------------------
Date: Wed, 3 Dec 1997 21:31:41 -0500 (EST)
From: "L. Chen" <am302@FreeNet.Buffalo.EDU>
Subject: Excel spreadsheet for Roth IRA
Just in case some of you may be interested in this: I read in another list
that Ernst & Young has an Excel spreadsheet -- Retirement Contribution
Analyzer -- which includes Roth IRA.
I found it in www.ey.com/pfc/rca.htm. I haven't tried out that spreadsheet
yet.
Chen
------------------------------
Date: Wed, 3 Dec 1997 21:32:55 -0500 (EST)
From: Michael Madigan <mjm@twics.com>
Subject: Re: exchanging money in Japan?
I live and work in Japan. My opinion is that the rate is going to the same
anywhere you go over here. The Bank of Japan sets the rates daily and these
are distributed to the banks at 10:00 each morning. The rate from the
previous day is used from the time banks open in the morning until 10:00.
This means there is the potential for someone to "pick a rate" based on
information easily obtainable online. I do this when I send money home to
California. Travelers Checks are a pain over here because this is a cash
based society. The average person will walk around with a huge wad of cash
in their pockets according to standards in the U.S. It is safe and easy to
deal with. The other option is credit cards. These are also heavily used.
ATM machines are readily available in the large cities, with Tokyo having
the most options. Citibank has branches here also. If you need more
specific info post to the list or e-mail me privately.
Mike
------------------------------
Date: Wed, 3 Dec 1997 21:34:34 -0500 (EST)
From: Jerry Conley <jcrev@nis1.ncn.net>
Subject: Mutual Funds and Brokers - Why No Mutual Fund Sale Fees?
This may seem to some a silly question, but since I don't know the answer
it is worth asking.
When I read posts from people asking about brokerage fees on mutual funds I
wonder why anyone would have mutual fund transactions through a broker. I
have investments in about a dozen mutual funds and do not pay any fees to
buy or sell. Is there some advantage to trading through a broker, or
perhaps not all funds can be traded directly with the fund manager?
Thanks
------------------------------
Date: Wed, 3 Dec 1997 21:36:00 -0500 (EST)
From: elaine steward <esslady@ix.netcom.com>
Subject: Medical Science Donation
>Subject: What does the Medical School Do With Leftover Body Parts?
Both of my parents donated their bodies to medical science. When they
die, tell the funeral home (a hospital or nursing home will have the body
removed by a funeral home) that the deceased wishes to donate his/her
body and that you would like the ashes. If you do not tell them that you
want the ashes, the donee will dispose of them.
There are no "left over parts." All parts are kept together (usually,
the bodies are used in medical or dental gross anatomy classes -- they
are dissected) and cremated together. Schools really do attempt to teach
the students to be respectful of the dead. (I worked at a dental school
for seven years, and our anatomy faculty were adamant about this.)
It was about two years before we received my father's ashes, but no more
than three months before we received my mother's. Timing depends on how
urgently the body was needed.
There was no charge whatsoever in either case. No funeral home (herse
transfer) or any other charge. The dental school I worked at picked up
the cost of transportation and embalming. I suspect this is the
standard.
If you wish to donate a body, there neither be donation of organs nor an
autopsy.
If anyone would like more information, please email me.
elaine <esslady@ix.netcom.com>
------------------------------
Date: Wed, 3 Dec 1997 21:37:08 -0500 (EST)
From: "Mangiero, Susan" <MangieroS@sacredheart.edu>
Subject: bi-weekly mortgages article in NY Times
There was an article about bi-weekly mortgages in the November 30,
1997 (SUNDAY) NY TIMES, Money and Business section. You may want to
see if you can get it from their web site which I believe is
www.nytimes.com.
------------------------------
Date: Wed, 3 Dec 1997 21:38:08 -0500 (EST)
From: elaine steward <esslady@ix.netcom.com>
Subject: Planning ahead
I tried to send this directly to Bob Ford, but got a "bounce." Decided
that perhaps others would be interested in my addenda to his list
anyway...
elaine
The thing which was missing from my father's otherwise well-organized
files was information on capital improvements to the home in which my
mother ended up living for 25 years. I suspect that this info will be
necessary for many people, even with the new tax laws. (My parents'
house cost $24K and the gain exceeded $250K)
A list of passwords to computer files, email accounts, etc.
I periodically send a copy of my Quicken accounts list to the alternate
trustee of my trust. I'm always changing -- particularly my more
conservative (e.g., C.D.) investments.
Don't forget about durable powers of attorney for health care, living
wills, and ordinary durable powers of attorney (necessary even when one
has a trust to cover retirement plans and other things which can't be put
into a trust) -- in the case of incompetence.
Finally, I am personally grateful for having had direct conversations
with my parents about their wishes, even though both had living wills.
When the time came, my siblings and I were able to make decisions with
clear consciences.
------------------------------
Date: Wed, 3 Dec 1997 21:39:32 -0500 (EST)
From: "Mike Stefani" <mike-stefani@orgella.com>
Subject: Travelers Checks and ATMs in Japan
Ryo- I'm a frequent traveler to Asia, especially Japan. I have always
gotten the best rate on credit cards (Amex & Visa, in my case.) I have
always gotten bad rates at airport exchanges (both domestic and Japanese)
and truly bad rates at hotels. I have no experience at commercial banks,
but would expect their rates to be better than airports, but worse than
credit cards. I always change as little cash as possible, and charge
everything. If you do change actual money, you get a better rate on
travelers checks than on cash. Oh- avoid ATM's. Overseas ATM's often
have extremely high service charges (I've seen as high as $10) which are
not posted on the machine, but show up on your bank statement!
Have a nice trip,
Mike Stefani
Email: mike-stefani@orgella.com
http://www.allegromicro.com
------------------------------
End of persfin-digest V4 #109
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