Search found 157 matches

by metrunt
Wed Oct 18, 2017 4:05 pm
Forum: Personal Finance (Not Investing)
Topic: S-Corp Solo 401k Salary Deferral (How to)
Replies: 14
Views: 612

Re: S-Corp Solo 401k Salary Deferral (How to)

A SIMPLE IRA must be the only employer retirement plan for any given calendar year. Can I have both a SIMPLE IRA and a Solo 401K, but not contribute to the SIMPLE? The only thing I could find was: https://www.irs.gov/retirement-plans/simple-ira-plan-faqs-establishing-a-simple-ira-plan "Can I contri...
by metrunt
Wed Oct 18, 2017 9:34 am
Forum: Personal Finance (Not Investing)
Topic: S-Corp Solo 401k Salary Deferral (How to)
Replies: 14
Views: 612

Re: S-Corp Solo 401k Salary Deferral (How to)

have you contributed to the SEP on the employer side this year? If so and it's a 5305 type SEP(most are)..then you can't contribute to both the SEP and 401k in the same year. I just went through this, and there is a work around. Transfer SEP to Schwab as they have a prototype SEP that will allow yo...
by metrunt
Mon Oct 16, 2017 6:10 pm
Forum: Personal Finance (Not Investing)
Topic: 529 Milestones & questions
Replies: 2
Views: 417

Re: 529 Milestones & questions

Who is the owner of the 529s? Your kids or yourself? Generally, I think you want to be in the parent's name and not the kids. It's better if applying for Financial Aid. Sounds like your trying to avoid that, but free money can't hurt. If it's in your name, there's no gift tax. Some people like to ha...
by metrunt
Fri Oct 13, 2017 9:26 am
Forum: Investing - Help with Personal Investments
Topic: In our situation, can my wife open a solo 401K?
Replies: 15
Views: 758

Re: In our situation, can my wife open a solo 401K?

I think this comment in one of the OP's post is what caused the confusion: That's correct. I really only want to create the solo 401k to avoid the taxes on conversion to a Roth IRA. Thanks michaelj. Yes, that's part of it...also I'm trying to avoid paying the roughly $7,000 ($17,000 in rollover IRA...
by metrunt
Thu Oct 12, 2017 11:36 am
Forum: Investing - Help with Personal Investments
Topic: In our situation, can my wife open a solo 401K?
Replies: 15
Views: 758

Re: In our situation, can my wife open a solo 401K?

The backdoor roth is a two-step process of making a roth IRA contribution when you are over the income limits. First step is to contribute to a tIRA and then shortly after (some do it the next day), convert the tIRA to a Roth. Because the tIRA has had no time to grow, no taxes are owed unless there...
by metrunt
Thu Oct 12, 2017 11:13 am
Forum: Investing - Help with Personal Investments
Topic: In our situation, can my wife open a solo 401K?
Replies: 15
Views: 758

Re: In our situation, can my wife open a solo 401K?

I'm trying to avoid paying the roughly $7,000 ($17,000 in rollover IRA, taxed at 33% marginal federal and 9.3% marginal state) in taxes to convert her rollover IRA to Roth. If I'm wrong, I'm happy to be corrected, but I didn't think that's how the backdoor Roth works. I don't think you can roll pre...
by metrunt
Tue Oct 10, 2017 4:42 pm
Forum: Investing - Help with Personal Investments
Topic: In our situation, can my wife open a solo 401K?
Replies: 15
Views: 758

Re: In our situation, can my wife open a solo 401K?

I believe all you need is a separate EIN number to open a solo 401K. That's pretty easy to get. I'm a little confused about what you're trying to achieve. It sounds like you're not actually interested in contributing income to a solo 401K, is that correct? You just want the option to roll over an ex...
by metrunt
Mon Oct 09, 2017 12:18 pm
Forum: Personal Finance (Not Investing)
Topic: Mint - Issues with showing my account details
Replies: 15
Views: 1174

Re: Mint - Issues with showing my account details

It's easy to deal with the bugs. I had the Vanguard issue too. I simply went to Hide on the right handside of Overview and hid the new duplicate from everything.
by metrunt
Mon Oct 09, 2017 12:17 pm
Forum: Personal Consumer Issues
Topic: MoviePass-Too good to be true, but it's legit.
Replies: 50
Views: 6229

Re: MoviePass-Too good to be true, but it's legit.

Just to clarify, movie theaters are not involved in this. They get paid a full price ticket by Movie Pass every time a Movie Pass user buys a ticket. How will *MoviePass* make money is the question, not theaters.
by metrunt
Fri Oct 06, 2017 7:53 am
Forum: Personal Consumer Issues
Topic: MoviePass-Too good to be true, but it's legit.
Replies: 50
Views: 6229

Re: MoviePass-Too good to be true, but it's legit.

You can also get tickets for other people of your own card (but only 1 per day). So you can buy a ticket and give it to your kid as you drop him off with friends. For example.
by metrunt
Fri Oct 06, 2017 7:51 am
Forum: Investing - Help with Personal Investments
Topic: Trying to convince my sister not to use a financial advisor
Replies: 59
Views: 3967

Re: Trying to convince my sister not to use a financial advisor

It's not robbing. She is giving her consent.

You can't control anyone's poor choices. You can create a rift in your family by trying. You've given your opinion, she's not interested. Let it go.
by metrunt
Thu Oct 05, 2017 11:15 am
Forum: Personal Consumer Issues
Topic: MoviePass-Too good to be true, but it's legit.
Replies: 50
Views: 6229

Re: MoviePass-Too good to be true, but it's legit.

I got my card about a month ago. It works as advertised. There's no 3-D, which I hate, no iMax, which I don't have locally. So, it's perfect. It worked in my home town at the major theaters. It worked in NYC where a ticket (weekday) would've cost me $17. My understanding is that movie theaters don't...
by metrunt
Sun Oct 01, 2017 7:08 am
Forum: Personal Finance (Not Investing)
Topic: loosening the purse strings a bit at 37?
Replies: 30
Views: 3894

Re: loosening the purse strings a bit at 37?

Is your salary entirely from your business? If so, you're underestimating its value (unless maybe you've financed the property at 100%). Small businesses generally value at 3x earnings, so it's worth $750K today. 6% growth seems completely reasonable. If you want to spend more to enjoy your children...
by metrunt
Sat Sep 30, 2017 11:38 pm
Forum: Personal Finance (Not Investing)
Topic: Moving from one paid-for house to another
Replies: 19
Views: 1573

Re: Moving from one paid-for house to another

Do you only eat at the single best restaurant? Drive the one best car? What happens when a new car gets great reviews, the year after you bought one, do you switch? I've never understood the desire to have "the best" cause it's entirely subjective, mercurial, and subject to skew (through marketing, ...
by metrunt
Sat Sep 23, 2017 11:12 am
Forum: Personal Consumer Issues
Topic: What phone carrier?
Replies: 16
Views: 1634

What phone carrier?

I currently have an iPhone SE through a business Verizon plan. I am separating from the company and am looking for an individual cell phone plan. I want to move to a less expensive pre-paid plan. Verizon offers one for $40 a month (3 GB which is fine) but I'd like to know what my alternatives are. I...
by metrunt
Thu Sep 21, 2017 12:07 pm
Forum: Personal Consumer Issues
Topic: Water Service Line Insurance
Replies: 17
Views: 1319

Water Service Line Insurance

Based on a letter I received from Service Line Warranties of America, my city does not pay for repairs to water lines that run from the public utility connection to my home. SLWA is offering to insure any repairs to the line for $4.50 a month. Up to $4,000 per incident. I am very much inclined to se...
by metrunt
Wed Sep 20, 2017 9:59 am
Forum: Personal Consumer Issues
Topic: Virtual Offices in NYC (Earth Class Mail?)
Replies: 3
Views: 540

Re: Virtual Offices in NYC (Earth Class Mail?)

Thanks for the thoughts! Yes, a NYC address is important. The cachet of NYC is important to my customers. Even saying, "it's a mailing center", won't fly. The cash flow in my company is not stellar, so waiting a week to deposit won't work. Cost isn't a huge concern. $50 to $200 month. Stability is i...
by metrunt
Tue Sep 19, 2017 6:06 pm
Forum: Personal Consumer Issues
Topic: Virtual Offices in NYC (Earth Class Mail?)
Replies: 3
Views: 540

Virtual Offices in NYC (Earth Class Mail?)

I own a small business that is based in New York. I have been using my apartment as my business address, receiving mail and meeting the occasional client. I am planning on travelling (mostly domestic, but some international) substantially over the next couple years, while continuing to run my compan...
by metrunt
Wed Sep 13, 2017 7:46 pm
Forum: Investing - Help with Personal Investments
Topic: Self employed income- dump all of it into solo 401k or just after deducting expenses
Replies: 8
Views: 362

Re: Self employed income- dump all of it into solo 401k or just after deducting expenses

Good question.

I believe you also get to contribute 25% of compensation direct from your business to your plan as an "employer contribution". I think you get to avoid FICA on that.

I don't know if this is a good idea, but keep that in mind.
by metrunt
Thu Aug 31, 2017 10:54 am
Forum: Personal Finance (Not Investing)
Topic: How do you know you're not being scammed when buying a house?
Replies: 33
Views: 3245

Re: How do you know you're not being scammed when buying a house?

How do you know everyone on this thread isn't in on the scam too??
LiterallyIronic wrote: ↑
Tue Aug 29, 2017 8:41 pm
It's not Wells Fargo that I distrust.
You're worried about a stranger selling you a house they don't own but not a bank that has a track record of screwing over account holders.
by metrunt
Wed Aug 30, 2017 10:07 am
Forum: Personal Consumer Issues
Topic: Vehicle Toubleshooting (multiple issues)
Replies: 61
Views: 3190

Re: Vehicle Toubleshooting (multiple issues)

Sparks are normal. Attaching both blacks is fine, but technically a grounded piece of metal away from the battery is better, but how do you know if the metal is grounded? It's like you walked into your house, flipped the light switch, the light didn't come on, so you started dismantling the light sw...
by metrunt
Tue Aug 29, 2017 11:20 am
Forum: Personal Finance (Not Investing)
Topic: Should we let MIL pay off our mortgage?
Replies: 69
Views: 8801

Re: Should we let MIL pay off our mortgage?

Your MIL is financially free. With $2.4M, at least, in assets, living on $5,000 a year, she doesn't need to diversify. She should put more money into safe investments and gift each of you 11K a year. You're asking fort the disadvantages are. Others have already mentioned being a landlord and being i...
by metrunt
Fri Aug 25, 2017 12:50 pm
Forum: Personal Consumer Issues
Topic: Experience finding gas pump card skimmer?
Replies: 46
Views: 4193

Re: Experience finding gas pump card skimmer?

If your debit card number is skimmed and you report fraudulent activity within two months of receiving your statement, you have $0 liability.
by metrunt
Fri Aug 18, 2017 11:34 am
Forum: Personal Finance (Not Investing)
Topic: NYC real estate question
Replies: 17
Views: 1793

Re: NYC real estate question

From a financial perspective, I don't think you're going to see the cash flow increase you think you are. Say you're earning 5% on your investments. On $1.7M, that's $7,100 a month. By buying instead of renting, you'll see a *decrease* of $3,600 in cash flow. This ignores appreciation but also maint...
by metrunt
Thu Aug 17, 2017 11:51 am
Forum: Personal Consumer Issues
Topic: Best place to find jobs and how to know the pay/benefits before applying?
Replies: 22
Views: 1631

Re: Best place to find jobs and how to know the pay/benefits before applying?

Sending out resumes to dozens of employers is terrible advice. Instead, find companies you want to work at and jobs you want by using personal referrals. Connect with other human beings, ideally family, friends, and colleagues. Discuss your goals. Tell them what you're looking for. Ask them for advi...
by metrunt
Thu Aug 17, 2017 11:30 am
Forum: Personal Consumer Issues
Topic: Is it worth it? [demanding jobs vs time with family]
Replies: 182
Views: 12264

Re: Is it worth it? [demanding jobs vs time with family]

I'm in my early 40s with three children between 5 and 11. I don't work as much as I could. I don't make as much money as I could if I worked more. And I do this deliberately to be more available for my kids. This will extend my working years and I'm 100% ok with that. I figure it's better to spend t...
by metrunt
Thu Aug 17, 2017 11:21 am
Forum: Investing - Help with Personal Investments
Topic: Exit Strategy from Northwest Mutual Advisor
Replies: 13
Views: 1649

Re: Exit Strategy from Northwest Mutual Advisor

You've *already* taken a 7K bath on the insurance. It's a sunk cost. Get over it.
by metrunt
Wed Aug 09, 2017 4:53 pm
Forum: Personal Consumer Issues
Topic: Santa Fe New Mexico - recommendations
Replies: 26
Views: 1908

Re: Santa Fe New Mexico - recommendations

Santa Fe resident here. Welcome to our fair city! The food selection is broad and deep and delicious. It can get spicy, we have "chili" which is a red or green pepper sauce. Most of the stuff I'd recommend has been covered, I'll emphasize: Meow Wolf Museum Hill Georgia O'Keefe Museum High Road to Ta...
by metrunt
Thu Jul 20, 2017 3:28 pm
Forum: Personal Consumer Issues
Topic: SAT scores - whats the point??
Replies: 37
Views: 2056

Re: SAT scores - whats the point??

The mission of most colleges is not to earn a profit but to provide an education under certain conditions, with a certain faculty, or academic focuses (engineering, liberal arts, etc). Colleges generally want students to be successful in their course of study. SATs are a handy (and certainly imperfe...
by metrunt
Thu Jul 20, 2017 11:53 am
Forum: Investing - Help with Personal Investments
Topic: Windfall: Buy or wait?
Replies: 31
Views: 3694

Re: Windfall: Buy or wait?

Jack FFR1846 wrote:If all of this windfall was invested, would you sell it all and then dribble it back in a little at a time?

I find this answer to be the most useful of all.
by metrunt
Tue Jul 18, 2017 10:13 am
Forum: Personal Consumer Issues
Topic: Dilemma about car dealership service bill error
Replies: 29
Views: 2508

Re: Dilemma about car dealership service bill error

If the original quote had included the parts, would you have still gotten the work done?
by metrunt
Wed May 31, 2017 2:47 am
Forum: Personal Consumer Issues
Topic: Using LastPass to Manage Passwords
Replies: 38
Views: 4000

Re: Using LastPass to Manage Passwords

1. What if LastPass hosting goes down or is taken offline? Would I be unable to log into any of my accounts? Even if temporary, this is disconcerting. 2. On the wiki entry, there are documented incidents of data breaches. A centralized password management cloud service seems like it would have a pr...
by metrunt
Wed May 24, 2017 10:36 am
Forum: Personal Finance (Not Investing)
Topic: Max a 529?
Replies: 8
Views: 1059

Re: Max a 529?

Constant Chaos wrote:To be clear, unlike an IRA, you can not solely withdraw principal or gain from a 529. Each withdrawal is made up, pro rata, of each.



I did not realize that. That does invalidate my 'brillant' plan.

Thanks!
M
by metrunt
Wed May 24, 2017 12:27 am
Forum: Personal Finance (Not Investing)
Topic: Max a 529?
Replies: 8
Views: 1059

Max a 529?

I'd like to provide money for my child's college education. She's 5 now. I don't know if I want to fund it all, I'd like her to contribute some and not take out substantial loans. In addition to maxing retirement accounts, maintaining an emergency fund, no debt, etc, I've got $120K in taxable accoun...
by metrunt
Tue May 23, 2017 9:52 am
Forum: Personal Consumer Issues
Topic: What to do w/ $60k Lump Sum?
Replies: 33
Views: 2729

Re: What to do w/ $60k Lump Sum?

kwarden13 wrote:On the other hand, I already paid $10k into the car...


I'm not sure if you should keep the car or not, but I do want to point out that what you've already paid into the car should not be a factor in your decision. It's a pretty common error, but the past is the past and those costs have sunk.
by metrunt
Tue May 23, 2017 12:20 am
Forum: Personal Finance (Not Investing)
Topic: Question for Sole Proprietors / Small (Micro) Business Owners
Replies: 6
Views: 667

Re: Question for Sole Proprietors / Small (Micro) Business Owners

Well...a lot of those topics aren't "personal finance" ones unless all business-related topics are. A sales workflow was the hardest for me. I have basically always operated without an accountant. I have a bookkeeper now, but in the beginning I did all the books and taxes and learned a ton...
by metrunt
Tue May 23, 2017 12:07 am
Forum: Investing - Help with Personal Investments
Topic: Yet Another Real Estate vs Stock Market Thread
Replies: 44
Views: 4292

Re: Yet Another Real Estate vs Stock Market Thread

Imagine a 4 unit property in California. Each unit renting for $1750. What a deal! Also, property taxes are generally a tad more than 1% in California. Though this varies slightly by city. I don't know if this is your actual situation, but there are others that work well...An 8-plex in someplace li...
by metrunt
Mon May 22, 2017 4:24 pm
Forum: Investing - Help with Personal Investments
Topic: Yet Another Real Estate vs Stock Market Thread
Replies: 44
Views: 4292

Re: Yet Another Real Estate vs Stock Market Thread

As others have said, you're neglecting appreciation.

Also, why are you paying taxes before you're deducted your expenses? Looks like you're underestimating profit there by $8K or so.
by metrunt
Mon May 22, 2017 3:53 pm
Forum: Personal Consumer Issues
Topic: What to do w/ $60k Lump Sum?
Replies: 33
Views: 2729

Re: What to do w/ $60k Lump Sum?

Isn't paying the mortgage balance down to below PMI levels equivalent of getting a nearly guaranteed 8.2% return? The PMI is $192/mo for 54 months or $10,400. Subtract out some administrative expenses. On $44K, that's 23.5% or 4.7% a year. Plus the 3.5% of the actual mortgage rate. That's 8.2%. What...
by metrunt
Tue May 16, 2017 2:43 pm
Forum: Personal Finance (Not Investing)
Topic: Selling rental condo - capital gains even though selling at same price??
Replies: 23
Views: 1765

Re: Selling rental condo - capital gains even though selling at same price??

If cap gains was only based on the value of the service date, then a you could buy a property for 200K, live in it for 30 years as it appreciates to 1M, convert it, and sell a year later at 1.05M, paying gains on 50K instead of 850K! There is a reason you cannot do it (or at least that's my underst...
by metrunt
Tue May 16, 2017 12:40 pm
Forum: Personal Finance (Not Investing)
Topic: Selling rental condo - capital gains even though selling at same price??
Replies: 23
Views: 1765

Re: Selling rental condo - capital gains even though selling at same price??

If cap gains was only based on the value of the service date, then a you could buy a property for 200K, live in it for 30 years as it appreciates to 1M, convert it, and sell a year later at 1.05M, paying gains on 50K instead of 850K!
by metrunt
Mon May 01, 2017 2:11 pm
Forum: Personal Finance (Not Investing)
Topic: What should I do with my money
Replies: 15
Views: 3231

Re: What should I do with my money

So, on the house, you made 33K. You will likely owe only $5K in taxes or so (depends on your tax bracket, but as a mom with 2 dependents and $60K in wages, the ballpark is $5K). Remember an extension to file is *not* an extension to pay taxes due. With an additional liability of only $5K, you might ...
by metrunt
Mon May 01, 2017 1:42 pm
Forum: Personal Finance (Not Investing)
Topic: What should I do with my money
Replies: 15
Views: 3231

Re: What should I do with my money

So, the sale was for 188K gross or that was your profit? You only pay taxes on the profit of a sale. $55K seems high on a $188K profit, though not impossible for a short-term flip. Your mortgage rate seems great and you shouldn't refinance. As far as your truck.... Pay off the loan. Then sell it and...
by metrunt
Mon May 01, 2017 12:02 pm
Forum: Personal Finance (Not Investing)
Topic: What should I do with my money
Replies: 15
Views: 3231

Re: What should I do with my money

Don't get rid of the truck loan. Get rid of the truck and buy a servicable car for $6K. Deferment doesn't mean you're not losing money on the interest. It just means you're not paying the loan off. It's not a good thing to be in debt. Pay the student loan as aggressively as possible. It's too late t...
by metrunt
Mon May 01, 2017 11:49 am
Forum: Personal Finance (Not Investing)
Topic: Side gig, 1099 strategy
Replies: 15
Views: 1499

Re: Side gig, 1099 strategy

It sounds like you're trying to maximize the money you take home here, including future SS earnings. Two things come to mind: -How long have you two been married? How old are each of you? What are each of your projected SS credits? -What retirement accounts do you and your wife have access to? If yo...
by metrunt
Sat Apr 22, 2017 9:10 am
Forum: Investing - Theory, News & General
Topic: Easy explanation for survivorship bias
Replies: 1
Views: 527

Re: Easy explanation for survivorship bias

What's this 'we' stuff?
by metrunt
Mon Apr 10, 2017 6:21 pm
Forum: Personal Consumer Issues
Topic: Help me decide what to do with my cars
Replies: 34
Views: 2056

Re: Help me decide what to do with my cars

I am serious, but I'm coming from a little different perspective. I mentioned briefly in my OP that I take call for work and have to be immediately available if needed. It would not be good if the car does not start or I get stranded trying to get to work at 3am. I know these cars last forever (my ...
by metrunt
Thu Mar 09, 2017 5:43 pm
Forum: Forum Issues and Administration
Topic: What would happen if a hacker got a full database dump of the site?
Replies: 29
Views: 3577

Re: What would happen if a hacker got a full database dump of the site?

What would happen? The hacker would take his ill-gotten gains and put it in a low cost index fund! Seriously though...all the information I can see on this site a 'hacker' can see and collect. Legally and ethically. I put the chance of something nefarious happening as a result of "bogleheads.or...
by metrunt
Tue Mar 07, 2017 6:12 pm
Forum: Personal Finance (Not Investing)
Topic: How much do you spend on food in a year?
Replies: 155
Views: 9281

Re: How much do you spend on food in a year?

Quickfoot wrote:We are a family of five (two adults and 9, 10 and 13 year old children) and have a $500 a month food budget, we use a little less than that most months.


Can you share your tips? I've got a family of 5 (my kids are about 3-4 years younger than yours) and I can't get under $1,000.

Thanks!
by metrunt
Mon Mar 06, 2017 1:06 pm
Forum: Personal Finance (Not Investing)
Topic: How much do you spend on food in a year?
Replies: 155
Views: 9281

Re: How much do you spend on food in a year?

I love the range of responses! Absolutely no judgement, it's just fascinating...This thread so far has a low end of -Family of 7. 6600 on groceries, 1500 on eating out. And a high end of -2 people Eating out budget is $40,000 per year and purchased food/liquor about $20,000. Us? Family of 5 (2 adult...