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Re: How do I find a good local Financial Adviser?

Is there a good reason why you cannot do this yourself? Nothing you asked about requires a rocket scientist. Thanks for your reply but I asked how to find a financial planner that met my criteria...that's it. I didn't ask about retirement saving, life ins, etc. I feel like I'm a fairly well informe...
by Woody999
Wed Apr 15, 2015 1:05 pm
 
Forum: Personal Finance (Not Investing)
Topic: How do I find a good local Financial Adviser?
Replies: 20
Views: 1446

How do I find a good local Financial Adviser?

I'm 40, my wife is 33 and we have a 1 year old. We owe $100k on a $450 house and have about $70k in other debt. We have about ~70k in emergency funds and about $400k in retirement savings. We have a combined salary of ~$250k/yr. I'd like to meet with a financial adviser to see if there's anything we...
by Woody999
Wed Apr 15, 2015 11:45 am
 
Forum: Personal Finance (Not Investing)
Topic: How do I find a good local Financial Adviser?
Replies: 20
Views: 1446

Re: Setting up a Trust...

Thanks for the reply! I'm not sure if I know enough about trusts to know what info you may need to narrow down the types. For starters, I'm 40 and my wife is 34 and we have a 1 year old son. Our yearly income is ~$250k and we have ~$400k in retirement savings and owe ~100k on a ~450k home. We curren...
by Woody999
Thu Apr 09, 2015 10:32 am
 
Forum: Personal Finance (Not Investing)
Topic: Setting up a Trust...
Replies: 13
Views: 1451

Setting up a Trust...

How do I find someone locally to explain to my wife and I the different types of Trusts, advise us as to which we may need and set it up for us?

Thanks!
by Woody999
Thu Apr 09, 2015 10:16 am
 
Forum: Personal Finance (Not Investing)
Topic: Setting up a Trust...
Replies: 13
Views: 1451

Re: Best credit card for me???

had the Priceline card for a few years A note to those of you recommending the Citi simplicity for 2% cash back. Until about a year ago, the Priceline card (and those grandfathered) is 2% also. That card is now significantly better than the AMEX and Citi card. To the OP: If I can assume you prefer ...
by Woody999
Thu Apr 02, 2015 11:43 am
 
Forum: Personal Finance (Not Investing)
Topic: Best credit card for me???
Replies: 18
Views: 1749

Re: Best credit card for me???

I pay my total in full monthly and rarely even have a balance. I do not want to pay any fees and I'm looking for the most cash back possible. What are your major spend categories and how much volume on each? Is avoiding an AF a priority for you over total cost/benefit with rewards? If you want just...
by Woody999
Thu Apr 02, 2015 11:41 am
 
Forum: Personal Finance (Not Investing)
Topic: Best credit card for me???
Replies: 18
Views: 1749

Best credit card for me???

I have had the Priceline card for a few years now but just wondering if there's a better one out now. I haven't researched CC's in a while so I thought I would ask. I pay my total in full monthly and rarely even have a balance. I do not want to pay any fees and I'm looking for the most cash back pos...
by Woody999
Thu Apr 02, 2015 6:19 am
 
Forum: Personal Finance (Not Investing)
Topic: Best credit card for me???
Replies: 18
Views: 1749

Re: If you had 1 [investing] book to recommend...

Sounds like the first thing I need to buy isn't a book but a bookshelf ! All of these sound great! I've done a good bit of research on the books listed in this thread. I think I'll start with "The Little Book of Common Sense Investing" and go from there. No way I can stop at 1 book. :mrgre...
by Woody999
Tue Mar 31, 2015 5:44 am
 
Forum: Investing - Help with Personal Investments
Topic: If you had 1 [investing] book to recommend...
Replies: 51
Views: 4807

Re: Apply For HELOC as Emergency Funds???

Having a no fee, good rate, HELOC is a very useful tool. As an actual Emergency Fund, it's use may be limited because HELOCs can be frozen, but if you already have sufficient Emergency Fund, then a HELOC can add useful options when you need to use a bunch of cash and don't want to hassle with finan...
by Woody999
Tue Mar 31, 2015 5:40 am
 
Forum: Investing - Help with Personal Investments
Topic: Apply For HELOC as Emergency Funds???
Replies: 23
Views: 1853

Re: How much life insurance should my wife and i have???

-So I shouldn't include her 401k and a Roth IRA in #1? Right now we both max out our 401k and both do a backdoor Roth IRA. Seems like I would include her 401k contributions and backdoor Roth IRA contributions in #1. b) Why are you and your wife saving money in a 401k and IRA? Is it for the sake of ...
by Woody999
Tue Mar 31, 2015 5:34 am
 
Forum: Personal Finance (Not Investing)
Topic: How much life insurance should my wife and i have???
Replies: 23
Views: 2074

Re: How much life insurance should my wife and i have???

Seems like #1-4 are before taxes are taken out and 5-10 is after taxes. Kinda apples and oranges...what am I missing?

Thanks!
by Woody999
Mon Mar 30, 2015 11:56 am
 
Forum: Personal Finance (Not Investing)
Topic: How much life insurance should my wife and i have???
Replies: 23
Views: 2074

Re: How much life insurance should my wife and i have???

Your #4 looks fair. Only you know your expenses for #1, but it still looks fairly high for two people. Can you double check to make sure that you're not including savings in that number? The point of retirement savings is to pay your family's expenses in retirement. The point of insurance is to pay...
by Woody999
Mon Mar 30, 2015 11:44 am
 
Forum: Personal Finance (Not Investing)
Topic: How much life insurance should my wife and i have???
Replies: 23
Views: 2074

Re: If you had 1 [investing] book to recommend...

Thanks a lot guys! I'm going to research all the books in this thread and pick one from the list. :beer
by Woody999
Mon Mar 30, 2015 8:56 am
 
Forum: Investing - Help with Personal Investments
Topic: If you had 1 [investing] book to recommend...
Replies: 51
Views: 4807

Re: Apply For HELOC as Emergency Funds???

Thanks for all the replies! So if my wife and I have 1 yr in emergency funds then the HELOC would likely not be needed but if there are no fees to set one up then why not have the additional emergency fund possibility of a HELOC? If the bank does close it...ie. I lose my job then we would still have...
by Woody999
Sun Mar 29, 2015 6:05 pm
 
Forum: Investing - Help with Personal Investments
Topic: Apply For HELOC as Emergency Funds???
Replies: 23
Views: 1853

Re: How much life insurance should my wife and i have???

How do I determine how long of a term we should get for term life insurance?

Thanks!
by Woody999
Sun Mar 29, 2015 8:54 am
 
Forum: Personal Finance (Not Investing)
Topic: How much life insurance should my wife and i have???
Replies: 23
Views: 2074

Re: How much life insurance should my wife and i have???

Thanks for all the answers and helping me get this straight. Let's try again... 1. $__170k__Annual income (in dollars) that will be needed by the survivor(s) 2. $__134k__Annual income available (pension, Social Security, annuities, etc.) 3. $__36k__Annual income shortfall (#1 minus #2) 4. $__She is ...
by Woody999
Fri Mar 27, 2015 10:01 pm
 
Forum: Personal Finance (Not Investing)
Topic: How much life insurance should my wife and i have???
Replies: 23
Views: 2074

Re: How much life insurance should my wife and i have???

My life ins: 1. $__160k__Annual income (in dollars) that will be needed by the survivor(s) 2. $__0__Annual income available (pension, Social Security, annuities, etc.) 3. $__160k__Annual income shortfall (#1 minus #2) 4. $__She is 33 so I would say 40 years*160k = 6.4M__Annual income shortfall multi...
by Woody999
Fri Mar 27, 2015 8:04 pm
 
Forum: Personal Finance (Not Investing)
Topic: How much life insurance should my wife and i have???
Replies: 23
Views: 2074

How much life insurance should my wife and i have???

I have $800k through my employer and my wife has $500k through her employer. In both cases the companies deduct the cost for our life insurance from our checks each pay period. I'm 40, she is 33 and we have a 1 year old. We owe $100k on a $450k house and have about $70k in other debt. We have about ...
by Woody999
Fri Mar 27, 2015 7:31 pm
 
Forum: Personal Finance (Not Investing)
Topic: How much life insurance should my wife and i have???
Replies: 23
Views: 2074

If you had 1 [investing] book to recommend...

My wife and I aren't new to investing/retirement savings but we aren't experts either. I'm 40, she is 33 and we have a 1 year old. We owe $100k on a $450 house and have about $70k in other debt. We have about ~70k in emergency funds and about $400k in retirement savings. We have a combined salary of...
by Woody999
Fri Mar 27, 2015 7:23 pm
 
Forum: Investing - Help with Personal Investments
Topic: If you had 1 [investing] book to recommend...
Replies: 51
Views: 4807

Apply For HELOC as Emergency Funds???

Is it a good idea to supplement emergency funds with a HELOC? Our house is worth $450k and owe $100k as of now. We have a year or more in emergency funds. Should we get a HELOC to supplement the emergency funds? If we do not plan to use it, it likely couldn't hurt, right? If so, how much should I ap...
by Woody999
Thu Mar 26, 2015 2:35 pm
 
Forum: Investing - Help with Personal Investments
Topic: Apply For HELOC as Emergency Funds???
Replies: 23
Views: 1853

Re: Where to put 20k for an emergency?

Thanks guys! Anyone else have any other great ideas? :beer
by Woody999
Thu Mar 26, 2015 11:48 am
 
Forum: Investing - Help with Personal Investments
Topic: Where to put 20k for an emergency?
Replies: 6
Views: 1051

Where to put 20k for an emergency?

So in this thread I give my portfolio... https://www.bogleheads.org/forum/viewtopic.php?f=1&t=161829 . Since 100% of my stated emergency fund was in backdoor Roth IRAs, it was advised to save somewhere in addition to lower the risk of using my IRA since I can't go back and get those again. So af...
by Woody999
Wed Mar 25, 2015 8:01 am
 
Forum: Investing - Help with Personal Investments
Topic: Where to put 20k for an emergency?
Replies: 6
Views: 1051

Re: Portfolio Help/Advice

Thanks for letting me know this! Do you think my asset allocation goal of 45% US stocks, 25% bonds, with 30% international is ok? If not, what changes should I make? Seems like 25% is high in bonds. In your opinion, am I in the correct funds we have to choose from? A 75/25 asset allocation with 40%...
by Woody999
Tue Mar 24, 2015 6:02 am
 
Forum: Investing - Help with Personal Investments
Topic: Portfolio Help/Advice
Replies: 7
Views: 740

Re: Portfolio Help/Advice

I believe what Sawhorse is saying is that you need to focus on building an emergency fund outside of your Roth. Using your Roth IRA as an emergency fund only applies when you don't have the money to fully fund it and an EF at the same time. You can fund both and pay down loans. Just to be clear, yo...
by Woody999
Mon Mar 23, 2015 2:01 pm
 
Forum: Investing - Help with Personal Investments
Topic: Portfolio Help/Advice
Replies: 7
Views: 740

Re: Portfolio Help/Advice

How did you get a student loan forbearance for the last five years as you've been employed? The most striking thing is that you only have $40k in your "emergency fund" and all of it is in Roth IRAs! I personally am not opposed to using a Roth as an emergency fund when you already have a w...
by Woody999
Mon Mar 23, 2015 12:08 pm
 
Forum: Investing - Help with Personal Investments
Topic: Portfolio Help/Advice
Replies: 7
Views: 740

Portfolio Help/Advice

Combined Income ~$250K/yr Debt: We have a $450k house and owe $100k. We are in year 4 of a 15 year mortgage at 2.875%. We have a combined $70k in student loans ($20k at 3.125% and $50k at 4.25%). We have been in an interest only forbearance for 5 years. Let me explain this a little… My job isn't ver...
by Woody999
Mon Mar 23, 2015 7:40 am
 
Forum: Investing - Help with Personal Investments
Topic: Portfolio Help/Advice
Replies: 7
Views: 740

Re: Saving to payoff the house...need suggestions

Hahahaha...I wish!

Any ideas on how to get around 2.5-3.0% with some but minimal risk?

Thanks for your help! :sharebeer
by Woody999
Sun Dec 29, 2013 2:20 pm
 
Forum: Investing - Help with Personal Investments
Topic: Saving to payoff the house...need suggestions
Replies: 38
Views: 1713

Re: Saving to payoff the house...need suggestions

I don't see the merit in paying off the mortgage. If the interest rate were far higher, yes, but at that rate (the net is presumably lower, after tax subsidies), I don't get it. If you were trying to shied liquid assets from college financial aid, it would make sense, but you don't mention that con...
by Woody999
Sun Dec 29, 2013 2:14 pm
 
Forum: Investing - Help with Personal Investments
Topic: Saving to payoff the house...need suggestions
Replies: 38
Views: 1713

Re: Saving to payoff the house...need suggestions

There's simply no way that a building savings account at .75% nearly breaks even with drastically reducing the principal on a 15 year loan at 2.875%. Even your effective interest rate is likely over double the .75% of the savings account. This is correct but I'm looking at a 21 month period not 180...
by Woody999
Sun Dec 29, 2013 2:11 pm
 
Forum: Investing - Help with Personal Investments
Topic: Saving to payoff the house...need suggestions
Replies: 38
Views: 1713

Re: Saving to payoff the house...need suggestions

It looks like you're simply looking at totals and not the compounding part of it. Your mortgage is compound interest for the mortgage company... although we've argued the simple vs. compound thing on a mortgage many times. :D But, by prepaying you are taking years of compounding away from the mortg...
by Woody999
Sun Dec 29, 2013 2:08 pm
 
Forum: Investing - Help with Personal Investments
Topic: Saving to payoff the house...need suggestions
Replies: 38
Views: 1713

Re: Saving to payoff the house...need suggestions

Note: My comparison examples use a 2 year schedule. The assignment could easily go longer if I choose to let it. Since I want to be with my family I'm going to cut it as short as possible. Therefore, I used 2 years to compare the numbers. After 2 years I plan to go home and pay off the remaining bal...
by Woody999
Sun Dec 29, 2013 1:40 pm
 
Forum: Investing - Help with Personal Investments
Topic: Saving to payoff the house...need suggestions
Replies: 38
Views: 1713

Re: Saving to payoff the house...need suggestions

I hope my math is off...in my favor of course :wink: The details get tricky but here goes... I'm currently 3 months into the assignment so I'm using 21 months to go. I also plan to fund a Roth IRA for both my wife and I for 2014 and 2015. -The initial balance is 304K -For paying off the mortgage as ...
by Woody999
Sun Dec 29, 2013 1:31 pm
 
Forum: Investing - Help with Personal Investments
Topic: Saving to payoff the house...need suggestions
Replies: 38
Views: 1713

Re: Saving to payoff the house...need suggestions

After really sharpening my pencil I have nailed down the difference in saving it in a money market at 0.75% interest and paying off the mortgage as we go. The difference is only about $4,200 and that doesn't include tax savings of not paying as we go. Saving it at 0.75% would yield ~$1600. I don't t...
by Woody999
Sun Dec 29, 2013 11:32 am
 
Forum: Investing - Help with Personal Investments
Topic: Saving to payoff the house...need suggestions
Replies: 38
Views: 1713

Re: Saving to payoff the house...need suggestions

So if I were to save the money until I get the payoff amount in something liquid what are my choices besides...

Guaranteed not to lose options:
Savings Acct
Money Market Acct
CD

Are there any options that are not guaranteed but have little risk?

Thanks! 8-)
by Woody999
Sun Dec 29, 2013 10:04 am
 
Forum: Investing - Help with Personal Investments
Topic: Saving to payoff the house...need suggestions
Replies: 38
Views: 1713

Re: Saving to payoff the house...need suggestions

If my calculation approximations are correct, paying it off as we go would yield a balance ~$8k lower than saving it and paying it off in the end. Saving it at 0.75% will gain about $1300 making the true difference something like $6700. :| Now I just need to decide it having it liquid along the way ...
by Woody999
Sat Dec 28, 2013 6:10 pm
 
Forum: Investing - Help with Personal Investments
Topic: Saving to payoff the house...need suggestions
Replies: 38
Views: 1713

Re: Saving to payoff the house...need suggestions

Throw it all at the mortgage as soon as possible and keep throwing money at it as it comes!! I don't see any point in "saving" to pay off debt. :confused I doubt anything "safe" out there right now beats your mortgage interest rate by enough to make it worthwhile to save up to p...
by Woody999
Sat Dec 28, 2013 2:12 pm
 
Forum: Investing - Help with Personal Investments
Topic: Saving to payoff the house...need suggestions
Replies: 38
Views: 1713

Re: Saving to payoff the house...need suggestions

Throw it all at the mortgage as soon as possible and keep throwing money at it as it comes!! I don't see any point in "saving" to pay off debt. :confused I doubt anything "safe" out there right now beats your mortgage interest rate by enough to make it worthwhile to save up to p...
by Woody999
Sat Dec 28, 2013 2:09 pm
 
Forum: Investing - Help with Personal Investments
Topic: Saving to payoff the house...need suggestions
Replies: 38
Views: 1713

Re: Saving to payoff the house...need suggestions

Paying off a house is a good idea. Having said that, I like the idea of "paying myself first" to maximize early savings to compound over time. This paying of self first entailed maximizing Roth IRA and 401Ks, then using extra to pay down highest interest rate debt first. We already max ou...
by Woody999
Sat Dec 28, 2013 1:42 pm
 
Forum: Investing - Help with Personal Investments
Topic: Saving to payoff the house...need suggestions
Replies: 38
Views: 1713

Re: Saving to payoff the house...need suggestions

From a strictly financial standpoint, paying of the mortgage as you go will likely trump saving it and paying it off as a lump sum later. I doubt you will be able to find a safe alternative with that kind of return but without the risk of a loss in principle. But personally I would be hesitant to p...
by Woody999
Sat Dec 28, 2013 1:37 pm
 
Forum: Investing - Help with Personal Investments
Topic: Saving to payoff the house...need suggestions
Replies: 38
Views: 1713

Re: Saving to payoff the house...need suggestions

Throw it all at the mortgage as soon as possible and keep throwing money at it as it comes!! I don't see any point in "saving" to pay off debt. :confused I doubt anything "safe" out there right now beats your mortgage interest rate by enough to make it worthwhile to save up to p...
by Woody999
Sat Dec 28, 2013 1:37 pm
 
Forum: Investing - Help with Personal Investments
Topic: Saving to payoff the house...need suggestions
Replies: 38
Views: 1713

Saving to payoff the house...need suggestions

Hello everyone! :) Work has recently put me on a new out of town assignment and my salary has gone up significantly. I have $23k to start and plan to save another $5k per month until we have enough to pay our house off. We are also selling a condo worth ~100k. The amount owed on the house is ~$300k....
by Woody999
Sat Dec 28, 2013 12:37 pm
 
Forum: Investing - Help with Personal Investments
Topic: Saving to payoff the house...need suggestions
Replies: 38
Views: 1713

Re: Lots of trouble with turbo tax and backdoor Roth

Like Jerome99, I still don't get how to fix this issue in Turbotax. My wife and I both bought Traditional IRAs and converted then to Roth IRAs by back dooring. TurboTax still has me paying taxes on those contributions. Not sure where I'm going wrong. :(
by Woody999
Mon Feb 11, 2013 12:29 pm
 
Forum: Personal Finance (Not Investing)
Topic: Lots of trouble with turbo tax and backdoor Roth
Replies: 18
Views: 2247

Re: Back Door Roth IRA/Distribution Code

livesoft wrote:Wasn't this discussed in this thread -> viewtopic.php?f=2&t=109062&p=1600850



Thanks...I'll take a look at that thread!
by Woody999
Sun Feb 10, 2013 7:04 pm
 
Forum: Investing - Help with Personal Investments
Topic: Back Door Roth IRA/Distribution Code
Replies: 6
Views: 1540

Back Door Roth IRA/Distribution Code

In 2012 my wife and I both opened traditional IRAs with after tax money. We then back doored them into Roth IRAs due to our income levels being to high to take advantage of the traditional IRAs. The problem is I think Fidelity has the wrong distribution code on my form 1999-R. They have the code as ...
by Woody999
Sun Feb 10, 2013 6:45 pm
 
Forum: Investing - Help with Personal Investments
Topic: Back Door Roth IRA/Distribution Code
Replies: 6
Views: 1540

Re: Help With Portfolio....

[OT comment removed by admin LadyGeek] I tried to follow the advice but making changes were tricky. I'm asking to make recomendations since I changed my 401K. I tried to follow Duckies advice but honeslty it got tricky so I'm not sure if I got the percentages correct. [Response to personal attack r...
by Woody999
Tue Feb 05, 2013 1:19 pm
 
Forum: Investing - Help with Personal Investments
Topic: Help With Portfolio....
Replies: 14
Views: 673

Re: Help With Portfolio....

2. Any other recomendations? Thanks for your help!!! Ummm, your debts aren't going away. Your emergency fund is WOEFULLY underfunded (my opinion!) Between the two of you, you make plenty of $$$. With no kids, now is the time to maximize your retirement contributions (the ones that reduce your taxes...
by Woody999
Tue Feb 05, 2013 11:40 am
 
Forum: Investing - Help with Personal Investments
Topic: Help With Portfolio....
Replies: 14
Views: 673

Re: Help With Portfolio....

You have $400k in debt with an unstable job? If that is the case I strongly suggest you begin supplementing your emergency fund ASAP Yeah the best part is the $10k in the roths would fully cover us for 6 months. We would only have the house payment plus utilities, etc and my wife's slary would near...
by Woody999
Tue Feb 05, 2013 11:32 am
 
Forum: Investing - Help with Personal Investments
Topic: Help With Portfolio....
Replies: 14
Views: 673

Re: Help With Portfolio....

linuxuser wrote:A duplicate post by Woody from October 2012
viewtopic.php?f=1&t=104718&p=1519707


Our 401Ks have completely changed so I wanted another evaluation. Is this ok? If not, please delete this thread.
by Woody999
Tue Feb 05, 2013 11:25 am
 
Forum: Investing - Help with Personal Investments
Topic: Help With Portfolio....
Replies: 14
Views: 673

Re: Help With Portfolio....

We have been in forbearance for 3 years because we think it may not make sense to pay it off. I am not familiar with students loans. Are you saying you don't plan on repaying any of the loans? Are you able to do that? Sorry, I should have been more clear. We do plan to pay of the student loans but ...
by Woody999
Tue Feb 05, 2013 11:24 am
 
Forum: Investing - Help with Personal Investments
Topic: Help With Portfolio....
Replies: 14
Views: 673

Help With Portfolio....

Combined Income ~$250K/yr Debt: We have a $450k house and owe $320k. We are in year 2 of a 15 year mortgage at 2.875%. We have a combined $70k in student loans ($20k at 3.125% and $50k at 4.25%). We have been in forbearance for 3 years because we think it may not make sense to pay it off. We current...
by Woody999
Tue Feb 05, 2013 10:23 am
 
Forum: Investing - Help with Personal Investments
Topic: Help With Portfolio....
Replies: 14
Views: 673
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