Search found 231 matches

by lakpr
Thu Jan 18, 2018 10:01 pm
Forum: Personal Finance (Not Investing)
Topic: Cash Back or 0% Financing
Replies: 4
Views: 405

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: 12
Views: 1208

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: 12
Views: 1208

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: 12
Views: 1208

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: 2849

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: 1130

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: 1978

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: 1207

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: 719

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: 419

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: 1011

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: 1011

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: 1011

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: 1011

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: 4804

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: 1453

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: 1879

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: 470

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: 1453

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: 5837

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...
by lakpr
Sat Nov 04, 2017 7:14 am
Forum: Personal Finance (Not Investing)
Topic: How to Tax Gain Harvest My Taxable Account
Replies: 23
Views: 2287

Re: How to Tax Gain Harvest My Taxable Account

If the OP is in the 15% tax bracket now and has 20 grand space before crossing over to the next bracket, perhaps converting some of the traditional IRA to Roth IRA gives a better bang for the buck?
by lakpr
Wed Oct 18, 2017 5:27 pm
Forum: Personal Finance (Not Investing)
Topic: Personal Finance for retirement
Replies: 15
Views: 1460

Re: Personal Finance for retirement

Do you mean when you withdraw the money from 401k account at retirement? Yes of course, but you would've to pay Uncle Sam either at the time of contribution or at the time of withdrawal. You do realize that you are paying taxes on the money you are not contributing to 401k now, don't you? If you are...
by lakpr
Wed Oct 18, 2017 5:14 pm
Forum: Personal Finance (Not Investing)
Topic: Personal Finance for retirement
Replies: 15
Views: 1460

Re: Personal Finance for retirement

I just started a 401k. I get a 3% match. I just dont want to run short. Can you triple your monthly contribution to 401k plan? That would make you max out the annual pretax limit of 18K per year. And using the same assumptions as before, you should have $33K per year (in 2017 dollars). For a single...
by lakpr
Wed Oct 18, 2017 4:14 pm
Forum: Personal Finance (Not Investing)
Topic: Personal Finance for retirement
Replies: 15
Views: 1460

Re: Personal Finance for retirement

Do you not plan to marry in the future, have kids? Do you plan to lead a single life until the age of 63? Do you know what are your monthly or yearly expenses? That's the first thing you must determine if you want to answer the question of whether this proposed nest egg is sufficient for you to reti...
by lakpr
Wed Oct 18, 2017 10:53 am
Forum: Personal Finance (Not Investing)
Topic: What's Your Credit Card Rewards Strategy?
Replies: 2390
Views: 441007

Re: What's Your Credit Card Rewards Strategy?

I need help figuring out if I should ask Fidelity to lower my credit limit. I applied for their 2% cash back card about 2 weeks ago, and the approval finally came through and it's for $50k. I have no need for that high a limit, and am s bit concerned that it'd lock up my credit and mess with me get...
by lakpr
Tue Oct 17, 2017 6:41 pm
Forum: Personal Finance (Not Investing)
Topic: Is it worth applying for Credit Limit Increase?
Replies: 21
Views: 1452

Re: Is it worth applying for Credit Limit Increase?

I make barely 150K and my credit limit on Chase Sapphire Reserve is 30K. But then I have 28 year history with over 800 credit score. No intention of bragging, just providing you a datapoint. Of course, I ran more than 40K expenses through that card in the past year. Used it for EVERYTHING. Edited to...
by lakpr
Sat Oct 14, 2017 7:33 pm
Forum: Personal Finance (Not Investing)
Topic: Selling Tradelines
Replies: 37
Views: 2566

Re: Selling Tradelines

Credit scores are an attempt to identify problem consumers and potential employees, which is why I have a problem with increasing credit scores with this method. When you reduce the worth of a human being to a mere three digit number, the said human being has every right to increase self worth usin...
by lakpr
Sat Oct 14, 2017 5:34 pm
Forum: Personal Consumer Issues
Topic: Need Embassy Row Map in PDF
Replies: 7
Views: 1154

Re: Need Embassy Row Map in PDF

I have "CutePDF Writer" installed on my laptop. For this question, I simply went to Google Maps and searched for Embassy Row Washington DC, and on the resulting map right-clicked and "print"ed to CutePDF as the printer. Voila, a PDF file. CutePDF writer is free to download and use, been using it for...
by lakpr
Sat Oct 14, 2017 7:24 am
Forum: Personal Finance (Not Investing)
Topic: What's Your Credit Card Rewards Strategy?
Replies: 2390
Views: 441007

Re: What's Your Credit Card Rewards Strategy?

beehappy, My understanding is that, Yes authorized users are affected by 5/24 rule. But only if the tradelines are actually opened in the last two years by the primary user. If you make your spouse an authorized user on a card that you opened in 2011, say, that tradeline doesn't seem to count There ...
by lakpr
Thu Oct 12, 2017 9:25 pm
Forum: Personal Finance (Not Investing)
Topic: What's Your Credit Card Rewards Strategy?
Replies: 2390
Views: 441007

Re: What's Your Credit Card Rewards Strategy?

As a credit-card addict on a 5/24 parole, I clicked on your link full of hope. Alas, there was nothing in for me. For unconscionable reasons, the nearest Chase branch is hundreds of miles away from D.C. New York is a mere 4 hours train ride away, for a lady who hiked 800 km over 40 days, surely 4 h...
by lakpr
Tue Oct 10, 2017 5:25 pm
Forum: Personal Finance (Not Investing)
Topic: [Boglehead vs Mr Money Mustache philosophies]
Replies: 203
Views: 16283

Re: [Boglehead vs Mr Money Mustache philosophies]

Folks, So, where does my philosophy falls in the spectrum of Boglehead versus MMM? 1) Save 1/3, spend 1/3, pay 1/3 in tax. Aka, save one year of expense every year and spend the rest. You will reach your number in 20+ years even with 0% real return. 2) Focus on the big items: House, college educati...
by lakpr
Mon Jul 31, 2017 4:40 pm
Forum: Personal Finance (Not Investing)
Topic: Best credit card options??
Replies: 18
Views: 2547

Re: Best credit card options??

Just tried to sign up for Penfed Visa; looks like the 5% cash back for gas is out for "most" new members. They are down to 1.5% cash back, same as my Capital One Quicksilver card The Penfed Platinum Rewards Visa card is still available, and can be a close-enough approximation to the discontinued 5%...
by lakpr
Sat Jul 22, 2017 5:33 am
Forum: Personal Finance (Not Investing)
Topic: My risk tolerance suddenly went down
Replies: 33
Views: 5948

Re: My risk tolerance suddenly went down

Duplicate post, edited out
by lakpr
Sat Jul 22, 2017 5:31 am
Forum: Personal Finance (Not Investing)
Topic: My risk tolerance suddenly went down
Replies: 33
Views: 5948

Re: My risk tolerance suddenly went down

Duplicate post
by lakpr
Sat Jul 22, 2017 5:31 am
Forum: Personal Finance (Not Investing)
Topic: My risk tolerance suddenly went down
Replies: 33
Views: 5948

Re: My risk tolerance suddenly went down

Yes your IRA contribution can be deductible if maxing out 401(k) would put your MAGI below certain thresholds. See this link https://www.irs.gov/retirement-plans/plan-participant-employee/2016-ira-contribution-and-deduction-limits-effect-of-modified-agi-on-deductible-contributions-if-you-are-covered...
by lakpr
Fri Jul 07, 2017 6:31 pm
Forum: Personal Finance (Not Investing)
Topic: A good VISA card for Gas & Groceries?
Replies: 66
Views: 4807

Re: A good VISA card for Gas & Groceries?

Penfed Platinum rewards Visa card offers 5% on gas, 3% on groceries and 1% on everything else. These are offered as points, not straight up cash back. The points are worth .85 cents each. So this card turns out to be 4.2% cash back on gas, 2.4% on groceries and .85% on everything else. You can redee...
by lakpr
Fri Jun 30, 2017 5:48 pm
Forum: Personal Finance (Not Investing)
Topic: Those who max 401k
Replies: 55
Views: 7953

Re: Those who max 401k

My employer matches $ for $ for the first 3% and 50cents per $ for the next 4%. But the match is offered as a true up match the next year February around the same time as when bonuses are paid. So there is no advantage to stringing out the contributions or frontloading or backloading the contributio...
by lakpr
Fri Jun 30, 2017 5:35 pm
Forum: Personal Finance (Not Investing)
Topic: How to change banking and credit card periods to end of month?
Replies: 12
Views: 1103

Re: How to change banking and credit card periods to end of month?

Chase does this on request. I get paid biweekly, so I set the Statement cutoff date to 15th of every month. CARDA requires that the borrower be given at least 25 days from Statement Cutoff date, so I know the due date falls around 10th of next month. I setup minimum due from my checking account on 2...
by lakpr
Thu Jun 15, 2017 7:34 pm
Forum: Personal Finance (Not Investing)
Topic: Rewards Credit Cards for Large Purchases
Replies: 19
Views: 2198

Re: Rewards Credit Cards for Large Purchases

You do not need to unauthorize yourself from each other's credit cards. You can transfer Chase UR points from one card to another easily. I do this, earn points on my Freedom Unlimited card and transfer them to my Sapphire Reserve card for their higher conversion rate when redeeming for travel. You ...
by lakpr
Sat Jun 03, 2017 11:22 am
Forum: Personal Finance (Not Investing)
Topic: Auto Insurance - Way higher rate than our friends??? Advice
Replies: 19
Views: 1808

Re: Auto Insurance - Way higher rate than our friends??? Advice

Defscott, You are exactly the person the insurance companies want to milk. They have concluded that you are highly unlikely to move to other insurance companies even if they raise your rates (and correctly). So they jack up your insurance rates with impunity. Now the ball is in your court. Are you d...
by lakpr
Sun May 28, 2017 5:55 am
Forum: Personal Finance (Not Investing)
Topic: High School Graduation Gifts
Replies: 21
Views: 2638

Re: High School Graduation Gifts

BestBuy gift cards in $25 denominations
by lakpr
Wed May 24, 2017 11:55 am
Forum: Personal Finance (Not Investing)
Topic: What's Your Credit Card Rewards Strategy?
Replies: 2390
Views: 441007

Re: What's Your Credit Card Rewards Strategy?

I have a large purchase coming up ($10,000 +) ...... Would you recommend something else? ....... My score is about 815. I recommend Chase Sapphire Preferred or Chase Sapphire Reserve cards assuming you don't already have them and you don't have more than 5 new cards in the past 24 months Both give ...
by lakpr
Fri May 19, 2017 7:56 pm
Forum: Personal Finance (Not Investing)
Topic: Variable Compensation and 401k Match
Replies: 7
Views: 808

Re: Variable Compensation and 401k Match

My company allows us to contribute specific $ amount per paycheck. So we subtract the yearly amount needed to get max match assuming no bonus from $18K and adjust the amount prior to and after the bonus check pay period.
by lakpr
Fri May 12, 2017 9:35 pm
Forum: Personal Finance (Not Investing)
Topic: Unexpected Early Delivery of Child - How best to adjust Insurance/Benefits?
Replies: 8
Views: 1420

Re: Unexpected Early Delivery of Child - How best to adjust Insurance/Benefits?

Congratulations on becoming a father! - Can the insurance through your employer for your spouse be increased beyond 25,000? That's awful low. I'd shoot for at least 250,000. - Get at least a thirty year level premium term insurance for both yourself and your wife outside of your employer. Do it soon...
by lakpr
Thu May 11, 2017 6:46 pm
Forum: Personal Finance (Not Investing)
Topic: Can you suggest a mortgage lender who does not resell
Replies: 67
Views: 5764

Re: Can you suggest a mortgage lender who does not resell

DCU, aka Digital Federal Credit Union, originates and services the mortgage loans for the life of the loans. Excellent customer service. I had them for the mortgage on my first house where I lived for 8 years before I sold it. You can become a member of the credit union through donating $25 or so to...
by lakpr
Tue May 09, 2017 5:15 pm
Forum: Personal Finance (Not Investing)
Topic: How should I refinance my resident home?
Replies: 23
Views: 1522

Re: How should I refinance my resident home?

I agree with your wife's point of view. Keep it simple, refinance everything into the 15 year mortgage. My philosophy: Do not take risks with the roof over your head, do not view it as an investment, try to be mortgage free as soon as fiscally prudent and feasible.
by lakpr
Sun May 07, 2017 6:10 pm
Forum: Personal Finance (Not Investing)
Topic: Auto Insurance - When do you drop collision insurance?
Replies: 7
Views: 1252

Re: Auto Insurance - When do you drop collision insurance?

Geico in PA offers $2500 deductible on collision and comprehensive. That is my choice. It helps if you have an $1800 loss that gooses your rates for several years if reported. Just because you do not make an insurance claim does not mean that the loss will not be reported to the insurers. There is ...
by lakpr
Sun May 07, 2017 3:44 pm
Forum: Personal Finance (Not Investing)
Topic: Most Common Financial Mistakes
Replies: 108
Views: 15883

Re: Most Common Financial Mistakes

The following (in no particular order) are mistakes to avoid: Shopping at highbrow stores like Ethan Allen, Whole Foods, etc. Daycares Private schools College funds Purchasing nonfunctional fad vehicles such as Tesla Swimming pools International travel Mild disagreements here. Daycare: unavoidable ...
by lakpr
Sat May 06, 2017 11:15 am
Forum: Personal Finance (Not Investing)
Topic: Federal job, "military time buyback" for pension
Replies: 22
Views: 2408

Re: Federal job, "military time buyback" for pension

We did something very similar for my wife in NJ. She's a teacher, who quit her job to take care of kids when they were born, and re-entered the teaching profession after a gap of 4.5 years. We were forced to cash out the accumulated pension benefit after 3 years of absence from the profession ... an...
by lakpr
Sat May 06, 2017 10:41 am
Forum: Personal Finance (Not Investing)
Topic: How to get out of a apartment renter lease? They want $3,600
Replies: 40
Views: 3793

Re: How to get out of a apartment renter lease? They want $3,600

In your other post you said you were buying a house, and presumably that's the reason why you are breaking your lease. From what I know, the landlord can keep your security deposit and one month's rent. According to New Jersey law, the landlord should make good faith efforts to re-rent the unit with...