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Bob Wang
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 Posted: Sun Jun 08, 2008 4:25 am Post subject: Re: Upgrade or not (qH&B 2006- ?) |
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jo:
If your sister is wealthy with no debt, AND that wealth is concentrated in
one brokerage firm, that's not so crazy.
Bob
| Quote: |
"jo" <phillysleuth@verizon.net> wrote in message |
news:8a9f4a3c-fa54-4656-8985-4f6435258dec@x35g2000hsb.googlegroups.com...
On Jun 6, 6:14 pm, danbrown <db37...@yahoo.com> wrote:
Dan,
I'm using Smith Barney, Fidelity, Wachovia, and Chase. Never use
Q.com.
I'm far from a newbie either, so don't expect Quicken to do anything
too unusual or even perfectly. It beats anything I could do manually
by far. Out of curiousity what kinds of things are newbies expecting
out it? There *are* some flaws ( or weird behavior), which I think
I'll address separately, but I've gotten so used to them that I just
overlook them. I can imagine my sister having a fit as a newbie with
a few things if I could get her to use Quicken. She prefers to look
at the bottom line on her brokerage statement and thinks she knows
where she stands financially :{
jo |
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jo
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| Posted: Sun Jun 08, 2008 7:23 pm Post subject: Re: Upgrade or not (qH&B 2006- ?) |
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On Jun 7, 7:25 pm, "Bob Wang" <bobby_w...@hotmail.com> wrote:
| Quote: |
jo:
If your sister is wealthy with no debt, AND that wealth is concentrated in
one brokerage firm, that's not so crazy.
Bob
"jo" <phillysle...@verizon.net> wrote in message
news:8a9f4a3c-fa54-4656-8985-4f6435258dec@x35g2000hsb.googlegroups.com...
On Jun 6, 6:14 pm, danbrown <db37...@yahoo.com> wrote:
Dan,
I'm using Smith Barney, Fidelity, Wachovia, and Chase. Never use
Q.com.
I'm far from a newbie either, so don't expect Quicken to do anything
too unusual or even perfectly. It beats anything I could do manually
by far. Out of curiousity what kinds of things are newbies expecting
out it? There *are* some flaws ( or weird behavior), which I think
I'll address separately, but I've gotten so used to them that I just
overlook them. I can imagine my sister having a fit as a newbie with
a few things if I could get her to use Quicken. She prefers to look
at the bottom line on her brokerage statement and thinks she knows
where she stands financially :{
jo
|
Bob,
She isn't "wealthy" but in better shape then many because of an
inheritance. What I feel is that she has no hard numbers on how
individual investments are doing, nor does she have anything more than
a gut feelings about if her spending is on track with either her
subjective, conservative budget, or how it stacks up against her
income, which is not consistent and largely comes from the
investments. Yes, i know it could all be derived from the statements
but it would take a lot of work to really get specific on performance,
income and expenses just from the brokerage statement. There's
something much more meaningful (IMHO) to seeing some of theQuicken
reports that show you exactly what you spend (and on what), what you
earn, and what kind of real return you're getting from the
investments. I'm not saying she throws away money, but I think she
has her head in the sand where it comes to planning for the future.
As she gets older (already 61), she's going to have to depend more and
more on the investment income, or prepare to work more (she has
always hated anything but part time work), because she will have
nothing but Social Security to live on, and that will be a low rate
because of her work history. If it weren't for the inheritance, I
don't know how she would manage, but I'm concerned that she is too
casual (and too conservative) about this nest egg (I'm not excluding
myself from problems with this, bTW, but we are talking about her).
I know that when I see a quicken report telling me how much I really
spent on tabloid magazines, or "junk food"( snacks from convenience
stores), or Medical, it had a much bigger impact than just looking at
a big number on my brokerage or bank statement. It can be very
deceptive to the brain to see that your net worth increased a couple
grand from month to month. When you dig for the details, you often
find that that couple of grand represents a very small yield on a few
large holdings. If nothing else it gives you pause to think when
you can see Quicken's 1-3-5 year returns for each security, or how
much your spending exceeded your income, and where you frittered money
away. The impact of detailed analysis is much more than when looking
only at the bottom line.
Just my $.02 |
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Bob Wang
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| Posted: Mon Jun 09, 2008 7:32 am Post subject: Re: Upgrade or not (qH&B 2006- ?) |
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jo,
It does sound like your sister is not wealthy enough to ignore the details,
or have someone else to attend to them for her.
Quicken is pretty formidable and intimidating to the casual user, especially
the way you seem to ride herd on your finances ;-)
Your sister is fortunate to have you available as a resource should she ever
choose to be more proactive.
I wish both of you the best.
Bob
P.S. I'm a piker compared to you :-)
| Quote: |
"jo" <phillysleuth@verizon.net> wrote in message |
news:a374c2d8-4891-416a-a509-dc4d34746f9b@26g2000hsk.googlegroups.com...
Bob,
She isn't "wealthy" but in better shape then many because of an
inheritance. What I feel is that she has no hard numbers on how
individual investments are doing, nor does she have anything more than
a gut feelings about if her spending is on track with either her
subjective, conservative budget, or how it stacks up against her
income, which is not consistent and largely comes from the
investments. Yes, i know it could all be derived from the statements
but it would take a lot of work to really get specific on performance,
income and expenses just from the brokerage statement. There's
something much more meaningful (IMHO) to seeing some of theQuicken
reports that show you exactly what you spend (and on what), what you
earn, and what kind of real return you're getting from the
investments. I'm not saying she throws away money, but I think she
has her head in the sand where it comes to planning for the future.
As she gets older (already 61), she's going to have to depend more and
more on the investment income, or prepare to work more (she has
always hated anything but part time work), because she will have
nothing but Social Security to live on, and that will be a low rate
because of her work history. If it weren't for the inheritance, I
don't know how she would manage, but I'm concerned that she is too
casual (and too conservative) about this nest egg (I'm not excluding
myself from problems with this, bTW, but we are talking about her).
I know that when I see a quicken report telling me how much I really
spent on tabloid magazines, or "junk food"( snacks from convenience
stores), or Medical, it had a much bigger impact than just looking at
a big number on my brokerage or bank statement. It can be very
deceptive to the brain to see that your net worth increased a couple
grand from month to month. When you dig for the details, you often
find that that couple of grand represents a very small yield on a few
large holdings. If nothing else it gives you pause to think when
you can see Quicken's 1-3-5 year returns for each security, or how
much your spending exceeded your income, and where you frittered money
away. The impact of detailed analysis is much more than when looking
only at the bottom line.
Just my $.02 |
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jo
Guest
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| Posted: Mon Jun 09, 2008 9:12 pm Post subject: Re: Upgrade or not (qH&B 2006- ?) |
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Bob,
What does "piker" mean? I looked it up online and came up with both
stingy and tightwad! If that's what you meant, I'm a piker too in
selective areas. I keep much more detailed spending records than
anyone I know, and I don't spend money on certain common categories,
like travel, entertainment, clothes, hairdressers, but I don't NOT
spend on something I really want or need. Spending is actually a
problem for me... always has been. My stepmother once told me that
there would never be enough money in my "hands" to satisfy my
insecurities, and she's right. But I have some real world situations
now that make me very glad I was so tentative about spending and
started investing decades ago. I'm on disability.. have been for 20
years... and next year when I turn 65, the company disability policy
terminates and I'll be left with just SSDI and whatever my portfolio
can produce. Unfortunately the disabiity policy didn't have a cost of
living factor, so the $1400/mo I got in 1986 is the same amount I get
now, and the minimum I'll have to replace. Between SSDI and the
private amount, I was doing fine in the early years, but by now, my
out of pocket medical expenses have risen dramatically (medigap
premiums are pretty bad already and I don't see them improving).
I also think there's a good liklihood that I'm going to have to start
hiring people to help me with the house, although I hate the idea,
stubborn creature that I am <g>. So, all I see for me in the future
is increased outgo and decreased income, especially in the current
economic climate, and it's made me cautious about spending. Not so
cautious that it stopped me from retrofitting central A/C into my tiny
row house with no ducts, and not so cautious that I won't replace my
dinosaur of a computer (just a baby at 7 years old) in the near
future, but just slow to make some financial decisions. It has both
positive and negative aspects. I drag my feet often when I should just
make up my mind, but I am in much better shape than most single women
my age and health are. I bless my former company every day for even
having an LTD policy in the 1980's. I had no idea I would need it.
I nudge my sister periodically, but can only do so much when I'm
guilty of the some of the same procrastination she is. I didn't know
what to do with the inheritance so stuck it in a money market fund.
That was fine until recently when rates became so terrible. The
broker who handles the account was my father's, and more than willing
to help me "do something" with it (my words, not hers) if I could just
give her my goals. There were so many health distractions in the last
6+ months that I just couldn't focus on it so I haven't done anything
yet. So big sister doesn't have all the answers, by a long shot!
I'm good at collecting my data but not so good at taking steps to make
a master plan. Little sister doesn't do either, but she does think
that I know everything about financial issues and i can't seem to
persuade her otherwise.
How do you use Quicken? Does its reports change your spending
habits? I was pleased to see that I've reduced my convenience store
spending this year by about $100 already just because I no longer get
coffee and cookies there. It's a small but satisfying triumph. My 3
cats, on the other hand, are costing me a fortune to feed because they
are so picky. I think I almost spend more on cat food and litter per
month than I do on groceries for myself! It's these tidbits of
fascinating minutia that Quicken alerts me to. Aren't you glad you
got me started?
jo
On Jun 8, 10:32 pm, "Bob Wang" <bobby_w...@hotmail.com> wrote:
| Quote: |
jo,
It does sound like your sister is not wealthy enough to ignore the details,
or have someone else to attend to them for her.
Quicken is pretty formidable and intimidating to the casual user, especially
the way you seem to ride herd on your finances ;-)
Your sister is fortunate to have you available as a resource should she ever
choose to be more proactive.
I wish both of you the best.
Bob
P.S. I'm a piker compared to you :-)
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Bob Wang
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| Posted: Tue Jun 10, 2008 8:01 am Post subject: Re: Upgrade or not (qH&B 2006- ?) |
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jo:
Oops, I should have used a less ambiguous term.
I meant "piker" in the sense of:
http://www.urbandictionary.com/define.php?term=piker
"When someone fails to meet the expectations (go out, drink, party nothing
expected on a weekend apart from sleep) fails to last an interval of time.
A lazy worker who only worries about his sick time, paid time off,
vacations, and any other paid holiday.
He worries more about taking time off than making money or working hard."
I'm sorry to hear about your disability.
I commend you on making your income go as far as possible.
I don't imagine I would be as disciplined.
I do have an idea for you.
I've just opened a savings account at Alliant Credit Union in Chicago for
some of my idle cash.
Their regular savings account is paying 3.93%; APR of 4.00%.
If you are keeping money in a money market fund earning less than that, you
may want to consider checking out Alliant.
Actually, I *AM* glad I got you started, it opened my eyes to how helpful
Quicken can be.
Bob
| Quote: |
"jo" <phillysleuth@verizon.net> wrote in message |
news:8f843064-edd3-4ed5-a157-0308088814c4@p25g2000hsf.googlegroups.com...
Bob,
What does "piker" mean? I looked it up online and came up with both
stingy and tightwad! If that's what you meant, I'm a piker too in
selective areas. I keep much more detailed spending records than
anyone I know, and I don't spend money on certain common categories,
like travel, entertainment, clothes, hairdressers, but I don't NOT
spend on something I really want or need. Spending is actually a
problem for me... always has been. My stepmother once told me that
there would never be enough money in my "hands" to satisfy my
insecurities, and she's right. But I have some real world situations
now that make me very glad I was so tentative about spending and
started investing decades ago. I'm on disability.. have been for 20
years... and next year when I turn 65, the company disability policy
terminates and I'll be left with just SSDI and whatever my portfolio
can produce. Unfortunately the disabiity policy didn't have a cost of
living factor, so the $1400/mo I got in 1986 is the same amount I get
now, and the minimum I'll have to replace. Between SSDI and the
private amount, I was doing fine in the early years, but by now, my
out of pocket medical expenses have risen dramatically (medigap
premiums are pretty bad already and I don't see them improving).
I also think there's a good liklihood that I'm going to have to start
hiring people to help me with the house, although I hate the idea,
stubborn creature that I am <g>. So, all I see for me in the future
is increased outgo and decreased income, especially in the current
economic climate, and it's made me cautious about spending. Not so
cautious that it stopped me from retrofitting central A/C into my tiny
row house with no ducts, and not so cautious that I won't replace my
dinosaur of a computer (just a baby at 7 years old) in the near
future, but just slow to make some financial decisions. It has both
positive and negative aspects. I drag my feet often when I should just
make up my mind, but I am in much better shape than most single women
my age and health are. I bless my former company every day for even
having an LTD policy in the 1980's. I had no idea I would need it.
I nudge my sister periodically, but can only do so much when I'm
guilty of the some of the same procrastination she is. I didn't know
what to do with the inheritance so stuck it in a money market fund.
That was fine until recently when rates became so terrible. The
broker who handles the account was my father's, and more than willing
to help me "do something" with it (my words, not hers) if I could just
give her my goals. There were so many health distractions in the last
6+ months that I just couldn't focus on it so I haven't done anything
yet. So big sister doesn't have all the answers, by a long shot!
I'm good at collecting my data but not so good at taking steps to make
a master plan. Little sister doesn't do either, but she does think
that I know everything about financial issues and i can't seem to
persuade her otherwise.
How do you use Quicken? Does its reports change your spending
habits? I was pleased to see that I've reduced my convenience store
spending this year by about $100 already just because I no longer get
coffee and cookies there. It's a small but satisfying triumph. My 3
cats, on the other hand, are costing me a fortune to feed because they
are so picky. I think I almost spend more on cat food and litter per
month than I do on groceries for myself! It's these tidbits of
fascinating minutia that Quicken alerts me to. Aren't you glad you
got me started?
jo
On Jun 8, 10:32 pm, "Bob Wang" <bobby_w...@hotmail.com> wrote:
| Quote: |
jo,
It does sound like your sister is not wealthy enough to ignore the
details,
or have someone else to attend to them for her.
Quicken is pretty formidable and intimidating to the casual user,
especially
the way you seem to ride herd on your finances ;-)
Your sister is fortunate to have you available as a resource should she
ever
choose to be more proactive.
I wish both of you the best.
Bob
P.S. I'm a piker compared to you :-)
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