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Re: How much income do you need to start an Individual 401k?

However, he doesn't have a real side job that would facilitate the income to open this account. Are there any minimum requirements for establishing a side business and opening an Individual 401k? Can he wash a few cars in the neighborhood, earn $20, and say he's self employed as a car washer and op...
by tfb
Sat May 03, 2014 9:24 pm
 
Forum: Personal Finance (Not Investing)
Topic: How much income do you need to start an Individual 401k?
Replies: 4
Views: 498

Re: Should I be concerned: auto vs. umbrella insurance

Statch wrote:If the agent confirms that this understanding is correct, we may end up going back to our old insurance.

Or just buy $2 million umbrella.
by tfb
Sat May 03, 2014 8:03 pm
 
Forum: Personal Finance (Not Investing)
Topic: Should I be concerned: auto vs. umbrella insurance
Replies: 34
Views: 3067

Re: Ally checking account

dratkinson wrote:I believe all CUs are interlinked by a CU CO-OP: shared branches.

Not all. Only ones that sign up for the network. There's a service charge to the home CU, paid to the local CU you visit.
by tfb
Sat May 03, 2014 6:55 pm
 
Forum: Personal Consumer Issues
Topic: Ally checking account
Replies: 20
Views: 1693

Re: Should I be concerned: auto vs. umbrella insurance

Your umbrella policy is a liability policy with a coverage limit of $1,000,000 and a deductible of $250,000. Your auto policy, as corrected, has a coverage limit of $250,000 and a deductible of whatever you chose (let's use $1,000 for an example). So on a $1,000,000 liability claim arising from an ...
by tfb
Sat May 03, 2014 6:36 pm
 
Forum: Personal Finance (Not Investing)
Topic: Should I be concerned: auto vs. umbrella insurance
Replies: 34
Views: 3067

Re: Does everyone have an Emergency Fund

stemikger wrote:Does everyone have an Emergency Fund[?]

Everyone has an emergency fund, whether they officially designates it in their mind or not. That's the place they will tap when they have an emergency.
by tfb
Sat May 03, 2014 6:30 pm
 
Forum: Personal Finance (Not Investing)
Topic: Does everyone have an Emergency Fund
Replies: 51
Views: 4616

Re: CPI-adjusted SPIAs: buy now or later? with numbers...

So, should the general advice be to buy CPI-adjusted SPIA now, not later? Am I missing something? - Your premise that one must buy in 5 years. - You assumption: if payout ratios do not change over 5 years. One doesn't have to buy in 5 years (can wait 20 years until 65 or even later). The payout rat...
by tfb
Sat May 03, 2014 11:53 am
 
Forum: Investing - Theory, News & General
Topic: CPI-adjusted SPIAs: buy now or later? with numbers...
Replies: 3
Views: 513

Re: Banks that categorise your expenses...

Alliant Credit Union has it, called Personal Financial Management (PFM), provided by Geezeo.

Citibank has it, called Citi Financial Tools https://online.citibank.com/US/JRS/pand ... ncialTools

PNC Bank also has it. https://www.pnc.com/virtual-wallet
by tfb
Fri May 02, 2014 6:55 pm
 
Forum: Personal Finance (Not Investing)
Topic: Banks that categorise your expenses...
Replies: 12
Views: 882

Re: Are my retirement dreams a mirage?

I've had friends who've asked me, "So what's retirement like?" My answer to them is, "Remember when you were a little kid.....before the big people sent you to kindergarten? Remember those seemingly endless days of play? Those days when you got up and ate breakfast, then went out to ...
by tfb
Fri May 02, 2014 2:59 pm
 
Forum: Personal Finance (Not Investing)
Topic: Are my retirement dreams a mirage?
Replies: 39
Views: 4140

Re: Low iregular usage international calling

The rate is about 2.3 cent per minute, but she complains that the charges are often higher. After looking at it, I realized that Skype charges a connection fee, which appears to be around 3.9 cent to 7.9 cent depending on the country you are calling to. This gets charged each time she calls, even i...
by tfb
Fri May 02, 2014 1:18 pm
 
Forum: Personal Consumer Issues
Topic: Low iregular usage international calling
Replies: 11
Views: 624

Re: 401k Benchmarks

And now you see the problem, the incentives are NOT set up for the director of HR to provide a low cost plan. Have you tried scheduling a screening of the Frontline documentary on 401K expenses? Might shake the HR person to think more carefully about all of these services. Agree. If I'm not paying ...
by tfb
Fri May 02, 2014 2:04 am
 
Forum: Personal Finance (Not Investing)
Topic: 401k Benchmarks
Replies: 27
Views: 5948

Re: I have a perfect 850 FICO score?!

DrPeppaPig wrote:According to Discover, my FiCO score is 865.

It makes me wonder whether the 850 reported in this thread is actually the perfect score or just 850 on a different scale.
by tfb
Fri May 02, 2014 1:59 am
 
Forum: Personal Finance (Not Investing)
Topic: I have a perfect 850 FICO score?!
Replies: 27
Views: 4155

Re: I'm a bit surprised by Vanguard recommendations

Vanguard is the Vanguard rep on the phone (at their number). He was a customer rep for people with less than big portfolios. Not sure what you mean "Better go through a formal financial plan process." in the context of the other part of your question. Best, cody A customer service rep doe...
by tfb
Thu May 01, 2014 8:16 pm
 
Forum: Personal Finance (Not Investing)
Topic: I'm a bit surprised by Vanguard recommendations
Replies: 11
Views: 2087

Re: An easy way to save money: Avoid the $300,000 car.

The Lexus 5-year cost to own is estimated to be $59,160. The Camry 5-year cost to own is estimated to be $42,489. The difference is $16,731 or $3,346/year. Saving $3,346/year @ 7% compounds to over $350,000 in 30 years. The Camry is 2.5x the difference. That means the Camry cost almost $900k in 30 ...
by tfb
Thu May 01, 2014 6:11 pm
 
Forum: Personal Finance (Not Investing)
Topic: An easy way to save money: Avoid the $300,000 car.
Replies: 152
Views: 17121

Re: Former Employee 401K Plan Options with [Restrictive] Pla

Is there anything in ERISA that limits these types of changes[?] No. The employer could limit your contributions and earnings the same way too but they are being gentle. Considering that they didn't have to make contributions or even have a plan to begin with (many employers don't), what they do wi...
by tfb
Thu May 01, 2014 6:07 pm
 
Forum: Personal Finance (Not Investing)
Topic: Former Employee 401K Plan Options with [Restrictive] Plans
Replies: 14
Views: 682

Re: $22 million reason for umbrella?

This is one reason I see little logic in the advice that you should buy an umbrella that matches the assets you have. The amount of liability you can incur has nothing to do with your asset level. If you have $2M, and you get a $2M umbrella, and you're found liable for $4M+, what good were all thos...
by tfb
Thu May 01, 2014 6:04 pm
 
Forum: Personal Finance (Not Investing)
Topic: $22 million reason for umbrella?
Replies: 42
Views: 3850

Re: I'm a bit surprised by Vanguard recommendations

Vanguard recommended going to Target 2020 to make part of that equity increase (from 54% to 65%) for her deferred money. (which she did on the phone, though I would have waited to get the big picture first). Who is "Vanguard"? Was this from a customer service rep? A Flagship rep? A CFP vi...
by tfb
Thu May 01, 2014 6:01 pm
 
Forum: Personal Finance (Not Investing)
Topic: I'm a bit surprised by Vanguard recommendations
Replies: 11
Views: 2087

Re: Vanguard security

Check the link to my thread previously posted. This has already been discussed, tested and confirmed. You think your password is ten characters but it is not. Type your same password but stop at 8 characters then try logging in. The system only stores the first 8 characters, your two extra isn't st...
by tfb
Thu May 01, 2014 10:38 am
 
Forum: Investing - Help with Personal Investments
Topic: Vanguard security
Replies: 14
Views: 1557

Re: FORUM REACHES 2,000,000 POSTS TODAY

The large number of posts also make it very difficult to find anything. I'm afraid at least 1,000,000 posts are wasted. They are there. You just can't bring them up to the surface because they are mixed in with another 1,000,000 posts.
by tfb
Thu May 01, 2014 12:36 am
 
Forum: Forum Issues and Administration
Topic: FORUM REACHES 2,000,000 POSTS TODAY
Replies: 54
Views: 9899

Re: Change the name of the "Backdoor Roth" to something else

I credit Harry Sit (The Finance Buff) with the coining of the "Backdoor" term, although perhaps incorrectly. Bloggers like Harry, myself, Mike Piper, and this forum are responsible for popularizing it. However, over the last 2 or 3 years, I'm seeing it used in the mainstream media (Forbes...
by tfb
Wed Apr 30, 2014 5:47 pm
 
Forum: Personal Finance (Not Investing)
Topic: Change the name of the "Backdoor Roth" to something else?
Replies: 41
Views: 2214

Re: Tell Me I'm Stupid To Consider Quitting My Job and Movin

Go here and see what an immediate annuity will pay you and your spouse for life if both of you were age 40. That's the lowest age quotes are given: http://www.immediateannuities.com I am NOT suggesting you buy an annuity. However, consider this: If an insurance company can pay you and your wife tha...
by tfb
Wed Apr 30, 2014 5:34 pm
 
Forum: Personal Finance (Not Investing)
Topic: Tell Me I'm Stupid To Consider Quitting My Job and Moving
Replies: 123
Views: 27371

Re: Why do some companies match HSA contributions?

schuyler74 wrote:Does the company match (or flat contribution) count towards your annual contribution limit?

It does.
by tfb
Wed Apr 30, 2014 2:06 am
 
Forum: Investing - Theory, News & General
Topic: Why do some companies match HSA contributions?
Replies: 12
Views: 755

Re: eMail mailing list solutions for a group of ~200?

Anyone know any no-cost or very-low-cost solutions other than Yahoo! Groups? Facebook group. People can choose to receive notifications by email or just check for postings online. If a participant wants to post something for the whole group, they do that online. It'll be pretty obvious they are bro...
by tfb
Tue Apr 29, 2014 9:09 pm
 
Forum: Personal Consumer Issues
Topic: eMail mailing list solutions for a group of ~200?
Replies: 12
Views: 800

Re: Change the name of the "Backdoor Roth" to something else

I credit Harry Sit (The Finance Buff) with the coining of the "Backdoor" term, although perhaps incorrectly. Really? I should've trademarked it then. :) Even Vanguard used it. https://personal.vanguard.com/us/insights/video/2505-Exc2 I still see it as an unintended consequence which can't...
by tfb
Tue Apr 29, 2014 4:39 pm
 
Forum: Personal Finance (Not Investing)
Topic: Change the name of the "Backdoor Roth" to something else?
Replies: 41
Views: 2214

Re: Health Care FSA

nitrocore24 wrote:My child is covered under my DW's plan (HDHP with HSA maxed out)

If you choose Health Care FSA, it makes your DW not eligible to contribute to HSA because money in the FSA *can* pay for your child and wife's care whether you actually choose to pay from it or not.
by tfb
Tue Apr 29, 2014 12:31 pm
 
Forum: Personal Finance (Not Investing)
Topic: Health Care FSA
Replies: 2
Views: 139

Re: (Over)pay taxes make money get I-bond

an_asker wrote:In the meanwhile, with a 2% cashback credit card, you would also stand to make some money on the deal given that the transaction charges are slightly less than 2% on the least expensive tax-pay option.

Some money = 0.1% = $5 on $5,000?
by tfb
Tue Apr 29, 2014 10:39 am
 
Forum: Personal Finance (Not Investing)
Topic: (Over)pay taxes make money get I-bond
Replies: 5
Views: 639

Re: BenefitWallet Investment Options? HSA

steve r wrote:Anyone know the investment options at BenefitWallet for HSA? How good they are, etc?

They have them on their website: https://mybenefitwallet.com/solution-hs ... ments.html
by tfb
Tue Apr 29, 2014 10:37 am
 
Forum: Personal Finance (Not Investing)
Topic: BenefitWallet Investment Options? HSA
Replies: 3
Views: 198

Re: using etf to avoid citibank checking fees?

What specifically do you like out of citigold? I use its basic checking, which is already free with 1 direct deposit and 1 bill payment. Actually it has a negative monthly fee because I get ThankYou points worth $5/month. I don't use much customer service. It just works.
by tfb
Tue Apr 29, 2014 12:06 am
 
Forum: Personal Finance (Not Investing)
Topic: using etf to avoid citibank checking fees?
Replies: 7
Views: 1153

Re: 401k Benchmarks

Plan Assets: ~$1.8M (USD) Your plan assets are too small to attract direct interest from larger players. Based on the net worth survey here, many posters have more than that much in their personal account. 1. What percentage of 401k plans are administered by a TPA/Advisor (as opposed to the record ...
by tfb
Mon Apr 28, 2014 10:14 pm
 
Forum: Personal Finance (Not Investing)
Topic: 401k Benchmarks
Replies: 27
Views: 5948

Re: "When Investing, Most of Us Set Ourselves Up for Losses"

People who invest at Vanguard intentionally (as opposed to just having the funds in their 401k and knowing nothing about them) know the value of index investing as well as low cost funds which increases the chances they also have a better understanding of asset allocation, market behavior, rebalanc...
by tfb
Mon Apr 28, 2014 3:31 pm
 
Forum: Investing - Theory, News & General
Topic: "When Investing, Most of Us Set Ourselves Up for Losses"
Replies: 13
Views: 3002

Re: "When Investing, Most of Us Set Ourselves Up for Losses"

This contradicts with observed behavior from millions of people in 401k plans administered by Vanguard. Vanguard previously reported that only 2-4% of participants made any moves during that time. Half of the moves were adding to stocks.
by tfb
Mon Apr 28, 2014 3:28 pm
 
Forum: Investing - Theory, News & General
Topic: "When Investing, Most of Us Set Ourselves Up for Losses"
Replies: 13
Views: 3002

Re: 401(k) Loan make sense?

The 4.25% is payable back to the couple's 401(k) and not only is it a better return than current bonds, but it represents an opportunity to further increase retirement contributions. I'm not sure why additional debt payable to a third party and / or taxable savings instead of retirement savings wou...
by tfb
Mon Apr 28, 2014 11:23 am
 
Forum: Personal Finance (Not Investing)
Topic: 401(k) Loan make sense?
Replies: 31
Views: 3677

Re: Most realiable way to double a portfolio in 12 years

StarbuxInvestor wrote:Sounds like the most likely, least risky way is to go 100% short or intemediate term bonds until the next Bear market then go 100% stocks. :D

Or the opposite. 100% stocks until the balance reaches a point where 100% CDs or Treasuries to the end of 12 years will make the goal.
by tfb
Mon Apr 28, 2014 10:46 am
 
Forum: Investing - Theory, News & General
Topic: Most reliable way to double a portfolio in 12 years
Replies: 55
Views: 14739

Re: 401(k) Loan make sense?

1) Loan would allow for some combination of increased lifestyle (new car to replace 10+ year old car, home improvements) and paydown of 2.49% Home Equity Loan without tapping 6 month Emergency Fund. 2) Opportunity to increase retirement contributions as 4.25% interest better than current bond funds...
by tfb
Mon Apr 28, 2014 10:36 am
 
Forum: Personal Finance (Not Investing)
Topic: 401(k) Loan make sense?
Replies: 31
Views: 3677

Re: Refinancing from 5year ARM to 15 year fixed

bogle1 wrote:We will live in this house atleast for 3 more years. The cost of refinance would be apx $6500 (incl points). Please suggest if it is a good idea to refinance.

Not a good idea. 3 more years isn't enough time to recover the $6500 cost.
by tfb
Sat Apr 26, 2014 6:00 pm
 
Forum: Investing - Help with Personal Investments
Topic: Refinancing from 5year ARM to 15 year fixed
Replies: 4
Views: 730

Re: Company stock discount

Bob's not my name wrote:The OP has been distracted by the company's tax statement about capital gains treatment, which is a common distraction.

Why do so many people get distracted?
by tfb
Sat Apr 26, 2014 11:08 am
 
Forum: Investing - Help with Personal Investments
Topic: Company stock discount
Replies: 19
Views: 1651

Re: Robinhood has Zero-Commissions - are you buying stock?

thethinker wrote:as the fees are often associated with a main reason people should not buy and trade stocks and utilize an index fund.

I don't think so. Commissions are a very minor factor.
by tfb
Sat Apr 26, 2014 11:04 am
 
Forum: Investing - Theory, News & General
Topic: Robinhood has Zero-Commissions - are you buying stock?
Replies: 23
Views: 4748

Re: Company stock discount

Any amount purchased would be diverted from her 401k contribution (not yet maxed out). If you sell immediately you can use the money for the next round. At most her 401k contributions will be lowered for only one quarter. Ideally you come up with one quarter worth of money elsewhere without changin...
by tfb
Fri Apr 25, 2014 11:44 am
 
Forum: Investing - Help with Personal Investments
Topic: Company stock discount
Replies: 19
Views: 1651

Re: Weird - SSA website has service hours?

Vanguard website had service hours too (not sure if it still does or not).

Image
by tfb
Fri Apr 25, 2014 2:07 am
 
Forum: Personal Consumer Issues
Topic: Weird - SSA website has service hours?
Replies: 11
Views: 1277

Re: Elfcu HSA $24 Wire Transfer Fee

But if I were opening my first HSA today, I'd still choose Elfcu. Well...maybe Sterling, since I'm a Schwab customer. Eh, it's splitting hairs in any case. I agree. $24 if you fund and transfer once a year still beats $66/year at HSA Bank. It is splitting hairs when we are only talking about a diff...
by tfb
Thu Apr 24, 2014 12:57 pm
 
Forum: Investing - Help with Personal Investments
Topic: Elfcu HSA $24 Wire Transfer Fee
Replies: 11
Views: 966

Re: Schwab--Retirement Plan & Chat with Advisor

HIinvestor wrote:Anyone know if Schwab ETFs can be held in Vanguard account?

Yes, in a Vanguard Brokerage Service account. Which Schwab ETFs do you want that Vanguard doesn't have a similar one?
by tfb
Wed Apr 23, 2014 8:24 pm
 
Forum: Investing - Help with Personal Investments
Topic: Schwab--Retirement Plan & Chat with Advisor
Replies: 6
Views: 947

Re: Mr. Money Mustache: Hero or Foolish?

Tis true, the guy is pretty chill in person. I attended a session at a conference he gave once about building a blog by creating a cult, or something like that. So his blog persona definitely isn't random. I remember that session. Here's the intro: People are naturally attracted to certain social s...
by tfb
Wed Apr 23, 2014 1:09 pm
 
Forum: Investing - Theory, News & General
Topic: Mr. Money Mustache: Hero or Foolish?
Replies: 255
Views: 33600

Re: HSA Bank -- tried to assess ridiculous, trivial fee

Do you know of another HSA that will allow free investing with no minimums? No, at least not one that allows free investing into index funds or ETFs without any kind of special fee-waiver deal with an employer. I use Saturna, all I pay is $14.95/year for one trade. I only do one trade a year anyway...
by tfb
Wed Apr 23, 2014 12:25 am
 
Forum: Personal Finance (Not Investing)
Topic: HSA Bank -- tried to assess ridiculous, trivial fee
Replies: 7
Views: 972

Re: New 24 yo Investor Looking for Advisor and Roth IRA Advi

I am paying Ameriprise $30 a month for their services - which so far haven't been that great. For example, I only talk to my advisor once every three or four months and when I do its only for less than an hour. So at the moment, what it basically boils down to is that I'm paying AF $300 a yr to hel...
by tfb
Tue Apr 22, 2014 9:58 pm
 
Forum: Investing - Help with Personal Investments
Topic: New 24 yo Investor Looking for Advisor and Roth IRA Advice
Replies: 11
Views: 882

Re: HSA Bank -- tried to assess ridiculous, trivial fee

Oh well, I'm planning to pay the fee to invest all holdings in ETF's anyway, but didn't feel like I should have to pay it for this first month. Since you are OK with paying $5.50 a month for months and maybe years to come, you just pretend this one-time $2.50 gets you started. If you started invest...
by tfb
Tue Apr 22, 2014 9:51 pm
 
Forum: Personal Finance (Not Investing)
Topic: HSA Bank -- tried to assess ridiculous, trivial fee
Replies: 7
Views: 972

Re: Fidelity transfer fees...

bondsr4me wrote:I do know they charge $75 to sell my Vanguard fund.

I thought it was $75 to buy and $0 to sell.
by tfb
Tue Apr 22, 2014 3:49 pm
 
Forum: Investing - Help with Personal Investments
Topic: Fidelity transfer fees...
Replies: 5
Views: 744

Re: Experiences with Eli Lilly Credit Union for HSA?

Sent this email after hearing about their new HSA wire transfer fee Keep these going. They need to hear from the members. Got this in return: Thank you for your email and your feedback. At this time, our only option is the wire transfer. We are always interested in member feedback, so we thank you....
by tfb
Mon Apr 21, 2014 11:28 am
 
Forum: Investing - Help with Personal Investments
Topic: Experiences with Eli Lilly Credit Union for HSA?
Replies: 69
Views: 13695

Re: Newbie 24 year old investor, portofolio and finance Q's.

1. Tackle $5300 CC debt @ 0.00% APR before the APR starts to kick in around October 2014. 2. Start contributing to ROTH IRA for Fiscal Year 2014 (max out before April 2015) 3. Save up to finish tackling off the 401K Loan I took out on myself (btw, some of you may be wondering why i have a 401K loan...
by tfb
Mon Apr 21, 2014 1:10 am
 
Forum: Investing - Help with Personal Investments
Topic: Newbie 24 year old investor, portofolio and finance Q's.
Replies: 21
Views: 3216

Re: Do you use a dry powder/tactical asset allocation strate

Investor2 wrote:Do you use a “dry powder” strategy? If so, how do you implement it, and what are your plans given the current market?

I do, by increasing equity exposure in bear markets. I maintain a normal allocation in the current market.
by tfb
Sun Apr 20, 2014 11:01 pm
 
Forum: Investing - Help with Personal Investments
Topic: Do you use a dry powder/tactical asset allocation strategy?
Replies: 30
Views: 3175
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