Search found 104 matches

by llessac15
Wed Aug 09, 2017 6:38 pm
Forum: Personal Finance (Not Investing)
Topic: Beach condo investing
Replies: 32
Views: 4301

Re: Beach condo investing

Thanks for all the replies thus far. Gives me plenty to think about. What I would really want to do is buy an upscale unit (>$1,500,000) at my favorite condo. I would rent it out for most of the year and only stay there a total of 3-4 weekends a year. We could easily see ourselves staying in one of...
by llessac15
Mon Aug 07, 2017 9:04 pm
Forum: Personal Finance (Not Investing)
Topic: Beach condo investing
Replies: 32
Views: 4301

Re: Beach condo investing

Thanks for all the replies thus far. Gives me plenty to think about. What I would really want to do is buy an upscale unit (>$1,500,000) at my favorite condo. I would rent it out for most of the year and only stay there a total of 3-4 weekends a year. We could easily see ourselves staying in one of ...
by llessac15
Wed Aug 02, 2017 9:57 pm
Forum: Personal Finance (Not Investing)
Topic: Beach condo investing
Replies: 32
Views: 4301

Re: Beach condo investing

I bought a crack house duplex rental property 2 years ago. Really...you walked in and the walls were smoke stained from cooking...making drugs. Bought it from $25K....put $14K into a rehab....and did a ton of work ourselves. Turned it into a 35% cash on cash ROI in 8 months.....had $39K into the th...
by llessac15
Wed Aug 02, 2017 9:54 pm
Forum: Personal Finance (Not Investing)
Topic: Beach condo investing
Replies: 32
Views: 4301

Re: Beach condo investing

I guess I'm not looking at it as a better ROI than index investing. I look at it as a way to have a cash-flow vehicle later in life without being fully dependent on my investment accounts. I'm not brave enough to open up a small business or smart enough to create some kind of passive income website....
by llessac15
Wed Aug 02, 2017 9:11 pm
Forum: Personal Finance (Not Investing)
Topic: Beach condo investing
Replies: 32
Views: 4301

Re: Beach condo investing

Why don't you take a part-time job at one of the property management companies that rents out condos in the area so you can learn about your new line of work before you actually start doing it? Since you work in the field of medicine, you should have a good idea of the value of education. That woul...
by llessac15
Wed Aug 02, 2017 8:43 pm
Forum: Personal Finance (Not Investing)
Topic: Beach condo investing
Replies: 32
Views: 4301

Beach condo investing

I live near the Alabama/Florida coastline. The rental market in the area has been red hot lately. I spoke with a long time condo owner down there the other day and he said that his condo has paid for itself every year for the last decade expect for the year the BP oil spill shut down the coastline. ...
by llessac15
Sun Jun 18, 2017 6:28 am
Forum: Personal Finance (Not Investing)
Topic: Example of why this forum is so good
Replies: 19
Views: 3294

Re: Example of why this forum is so good

His quote does not seem like marking timing at all to me. Actually, not following his advice would have been market timing. Because anyone with even a small percentage of stocks at the time would have been way out of balance with their predetermined asset allocation. If you weren't buying stocks at ...
by llessac15
Sat Jun 17, 2017 10:07 pm
Forum: Personal Finance (Not Investing)
Topic: Example of why this forum is so good
Replies: 19
Views: 3294

Example of why this forum is so good

I was reading threads from the 2008-09 crisis and this quote popped up in one from October 2008. Thought it was worth reposting since it likely gave many people large amounts of money with just these few short sentences. Young investors like me would have needed this to encourage us to stay the cour...
by llessac15
Mon May 15, 2017 9:39 pm
Forum: Personal Finance (Not Investing)
Topic: Interested in lake property
Replies: 36
Views: 4246

Re: Interested in lake property

We bought a lot on an 1800 acre lake last year that is only 20 minutes from our primary residence. It already has a boat house and a pier on it. It doesn't have a cabin yet. I bought a pontoon boat since I have very young kids and no need for a ski boat. We enjoy it and am happy with it thus far. I ...
by llessac15
Fri May 05, 2017 11:18 pm
Forum: Personal Finance (Not Investing)
Topic: Physician Retirement Savings
Replies: 277
Views: 45441

Re: Physician Retirement Savings

OP here. The post has turned out to be more than I would have ever thought. I have enjoyed reading most of the posts. People have asked a few times now if I will change anything based on the answers I have received. I will say that this post has made me realize that my income is very high, but my cu...
by llessac15
Mon Mar 13, 2017 10:27 pm
Forum: Investing - Theory, News & General
Topic: Sitting on cash....Waiting for a crash
Replies: 129
Views: 19244

Re: Sitting on cash....Waiting for a crash

It sounds to me that you are keeping what you have and are thinking about a "dry powder" strategy of having cash available for market dips. That is not irrational. If you are waiting for a crash, you might be waiting for a long time You are correct with the "dry powder" comment....
by llessac15
Thu Mar 09, 2017 6:45 pm
Forum: Investing - Theory, News & General
Topic: Sitting on cash....Waiting for a crash
Replies: 129
Views: 19244

Re: Sitting on cash....Waiting for a crash

OP here. Thanks for all the replies. I love reading these threads. I sit here imagining all of you as these bearded bald guys smoking a pipe and wearing a cardigan just waiting to thump your wisdom upon us youngsters. Sorry to all the ladies on here, I don't have a good image of what you look like. ...
by llessac15
Wed Mar 08, 2017 11:24 pm
Forum: Investing - Theory, News & General
Topic: Sitting on cash....Waiting for a crash
Replies: 129
Views: 19244

Sitting on cash....Waiting for a crash

Is there any Bogleheads out there that has decided to hold onto cash right now since valuations are so high and interest rates are so low? I know that the 'Bogle' answer is to stay the course and just keep eating my allocation plan for breakfast. But it just feels so foolish right now to put money i...
by llessac15
Sat Feb 04, 2017 7:35 am
Forum: Personal Consumer Issues
Topic: Spring break trip ideas, mid-March, family of 5 (3 teen/tweens)
Replies: 23
Views: 2394

Re: Spring break trip ideas, mid-March, family of 5 (3 teen/tweens)

Seaside, FL. It's a beachside tiny town that has everything you need within walking/biking distance. Grocery, beach, restaurants, big heated pool, tennis, shopping, etc... The Truman Show was filmed there. It will be chilly for a beach trip, but going to Seaside is not just about going to the beach....
by llessac15
Sun Jan 22, 2017 9:40 am
Forum: Investing - Theory, News & General
Topic: Cash flow for financial independence
Replies: 18
Views: 2264

Re: Cash flow for financial independence

OP here. Thanks for all the replies thus far. Let me add to my post above that I did contact him a few months ago about my financial situation asking for his advice on what approach I should take to FI. He stated that since I have such a high income as a physician, he would recommend that I just liv...
by llessac15
Sun Jan 22, 2017 5:40 am
Forum: Investing - Theory, News & General
Topic: Cash flow for financial independence
Replies: 18
Views: 2264

Cash flow for financial independence

I've recently be going through a financial course put together by an internet financial coach (Todd Tresidder, m). He's teaches things a little differently than standard financial advice. He believes the 'spend less, save more' philosophy is reliable but ultra-inefficient. Dumping money into paper a...
by llessac15
Mon May 16, 2016 10:05 pm
Forum: Personal Finance (Not Investing)
Topic: Physician Retirement Savings
Replies: 277
Views: 45441

Re: Physician Retirement Savings

Care to share exactly how do you everyone's financial situation. I'm known in my group as a financial guru but would never ask or want to know these kids of details. We're a fairly open group. I've learned a lot about them just through random conversations. You'll be surprised what people will disc...
by llessac15
Mon May 16, 2016 9:23 pm
Forum: Personal Finance (Not Investing)
Topic: Physician Retirement Savings
Replies: 277
Views: 45441

Re: Physician Retirement Savings

Within my own group, we have a variety of finance/spending habits. It's kind of like "A Tale of 5 Docs": It was the best of times. It was the worst times. ------- Doc 1: 36 yo. Boglehead follower. High earner (>$800,000). Investment accounts at $660,000 in all index funds. Goal is to inves...
by llessac15
Sun May 15, 2016 7:19 am
Forum: Personal Finance (Not Investing)
Topic: Physician Retirement Savings
Replies: 277
Views: 45441

Re: Physician Retirement Savings

You can make an little Excel calculator to study this problem. Set variables (starting wage, annual raise%, savings rate, market appreciation) and run scenarios. I assumed 5% annual raise and 7% savings appreciation and found that your total savings should be *roughly* equal to your years worked mu...
by llessac15
Sat May 14, 2016 2:54 pm
Forum: Personal Finance (Not Investing)
Topic: Physician Retirement Savings
Replies: 277
Views: 45441

Re: Physician Retirement Savings

In response to the questions about health care costs for ER, I have been working with our group's benefits provider to offer a HDHP starting next year so that I can open a HSA. I plan to contribute to it for the next 10-15 years if able and use this account to pay my health insurance premiums until ...
by llessac15
Sat May 14, 2016 12:51 pm
Forum: Personal Finance (Not Investing)
Topic: Physician Retirement Savings
Replies: 277
Views: 45441

Re: Physician Retirement Savings

I think the belief that physicians think their income is different than anyone else's income at the same level is incorrect. The purpose of my original post being directed mainly at physicians is two-fold. #1: That's my profession so it just seemed appropriate to target that group. #2 Everyone knows...
by llessac15
Fri May 13, 2016 9:41 pm
Forum: Personal Finance (Not Investing)
Topic: Physician Retirement Savings
Replies: 277
Views: 45441

Re: Physician Retirement Savings

OP you are off to a good start. Just keep at it. I will pose (as a physician) a question more IMPORTANT then hitting your number and that is what will you do when you hit the number at such an early age? Your kids will be in school full time and young enough you can't just leave them at home and fl...
by llessac15
Thu May 12, 2016 3:41 am
Forum: Personal Finance (Not Investing)
Topic: Physician Retirement Savings
Replies: 277
Views: 45441

Re: Physician Retirement Savings

Baseballmom94, I paid off my student loans my first year in private practice 3 years ago. I agree with you and your husband. I don't see how all of my fellow physicians have all the stuff (especially vacation homes) they do and still have money set aside for retirement. Even within our income range,...
by llessac15
Thu May 12, 2016 2:34 am
Forum: Personal Finance (Not Investing)
Topic: Physician Retirement Savings
Replies: 277
Views: 45441

Re: Physician Retirement Savings

Also net worth can be a lot different than just retirement savings. With that high of an income you max out your traditional retirement accounts pretty quickly. Is a taxable brokerage account still retirement money in your book? Unfortunately I'm not high income enough to qualify for your survey Ye...
by llessac15
Wed May 11, 2016 10:24 pm
Forum: Personal Finance (Not Investing)
Topic: Physician Retirement Savings
Replies: 277
Views: 45441

Physician Retirement Savings

It's hard to find reliable information on physician's average retirement savings. The quoted average salary I see on surveys such as Medscape is much less than what I see in my region of the US (Southeast), particularly for specialists. Given that, I do not trust the quoted average retirement saving...
by llessac15
Fri Apr 29, 2016 10:50 pm
Forum: Personal Finance (Not Investing)
Topic: Stem Cell Donation
Replies: 4
Views: 648

Re: Stem Cell Donation

Being a Heme/Onc doc, I can chime in on question #2. Granted, it's been 3 years since I was involved with stem cell transplants. Since you are doing a peripheral blood donation and not a bone marrow donation, you will need very little recovery time. It's almost no worse than donating blood. You will...
by llessac15
Wed Apr 27, 2016 11:15 pm
Forum: Investing - Help with Personal Investments
Topic: Investing after tax dollars
Replies: 5
Views: 828

Re: Investing after tax dollars

With all respect intended, I would highly recommend improving your financial IQ. If you've had all your savings in a money market account since 2008 and you're considering using a dividend fund and a REIT fund for tax-efficient investing, you haven't truly jumped on the Boglehead philosophy. Speakin...
by llessac15
Wed Apr 20, 2016 7:14 am
Forum: Personal Finance (Not Investing)
Topic: 529's for each child
Replies: 12
Views: 1475

Re: 529's for each child

Good point. I didn't think about the glide path of the investments.
by llessac15
Wed Apr 20, 2016 6:51 am
Forum: Personal Finance (Not Investing)
Topic: 529's for each child
Replies: 12
Views: 1475

529's for each child

Since a 529 account can be transferred to any immediate family member, is there any reason to contribute to separate 529 account for each child? I would think you could just have one large 529 in the oldest child's name and then transfer money to the other children once they reach college age. This ...
by llessac15
Fri Mar 18, 2016 10:46 pm
Forum: Personal Finance (Not Investing)
Topic: Pro-rata rule on mega backdoor Roth conversions
Replies: 2
Views: 532

Pro-rata rule on mega backdoor Roth conversions

Instead of spending hours researching this online, I wanted to see if someone on here could provide guidance about pro-rata treatment of Roth conversions on non-deductible contributions to my 401k. I just read this article by Kitces and it raised some questions for me. m I have the ability in my 401...
by llessac15
Wed Mar 09, 2016 1:19 am
Forum: Investing - Help with Personal Investments
Topic: After-tax 401K contributions
Replies: 6
Views: 990

Re: After-tax 401K contributions

Do you know for a fact that you have access to a plan that permits after-tax (non-Roth) contributions? Not all plans offer this feature. If you do, does it allow for in-service withdrawals? This is the second key component to doing a Mega Back-door Roth. Some plans only allow in-service withdrawals...
by llessac15
Tue Mar 08, 2016 10:33 pm
Forum: Investing - Help with Personal Investments
Topic: After-tax 401K contributions
Replies: 6
Views: 990

Re: After-tax 401K contributions

Thanks for the replies. I'll learn more about "mega-back door Roth's".
by llessac15
Tue Mar 08, 2016 2:33 pm
Forum: Investing - Help with Personal Investments
Topic: After-tax 401K contributions
Replies: 6
Views: 990

After-tax 401K contributions

Reading the recent Forbes magazine, I came across a brief discussion of after-tax 401k contributions. It was focused more on the benefit of a conversion to a Roth upon a distribution from the 401k. However, it got me thinking about my own 401k. I currently max out my tax-deferred component of my 401...
by llessac15
Fri Jan 15, 2016 3:45 am
Forum: Personal Finance (Not Investing)
Topic: Tax Loss Harvesting
Replies: 2
Views: 426

Tax Loss Harvesting

I am trying to get my head around tax-loss harvesting for my taxable account. From the reading I've done, it appears that the only way it really helps my investments is if I take the money saved at tax time and reinvest it back into the account. Correct? Otherwise, if I don't reinvest the money, say...
by llessac15
Sun Apr 19, 2015 2:31 pm
Forum: Investing - Theory, News & General
Topic: The Better Money Method
Replies: 2
Views: 1148

Re: The Better Money Method

Thanks. IUL's seem questionable. I might give the book a try to see if it's any good though.
by llessac15
Sun Apr 19, 2015 10:14 am
Forum: Investing - Theory, News & General
Topic: The Better Money Method
Replies: 2
Views: 1148

The Better Money Method

I was given a book by a patient called 'The Better Money Method' by Terry Laxton. He seemed quite hyped about it. From a 5 minute overview of the book, it seems to trash 401k's and be a big fan of IUL's. Anyone read this and have any insight on the book? I don't want to spend 4-5 hours of my time re...
by llessac15
Fri Apr 17, 2015 4:34 am
Forum: Investing - Help with Personal Investments
Topic: Taxes on a Muni Bond Fund
Replies: 7
Views: 1475

Re: Taxes on a Muni Bond Fund

Thanks for the explanation. That helps.
by llessac15
Thu Apr 16, 2015 2:51 pm
Forum: Investing - Help with Personal Investments
Topic: Taxes on a Muni Bond Fund
Replies: 7
Views: 1475

Re: Taxes on a Muni Bond Fund

I guess 'tax-exempt' only furthers to interest only. I wasn't aware of that. I thought everything was tax-exempt. Thanks!
by llessac15
Thu Apr 16, 2015 4:44 am
Forum: Investing - Help with Personal Investments
Topic: Taxes on a Muni Bond Fund
Replies: 7
Views: 1475

Taxes on a Muni Bond Fund

I have about $20,000 invested in VWITX (Vanguard Intermediate Tax-Exempt Bond Fund). All of that money has been invested over the last year, so none of it has been in there for more than a year yet. It is in my taxable brokerage account of course. My question: If I withdraw the $20,000 now to pay fo...
by llessac15
Mon Dec 29, 2014 6:54 am
Forum: Investing - Help with Personal Investments
Topic: Simple question on tax loss harvesting
Replies: 28
Views: 2031

Simple question on tax loss harvesting

This is my first year with a taxable investment account and it's through Vanguard. I have the VTIAX (Total International Stock) fund and have lost $1038 this year. To tax loss harvest, do I just sell it and then re-buy it in 30 or more days? Come tax time, will Vanguard show this sale on a 1099 form...
by llessac15
Sat Nov 01, 2014 9:47 pm
Forum: Personal Finance (Not Investing)
Topic: Career Advice for an Unhappy Young Doctor?
Replies: 118
Views: 18861

Re: Career Advice for an Unhappy Young Doctor?

I can relate somewhat. I am in my second year as a new private practice sub specialist and I am not very happy with what I do. To help with my sanity, I am looking at each day as a business venture. I didn't go in to medicine with this mentality. It developed over the past 2 years. I think that if I...
by llessac15
Tue Aug 26, 2014 5:50 am
Forum: Personal Finance (Not Investing)
Topic: Taxes on Roth conversion at retirement
Replies: 15
Views: 1067

Re: Taxes on Roth conversion at retirement

"You pay taxes as if you withdrew the entire amount converted"

This is the thing I wasn't realizing. Thanks again.
by llessac15
Tue Aug 26, 2014 5:37 am
Forum: Personal Finance (Not Investing)
Topic: Taxes on Roth conversion at retirement
Replies: 15
Views: 1067

Re: Taxes on Roth conversion at retirement

That makes sense now. Thanks for the replies.
by llessac15
Tue Aug 26, 2014 5:31 am
Forum: Personal Finance (Not Investing)
Topic: Taxes on Roth conversion at retirement
Replies: 15
Views: 1067

Re: Taxes on Roth conversion at retirement

The conversion amount would be considered taxable income as well? Even though you're not doing anything with it but moving it to a Roth IRA? So if you convert a $3 million 401k to a Roth, that $3 million is considered your income for that year and you would have to pay the top tax rates on it?
by llessac15
Tue Aug 26, 2014 5:21 am
Forum: Personal Finance (Not Investing)
Topic: Taxes on Roth conversion at retirement
Replies: 15
Views: 1067

Taxes on Roth conversion at retirement

Let me start by saying I am an idiot when it comes to tax laws. Also, before someone makes a comment about looking up the answer myself like has happened before on here, I spent the last 30 minutes trying to find the answer via a Goggle search with no success. So, here's my question: If I were to bu...
by llessac15
Sun Aug 17, 2014 3:27 pm
Forum: Personal Finance (Not Investing)
Topic: Safety of Finance Apps
Replies: 13
Views: 1150

Safety of Finance Apps

I recently downloaded and registered the app called 'Personal Capital'. It's really cool because it links all of my retirement accounts together. I can open the app and have a summary of my 401k, both Roth's, and my personal taxable account all lumped together. My concern is about it's safety. That'...
by llessac15
Thu Aug 07, 2014 8:23 pm
Forum: Personal Finance (Not Investing)
Topic: Medicaid Deferred Compesation Plans
Replies: 0
Views: 337

Medicaid Deferred Compesation Plans

Does anyone know which states other than AR and MS that offer a deferred compensation plan for any person that recieves compensation from Medicaid? They function as a 457b account. That's a sweet option for physicians, dentists, etc...

Arkansas - https://myplan.ingplans.com/eportal/welcome.do

Mississppi - https://mdcplan.gwrs.com/login.do
by llessac15
Thu Aug 07, 2014 8:06 pm
Forum: Investing - Help with Personal Investments
Topic: Lifestrategy fund vs. slice-and-dice in 401k
Replies: 8
Views: 848

Re: Lifestrategy fund vs. slice-and-dice in 401k

Thanks for the replies. The 401k isn't my only investment account. But, it's the only account I view as my retirement account. It should be all I need to live on in retirement. The other accounts are 2 Roth's and a taxable. I plan to use these to one day buy a beach house with (my wife's and my drea...
by llessac15
Thu Aug 07, 2014 3:02 pm
Forum: Investing - Help with Personal Investments
Topic: Lifestrategy fund vs. slice-and-dice in 401k
Replies: 8
Views: 848

Lifestrategy fund vs. slice-and-dice in 401k

Age: 34 Amount in 401k: $148,000 Yearly contributions: $27,000 Current asset allocation: 40% TSM, 20% TISM, 20% TBM, 10% REIT, 10% Small Cap Allocation goal: 80% stocks/20% bonds (I like being aggressive) I am considering just quiting the slice-and-dice method and putting everything in the Vanguard ...