Search found 261 matches

by lakpr
Wed Apr 18, 2018 11:35 am
Forum: Personal Finance (Not Investing)
Topic: Broke up with my girlfriend for financial reasons: crazy?
Replies: 53
Views: 3088

Re: Broke up with my girlfriend for financial reasons: crazy?

The red flag to me in this post is that she bought a $50K Audi car on a $35K salary. That's not an LBYM lifestyle. That she expected you to pay for the $40 for dinner is a cultural norm and I am inclined to ignore that as the 'cause' of the breakup. Breaking up may be the ultimately the right choice...
by lakpr
Sat Apr 07, 2018 9:19 pm
Forum: Personal Finance (Not Investing)
Topic: FYI: BankAmericard free 0% balance transfer offer
Replies: 1
Views: 244

Re: FYI: BankAmericard free 0% balance transfer offer

My wife has this card. Once the balance transfer period is over, and hopefully you have paid off the balance you have borrowed, this card is useless. No rewards on it, not even 1% . You can also not convert it to any other card, tried that already. The only out is to cancel the card.
by lakpr
Sat Apr 07, 2018 10:23 am
Forum: Personal Finance (Not Investing)
Topic: Where to hold ~500K cash
Replies: 25
Views: 3203

Re: Where to hold ~500K cash

I suggest, if you don’t have it already, use 100K of that money and open a Merrill Edge brokerage account and collect the bonus. Within the brokerage account, put that money in a stable value or money market fund. Then if you have (or apply for) a Bank Of America credit card, you will get an additio...
by lakpr
Sat Mar 31, 2018 6:59 am
Forum: Personal Finance (Not Investing)
Topic: Paying off PMI or refinance or Appraisal
Replies: 19
Views: 1594

Re: Paying off PMI or refinance or Appraisal

I figure I'll pay around 4k in PMI till in drops automatically(2021) Also the problem with renovations is I need them done before any kind of refinance because they will probably require appraisal too. Another way to read this information is that you are getting a return of $4K over a period of 3 y...
by lakpr
Sat Mar 31, 2018 6:48 am
Forum: Personal Finance (Not Investing)
Topic: Local Credit Union will not do a Cash Out Refi.
Replies: 19
Views: 1564

Re: Local Credit Union will not do a Cash Out Refi.

Chase Slate had no credit card fees for initial balance transfers and 15-18 months of 0%. Balance transfer must (obviously) be from a non-Chase credit card company, so I ran my balance up in a 2% Fidelity cash back credit card, and then had Chase Slate pay it off (=balance transfer). You can save a...
by lakpr
Sat Mar 31, 2018 6:42 am
Forum: Personal Finance (Not Investing)
Topic: Can I refi and still get a lower rate right now? UPDATE: Bonus HELOC??
Replies: 31
Views: 1931

Re: Can I refi and still get a lower rate right now?

Penfed has a 10-year fixed mortgage of 3.75%, and usually has minimal closing costs. They also have a 15-year fixed mortgage for the same rate.
by lakpr
Fri Mar 30, 2018 5:44 pm
Forum: Personal Finance (Not Investing)
Topic: Recommend a HELOC: DCU, NFCU, or another?
Replies: 6
Views: 306

Re: Recommend a HELOC: DCU, NFCU, or another?

I am a member of DCU, and highly highly recommend them. I had a HELOC with them for close to 10 years on my previous home, they came to my place and had me sign the documents at around 7 pm in the evening because only then I could be back from my work. Very pleasant to deal with.
by lakpr
Fri Mar 30, 2018 11:42 am
Forum: Personal Finance (Not Investing)
Topic: Local Credit Union will not do a Cash Out Refi.
Replies: 19
Views: 1564

Re: Local Credit Union will not do a Cash Out Refi.

Anyone have advice or real world experience on possible credit cards to get the highest balance . I only have one cc currently (5K) that i pay off at the end of month . How long is your credit history, and do you have any idea of your FICO scores? Do you bank with any of the big three: Bank of Amer...
by lakpr
Fri Mar 30, 2018 11:16 am
Forum: Personal Finance (Not Investing)
Topic: Pay Off Mortgage with Windfall?
Replies: 57
Views: 5304

Re: Pay Off Mortgage with Windfall?

I would dump the proceeds into bonds and then use the bond coupons to pay the mortgage. Your rate is low and tax subsidized. You can always try it out and see how you like it :) Starting 2018, this may not be true. It depends on the filing status and the specific state one is living in, of course, ...
by lakpr
Wed Mar 28, 2018 12:09 pm
Forum: Personal Finance (Not Investing)
Topic: Local Credit Union will not do a Cash Out Refi.
Replies: 19
Views: 1564

Re: Local Credit Union will not do a Cash Out Refi.

Perhaps one or two credit card applications that you can leverage for 0% rate for 12 to 15 months? I have a Barclays Commence Mastercard that's otherwise useless but provides frequent Balance Transfer opportunities for 1% fee for 12 months. Would you not have some credit cards already in your portfo...
by lakpr
Sun Mar 25, 2018 4:56 am
Forum: Personal Finance (Not Investing)
Topic: Credit freeze and annual internet provider changes
Replies: 3
Views: 609

Re: Credit freeze and annual internet provider changes

Comcast has an option, at least here in NJ, where you can deposit $150 to avoid credit check. My reports aren’t frozen but I declined credit check authorization and opted for the deposit.

It will be returned to you or applied towards the bill after six months of on time payments.
by lakpr
Tue Mar 20, 2018 1:24 pm
Forum: Personal Finance (Not Investing)
Topic: Home equity as part of retirement plan
Replies: 59
Views: 3590

Re: Home equity as part of retirement plan

I am at least 20 years from retirement and at least eight years to owning the home outright, but I would classify myself in category 4. Nice 4 bedroom 2.5 bath house in a safe neighborhood, not sure I will move out of here even in retirement. But then I live in NJ, so may be I will seriously enterta...
by lakpr
Sun Mar 18, 2018 8:30 am
Forum: Personal Finance (Not Investing)
Topic: Impact of oldest credit card being cancelled
Replies: 14
Views: 1147

Re: Impact of oldest credit card being cancelled

The card should still be reported for an additional 10 years, being that it's a positive account. So it will still add points in the FICO formula for age. The drop in score, I'd think, would be attributed to loss of credit limit associated with the card, and thus increasing the utilization ratio. Wh...
by lakpr
Sun Mar 18, 2018 8:23 am
Forum: Personal Finance (Not Investing)
Topic: Does credit score matter if you never plan to borrow money again?
Replies: 44
Views: 4167

Re: Does credit score matter if you never plan to borrow money again?

It is not going to be a "small" ding. For comparison, I had a 30-day late on a credit card bill in 2012, my credit score tanked from 820+ to 740+, a steep 80 point drop. A collection account placed on a pristine credit history, I'd guess, will cause much more damage. I did have a fairly thick credit...
by lakpr
Wed Mar 14, 2018 9:12 pm
Forum: Personal Finance (Not Investing)
Topic: Can A Traditional IRA Be Deductible If You Have A SEP
Replies: 11
Views: 749

Re: Can A Traditional IRA Be Deductible If You Have A SEP

I read here on the forums that even if one does not contribute in a given year to the 401-k plan or IRA plan for a given year, but there have been balances in those accounts that automatically throw out dividends, you are deemed to be an "active participant". As an example: - End of 2016 the balance...
by lakpr
Fri Mar 09, 2018 7:59 pm
Forum: Personal Consumer Issues
Topic: Getting Rid of Comcast Modem
Replies: 35
Views: 3344

Re: Getting Rid of Comcast Modem

The cheapest 3.1 modems I am finding are ~$150. If you buy a Docsis 3.0 modem you may have a $50-75 paperweight in a mater of months. Concast (no, not a typo) is charging approx $10 per month as rental for their modem. Basically, the break even period is 15 to 16 months. It's been already 8 months ...
by lakpr
Sat Feb 17, 2018 2:28 am
Forum: Personal Finance (Not Investing)
Topic: Intentional excess contributions to retirement plan(s)
Replies: 2
Views: 354

Re: Intentional excess contributions to retirement plan(s)

My Megacorp provides match whether you contribute to traditional 401k, or Roth 401k or After Tax 401k within the plan. Does any of your employers offer such matching policies? The total limits of employee contributions is 55K per year for 2018. Also out of curiosity, with such high salaries in jobs ...
by lakpr
Sun Feb 11, 2018 3:30 pm
Forum: Personal Consumer Issues
Topic: Getting Rid of Comcast Modem
Replies: 35
Views: 3344

Re: Getting Rid of Comcast Modem

Look at your model number and see if you can find one on Ebay. More risk involved because they may not work. Sometimes they are still tied to another account. I did this with ATT and it worked out fine. I would rather spend a few more bucks and buy a modem Comcast says is compatible, from local Bes...
by lakpr
Sun Feb 11, 2018 6:17 am
Forum: Personal Consumer Issues
Topic: Getting Rid of Comcast Modem
Replies: 35
Views: 3344

Re: Getting Rid of Comcast Modem

Voipo seems to require upfront payment of $149 for two years. I haven't looked through their web page thoroughly to see if there are other plans... I use Ooma. I got the Ooma adapter at Walmart for $75 odd, ported my number for $39 I think, but thereafter I have only $5 bills which are just state ta...
by lakpr
Wed Feb 07, 2018 12:00 pm
Forum: Personal Finance (Not Investing)
Topic: Amex Bluebird or request a second/third card
Replies: 8
Views: 561

Re: Amex Bluebird or request a second/third card

If you are worried about cash being stolen from your vehicles, shouldn’t you be worried about credit cards being stolen? If it were me, I’d try to do better at remembering to bring my wallet (and would just live with the consequences wjen I did not) — that seems the central issue here, and I would ...
by lakpr
Wed Jan 31, 2018 6:26 pm
Forum: Personal Finance (Not Investing)
Topic: Make $90k, pay no Federal Income Tax in 2018? Check / critique this scenario.
Replies: 76
Views: 11998

Re: Make $90k, pay no Federal Income Tax in 2018? Check / critique this scenario.

As livesoft points out, you are “wasting” some child tax credits. If I were you, I would redirect some of the tIRA contributions to Roth to the extent you would use all the unused (800+/-) child tax credit. +1. Definitely put some or all of IRA in ROTH. A double advantage of the ROTH is that you ca...
by lakpr
Wed Jan 31, 2018 10:48 am
Forum: Personal Finance (Not Investing)
Topic: Make $90k, pay no Federal Income Tax in 2018? Check / critique this scenario.
Replies: 76
Views: 11998

Re: Make $90k, pay no Federal Income Tax in 2018? Check / critique this scenario.

randomguy, Yes like the 2001/03 taxcuts :D I understand your point that it is unlikely the tax brackets would change after 2028, but my perspective is that I am not going to take chance on that. I will assume that current tax rates are the lowest I am likely to see in my lifetime personally, and I'd...
by lakpr
Wed Jan 31, 2018 9:22 am
Forum: Personal Finance (Not Investing)
Topic: Make $90k, pay no Federal Income Tax in 2018? Check / critique this scenario.
Replies: 76
Views: 11998

Re: Make $90k, pay no Federal Income Tax in 2018? Check / critique this scenario.

I am in a similar situation and also figure $0 (actually negative) 2018 fed tax even when shifting all retirement contributions to Roth. As a result I increased W-4 withholdings to 12 :shock:. - $141 income tax in the 12% bracket implies that you can additionally convert $1175 traditional IRA or tr...
by lakpr
Wed Jan 31, 2018 9:09 am
Forum: Personal Finance (Not Investing)
Topic: Make $90k, pay no Federal Income Tax in 2018? Check / critique this scenario.
Replies: 76
Views: 11998

Re: Make $90k, pay no Federal Income Tax in 2018? Check / critique this scenario.

Not sure why OP would be in a higher bracket in retirement. You can have about $100k of income, and with the standard deduction, still be in the 12% bracket. The OP indicates that $50K/yr is sufficient. To have an RMD of $100K in the first year, the OP would need $2.7M in Traditional accounts, whic...
by lakpr
Mon Jan 29, 2018 2:01 pm
Forum: Personal Finance (Not Investing)
Topic: Are these IRA recharacterizations fine under current US tax law?
Replies: 5
Views: 287

Re: Are these IRA recharacterizations fine under current US tax law?

As part of TCJA, there are no more recharacterizations from Roth to Traditional IRAs. So I believe your statement about recharacterizibg the $2000 amount you made to Roth IRA for year 2018, you can't do that. Regarding the recharacterization of 2017 contribution to traditional IRA, the stock market ...
by lakpr
Sat Jan 27, 2018 5:31 pm
Forum: Personal Finance (Not Investing)
Topic: Pay off mortgage with Roth IRA?
Replies: 23
Views: 1472

Re: Pay off mortgage with Roth IRA?

I agree with Earl here, Roth space is precious and should NOT be lost. I can also understand wanting to close out the remaining balance soon. IF I were in OP's situation, and IF my job is stable, and IF my 401-k plan allows loans, I would ask for the required loan amount and extinguish the mortgage....
by lakpr
Wed Jan 24, 2018 4:23 pm
Forum: Personal Finance (Not Investing)
Topic: Group life policy when you leave the group?
Replies: 6
Views: 561

Re: Group life policy when you leave the group?

I can offer my experience with the group supplemental life insurance policy offered through my ex employer. When I switched jobs (and thus not a member of the group), I was given the option of paying the premiums myself -- higher rates than the group rates of course -- and keep the policy in force. ...
by lakpr
Wed Jan 24, 2018 4:15 pm
Forum: Personal Finance (Not Investing)
Topic: Life insurance company wants money back
Replies: 45
Views: 4596

Re: Life insurance company wants money back

Please also note that the original poster said that "his mother had a term life insurance policy". Suggests that the person who the OP is talking about is only a beneficiary and not the person who actually signed the insurance document / paid the premiums
by lakpr
Mon Jan 22, 2018 6:19 pm
Forum: Personal Finance (Not Investing)
Topic: Rollover spouse to spouse?
Replies: 9
Views: 781

Re: Rollover spouse to spouse?

Thank you Ralph...can I have a rolled over IRA and still continue funding/performing backdoor Roths? 8hygro, Yes but it serves little purpose. I advise you to take a Form8606 and practice filling it out. When there is a traditional IRA balance as of December 31 in a given tax year, and you funded t...
by lakpr
Mon Jan 22, 2018 6:08 pm
Forum: Personal Finance (Not Investing)
Topic: Rollover spouse to spouse?
Replies: 9
Views: 781

Re: Rollover spouse to spouse?

daveydoo wrote:
Sun Jan 21, 2018 2:40 pm
oh this was not at all what I thought from the title. Nvm.


:D

Post of the day!!
by lakpr
Thu Jan 18, 2018 10:01 pm
Forum: Personal Finance (Not Investing)
Topic: Cash Back or 0% Financing
Replies: 10
Views: 1174

Re: Cash Back or 0% Financing

Another way to look at it: Loan amount without cash back = $31348 Cash back =$1750 Works out to be $1750/$31348 = 5.58% return. Remember that this is essentially an after tax return. Assuming a 22% tax bracket, this is equivalent to 7.15% return. Which investment will give you GUARANTEED return of 7...
by lakpr
Sat Jan 13, 2018 10:50 am
Forum: Personal Finance (Not Investing)
Topic: Backdoor Roth strategy - your thoughts
Replies: 15
Views: 1810

Re: Backdoor Roth strategy - your thoughts

TonyUncleJohnny, Wasn't able to respond to this post until now. If you are going to convert the entire traditional IRA this year, and able to absorb the tax hit, then yes I agree that there is no savings there compared to rolling it into company 401k plan and then converting it to Roth 401k plan. Bu...
by lakpr
Wed Jan 10, 2018 4:40 pm
Forum: Personal Finance (Not Investing)
Topic: Backdoor Roth strategy - your thoughts
Replies: 15
Views: 1810

Re: Backdoor Roth strategy - your thoughts

As far as rolling over to 401k goes, doesn't that have the same problem? Distributions in retirement would be taxed at a higher rate than now. A benefit I do see is not having to create liquidity for the tax bill right now, but that is not a big concern. Just because you are rolling over the funds ...
by lakpr
Wed Jan 10, 2018 1:33 pm
Forum: Personal Finance (Not Investing)
Topic: Backdoor Roth strategy - your thoughts
Replies: 15
Views: 1810

Re: Backdoor Roth strategy - your thoughts

I read the OP's post as saying that at retirement they are likely to have wealth at least $10 million ('low 8 figures'), and thinks that if he contributes to the traditional IRA or traditional 401-k plans he's likely to pay higher tax than now when withdrawing in retirement. I can see why he prefers...
by lakpr
Wed Jan 10, 2018 1:13 pm
Forum: Personal Finance (Not Investing)
Topic: Use HSA money or pay out of pocket?
Replies: 36
Views: 3145

Re: Use HSA money or pay out of pocket?

I was planning on stopping HSA at some point, but on this point, it appears that it might be even better than 401k/tIRA since it's not subject to RMDs. So you might want to max out HSA before you max out 401k/tIRA. Any drawbacks? At the time of your death, if there are any $ left in your HSA accoun...
by lakpr
Sat Jan 06, 2018 7:53 am
Forum: Personal Finance (Not Investing)
Topic: Contribute to 401k or pay off fixed 20yr 7.625% HELOC?
Replies: 21
Views: 1234

Re: Contribute to 401k or pay off 7.625% HELOC?

The interest on the HELOC is no longer tax deductible so it might as well be CC debt at 7%. I'd pay it off. OP said he bought the house with a 80/10/10 mortgage. Therefore this HELOC is acquisition debt and is deductible even under new rules That said, I also agree 7.625% is crazy high rate and is ...
by lakpr
Thu Jan 04, 2018 5:09 pm
Forum: Personal Finance (Not Investing)
Topic: Reducing 2018 Taxes
Replies: 19
Views: 2156

Re: Reducing 2018 Taxes

THank you for the response! I do not really understand the backdoor Roth. So I opened a roth account at vanguard, however, have not done anything with it yet. Other then my 401k through my employer I have no other account. Could you explain? I have tried to read about it however got even more confu...
by lakpr
Thu Jan 04, 2018 1:41 pm
Forum: Personal Finance (Not Investing)
Topic: How to minimize tax paperwork for funding children's Roth IRAs?
Replies: 14
Views: 1288

Re: How to minimize tax paperwork for funding children's Roth IRAs?

Unless you are trying to use the payments to reduce your business income tax.....why not just do 529 accounts instead. Zero paperwork, tax-deferred growth, and tax free if used for higher education...... While I don't disagree with this statement ... the advantages of starting a Roth IRA early is t...
by lakpr
Wed Jan 03, 2018 7:14 pm
Forum: Personal Finance (Not Investing)
Topic: Taxes on Bonus
Replies: 3
Views: 772

Re: Taxes on Bonus

Is there any match on your 401(k) contributions, and is the match done per-paycheck or a true-up at the end of the year? If the match is on a per-paycheck basis, you need to make sure you that contribute enough to get full match on your last paycheck in December. Don't front load your contributions ...
by lakpr
Wed Jan 03, 2018 10:21 am
Forum: Personal Finance (Not Investing)
Topic: Backdoor Roth Conversion Question
Replies: 6
Views: 455

Re: Backdoor Roth Conversion Question

The SEP IRA will interfere with the backdoor Roth conversion plan. Your colleague must roll that SEP IRA into a 401(k) plan for the backdoor Roth to be successful. I would refer your friend to the link below. https://www.kitces.com/blog/how-to-do-a-backdoor-roth-ira-contribution-while-avoiding-the-i...
by lakpr
Fri Dec 29, 2017 8:30 am
Forum: Personal Finance (Not Investing)
Topic: Unique Credit Cards linked to Real Credit Card
Replies: 19
Views: 1154

Re: Unique Credit Cards linked to Real Credit Card

All, Thanks so much for the feedback, I am trying to not be tied to a specific bank, but be able to use whichever CC offers the best rewards for my needs. Also, to answer a previous question, it wouldn't be a one time use CC number, but unique to specific vendors (ie TV, Internet) etc that directly...
by lakpr
Thu Dec 28, 2017 5:02 pm
Forum: Personal Finance (Not Investing)
Topic: Unique Credit Cards linked to Real Credit Card
Replies: 19
Views: 1154

Re: Unique Credit Cards linked to Real Credit Card

What about using a single card for the bill payments ONLY and never use that card anywhere else (not even carry it around)? Sounds old fashioned but I feel like it's a much simpler solution :sharebeer Not sure if that buys you anything. Thieves do not need to have your physical card to make fraudul...
by lakpr
Thu Dec 28, 2017 4:58 pm
Forum: Personal Finance (Not Investing)
Topic: Unique Credit Cards linked to Real Credit Card
Replies: 19
Views: 1154

Re: Unique Credit Cards linked to Real Credit Card

<< Truncated >> Can it be used for variable amounts each month? Thanks VERY much, LadyGeek and lakpr! RM Yes. The charges are allowed from a single vendor until either the expiry date or your preset $ limit are hit, whichever occurs sooner. The View All Active Numbers shows how many $ are remaining...
by lakpr
Thu Dec 28, 2017 4:11 pm
Forum: Personal Finance (Not Investing)
Topic: Unique Credit Cards linked to Real Credit Card
Replies: 19
Views: 1154

Re: Unique Credit Cards linked to Real Credit Card

Welcome! Is this what you're looking for? Google for "one time credit card number". I don't have these credit cards myself, but here are a few examples: - ShopSafe® for Bank of America Online Banking Customers - Citi® Card Benefits - Virtual Account Numbers We need to get these virtual cards activa...
by lakpr
Tue Dec 26, 2017 5:42 pm
Forum: Personal Finance (Not Investing)
Topic: Does it make sense to accelerate paying off mortgage now that I am 57 yrs old?
Replies: 44
Views: 4993

Re: Does it make sense to accelerate paying off mortgage now that I am 57 yrs old?

I like to hang on to my mortgage, also at 3.5%. I called my loan officer recently and he said mortgage rate is a lot higher now. But YMMV, some people like to brag that they have their mortgage paid off. I don't have that deep need. If anything I like to brag that I have 30-year mortgage at 3.5%. B...
by lakpr
Sun Nov 12, 2017 2:03 pm
Forum: Personal Finance (Not Investing)
Topic: What Credit Card is good for me?
Replies: 19
Views: 1612

Re: What Credit Card is good for me?

Not everyone has 100K$ to invest in Merrill Edge investment account. My household incone is approximately $175K and I consider myself middle class, but I dont have that much money that I can transfer.
by lakpr
Sun Nov 12, 2017 11:26 am
Forum: Personal Finance (Not Investing)
Topic: $30K loan for 12 months
Replies: 24
Views: 2023

Re: $30K loan for 12 months

Assuming you have excellent credit, and you don't already have it, I suggest that you apply for the Citi Simplicity card, they are still advertising 0% rate for 21 months on both purchases and balance transfers. Except that the balance transfer has an upfront fee of 3%. Citi will direct-deposit the ...
by lakpr
Sun Nov 12, 2017 8:19 am
Forum: Personal Finance (Not Investing)
Topic: How to make the most of remitting a large sum in foreign currency?
Replies: 5
Views: 507

Re: How to make the most of remitting a large sum in foreign currency?

I found Trans-fast to have the best exchange rates when sending money to India, even better than transfer-wise. The only constraint is that the per transfer limit is $3000 If you can stay within the limits while still managing to pay off your INR liabilities, I would simply set up a periodic transfe...
by lakpr
Sat Nov 11, 2017 9:07 pm
Forum: Personal Finance (Not Investing)
Topic: What Credit Card is good for me?
Replies: 19
Views: 1612

Re: What Credit Card is good for me?

The OP might consider becoming a member of Pentagon Federal Credit Union (anyone can become a member by donating at least $17 to National Military Families Association), and open an "Access America" checking account. Then apply for one or more of their credit cards. The Platinum Rewards Visa gives y...
by lakpr
Wed Nov 08, 2017 10:44 am
Forum: Personal Finance (Not Investing)
Topic: Eye Doctor $30 to get your Rx? Is this normal?
Replies: 78
Views: 6131

Re: Eye Doctor $30 to get your Rx? Is this normal?

It's not 100% clear to me exactly what the $30 charge was for, but if it was for a copy of the prescription, not only should an FTC complaint be made, it should also be reported to the appropriate state licensing board, the state attorney general's office or consumer protection bureau, and to the h...