Search found 303 matches
- Fri Nov 17, 2023 7:49 pm
- Forum: Personal Finance (Not Investing)
- Topic: Seeking advice regarding Adult child WFH Job and Finances
- Replies: 101
- Views: 8974
Re: Seeking advice regarding Adult child WFH Job and Finances
I'd venture to say that >90% of 20 something males that want to live at home with their parents are suffering from a medical condition and very few people would consider them to be well adjusted adults. It could be a chicken/egg situation so I can't say if it's a cause or a symptom. But very few young adult males are doing this for the reasons to get themselves in a good financial position and suffer for it in the long run. This does not include the young males that are living at home because of a difficult situation, are not happy about it and doing everything they can to move out. Wow, all I can say to that. Honestly don’t know how to respond to this. It has to be bait. Maybe the language was harsh, but you disagree with "very few y...
- Tue Nov 14, 2023 9:01 am
- Forum: Personal Finance (Not Investing)
- Topic: Seeking advice regarding Adult child WFH Job and Finances
- Replies: 101
- Views: 8974
Re: Seeking advice regarding Adult child WFH Job and Finances
You’re very fortunate that your daughter found a good job in your city, and that she’s interested in living with you a bit longer. Sure, she’s fortunate to have thoughtful and welcoming parents, too. I really don’t see why either of those things should be twisted into negatives the way some do, but I guess I have a different idea of parenting than some. That’s fine. What I’d do in this situation is put together a hypothetical budget and work with her on a goal of routing her savings on rent, food, utilities into a savings plan. Ideally her budget would have realistic retirement savings separate from rent (rather than using rent savings to fund retirement). That way when she moves out she’ll have built up a healthy fund but will also have a...
- Mon Nov 13, 2023 6:55 pm
- Forum: Personal Finance (Not Investing)
- Topic: Seeking advice regarding Adult child WFH Job and Finances
- Replies: 101
- Views: 8974
Re: Seeking advice regarding Adult child WFH Job and Finances
We have absolutely communicated our expectations to her and she is in agreement. I wanted to seek counsel on the "accountability and execution" aspect of the plan.tyrion wrote: ↑Mon Nov 13, 2023 6:29 pm Why don't you just tell her more or less what you've written here?
"We are happy to have you living at home, but we want to make sure you're being smart with your money and not getting used to a lifestyle that won't be sustainable once you have rent or a mortgage to pay."
She has a masters degree and a job.
Most of the insurance will take care of itself as she transitions to the new job. Medical, dental, etc.
Price car insurance with/without her then decide how you want to handle it - either she reimburses you or goes and finds her own.
- Mon Nov 13, 2023 6:55 pm
- Forum: Personal Finance (Not Investing)
- Topic: Seeking advice regarding Adult child WFH Job and Finances
- Replies: 101
- Views: 8974
Re: Seeking advice regarding Adult child WFH Job and Finances
We have absolutely communicated our expectations to her and she is in agreement. I wanted to seek counsel on the "accountability and execution" aspect of the plan.tyrion wrote: ↑Mon Nov 13, 2023 6:29 pm Why don't you just tell her more or less what you've written here?
"We are happy to have you living at home, but we want to make sure you're being smart with your money and not getting used to a lifestyle that won't be sustainable once you have rent or a mortgage to pay."
She has a masters degree and a job.
Most of the insurance will take care of itself as she transitions to the new job. Medical, dental, etc.
Price car insurance with/without her then decide how you want to handle it - either she reimburses you or goes and finds her own.
- Mon Nov 13, 2023 6:52 pm
- Forum: Personal Finance (Not Investing)
- Topic: Seeking advice regarding Adult child WFH Job and Finances
- Replies: 101
- Views: 8974
Re: Seeking advice regarding Adult child WFH Job and Finances
I wouldn't charge her rent if she agrees to: 1) Contribute yearly to her 401K at work to get the max employer's match, 2) Contribute yearly the max amount to her Roth. Invest the money in Steps 1 and 2 in no-load index funds. 3) Agressively pay off her loans (student, consumers, etc.) 4) Set aside money for emergencies and a future home down payment when Step 3 is complete. TravelforFun This can be a good way to hold her accountable to savings. The main idea behind her moving back home is to build emergency funds, jump start on retirement and other savings. We (parents) do not mind giving this flexibility to our children as long as they demonstrate the discipline and it is for short-term. She has a plan of becoming independent in a year or...
- Mon Nov 13, 2023 1:30 pm
- Forum: Personal Finance (Not Investing)
- Topic: Seeking advice regarding Adult child WFH Job and Finances
- Replies: 101
- Views: 8974
Re: Seeking advice regarding Adult child WFH Job and Finances
Yes we did pay for all college and living expenses and she is graduating debt free. We are perfectly happy with her living rent free. Our only intent is for her to not treat her entire income as "discretionary" and have a false sense of security.retired@50 wrote: ↑Mon Nov 13, 2023 1:06 pm Did you pay for college and living expenses while DD was in school?
If so, then now's the time to welcome DD to the real world.
I may hold an unpopular "tough love" viewpoint, but I think charging rent will teach the needed discipline in a hurry. As for all other expenses, they belong to her. Car insurance, cell phone, healthcare, etc.
Regards,
- Mon Nov 13, 2023 12:54 pm
- Forum: Personal Finance (Not Investing)
- Topic: Seeking advice regarding Adult child WFH Job and Finances
- Replies: 101
- Views: 8974
Seeking advice regarding Adult child WFH Job and Finances
Our DD is graduating this December with her masters and has accepted a position at a local company with a salary of almost 6 figures. The position is remote/hybrid. She is currently living on campus at the college and will move back home in late December and will work from home. FYI - DD does not have a "savers" psychology but still is aware and learning about budgeting. I am seeking advice / hear experiences from fellow BHs regarding the following 1. How did you transition the expenses that you pay for the child currently - especially medical, car insurance, dental, vision, etc. 2. What type of contribution do you expect the adult child to make to the household as a part of living at home? 3. Did you enforce any mandate of saving...
- Thu Sep 07, 2023 2:55 pm
- Forum: Personal Finance (Not Investing)
- Topic: Random Estate Planning questions
- Replies: 46
- Views: 4442
Re: Random Estate Planning questions
What are the alternative options for trustees if not a family member? How does one go about choosing them? We ended up selecting Members Trust as our successor trustee. They were created by credit unions but provide services to anyone. I've found them to be very responsive to inquiries and their educational information is helpful. Here is a presentation provided recently by their West Coast fiduciary on estate planning basics. https://www.youtube.com/watch?v=emqB5FVQmsU She hit on a number of key points that are often overlooked by estate planning attorneys who specialize in boilerplate documents. Case in point, the tax consequences of naming a trust as the beneficiary of retirement account distributions. Did you happen to have young adult...
- Wed Sep 06, 2023 2:42 pm
- Forum: Personal Finance (Not Investing)
- Topic: Random Estate Planning questions
- Replies: 46
- Views: 4442
Re: Random Estate Planning questions
As Bsteiner indicates, you don’t have to distribute moneys from the trust. You can keep the assets in the trust and make the adult child co trustee or even sole trustee. The OP is suggesting a testamentary trust. So, the OP will not be distributing the funds, but the trustee will. The funds in tax-deferred IRAs will need to be distributed to the heirs as taxable income, possibly the year following the death according to rules of Secure 2. Some 401K don't allow the heirs to transfer to an inherited IRA under some circumstances (TSP for spousal beneficiary accounts) and the funds are distributed to the heirs as a lump-sum taxable income on one tax returned. While the funds are in the trust, income from the assets will be taxed at trust rates...
- Tue Sep 05, 2023 11:03 pm
- Forum: Personal Finance (Not Investing)
- Topic: Random Estate Planning questions
- Replies: 46
- Views: 4442
Re: Random Estate Planning questions
2. The better practice is to allow them to gain control over their trusts at a specified age rather than mandating distributions. 3. I've never had any clients name Schwab as a trustee. I've had several who've named Vanguard as a trustee. But none of them has died yet. So I don't know how they'll do compared to a conventional bank or trust company. 5. The con is that the agent would have to prove that you were incapacitated in order to use the power of attorney. 6. Your executors will value them upon your death and will deal with them. 7. You may want to ask the persons who might leave assets to you to leave them to you in trust rather than outright, to keep your inheritance out of your estate for estate tax purposes, and to protect your i...
- Tue Sep 05, 2023 7:22 pm
- Forum: Personal Finance (Not Investing)
- Topic: Random Estate Planning questions
- Replies: 46
- Views: 4442
Random Estate Planning questions
My husband(50yo) and I(49yo) are in the process of updating our Estate Plan for an estate worth around $3.5m. We have two young adult children - DD - 23 (graduating this fall) and DS - 20(Junior at college) I am looking for guidance on following questions from experienced fellow BHs. We have a meeting set up with the Estate planning attorney on Sep 18 but we are trying prepare for it up front. 1. Do you have a spreadsheet or guidance document attached with your will that directs your heirs on how/where to find information on all the assets/accounts that we have? For eg Bank accounts, Brokerage, retirement, Treasury direct? 2. Where do I find a comprehensive resource on various options of distributing assets to young adults in the event that...
- Mon Aug 21, 2023 5:39 pm
- Forum: Personal Investments
- Topic: Investment recommendation for "life launch" gift for children
- Replies: 3
- Views: 921
Investment recommendation for "life launch" gift for children
We have two children DD (23) and DS(20). DD is completing her masters this fall and DS is in the junior year. We were blessed to have enough money to fund their education and they will graduate debt free. We wish to save $100,000 (50,000 x 2 (over a period of 5 years)) for their "life launch". They will have freedom to use it for wedding, home purchase or large purchases for their life in general. We haven't decided when we would give this money to them. We expect them to find and keep a job for few years before offering them this money. Our initial plan was to buy $10,000 of I-Bonds every year as a gift from me and my spouse for each of our children. However, the issue will be that we cannot deliver the entire $50,000 + interest ...
- Sun Aug 06, 2023 7:58 am
- Forum: Personal Finance (Not Investing)
- Topic: Does this worry you [Wells Fargo articles]? How do we protect ourselves?
- Replies: 38
- Views: 5146
Re: Does this worry you [Wells Fargo articles]? How do we protect ourselves?
Consumer advice radio/podcaster Clark Howard calls Wells Fargo a criminal enterprise masquerading as a bank. Wells Fargo has admitted to multiple crimes in recent years. I'm less concerned about the error in deposits, my presumption is that's something that will be corrected easily, Wells Fargo representative said the issue was affecting a "limited number of customers," and that "the vast majority" of instances had been resolved before noon, while the "few remaining" would be resolved soon. Having some alternative accounts, like a credit line, and some cash in an emergency kit at home, can help smooth out a lot of temporary issues. I think it's prudent to be able to roll through a power or network outage that ...
- Sat Aug 05, 2023 8:44 pm
- Forum: Personal Finance (Not Investing)
- Topic: Does this worry you [Wells Fargo articles]? How do we protect ourselves?
- Replies: 38
- Views: 5146
Does this worry you [Wells Fargo articles]? How do we protect ourselves?
Recent Wells Fargo news about fake-accounts and missing deposits is disturbing. I assume that my bank has a robust system with proper checks and balances to avoid such a thing. Especially a large reputed bank. How do I protect myself from such a disaster? Are there consumer protection laws in place to hold the banks accountable? Is there anything that I can do?
https://www.nbcnews.com/business/busine ... -rcna98201
https://www.thestreet.com/banking/wells ... n-headache
[Topic title clarified by moderator ClaycordJCA.]
https://www.nbcnews.com/business/busine ... -rcna98201
https://www.thestreet.com/banking/wells ... n-headache
[Topic title clarified by moderator ClaycordJCA.]
- Sun Jul 09, 2023 10:13 pm
- Forum: Investing - Theory, News & General
- Topic: Visual representation of S&P 500
- Replies: 24
- Views: 3320
Re: Visual representation of S&P 500
What does MAMMA stand for?
- Sun Jul 09, 2023 7:12 pm
- Forum: Investing - Theory, News & General
- Topic: Visual representation of S&P 500
- Replies: 24
- Views: 3320
Visual representation of S&P 500
I ran across this link that has an interesting way of showing companies in s&p 500 and the share they represent. Just sharing as I found the visual educational.
https://advisor.visualcapitalist.com/co ... 5IydK_lbmI
https://advisor.visualcapitalist.com/co ... 5IydK_lbmI
- Sun Jun 04, 2023 3:46 pm
- Forum: Personal Investments
- Topic: After maxing 401K, save the rest in taxable or after-tax Roth?
- Replies: 10
- Views: 1672
Re: After maxing 401K, save the rest in taxable or after-tax Roth?
+1 to fully utilizing the 401k mega backdoor Roth (MBR). Fully utilize all Roth space available to you every year until retirement even if you need to withdraw from the Taxable account to cover living expenses because your net pay check is too low. If you contribute $30k to a Roth account via a MBR rather than a Taxable account, assuming 2% in dividends you reduce your annual taxable income by $600/year for the rest of your investment period. If you did this for 10 years, your annual taxable income reduction is $6k+. In retirement, the lower taxable income may benefit you in other ways than just income tax savings. For example, lower taxable income can give you more Roth conversion space, higher ACA insurance premium tax credits, help you ...
- Sat Jun 03, 2023 10:14 am
- Forum: Personal Investments
- Topic: After maxing 401K, save the rest in taxable or after-tax Roth?
- Replies: 10
- Views: 1672
Re: After maxing 401K, save the rest in taxable or after-tax Roth?
Yes. He is maxing out HSA as well and company contributes a little bit to HSA too.backpacker61 wrote: ↑Sat Jun 03, 2023 10:06 am If DH participates in a High Deductible Health Insurance Plan, I would contribute the maximum to a Health Savings Account prior to funding the after tax account with in-plan Roth conversion.
The advantage with the HSA is that the contribution to it immediately reduces your taxable income, and when withdrawn for qualifying medical expenses, the withdrawals are tax-free.
Unspent HSA balances can be invested, just like 401(K) balances.
- Fri Jun 02, 2023 10:57 am
- Forum: Personal Investments
- Topic: After maxing 401K, save the rest in taxable or after-tax Roth?
- Replies: 10
- Views: 1672
Re: After maxing 401K, save the rest in taxable or after-tax Roth?
We are a single income family. DH - 50 and I am 49. We plan to save $50,000 this year from his salary. With DH turning 50, 401K limit is 30,000. His new employer offers after-tax Roth. Until last year, we split the contributions among 401K, backdoor Roth and taxable. Now with the new option after-tax Roth available, should we put the remaining $20,000 in after-tax Roth OR split it between taxable and after-tax Roth? My only concern is the availability of after-tax Roth for withdrawal before retirement. I am unable to find conclusive answer on how the earnings on after-tax roth are taxed. Extra info Our emergency fund is fully funded and 529 plans are fully funded for our kids college. Current retirement savings balance is $1.9m. Mortgage i...
- Fri Jun 02, 2023 12:14 am
- Forum: Personal Investments
- Topic: After maxing 401K, save the rest in taxable or after-tax Roth?
- Replies: 10
- Views: 1672
Re: After maxing 401K, save the rest in taxable or after-tax Roth?
I am still confused about the taxation of after-tax mega backdoor Roth contribution with in-plan conversion
1. Can the contribution be withdrawn anytime or is it subject to 5 year rule?
2. Do the earnings grow tax-free or are they subject to taxes in the future?
3. Can the earnings be withdrawn before 59.5 age?
1. Can the contribution be withdrawn anytime or is it subject to 5 year rule?
2. Do the earnings grow tax-free or are they subject to taxes in the future?
3. Can the earnings be withdrawn before 59.5 age?
- Thu Jun 01, 2023 11:07 pm
- Forum: Personal Investments
- Topic: After maxing 401K, save the rest in taxable or after-tax Roth?
- Replies: 10
- Views: 1672
After maxing 401K, save the rest in taxable or after-tax Roth?
We are a single income family. DH - 50 and I am 49. We plan to save $50,000 this year from his salary. With DH turning 50, 401K limit is 30,000. His new employer offers after-tax Roth. Until last year, we split the contributions among 401K, backdoor Roth and taxable. Now with the new option after-tax Roth available, should we put the remaining $20,000 in after-tax Roth OR split it between taxable and after-tax Roth? My only concern is the availability of after-tax Roth for withdrawal before retirement. I am unable to find conclusive answer on how the earnings on after-tax roth are taxed. Extra info Our emergency fund is fully funded and 529 plans are fully funded for our kids college. Current retirement savings balance is $1.9m. Mortgage is...
- Thu Apr 06, 2023 11:47 am
- Forum: Personal Investments
- Topic: Roth Investment choice for a 20 year old - Target Date or VT
- Replies: 31
- Views: 2337
- Thu Apr 06, 2023 10:32 am
- Forum: Personal Investments
- Topic: Roth Investment choice for a 20 year old - Target Date or VT
- Replies: 31
- Views: 2337
Re: Roth Investment choice for a 20 year old - Target Date or VT
may i ask how he found himself in that expensive t rowe price target date fund? it's important to understand the fees because that fund is 8 TIMES as expensive as the cheaper schwab target date fund. that's kinda like being offered to buy either: a $1 candy bar from a discount store or paying $8 for the same candy bar at an expensive department store. Would he do that? That's what he did. look at the chart below and/or show it to your son so he understands The Costs Matter Hypothesis See how if he stayed in that 0.64% expense ratio fund for 40 years he'd have lost about 20% of his ending wealth vs. just 3% instead over the same time period. That's giving up an awful lot of his money! Good you've caught it and can help him pay attention to ...
- Wed Apr 05, 2023 3:46 pm
- Forum: Personal Investments
- Topic: Roth Investment choice for a 20 year old - Target Date or VT
- Replies: 31
- Views: 2337
Re: ROTH Investment choice for a 20 year old - Target Date or VT
Hello, My son has recently started earning money and wants to invest about $3000 a year in ROTH IRA. His broker of choice is Schwab. He made some money in high school and currently about $5000 of his ROTH funds are invested in TRRLX (T-Roweprice 2060 Target date fund) that has an expense ratio of 0.64% Which of the following options is recommended - 1. SWYOX - Schwab Index Target Date 2065 - ER 0.08 2. PRSLX - T-Roweprice Target Date 2065 - ER 0.64 3. VT or VTI + VXUS Vanguard Target date isn't an option due to fees. Thanks 1 or 3 would be fine. Starting early and continuing it more important than the exact holdings when deciding between those options. BTW, it's Roth. It's the last name of the US Senator who sponsored the legislation that ...
- Wed Apr 05, 2023 3:44 pm
- Forum: Personal Investments
- Topic: Roth Investment choice for a 20 year old - Target Date or VT
- Replies: 31
- Views: 2337
Re: ROTH Investment choice for a 20 year old - Target Date or VT
I'm actually going through the same with my kid that is the same age and am still on the fence. The target date funds are nice because they are mutual funds so you can contribute in dollars instead of shares. VT is over $90, so that means you have to buy in fairly large increments for a young person. You can't just say $250 a month, it has to be $270 or 180+ leftover cash. But, I don't think a 20 year old needs bonds, even 5-10%, and the target date funds glide a little too early for my tastes. So ideally I would prefer a straight stock fund. Another alternative I have considered is SPGM, which is basically the same as VT, but from SPDR instead of Vanguard. It doesn't have nearly the same volume as VT, but it is only $50 a share, which ope...
- Wed Apr 05, 2023 2:50 pm
- Forum: Personal Investments
- Topic: Roth Investment choice for a 20 year old - Target Date or VT
- Replies: 31
- Views: 2337
Roth Investment choice for a 20 year old - Target Date or VT
Hello,
My son has recently started earning money and wants to invest about $3000 a year in Roth IRA. His broker of choice is Schwab.
He made some money in high school and currently about $5000 of his Roth funds are invested in TRRLX (T-Roweprice 2060 Target date fund) that has an expense ratio of 0.64%
Which of the following options is recommended -
1. SWYOX - Schwab Index Target Date 2065 - ER 0.08
2. PRSLX - T-Roweprice Target Date 2065 - ER 0.64
3. VT or VTI + VXUS
Vanguard Target date isn't an option due to fees.
Thanks
My son has recently started earning money and wants to invest about $3000 a year in Roth IRA. His broker of choice is Schwab.
He made some money in high school and currently about $5000 of his Roth funds are invested in TRRLX (T-Roweprice 2060 Target date fund) that has an expense ratio of 0.64%
Which of the following options is recommended -
1. SWYOX - Schwab Index Target Date 2065 - ER 0.08
2. PRSLX - T-Roweprice Target Date 2065 - ER 0.64
3. VT or VTI + VXUS
Vanguard Target date isn't an option due to fees.
Thanks
- Wed Sep 07, 2022 6:19 pm
- Forum: Personal Finance (Not Investing)
- Topic: Where to begin?? Budgeting and Planning for major Home remodel
- Replies: 35
- Views: 3287
Re: Where to begin?? Budgeting and Planning for major Home remodel
I am utterly grateful to the BH community for their insightful and practical advice and encouragement as well as pointing out the flaws in our judgment and planning. Upon reading all the recommendations I and my husband have decided to do the following 1. We are meeting with a realtor tomorrow to evaluate how much can we sell the current home for and how much would a new one cost if we were to buy a new one. 2. We will also write down the priority of each project in the wish list, use the recommended estimates given by BHs and evaluate the possibility of staggering the projects rather than tackling it all at once. I once again thank each one of you for graciously sharing your experiences and offering much needed advice. It has helped me an...
- Wed Sep 07, 2022 1:29 pm
- Forum: Personal Finance (Not Investing)
- Topic: Where to begin?? Budgeting and Planning for major Home remodel
- Replies: 35
- Views: 3287
Re: Where to begin?? Budgeting and Planning for major Home remodel
I am utterly grateful to the BH community for their insightful and practical advice and encouragement as well as pointing out the flaws in our judgment and planning. Upon reading all the recommendations I and my husband have decided to do the following 1. We are meeting with a realtor tomorrow to evaluate how much can we sell the current home for and how much would a new one cost if we were to buy a new one. 2. We will also write down the priority of each project in the wish list, use the recommended estimates given by BHs and evaluate the possibility of staggering the projects rather than tackling it all at once. I once again thank each one of you for graciously sharing your experiences and offering much needed advice. It has helped me and...
- Wed Sep 07, 2022 12:24 am
- Forum: Personal Finance (Not Investing)
- Topic: Where to begin?? Budgeting and Planning for major Home remodel
- Replies: 35
- Views: 3287
Re: Where to begin?? Budgeting and Planning for major Home remodel
Where to begin?? The first thing to do would be to get your finances in order and get preapproved for a loan and seriously shop for a different house for maybe six months before you commit to such a large project. You said that your house is currently worth $675K an you need to put at least $125K into the house so you could look at houses that cost $800k+ and if you find one that does not need a lot of updates you could be in it by Thanksgiving. You might be able to find some place that will be even nicer than your current house will be when it is remodeled. We like the city and the area we are in. If we ever move it will be 10-12 years from now if the kids settle in some other city. Housing market is really rough in our area and finding a...
- Tue Sep 06, 2022 11:41 pm
- Forum: Personal Finance (Not Investing)
- Topic: Where to begin?? Budgeting and Planning for major Home remodel
- Replies: 35
- Views: 3287
Where to begin?? Budgeting and Planning for major Home remodel
Hi! Our personal info - me and my DH are 50 years old, single income household. Take home income is $14,000 and monthly expense is about $8500. DS and DD are in college and their college tuition is fully funded with our 529. Their books, food and travel expense comes from our monthly expense. Home Mortgage - NONE Retirement investment Balance is $1.8 mil. Emergency fund - $125,000 (DH wants to keep this amount to feel secure) Cash on Hand - $230,000 (due to large bonus / RSU cashing in 2022) A little background. Our home is 25 years old. We have owned it since 2003. We haven't remodeled kitchen or bathroom since we bought it. We haven't replaced the carpet or flooring either. The home is overdue for a major remodel. Our current home value i...
- Sat May 14, 2022 4:40 pm
- Forum: Personal Finance (Not Investing)
- Topic: 2FA text forwarding to other phone while traveling internationally
- Replies: 16
- Views: 2783
Re: 2FA text forwarding to other phone while traveling internationally
So, does this allow you to bypass the International Day Pass and still get SMS and make phone calls over WiFi?realclemsongrad wrote: ↑Sat May 14, 2022 1:57 pm
For companies like ATT incoming international sms is free. Depending on the phones you can enable sms and calls over WiFi and can get and send messages with no charge. Either way it could be free for you.
- Sat May 14, 2022 4:39 pm
- Forum: Personal Finance (Not Investing)
- Topic: 2FA text forwarding to other phone while traveling internationally
- Replies: 16
- Views: 2783
Re: 2FA text forwarding to other phone while traveling internationally
Are you recommending using email for 2FA and not SMS? Can you elaborate on why it is not secure compared to other alternatives?texascrane wrote: ↑Sat May 14, 2022 10:14 am I don’t have any advice regarding the phone line because I always leave international service on when I’m traveling. However, you shouldn’t be using sms for 2FA, especially for financial accounts. It’s not secure.
- Sat May 14, 2022 9:40 am
- Forum: Personal Finance (Not Investing)
- Topic: 2FA text forwarding to other phone while traveling internationally
- Replies: 16
- Views: 2783
2FA text forwarding to other phone while traveling internationally
Hi
I am going to travel internationally for 3 weeks. I am not planning to turn on international phone service if not necessary. All of our financial accounts send texts to my mobile number for 2FA (two factor authorization). Is it possible to forward all the texts to my DH phones temporarily?
Anyone tried it and would be able to share experience?
Any other alternative options?
I am going to travel internationally for 3 weeks. I am not planning to turn on international phone service if not necessary. All of our financial accounts send texts to my mobile number for 2FA (two factor authorization). Is it possible to forward all the texts to my DH phones temporarily?
Anyone tried it and would be able to share experience?
Any other alternative options?
- Sat Apr 30, 2022 5:40 pm
- Forum: Personal Investments
- Topic: Purpose of tracking Roth IRA Basis?
- Replies: 19
- Views: 3028
Re: Purpose of tracking Roth IRA Basis?
Roth owners should track their Roth basis until 59.5, although many Roth owners never take a Roth distribution before 59.5, and others never take a distribution at all, saving the Roth to last so that a higher Roth balance can generate ever more tax free gains before passing the Roth to heirs. There is little anecdotal evidence that the IRS ever asks taxpayers for documentation of their IRA basis reported on Form 8606, even while some taxpayers without having their own records likely show wild basis estimates on line 22 or 24 of the form. Taxpayers who do not track their basis obviously have semi accurate recall that is sufficient to cover a small NQ distribution. For example, a taxpayer who knows they made several years of contributions a...
- Fri Apr 29, 2022 11:41 pm
- Forum: Personal Investments
- Topic: Purpose of tracking Roth IRA Basis?
- Replies: 19
- Views: 3028
Re: Purpose of tracking Roth IRA Basis?
So, do you recommend that I dig into old tax documents and create a proper record of all the contributions?tibbitts wrote: ↑Fri Apr 29, 2022 10:08 pm I can envision some day when it might be important to have cost basis for my Roth investments, and honestly it's a little disappointing that my older Vanguard Roth funds don't have this information available. Under current tax laws it shouldn't be an issue of course, but nobody knows about the future.
- Fri Apr 29, 2022 7:17 pm
- Forum: Personal Investments
- Topic: Purpose of tracking Roth IRA Basis?
- Replies: 19
- Views: 3028
Purpose of tracking Roth IRA Basis?
Hi!
Upon reading a few posts recently, I noticed a lot of people track their ROTH IRA basis. DH and I do have Roth and Traditional IRA but they are in separate accounts. I haven't tracked the Roth IRA contributions in an organized fashion in past 15 years. Whenever the contributions were made, they were after-tax. The traditional IRA that I have is a 401K rollover from a past employer. DH doesn't have any traditional IRA as he still has a good 401K plan with his employer to which all the old plans were rolled over.
So, the question is, do I need to dig into past records and create a systematic record of contributions? If yes, why? What are the consequences of not having that information?
TIA
Upon reading a few posts recently, I noticed a lot of people track their ROTH IRA basis. DH and I do have Roth and Traditional IRA but they are in separate accounts. I haven't tracked the Roth IRA contributions in an organized fashion in past 15 years. Whenever the contributions were made, they were after-tax. The traditional IRA that I have is a 401K rollover from a past employer. DH doesn't have any traditional IRA as he still has a good 401K plan with his employer to which all the old plans were rolled over.
So, the question is, do I need to dig into past records and create a systematic record of contributions? If yes, why? What are the consequences of not having that information?
TIA
- Mon Apr 25, 2022 4:33 pm
- Forum: Personal Finance (Not Investing)
- Topic: Looking for situation based emergency planning resources
- Replies: 8
- Views: 746
Re: Looking for situation based emergency planning resources
I DH is very hands off and is not in the loop enough to do the job of managing personal finance if something happens to me. I have similar concerns with my DW. 1. Make sure any auto-pays you are using don't die with you. I am not sure I understand this. 2. Make sure spouse (and possibly an alternate if you have one) have POA rights to both of you. Note that many financial institutions are known to be picky about any POA form other than their own. The alternate should at a minimum be "authorized" and joint may be better on checking/savings accounts. Yes. We do have POA and institution specific taken care of. Checking and Savings are all joint accounts. 3. Make sure copies of all bill and financial statements are mailed to you, so ...
- Mon Apr 25, 2022 3:39 pm
- Forum: Personal Finance (Not Investing)
- Topic: Looking for situation based emergency planning resources
- Replies: 8
- Views: 746
Re: Looking for situation based emergency planning resources
All our investments and bill pay are pretty much automated.KlangFool wrote: ↑Mon Apr 25, 2022 3:18 pm OP,
It is very simple.
How long can your normal life proceed by "doing nothing"?
Would your bills get paid? Would you still have water, gas, electric? Would your Internet, phone, cellphone cancel? Would your credit card get cancelled?
Every time that you have to do something, take note of that and ask how I can eliminate that step? Or, do it less regularly?
KlangFool
What I am looking for is something like this
If I am hospitalized for a long time - where does he start
- submit health directives, use durable power of attorney, pay estimated taxes if needed on time, use HSA if needed.. things like that for different life emergency scenarios.
- Mon Apr 25, 2022 3:12 pm
- Forum: Personal Finance (Not Investing)
- Topic: Looking for situation based emergency planning resources
- Replies: 8
- Views: 746
Looking for situation based emergency planning resources
In our family, I take care of day-to-day activities of bill-pay, budgeting, investing etc. DH and I make high level financial plan together but I take care of execution and maintenance of the plan. DH is very hands off and is not in the loop enough to do the job of managing personal finance if something happens to me. I have a very detailed spreadsheet with details on all our financial accounts, bills, investments, net worth, etc. But what I want to do is create a checklist for my family with steps to take in various emergency situations 1. Becoming sick for a long time. 2. Death 3. Cognitive decline 4. Accidents 5. Disability Are there any checklists or resources available that give me a direction on steps one needs to take in various unpl...
- Wed Apr 13, 2022 9:33 am
- Forum: Personal Investments
- Topic: Good investment option for gift for kids from grandparents
- Replies: 8
- Views: 711
Re: Good investment option for gift for kids from grandparents
Our culture has a tradition of a special ceremony during the wedding of daughter's (ME) child where parents of daughter give cash/gold jewelry to the grandkid. So, my parents want me to keep this money safe for that tradition.CaptainT wrote: ↑Wed Apr 13, 2022 9:19 am You should talk to your parents and your kids. They are adults and should get a say
Also a gift to you which comes with give to kids strings is a gift tax nightmare.
Better to give it to them now and have them use it for education or young adulthood or roth ira.
- Wed Apr 13, 2022 9:30 am
- Forum: Personal Investments
- Topic: Good investment option for gift for kids from grandparents
- Replies: 8
- Views: 711
Re: Good investment option for gift for kids from grandparents
Hello, My parents have given me $10,000 for each of my adult child DD 22 yr and DS 19 yr for their wedding. What would be a good place to invest this money so that it maintains its purchasing power until my children get married? My thoughts - I-Bonds, Gold-bullion, VTI or VT. Money will stay with us until their wedding which is not going to be at least 5-9 years from today. If you want a guarantee of maintaining purchasing power, the only option above is I Bonds. Gold is only good for maintaining purchasing power over hundreds of years. It's very volatile over the typical investment career. What if they don't get married? Our thoughts are that if they decide to not get married then they will get the money for whatever they choose to do wit...
- Wed Apr 13, 2022 8:28 am
- Forum: Personal Investments
- Topic: Good investment option for gift for kids from grandparents
- Replies: 8
- Views: 711
Good investment option for gift for kids from grandparents
Hello,
My parents have given me $10,000 for each of my adult child DD 22 yr and DS 19 yr for their wedding. What would be a good place to invest this money so that it maintains its purchasing power until my children get married?
My thoughts - I-Bonds, Gold-bullion, VTI or VT.
Money will stay with us until their wedding which is not going to be at least 5-9 years from today.
My parents have given me $10,000 for each of my adult child DD 22 yr and DS 19 yr for their wedding. What would be a good place to invest this money so that it maintains its purchasing power until my children get married?
My thoughts - I-Bonds, Gold-bullion, VTI or VT.
Money will stay with us until their wedding which is not going to be at least 5-9 years from today.
- Sat Mar 05, 2022 8:31 am
- Forum: Personal Finance (Not Investing)
- Topic: Pay off niece's credit card debt or not?
- Replies: 96
- Views: 10622
Re: Pay off niece's credit card debt or not?
Hello My niece is graduating from college this May. Her parents live in a different country and she is studying over here in US. We recently found out that she has accumulated $1800 on credit card and hasn't paid it in full for past 4 months. The expenses are frivolous expenses like coffee shops, restaurants, shopping. All her tuition and food expenses are paid by her parents and she gets a small stipend of $175 for a resident assistant job that pays for her housing. My sister has asked us to intervene and see how can we help her get out of this. We have two choices 1. Let her deal with paying her own debt and coach her on the consequences of not paying it as well as help her make a plan to pay it. In the process she will have to pay high ...
- Sat Mar 05, 2022 8:26 am
- Forum: Personal Finance (Not Investing)
- Topic: Pay off niece's credit card debt or not?
- Replies: 96
- Views: 10622
Re: Pay off niece's credit card debt or not?
I'm guessing your sister has access to the Credit Card your niece is using and could pay it off if that was needed. I'm guessing you got the info on the balance and what the charges were from your sister. Does your niece know you know about the debt? If you can find a tactful way to open the conversation - perhaps you can ask her how SHE plans to pay off the debt? And if she knows how much carrying a balance is costing each month (she may not have actually looked at a bill - to avoid acknowledging it... I would start with that and see if she asks for help or advice... A lot of BH comments are curious about how I found out about this debt My niece came forward with it and told me about it and asked for help. She grew up in a country where t...
- Fri Mar 04, 2022 8:04 pm
- Forum: Personal Finance (Not Investing)
- Topic: Pay off niece's credit card debt or not?
- Replies: 96
- Views: 10622
Pay off niece's credit card debt or not?
Hello My niece is graduating from college this May. Her parents live in a different country and she is studying over here in US. We recently found out that she has accumulated $1800 on credit card and hasn't paid it in full for past 4 months. The expenses are frivolous expenses like coffee shops, restaurants, shopping. All her tuition and food expenses are paid by her parents and she gets a small stipend of $175 for a resident assistant job that pays for her housing. My sister has asked us to intervene and see how can we help her get out of this. We have two choices 1. Let her deal with paying her own debt and coach her on the consequences of not paying it as well as help her make a plan to pay it. In the process she will have to pay high i...
- Fri Jan 21, 2022 7:08 pm
- Forum: Personal Finance (Not Investing)
- Topic: How do I enter the workforce after 16 years?
- Replies: 42
- Views: 6269
Re: How do I enter the workforce after 16 years?
From your post, it sounds like you worked in a technical role rather than a managerial one. There are some good suggestions above. As someone that retired 5 years ago (from a technical role) and have considered going back to work, what I can tell you is you may be able to find something in your field but you will probably need to have low pay expectations. After that long off, it is almost as if you are starting over from a technical perspective. Good luck. In comparison to the year 2k boom where they would hire taxi cab drivers to code I think this supposed big shortage of workers is completely different at least for IT. I started out in a technical role right out of college but I was a manager of a team of 10 when I left the workforce.
- Fri Jan 21, 2022 7:05 pm
- Forum: Personal Finance (Not Investing)
- Topic: How do I enter the workforce after 16 years?
- Replies: 42
- Views: 6269
Re: How do I enter the workforce after 16 years?
I am overwhelmed with all the constructive ideas and suggestions that all of you have offered. I am making a comprehensive list of the most common suggestions and start acting on it.
Yes, I am connected with my past colleagues and manager. I have socialized with them off and on and they have high regards for my skills and potential. I never thought about contacting them to re-enter the workforce.
Thanks again everyone. I really appreciate your support.
Yes, I am connected with my past colleagues and manager. I have socialized with them off and on and they have high regards for my skills and potential. I never thought about contacting them to re-enter the workforce.
Thanks again everyone. I really appreciate your support.
- Fri Jan 21, 2022 12:19 am
- Forum: Personal Finance (Not Investing)
- Topic: How do I enter the workforce after 16 years?
- Replies: 42
- Views: 6269
How do I enter the workforce after 16 years?
Hello BH
I decided to quit my job in 2004 within information systems division of a megacorp to be a full time mother. Both of my children are in college now. DH wants to either take a sabbatical or wants to do freelancing as he is burnt out from high stress job. We have no debt and enough financial cushion to pay our bills for 18 months. The only concern is healthcare insurance.
I have a masters in computer science and information systems but my skills are dated.
What are my options for going back to workforce to get a job with benefits like health insurance?
What education/skills can I build relatively quickly?
What kind of jobs would consider me given the large gap in employment?
TIA
I decided to quit my job in 2004 within information systems division of a megacorp to be a full time mother. Both of my children are in college now. DH wants to either take a sabbatical or wants to do freelancing as he is burnt out from high stress job. We have no debt and enough financial cushion to pay our bills for 18 months. The only concern is healthcare insurance.
I have a masters in computer science and information systems but my skills are dated.
What are my options for going back to workforce to get a job with benefits like health insurance?
What education/skills can I build relatively quickly?
What kind of jobs would consider me given the large gap in employment?
TIA
- Wed Jul 28, 2021 6:26 pm
- Forum: Personal Finance (Not Investing)
- Topic: College Tuition - Variable vs Fixed (inflationary environment)
- Replies: 7
- Views: 686
Re: College Tuition - Variable vs Fixed (inflationary environment)
Did you decide on what option you are choosing?fm3040 wrote: ↑Tue Jun 01, 2021 4:19 pm State College offers variable or fixed tuition.
Choices:
Variable (first semester) - $7282
Fixed (per semester, guaranteed for 4+ years) - $8206
Seems like parity is reached at a little over 6.8% tuition fees inflation per year (assumes 3.4% increase in tuition for each semester over the previous)
In the past three years, the variable fees increased from around $6500 to $7282. However, if we are in an inflationary environment, do you think state college tuition inflation could increase by more than 6.8% per year?
We are trying to evaluate which option makes more sense in these times.
- Wed Jul 28, 2021 6:21 pm
- Forum: Personal Finance (Not Investing)
- Topic: College Tuition - Variable vs Fixed (inflationary environment)
- Replies: 7
- Views: 686
Re: College Tuition - Variable vs Fixed (inflationary environment)
I am also evaluating these options...
Point # 1 - The money invested for this will be in fixed income/as good as cash as it will be used in 2-3 years. So, how could it exceed that price increase?
Point #2 - This uncertainty makes me want to choose variable rate..
My son's university gives $3,500 rebate but the caveat is he cannot take more 123 hours to graduate. If he changes major or exceeds credit hours we will be losing money.