Search found 22 matches

by BogleCPA
Thu Aug 10, 2017 11:12 am
Forum: Personal Finance (Not Investing)
Topic: Future Accountant Seeking Advice
Replies: 10
Views: 934

Re: Future Accountant Seeking Advice

I was in your shoes about 4 years ago. Been working for a Big 4 firm for the past 4 years in Audit, and loving it so far. Feel free to PM me if you have any specific questions.
by BogleCPA
Wed Aug 09, 2017 9:57 pm
Forum: Personal Finance (Not Investing)
Topic: Recently Married - should we file jointly or separately?
Replies: 18
Views: 1258

Re: Recently Married - should we file jointly or separately?

If the calculus works out for you to file married filing separately instead of jointly, you can still do a backdoor Roth. So the concern about whether or not you will be able to contribute to a Roth IRA should not be part of your decision. Interesting, thanks. I have to admit I'm unfamiliar with th...
by BogleCPA
Wed Aug 09, 2017 3:40 pm
Forum: Personal Finance (Not Investing)
Topic: Recently Married - should we file jointly or separately?
Replies: 18
Views: 1258

Re: Recently Married - should we file jointly or separately?

I think this deserves actual calculations. I know that there is a lot of gambling and guesswork since you need to project 6 years into the future. However, you are talking about a difference of $600 a month in her student loan payments. If the PSLF does happen in 6 years on schedule, that is a lot ...
by BogleCPA
Wed Aug 09, 2017 12:30 pm
Forum: Personal Finance (Not Investing)
Topic: Recently Married - should we file jointly or separately?
Replies: 18
Views: 1258

Re: Recently Married - should we file jointly or separately?

I'm not a CPA, but I know that it almost never makes sense for couples to file separately. The only cases I've read about (here and elsewhere) where couples decided to go ahead and do so anyway were where one spouse had student loan debt well into the 6 figures ($200K+). Couples are penalized in ma...
by BogleCPA
Wed Aug 09, 2017 12:26 pm
Forum: Personal Finance (Not Investing)
Topic: Recently Married - should we file jointly or separately?
Replies: 18
Views: 1258

Re: Recently Married - should we file jointly or separately?

Based on your screen name, shouldn't we be asking you this question? :happy Running joke amongst accountants - what does CPA stand for? Can't Practice Accounting. :P Haha! I get how that's funny, but unfortunately I'm not a tax accountant. I started my career in auditing and now work in a finance r...
by BogleCPA
Wed Aug 09, 2017 10:51 am
Forum: Personal Finance (Not Investing)
Topic: Recently Married - should we file jointly or separately?
Replies: 18
Views: 1258

Re: Recently Married - should we file jointly or separately?

I'm not a CPA, but I know that it almost never makes sense for couples to file separately. The only cases I've read about (here and elsewhere) where couples decided to go ahead and do so anyway were where one spouse had student loan debt well into the 6 figures ($200K+). Couples are penalized in ma...
by BogleCPA
Wed Aug 09, 2017 10:33 am
Forum: Personal Finance (Not Investing)
Topic: Recently Married - should we file jointly or separately?
Replies: 18
Views: 1258

Recently Married - should we file jointly or separately?

Background info : His age 27, her age 27 His salary $75K Her salary $50K Emergency Fund: $15K Mortgage: $180K outstanding at 3.8% No kids His student loan balance: $41K at 6.8% (currently paying down aggressively, around $1K per month) Her student loan balance: $75K (but she is 4 years out of 10 to...
by BogleCPA
Wed Aug 02, 2017 10:43 pm
Forum: Personal Finance (Not Investing)
Topic: Anybody with Student Loans applying for PSLF in October 2017?
Replies: 17
Views: 1173

Re: Anybody with Student Loans applying for PSLF in October 2017?

My wife has made her 48 or so qualifying payments under Pay as You Earn, and she's actually in the process right now of consolidating and having everything transferred from Nelnet to FedLoan (though we've already confirmed with FedLoan that her previous 48 payments will count towards the 120, since ...
by BogleCPA
Wed Aug 02, 2017 10:20 pm
Forum: Personal Finance (Not Investing)
Topic: Anybody with Student Loans applying for PSLF in October 2017?
Replies: 17
Views: 1173

Re: Anybody with Student Loans applying for PSLF in October 2017?

My wife is about 48 payments in, so we're just about where you are! Hoping it works out for both you and I.
by BogleCPA
Thu Jul 27, 2017 1:37 pm
Forum: Personal Finance (Not Investing)
Topic: Mid/Late 20's - Student Loan Paydown vs Saving for Retirement
Replies: 19
Views: 1674

Re: Mid/Late 20's - Student Loan Paydown vs Saving for Retirement

I would take $5k out of the bank and pay off the 2 small student loans just to simplify your life. Then redirect the $800/month going to savings, plus the $800 you're already paying to the remaining loan. Throw your $7k a year bonus at it too. Do that and you'll be done with these student loans in ...
by BogleCPA
Thu Jul 27, 2017 1:36 pm
Forum: Personal Finance (Not Investing)
Topic: Mid/Late 20's - Student Loan Paydown vs Saving for Retirement
Replies: 19
Views: 1674

Re: Mid/Late 20's - Student Loan Paydown vs Saving for Retirement

Why not go crazy and do everything you can to get rid of the student loans forever, including your wife's deferred loans. I wouldn't stay in debt for 10 years waiting on a forgiveness program that may not be there. I was in a similar spot at your age and paid off everything as fast as I could. It w...
by BogleCPA
Thu Jul 27, 2017 12:25 pm
Forum: Personal Finance (Not Investing)
Topic: Mid/Late 20's - Student Loan Paydown vs Saving for Retirement
Replies: 19
Views: 1674

Re: Mid/Late 20's - Student Loan Paydown vs Saving for Retirement

Update: I inquired about refinancing my loans and my quotes are below: SoFi: 5-year variable: 4.85%, $775 per month 5-year fixed: 5.00%, $778 per month DRBank: 5-year variable: 4.36%, $766 per month 5-year fixed: 4.95%, $777 per month My initial reaction is that it's not worth it to me at this time ...
by BogleCPA
Thu Jul 13, 2017 3:00 pm
Forum: Investing - Theory, News & General
Topic: % bogleheads of overall population
Replies: 82
Views: 10499

Re: % bogleheads of overall population

There's lots of people who understand boglehead principles but don't have the income (yet) to max out 401(k)'s. My wife and I are 27 years old, just got married and bought a house, etc. and are still working our way up in our careers. We aren't maxing out yet but we read this forum and we understand...
by BogleCPA
Mon Jul 03, 2017 8:24 am
Forum: Personal Finance (Not Investing)
Topic: Traditional 401(k) vs Roth 401(k)
Replies: 5
Views: 448

Traditional 401(k) vs Roth 401(k)

I'm 27 years old and when I first started work four years ago and set up my retirement account, I went ahead and set it up as a Roth 401(k) because I figured my tax bracket was relatively low at the time. I wasn't really sure what I was doing and that just seemed like a good idea at the time, and my...
by BogleCPA
Mon Jun 19, 2017 12:33 pm
Forum: Personal Finance (Not Investing)
Topic: Mid/Late 20's - Student Loan Paydown vs Saving for Retirement
Replies: 19
Views: 1674

Re: Mid/Late 20's - Student Loan Paydown vs Saving for Retirement

I would pay off the two $2k student loans first - math aside, really no reason to have these low balances when you have 35k in savings. kid(s) in future? If so, I wouldn't go too crazy depleting that 35k in savings. Sometimes putting 5k blocks on debt helps to minimize the shock of a lower savings ...
by BogleCPA
Mon Jun 19, 2017 11:58 am
Forum: Personal Finance (Not Investing)
Topic: Mid/Late 20's - Student Loan Paydown vs Saving for Retirement
Replies: 19
Views: 1674

Re: Mid/Late 20's - Student Loan Paydown vs Saving for Retirement

3. Deplete your emergency fund enough to max out 2 Roth IRAs for 2017 (you have until April 2018 to do this so put it on the backburner for now if you want - but do it). Roth contributions can be taken out tax and penalty free so it can operate as an emergency fund. You can even keep the funds in a...
by BogleCPA
Mon Jun 19, 2017 11:50 am
Forum: Personal Finance (Not Investing)
Topic: Mid/Late 20's - Student Loan Paydown vs Saving for Retirement
Replies: 19
Views: 1674

Re: Mid/Late 20's - Student Loan Paydown vs Saving for Retirement

Why do you need a 35k emergency fund? How much are your monthly expenses? Unless you're living way above your means, 15k is plenty for an emergency fund at this stage. If I were you, I would start dumping as much money as possible into your 6.8% student loans and get rid of them asap. While you're ...
by BogleCPA
Mon Jun 19, 2017 11:00 am
Forum: Personal Finance (Not Investing)
Topic: Mid/Late 20's - Student Loan Paydown vs Saving for Retirement
Replies: 19
Views: 1674

Mid/Late 20's - Student Loan Paydown vs Saving for Retirement

Hi everyone, New to the forum, just wanted to reach out to get some quick advice. My question centers around my student loans, and my attempt to weigh paying off my student loans quickly against ramping up my retirement. My wife and I are recently married and just bought our first home, so I feel li...