Syrmax Posted July 23, 2020 Share Posted July 23, 2020 On 7/21/2020 at 10:28 PM, BuffaloWeather said: Just got back from another trip to the Adirondacks. We hiked up Whiteface and Esther. Whiteface drive up was closed due to construction and covid, so we had the entire peak to ourselves. A very rare occurrence! On the goal to hit up all 46 peaks! Nice pics. I haven't been up there in decades at this point. Is there Covid lurking up on top of Whiteface? 3 Link to comment Share on other sites More sharing options...
BuffaloWeather Posted July 23, 2020 Author Share Posted July 23, 2020 11 minutes ago, Syrmax said: Nice pics. I haven't been up there in decades at this point. Is there Covid lurking up on top of Whiteface? I wish I lived as close as you guys do. Its a 6 hour drive for me. It's the most beautiful place east of the rockies IMO. Link to comment Share on other sites More sharing options...
Syrmax Posted July 23, 2020 Share Posted July 23, 2020 13 minutes ago, BuffaloWeather said: I wish I lived as close as you guys do. Its a 6 hour drive for me. It's the most beautiful place east of the rockies IMO. This fall I need to get back into some basic hiking. Been too long and a good way to do something that enables distancing. It is beautiful up there. 3 Link to comment Share on other sites More sharing options...
BuffaloWeather Posted July 23, 2020 Author Share Posted July 23, 2020 After the 46 dacks I want to do the presidential ones in New Hampshire and then a few in Maine. Would love to do the 14 in Colorado, but tough to get out there enough. It's nice being within driving distance of some awesome mountains. Can make a weekend trip out of it, instead of a week trip. Here are the president peaks MountainElevation Mount Adams 5,774' Mount Clay 5,533' Mount Eisenhower 4,780' Mount Franklin 5,003' Mount Jackson 4,052' Mount Jefferson 5,712' Mount Madison 5,367' Mount Monroe 5,384' Mount Pierce 4,310' Mount Quincy Adams 5,774' Mount Sam Adams 5,774' Mount Washington 6,288' Mount Webster 3,911' Link to comment Share on other sites More sharing options...
vortmax Posted July 23, 2020 Share Posted July 23, 2020 27 minutes ago, BuffaloWeather said: After the 46 dacks I want to do the presidential ones in New Hampshire and then a few in Maine. Would love to do the 14 in Colorado, but tough to get out there enough. It's nice being within driving distance of some awesome mountains. Can make a weekend trip out of it, instead of a week trip. Here are the president peaks MountainElevation Mount Adams 5,774' Mount Clay 5,533' Mount Eisenhower 4,780' Mount Franklin 5,003' Mount Jackson 4,052' Mount Jefferson 5,712' Mount Madison 5,367' Mount Monroe 5,384' Mount Pierce 4,310' Mount Quincy Adams 5,774' Mount Sam Adams 5,774' Mount Washington 6,288' Mount Webster 3,911' Some of those mountains need to be renamed...sorry, couldn't resist. 2 Link to comment Share on other sites More sharing options...
BuffaloWeather Posted July 23, 2020 Author Share Posted July 23, 2020 Looks like there is a hike to hit up all of them. Look at that elevation change. That is not an easy hike. https://www.alltrails.com/trail/us/new-hampshire/presidential-traverse-trail Link to comment Share on other sites More sharing options...
wolfie09 Posted July 23, 2020 Share Posted July 23, 2020 So looks like I'll be upstate for another year or more, maybe less who knows lol Things fell through in PA, decided to still sell the house and rent for the year(good way to save), I'll be up in Lewis county so I'll probably deal with a good amount of snow this winter, I'll just have to survive lol 5 Link to comment Share on other sites More sharing options...
BuffaloWeather Posted July 23, 2020 Author Share Posted July 23, 2020 12 minutes ago, wolfie09 said: So looks like I'll be upstate for another year or more, maybe less who knows lol Things fell through in PA, decided to still sell the house and rent for the year(good way to save), I'll be up in Lewis county so I'll probably deal with a good amount of snow this winter, I'll just have to survive lol I don't know how you move so much wolf, it's so much work to move. But I knew you wouldn't move to somewhere that averages less then 75" a year. You love snow more than anyone on here, no way that is ever happening. Your girl may want to, but it aint happening. 2 Link to comment Share on other sites More sharing options...
wolfie09 Posted July 23, 2020 Share Posted July 23, 2020 Moving here wasn't so bad because i didn't have much but now i have a house full of crap that i'm trying to split between a pods storage container and the apartment lol Closing is august 7th so its quickly approaching.. i expect to see alot of this, this year lol I didn't intentionally try to move so snowy, but just was nothing available by the first week in august, locally.. Link to comment Share on other sites More sharing options...
Thinksnow18 Posted July 23, 2020 Share Posted July 23, 2020 1 hour ago, BuffaloWeather said: Looks like there is a hike to hit up all of them. Look at that elevation change. That is not an easy hike. https://www.alltrails.com/trail/us/new-hampshire/presidential-traverse-trail Isn't there snow 12 months of the year on Mt. Washington? I would gather that would be an extreme climb Link to comment Share on other sites More sharing options...
Flying MXZ Posted July 23, 2020 Share Posted July 23, 2020 57 minutes ago, wolfie09 said: So looks like I'll be upstate for another year or more, maybe less who knows lol Things fell through in PA, decided to still sell the house and rent for the year(good way to save), I'll be up in Lewis county so I'll probably deal with a good amount of snow this winter, I'll just have to survive lol Whereabouts in Lewis? Pretty snowy no matter where it is. 1 Link to comment Share on other sites More sharing options...
wolfie09 Posted July 23, 2020 Share Posted July 23, 2020 14 minutes ago, Flying MXZ said: Whereabouts in Lewis? Pretty snowy no matter where it is. Copenhagen 1 Link to comment Share on other sites More sharing options...
BuffaloWeather Posted July 23, 2020 Author Share Posted July 23, 2020 45 minutes ago, Thinksnow18 said: Isn't there snow 12 months of the year on Mt. Washington? I would gather that would be an extreme climb Yeah, they can have snow all 12 months. They have some of the craziest weather on the entire planet. 1 Link to comment Share on other sites More sharing options...
BuffaloWeather Posted July 23, 2020 Author Share Posted July 23, 2020 1 hour ago, wolfie09 said: Moving here wasn't so bad because i didn't have much but now i have a house full of crap that i'm trying to split between a pods storage container and the apartment lol Closing is august 7th so its quickly approaching.. i expect to see alot of this, this year lol I didn't intentionally try to move so snowy, but just was nothing available by the first week in august, locally.. 3 Link to comment Share on other sites More sharing options...
Syrmax Posted July 23, 2020 Share Posted July 23, 2020 1 hour ago, wolfie09 said: Moving here wasn't so bad because i didn't have much but now i have a house full of crap that i'm trying to split between a pods storage container and the apartment lol Closing is august 7th so its quickly approaching.. i expect to see alot of this, this year lol I didn't intentionally try to move so snowy, but just was nothing available by the first week in august, locally.. Gotta say, with being able to work from home all the time, if it wasn't for my dog and his 4 acres of free range lifestyle here (and my pool), I'd look at downsizing to somewhere near the bullseye. In fact, I probably just should. I can always install a new wireless dog fence system and pool... 2 Link to comment Share on other sites More sharing options...
Buffalo Bumble Posted July 23, 2020 Share Posted July 23, 2020 3 hours ago, BuffaloWeather said: Yeah, they can have snow all 12 months. They have some of the craziest weather on the entire planet. Yeah, pick a good day for the Mt Washington hike. I have a great book of hikes gone bad in the Presidential Range. Can go sideways up there real quick. 2 Link to comment Share on other sites More sharing options...
BuffaloWeather Posted July 23, 2020 Author Share Posted July 23, 2020 Everyone go refinance your mortgage. Just got 30 years at 2.75%. 1 Link to comment Share on other sites More sharing options...
brentrich Posted July 24, 2020 Share Posted July 24, 2020 3 hours ago, BuffaloWeather said: Everyone go refinance your mortgage. Just got 30 years at 2.75%. Not yet, I'm going to wait to see if 15 years will go under 2% or 30 years under 2.25% then I'll get it. Link to comment Share on other sites More sharing options...
TugHillMatt Posted July 24, 2020 Share Posted July 24, 2020 Man, wolfie. You are all over the place. haha...The farthest north I will get my wife to at this point is Western Oswego County...we like the Granby/Hinmansville area. Nice and rural, but still close to Syracuse via 48/690 for her commute, as well as the stores in Fulton. It's also a pretty good Lake effect snow area. AND my commute to Bville would be mostly back roads. (I would avoid 48.) She will never move back to Redfield. Way too desolate for her. Link to comment Share on other sites More sharing options...
DeltaT13 Posted July 24, 2020 Share Posted July 24, 2020 23 hours ago, BuffaloWeather said: Everyone go refinance your mortgage. Just got 30 years at 2.75%. Dang man you should be trying to shorten that term not lower the payment. I’m trying to see if I can get a 10 year right now. That is a killer rate though. 2 1 Link to comment Share on other sites More sharing options...
brentrich Posted July 24, 2020 Share Posted July 24, 2020 39 minutes ago, DeltaT13 said: Dang man you should be trying to shorten that term not lower the payment. I’m trying to see if I can get a 10 year right now. That is a killer rate though. Exactly! 30 years is a waste of time. I'm keeping an eye on 15 years rate, right now it's at 2.4%, i'm going to wait couple of weeks of it continues to go lower. Link to comment Share on other sites More sharing options...
BuffaloWeather Posted July 24, 2020 Author Share Posted July 24, 2020 53 minutes ago, DeltaT13 said: Dang man you should be trying to shorten that term not lower the payment. I’m trying to see if I can get a 10 year right now. That is a killer rate though. I work in finance. The standard rate of inflation is 3% throughout history. The term is subjective. There are no prepayment penalties. You can pay on your loan towards principal at anytime. I can pay down 50k on my mortgage tomorrow if I wanted to. But does that make sense? The standard rate of return on the S&P index throughout its history is 8%. What is better a 2.75% return or an 8% return with compounding? I'm investing the maximum amount allowed towards my retirement accounts for the first time ever this year. Most people have the thinking that you do, why go for a longer term if you can do a 15 year term. A interest rate that is lower then the standard rate of inflation is called negligible debt. Everyone should be following this method. 2 Link to comment Share on other sites More sharing options...
BuffaloWeather Posted July 24, 2020 Author Share Posted July 24, 2020 Here is an article explaining it. In this instance is uses 4.5% interest as mortgage debt rate and 7% as marker return rate. It makes even more sense to invest when your rate is lower. Extra Mortgage Payments vs. Investing Assume you have a 30-year mortgage of $150,000 with a fixed 4.5% interest rate. You'll pay $123,609 in interest over the life of the loan, assuming you make only the minimum payment of $760 each month. Pay $948 a month—$188 more—and you’ll pay off the mortgage in 20 years, and you’d save $46,000 in interest. Now, let’s say you invested that extra $188 every month instead, and you averaged a 7% annual return. In 20 years, you’d have earned $51,000—$5,000 ahead of the sum you saved in interest—on the funds you contributed. Keep on depositing that monthly $188, though, for 10 more years, and you’d end up with $153,420 in earnings. So, while it may not make a huge difference over the short term, over the long term, you’ll likely come out far ahead by investing in your retirement account. https://www.investopedia.com/mortgage-or-retirement-4770977 Link to comment Share on other sites More sharing options...
BuffaloWeather Posted July 24, 2020 Author Share Posted July 24, 2020 Not to mention when you contribute to your 401k its tax deferred (Unless a ROTH). Most likely your income during retirement will be far less then it is while you are working. So in the long run you get a tax deduction for this year, investment compounding interest for 30+ years, and pay less in taxes due to deferral. It's 100% incorrect to put more money onto the mortgage than into the market over the long run. It also depends on how much you trust the market. But you can develop a dividend fund earning 4-6% without capital gains. If your mortgage rate is above 5% it might start to make sense as you're essentially getting a guaranteed 5% return. However, each individual person views the market differently. My 401k the last 5 years has a return of 10.5%. Would it be better to put as much as I can in the market or towards my 2.75% mortgage? Here are the returns if you put your money into a S+P Index fund with the buy and hold strategy https://www.macrotrends.net/2488/sp500-10-year-daily-chart Link to comment Share on other sites More sharing options...
BuffaloWeather Posted July 25, 2020 Author Share Posted July 25, 2020 I didn't really take retirement seriously until around 30 years old. I was really dumb in my 20s. Your 20s and 30s are by far your most important years for investing. Luckily I was able to catch up quite a bit the last few years. Here is an article showing 401k balances by age. The older generation had pensions, we have 401ks. Most of our generation are not going to be able to retire and will be working well into their 60s/70s https://www.investopedia.com/articles/personal-finance/010616/whats-average-401k-balance-age.asp Similar findings come from the Economic Policy Institute: It estimates that those aged 32 to 37 have saved around $31,644, but that figure rises substantially to around $67,720 for those aged 38 to 43. For those aged 44 to 49, average retirement savings are $81,347. Finally, those aged 50 to 55 have saved an average of $124,831.10 While these may seem like healthy amounts, all of these numbers are well below even the most conservative goals. Part of the problem, according to TransAmerica, might be a lack of financial understanding and education. Sixty-eight percent of workers believe they don’t know as much about retirement as they should. In fact, 37% of workers say they don’t know anything about asset allocation and around 22% admits to not knowing how their retirement money is invested.12 For that matter, only 20% of Americans say they know "a great deal" about Social Security, even though nearly 74% expect it to be a significant source of income when they stop working.13 https://www.cnbc.com/2019/05/23/how-much-money-americans-have-in-their-401ks-at-every-age.html Link to comment Share on other sites More sharing options...
BuffaloWeather Posted July 25, 2020 Author Share Posted July 25, 2020 This is a general guideline to follow for retirement account balances. By age 30: Have the equivalent of your starting salary saved By age 35: Have two times your salary saved By age 40: Have three times your salary saved By age 45: Have four times your salary saved By age 50: Have six times your salary saved By age 55: Have seven times your salary saved By age 60: Have eight times your salary saved By age 67: Have 10 times your salary saved Link to comment Share on other sites More sharing options...
DeltaT13 Posted July 25, 2020 Share Posted July 25, 2020 Damn dude. I get it. I do quite a bit of investing. It’s also nice to knock a few years off a mortgage and pay the same amount monthly while saving 75k in interest. I dunno. I think you can have it both ways with rates this low. Link to comment Share on other sites More sharing options...
WNash Posted July 25, 2020 Share Posted July 25, 2020 I had a job loss during the recession before this one, and an extended period of unemployment was followed by a return to work at a salary 2/3rds of my previous rate. I had a six month emergency fund that I stretched out to 10 months, but then had to go into my retirement savings before I got another full time job albeit at lower pay. Having gone through all that, I started looking for jobs that would provide a pension. I got a state job specifically for the pension. I make less than I could in the private sector, despite the fact that my work week is no shorter than it was at my private sector jobs. But I consider my pension to be deferred income. The days when you vested at ten years and never paid in again are long gone (except for some old timers), but both me and my wife have pension plans. We also are rebuilding our 403b and IRA balances, so we hope that it might be possible to have a traditional three legged retirement (pension, savings, and Social Security). I’ll still have a couple decades left in the workforce, God willing, but I don’t think my savings could ever come close to 10x salary. 1 Link to comment Share on other sites More sharing options...
BuffaloWeather Posted July 25, 2020 Author Share Posted July 25, 2020 5 minutes ago, DeltaT13 said: Damn dude. I get it. I do quite a bit of investing. It’s also nice to knock a few years off a mortgage and pay the same amount monthly while saving 75k in interest. I dunno. I think you can have it both ways with rates this low. Sorry I'm quite passionate about this subject as so many people that sit with me have this mentality. Here is a nice analytical demonstration of SP500 returns posted on reddit finance today. It's all about ROI, and paying off a low interest rate mortgage quicker just doesn't have it. However, there is peace of mind that comes from having a home that is paid off. That is something we learned in behavioral finance and why I said every individual and situation is different. https://imgur.com/a/rsT8fMh Link to comment Share on other sites More sharing options...
BuffaloWeather Posted July 25, 2020 Author Share Posted July 25, 2020 6 minutes ago, WNash said: I had a job loss during the recession before this one, and an extended period of unemployment was followed by a return to work at a salary 2/3rds of my previous rate. I had a six month emergency fund that I stretched out to 10 months, but then had to go into my retirement savings before I got another full time job albeit at lower pay. Having gone through all that, I started looking for jobs that would provide a pension. I got a state job specifically for the pension. I make less than I could in the private sector, despite the fact that my work week is no shorter than it was at my private sector jobs. But I consider my pension to be deferred income. The days when you vested at ten years and never paid in again are long gone (except for some old timers), but both me and my wife have pension plans. We also are rebuilding our 403b and IRA balances, so we hope that it might be possible to have a traditional three legged retirement (pension, savings, and Social Security). I’ll still have a couple decades left in the workforce, God willing, but I don’t think my savings could ever come close to 10x salary. The clients that have pensions have the best retirement in comparison to those with 401ks. Pensions are robbery IMO. The only negative to them is being underfunded and technically it's not your money to pass on to beneficiaries. Obviously this depends on what type of pension you have. As long as you're saving 10-20% of your salary towards 401ks/IRAS you should easily have 10 times your salary at age 62 or 65 by the time we retire. Pensions through NYS corrections/police officers/teachers are INSANE. I've done the math and you would have to save up 1.5-1.8 million to get the same return in retirement that they get. They also retire in 20 years(police), 25(corrections), 30 (teacher). With everything that has been going on I'd recommend a 12 month emergency fund in an high interest rate savings account online. 1 Link to comment Share on other sites More sharing options...
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