Search found 4876 matches
- Thu Mar 14, 2024 1:15 pm
- Forum: Personal Finance (Not Investing)
- Topic: Divorce settlement money from IRA, cash, or 401k
- Replies: 15
- Views: 1339
Re: Divorce settlement money from IRA, cash, or 401k
I would do cash and 401(k) loan. Note that on the 401(k) loan, only the interest payments are double taxed, not the principal. So it also makes sense for you to repay the 401(k) loan as fast as possible. Do not deplete Roth IRA under any circumstances. That space once given up, can never be reclaimed. I would also look out for some 18-month no interest type credit cards, assuming your credit history is good. I never understood how you would be avoid getting doubly taxed on 401(k) loan. Let me explain my point of view: I have $1,000 in my 401(k) which I have never paid tax on. Ideally, I would pay tax on $1,000 once, when I withdraw it. However, let's say I borrow that amount from the 401(k). I repay it in a year after paying 5% interest. S...
- Fri Mar 08, 2024 3:16 pm
- Forum: Personal Investments
- Topic: HSA Investment Question
- Replies: 22
- Views: 2532
- Fri Mar 08, 2024 3:04 pm
- Forum: Personal Consumer Issues
- Topic: Alaska trip without taking a cruise - help
- Replies: 53
- Views: 4578
Re: Alaska trip without taking a cruise - help
I would like to see bears but have a great fear of them too! So, we just hiked up that hill to where we could see the Glacier and headed back. I was not going to be brave enough to continue on that path down to the Portage Glacier beach.
- Fri Mar 08, 2024 12:34 pm
- Forum: Personal Investments
- Topic: 16 yr old - how can I best take on high risk?
- Replies: 65
- Views: 5235
Re: 16 yr old - how can I best take on high risk?
I have a 50 year time horizon so it is safe to say I am not at all worried about short-term risk. I want to take advantage of my youth to assist my returns since I have such an enormous amount of time before I think about retiring. I want to deviate from a total market fund in a way that allows me to carry risk through the years for a premium even if it is very slight. I am currently tilted small and value through AVGE. Is this the right move for me? How can I best capture risk premiums? Invest in yourself and your future income. A small business is way riskier than stocks, but done well, can be incredibly rewarding. Imagine how much more you can invest if you make a million dollars a year versus $100,000. The additional return from SV is ...
- Fri Mar 08, 2024 12:32 pm
- Forum: Personal Investments
- Topic: 16 yr old - how can I best take on high risk?
- Replies: 65
- Views: 5235
Re: 16 yr old - how can I best take on high risk?
I have a 50 year time horizon so it is safe to say I am not at all worried about short-term risk. I want to take advantage of my youth to assist my returns since I have such an enormous amount of time before I think about retiring. I want to deviate from a total market fund in a way that allows me to carry risk through the years for a premium even if it is very slight. I am currently tilted small and value through AVGE. Is this the right move for me? How can I best capture risk premiums? I play tennis with a very smart oncologist. One day, because his brother in law (also in our tennis circle) was boasting about the stocks that had given him 10x etc, I asked him (oncologist buddy, not the b-i-l) which stocks he owned. His answer was: All o...
- Fri Mar 08, 2024 12:25 pm
- Forum: Personal Consumer Issues
- Topic: What are some of the things that improved YOUR quality of life?
- Replies: 254
- Views: 41954
Re: What are some of the things that improved YOUR quality of life?
Ours is outsourcing chores such as cleaning the house every 3 weeks. Another chore we would like to outsource is cooking but we couldn't find a cost effective way of doing that. Another that we think will improve our quality of life is moving to a city with better year round weather but we are not there yet. (our jobs are not easily portable.) Trying to learn from you if there are other cost effective ways of improving our quality of life. This is not a joke! The best thing that I have done so far is to say 'yes' to whatever DW wants to do. Yes, it will cost money and yes, I will likely be able to get someone to do it for less. But for peace of mind and quality of life, learn to say 'yes'; for everything else, there is Mastercard (or Visa)...
- Fri Mar 08, 2024 12:11 pm
- Forum: Personal Consumer Issues
- Topic: Alaska trip without taking a cruise - help
- Replies: 53
- Views: 4578
Re: Alaska trip without taking a cruise - help
Go through the tunnel to Whittier. It’s huge and built during WWII. There isn’t anything to do in Whittier other than turn around and drive back out. Boat tour from Whittier of Prince William Sound and the glaciers that come into it was fantastic, but there are other ports to do a boat tour from, too. Let's not forget that if a cruise is out for the OP due to motion issues, any kind of small-boat tour is off-the-scale-out. Well, a couple of points: - maybe a short cruise won't be as bad, especially in the Whittier area where the water is quite calm, and/or - maybe if a couple of members have issues, though the seven+ days cruise would be an issue, leaving them on land for the day can be an equitable decision, so some in the party can get c...
- Fri Mar 08, 2024 12:08 pm
- Forum: Personal Consumer Issues
- Topic: Alaska trip without taking a cruise - help
- Replies: 53
- Views: 4578
- Thu Mar 07, 2024 11:34 am
- Forum: Personal Consumer Issues
- Topic: Alaska trip without taking a cruise - help
- Replies: 53
- Views: 4578
Re: Alaska trip without taking a cruise - help
The biggest misconception I had about driving in Alaska was that I thought one needs to rent an RV (probably because the couple of folks I talked to did so - I didn't think through that it was because they were in a group of families). It is way better (and maneuverable) to get a car or a minivan than an RV
- Thu Mar 07, 2024 11:30 am
- Forum: Personal Consumer Issues
- Topic: Alaska trip without taking a cruise - help
- Replies: 53
- Views: 4578
Re: Alaska trip without taking a cruise - help
Hello We (family of 4 - tweens and parents) are hoping to take a trip to Alaska for 2 weeks in July in the summer of 2025. We are hoping to avoid taking a cruise as several members of the family have terrible motion sickness (yes - we have tried all of the many treatments/therapies). So, we are hoping to fly to Alaska and drive and then fly back. It’s a little bit daunting as the state is so big and there is a reason cruises are so popular (easy planning, convenience, etc) Can anybody share an itinerary or suggested itinerary? Any tips ? Thanks Here is an outline of how we did it. Check out the entire thread to learn about the things we didn't do missed! :oops: I'm hoping to go to Alaska in the fall season and have wondered whether it will...
- Thu Mar 07, 2024 7:35 am
- Forum: Personal Consumer Issues
- Topic: Alaska trip without taking a cruise - help
- Replies: 53
- Views: 4578
Re: Alaska trip without taking a cruise - help
Here is an outline of how we did it. Check out the entire thread to learn about the things we didn't do missed!curious george wrote: ↑Thu Mar 07, 2024 6:08 am Hello
We (family of 4 - tweens and parents) are hoping to take a trip to Alaska for 2 weeks in July in the summer of 2025. We are hoping to avoid taking a cruise as several members of the family have terrible motion sickness (yes - we have tried all of the many treatments/therapies). So, we are hoping to fly to Alaska and drive and then fly back.
It’s a little bit daunting as the state is so big and there is a reason cruises are so popular (easy planning, convenience, etc)
Can anybody share an itinerary or suggested itinerary?
Any tips ?
Thanks
- Wed Mar 06, 2024 1:53 pm
- Forum: Personal Finance (Not Investing)
- Topic: Backdoor Roth Questions
- Replies: 14
- Views: 876
Re: Backdoor Roth Questions
+1!life in slices wrote: ↑Wed Mar 06, 2024 1:01 pm OP - I've been doing Backdoor Roths at Fidelity for about 10 years now. When I transfer over $ to my Tradition IRA from my bank account, it takes 3-7 days (or so) for those dollars to settle and be available to covert to my Roth IRA account.
I always end up with something between $0 and $5 in earnings (more so now with higher interest rates) for the cash in my tIRA for those 3-7 days before I can covert it. That $0-$5 shows up about a month later and I additionally fully convert that over to my Roth as well. When I fill out my 8606, I end up paying tax on those small amounts, but it is inconsequential in the scope of things
- Wed Mar 06, 2024 1:53 pm
- Forum: Personal Finance (Not Investing)
- Topic: Backdoor Roth Questions
- Replies: 14
- Views: 876
Re: Backdoor Roth Questions
It takes a few days for the $$$ to show up in the account. Surely you should know that (I use Fidelity* where this happens too).
* in our case, the money moves to Fidelity from Schwab. If you are moving from Fidelity to Fidelity, I assume you would not have that issue
- Wed Mar 06, 2024 1:45 pm
- Forum: Personal Finance (Not Investing)
- Topic: Do I have to pay $1 for Virginia taxes?
- Replies: 15
- Views: 1490
- Wed Mar 06, 2024 1:43 pm
- Forum: Personal Finance (Not Investing)
- Topic: Do I have to pay $1 for Virginia taxes?
- Replies: 15
- Views: 1490
Re: Do I have to pay $1 for Virginia taxes?
So ... if you are doing this electronically, and find that you owe $6, can you pay $2 electronically and then not pay anything else, because at this point you owe only $4?SnowDolphin wrote: ↑Wed Mar 06, 2024 1:24 pm For anyone that thinks this may be a silly question, my state has the following for its "Tax Due" and "Tax Refund" lines on the 2023 Income Tax form:
They figure anything less than $5 is not worth the effort to pay or get back."Tax due - If line 28 is LESS than line 25, subtract line 28 from line 25.
If less than $5.00, enter 0"
"Overpayment - If line 28 is MORE than line 25, subtract line 25 from line 28;
otherwise, go to line 33. If less than $5.00, enter 0"
- Wed Mar 06, 2024 1:39 pm
- Forum: Personal Finance (Not Investing)
- Topic: When have you stopped saving for retirement?
- Replies: 40
- Views: 3889
Re: When have you stopped saving for retirement?
This is very helpful, thanks everybody. I realize I've become a little cash-happy. I've been aggressively saving for a house because I'm trying to minimize the mortgage I inevitably take out. But I'd set a goal, hit the goal, and then move it. And I guess this could just go on until I buy a house outright for cash, but have neglected retirement for a few years. Which might not be a very wise trade-off. I'm going to try and take a more balanced approach. I already have a 12 month emergency fund and plenty of cash, so I'm going to get back in the habit of retirement saving. I won't be able to max out our Roth IRAs, but I should be able to hit 50-75% at least, while still saving for my short-term goals. I strongly advise that you revisit maxi...
- Wed Mar 06, 2024 12:19 pm
- Forum: Personal Finance (Not Investing)
- Topic: When have you stopped saving for retirement?
- Replies: 40
- Views: 3889
Re: When have you stopped saving for retirement?
I recently stopped contributing to my IRA (temporarily) as I save cash for a couple of short term goals (house and baby on the way). While I understand the importance of regular, consistent investment over a long period of time, life happens. IMO, sometimes it makes sense to focus on the months ahead instead of retirement. Am I wrong? When have you stopped (or drastically constrained) investing for retirement? How long was this period? And do you think it significantly affected your retirement prospects? We stopped twice. Once after each kid was born. While it did not significantly affect retirement prospects, it might have delayed it (we are not retired yet) or not! We might have still be working after being FI! Specifically, after first ...
- Wed Mar 06, 2024 7:28 am
- Forum: Personal Finance (Not Investing)
- Topic: "Chunking" Charitable Contribution into Donor Advised Fund
- Replies: 18
- Views: 1304
Re: "Chunking" Charitable Contribution into Donor Advised Fund
[...] I think because my mind is saying that in the past, if I donated $30,000 to charity I would get $30,000 tax benefit. Now, I get effectively the same thing as donating nothing, since the standard deduction is $29,200. Yes I agree the standard deduction makes it simple and benefits a lot of people, including me. It just minimizes the perception of any financially-motivated charitable moves. So my inclination is to "make it worth it" in that one year where I am going to itemize, and so give a larger amount into the donor advised fund. Then just need to balance that "make it worth it to maximize the tax writeoff" with "how much of my money do I want to give away to charity" right now (even though the Donor F...
- Mon Mar 04, 2024 12:57 pm
- Forum: Personal Finance (Not Investing)
- Topic: Feels impossible to take the foot off the pedal of saving, but saving at the boglehead pace is stressful.
- Replies: 88
- Views: 13592
Re: Feels impossible to take the foot off the pedal of saving, but saving at the boglehead pace is stressful.
On the other hand, if you are worried about your kids and down the family line, let me tell you something that someone has as his/her signature: Earning $1.00 expenses $1.01 - misery Earning $1.00 expenses $0.99 - contentment So, you can earn a million, but if your kids are gonna learn to spend $1m + $0.01, you cannot save their financial future! Slightly OT, but this is a small variation on a quote from Mr. Micawber in Dickens' David Copperfield. (“Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pound ought and six, result misery.”) A great novel and a fantastic character, though far from Boglehead principles! Yes, someone on this forum has...
- Mon Mar 04, 2024 12:54 pm
- Forum: Investing - Theory, News & General
- Topic: What good is tax deferred?
- Replies: 122
- Views: 15322
Re: What good is tax deferred?
I have the same questions for you as I have for livesoft above. Did you defer at the max level? What was your asset allocation in the tax-deferred account?Charles Joseph wrote: ↑Sun Mar 03, 2024 5:04 pm I deferred my savings into my 401k at a marginal rate of 22% (I'm a retired nurse).
I'm now filling the 0% (standard deduction), 10% and partially the 12% tax brackets with withdrawals for Roth conversions, which will grow and be withdrawn tax free.
I'm not spending any of my tIRA now, but I'll be living off little bits before RMDs at 75, so hopefully that will soften the RMDs. That will be taxed at 15% under the current law.
So all in all, a good deal.
- Mon Mar 04, 2024 12:42 pm
- Forum: Investing - Theory, News & General
- Topic: What good is tax deferred?
- Replies: 122
- Views: 15322
Re: What good is tax deferred?
I really need to understand how you did it. What was your asset allocation like in during accumulation - in the tax deferred accounts? And did you contribute at the maximum allowable limits?
- Mon Mar 04, 2024 7:43 am
- Forum: Personal Finance (Not Investing)
- Topic: Feels impossible to take the foot off the pedal of saving, but saving at the boglehead pace is stressful.
- Replies: 88
- Views: 13592
Re: Feels impossible to take the foot off the pedal of saving, but saving at the boglehead pace is stressful.
I'm terrified of my family being denied the pleasures of "the good life" that we have potentially/maybe earned through blood/sweat until we are too old and kids are too grown. I'm also terrified of being old and limited financially. The problem is of course the uncertainty of the future and the vast dispersion of outcomes, including fat tails both ways. I do feel confident about overcoming the latter problem (old and financially limited) if we continue on the path that we've been on for the last 5 years or so. But that path is stressful to me, feels really limiting, and in general feels like our enjoyment of modest comfort/experiences/travel is hurting for some unknown future which my kids, while being kids, will not know, and wi...
- Wed Feb 28, 2024 9:22 pm
- Forum: Personal Consumer Issues
- Topic: college decision: UIUC or UF for ECE?
- Replies: 339
- Views: 31717
Re: college decision: UIUC or UF for ECE?
I am following what is happening? There are a few variables still left but we just got several good news that pretty much sealed the deal in favor of UF. (It finally tilted the wife's preference.) 1. Last week, she got accepted to UF (which was expected). 2. Yesterday, I took my daughter to UF to meet with professors/advisor/several club leaders and see the dorm. One computer engineering professor even told DD to work in his robotics lab starting this Fall. Every student we met was so positive. All the juniors/seniors had internship/jobs secured. I can picture my daughter will grow and succeed in that peer environment. 3. Finally, a few hours ago, she received the merit scholarship email from UF. The total package with the already eligible...
- Mon Feb 26, 2024 7:50 am
- Forum: Personal Consumer Issues
- Topic: Roof repair - reasonable?
- Replies: 40
- Views: 3570
Re: Roof repair - reasonable?
[...]Honestly it will depend on many factors. I replaced my roof last summer with 50 year shingles so not cheap (required by HOA). House is about 2200 square feet so not large. All bids I got (5) were between $20-22k. Behind me there are condo townhomes and they are paying $35k special assessment for similar sized houses, and I cannot fathom why because they are using cheaper shingles than I did. This is a MCOL area. Ten years ago folks in my neighborhood with the same 50 year shingles were getting the roofs done for $8k (my house was one of the last to be done). I have observed that small projects seem to have gone up even more than large one post pandemic. I have ended up doing some smaller projects myself because my effective hourly wag...
- Mon Feb 26, 2024 7:43 am
- Forum: Personal Consumer Issues
- Topic: Roof repair - reasonable?
- Replies: 40
- Views: 3570
Re: Roof repair - reasonable?
You seriously got an entire roof replaced for about that amount!!Vinny_in_NJ wrote: ↑Sun Feb 25, 2024 9:15 am Not sure where you're located but it seems a little high. I had a roof replaced due to wind pre pandemic and it cost about that much. Things have gone up a lot so my figure may be off by a lot.
[...]
I guess here in FL we need to reword the idiom "taken to the cleaners" as "taken to the roofers". To replace a roof in Florida, my understanding is that you need at least $10,000 ... and it only goes up from there (big house, second floor, etc).
- Sun Feb 25, 2024 9:33 pm
- Forum: Personal Finance (Not Investing)
- Topic: Do your intra-company yearly raises keep with inflation?
- Replies: 60
- Views: 6054
Re: Do your intra-company yearly raises keep with inflation?
Haha! "Raises, are you kidding me, raises!" (need to say it like Jim Mora talking about Playoffs).B4Xt3r wrote: ↑Sat Feb 24, 2024 1:51 pm Hi Guys,
Just curious, do your yearly raises generally keep with inflation or not? Seems like over the last 2-3 years, current company is basically keeping wages the same inflation adjusted. Not sure if that's common or not.
Yours? Just trying to form an opinion about how common my experience is & how competitive they are being with other opportunities.
-b4xt3r
I am getting a big fat $0 raise!
- Fri Feb 16, 2024 4:23 pm
- Forum: Personal Investments
- Topic: Question re: tracking after-tax contributions within Roth account
- Replies: 5
- Views: 446
Re: Question re: tracking after-tax contributions within Roth account
OP: Cannot answer your question, but just want to confirm that my understanding is right. You are asking this only for withdrawal from the account, right?
- Fri Feb 16, 2024 3:19 pm
- Forum: Personal Consumer Issues
- Topic: Exercise Is Overrated
- Replies: 32
- Views: 3342
Re: Exercise Is Overrated
That can be a competing thread #typicalBogleheads
- Fri Feb 16, 2024 3:17 pm
- Forum: Personal Consumer Issues
- Topic: Exercise Is Overrated
- Replies: 32
- Views: 3342
- Fri Feb 16, 2024 9:03 am
- Forum: Personal Consumer Issues
- Topic: What inferior good do you love?
- Replies: 232
- Views: 25541
Re: What inferior good do you love?
Onions. Onions are not inferior. From healthline website. https://www.healthline.com/nutrition/onion-benefits In economics, "inferior" has nothing to do with the nutrition or health benefits of a product. It has to do with consumer buying habits. What do consumers graduate to (from onions) when they become ballers? Shallots, leeks, pearl onions, cipollini onions, vidalia onions, ... heck, even white onions are more expensive than plain old utilitarian yellow onions. For me, onions are an inferior good because I rarely buy anything other than the cheapest yellow onions. I can't taste the difference between yellow onions and shallots, white onions, and "sweet" onions like vidalia, so why spend more on them? Sometimes I bu...
- Thu Feb 15, 2024 11:36 am
- Forum: Personal Consumer Issues
- Topic: What inferior good do you love?
- Replies: 232
- Views: 25541
Re: What inferior good do you love?
What do consumers graduate to (from onions) when they become ballers?jebmke wrote: ↑Thu Feb 15, 2024 7:13 amIn economics, "inferior" has nothing to do with the nutrition or health benefits of a product. It has to do with consumer buying habits.Dottie57 wrote: ↑Thu Feb 15, 2024 7:11 amOnions are not inferior. From healthline website.
https://www.healthline.com/nutrition/onion-benefits
- Thu Feb 15, 2024 11:34 am
- Forum: Personal Consumer Issues
- Topic: What inferior good do you love?
- Replies: 232
- Views: 25541
- Wed Feb 14, 2024 7:52 am
- Forum: Personal Investments
- Topic: Did backdoor Roth. How does this impact taxes for a 401(k) to traditional IRA rollover?
- Replies: 29
- Views: 1772
Re: Did backdoor Roth. How does this impact taxes for a 401(k) to traditional IRA rollover?
OP, pro-rating is not that big a deal in the long run. Folks just make a mountain out of a molehill. The only primary drawback is that you got to maintain more record which, for some folks, might be a pain in the %$S neck. In essence, here is what happens (fictitious numbers of course), assuming no 401(k) contributions for the year and no market changes either: a) this is the Happy Path Backdoor Roth IRA: beginning of year balances taxable: $100,000 401(k): $20,000 traditional IRA: $0 Roth IRA: $0 after contribution to traditional IRA taxable: $92,000 401(k): $20,000 traditional IRA: $8,000 Roth IRA: $0 after "backdooring" the Roth IRA: taxable: $92,000 401(k): $20,000 traditional IRA: $0 Roth IRA: $8,000 end of year balances taxa...
- Fri Feb 09, 2024 5:54 pm
- Forum: Personal Investments
- Topic: Contributing to 2023 Roth IRA with no 2023 income
- Replies: 35
- Views: 2935
Re: Contributing to 2023 Roth IRA with no 2023 income
I did not file taxes nor did I make enough to file taxes in 2023. The requirement to file taxes is much higher than the contribution limit for an IRA, so clarify something: did you actually not have income, or did you earn something, but less than the standard deduction? Correct, I earned around $8,000 last year but did not file a tax return as the standard deduction was around $14,000 iirc. I was employed at the time and I have a W-2. Then you can and should contribute to the 2023 Roth IRA. In fact, if you have spent the money you earned but have either savings from some other source or generous parents (who can afford it), you can contribute money from them too - so long as it doesn't exceed a) your income for 2023 and b) the maximum con...
- Fri Feb 09, 2024 10:54 am
- Forum: Personal Finance (Not Investing)
- Topic: Continued tIRA Growth Undermines Roth Conversion Plan - A Real Life Example
- Replies: 81
- Views: 7802
Re: Continued tIRA Growth Undermines Roth Conversion Plan - A Real Life Example
I am curious what the IRMAA penalty is per month? I've never gotten to the point to figure it out.
- Fri Feb 09, 2024 10:21 am
- Forum: Personal Investments
- Topic: Investing paralysis
- Replies: 39
- Views: 2809
Re: Investing paralysis
Welcome to the forum. :happy [...] A lot of people went through this after the 2007 - 2009 debacle. And they waited years and years to get back in the market and lost a lot of money because of that poor decision. [...] I started investing in the latter half of 1990s. In the way late 1990s, lost a ton (relatively and opportunity cost-ly speaking) and sold at the bottom. Didn't invest in the market for the next few years while I watched as the Nasdaq slowly regained its losses. Finally went back in but would have been way better off ... even if I had not sold the absolute duds of that era! But the good thing was that at least a portion of my 401k kept going to the market even during those times (yes, had I put 100%, I would have been better ...
- Fri Feb 09, 2024 10:15 am
- Forum: Personal Investments
- Topic: Investing paralysis
- Replies: 39
- Views: 2809
Re: Investing paralysis
Since the S&P is at record highs, .... I think people like you invest because they think the stock market (i.e. the S&P) will go up, but they complain when the S&P goes up. In other words, the S&P can't get higher unless it spends some time at records highs --- by definition. I was a steady contributor before, wasn't too concerned with volatility. I suspect I am carrying some concerns over the uncertainty of the last 4 years and the skyrocketing national debt. So, have you not invested the last four years and are trying to figure out when to put that money in the market? I suggest you do some analysis - right now the interest rate is at 5% or so, and still the market is going higher. Where do you think a chunk of the money ...
- Mon Feb 05, 2024 12:34 pm
- Forum: Personal Finance (Not Investing)
- Topic: 2023 Tax Year - First Big Roth Conversion - Triage Summary
- Replies: 165
- Views: 11174
Re: 2023 Tax Year - First Big Roth Conversion - Triage Summary
I am a bit confused. Way below in the thread you say you have limited time for conversion. Maybe I misread - are you saying you have been working as a mechanical engineer for 45 years or that you are 45 year old? Originally, I thought it was the latter but based on what you wrote way below, I am starting to think that I was wrong
- Thu Feb 01, 2024 8:38 pm
- Forum: Personal Consumer Issues
- Topic: college decision: UIUC or UF for ECE?
- Replies: 339
- Views: 31717
Re: college decision: $63k UIUC ECE or full-ride UF ECE?
Haha!!!srt7 wrote: ↑Thu Feb 01, 2024 8:07 pmHeh! It is called Univ. of India Univ. of China for a reason after allan_asker wrote: ↑Thu Feb 01, 2024 7:08 pm [...]
Oh boy! Maybe it is known only for its grad school? And/or only abroad? And/or the rankings have slipped in the last three decades?
When I was applying to grad school from India, Urbana-Champaign was one of the top picks for EE (not my undergrad major).
- Thu Feb 01, 2024 7:58 pm
- Forum: Personal Consumer Issues
- Topic: college decision: UIUC or UF for ECE?
- Replies: 339
- Views: 31717
Re: college decision: $63k UIUC ECE or full-ride UF ECE?
[...] This is a classic moving of the goalposts. Many posters downplayed how competitive UIUC really was. Then there was data presented to show that UIUC really is a top5 ECE university when it comes to rankings but then the conversation pivoted to career earnings. The Midwest is a pretty low cost of living area, 100k in the Midwest goes farther than 150k in LA or SF or even Boston for that matter. Now whether going to an Elite school in the Midwest boxes you into a lower salary just based on proximity is a valid point but in my experiences, if a UIUC grad were to apply to a job in SF, LA or NY, they would no problems commanding 150k+. Many UIUC ECE grads are perfectly happy to stay in the Midwest, especially the Chicago area and the salar...
- Thu Feb 01, 2024 7:24 pm
- Forum: Personal Consumer Issues
- Topic: college decision: UIUC or UF for ECE?
- Replies: 339
- Views: 31717
Re: college decision: $63k UIUC ECE or full-ride UF ECE?
Not true. Earning a full ride is what caused parents to save the money they might've otherwise spent sending her to, say, GT.KlangFool wrote: ↑Wed Jan 31, 2024 1:15 pmVulcan,
"being responsible for their own success rather than having been provided an unearned handout."
In my opinion, it does not apply in this case. The person is either given 200+K for a luxury education or to be giver 200+K upon graduation. Either case, this person did not earn it. It is an unearned handout.
KlangFool
- Thu Feb 01, 2024 7:22 pm
- Forum: Personal Consumer Issues
- Topic: college decision: UIUC or UF for ECE?
- Replies: 339
- Views: 31717
Re: college decision: $63k UIUC ECE or full-ride UF ECE?
This may be something that is worth unpacking to help arrive at the decision: what is it that turned her off applying to MIT that she hopes will be different at GT? Same question re: UIUC/UF vs GT. I had a brief discussion with her about this. According to her, she won't be happy because she doesn't like to hang out with such kids (highly motivated, over achieving, aggressive, proactive, A-type personality). If this is true ... I have presented anecdotal evidence a post or two ago!! But honestly, I'm not 100% sure whether she told the truth. There could be other reasons but I didn't inquire any further. I can only speculate. I think location (far from home) could be a factor. Not sure what you are asking about UIUC/UF vs GT. Another thing ...
- Thu Feb 01, 2024 7:13 pm
- Forum: Personal Consumer Issues
- Topic: college decision: UIUC or UF for ECE?
- Replies: 339
- Views: 31717
Re: college decision: $63k UIUC ECE or full-ride UF ECE?
TomatoTomahto, I think it is always a question of risks and degrees of certainty. As I believe the professional trading slang would go, what's the market on that degree premium? ...but beyond that, I think it is also the matter of what is well-known in advance, and arguably, what is most worth paying the money for, namely, the peer group quality. For that, beyond the already well-established and somewhat fuzzy metrics such rankings and ACT score ranges (where UIUC, GT, and UF are in dead heat, USNWR-ranked ~30th nationwide, with ~29-34 median ACT score range), I have another crude heuristic that I personally find rather compelling: the number of given school's students in the Putnam top 100/200/500 :-) On that measure, too, UIUC, GT, and U...
- Thu Feb 01, 2024 7:08 pm
- Forum: Personal Consumer Issues
- Topic: college decision: UIUC or UF for ECE?
- Replies: 339
- Views: 31717
Re: college decision: $63k UIUC ECE or full-ride UF ECE?
Oh boy! Maybe it is known only for its grad school? And/or only abroad? And/or the rankings have slipped in the last three decades?yoga wrote: ↑Wed Jan 31, 2024 12:25 pm On the topic of name recognition, I had to look up what UIUC stood for. I've never heard of this school. I'm a STEM major from the Northeast. I've been working as an engineer in the northeast for over 20 years. Moderate involvement in hiring at a megacorp but have never seen this school on a resume. We hire ee, cs, me, etc. Definitely heard of UF!
When I was applying to grad school from India, Urbana-Champaign was one of the top picks for EE (not my undergrad major).
- Thu Feb 01, 2024 7:05 pm
- Forum: Personal Consumer Issues
- Topic: college decision: UIUC or UF for ECE?
- Replies: 339
- Views: 31717
Re: college decision: $63k UIUC ECE or full-ride UF ECE?
TY for your insight. I agree. If she can build those leadership skillsets (which she currently lacks) at college, I can see a bright future ahead of her. Will UIUC offer more opportunities and provide the environment to her to build these skillsets is my million dollar question. There's some truth to the outcome will be the same, no matter which college one attends. But the peer group I interacted with at college arguably had a bigger impact on who I'm today. Leadership skills are going to come from engineering extracurriculars, preferably with minimal faculty involvement, not doing low level lab work for a prof. Look at the engineering racing teams, Formula SAE, baja, solar car, etc. What kind of facilities to undergrad students have acce...
- Tue Jan 30, 2024 10:27 am
- Forum: Personal Consumer Issues
- Topic: college decision: UIUC or UF for ECE?
- Replies: 339
- Views: 31717
Re: college decision: $63k UIUC ECE or full-ride UF ECE?
Even in current competitive environment, I think UF is a given for FL kid with merit scholarship. GT should also be a given but yes, there is a chance of not getting in.tashnewbie wrote: ↑Tue Jan 30, 2024 10:19 am The decision may be made for her.
I wouldn't count your chickens before they hatch, put the cart before the horse, etc.
OP, please update the post if/when she gets acceptances at UF or GT.
That said, I thought conventional wisdom was that kid going to noname school in CA had better opportunities in local software companies than even kids in GT (unless of course, the kid stood out among peers at GT).
- Tue Jan 30, 2024 10:17 am
- Forum: Personal Consumer Issues
- Topic: college decision: UIUC or UF for ECE?
- Replies: 339
- Views: 31717
Re: college decision: $63k UIUC ECE or full-ride UF ECE?
+1!yoga wrote: ↑Tue Jan 30, 2024 9:42 am I went to a large state flagship along with many from my high school. Contrary to popular belief, I can count on one hand the times I saw any of them and those were planned. I can't remember even seeing anyone from high school just walking around campus. I was a stem major, most others were not.
The friend thing shouldn't be an issue. The free ride to a good option is a no brainer.
... unless you want to start your career with a $150K+ job at a FAANG.
- Tue Jan 30, 2024 9:36 am
- Forum: Personal Consumer Issues
- Topic: college decision: UIUC or UF for ECE?
- Replies: 339
- Views: 31717
Re: college decision: $63k UIUC ECE or full-ride UF ECE?
You're not a Floridian, I assume!steadyhand wrote: ↑Mon Jan 29, 2024 8:06 pm I would choose UIUC. Much better reputation for research and graduate school if that is something in the pipeline. I can only think of sports when I think of UF unfortunately. However, the tuition difference makes me feel they are not so different either.
- Tue Jan 30, 2024 8:57 am
- Forum: Personal Investments
- Topic: Help me understand "late" backdoor Roth IRA
- Replies: 5
- Views: 993
Re: Help me understand "late" backdoor Roth IRA
+1!CAsage wrote: ↑Tue Jan 30, 2024 8:50 amI will observe that nothing prevents someone, even if eligible for a direct Roth contribution, from using the backdoor process. It might be worthwhile when unsure of annual income, to do this early in the year. Doing that right now for a family member who may or may not be eligible - just do the two step and you are good either way.arr wrote: ↑Mon Jan 29, 2024 2:26 pm This is my first time doing Backdoor Roth. I understand the two-step process and that it is cleanest to make both nondeductible contribution to traditional IRA and conversion to Roth IRA in the same calendar year as the tax year. However, we could not do this for 2023 since we weren’t sure if we will be eligible to contribute directly to Roth IRA based on the annual income.
- Wed Jan 24, 2024 12:12 pm
- Forum: Personal Finance (Not Investing)
- Topic: Depreciation Recapture
- Replies: 33
- Views: 2300
Re: Depreciation Recapture
LOL Yes!exodusNH wrote: ↑Wed Jan 24, 2024 11:38 amA second property has no tax implications. It's just a second home / vacation home, whatever you want to call it. You didn't purchase it to rent it out to the general public.jrkey wrote: ↑Wed Jan 24, 2024 10:25 am Thanks, @Lee_WSP. I'm going to need some time to go through that publication.
And thanks @exodusNH for the comment. I need to confirm the tax implications of a second property for personal use (occupied by a family member and paying less than fair market rent).
I admire that the effort you're putting into this to make sure you're compliant with tax law, but I think you're overdoing it.