Search found 14 matches

by brownie1022
Wed Jan 11, 2017 2:38 pm
Forum: Investing - Help with Personal Investments
Topic: tIRA or rIRA - changing household income
Replies: 1
Views: 179

tIRA or rIRA - changing household income

Hopefully this is a simple question; I'd like to open an IRA account and am not sure the rules around this. Household earnings in 2016 were under the income limit for a Roth IRA, but in 2017 we'll be over the limit. I know you can contribute to a Roth IRA for 2016 until April 15th 2017, but can you ...
by brownie1022
Wed Jan 11, 2017 2:11 pm
Forum: Investing - Help with Personal Investments
Topic: How're we doing?
Replies: 33
Views: 3508

Re: How're we doing?

Given those numbers, I'd max out the 401k and Roths entirely -- $29k a year, or just less than $2500 a month. Plenty of room in your budget to do so (already at 13% in the 401k and $400 a month to HSA, you still have $6500 a month in net take home per month), it reduces your tax burden, and you'll ...
by brownie1022
Wed Jan 11, 2017 1:59 pm
Forum: Investing - Help with Personal Investments
Topic: Fixed vs Variable Rate - Student Loan Refi
Replies: 2
Views: 304

Re: Fixed vs Variable Rate - Student Loan Refi

Thanks for the response! To answer your questions: This means taxable income for 2017 will be over $230k, and that's after reducing it by 401k contributions, so after-tax take home pay should be over $10k/mo. Correct, ~11-12K per month depending on how we structure 401K/HSA contributions. Some will ...
by brownie1022
Wed Jan 11, 2017 1:48 pm
Forum: Investing - Help with Personal Investments
Topic: How're we doing?
Replies: 33
Views: 3508

Re: How're we doing?

A 2-bedroom place is double the rent of your one bedroom place? I'd look harder if I were you. It shouldn't be double the rent for a 2-bedroom vs. a 1-bedroom (or, put another way, you should be able to find a 2-bedroom that is less than double a 1 bedroom, simply because you're only increasing bed...
by brownie1022
Wed Jan 11, 2017 1:43 pm
Forum: Investing - Help with Personal Investments
Topic: How're we doing?
Replies: 33
Views: 3508

Re: How're we doing?

I feel like there are some details missing that skew the advice to pay off the debt first. What we see is a large amount of debt and a negative networth, which quickly leads one to think you shouldn't take on more debt with a house. However, you also have a large income, and as a percentage of your...
by brownie1022
Wed Jan 11, 2017 11:45 am
Forum: Investing - Help with Personal Investments
Topic: How're we doing?
Replies: 33
Views: 3508

Re: How're we doing?

Whoa! Do not buy a house until you are out of debt. If you've never been a homeowner, you have NO IDEA how much $$$ you will spend on insurance, property taxes, maintenance, repairs, and furnishings. Buying a house before you are financially stable will only lead to greater debt. And to offer a dif...
by brownie1022
Wed Jan 11, 2017 10:57 am
Forum: Investing - Help with Personal Investments
Topic: How're we doing?
Replies: 33
Views: 3508

Re: How're we doing?

Just for the record here OP. You have a negative networth!! You have fantastic incomes but if your networth was 0, that would be an improvement!! Not an ideal time to be buying a house. Ha, funny you say that...I track all our assets and liabilities online and this past week was the first time I sa...
by brownie1022
Wed Jan 11, 2017 10:32 am
Forum: Investing - Help with Personal Investments
Topic: How're we doing?
Replies: 33
Views: 3508

Re: How're we doing?

Folks are quick to jump on the "PAY OFF THE STUDENT LOAN DEBT NOW" bandwagon, but let's dive into that further. What does your wife do for work? Any chance she can get a job at a non-profit that would qualify her for Public Service Loan Forgiveness? This, used in conjunction with Income-b...
by brownie1022
Wed Jan 11, 2017 9:38 am
Forum: Investing - Help with Personal Investments
Topic: Fixed vs Variable Rate - Student Loan Refi
Replies: 2
Views: 304

Fixed vs Variable Rate - Student Loan Refi

Hi all! I got some great advice in another thread about general finances and housing plans, and now I'm shifting gears to ask about student loan debt. My wife recently graduated from a masters nursing program--post-college she realized her passion so had to do a second degree thing, so while she'll ...
by brownie1022
Wed Jan 11, 2017 8:55 am
Forum: Investing - Help with Personal Investments
Topic: How're we doing?
Replies: 33
Views: 3508

Re: How're we doing?

You can have a baby without owning a home. The two don't need to come as a package in any way. You need a bigger emergency fund before you take on a house. I just bought a house 6 months ago and that $25,000 emergency fund I had around after the home purchase is the reason I can sleep at night. Who...
by brownie1022
Sun Jan 08, 2017 12:42 pm
Forum: Investing - Help with Personal Investments
Topic: How're we doing?
Replies: 33
Views: 3508

Re: How're we doing?

Here's another thought, for those who are saying kill the student loan first (and again: I agree, in theory that's 100% the way to go--but in our situation it's not feasible to stay in this 1-bed apartment with children and we're not putting off kids, I'd rather retire a little later, or with a litt...
by brownie1022
Sun Jan 08, 2017 8:03 am
Forum: Investing - Help with Personal Investments
Topic: How're we doing?
Replies: 33
Views: 3508

Re: How're we doing?

The thing I find interesting is only contributing to 401K to the company match and putting the rest toward debt repayment. I understand getting the company match is the most important but we'll never get to contribute that $18K again if we don't do it this year. Yes, it's a guaranteed 5.3% return if...
by brownie1022
Sat Jan 07, 2017 12:02 pm
Forum: Investing - Help with Personal Investments
Topic: How're we doing?
Replies: 33
Views: 3508

Re: How're we doing?

1. Yes, it makes sense to her the brokerage account into your emergency savings. Is $17.5k enough for 6 months expenses if one of you loses your job? We'd need another $8-10K to get to 6 months, but we both have very stable 9-5 jobs, young and healthy. The goal is certainly to have 6+ months in eme...
by brownie1022
Fri Jan 06, 2017 3:10 pm
Forum: Investing - Help with Personal Investments
Topic: How're we doing?
Replies: 33
Views: 3508

How're we doing?

My wife and I are in a transition phase: we got married a few months ago, she started a job a few weeks after the wedding, we're saving for a house (fall '17 goal) and plan on starting a family shortly thereafter. We'd like to sort out finances as much as possible, and I feel like we're behind the 8...

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