Search found 121 matches

by Woody999
Mon Jul 25, 2016 10:10 am
Forum: Personal Finance (Not Investing)
Topic: Who should my wife and I see, a Financial Advisor, planner, etc.
Replies: 38
Views: 2381

Re: Who should my wife and I see, a Financial Advisor, planner, etc.

bsteiner wrote:I've spoken several times for NAPFA. Many of their people are good, but mainly manage assets for a percentage of assets.


So the NAPFA people get paid via a percentage of assets or hourly fee?
by Woody999
Mon Jul 25, 2016 9:21 am
Forum: Personal Finance (Not Investing)
Topic: Who should my wife and I see, a Financial Advisor, planner, etc.
Replies: 38
Views: 2381

Re: Who should my wife and I see, a Financial Advisor, planner, etc.

I went to napfa.org and found 2 about an hour away. None are located in my town. I then went to http://financial-advisors.credio.com/d/b/Hourly-Charge and found some in my town that will work for an hourly fee but they can also work based on commissions. I guess they can do either way. I assume that...
by Woody999
Mon Jul 25, 2016 6:58 am
Forum: Personal Finance (Not Investing)
Topic: Who should my wife and I see, a Financial Advisor, planner, etc.
Replies: 38
Views: 2381

Re: Who should my wife and I see, a Financial Advisor, planner, etc.

Thanks guys! Sounds like we need to contact a fee only CFP. I saw a couple in our area on the napfa.org website.
by Woody999
Mon Jul 25, 2016 5:43 am
Forum: Personal Finance (Not Investing)
Topic: Who should my wife and I see, a Financial Advisor, planner, etc.
Replies: 38
Views: 2381

Who should my wife and I see, a Financial Advisor, planner, etc.

My wife and I just got a contract on our house and will be closing soon. We also have a 2 year old son. We are looking for a local professional to look at all our finances and help us make some decisions like... -What budget should we allow for our next home -Are we saving enough for retirement -Oth...
by Woody999
Sun Feb 21, 2016 8:21 pm
Forum: Investing - Help with Personal Investments
Topic: Back Door Roth IRA Question (TurboTax)
Replies: 6
Views: 654

Re: Back Door Roth IRA Question (TurboTax)

Any idea how to fix this? Any ideas or help would be appreciated! Did you use TurboTax last year to file your 2014 taxes? Did you export that data to your 2015 TT? In forms mode take a look at your 2015 8606 form. Line 2 should show your 5500 basis. It it's not there you'll have to go back to the E...
by Woody999
Sat Feb 20, 2016 7:09 pm
Forum: Investing - Help with Personal Investments
Topic: Back Door Roth IRA Question (TurboTax)
Replies: 6
Views: 654

Re: Back Door Roth IRA Question (TurboTax)

Thanks for your reply! The codes on the 1099-R is "2" meaning an early distribution but with an exception...in this case the exception is I converted it to a Roth IRA. You are correct, a 1099-R does not report a contribution. I hope I didn't state such in my first post. It reports a distri...
by Woody999
Sat Feb 20, 2016 6:37 pm
Forum: Investing - Help with Personal Investments
Topic: Back Door Roth IRA Question (TurboTax)
Replies: 6
Views: 654

Back Door Roth IRA Question (TurboTax)

On 3/17/2015 I made a $5,500 contribution to a 2014 Traditional IRA then converted to my Roth IRA on 3/23/2015. On 7/6/2015 I made a $5,500 contribution to a 2015 Traditional IRA then converted to my Roth IRA on 7/10/2015. In TurboTax it asks me to enter the 1099-R from fidelity which shows me takin...
by Woody999
Tue Jul 07, 2015 12:16 pm
Forum: Investing - Help with Personal Investments
Topic: Backdoor Roth IRA Questions...
Replies: 5
Views: 625

Re: Backdoor Roth IRA Questions...

2) Regardless of of who use you I thought I read where a "conversion" is different than transferring money into a "backdoor" Roth IRA. Which is correct? Is a conversion the correct way to transfer money from the Traditional to the Backdoor Roth IRA?

Thank again!
by Woody999
Tue Jul 07, 2015 6:03 am
Forum: Investing - Help with Personal Investments
Topic: Backdoor Roth IRA Questions...
Replies: 5
Views: 625

Backdoor Roth IRA Questions...

I'm attempting to do another Backdoor Roth IRA. I have done this before but it's been a while so I have a few questions... -I have $0.01 in the Traditional IRA acct from the last Roth backdoor conversion. I'm guessing I earned the penny during the short time the last Backdoor Roth IRA was sitting in...
by Woody999
Sun May 31, 2015 4:07 pm
Forum: Personal Finance (Not Investing)
Topic: Home and Auto Insurance Deductible
Replies: 9
Views: 1293

Home and Auto Insurance Deductible

My wife and I usually keep ~$10k in our checking acct and we have a zero balance line of credit of $15k. We have another $20k in an emergency low interest savings acct. We also have ~$40k in backdoored Roth IRAs. Those items make up our tiered emergency fund. Now my question is about home and auto d...
by Woody999
Fri May 15, 2015 9:56 am
Forum: Personal Finance (Not Investing)
Topic: Am I a Millionaire???
Replies: 53
Views: 8016

Re: Am I a Millionaire???

You are not (yet) a millionaire. Right! But the question wasn't am I a millionaire right now...it's will I be next year assuming the numbers in my first post hold true. In nominal terms, yes, in real terms - we don't know yet and neither do you. What is your pre-occupation on whether you will be a ...
by Woody999
Fri May 15, 2015 9:39 am
Forum: Personal Finance (Not Investing)
Topic: Am I a Millionaire???
Replies: 53
Views: 8016

Re: Am I a Millionaire???

Boglenaut wrote:You are not (yet) a millionaire.


Right! But the question wasn't am I a millionaire right now...it's will I be next year assuming the numbers in my first post hold true.
by Woody999
Fri May 15, 2015 9:37 am
Forum: Personal Finance (Not Investing)
Topic: Am I a Millionaire???
Replies: 53
Views: 8016

Re: Am I a Millionaire???

I'm in the investable assets camp. Plus you have joint assets with your wife. So you need combined total of $2,000,000 to be considered millionaires. Appears that right now you have around $600,000 which is a good start. Sorry, them's the rules... Actually right now we owe about $100k on our house ...
by Woody999
Fri May 15, 2015 9:32 am
Forum: Personal Finance (Not Investing)
Topic: Am I a Millionaire???
Replies: 53
Views: 8016

Re: Am I a Millionaire???

Why does it matter??? Well because it's a cool milestone.

Worth as much as it always has been??? Well of course not.
by Woody999
Fri May 15, 2015 6:24 am
Forum: Personal Finance (Not Investing)
Topic: Am I a Millionaire???
Replies: 53
Views: 8016

Re: Am I a Millionaire???

Sounds like there are lots of definitions for "millionaire". Sounds like next year (assuming the numbers above hold true), my wife and I will be co-owners of a joint entity who's net worth is over a million.
by Woody999
Thu May 14, 2015 8:40 pm
Forum: Personal Finance (Not Investing)
Topic: Am I a Millionaire???
Replies: 53
Views: 8016

Am I a Millionaire???

Well this is a little early but I'm curious... Next year my wife and I will have our house paid for worth ~$450k, our retirement accounts will be ~$500k, I have an employee stock ownership plan worth about $100k (can't have until I'm 62 or if I die my wife gets it immediately). We also have about $5...
by Woody999
Thu May 07, 2015 1:13 pm
Forum: Investing - Help with Personal Investments
Topic: How much home can we afford (Short Post)
Replies: 8
Views: 1126

Re: How much home can we afford (Short Post)

Well there are 2 possible answers here. To answer the straight forward one a rough lender estimate would take your income and multiply by .28 and then divide by 12 to get a maximum monthly payment. $250k * .28 / 12 = $5,800/mo You then can look up the interest rate on a 15 year mortgage which is ar...
by Woody999
Thu May 07, 2015 12:49 pm
Forum: Investing - Help with Personal Investments
Topic: How much home can we afford (Short Post)
Replies: 8
Views: 1126

How much home can we afford (Short Post)

My wife and I make $250/yr and both max out a 401k and backdoor roth IRA. I'm 40 and she is 34 years old. We currently live in a home worth ~450k and owe ~100k on the mortgage. We have no other debt. We have a 1 year old and are thinking about moving to a new school zone with a more kid friendly nei...
by Woody999
Tue May 05, 2015 8:55 am
Forum: Investing - Help with Personal Investments
Topic: Roth vs Traditional 401k
Replies: 15
Views: 1041

Re: Roth vs Traditional 401k

OP, With an income of 250k, what amounts of money can you set aside for retirement? That would help to provide a tailor made recommendations. Also, do you have kids in the picture? Are you thinking of early retirement and if so at what age range or time frame? In general, based on info provided til...
by Woody999
Tue May 05, 2015 8:49 am
Forum: Investing - Help with Personal Investments
Topic: Roth vs Traditional 401k
Replies: 15
Views: 1041

Re: Roth vs Traditional 401k

I think the intent was to continue contributing to traditional 401k and to a Roth IRA. If you plan on early retirement, then you will have a time when you will be in the 0% tax bracket, so definitely do traditional 401k and put the surplus into a taxable account. There is nothing wrong with investi...
by Woody999
Tue May 05, 2015 8:03 am
Forum: Investing - Help with Personal Investments
Topic: Roth vs Traditional 401k
Replies: 15
Views: 1041

Re: Roth vs Traditional 401k

These issues are addressed in the Wiki page: https://www.bogleheads.org/wiki/Traditional_versus_Roth Since you have everything maxed out, you are a bit closer to the "toss-up" than many are. It depends on whether you will pay more taxes now or later. Some people have periods of low income...
by Woody999
Tue May 05, 2015 8:01 am
Forum: Investing - Help with Personal Investments
Topic: Roth vs Traditional 401k
Replies: 15
Views: 1041

Re: Roth vs Traditional 401k

Are you hoping to retire early? If so, I'd be more inclined to continue with the traditional IRAs and start investing in a taxable account to help cover you in your early retirement years (before hitting 59.5). Early retirement is a great time to do Roth conversions. "Continue traditional IRAs...
by Woody999
Tue May 05, 2015 7:04 am
Forum: Investing - Help with Personal Investments
Topic: Roth vs Traditional 401k
Replies: 15
Views: 1041

Roth vs Traditional 401k

My wife and I (I'm 40 and she is 34) max out our traditional 401k's (currently $18k) and we both do backdoor Roth IRAs (currently $5500 each). Our combined income is ~$250/yr. We have about $400k in our traditional 401k's and about $50k in our Roth IRAs. Should we continue to contribute to the tradi...
by Woody999
Tue May 05, 2015 6:06 am
Forum: Personal Finance (Not Investing)
Topic: Life Insurance Tax Question...
Replies: 3
Views: 688

Re: Life Insurance Tax Question...

Line 7 is one time costs so it wouldn't be on going property tax.
by Woody999
Mon May 04, 2015 6:32 am
Forum: Personal Finance (Not Investing)
Topic: Life Insurance Tax Question...
Replies: 3
Views: 688

Life Insurance Tax Question...

So here is my calculation... 136608 1. $____Annual income (in dollars) that will be needed by the survivor(s) 124000 2. $____Annual income available (pension, Social Security, annuities, etc.) 12608 3. $____Annual income shortfall (#1 minus #2) 403456 4. $____Annual income shortfall multiplied by nu...
by Woody999
Thu Apr 30, 2015 5:46 am
Forum: Personal Finance (Not Investing)
Topic: How much Life Insurance
Replies: 22
Views: 1866

Re: How much Life Insurance

What happens to my 401k and roth IRA when I die. Does it get cashed out and go to the wife or can she roll it over into her 401k and Roth IRA
by Woody999
Thu Apr 30, 2015 5:16 am
Forum: Personal Finance (Not Investing)
Topic: How much Life Insurance
Replies: 22
Views: 1866

Re: How much Life Insurance

Yes my wife and son would get ~4k total per mth in SS benefits and my wife makes 100k/yr. This gives 148k. Is this wrong? Thanks! I'm guessing that the $4k is the sum of two benefits. If the following is correct, she would lose her entire benefit if she earned $100k. How working can reduce your ben...
by Woody999
Wed Apr 29, 2015 1:43 pm
Forum: Personal Finance (Not Investing)
Topic: How much Life Insurance
Replies: 22
Views: 1866

Re: How much Life Insurance

"You can get a quick and dirty FIT estimate here: https://turbotax.intuit.com/tax-tools/c ... taxcaster/"

For this you are talking about her average federal tax rate after I die, correct?
by Woody999
Wed Apr 29, 2015 1:37 pm
Forum: Personal Finance (Not Investing)
Topic: How much Life Insurance
Replies: 22
Views: 1866

Re: How much Life Insurance

#1 I'd include FIT and FICA taxes in line 1. . 1) How do I calculate the FIT and FICA you mention? 2) Thanks for the link to the tables. That will be helpful! 3) That makes sense...thanks! 4) Ok. Thanks! FICA is 7.65% of salary up to $118,000, and 1.45% above that. No FICA on SS benefits. You can g...
by Woody999
Wed Apr 29, 2015 1:07 pm
Forum: Personal Finance (Not Investing)
Topic: How much Life Insurance
Replies: 22
Views: 1866

Re: How much Life Insurance

I added 20% to line 1 for FIT and FICA. Not sure if this is correct or not. I zeroed the emergency fund since we already have one. I thought it was for how much you have, not how much will be needed after you die. I added child care to the expenses. I added child survivor benefits which gave my wife...
by Woody999
Wed Apr 29, 2015 12:46 pm
Forum: Personal Finance (Not Investing)
Topic: How much Life Insurance
Replies: 22
Views: 1866

Re: How much Life Insurance

#1 I'd include FIT and FICA taxes in line 1. #2 The Consumer Expenditure Survey shows you what other people spend. It provides a nice checklist so you don't forget anything. Try one of the 2011 tables here: http://www.bls.gov/cex/csxstnd.htm#2011 #3 I'd say that I want to cover my survivors' needs,...
by Woody999
Wed Apr 29, 2015 12:39 pm
Forum: Personal Finance (Not Investing)
Topic: How much Life Insurance
Replies: 22
Views: 1866

Re: How much Life Insurance

This is another life insurance question folks...hope that is ok. :D Here is the breakdown for how much life insurance my wife will need... 117340 1. $____Annual income (in dollars) that will be needed by the survivor(s) See below for details 124000 2. $____Annual income available (pension, Social S...
by Woody999
Wed Apr 29, 2015 9:00 am
Forum: Personal Finance (Not Investing)
Topic: How much Life Insurance
Replies: 22
Views: 1866

Re: How much Life Insurance

$500K - no spouse is going to go back to work immediately after having a grievous loss. Don't overthink this too much or try to "fine tune" it. Like other things in life, nothing is precise. So we should just ignore this? http://www.bogleheads.org/wiki/Life_insurance I think spending a li...
by Woody999
Wed Apr 29, 2015 6:48 am
Forum: Personal Finance (Not Investing)
Topic: How much Life Insurance
Replies: 22
Views: 1866

How much Life Insurance

This is another life insurance question folks...hope that is ok. :D Here is the breakdown for how much life insurance my wife will need... 117340 1. $____Annual income (in dollars) that will be needed by the survivor(s) See below for details 124000 2. $____Annual income available (pension, Social Se...
by Woody999
Tue Apr 28, 2015 2:04 pm
Forum: Investing - Help with Personal Investments
Topic: VTSAX vs VFIAX/VIMAX/VSMAX
Replies: 13
Views: 3182

Re: VTSAX vs VFIAX/VIMAX/VSMAX

Hi Bogleheads, Trying to decide whether I should have one fund or three funds: VTSAX (Vanguard Total Stock Market Index Fund Admiral Shares, ER 0.05%, $10k minimum) vs 1) VFIAX Vanguard 500 Index Fund Admiral Shares, ER 0.05% $10k minimum 2) VIMAX Vanguard Mid-Cap Index Fund Admiral Shares, ER 0.09...
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: 1980

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 11:45 am
Forum: Personal Finance (Not Investing)
Topic: How do I find a good local Financial Adviser?
Replies: 20
Views: 1980

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
Thu Apr 09, 2015 10:32 am
Forum: Personal Finance (Not Investing)
Topic: Setting up a Trust...
Replies: 13
Views: 2027

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 10:16 am
Forum: Personal Finance (Not Investing)
Topic: Setting up a Trust...
Replies: 13
Views: 2027

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 02, 2015 11:43 am
Forum: Personal Finance (Not Investing)
Topic: Best credit card for me???
Replies: 23
Views: 44360

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 11:41 am
Forum: Personal Finance (Not Investing)
Topic: Best credit card for me???
Replies: 23
Views: 44360

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 6:19 am
Forum: Personal Finance (Not Investing)
Topic: Best credit card for me???
Replies: 23
Views: 44360

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
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: 6672

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 5:40 am
Forum: Investing - Help with Personal Investments
Topic: Apply For HELOC as Emergency Funds???
Replies: 23
Views: 2932

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 5:34 am
Forum: Personal Finance (Not Investing)
Topic: How much life insurance should my wife and i have???
Replies: 23
Views: 2741

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
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: 2741

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 11:44 am
Forum: Personal Finance (Not Investing)
Topic: How much life insurance should my wife and i have???
Replies: 23
Views: 2741

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 8:56 am
Forum: Investing - Help with Personal Investments
Topic: If you had 1 [investing] book to recommend...
Replies: 51
Views: 6672

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
Sun Mar 29, 2015 6:05 pm
Forum: Investing - Help with Personal Investments
Topic: Apply For HELOC as Emergency Funds???
Replies: 23
Views: 2932

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 8:54 am
Forum: Personal Finance (Not Investing)
Topic: How much life insurance should my wife and i have???
Replies: 23
Views: 2741

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!

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