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Subject: persfin-digest V4 #145
Date: Sat, 4 Apr 1998 21:17:17 -0500 (EST)
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persfin-digest Saturday, April 4 1998 Volume 04 : Number 145
IN THIS ISSUE:
ADVERTISEMENT: MCI InfoSource
Home Equity Loan and Divorce?
Double Charge in Refinance Interest?
Re: Decompression software for the Mac to read Persfin?
RE: Long- term care insurance?
RE: MCI charge
Re: Fair,Isaac & Co (FICO)
Re: Can I have an IRA after maximizing my 401k plan
Reporting Kid's Income on Parent's Tax
Enough about the MCI charge!
tapeworld?
Re: Commission-Free Trading
Alternate Long Distance services
selling stocks?
Re: Katie's 9th Birthday: May Be A Hoax
Closed-end fund discount information?
Re: Good Book on Financial Statement Analysis
====================================================================
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Associates, Inc. or Persfin-Digest. You're on your own.
This issue is sponsored by:
Oppenheimer Software - An Official MCI Messaging Agency. Features:
MCI Fax Broadcasting Service
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Telephone: 800-390-9379
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Also sponsored by Wholesale Products. Why pay retail?
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----------------------------------------------------------------------
Date: Sat, 4 Apr 1998 21:04:15 -0500 (EST)
From: Oppenheimer Software <Connect-Sales@mcimail.com>
Subject: ADVERTISEMENT: MCI InfoSource
MCI InfoSource
"Brings Your Web Site to Their Fax"
Fax on Demand from your Web site
Detailed Reporting available daily
Accepts voice mail after faxes are ordered
Modify the voice prompts to make it truely unique
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Optionally accepts credit card fee based information retrieval
Optionally accepts PINs for secure/limited access to documents
Can pass caller through to a live operator at your location
Distribute account information, inventory, PR releases
Applications limited only by your imagination
Costs as little as $.18/page off peak
Oppenheimer Software Authorized MCI Messaging Agency
Tel:800-390-9379 E-Mail:Connect-Sales@mcimail.com
Fax:800-492-6862
------------------------------
Date: Sat, 4 Apr 1998 21:07:17 -0500 (EST)
From: G-MD.@ix.netcom.com
Subject: Home Equity Loan and Divorce?
I am going through a divorce. However, there is a home equity loan
against the house. I will take possession of (we had 2 houses, I get one,
he gets one)--he has agreed to take full responsibility for this home
equity loan, including taking my name off the loan and transferring to his
own.
Here is what the lawyer is telling me: he (soon to be ex-husband) does
not have enough equit y in the home he will take possession of to transfer
the loan. Now, can he get another type of loan to transfer this to?? What
would the bank say about this situation? It is a $20,000 home equit y
loan. He has only about $8,000 equity in "his" house.
I hope you can give me a solution to this or just let me know what you
woudl do if someone came to you with this question. I appreciate your
time with this matter. Thank you again.
Jill Rankin
E-MAIL G-MD.@IX.NETCOM.COM
------------------------------
Date: Sat, 4 Apr 1998 21:08:23 -0500 (EST)
From: Jackie Chen <jackie_s_chen@yahoo.com>
Subject: Double Charge in Refinance Interest?
Hi,
I browsed thru my recent refinance cost statement. Just curious what
the general practice is regarding the interest charge.
Assume that Lender-A was my old mortgage lender, and Lender-B is the
new one.
The refinance interest charge:
Lender-A 03/01/98-03/31/98: 31 days x $40/day = $1,240.
Lender-B 03/26/98-03/31/98: 6 days x $30/day = $ 180.
The loan from Lender-A was paid off on 03/26/98, and apparently from
03/26/98 to 03/31/98 I pay both Lender-A and Lender-B mortgage interest.
Is that a normal practice that you'll get double charge during the
refinance payoff period?
Thanks.
------------------------------
Date: Sat, 4 Apr 1998 21:08:51 -0500 (EST)
From: David Meyers <dmeyers@panix.com>
Subject: Re: Decompression software for the Mac to read Persfin?
>
>> What software do I need to decompress or open the files so I can read the
>> info sent to me. I have a Mac Performa 475 with a 25 mhz CPU.
>> El3sal@aol.com
>
>It's just a text file - choose "Download Now" if it is too big to read
>online.
Perhaps El3Sal means how does he burst the digest into individual
messages?
The digest is just a text file, so in its raw form, it can be
read with any text editor (simpletext alpha, bbedit, etc) or
any word processor (word, etc).
There is, however, a program for reading mail/digest files,
and I cannot think of the name of it off the top of my head.
What it does is read the text file, then present you with a list
of the contents and let you read one message at a time.
Alternatively, some of the newr, graphical mail readers like
Eudora or others may let you burst a digest, though I don't
know, as I don't use one.
- --D
------------------------------
Date: Sat, 4 Apr 1998 21:09:11 -0500 (EST)
From: "John S. Rullo" <jsrullo@enteract.com>
Subject: RE: Long- term care insurance?
Eric writes,
> Any recommendations? Do any of you have AARP insurance? Good or bad
experiences?
Kiplinger reviewed AARP's products in their April 98 issue. They gave
the long-term care insurance a rating of 3 stars out of a possible 4 (A
good deal). One disadvantage was that AARP's policy did not offer a
waiting period longer than 30 days. They go on to say that premiums are
cheaper if you purchase a plan from another company with a 90 or 100 day
waiting period. Prices for a sampling of other plans are at the
following page,
http://kiplinger.com/magazine/archives/1997/May/ltctab.html
Thought this might help, John
------------------------------
Date: Sat, 4 Apr 1998 21:09:46 -0500 (EST)
From: Steve Brodeur <sjbrodeur@alum.mit.edu>
Subject: RE: MCI charge
>> The FCC requires all long distance companies to pay a fee to the local
>> phone companies for originating and terminating your long distance
>> calls. Effective with January 1998 invoices, MCI will begin assessing a
>> charge labeled
>...
>
>Originating AND terminating. I'm guessing that $1.07 ~= 2 * $.53 and MCI
>probably isn't being as bad as you think.
>
Good theory- that would be more reasonable- but that's not how it works.
The $0.53 fee is collected from long distance carriers as a "head tax".
That is, the long distance carrier pays one monthly fee per each line that
is subscribed to the carrier. The fee reimburses the local carrier for
providing incoming and outgoing service, but the charge is based on the
subscribed carrier for outgoing calls. (This is similar to the way long
disctance service is charged in general- the originating caller pays for
the call; the receiving caller does not [except for cell calls, but that's
another story.])
So it's really a flat fee that reimburses the local carrier for providing
the connection between the local subscriber and their selected long
distance service. In fact, I believe that the local carrier is allowed to
bill the consumer directly if the consumer has NO designated primary long
distance carrier (although I don't know how that would work...).
So if the FCC facts sheet is correct, then MCI is making a bundle. The
other detail is that the $0.53 applies to _primary_ _residential_ phone
lines. I believe that the charge can be higher for business lines or
multiple residential lines. Even still, MCI is either making a bundle, or
is subsidizing the fee for their 'multiple line' customers with the
windfall from the $1.07 they're charging me.
- -Steve Brodeur (x2496)
------------------------------
Date: Sat, 4 Apr 1998 21:10:06 -0500 (EST)
From: Avrum Lapin <avrum113@cyberg8t.com>
Subject: Re: Fair,Isaac & Co (FICO)
FICO represents an attempt to achieve a uniform (and automated)
standard of credit-worthiness so that your mortgage may be sold on the
secondary market.
In the old days (i.e. 25 years ago) you got yourmortgage from the
local S&L which used your position in the community to establish your
credit- worthiness. Since they planned to hold your mortgage until it was
paid off and so they had an interest in doing a good job screening the
applicants.
To-day the guy who arranges your mortgage has no intention of
holding it. He is only interested in the processing fees. He has to plan
on selling it.
The guy who buys the mortgage does not want to have to foreclose. I
suspect that a there is a strong correlation between a low FICO score and
foreclosure. The elements which make up the FICO score probably correlate
well with foreclosure rates.
I suspect the people who make multiple applications for credit
cards are those whos credit is such that they are constantly rejected or
are offered cards with low credit limits.
Having said that, there is nothing wrong with trying to rig your
FICO score, it is the same as arranging your affairs to minimise yourtaxes.
Avrum Lapin
Upland., CA
------------------------------
Date: Sat, 4 Apr 1998 21:10:43 -0500 (EST)
From: Rich Carreiro <rlcarr@animato.pn.com>
Subject: Re: Can I have an IRA after maximizing my 401k plan
>I was trying to find out if I could open a new ROTH IRA with an annual
>contribution of $2000 even after maximizing my 401k plan (annual
>contribution is more than $4000).
Yes.
The ability to make a contribution to an IRA (Roth or regular) is in
no way affected by participation in a pension plan. The only thing
that participation can affect is the deductibility of contributions
to a regular IRA.
Rich Carreiro
rlcarr@animato.pn.com
------------------------------
Date: Sat, 4 Apr 1998 21:11:08 -0500 (EST)
From: dmak@tma-net.org
Subject: Reporting Kid's Income on Parent's Tax
If my son (under 14 years old) has a capital loss from stock sales in
1997, must he file his own return, or can I use Form 8814 to report
his capital loss (and other income) on my return? The IRS
instructions say that if you child has interest, dividends and
capital gains distribution income, a parent can report it, but I'm
not sure about capital losses.
Thanks!
------------------------------
Date: Sat, 4 Apr 1998 21:11:24 -0500 (EST)
From: Mosenson <Mosenson@aol.com>
Subject: Enough about the MCI charge!
I must say, that I have found much of the information on this list very
useful, but sometimes we lose sight of perspective. How much time and effort
are you going to spend on something worth 54 cents a month. I would think
that you would value your own time much more.
------------------------------
Date: Sat, 4 Apr 1998 21:12:07 -0500 (EST)
From: Cindy Swift/John Sergeant <pigiron@a.crl.com>
Subject: tapeworld?
Is Tapeworld still in business? If not, any recommendations on good places
to buy SVHS video tape?
John Sergeant
------------------------------
Date: Sat, 4 Apr 1998 21:12:58 -0500 (EST)
From: Scott Barnett <sab@crisp.net>
Subject: Re: Commission-Free Trading
> There has been some discussion recently about the fees at
>discount brokers approaching zero. Don't forget that there is no free
>lunch; it does cost a certain amount of money to execute a stock
>trade, and the brokerage intends to make a profit somehow. One factor
>is that quite often the brokerage is the one buying and selling the
>stock from/to you, and I have heard that a brokerage may offset the
>smaller fee with slightly higher buy prices and lower sell prices. So
>you may lose on price what you gained in a lower fee. Of course, if
>you tell them to buy a stock once it goes below $X or to sell once it
>goes above $Y, it may not matter to you vey much. But it is something
>to keep in mind.
I've had an account with Discover (nee: Lombard) for over 2 years now,
and our Investment Club uses E-trade for about 18 months. There are
plenty of other discount firms that my friends/colleagues have used
(Datek, Waterhouse, Ameritrade, Suretrade, etc) and other than customer
support, I don't really see a significant difference between them. Unless
you're trading very often, is the price differentials really that important?
If I really want to guarantee the price I'm buying/selling, I set limit
orders as David suggested. But I've also been burned by setting a limit
order whose price never came, and I wound up losing a lot more money by
not selling at the market price.
I think these issues of brokerage fees and cushion points is fools gold.
I buy a stock because I think it has value (and hopefully growth)! I sell
when I no longer feel the same way, or I'm happy with my profit. As much
as I'd like to ring every last penny out of my appreciation, it's a waste
of effort - I'll settle for being happy that I'm making smart stock picks.
The fact that brokerage firms are making money on my trades is kind of the
point, isn't it? Nobody is going to allow any of us to trade for free.
- --
Scott Barnett
sab@crisp.net
------------------------------
Date: Sat, 4 Apr 1998 21:13:56 -0500 (EST)
From: "L. Chen" <am302@freenet.buffalo.edu>
Subject: Alternate Long Distance services
There are a lot of these long-distance (LT) services -- that you dial a
5-digit prefix before your normal dialing; and you don't have to switch from
your regular LT carrier.
I got one that charges 9 cents/minute for USA, Canada and UK -- with a
$4/month charge and 20 free minutes (to USA, Canada and UK). Other countries
are also cheaper (by a greater %).
At the bottom, it says that the rates can be changed without notice.
[I just found out that AT&T can increase their rates and "inform" their
customers simply by announcing it in the newspapers. Their rate increase
require FCC(?) approval.]
My question is whether these services require gov't approval to increase
rates? Or whether they can increase their rates to any thing they want after
a certain time?
And, generall, are there any problems with these LT services? Anything I
should look out for?
TIA
Chen
------------------------------
Date: Sat, 4 Apr 1998 21:14:24 -0500 (EST)
From: Doug Cripe <doug@crevasse.atmos.colostate.edu>
Subject: selling stocks?
Hello all,
I have a question regarding selling stocks. I hate to flaunt my
ignorance in front of everyone, but here's the situation: My father
bought some shares of IBM and Chevron for me as a graduation
present back in 1981. Now, in all the moving around I've done, I've
managed to lose those stock certificates. However, I still keep
getting dividends from both IBM and Chevron so I know nobody has
found the certificates and sold them. Moreover, both IBM and
Chevron have split; Chevron sent me new certificates for the amount
of the split (which I haven't lost) and IBM sent me a statement
indicating the total number of stocks I now own (but no new
certificates to hold). So, my question is, how do I go about
selling these if I don't have the original certificates, but do have
split statements that plainly indicate the total numbers of shares
I own?
Thanks,
Doug
- -=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-
Douglas Cripe
Department of Atmospheric Science
Colorado State University
Fort Collins, CO 80523-1371
Office Phone: 970 / 491-8327
Office Fax : 970 / 491-8428
E-mail : doug@crevasse.atmos.colostate.edu
------------------------------
Date: Sat, 4 Apr 1998 21:15:13 -0500 (EST)
From: "L. Chen" <am302@freenet.buffalo.edu>
Subject: Re: Katie's 9th Birthday: May Be A Hoax
> http://www.geocities.com/Heartland/Estates/1529/katbirth.htm
>
> Katie Reportedly has cancer. This is her birthday page for all to
> sign. April 7 is the deadline.
>
> - --
> Lloyd Colston Excellence is not an accident
There are a lot of hoax going around. Have you checked this out before you
pass this on?
Chen
------------------------------
Date: Sat, 4 Apr 1998 21:15:43 -0500 (EST)
From: "Joe" <Broutek@worldnet.att.net>
Subject: Closed-end fund discount information?
Hello - Is there anyone out there who knows a place on the Web where I can
freely get the discount (premium), on Closed-end funds? Thank you so much. -
Cajun Joe
------------------------------
Date: Sat, 4 Apr 1998 21:16:08 -0500 (EST)
From: "Stephan Iscoe" <stephan@mail.org>
Subject: Re: Good Book on Financial Statement Analysis
HuiSion Teh asked:
> any good books out there that can help in understanding and
> applying fsa (Financial Statement Analysis) skills?
My favorite quick reference is Balance Sheet Basics, by NYU Prof
Ronald C. Spurga (Pocket Books,$4.95). Very good coverage of
many business ratios and how to evaluate and interpret; also
reviews financing options and risks.
Stephan Iscoe
at http://LinktoSuccess.com
------------------------------
End of persfin-digest V4 #145
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