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Re: Backdoor Roth IRA Conversion - Worth it for us?

Yes, the numbers are not whole numbers as we make monthly payments and initially in the first few years we would say make a non-deductible contribution of say $4992 - dont ask! Thanks, I do mean IRA basis... We are in our mid 30s and as 'JW Nearly Retired' pointed out we are currently maxing out our...
by dpusa
Tue Apr 15, 2014 3:45 pm
 
Forum: Personal Finance (Not Investing)
Topic: Backdoor Roth IRA Conversion - Worth it for us?
Replies: 8
Views: 603

Backdoor Roth IRA Conversion - Worth it for us?

All A while ago, I posted about cleaning up our finances (we have multiple 401ks, Rollover IRA, Traditional IRAs (non-deductible) etc. We have moved the rollover IRA for her into her 401k and now both are left with a 401k each, and a traditional IRA that we contribute $5500 per year to that is non-d...
by dpusa
Tue Apr 15, 2014 9:21 am
 
Forum: Personal Finance (Not Investing)
Topic: Backdoor Roth IRA Conversion - Worth it for us?
Replies: 8
Views: 603

Re: Umbrella insurance rates

Can I tag on... for those buying umbrella policies, where are you getting rate quotes and who are the best providers?
by dpusa
Thu Apr 03, 2014 8:44 am
 
Forum: Personal Finance (Not Investing)
Topic: Umbrella insurance rates
Replies: 13
Views: 1082

Re: How Much of Tax Refund Do You Save/Spend..??

Ok, I am a little envious :(
I am in a salaried job, but my spouse and I owe just under $6k. Looking to start withholding more taxes after half of 2014!
by dpusa
Sun Mar 02, 2014 2:11 pm
 
Forum: Personal Finance (Not Investing)
Topic: How Much of Tax Refund Do You Save/Spend..??
Replies: 68
Views: 2419

Re: advice on new budget and possible home purchase

OP I would echo that you have a lot of debt, but also a great income. What do you both do, and how stable are your jobs? 1 - For the loan forgiveness, I would pay what needs to be paid, but also save for what you think will be the difference... the rationale, is I assume you are tied to an employer ...
by dpusa
Wed Feb 26, 2014 2:07 pm
 
Forum: Personal Finance (Not Investing)
Topic: advice on new budget and possible home purchase
Replies: 8
Views: 490

Re: Help with Roth IRA & Retirement Strategies

Thanks all... Her Rollover IRA ($94,831) is a rollover from a previous 401k, so it is all pre-tax contributions. Her current employers 401k plan does allow for Rollover IRAs to be rolled in... if this is the case then I assume there is no tax associated to it correct? Now, for her Traditional IRA ($...
by dpusa
Tue Feb 25, 2014 5:18 pm
 
Forum: Investing - Help with Personal Investments
Topic: Help with Roth IRA & Retirement Strategies
Replies: 12
Views: 1346

Re: Help set priorities for young family

[/quote]

I would knock down some debt first and be sure you are going to like the new digs/area first by renting for a year or two. Seen one to many people move for a job and come back in a year or two.[/quote]

+1 - Debt reduction is key before you buy a house...
by dpusa
Tue Feb 25, 2014 10:42 am
 
Forum: Personal Finance (Not Investing)
Topic: Help set priorities for young family
Replies: 4
Views: 374

Re: Help set priorities for young family

Based on what you have said, I would wait at least a year in your new location before you buy a place. That will help you settle down in terms of where in your new location and also your wifes career too. I would have at least 6 months of emergency funds too and include your expected rent, childcare...
by dpusa
Tue Feb 25, 2014 10:41 am
 
Forum: Personal Finance (Not Investing)
Topic: Help set priorities for young family
Replies: 4
Views: 374

Re: Help with Roth IRA & Retirement Strategies

Sorry all, one follow up question. I think I am starting to have my ducks in a row. I have a few more questions: 1. a) For my traditional IRA, I have worked out I have a cost basis of about $23,000 so with its value being $27,569. Am I right in thinking as part of the conversion I would owe taxes on...
by dpusa
Tue Feb 18, 2014 11:24 am
 
Forum: Investing - Help with Personal Investments
Topic: Help with Roth IRA & Retirement Strategies
Replies: 12
Views: 1346

Re: 26 and new to this. Please help!

Apple I would agree that put enough in your 401K that y lou get the match. In addition, how much will the home be that you are looking to buy and how much have you saved already, or is that part of the $52k Emergency Fund? You are in a great position with no debt; if you can afford to, I would buy a...
by dpusa
Wed Feb 12, 2014 4:05 pm
 
Forum: Investing - Help with Personal Investments
Topic: 26 and new to this. Please help!
Replies: 2
Views: 360

Re: Help with Roth IRA & Retirement Strategies

Your Traditional IRAs have IRA basis due to non-deductible contributions. His and Her IRA basis should have been tracked in His/Her form 8606 each year. Please look in your 2012 tax return for Form 8606. If you've been making non-deductible contributions for many years and not done any withdrawals ...
by dpusa
Fri Feb 07, 2014 9:41 am
 
Forum: Investing - Help with Personal Investments
Topic: Help with Roth IRA & Retirement Strategies
Replies: 12
Views: 1346

Re: Help with Roth IRA & Retirement Strategies

HouseStark - agree my contributions where non-deductible!
by dpusa
Thu Feb 06, 2014 4:37 pm
 
Forum: Investing - Help with Personal Investments
Topic: Help with Roth IRA & Retirement Strategies
Replies: 12
Views: 1346

Help with Roth IRA & Retirement Strategies

All, We have started to read the Bogleheads Guide to Investment, however we are still confused about strategies for retirement. Particularly as we think about whether we should or not do Back door ROTH IRAs. We have a number of accounts, and think its a bit of a jumbled mess and thought I would ask ...
by dpusa
Thu Feb 06, 2014 9:22 am
 
Forum: Investing - Help with Personal Investments
Topic: Help with Roth IRA & Retirement Strategies
Replies: 12
Views: 1346

Re: Sell my financed luxury car to free up cash?

Eric

I think its ok to have had fun so dont beat yourself up over it. Personally, I would sell it and move on...
by dpusa
Thu Jan 30, 2014 10:44 am
 
Forum: Personal Finance (Not Investing)
Topic: Sell my financed luxury car to free up cash?
Replies: 18
Views: 2014

Re: Trip to London

As someone who lived in London, I think Location is absolutely key if you are there for 2 weeks. Staying in central London (Zone 1 on the Tube) is ideal (if budget allows it) and will save you a lot on transportation costs and reduce the need for a car etc. Also utilize lastminute.com for tickets, r...
by dpusa
Wed Jan 29, 2014 11:43 am
 
Forum: Personal Finance (Not Investing)
Topic: Trip to London
Replies: 13
Views: 689

Re: Marriage, New Budget: Are We Saving Enough?

Overall, I think you are doing great. I think benchmarks are always good and if it helps my wife and I have the same issue that we feel we arent saving enough. We are older, (both mid 30s) and we have two kids and save about 21% of our gross wage (401k, tIRA, Brokerage) or 29% if you add in mortgage...
by dpusa
Tue Jan 28, 2014 8:24 pm
 
Forum: Personal Finance (Not Investing)
Topic: Marriage, New Budget: Are We Saving Enough?
Replies: 11
Views: 1965

Re: Most expensive health insurance & no doctors accept it?

That is strange a PPO is not accepted. Where I am its the HMO and Kaiser EMO plans that seem to have so much issue. Have you looked at the providers website for covered in network docs?
by dpusa
Mon Jan 27, 2014 2:07 pm
 
Forum: Personal Finance (Not Investing)
Topic: [Need help finding health insurance in CA]
Replies: 54
Views: 1949

Re: Evaluate my finances. Young guy.

It seems odd to be investing money that you owe to a close relative. I would repay the debt immediately. Also investing with credit cards or balance transfers is not likely to be recommended here. You did well investing with debt, it was risky and paid off. Why not be debt free now and ahead 100k i...
by dpusa
Tue Jan 21, 2014 11:00 am
 
Forum: Investing - Help with Personal Investments
Topic: Evaluate my finances. Young guy.
Replies: 49
Views: 3662

Re: Poll - Savings as a % of current consumption

No amount of separation is going to obscure the fact that rich people can save more, invest more, etc. These polls *might* be more useful/intriguing if they were broken down by income level, marital status, cost of living in your area, how many kids you have, etc. Pretty tedious sounding but maybe ...
by dpusa
Fri Dec 13, 2013 2:14 pm
 
Forum: Personal Finance (Not Investing)
Topic: Poll - Savings as a % of current consumption
Replies: 24
Views: 1759

Re: Poll - Savings as a % of current consumption

I guess I took it a different way; I assumed $1 net take home and if I saved 48 cents of it; it would be 46% savings rate. I back filled for 401k and converted the amount I would save if the $17500 a year was taxed and I then had to save the remainder. Based on that; my rate is 31% if I exclude mort...
by dpusa
Fri Dec 13, 2013 1:39 pm
 
Forum: Personal Finance (Not Investing)
Topic: Poll - Savings as a % of current consumption
Replies: 24
Views: 1759

Re: Deferred Comp Plan

Thank you... some good food for thought. Perhaps a good strategy is one year in, and one year out?
by dpusa
Sat Nov 23, 2013 5:02 pm
 
Forum: Personal Finance (Not Investing)
Topic: Deferred Comp Plan
Replies: 4
Views: 400

Deferred Comp Plan

All, I have a question about deferred comp plans as it in enrollment time and we are eligible this year.. Apologies, if I dont have all of the info needed, let me know if the experts need more :) Ages: 36 and 36 Me: Salary $185k (Current retirement balance $255k) Wife: Salary $140k (Current retireme...
by dpusa
Sat Nov 23, 2013 10:44 am
 
Forum: Personal Finance (Not Investing)
Topic: Deferred Comp Plan
Replies: 4
Views: 400

Re: Poll: Retirement savings by mid 30s?

All,

Thank you for the comments. I did not mean to offend anyone. I was definitely not using this thread to brag, just level set how I am doing against others in this community as I know people here are focused on good financial baselines.
by dpusa
Mon Aug 19, 2013 8:35 pm
 
Forum: Personal Finance (Not Investing)
Topic: Poll: Retirement savings by mid 30s?
Replies: 35
Views: 4977

Re: Poll: Retirement savings by mid 30s?

MrMiyagi wrote:50-100k age 32

Maybe you should specify that the poll is for your individual (rather than combined with spouse)?


Good point... done...
by dpusa
Mon Aug 19, 2013 10:41 am
 
Forum: Personal Finance (Not Investing)
Topic: Poll: Retirement savings by mid 30s?
Replies: 35
Views: 4977

Poll: Retirement savings by mid 30s?

All, My partner and I are evaluating how well or badly we are doing towards retirement and wanted to check in. I know this Board is more focused on money, savings etc than the average person but wanted to ask how much have/had you saved up by your mid 30's. Combined we have around $504k (or $252k in...
by dpusa
Mon Aug 19, 2013 10:23 am
 
Forum: Personal Finance (Not Investing)
Topic: Poll: Retirement savings by mid 30s?
Replies: 35
Views: 4977

Re: Expenses as % of after tax monthly household income.

Please comment. What kinds of comments are you looking for? Praise? Criticism? Comparison? We are in a similar life stage, with a preschooler and an elementary schooler, and in a slightly higher bracket and probably a lower COL. We save a lot more than you do by percentage, and spend a lot less, es...
by dpusa
Tue Jul 16, 2013 4:55 pm
 
Forum: Personal Finance (Not Investing)
Topic: Expenses as % of after tax monthly household income.
Replies: 7
Views: 1208

Re: I have no idea what I want to do as a career

If you are going to do accounting, I would strongly advise you go work for a 'Big 4' firm at least in the beginning. Hours are LONG, really LONG... but agree with someone else who says when you are young you want to work long hours, learn all you can, develop your network and skill sets so that you ...
by dpusa
Thu Jun 27, 2013 12:51 pm
 
Forum: Personal Finance (Not Investing)
Topic: I have no idea what I want to do as a career
Replies: 80
Views: 4366

Re: Term Life Insurance Quote - Expensive?

Agree some of it may depend on your circumstances; however when I looked at Zander just now $1.5M for 30 years is about $1000 for non smokers and perfect health males.
by dpusa
Tue Jun 18, 2013 9:30 am
 
Forum: Personal Finance (Not Investing)
Topic: Term Life Insurance Quote - Expensive?
Replies: 23
Views: 2778

Re: Yay, a windfall -- what now?

Agree with much of what people have already said but here is what 'I' would do if I were in your shoes. (Also, our ages are about the same albeit we are a two income family with two young kids). $250k in bank accounts earning next to nothing, and know I need to fix it. For reference, I have another ...
by dpusa
Mon Jun 17, 2013 2:13 pm
 
Forum: Personal Finance (Not Investing)
Topic: Yay, a windfall -- what now?
Replies: 10
Views: 1824

Re: Yay, a windfall -- what now?

Hey So, I think some more information would help us all pitch in. What are your current net incomes? Do you have a seperate emergency fund? Does your wife have a 401k? Do you have any other retirement savings or overall assets? What is your house worth and do you have a mortgage, how much? Do you ha...
by dpusa
Mon Jun 17, 2013 11:26 am
 
Forum: Personal Finance (Not Investing)
Topic: Yay, a windfall -- what now?
Replies: 10
Views: 1824

Re: Jobs that require lots of travel

Echo what most have said here about traveling 50-100% of the time. I did it for years in my old job (I made the airlines top tier by mid March due to biz class international travel) but eentually it becomes VERY VERY stale. THe five star hotels, fancy dinners, subsidized life becomes the 'norm' and ...
by dpusa
Fri May 03, 2013 2:00 pm
 
Forum: Personal Finance (Not Investing)
Topic: Jobs that require lots of travel
Replies: 52
Views: 4777

Re: Family Finances - Are we doing something wrong?

All Thank you for your advice again. If I offended anyone with my choice of words or came across as whining when describing our income or the emotion we feel about our month to month spend, my humble apologies; not my intention AT ALL. We never forget how fortunate we are, and are trying to instill ...
by dpusa
Fri May 03, 2013 1:50 pm
 
Forum: Personal Finance (Not Investing)
Topic: Family Finances - Are we doing something wrong?
Replies: 44
Views: 4643

Re: Family Finances - Are we doing something wrong?

I don't think you understand what "living paycheck to paycheck" means. Momar - I guess I mean we feel like we are always in a pinch. Which I agree is crazy given what we save... hopefully that makes sense! Not sure it does even in my head. There's nothing obvious here to indicate the fina...
by dpusa
Mon Apr 29, 2013 2:01 pm
 
Forum: Personal Finance (Not Investing)
Topic: Family Finances - Are we doing something wrong?
Replies: 44
Views: 4643

Re: Family Finances - Are we doing something wrong?

All Thanks very much for the counsel. I agree we save a lot/overpay the mortgage - I guess we are trying to be as financially responsible as possible, but do need to balance that. Mainly I wanted to see that we were not saving too little, or in the wrong places. The rental home I agree is not ideal;...
by dpusa
Mon Apr 29, 2013 12:17 pm
 
Forum: Personal Finance (Not Investing)
Topic: Family Finances - Are we doing something wrong?
Replies: 44
Views: 4643

Re: Family Finances - Are we doing something wrong?

momar wrote:I don't think you understand what "living paycheck to paycheck" means.


Momar - I guess I mean we feel like we are always in a pinch. Which I agree is crazy given what we save... hopefully that makes sense! Not sure it does even in my head.
by dpusa
Mon Apr 29, 2013 10:38 am
 
Forum: Personal Finance (Not Investing)
Topic: Family Finances - Are we doing something wrong?
Replies: 44
Views: 4643

Re: Family Finances - Are we doing something wrong?

If your mortgage interest rate is reasonable, I would stop paying extra on the mortgage if you want to spend more money on eating out, cars, vacations, and things like that. Mortgage rate is 3.5% on a 30 year fixed. I agree... less overpayments would be good; but trying to balance that with being d...
by dpusa
Mon Apr 29, 2013 10:23 am
 
Forum: Personal Finance (Not Investing)
Topic: Family Finances - Are we doing something wrong?
Replies: 44
Views: 4643

Re: Family Finances - Are we doing something wrong?

hand wrote:Two pieces missing from this puzzle:
1) What are your annual expenses beyond the $100k in savings you identified
2) What debt do you have other than the mortgage (credit cards, car loans etc.)


I have updated my first thread - thank you for the insight.
by dpusa
Mon Apr 29, 2013 10:22 am
 
Forum: Personal Finance (Not Investing)
Topic: Family Finances - Are we doing something wrong?
Replies: 44
Views: 4643

Family Finances - Are we doing something wrong?

Experts So, I wanted to give a snapshot of our finances and situation and see if we are doing anything wrong and what we are doing right. As a couple we both have professional jobs but still feel like we are living paycheck to paycheck despite having decent income. Let me know if you need more infor...
by dpusa
Mon Apr 29, 2013 10:07 am
 
Forum: Personal Finance (Not Investing)
Topic: Family Finances - Are we doing something wrong?
Replies: 44
Views: 4643

Mortgage Overpayment

All, We have just purchased a new home and have a 30 year mortgage on it. We would like to pay it off in 10-15 years prior to hitting 50. However having a new job, I would like to keep the overpayment to one side (I am somewhat cautious) and gradually put the money in - say save 24 months worth and ...
by dpusa
Tue Apr 23, 2013 8:56 am
 
Forum: Personal Finance (Not Investing)
Topic: Mortgage Overpayment
Replies: 4
Views: 522

Re: Credit Scores - Interest Rate Question?

Thanks all.... Yes, we had one payment we missed when we moved (Argghhh) for $60 which is now paid off. We had told the retail store we had moved but somehow it did not update on their system but they have refunded all of the fees/interest. Is there anything else I can do?
by dpusa
Wed Feb 06, 2013 12:27 pm
 
Forum: Personal Finance (Not Investing)
Topic: Credit Scores - Interest Rate Question?
Replies: 7
Views: 374

Re: Credit Scores - Interest Rate Question?

Any thoughts on my question? Thank you all in advance...
by dpusa
Wed Feb 06, 2013 9:23 am
 
Forum: Personal Finance (Not Investing)
Topic: Credit Scores - Interest Rate Question?
Replies: 7
Views: 374

Credit Scores - Interest Rate Question?

Hey all Thanks to many of you - we have decided on a 30 year fixed jumbo as it gives us some flex in our budget. I just ran a credit score for myself and my wife, and our scores are 770 and 708 respectively. Hers was 'good' but there was one delinquent balance statement of $60 from Jan 2013 which we...
by dpusa
Tue Feb 05, 2013 5:05 pm
 
Forum: Personal Finance (Not Investing)
Topic: Credit Scores - Interest Rate Question?
Replies: 7
Views: 374

Re: Jumbo Loan Mortgage Providers

Not Blackstone, but likely little room to improve if PenFed will be able to write a 3.5% Jumbo, unless you absolutely need the improved cash flow in a couple years and are willing to pay extra for the benefit. Be aware, folks are having difficulty getting PenFed to close on time. Not a big deal for...
by dpusa
Thu Jan 31, 2013 2:20 pm
 
Forum: Personal Finance (Not Investing)
Topic: Jumbo Loan Mortgage Providers
Replies: 15
Views: 1023

Re: Jumbo Loan Mortgage Providers

Also consider getting two loans rather than one. A 30 year conforming loan + an add on ARM. In some situations this works out better. Blackstone, can you explain this further? All - thanks so much for the guidance! I really appreciate it! This approach yields the following benefits: 1) A big portio...
by dpusa
Thu Jan 31, 2013 1:53 pm
 
Forum: Personal Finance (Not Investing)
Topic: Jumbo Loan Mortgage Providers
Replies: 15
Views: 1023

Re: Jumbo Loan Mortgage Providers

blackstone wrote:Also consider getting two loans rather than one. A 30 year conforming loan + an add on ARM. In some situations this works out better.


Blackstone, can you explain this further?

All - thanks so much for the guidance! I really appreciate it!
by dpusa
Thu Jan 31, 2013 11:27 am
 
Forum: Personal Finance (Not Investing)
Topic: Jumbo Loan Mortgage Providers
Replies: 15
Views: 1023

Jumbo Loan Mortgage Providers

All,

We are purchasing a home and are in need of jumbo mortgage loan. We have our 20% down, but wanted recommendations from the wiser folks here on either recommended banks/brokers.

Thanks
DP
by dpusa
Tue Jan 29, 2013 10:56 pm
 
Forum: Personal Finance (Not Investing)
Topic: Jumbo Loan Mortgage Providers
Replies: 15
Views: 1023

Re: Home purchase - is our scenario sound?

I think you are ready to buy the house. Things will probably be a little tighter than you expect but based on the fact that you have a good emergency fund and your listed expenses include several things that I would not classify as true expenses, i.e. they could be suspended in a pinch. Plus you ha...
by dpusa
Fri Sep 14, 2012 11:14 am
 
Forum: Personal Finance (Not Investing)
Topic: Home purchase - is our scenario sound?
Replies: 10
Views: 988

Re: Home purchase - is our scenario sound?

is the $3400 mortgage what you'd have on the old place, or what you're paying on a current place? If not, what are you paying on the current place? Thanks all - keep the thoughts coming. The $3400 will be the amount on the new place based on our mortgage projections on our pre-approval. The house i...
by dpusa
Thu Sep 13, 2012 8:47 pm
 
Forum: Personal Finance (Not Investing)
Topic: Home purchase - is our scenario sound?
Replies: 10
Views: 988

Re: Home purchase - is our scenario sound?

$13,500 take home after 401k contributions? If so, the math at least adds up to suggest you could swing it. Unless you're really good with calculating your expenses, it will be tighter than you think. Yep that is our take home after 401k contributions of $16,500 each. Other things to consider: Who ...
by dpusa
Thu Sep 13, 2012 8:46 pm
 
Forum: Personal Finance (Not Investing)
Topic: Home purchase - is our scenario sound?
Replies: 10
Views: 988

Home purchase - is our scenario sound?

All, my wife and I (both 35) are looking to purchasing a home for $700k and already have a down payment of $140k saved. I want to know what the experts think in terms of affordability, would you do it and any risks you foresee. Income Combined post tax Income: $13,500 per month (this is take home pa...
by dpusa
Thu Sep 13, 2012 1:17 pm
 
Forum: Personal Finance (Not Investing)
Topic: Home purchase - is our scenario sound?
Replies: 10
Views: 988
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