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Re: The Mega Backdoor Roth IRA

Yes, it works. I did the full amount last year. You do not roll it to an IRA then convert to a Roth, you simply send it straight to a Roth. I did mine between my Wells Fargo 401K and Vanguard Roth. I called both and they said "yep, we do it all the time." It was painless. Did you do this ...
by Bacchus01
Wed Apr 16, 2014 7:47 pm
 
Forum: Investing - Help with Personal Investments
Topic: The Mega Backdoor Roth IRA
Replies: 36
Views: 4863

Re: The Mega Backdoor Roth IRA

Yes, it works.

I did the full amount last year. You do not roll it to an IRA then convert to a Roth, you simply send it straight to a Roth.

I did mine between my Wells Fargo 401K and Vanguard Roth. I called both and they said "yep, we do it all the time." It was painless.
by Bacchus01
Tue Apr 15, 2014 9:42 pm
 
Forum: Investing - Help with Personal Investments
Topic: The Mega Backdoor Roth IRA
Replies: 36
Views: 4863

Re: How did you determine your "number" for retirement

Clearly_Irrational wrote:
VictoriaF wrote:The first digit of your zip code multiplied by a million.

Victoria


I'm hosed then, I'll never be able to retire.

Move.
by Bacchus01
Thu Apr 03, 2014 1:33 pm
 
Forum: Personal Finance (Not Investing)
Topic: How did you determine your "number" for retirement
Replies: 51
Views: 3300

Re: How did you determine your "number" for retirement

I said "Hmmm, $10M sounds like a nice round number."

And thus it became $10M.
by Bacchus01
Thu Apr 03, 2014 1:24 pm
 
Forum: Personal Finance (Not Investing)
Topic: How did you determine your "number" for retirement
Replies: 51
Views: 3300

Re: Cedar Plank Siding

Our house is 12 years old and has been stained 3 times (including when new).
by Bacchus01
Thu Mar 20, 2014 5:30 pm
 
Forum: Personal Consumer Issues
Topic: Cedar Plank Siding
Replies: 14
Views: 998

Re: I need a quality lawnmower

Whatever you buy, buy one with a Kohler engine.
by Bacchus01
Thu Mar 20, 2014 5:29 pm
 
Forum: Personal Consumer Issues
Topic: I need a quality lawnmower
Replies: 31
Views: 1606

Re: if you have switched from bonds to cash.....

I moved from bonds to cash, CDs, and shorter-duration bond funds. When will I get back in to Bonds? Maybe never.
by Bacchus01
Thu Mar 20, 2014 9:36 am
 
Forum: Investing - Help with Personal Investments
Topic: if you have switched from bonds to cash.....
Replies: 9
Views: 1155

Re: What "annual" retirement income are you hoping to achiev

Mine is $400K in future dollars (2024).
by Bacchus01
Mon Mar 17, 2014 11:02 am
 
Forum: Personal Finance (Not Investing)
Topic: What "annual" retirement income are you hoping to achieve?
Replies: 70
Views: 4162

Re: Should I Switch Companies?

2 years living apart?

I would suggest this isn't a great idea. Having done several moves myself, about 6 months is the longest we lived in different households and that was not easy.
by Bacchus01
Mon Mar 17, 2014 10:56 am
 
Forum: Personal Finance (Not Investing)
Topic: Should I Switch Companies?
Replies: 21
Views: 1297

Re: best cash back credit card

We buy our groceries at Walmart. How does Amex and other class that?

We use our discover, but with an avg monthly bill of more than 6K, I wonder if there is a better option.

Anyone make a tool that you can plug your spending types in and get a recommendation ?
by Bacchus01
Sun Mar 16, 2014 4:43 pm
 
Forum: Personal Finance (Not Investing)
Topic: best cash back credit card
Replies: 185
Views: 20410

Re: Can Employer Limit 401K Contribution?

It's IRS regs. Sucks, but that's what it is.
by Bacchus01
Sun Mar 16, 2014 4:35 pm
 
Forum: Personal Finance (Not Investing)
Topic: Can Employer Limit 401K Contribution?
Replies: 17
Views: 1571

Re: Was frugality a mistake? The downsides of saving too mu

I don't understand that flaunt is the opposite of frugal. That makes no sense.

Living below your means has always what I thought of the bogglehead philosophy. My means are different than yours, so how I live might not appear frugal at all. Yet, it is relative to my means.
by Bacchus01
Sat Mar 15, 2014 5:26 pm
 
Forum: Personal Consumer Issues
Topic: Was frugality a mistake? The downsides of saving too much.
Replies: 115
Views: 8813

Re: How to Insure Two Homes

Per the IRS, that second home is in fact a vacation home. Insure it as such. Your parents should also get rental insurance.

This is how I do it in nearly the exact same situation.
by Bacchus01
Thu Mar 13, 2014 1:36 pm
 
Forum: Personal Finance (Not Investing)
Topic: How to Insure Two Homes
Replies: 5
Views: 339

Re: Joint or Separate Accounts? - Married Couples

When we first got married we tries the his, hers and ours route. After a while we realized it was a big old pain in the butt and merged them all. That was 15 years ago. I take care if all the finances. My wife has not worked outside the home for about 10 years. We have a similar philosophy on money ...
by Bacchus01
Wed Mar 12, 2014 7:14 pm
 
Forum: Personal Finance (Not Investing)
Topic: Joint or Separate Accounts? - Married Couples
Replies: 82
Views: 3370

Re: "The Average Investor Should Use a Financial Adviser"

I'm confused.

Why would I pay Vanguard for something that Vanguard already gives me for free?
by Bacchus01
Wed Mar 12, 2014 7:06 pm
 
Forum: Investing - Theory, News & General
Topic: "The Average Investor Should Use a Financial Adviser"
Replies: 51
Views: 6988

Re: Retirement Savings Growth exceeds Annual Retirement Expe

At 40, our savings growth is 2X our annual expenses with 3 kids at home.

I plan to be retired at 50
by Bacchus01
Wed Mar 12, 2014 6:27 am
 
Forum: Personal Finance (Not Investing)
Topic: Retirement Savings Growth exceeds Annual Retirement Expense
Replies: 29
Views: 2906

Re: % of annual income saved compared to final portfolio goa

Interesting question. I don't look at my savings rate. I simply save as much as I can: 401K max, back-door roth max, 529 max, after-tax - whatever is left over after expenses. I track our net worth growth and compare that to target retirement. In total, our net worth (including contributions and ear...
by Bacchus01
Tue Mar 11, 2014 3:03 pm
 
Forum: Investing - Help with Personal Investments
Topic: % of annual income saved compared to final portfolio goal
Replies: 33
Views: 2644

Re: How did you get through the market crash in 08-09

I did: nothing. I didn't change my allocation, I didn't change my contributions, I didn't change my portfolio at all. I rode it out and everything was fine. What I WOULD have done differently: - I would have cashed my stock options when I felt I should have in late 2008 (but didn't because my compan...
by Bacchus01
Mon Mar 10, 2014 12:56 pm
 
Forum: Investing - Theory, News & General
Topic: How did you get through the market crash in 08-09
Replies: 104
Views: 5452

Re: Poll: When did you retire? Would you do it all over agai

I hope to retire at 50. I was hoping for 40, and probably could if I really wanted to, but the carrot for another 5-10 is just too good. The only regret is that I'll get to spend a lot more time with my two younger children while still in their school-age years while my oldest will be in college by ...
by Bacchus01
Mon Mar 10, 2014 12:51 pm
 
Forum: Investing - Theory, News & General
Topic: Poll: When did you retire? Would you do it all over again ?
Replies: 103
Views: 10706

Re: Financial advisor wants me to roll a 401(k) into an IRA?

You paid for that advice?

You learned a lesson. Not all paid advice is actually any good.
by Bacchus01
Mon Mar 10, 2014 12:48 pm
 
Forum: Investing - Help with Personal Investments
Topic: Financial advisor wants me to roll a 401(k) into an IRA?
Replies: 98
Views: 6502

Re: Paying $1,000/yr to Vanguard ! Please Help Me

Numbers don't seem to add up. Based on your charges/fund %s I calc you portfolio anywhere from $1.2M to $2.5M.

And ~$1000 in fees a year to manage that is puny.
by Bacchus01
Sat Mar 08, 2014 4:23 pm
 
Forum: Investing - Help with Personal Investments
Topic: Paying $1,000/yr to Vanguard ! Please Help Me
Replies: 40
Views: 6703

Re: Replace less than 80% of income in retirement?

As a point of reference. I am 40. Wife does not work outside the home. 3 kids. Our expenses are approximately 35% of gross annual income, not including taxes. I expect that number to get lower, not higher, in the future. I can't imagine what we'd do with 80% of our gross income replacement in retire...
by Bacchus01
Fri Mar 07, 2014 10:04 am
 
Forum: Investing - Theory, News & General
Topic: Replace less than 80% of income in retirement?
Replies: 52
Views: 3308

Re: Your stock/bond mix for those ~20 yrs from retirement

I'm 40 and we are 80/20.

Prob 10 years from able to retire. Well ahead of plan do I feel I can take more risk.
by Bacchus01
Thu Mar 06, 2014 11:37 pm
 
Forum: Investing - Help with Personal Investments
Topic: Your stock/bond mix for those ~20 yrs from retirement
Replies: 42
Views: 2792

Re: How much should I pay - 2013 Lexus GS FSport

I'm sorry, but your offer of $50,500 was too high.

They are on eBay at low $40s with less than 10K miles.
by Bacchus01
Thu Mar 06, 2014 11:48 am
 
Forum: Personal Consumer Issues
Topic: How much should I pay - 2013 Lexus GS FSport
Replies: 17
Views: 844

Re: 31% cumulative

Only here would someone complain about 3% per month.

And it's closer to 2% monthly.
by Bacchus01
Wed Mar 05, 2014 12:26 pm
 
Forum: Investing - Theory, News & General
Topic: 31% cumulative
Replies: 10
Views: 1152

Re: Purchase farmland or sell it?

Farm land has really gone up a lot. Will it keep going? Not sure, but I find it hard to believe that over the long run it will not. There are fewer and fewer acres of farm land and more and more people. Corn is high because of subsidies on ethanol, but can it sustain? Personably, I would buy out the...
by Bacchus01
Tue Mar 04, 2014 8:26 am
 
Forum: Personal Finance (Not Investing)
Topic: Purchase farmland or sell it?
Replies: 33
Views: 1850

Re: What would YOU do with $300K?

What would I do? Well my AA says I'm 200K short on total international, so I'd put 200K there. I need a new car, so I'd spend probably 30K there. Spring break is coming, so I'd spend 10K there. Would like a new TV, so I'd spend 1K there.

The rest would probably go into money market.
by Bacchus01
Sat Feb 22, 2014 12:36 pm
 
Forum: Personal Finance (Not Investing)
Topic: What would YOU do with $300K?
Replies: 28
Views: 3126

Re: To whom does the advice "max out your 401k" not apply?

HSA should go right after pay down high interest debt and should come before a Roth.
by Bacchus01
Sat Feb 22, 2014 12:21 pm
 
Forum: Investing - Theory, News & General
Topic: To whom does the advice "max out your 401k" not apply?
Replies: 45
Views: 4730

Re: To MBA or not MBA?

There was a similar thread on this not too long ago.

I strongly believe that online MBAs are a waste of money. I won't hire people with one.
by Bacchus01
Thu Feb 20, 2014 7:17 pm
 
Forum: Personal Finance (Not Investing)
Topic: To MBA or not MBA?
Replies: 57
Views: 4521

Re: Job Offer Negotiation / Interview Snafu

You can tell a lot about work-life without asking the question. Drive by the place at 7:30 AM and again at 5:30 PM. How many cars are in the parking lot? Do the same on the weekend. That is a great proxy for this. Other questions that are less direct "What are the normal hours that people are i...
by Bacchus01
Thu Feb 20, 2014 1:27 pm
 
Forum: Personal Finance (Not Investing)
Topic: Job Offer Negotiation / Interview Snafu
Replies: 174
Views: 15003

Re: taxes done and…why is my spouse working?

I'm in the 33% tax bracket. If my wife made much at all, she'd be mostly in the 35% tax bracket. Add to that FICA and State Tax, and she's now right at 49% in taxes. She is looking to go back to work when our youngest of 3 goes to Kindergarten next year, but not full time. Ideally she would find som...
by Bacchus01
Tue Feb 18, 2014 10:57 am
 
Forum: Personal Finance (Not Investing)
Topic: taxes done and…why is my spouse working?
Replies: 90
Views: 8927

Re: Voluntary Separation Package Advice

If your plan is to retire and you can make it work financially, take it.

If you cannot retire and expect to have to find another comparable job, think about it for a bit. Finding a job over 55 can be very, very tough.
by Bacchus01
Tue Feb 18, 2014 10:48 am
 
Forum: Personal Finance (Not Investing)
Topic: Voluntary Separation Package Advice
Replies: 47
Views: 2875

Re: What are reliable refrigerator brands these days?

I have a GE. I think it's about 8 years old. Works just great.

Also have a Jenn Air about 10 years old. Works just great too.
by Bacchus01
Mon Feb 17, 2014 10:25 am
 
Forum: Personal Consumer Issues
Topic: What are reliable refrigerator brands these days?
Replies: 51
Views: 3760

Re: What to do when your in-laws run out of money?

Personally, I wouldn't get the other siblings involved. This is a private transaction and your parents can deal with it after the fact. We made it very clear to our in-laws that this wasn't going to be a family discussion. If they wanted to do this, they would deal with any fallout. I know it's a co...
by Bacchus01
Fri Feb 14, 2014 11:08 am
 
Forum: Personal Finance (Not Investing)
Topic: What to do when your in-laws run out of money?
Replies: 22
Views: 3470

Re: What to do when your in-laws run out of money?

We went through exactly what you went through with my wife's parents. They had about $20K in savings and are drawing about $1600/mo in SS for both of them. They still had a mortgage and were paying $850/month for mortgage/taxes. They both still work while they are in their mid/late 70's. They were r...
by Bacchus01
Thu Feb 13, 2014 10:22 pm
 
Forum: Personal Finance (Not Investing)
Topic: What to do when your in-laws run out of money?
Replies: 22
Views: 3470

Re: Choosing my MBA program... Looking for advice

As said above, Brand drops in a hurry outside the very top programs. Outside the top 10%, the next 80% are on mostly on par. I'd suggest you focus on what you want to get out of it. If it's a piece of paper, go cheap. If you REALLY want to learn something you can apply, and I believe that you can ge...
by Bacchus01
Thu Feb 13, 2014 10:07 pm
 
Forum: Personal Finance (Not Investing)
Topic: Choosing my MBA program... Looking for advice
Replies: 11
Views: 1415

Re: What to do when a parent's money runs out?

Buy the house and rent it back to her. Put the rent in a desperate account. When she runs out of money again, start drawing on the rental account or reducing her rent. This is what we do with my wife's parents. When she passes, sell the house and hopefully recognize a profit. In the end you'll be ou...
by Bacchus01
Tue Feb 11, 2014 1:01 pm
 
Forum: Personal Finance (Not Investing)
Topic: What to do when a parent's money runs out?
Replies: 135
Views: 15224

Re: Bought in, and then they start tumbling

Sounds like a good chance to Tax Loss Harvest.
by Bacchus01
Sun Feb 09, 2014 9:19 pm
 
Forum: Investing - Theory, News & General
Topic: Bought in, and then they start tumbling
Replies: 51
Views: 6472

Re: Your mortgage type, if any [POLL]

5/1 mortgage at 2.125% on House 1, 5/1 mortgage at 2.25% on House 2. The first is 2 years in and the second is 1 year in. Why an ARM? For the first, when I did the math, even if it reset to the max after the 5-year period, it wouldn't be until year 9 before I was back to breakeven interest charges v...
by Bacchus01
Fri Feb 07, 2014 2:33 pm
 
Forum: Personal Finance (Not Investing)
Topic: Your mortgage type, if any [POLL]
Replies: 63
Views: 3516

Re: $10+ M, age 49, seeking wisdom regarding retirement

I'm very interested to see where you end up. At 40, I am planning to be at $10M right around 49/50. Of course, we'll see how plans work. That will be my retirement date if things go well. But I have the same concerns as you. What will I do with my time? More importantly, since everyone else my age w...
by Bacchus01
Wed Feb 05, 2014 1:26 pm
 
Forum: Personal Finance (Not Investing)
Topic: $10+ M, age 49, seeking wisdom regarding retirement
Replies: 58
Views: 7106

Re: Tell me I did the right thing

True story: Company A - I decided to hold onto options that were only a few years old. Stock was at an all-time high of $72 and my average option price was around $20. I had nearly 10K options. This was fall of 2008. Within a few months it dropped to $3.50 and then recovered to around $10. By the ti...
by Bacchus01
Mon Feb 03, 2014 3:51 pm
 
Forum: Investing - Theory, News & General
Topic: Tell me I did the right thing
Replies: 23
Views: 2883

Re: What is your targeted annual retirement income in today'

$10M X 4% withdrawl rate.

That's how I came up with my number. How I get the 4% will be a combination of pensions (2), SS, and earnings on investments.
by Bacchus01
Mon Feb 03, 2014 1:10 pm
 
Forum: Investing - Theory, News & General
Topic: What is your targeted annual retirement income in today's $
Replies: 50
Views: 6255

Re: What interest rate did you get on your car loan?

2% for 72 months in August.
by Bacchus01
Mon Feb 03, 2014 10:36 am
 
Forum: Personal Finance (Not Investing)
Topic: What interest rate did you get on your car loan?
Replies: 71
Views: 3789

Re: Company Phantom Stock - Are We Making a Sound Decision?

When you say your company hasn't been performing at the market, what are you seeing and what are you using as a comparison?
by Bacchus01
Mon Feb 03, 2014 10:35 am
 
Forum: Investing - Help with Personal Investments
Topic: Company Phantom Stock - Are We Making a Sound Decision?
Replies: 21
Views: 1227

Re: Windfall and AGI question on a $65,000 tax free windfall

Pay off your high interest student loans. I would keep the lowest interest ones, but others may differ. Max your 401k and fund Roth IRAs. Find a different HSA. You know you can move it, right? If there is a state deduction, fund a 529 for you and your wife. Move yours directly to your wife after fun...
by Bacchus01
Tue Jan 28, 2014 5:51 am
 
Forum: Investing - Help with Personal Investments
Topic: Windfall and AGI question on a $65,000 tax free windfall
Replies: 6
Views: 819

Re: Home Affordability - Good Income, Luxury Home

By most measures, you can definitely afford it. But, I'd also suggest that you may not really know what your dream house is. Take your time and figure that out if that is really your plan. We've been in 4 houses in 14 years and there Are pros and cons of each. Our current is nearly 6000 sq ft and ha...
by Bacchus01
Mon Jan 27, 2014 11:19 pm
 
Forum: Personal Finance (Not Investing)
Topic: Home Affordability - Good Income, Luxury Home
Replies: 31
Views: 2825

Re: What's your dream car?

Ford GT
by Bacchus01
Fri Jan 24, 2014 6:04 pm
 
Forum: Personal Consumer Issues
Topic: What's your dream car?
Replies: 177
Views: 8952

Re: Glad I own bonds today!

Buy on Monday!
by Bacchus01
Fri Jan 24, 2014 3:35 pm
 
Forum: Investing - Theory, News & General
Topic: Glad I own bonds today!
Replies: 56
Views: 4505
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