Since Robert started investing in self-directed retirement accounts 401K, IRA, SEP-IRA, he has wondered what might be the record amount anyone has ever accumulated in such a tax-deferred account. It might be quite a bit. The amount one can contribute in a year is limited by law, but the absolute amount a person can earn on those investments and hold in these accounts is not capped.
Mitt Romney, according to his own limited disclosures, says he has accumulated between $20M and $100M in his SEP IRA. Robert assumes that this means it is very close to being $100M.
http://www.bloomberg.com/news/2012-07-15/the-secret-behind-romney-s-magical-ira.html
Robert's understanding is that the average American has about $90K is his/her retirement account.
Still, Robert wonders what the all-time record amount might be.
August 31, 2012
August 27, 2012
Perry Case
Last Friday the Plaintiffs in the Proposition 8 case filed their opposition to petition for certiorari in the United States Supreme Court. Plaintiffs argue that the case is not a good one for review by the highest court because the Ninth Circuit, whose opinion would be appealed, addressed a very specific situation in California, the circuit ruling does not make any new law, and because there is no conflict among circuits on the matter. As you recall, the Ninth Circuit's ruling in this case very carefully does not say states must allow homosexuals to marry under the Equal Protection clause or Due Process clause. In its opinion, that circuit court merely follows the Supreme Court's rationale in the Romer case by holding that there was no rational basis for the California public to rescind the right of homosexuals to marry. A right they had previously enjoyed.
August 19, 2012
Funny To Us
We're here at Mammoth Mountain with a view of the ski lifts from our room. Rory gets a little confused and can't remember the word gondola. He says "bungalow" instead.
Maybe we'll take a ride to the top on the bungalow tomorrow.
Maybe we'll take a ride to the top on the bungalow tomorrow.
August 13, 2012
Literary Recommendations
Sylvia Nasar makes some reading list recommendations here. She is very talented, so probably worth listening to.
http://www.nytimes.com/2012/08/12/books/review/sylvia-nasar-by-the-book.html?_r=1
http://www.nytimes.com/2012/08/12/books/review/sylvia-nasar-by-the-book.html?_r=1
August 9, 2012
The Targets
After a recent discussion with Mira, I thought I would look this up on Wikipedia. The definition of "need-blind" and "full need" admissions. I have a feeling that we're going to need to thread the needle on this issue, so it's good to know what we're aiming at . . .
No pressure.
God, let it be Williams.
http://en.wikipedia.org/wiki/Need-blind_admission
Need-blind admission is a term in the United States (and increasingly in the rest of the world) denoting a college admission policy in which the admitting institution does not consider an applicant's financial situation when deciding admission. Generally, an increase in students admitted under a need-blind policy and needing financial aid requires the institution to back the policy with an ample endowment or source of funding. Being need-blind is a statutory requirement for institutions to participate in an anti-trust exemption granted by Congress which remains in effect until September 30, 2015. An institution may be need-blind in any given year by policy (de jure) or by circumstances (de facto).
Need-blind admissions systems are rare in the private sector where institutional funds often make up the bulk of financial aid awarded but virtually all public institutions are need-blind. Most private universities cannot afford to offer financial aid to all admitted students and many will admit all students but cannot offer them sufficient aid to meet need. Many schools who admit all U.S. citizens or resident aliens without regard to need do not extend this policy to internationals or to transfer students. Therefore schools, especially private ones, which are need-blind and full-need for all applicants, including internationals, tend to be much more selective as they have relatively more applicants than other similar schools.
Need-blind admission does not necessarily mean a "full-need" financial aid policy—where the school agrees to meet the full demonstrated financial need of all its admitted students. Indeed, the two policies can be in tension because need-blind admissions and full-need financial aid together commit the school to spend an undetermined amount of money regardless of other budgetary constraints. Thus, some need-blind schools will admit students who will nonetheless not be able to attend because of deficient financial aid awards.
Contents
1 U.S. institutions that are need-blind and full-need for all applicants
2 Non-U.S. institutions that are need-blind and full-need for all applicants
3 U.S. institutions that are need-blind and full-need for U.S. applicants
4 Other schools
5 Need-sensitive institutions
6 See also
7 References
U.S. institutions that are need-blind and full-need for all applicants
There are currently only six U.S. higher learning institutions—four universities and two colleges—which are both need-blind and full-need for all applicants, including international students.[1] These are:
Amherst College[2]
Dartmouth College[3]
Harvard University
MIT
Princeton University[4]
Yale University[5]
Non-U.S. institutions that are need-blind and full-need for all applicants
Jacobs University Bremen, Bremen, Germany
European College of Liberal Arts, Berlin, Germany
National University of Singapore, Singapore
New York University Abu Dhabi,[6] Abu Dhabi, United Arab Emirates
U.S. institutions that are need-blind and full-need for U.S. applicants
A number of U.S. institutions of higher learning state that they offer both need-blind admissions and full-need for U.S. students. The following schools state they are need-blind and full-need:
Barnard College (need-aware for transfer students)[7]
Beloit College
Boston College
Bowdoin College (need-aware for transfer students)[8]
Brandeis University(need-aware for transfer students)[9]
Brown University (need-aware for international and transfer students)
California Institute of Technology
Claremont McKenna College
College of the Holy Cross
Columbia University (does not meet full-need for transfer students) [10]
Cooper Union
Cornell University
Davidson College
Deep Springs College
Duke University[11]
Emory University[12]
Georgetown University
Grinnell College
Hamilton College[13]
Harvard College[14]
Haverford College
Harvey Mudd College[15]
Johns Hopkins University[16]
Knox College
Lawrence University
Middlebury College
Northwestern University
Olin College[17]
Pomona College
Rice University[18]
Stanford University
Swarthmore College
University of Chicago
University of Miami
University of Michigan
University of North Carolina at Chapel Hill [19]
University of Notre Dame
University of Pennsylvania
University of Richmond
University of Rochester
University of Southern California[20]
University of Virginia[21]
Vanderbilt University
Vassar College[22]
Wake Forest University
Wellesley College
Williams College
Wesleyan University[23]
No pressure.
God, let it be Williams.
http://en.wikipedia.org/wiki/Need-blind_admission
Need-blind admission is a term in the United States (and increasingly in the rest of the world) denoting a college admission policy in which the admitting institution does not consider an applicant's financial situation when deciding admission. Generally, an increase in students admitted under a need-blind policy and needing financial aid requires the institution to back the policy with an ample endowment or source of funding. Being need-blind is a statutory requirement for institutions to participate in an anti-trust exemption granted by Congress which remains in effect until September 30, 2015. An institution may be need-blind in any given year by policy (de jure) or by circumstances (de facto).
Need-blind admissions systems are rare in the private sector where institutional funds often make up the bulk of financial aid awarded but virtually all public institutions are need-blind. Most private universities cannot afford to offer financial aid to all admitted students and many will admit all students but cannot offer them sufficient aid to meet need. Many schools who admit all U.S. citizens or resident aliens without regard to need do not extend this policy to internationals or to transfer students. Therefore schools, especially private ones, which are need-blind and full-need for all applicants, including internationals, tend to be much more selective as they have relatively more applicants than other similar schools.
Need-blind admission does not necessarily mean a "full-need" financial aid policy—where the school agrees to meet the full demonstrated financial need of all its admitted students. Indeed, the two policies can be in tension because need-blind admissions and full-need financial aid together commit the school to spend an undetermined amount of money regardless of other budgetary constraints. Thus, some need-blind schools will admit students who will nonetheless not be able to attend because of deficient financial aid awards.
Contents
1 U.S. institutions that are need-blind and full-need for all applicants
2 Non-U.S. institutions that are need-blind and full-need for all applicants
3 U.S. institutions that are need-blind and full-need for U.S. applicants
4 Other schools
5 Need-sensitive institutions
6 See also
7 References
U.S. institutions that are need-blind and full-need for all applicants
There are currently only six U.S. higher learning institutions—four universities and two colleges—which are both need-blind and full-need for all applicants, including international students.[1] These are:
Amherst College[2]
Dartmouth College[3]
Harvard University
MIT
Princeton University[4]
Yale University[5]
Non-U.S. institutions that are need-blind and full-need for all applicants
Jacobs University Bremen, Bremen, Germany
European College of Liberal Arts, Berlin, Germany
National University of Singapore, Singapore
New York University Abu Dhabi,[6] Abu Dhabi, United Arab Emirates
U.S. institutions that are need-blind and full-need for U.S. applicants
A number of U.S. institutions of higher learning state that they offer both need-blind admissions and full-need for U.S. students. The following schools state they are need-blind and full-need:
Barnard College (need-aware for transfer students)[7]
Beloit College
Boston College
Bowdoin College (need-aware for transfer students)[8]
Brandeis University(need-aware for transfer students)[9]
Brown University (need-aware for international and transfer students)
California Institute of Technology
Claremont McKenna College
College of the Holy Cross
Columbia University (does not meet full-need for transfer students) [10]
Cooper Union
Cornell University
Davidson College
Deep Springs College
Duke University[11]
Emory University[12]
Georgetown University
Grinnell College
Hamilton College[13]
Harvard College[14]
Haverford College
Harvey Mudd College[15]
Johns Hopkins University[16]
Knox College
Lawrence University
Middlebury College
Northwestern University
Olin College[17]
Pomona College
Rice University[18]
Stanford University
Swarthmore College
University of Chicago
University of Miami
University of Michigan
University of North Carolina at Chapel Hill [19]
University of Notre Dame
University of Pennsylvania
University of Richmond
University of Rochester
University of Southern California[20]
University of Virginia[21]
Vanderbilt University
Vassar College[22]
Wake Forest University
Wellesley College
Williams College
Wesleyan University[23]
August 7, 2012
August 1, 2012
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