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Good decision. Loaning money in this case is actually not helping in the long run IMO. There are other ways to help including just being a friend.

There is a product called HECM that is marketed as a reverse mortgage for purchase. I don’t understand it fully but apparently the equity comes from making a very large down payment

OP, is your friend an owner-operator (e.g. owns his own truck) or did he drive a company owned truck? I presume the latter due to the liability issue.

It’s called a loan but it’s really not since the assets are sold to generate funds for the loan. Could still be a tool for bridging a major purchase but the lost opportunity cost could be huge.

Of course there is. People that get in this deep do so by looking very near term and ignoring the big picture. That is why he thinks things will be OK if he could just scrape up $30k. OTOH this just got a whole lot easier. BK is designed for folks in your friend's situation. No shame in...

So the best way to keep movin is to keep movin.

I must’ve misread. It said losing long haul loads but I did not understand that to mean laid off. I did try to imply his weight could be part of the issue. I meant to imply his weight could be part if the problem but I guess I was too subtle.

“One man band” LOL. That’s a good description of the guy I met at the credit union. Next time the call goes to voicemail.

This has been my experience. There is a lot more to the story I feel. It’s a household with 3 adults. DW is a teacher with predumeably good job security snd a pension of some sort. There is a nationwide shortage of truck drivers so I think there is a specific issue with his situation that is...

I never realized how much MYGA rates vary based on state of residence. On Blueprint Income a 5yr rate of 6.3% is available in Nevada but next door in CA the max is 5.5.

I don’t have one but isn’t that how HSA’s work?

That’s what I keep thinking. It’ll be more costly for VG and their account holders if a lot of folks leave accounts open with tiny balances. I guess they could impose account minimums if they don’t have ‘em already.

It feels like the changes in fees are not as bad as they seem initially, BUT Vanguard has a way of communicating that is especially irritating. I agree their PR is terrible.

A state employee? I wonder how that works. Over the years I’ve sat in a few meetings with the CU’s investment folks. They generally had unusual commissioned products to pitch like market linked CDs. Many are retired Feds or military so that adds to the membership dynamic. A few months back...

I started using MYGAs to complement varous fixed income securities about 3 yrs ago. Blueprint Income, Stan Annuity Man, and immediateannuities.com are 3 websites with many resources for MYGA shoppers. Before I started using those sites I was drinking the ‘all annuities are bad’ flavored koolaid.

I would say it’s a great tool if you also don’t need to take funds during the surrender period.

Another student of Bob Brinker here. As for the new rules it seems to be much ado about nothing to me. I just think the people that need this protection will remain vulnerable to the bottom feeders

Still not clear but I presume OP wants a loan with no loan payment which I think only happens via reverse mortgage. So lets assume 500k purchase price less 175k from sale of primary. That leaves 325k to be financed via reverse mortgage. I think the most you could get via reverse mortgage is...

I agree that the difference is negligible but I think being insurance companies the issuers move at a glacial pace compared to brokers. I would not count on them being very responsive. I only have experience with A rated Americo but it seems like they move at their own pace and follow up calls...

Ok but do you mind identifying the issuer and broker? Seems unfair to become soured on the entire MYGA marketplace. I’ve had some delays taking free annual distributions from Americo initiated at Fidelity. Insurance companies seem to take forever and you have to bug them sometimes…and I just...

Let’s see if the new software can paste my wordle results. Wordle 1,041 3/6* ⬜⬜🟨⬜⬜ ⬜🟨⬜⬜🟨 🟩🟩🟩🟩🟩 Yay ! It works

Lucky today Wordle 1,038 2/6* ��⬜⬜��⬜ ����������

+1. NASA always had higher rate specials for 13 and 49 months. I think Navy Federal has used 17 and 37 months. I assume they want members to actively choose the specials and not have to pay premium rates on CDs auto-renewing for the conventional terms.

If moving IN KIND there is no effect from any time lapse. The share price is the share price. If unable to transfer IN KIND and the market tanks you will benefit from buying more shares at the lower price. If unable to transfer IN KIND and the markets jumps higher you will lose a bit but it is...

Yeah. Most of what I see outside this forum discusses extreme frugality to achieve FI but members here seem to be more focused on reasonable spending and saving.