Search found 373 matches

by tphp99
Thu Dec 22, 2016 3:36 pm
Forum: Personal Consumer Issues
Topic: Afraid of retirement??
Replies: 55
Views: 6963

Re: Afraid of retirement??

TheTimeLord wrote: Final thought, my wife has told me I am much happier now that retirement is on the back burner and I am no longer trying to figure out when to take my final bow.
Once I decided to not retire and continue working (PT) indefinitely, my job has become so much more enjoyable.
by tphp99
Thu Dec 22, 2016 7:05 am
Forum: Personal Investments
Topic: Retiring in a Decade after Graduation
Replies: 131
Views: 20265

Re: Retiring in a Decade after Graduation

ldailey3 wrote: I think everyone here can agree that it's a frightening idea that if you got in a wreck, you couldn't walk anymore, and lost your job, how would you sustain a living?
If that frightening event does happen, wouldn't you rather have a lot more saved up than what you're planning? And if you're still on the job - may even get private disability benefits - not just hoping for SS disability.
by tphp99
Wed Dec 21, 2016 4:26 am
Forum: Investing - Theory, News & General
Topic: Hello and a Question about the "4% Rule"
Replies: 55
Views: 5890

Re: Hello and a Question about the "4% Rule"

Bob Tomas wrote: This cannot be correct - what am I missing? :confused
When navigating with a compass, you have to have other tools. Yes, you're supposed to head west but if you end up on a cliff, redirect, do some basic geometry and get back on course when you are able.

Therefore, in retirement make sure you have the ability to make more money or spend less when your account balance dips. But the unknown does seem scary, yes?
by tphp99
Sun Dec 18, 2016 7:44 pm
Forum: Personal Finance (Not Investing)
Topic: Physician Long term Disability- Premium pre or post tax
Replies: 31
Views: 4864

Re: Physician Long term Disability- Premium pre or post tax

If you are able, couldn't you make the election to run the premium through the company (PC, LLC, S / C-corp - what have you) at the end of the year? So in December and all is well, elect to pay the premium with pre-tax dollars. But if you get hurt, don't run the premium through the company that year (thus after tax) and the benefits will be tax-free.

Seems like cheating or at least questionable - so I have not done so. But saving a few thousand bucks per year on DI premium is tempting.

What's the IRS ruling on this?
by tphp99
Sun Dec 11, 2016 8:48 am
Forum: Investing - Theory, News & General
Topic: Explain why Rebalancing isn't Market Timing?
Replies: 241
Views: 16890

Re: Explain why Rebalancing isn't Market Timing?

Fact is no one knows what the market will do. I never understood the importance of rebalancing. AA is at best arbitrary, no? There's no guarantee that your nest egg will grow X% in 5, 10...30 yrs. So the choice between 100% stocks and 100% bond is arbitrary? Did you flip a coin to determine which of those 2 AAs you use? Sorry... maybe arbitrary was the wrong word. But, honestly the abundance of historical data used to figure out what to do with one's savings is still mysterious to me. And using history to argue whether one should rebalancing with method 1 vs method 2 seems comical. If you had $1M in stocks and $1M in bonds, stocks go down 50%, you rebalance to get back to 50/50 - but why? Because you are "predicting" that stocks ...
by tphp99
Fri Dec 09, 2016 2:11 pm
Forum: Investing - Theory, News & General
Topic: Explain why Rebalancing isn't Market Timing?
Replies: 241
Views: 16890

Re: Explain why Rebalancing isn't Market Timing?

avalpert wrote: If anything, the data I have seen shows the opposite - method #2 produces superior returns to method #1
How's that credible data when we all agree that we don't know what the market will do in the next ___ yrs?
by tphp99
Fri Dec 09, 2016 9:15 am
Forum: Investing - Theory, News & General
Topic: Explain why Rebalancing isn't Market Timing?
Replies: 241
Views: 16890

Re: Explain why Rebalancing isn't Market Timing?

TomatoTomahto wrote:You say tomato, I say tomahto. Call me anything you want, except late to dinner.
They're just words right?

Fact is no one knows what the market will do. I never understood the importance of rebalancing. AA is at best arbitrary, no? There's no guarantee that your nest egg will grow X% in 5, 10...30 yrs.

"Wait and Hope" - Count of Monte Cristo
by tphp99
Fri Dec 09, 2016 8:14 am
Forum: Personal Finance (Not Investing)
Topic: Should you retire early or keep working?
Replies: 28
Views: 5133

Re: Should you retire early or keep working?

simmias wrote:So people should keep their jobs despite financial independence so they have a good answer for "what do you do?" at a party, and so others can properly place them in some social hierarchy.

That article made me a bit sad for humanity.
It did the opposite for me.

Glad to know there are others out there who feel the same way about their work. I actually enjoy my work more now that I've reached my number. I hate the "what do you do?" question, so that's not it.
by tphp99
Fri Dec 09, 2016 4:55 am
Forum: Personal Investments
Topic: Retiring in a Decade after Graduation
Replies: 131
Views: 20265

Re: Retiring in a Decade after Graduation

working ...... for the man but not me. I have seen what it does to a person and it's not pretty. ......I mainly want to be able to live life on my own terms and not on my bosses Sounds like you want a job that would be perhaps more fullfilling? You are looking for a way out of working "for the man". Yes? But, have you had a "job" where you weren't working for the man? Teaching English in Japan is not the way out. You'll have three bosses - the kids, the parents, the administrators. Have you done anything like that yet? Sure you'll like it? Noticed you also eyed the military. Unless you are a strict top down, do anything for the team, no questions asked, my spare time is not really mine type of guy.... you'll be miserabl...
by tphp99
Thu Dec 08, 2016 4:25 am
Forum: Personal Investments
Topic: Retirement with $8M in investments
Replies: 168
Views: 39532

Re: Retirement with $8M in investments

itstoomuch wrote:
oragne lovre wrote:Has anyone noticed that the OP has not responded after 3 days?
He's been replaced by RAchip. :idea:
X10
OP needs $8M
RAchip needs $80M
It's all relative with money, isn't it?
Makes for enjoyable reading, people wanting to retire on $25K/yr vs people needing north of $1M.
Which one makes you cringe?
by tphp99
Fri Dec 02, 2016 2:00 pm
Forum: Personal Finance (Not Investing)
Topic: Feeling like you've "made it"
Replies: 120
Views: 20202

Re: Feeling like you've "made it"

And I was more anxious than ever , primarily because I didn't have any more big goals to try to achieve. It seemed almost selfish to strive for more when I already have so much, but that sense of progress and accomplishment was what had always soothed and energized me before. I was less motivated at work, less fulfilled, and felt aimless and purposeless. I also felt some guilt and lots of pressure to be "making the most" of my free time and money while I have it (we don't have kids). I could be starting a business! Getting in the best shape ever! Writing a book! Helping thousands of starving Africans! I saw a therapist who explained that this is a common side effect of goal-oriented and intelligent people. They often achieve a lo...
by tphp99
Fri Dec 02, 2016 1:44 pm
Forum: Personal Finance (Not Investing)
Topic: Feeling like you've "made it"
Replies: 120
Views: 20202

Re: Feeling like you've "made it"

warner25, Unfortunately, I think you're just wired that way. Use it to your advantage, don't let it be a stress, but strength. I find difficulties in easing off, now in my 40s, financially independent, can retire but will not because I know I'll go crazy. The key is to find ways to ease your anxiety. Hobbies help. I have lots of hobbies. It could be woodworking, running, bonsai, guitar, target shooting, anything and until I reach a certain goal/level of proficiency, my hobbies are a good source of stress. Keeps my mind occupied, and I feel good hitting milestones. I find solace in learning, and advancing even if it's something as silly as hacky-sack with the kids. So... instead of taking a pill to relax, find something to get good at. If yo...
by tphp99
Thu Dec 01, 2016 4:17 pm
Forum: Personal Consumer Issues
Topic: Should I buy a new car for safety's sake?
Replies: 152
Views: 12703

Re: Should I buy a new car for safety's sake?

kathyauburn wrote:
johnny wrote:Should I buy a new car for safety's sake?
NO!!!!

New car is the worst use of your money.
I don't get this.

Driving is dangerous. I see a lot of debilitated patients from MVAs. I bet they wish they were either in a better car, paid more attention or had not been on the road all together when their life changing moment occurred. You can't control luck of course, but why scrimp on safety.

OP, if you can afford it, upgrade your old car.
by tphp99
Thu Dec 01, 2016 4:09 pm
Forum: Personal Consumer Issues
Topic: Should I buy a new car for safety's sake?
Replies: 152
Views: 12703

Re: Should I buy a new car for safety's sake?

BackOfTheNet wrote:I'm late to the party but I think watching these two short crash videos do a great job of showing the difference between a modern car and an older model.

21015 Nissan Tsuru (basically a 1992 Nissan Sentra) vs 2016 Nissan Versa
https://www.youtube.com/watch?v=85OysZ_4lp0

This one is a few years old:

1959 Checy BelAir (BUILT LIKE A TANK!) vs 2009 Malibu
https://www.youtube.com/watch?v=joMK1WZjP7g
New cars are engineered to be better than old cars. I tend to trust engineers - except the VW TDI guys.
by tphp99
Wed Nov 30, 2016 10:30 am
Forum: Personal Consumer Issues
Topic: Should I buy a new car for safety's sake?
Replies: 152
Views: 12703

Re: Should I buy a new car for safety's sake?

Really surprised how many people think a 10, 20 y.o. car is on par in term of safety with today's modern vehicles.

And as long as you're not in one of those tiny smart cars. It's scary to see one next to a full size truck/suv. We're in 'redneck' country and there are so many lifted 4x4 full size trucks. We tend to get bigger vehicles as a result.
by tphp99
Wed Nov 23, 2016 8:48 am
Forum: Personal Consumer Issues
Topic: Company truck - Nissan Frontier vs. F-150
Replies: 19
Views: 4666

Re: Company truck - Nissan Frontier vs. F-150

tim1999 wrote:My boss is steering me towards the Frontier...
You know the answer to this one.
by tphp99
Wed Nov 23, 2016 12:36 am
Forum: Personal Consumer Issues
Topic: Karate/Taekwondo for an 8 year old?
Replies: 35
Views: 5287

Re: Karate/Taekwondo for an 8 year old?

FWIW, I did kenpo for 10+ years and was secondarily involved in a number of other martial arts over the years as well. If your/her goal is self defense, I'd suggest Brazilian Jiu-Jitsu. Her likely attacker would be bigger and stronger than she is, and women are more likely to be grabbed than have someone square off with them. BJJ teaches alot of techniques when you're both in the ground, especially when your attacker is on top. If no BJJ schools are handy, I'd find a jiu-jitsu school that has a practical bent. This is mostly true. Yet, I have a daughter who is as athletic as a noodle and I mostly teach her situational awareness. Avoid danger. No amount of training will help a person who does not have the killer instinct coupled with some a...
by tphp99
Wed Nov 23, 2016 12:24 am
Forum: Personal Consumer Issues
Topic: Karate/Taekwondo for an 8 year old?
Replies: 35
Views: 5287

Re: Karate/Taekwondo for an 8 year old?

OP, are you looking at this more as a way to teach your children self defense or a way to keep your children active after soccer? I would have just let him take a break, although I was not opposed to him trying something new during the break between sports. I think for me, the self defense would probably be of higher importance than keeping them active because they are both in good shape, active, and healthy already. I guess I just see them practicing these moves and I wonder if any of it would translate to self defense. I guess I don't have an appreciation for the art form to figure out why so much time is spent on practicing routines and moves? It seems, at least to me, that you can probably get some useful skills out of 6 months in jiu ...
by tphp99
Wed Nov 23, 2016 12:04 am
Forum: Personal Consumer Issues
Topic: Karate/Taekwondo for an 8 year old?
Replies: 35
Views: 5287

Re: Karate/Taekwondo for an 8 year old?

I studied under an old-school Taekwondo/Hapkido grandmaster and his policy was: you get in a fight in school, you're out. There was a lot of emphasis on school grades and discipline. I stayed with it from age 10 to 28 and it taught me one thing: avoid fights at all cost.

Yes, Taekwondo is an art form - not really effective in street fighting. For street fighting, try cocaine, meth, Barcardi 151 and that sort because guys on that stuff seem pretty bullet proof, until they're shot. :oops: The winner is usually the guy that has nothing to lose. You don't fight that guy.

All kidding aside, how many people get into fights after middle school?

It's a sport and a great cardio program.
by tphp99
Tue Nov 22, 2016 11:38 pm
Forum: Personal Finance (Not Investing)
Topic: Double Check Figures: Affording $1M Home
Replies: 81
Views: 10723

Re: Double Check Figures: Affording $1M Home

We bought a bigger home while my wife was pregnant with our second child. Same line of thinking: better school, bigger yard, nicer neighborhood, great deal on the dream home, etc. Then one of the prenatal tests came back iffy (forgot exactly because the child is fine now, maybe it was the AFP) and it freaked me out. I was stressed for having cashed out our savings (not 401K) to buy the place. Also there was an outside chance I had to move for work. It was not a good time.

I would wait if I were you.
by tphp99
Sat Nov 12, 2016 5:19 am
Forum: Investing - Theory, News & General
Topic: "Stealth Wealth: I’m Just an Ordinary Average Guy"
Replies: 445
Views: 127474

Re: "Stealth Wealth: I’m Just an Ordinary Average Guy"

soboggled wrote:So the joker who wrote this article pretends that people don't know he has money?
Pardon me, if you have enough to get through medical school and have been practicing as a private practice physician in this country any length of time, I know darn well you have money, no matter what kind of car you drive and no, you are not just an "ordinary guy".
If you didn't know he was a physician, what would strike you about the guy that says he's extraordinary?

How the heck would you know he has money? And how many zeros are we talking about?

So perhaps your assumption is just as silly to him as his "ordinary guy" thing is to you.
by tphp99
Sat Nov 12, 2016 4:42 am
Forum: Personal Finance (Not Investing)
Topic: How to retire early (in your 30s or 40s)?
Replies: 173
Views: 36867

Re: How to retire early (in your 30s or 40s)?

Clearly our society does not want doctors practicing medicine. It's all perspective. I was getting burned out and thought about making drastic changes. But talking about it with one of the senior docs who seems to be plugging along, immune to the BS, and he said to me "There are ton of people out there who will line up naked in the snow just to have my life. I'm not giving this up, they'll have to fire me." That kept things in perspective when problems arise at work, so now I no longer think about running away from them. It's tougher/more risky to bust axx, cut expenses, and retire early than to plug along. Either way, you've got to want it. I doubt society as a whole knows what it takes for you to do your job as a doctor though.
by tphp99
Fri Nov 04, 2016 3:34 pm
Forum: Personal Finance (Not Investing)
Topic: How to retire early (in your 30s or 40s)?
Replies: 173
Views: 36867

Re: How to retire early (in your 30s or 40s)?

staythecourse wrote:
I am planning on it in mid to late 40's if I can find something else to do that is more worthwhile then taking care of my patients.

Good luck.
But that's simply changing career. You're not exactly retiring.
by tphp99
Fri Nov 04, 2016 2:00 pm
Forum: Personal Consumer Issues
Topic: How much home can/should one buy?
Replies: 173
Views: 23510

Re: How much home can/should one buy?

Folks, Rule #1 -> PITI has to be lower than Rent Rule #2 -> The house price has to be 1/2 or 1/3 or less than other assets. If your asset is X, the house price needs to be X/2 or lower. KlangFool Not sure why you push this agenda. We've lived rent free for the past 19 years because we've purchase our homes. We became accidental landlords when we had/wanted to move. We now have 4 rentals and our primary residence. Accounting for all expenses (taxes, repairs, interests ect) we have not had to pay to live in our home(s). We do have the money tied up into these properties, but consider it our RE asset allocation. Early on, we failed your rules, but subsequently have paid off all our real estates and cash purchase our last home. No one is sayin...
by tphp99
Fri Nov 04, 2016 10:49 am
Forum: Personal Finance (Not Investing)
Topic: How to retire early (in your 30s or 40s)?
Replies: 173
Views: 36867

Re: How to retire early (in your 30s or 40s)?

Observation:

Group1: start a successful business, sell off the business, make a boat load and decide to take a time off, but chances are they have another idea for their next venture. These people are not designed to sit idle and retire in their 30s.

Group2: never liked working, saves up a few bucks and calls it retirement in their 30's and 40's. Yet these retirees still work odd jobs to earn bus fare in order to get to Starbucks and use free wifi. Applies for government programs? Not exactly inspiring.

Isn't the money/happiness threshold $80K income (or something like that). Doesn't that mean you need a few millions in the bank if you're going to live off your investments?
by tphp99
Fri Nov 04, 2016 10:26 am
Forum: Personal Finance (Not Investing)
Topic: How to retire early (in your 30s or 40s)?
Replies: 173
Views: 36867

Re: How to retire early (in your 30s or 40s)?

staythecourse wrote:
avenger wrote:
sfchris wrote:
Nick341981 wrote: I would be surprised if someone put in all those years of work to be trained as a physician only to retire 10 years after becoming one....
I wouldn't be so sure about that...

Physician
Agreed. You will see MANY young physicians retire as early as possible. .....

Why work if you don't need to in a job you don't really enjoy.

Good luck.
I was thinking most physicians would not be able to pull off early retire in their 30s or 40s. Most are are just starting out with huge debts at that stage. Hopefully they build a sizeable nest egg, but then they're in their 50s, no?
by tphp99
Fri Nov 04, 2016 5:47 am
Forum: Personal Consumer Issues
Topic: Buying an Audi A4
Replies: 73
Views: 12912

Re: Buying an Audi A4

What terrifies me... That statement says to not buy the A4. I was in the same boat, hated the nickel and dime (more like hundreds and thousands) with Mercedes service. We started leasing BMWs - no maintenance costs. On our third BMW lease and surprisingly, they've been pretty reliable. best way to minimize out-of-pocket maintenance and repair costs assuming you purchase the vehicle and plan to own it for six to eight years? Thanks! Consider the same car in the VW line (Passsat?), unless she's set on the Audi badge. Otherwise take your chances and hope you get a good A4, Audi has improved their lines in recent years. Enjoy it. BTW, how far are you from the dealership. If the trip to the dealer is an inconvenience, make sure they'd agree to ...
by tphp99
Sat Oct 22, 2016 6:09 am
Forum: Personal Consumer Issues
Topic: Cheapskate for not flying business class?
Replies: 88
Views: 13985

Re: Cheapskate for not flying business class?

I am worth around 8 figures and my friends/relatives accuse me for being a miser. Am I? Pardon my asking, what are you saving for? What are your goals? Have you not enough money to realize those goals? This is not to be snarky, please. We grapple with similar questions. There are times when we splurge and other times we pull back. But it all boils down to: how much money we want to leave behind/give away? It appears you'll not spend all your money. Is a legacy important to you? I suspect keeping an eye on that balance (net worth) and seeing it rise still brings some pleasure, even in retirement, yes? I'm still in the accumulating stage, but I wonder in retirement, will I spend it down? Isn't that why we all save for retirement? Or are some...
by tphp99
Sun Sep 25, 2016 7:10 am
Forum: Personal Consumer Issues
Topic: Should I lease a Tesla?
Replies: 148
Views: 17380

Re: Should I lease a Tesla?

Considering my first office is literally 1 block away from my house I plan to count both the to and from distance as business expenses. Secondly I'd only be stupid if I had a Tesla charging station in my garage, (but of course You don't need that to charge your car in your garage). Finally I would be happy to pay as little tax as possible and give "the masses" as little of my money as possible. If that irritates you, then please feel free to be irritated. You make $700K - therefore pay plenty of taxes already. I find it humorous someone giving you flack about "being on the hook" for your nice car. Sit down with you accountant and figure out if this "writing it off" is even worth it. Maybe because it's a Tesla ...
by tphp99
Fri Sep 16, 2016 1:50 pm
Forum: Personal Consumer Issues
Topic: Tesla S
Replies: 1014
Views: 231753

Re: Tesla S

I far prefer driving experience of a BMW, Mercedes, or Tesla over a hyundai or honda, regardless of repairs. That makes sense.. I'd be pretty irritated though if my expensive car broke down twice as much a cheap car. I mean, it's a perfectly rational decision to pay extra for quality. But when you pay 3x times as much, I'd expect MORE reliability, not less. Don't have the stats - but have been told that majority of luxury cars are leased. We've gone that route and so the reliability is not an issue. We get a loaner and the dealer picks up and drops it off so we don't even have to drive to the dealership for service. Please don't get mad, but I can't get over how the Tesla S interior feels like a Camry. Love the look, the acceleration, and ...
by tphp99
Sat Jul 23, 2016 6:07 am
Forum: Personal Finance (Not Investing)
Topic: Tax Strategy
Replies: 10
Views: 1936

Re: Tax Strategy

#Cruncher,
Thank you so much for crunching those #s :)
That's so cool to able to receive those QDI/LTCG at 0% tax. I'm so glad I asked that question here.
by tphp99
Fri Jul 22, 2016 8:07 am
Forum: Personal Finance (Not Investing)
Topic: Tax Strategy
Replies: 10
Views: 1936

Re: Tax Strategy

Livesoft, I use Turbotax but have no idea how to do a simulation for future returns? Some background info to be clear: We are trying to account for taxes if we retire early. We have QDI and whatever gains the mutual funds generate, rental income and plan on selling stocks as needed for spending (from after-tax accounts), along with some long term cap gains from selling the business. We are in our 40s and hope to not touch our retirement accounts for 20+ yrs. We've been in the highest tax bracket for a while and have always feared taxes will kill us in retirement. But I'm starting to think, our taxes should drop quite dramatically once we have zero earned income. According to Taxcaster (just saw this yesterday): QDI: $50K LT gain: $50K Total...
by tphp99
Thu Jul 21, 2016 2:58 pm
Forum: Personal Finance (Not Investing)
Topic: Tax Strategy
Replies: 10
Views: 1936

Re: Tax Strategy

#Cruncher, Thanks for the link to tax caster, very cool, been playing with it for past hour. But I have to admit, I'm a tax dummy and am getting a bit confused.

How does rental income play into this, even though the depreciation has meant we pay no taxes for now. But in "retirement" does that number add to our "income" for tax purposes? Not sure what to put into tax caster.

Thanks
by tphp99
Thu Jul 21, 2016 10:40 am
Forum: Personal Finance (Not Investing)
Topic: Tax Strategy
Replies: 10
Views: 1936

Tax Strategy

This is not about avoiding taxes obviously. This question is more for tax planning.

How do qualified dividends affect my ability to do a Roth conversion?

Since it's taxed as income, does that amount count towards my income during the years I plan to convert my 401K money into Roth? I plan to stop working and during those years convert as much as 401K money into Roth as possible.

These are my funds and the yields in taxable accounts now.

VSIAX 2.05%
VTIAX ??
VTSAX 2%
VVIAX 2.64%

Are there better funds to invest to minimize dividends moving forward?
by tphp99
Mon Jul 18, 2016 8:18 am
Forum: Personal Finance (Not Investing)
Topic: Gross Income $600K/yr Working 12 Months VS $133K/yr Working 4 Months (And 8 Months Off)?
Replies: 66
Views: 10736

Re: Gross Income $600K/yr Working 12 Months VS $133K/yr Working 4 Months (And 8 Months Off)?

JMLA, Your children are be small enough to do fun stuff with at this point and you can really enjoy the time off with them and your spouse. But there in lies your problem, your expenses will increase as you spend less time at work and more time at "play". Is there a way to balance your work. $600K is a lot of money, and it does not sound like you need to make that amount. Would decreasing your work load buy you more "play" time in lieu of less income? Not sure what your business is but owning your own company and being the boss will allow you more flexibility. Personally, I would not work for a friend, that friendship is fickle when you mix in business. If you walk away from your business, how hard is it to get back into...
by tphp99
Wed Jun 15, 2016 4:58 pm
Forum: Personal Consumer Issues
Topic: Any Porsche 911 owners here?
Replies: 142
Views: 25475

Re: Any Porsche 911 owners here?

Hawaiishrimp wrote: I love Porsche and I want to fulfill my dream of owning one someday.
Porsche 911 was my dream car until I drove/leased the 991 C4S for two years. It was a great car but not that great. I will not be getting another 911.

Food for thought... there is no doubt the 911 is a dream car. But I feel it has lost its way by trying too hard: daily driver, track toy, luxurious, status ($$$), and EPA friendly (turbos on the carreras).

Instead, consider the F-type or the upcoming Lotus Evora 400. The Exige and the S2000 were my two favorite cars to drive/own. They were both focused, no nonsense, no excuse sports cars.

Good luck and enjoy your eventual 911 ownership. They are no doubt top self sports cars.
by tphp99
Wed Jun 15, 2016 4:39 pm
Forum: Personal Consumer Issues
Topic: Any Porsche 911 owners here?
Replies: 142
Views: 25475

Re: Any Porsche 911 owners here?

dbphd wrote:
Boglegrappler wrote: An autonomous Tesla might be for me when I reach 95.
Best car guy quote ever.
by tphp99
Sat May 28, 2016 1:57 pm
Forum: Personal Finance (Not Investing)
Topic: Backdoor Roth - goof
Replies: 9
Views: 882

Re: Backdoor Roth - goof

retirejg,

Thank you so much for your help.

Here's the story

2013 5500 each His and Her IRAs (first year - no other IRAs - finally got everything rolled into our 401Ks)
2014 5500 each His and Her IRAs
2015 5500 each His and Her IRAs

2013 FORM 8606
line 1 5,500
line 2 0
line 3 5,500
line 4 5,500
line 5 0
line 14 5,500
line 15 0


2014 FORM 8606
line 1 5,500
line 2 5,500
line 3 11,000
line 4 5,500
line 5 5,500
line 14 11,000
line 15 0


2015 FORM 8606
line 1 5,500
line 2 11,000
line 3 16,500
line 4 5,500
line 5 11,000
line 14 16,500
line 15 0


Is this correct?

Fuzzy logic in college made more sense :) So glad I found this site.

Again, Thank you so much.
by tphp99
Sat May 28, 2016 12:33 pm
Forum: Personal Finance (Not Investing)
Topic: Backdoor Roth - goof
Replies: 9
Views: 882

Re: Backdoor Roth - goof

You may have 2 problems. Or maybe just one. The first thing is to determine if you did the contributions correctly. You had to specify to the IRA custodian $5,500 to His 2013 IRA, $5,500 to Her 2013 IRA, $5,500 to His 2014 IRA, and $5,500 to Her 2014 IRA. You can't just "figure" the money went to the right IRA. It has to be specified. I'm assuming you actually did this part right. You also have to do the 4 Forms 8606 that you didn't do. You can download these forms from the internet. 1) His 2013 Form 8606 to document the $5,500 non-deductible contribution for 2013. 2) Her 2013 Form 8606 to document the $5,500 non-deductible contribution for 2013. 3) His 2014 Form 8606 to document the $5,500 non-deductible contribution for 2014 (f...
by tphp99
Sat May 28, 2016 12:28 pm
Forum: Personal Finance (Not Investing)
Topic: Backdoor Roth - goof
Replies: 9
Views: 882

Re: Backdoor Roth - goof

The problem was when I did our 2013 taxes, I didn’t know what to do with that 2014 FORM 1099-R from Vanguard, so I ignored it (oops). This makes me wonder. The dates as you stated them don't make sense to me. You should have done your 2013 in early 2014. There would not have been any Form 1099 generated until a year later (received in early 2015). So I'm confused about this part of what you said. Thanks for the quick answers. You are right. I should have said, when I did my 2013 taxes (in Mar 2014) I made contributions for '13 and '14 and did nothing about the 8606 (had no idea). When I did my 2014 taxes, I had the 2014 FORM 1099-R from Vanguard and again did nothing about that. Nice catch, retiredjg. Yes, lucky to be in the highest Fed ta...
by tphp99
Sat May 28, 2016 10:52 am
Forum: Personal Finance (Not Investing)
Topic: Backdoor Roth - goof
Replies: 9
Views: 882

Backdoor Roth - goof

The IRS is demanding $9,000 in taxes. I think I know what I did wrong. So… in March 2014, I made $22K non-deductible contribution to our IRAs and converted to Roth IRA accounts (married, filed jointly) . This was the first time I did the backdoor Roth, and figured $11K went to 2013 and $11K went to 2014 tax year for the both of us.

The problem was when I did our 2013 taxes, I didn’t know what to do with that 2014 FORM 1099-R from Vanguard, so I ignored it (oops).

I never did the 8606 form.

Sorry if this is confusing because I’m not 100% sure myself. I take it that the IRS thinks the $22K is a distribution from our IRAs and counted it as income for 2014.

What can I do now to fix this mess?

Thank you in advance.
by tphp99
Thu May 19, 2016 2:41 pm
Forum: Personal Finance (Not Investing)
Topic: Parents - your favorite and most challenging years
Replies: 71
Views: 10397

Re: Parents - your favorite and most challenging years

livesoft wrote:
tphp99 wrote:
livesoft wrote:I will say that my kids were fun and easy to deal with from ages 0 to 23 years. It is after that when they had their own jobs and careers that I noticed they became irresponsible and difficult to deal with.
Am I reading this right?

Please explain.
Oh, that's easy. Before my kids were age 23, I got a lot more sex than they did. After they were 23 it is the other way around.

Livesoft,

Just saw this....

How do you know?

I have young children now and thus can't even imagine that stage.

Good luck rearing adult children.
by tphp99
Thu Jan 14, 2016 5:20 am
Forum: Personal Finance (Not Investing)
Topic: Saving for the future vs you only live once
Replies: 72
Views: 14397

Re: Saving for the future vs you only live once

betterfinances wrote: I'm a diligent saver, ..... My wife and I make good money at our jobs.

....allow me to engage in luxuries

I haven't seen the payoff from the magic of compound interest yet. We're still having to watch our pennies every month to make ends meet and random car repair bills are big hits to our budget.

Curious to hear your thoughts on you only live once versus saving for the future.
Not trying to be critical here. Seems like there are gaps in what you're saying.
If you are making good money and are saving diligently (+10%), how could random expenses like car care be a big hit?
by tphp99
Sun Dec 06, 2015 9:03 am
Forum: Personal Finance (Not Investing)
Topic: A car nicer than the boss?
Replies: 257
Views: 37987

Re: A car nicer than the boss?

Common dilemma. Car person wanting to DD a cool car but don't want to be hated. The R8 and the Bentley GT will stand out. Is this a concern for you?

If so, consider de-badging an RS5,6,7, S8 or S63/S65 coupe. These cars are somewhat nondescript enough to fly under the radar and people will not be aware that they are the more potent variants. Sort of like a sleeper.
by tphp99
Sun Nov 22, 2015 5:37 am
Forum: Personal Finance (Not Investing)
Topic: Parents - your favorite and most challenging years
Replies: 71
Views: 10397

Re: Parents - your favorite and most challenging years

Favorite years: preschool. You have so much time with them.

Once school starts, the time you get to spend with them begins to wane.

Challenges are constantly changing as they grow. Not better or worse, just different.

Enjoy your time with them.

Good luck with your decision.
by tphp99
Sun Nov 22, 2015 5:24 am
Forum: Personal Finance (Not Investing)
Topic: Parents - your favorite and most challenging years
Replies: 71
Views: 10397

Re: Parents - your favorite and most challenging years

livesoft wrote:I will say that my kids were fun and easy to deal with from ages 0 to 23 years. It is after that when they had their own jobs and careers that I noticed they became irresponsible and difficult to deal with.
Am I reading this right?

Please explain.
by tphp99
Thu Nov 19, 2015 3:42 am
Forum: Personal Finance (Not Investing)
Topic: High Earner Careers?
Replies: 305
Views: 53419

Re: High Earner Careers?

Interesting read thus far.

When the Joker in Dark Knight said "I'm a dog chasing cars. I wouldn't know what to do with one if I caught it!" It dawned on me that's what a lot of successful people do. And why they find it difficult to retire even when they've made it.

Do you really want to be that dog chasing cars?
by tphp99
Wed Oct 21, 2015 3:36 pm
Forum: Personal Finance (Not Investing)
Topic: Is Leasing a car not frugal but a good idea?
Replies: 104
Views: 17487

Re: Is Leasing a car not frugal but a good idea?

Is leasing a car not frugal but a good idea? Absolutely, if you can afford it. Would I have leased a car while in school? Heck no, I couldn't afford it. It would have been stupid of me. But now we lease our cars. Car expenditures are not going to affect my retirement date, so I view leasing as a no brainer. But please don't tell me leasing is a stupid financial decision, in general or not. How do you know of someone else's financial situation to make a judgement call like that? That's why I brought up Steve Jobs' leasing arrangement with Mercedes - he got a new car every six months so he would not have to register a tag (??) or something weird like that. We all do things for our own reason. Stoptothink about that. :oops: The reason why we l...
by tphp99
Tue Oct 20, 2015 6:11 pm
Forum: Personal Finance (Not Investing)
Topic: Is Leasing a car not frugal but a good idea?
Replies: 104
Views: 17487

Re: Is Leasing a car not frugal but a good idea?

dognose wrote:Leasing a car is incredibly stupid, from a financial standpoint.
Really? I heard Steve Jobs used to lease his Mercedes SL. I doubt that guy was financially stupid.

Stretching the budget to drive a new car is questionable and maybe unwise, I'll agree.

To OP, If you can afford a new car every three years, leasing IS the way to go.
by tphp99
Wed Oct 14, 2015 4:28 pm
Forum: Personal Finance (Not Investing)
Topic: Advice - Like my current job, considering management position.
Replies: 13
Views: 1944

Re: Advice - Like my current job, considering management position.

kjvmartin wrote: It's a union job.
Oh, I see now.