Search found 12366 matches

by KlangFool
Thu May 16, 2019 8:03 pm
Forum: Personal Finance (Not Investing)
Topic: Logistics of splitting tuition costs with child
Replies: 77
Views: 3342

Re: Logistics of splitting tuition costs with child

Looking at the math of OUR money, excluding matches, we are saving $40K per year between my 401K (15K) , her 401a/403b (5k), $11K to Roth IRA and $700/mo to 529, which is 20% of our income. We are saving $350/month to HSA but we do use this for medical costs and not as strictly a savings vehicle......
by KlangFool
Thu May 16, 2019 5:28 pm
Forum: Personal Finance (Not Investing)
Topic: How do Bogleheads update their 401k contributions once they are able to max?
Replies: 19
Views: 1547

Re: How do Bogleheads update their 401k contributions once they are able to max?

OP, My employer uses Fidelity for the 401K. They have a max up 401K option. You have to call Fidelity to enable this option. It is not part of the online configuration option. With this option, it will spread the contribution evenly across all your paychecks. And, it takes care of the catch-up contr...
by KlangFool
Thu May 16, 2019 3:49 pm
Forum: Personal Investments
Topic: Impact of early semi-retirement on SS when the time comes?
Replies: 15
Views: 1546

Re: Impact of early semi-retirement on SS when the time comes?

OP,

It is very simple. Just calculate and find out.

My simple spreadsheet.

viewtopic.php?f=10&t=280442

A much better spreadsheet.

viewtopic.php?f=2&t=262772

KlangFool
by KlangFool
Thu May 16, 2019 3:44 pm
Forum: Personal Finance (Not Investing)
Topic: Logistics of splitting tuition costs with child
Replies: 77
Views: 3342

Re: Logistics of splitting tuition costs with child

Why in the world are you concerned that your children will select a private out-of-state college? Just set the expectation early on that you will share in the cost of only an in-state public school. Why give your children the choice? We told our children since they were in elementary school that we...
by KlangFool
Thu May 16, 2019 3:17 pm
Forum: Personal Finance (Not Investing)
Topic: Logistics of splitting tuition costs with child
Replies: 77
Views: 3342

Re: Logistics of splitting tuition costs with child

Roth IRA contribution over 10+ years can cover this number easily. I have maxed my Roth for the past 14 years. Luckily I won't have to tap it for college because there's 529 money for that. ;-) Did you max up all your pre-tax accounts? If not, you are foregoing tax credits and tax savings for the 5...
by KlangFool
Thu May 16, 2019 3:03 pm
Forum: Personal Finance (Not Investing)
Topic: Logistics of splitting tuition costs with child
Replies: 77
Views: 3342

Re: Logistics of splitting tuition costs with child

cshell2, Normally, in those cases, either A) The person does not earn enough to worry about saving for a college education. B) The person is a 1099 contractor. Hence, the person could open his own Solo/Individual 401K. Yes, there could be an exception. But, they're very rare. KlangFool He made 70K ...
by KlangFool
Thu May 16, 2019 2:28 pm
Forum: Personal Finance (Not Investing)
Topic: Logistics of splitting tuition costs with child
Replies: 77
Views: 3342

Re: Logistics of splitting tuition costs with child

cshell2, That 529 tax break is for state income tax only. You still pay Federal Income tax on that 529 contributions. So, why would you choose to pay Federal Income Tax? KlangFool If you've already maxed your pre-tax options what does it matter? It's either 529 with state break or a taxable account...
by KlangFool
Thu May 16, 2019 2:09 pm
Forum: Personal Finance (Not Investing)
Topic: Logistics of splitting tuition costs with child
Replies: 77
Views: 3342

Re: Logistics of splitting tuition costs with child

cshell2, That 529 tax break is for state income tax only. You still pay Federal Income tax on that 529 contributions. So, why would you choose to pay Federal Income Tax? KlangFool If you've already maxed your pre-tax options what does it matter? It's either 529 with state break or a taxable account...
by KlangFool
Thu May 16, 2019 1:43 pm
Forum: Personal Finance (Not Investing)
Topic: Logistics of splitting tuition costs with child
Replies: 77
Views: 3342

Re: Logistics of splitting tuition costs with child

cshell2, That 529 tax break is for state income tax only. You still pay Federal Income tax on that 529 contributions. So, why would you choose to pay Federal Income Tax? KlangFool [/quote] If you've already maxed your pre-tax options what does it matter? It's either 529 with state break or a taxabl...
by KlangFool
Thu May 16, 2019 1:28 pm
Forum: Personal Finance (Not Investing)
Topic: Logistics of splitting tuition costs with child
Replies: 77
Views: 3342

Re: Logistics of splitting tuition costs with child

OP, The answer is simple and obvious. Do not save for college education. Save for retirement instead. If and when the kids go to college, depending on the retirement account funding, the parent pays whatever amount that the parent can afford. The parent should burden the kids with their retirement....
by KlangFool
Thu May 16, 2019 12:55 pm
Forum: Personal Finance (Not Investing)
Topic: Logistics of splitting tuition costs with child
Replies: 77
Views: 3342

Re: Logistics of splitting tuition costs with child

OP, The answer is simple and obvious. Do not save for college education. Save for retirement instead. If and when the kids go to college, depending on the retirement account funding, the parent pays whatever amount that the parent can afford. The parent should burden the kids with their retirement....
by KlangFool
Thu May 16, 2019 12:27 pm
Forum: Personal Finance (Not Investing)
Topic: Logistics of splitting tuition costs with child
Replies: 77
Views: 3342

Re: Logistics of splitting tuition costs with child

OP, The answer is simple and obvious. Do not save for college education. Save for retirement instead. If and when the kids go to college, depending on the retirement account funding, the parent pays whatever amount that the parent can afford. The parent should burden the kids with their retirement. ...
by KlangFool
Thu May 16, 2019 12:20 pm
Forum: Personal Finance (Not Investing)
Topic: Logistics of splitting tuition costs with child
Replies: 77
Views: 3342

Re: Logistics of splitting tuition costs with child

We currently save 17% of gross to our retirement (looking to go to 18% this year) and $350/month per child to a 529 at Vanguard, in addition to emergency fund savings (saving $500/month until we get to 6 months expenses) and our mortgage payment, along with charitable giving and living expenses. Do...
by KlangFool
Wed May 15, 2019 12:22 pm
Forum: Personal Investments
Topic: If you are already wealthy, what keeps you motivated?
Replies: 94
Views: 8869

Re: If you are already wealthy, what keeps you motivated?

OP,

I am an engineer. Money is not my main motivation in life. Solving interesting and technically challenging problems are my main motivation.

KlangFool
by KlangFool
Wed May 15, 2019 6:00 am
Forum: Personal Finance (Not Investing)
Topic: Careers in art
Replies: 91
Views: 4587

Re: Careers in art

When my daughter went to college I asked her to please not major in art or psychology. Art, because I didn't understand what she would do with an art degree and psychology, because I knew it would take an advanced degree and maybe a Doctorate to do what she wanted to do. (and we were not paying for...
by KlangFool
Tue May 14, 2019 9:26 pm
Forum: Personal Finance (Not Investing)
Topic: Mortgage Situation for 28 year old
Replies: 16
Views: 1308

Re: Mortgage Situation for 28 year old

bigtex wrote:
Tue May 14, 2019 7:46 pm
No I am not able to max the 401k or IRAs. Also I am married.
bigtex,

1) So, you choose to pay 10% to 20% tax in order to save 3+% mortgage interest. How does this make any sense?

2) Do not refinance. Just stop pre-paying the mortgage.

KlangFool
by KlangFool
Tue May 14, 2019 8:55 pm
Forum: Personal Consumer Issues
Topic: Dale Carnegie training
Replies: 23
Views: 2494

Re: Dale Carnegie training

Took the class and read the books. Very useful for an engineer that went into sales and marketing for a few years.

KlangFool
by KlangFool
Tue May 14, 2019 4:14 pm
Forum: Investing - Theory, News & General
Topic: What Am I Missing Here
Replies: 15
Views: 1564

Re: What Am I Missing Here

OP, There are multiple flaws in your thinking. A) If you have 2 million portfolios and you only need 36K from the portfolio, you are withdrawing less than 2%. You do not have a sequence of return risk. So, why you care whether you withdraw from stock or bond? Why do you need to sell anything? The d...
by KlangFool
Tue May 14, 2019 10:14 am
Forum: Investing - Theory, News & General
Topic: What Am I Missing Here
Replies: 15
Views: 1564

Re: What Am I Missing Here

OP, There are multiple flaws in your thinking. A) If you have 2 million portfolios and you only need 36K from the portfolio, you are withdrawing less than 2%. You do not have a sequence of return risk. So, why you care whether you withdraw from stock or bond? Why do you need to sell anything? The di...
by KlangFool
Mon May 13, 2019 9:11 pm
Forum: Personal Finance (Not Investing)
Topic: Careers in art
Replies: 91
Views: 4587

Re: Careers in art

I concur with btenny breaking in is somewhat difficult, once you are in you are a lifer however hours are long, but one is practicing one's craft that is priceless. retire2022, It would be easier if the Arts department has a connection to those employers. My daughter worked on post-production stuff...
by KlangFool
Mon May 13, 2019 8:33 pm
Forum: Personal Finance (Not Investing)
Topic: Careers in art
Replies: 91
Views: 4587

Re: Careers in art

JBTX, My daughter is resourceful. So, I have no worry as to how she going to make money with her Arts degree. A small sample of her internship/freelancing work since high school. A) A pottery place making custom mugs. B) 3D printing shop C) Taking newly born baby photos (yes, there are people speci...
by KlangFool
Mon May 13, 2019 8:20 pm
Forum: Personal Finance (Not Investing)
Topic: Careers in art
Replies: 91
Views: 4587

Re: Careers in art

The richest person I ever saw post on this forum was a professional artist. I think his portfolio was worth 30M, if I remember correctly. I doubt your daughter will get that rich, but just putting that out there. I think my daughter might major in art also, possibly to become an art teacher. We've ...
by KlangFool
Mon May 13, 2019 8:19 pm
Forum: Personal Finance (Not Investing)
Topic: Careers in art
Replies: 91
Views: 4587

Re: Careers in art

JBTX, My daughter is resourceful. So, I have no worry as to how she going to make money with her Arts degree. A small sample of her internship/freelancing work since high school. A) A pottery place making custom mugs. B) 3D printing shop C) Taking newly born baby photos (yes, there are people specia...
by KlangFool
Mon May 13, 2019 7:00 pm
Forum: Personal Finance (Not Investing)
Topic: Careers in art
Replies: 91
Views: 4587

Re: Careers in art

Are summer internships available to college students or are they very hard to come by? JBTX, VCU ranked nationally #2 in Arts. So, Arts is a major department in VCU and it has many internship programs with employers. You should ask this question to the University Art program before paying for the d...
by KlangFool
Mon May 13, 2019 6:33 pm
Forum: Personal Finance (Not Investing)
Topic: Careers in art
Replies: 91
Views: 4587

Re: Careers in art

I am sorry for the son. Imagine losing the chance to learn about something he is passionate about. fru-gal, He doubles major in Mechanical Engineering and Physic for the first year. He dropped Physic major after the first year. I knew that he is not a Physic type of person. I refused to let him mak...
by KlangFool
Mon May 13, 2019 5:15 pm
Forum: Personal Finance (Not Investing)
Topic: Careers in art
Replies: 91
Views: 4587

Re: Careers in art

Daughter is starting college and contemplating study/fields in art. She will be going to a local public state college. She is a talented artist. My first reaction is it isn't a very practical choice, but I honestly don't know. Options include art teacher, art therapist, graphic design, web design e...
by KlangFool
Mon May 13, 2019 4:35 pm
Forum: Investing - Theory, News & General
Topic: U.S. stocks in free fall
Replies: 10770
Views: 1885248

Re: U.S. stocks in free fall

If the market is only down 2.4% on so much bad news, I see that as a good sign, It only has begun. Perhaps more tomorrow. I need more decline in order for me to Tax Loss Harvest. KlangFool Part of me hopes it will go down more so I can buy the dip. gmaynardkrebs, With my Wellington fund, it is auto...
by KlangFool
Mon May 13, 2019 4:34 pm
Forum: Personal Finance (Not Investing)
Topic: When did you realize it wasn't enough?
Replies: 33
Views: 7168

Re: When did you realize it wasn't enough?

Morning all. Lots of interesting replies from everyone here. Thanks for sharing your thoughts and am hoping this will help others as well. I don't know what "enough" is - so everyone decides what's "enough", it could be 500k, 1M or 2M, upto you. tampaite, << I don't know what "enough" is >> I do no...
by KlangFool
Mon May 13, 2019 4:19 pm
Forum: Investing - Theory, News & General
Topic: U.S. stocks in free fall
Replies: 10770
Views: 1885248

Re: U.S. stocks in free fall

If the market is only down 2.4% on so much bad news, I see that as a good sign, It only has begun. Perhaps more tomorrow. I need more decline in order for me to Tax Loss Harvest. KlangFool Part of me hopes it will go down more so I can buy the dip. gmaynardkrebs, With my Wellington fund, it is auto...
by KlangFool
Mon May 13, 2019 3:56 pm
Forum: Investing - Theory, News & General
Topic: U.S. stocks in free fall
Replies: 10770
Views: 1885248

Re: U.S. stocks in free fall

gmaynardkrebs wrote:
Mon May 13, 2019 3:37 pm
If the market is only down 2.4% on so much bad news, I see that as a good sign,
It only has begun. Perhaps more tomorrow. I need more decline in order for me to Tax Loss Harvest.

KlangFool
by KlangFool
Mon May 13, 2019 3:47 pm
Forum: Personal Finance (Not Investing)
Topic: When did you realize it wasn't enough?
Replies: 33
Views: 7168

Re: When did you realize it wasn't enough?

Morning all. Lots of interesting replies from everyone here. Thanks for sharing your thoughts and am hoping this will help others as well. I don't know what "enough" is - so everyone decides what's "enough", it could be 500k, 1M or 2M, upto you. tampaite, << I don't know what "enough" is >> I do no...
by KlangFool
Sun May 12, 2019 9:51 pm
Forum: Personal Finance (Not Investing)
Topic: When did you realize it wasn't enough?
Replies: 33
Views: 7168

Re: When did you realize it wasn't enough?

OP, 1) I have plan A, B, C, D, and so on depending on how long my job last. Given that I had no job security over the last 10+ years. It will be enough whenever my job ends. 2) I save 1 year of expense every year. Saving more is not going to matter in my case. It won't move the number by much when m...
by KlangFool
Sat May 11, 2019 9:01 am
Forum: Personal Finance (Not Investing)
Topic: College Expenses
Replies: 232
Views: 10864

Re: College Expenses

It's insane, but I told my kids that right now they kind of need to be aiming for straight A+s. Their school is on a 4.5 grading scale and the break point for top 10% is 4.5. GCD, And, how would that help your kid? That would only make them be the top 10%. Why would that be good enough? Formal educ...
by KlangFool
Sat May 11, 2019 8:54 am
Forum: Personal Finance (Not Investing)
Topic: College Expenses
Replies: 232
Views: 10864

Re: College Expenses

I would imagine eventually grad/professional schools will have to start looking at class rank instead of GPA. My kids are only in HS, but I found out from one of the guidance counselors that a B+ average is 50th percentile at their HS. Grade inflation is a real thing and the higher up the food chai...
by KlangFool
Fri May 10, 2019 7:27 pm
Forum: Investing - Theory, News & General
Topic: Balance Finds
Replies: 17
Views: 1279

Re: Balance Funds

My question is this: If one is interested in either increasing or decreasing one's equity or bond allocation in a balanced fund without effecting the other holding be it equity or bond, how is it done? Thanks. Hi yousha - Balance funds are great in theory and provide a simple one fund strategy. Unf...
by KlangFool
Fri May 10, 2019 4:29 pm
Forum: Personal Finance (Not Investing)
Topic: Continue working for benefit of adult children or retiring earlier?
Replies: 87
Views: 6093

Re: Continue working for benefit of adult children or retiring earlier?

I suppose it can depend on the children's ability to sustain themselves financially, but if you sense that they may not have the ability to generate high enough income to live the life they and you would like them to live, would you keep going a bit longer? I'm not talking opulence here, rather thi...
by KlangFool
Fri May 10, 2019 2:44 pm
Forum: Investing - Theory, News & General
Topic: Balance Finds
Replies: 17
Views: 1279

Re: Balance Finds

OP, You created a spreadsheet and calculate the amount of bond fund and/or stock fund you need to reach your AA. 40% of my portfolio is in the Wellington Fund (65/35). The rest is in the individual stock fund and/or bond fund. You need the spreadsheet to calculate and determine when you need to reba...
by KlangFool
Fri May 10, 2019 11:36 am
Forum: Personal Finance (Not Investing)
Topic: College Expenses
Replies: 232
Views: 10864

Re: College Expenses

My son's high school NMF had a full-ride scholarship to study at the University of Virginia. Her parent (my co-worker) took a student loan and send her to Northwestern instead. If the odds of getting into med school are improved by getting the undergrad degree from Northwestern, that is a reasonabl...
by KlangFool
Fri May 10, 2019 9:52 am
Forum: Personal Finance (Not Investing)
Topic: College Expenses
Replies: 232
Views: 10864

Re: College Expenses

On other un-PC thought for those not swimming in cash -- you should urge your daughters to be realistic about that taking a bunch of loans for that snazzy private liberal arts college (when you've got the state school covered pretty well) for an unmarketable degree should they decide sooner than la...
by KlangFool
Fri May 10, 2019 7:52 am
Forum: Personal Finance (Not Investing)
Topic: College Expenses
Replies: 232
Views: 10864

Re: College Expenses

Folks, In summary, buyer beware! If someone is going to spend a lot of money on college education, make sure that A) It is worth the money. B) You did shop around for a better-valued alternative. The 100K to 200K difference is significant. Do not end up like my co-worker that took a student loan and...
by KlangFool
Fri May 10, 2019 7:41 am
Forum: Personal Finance (Not Investing)
Topic: College Expenses
Replies: 232
Views: 10864

Re: College Expenses

My son's high school NMF had a full-ride scholarship to study at the University of Virginia. Her parent (my co-worker) took a student loan and send her to Northwestern instead. If the odds of getting into med school are improved by getting the undergrad degree from Northwestern, that is a reasonabl...
by KlangFool
Thu May 09, 2019 7:03 pm
Forum: Personal Finance (Not Investing)
Topic: College Expenses
Replies: 232
Views: 10864

Re: College Expenses

Vulcan wrote:
Thu May 09, 2019 6:50 pm
KlangFool wrote:
Thu May 09, 2019 5:30 pm
2) National Merit Semi-finalist = Top 16,000 = top 1%

3) National Merit Finalist = Top 7,500 to Top 8,000 but it is state specific.
NMF = 15,000
Okay. I made a mistake.

KlangFool
by KlangFool
Thu May 09, 2019 7:02 pm
Forum: Personal Finance (Not Investing)
Topic: College Expenses
Replies: 232
Views: 10864

Re: College Expenses

My son's high school NMF had a full-ride scholarship to study at the University of Virginia. Her parent (my co-worker) took a student loan and send her to Northwestern instead. If the odds of getting into med school are improved by getting the undergrad degree from Northwestern, that is a reasonabl...
by KlangFool
Thu May 09, 2019 6:41 pm
Forum: Personal Finance (Not Investing)
Topic: College Expenses
Replies: 232
Views: 10864

Re: College Expenses

If your son attains the cut-off score for your state, and then fills out an application which might require a letter of rec, he should move from NM semi-finalist to finalist. He will then be eligible for the NMF scholarships offered by Oklahoma, Alabama, and others. My son was NMF a couple of years...
by KlangFool
Thu May 09, 2019 5:30 pm
Forum: Personal Finance (Not Investing)
Topic: College Expenses
Replies: 232
Views: 10864

Re: College Expenses

LOL, this board never has discussions about kids with A- averages, 1200 SATs, who played varsity baseball but weren't state champs and who only volunteered at the soup kitchen 3 days a week! Everybody's kid is above average, here: WAY above average. This discussion is always fun, but in the real wo...
by KlangFool
Thu May 09, 2019 9:19 am
Forum: Personal Finance (Not Investing)
Topic: College Expenses
Replies: 232
Views: 10864

Re: College Expenses

2) My son went to VT. Then, I was unemployed for more than 1 year. If I was unemployed much longer. He would have to take a student loan. My daughter is one year older. A nice benefit of "full need" schools even for upper-middle class families is the insurance aspect of it. If you have an adverse e...
by KlangFool
Thu May 09, 2019 8:47 am
Forum: Personal Finance (Not Investing)
Topic: College Expenses
Replies: 232
Views: 10864

Re: College Expenses

Did they apply and get accepted to any more selective schools? The state flagship's professor that mentors our son's research project (with which he is headed to Intel ISEF Finals in Phoenix in a few days) told us unequivocally that he recommends our son goes to a more selective school where he can...
by KlangFool
Thu May 09, 2019 8:38 am
Forum: Personal Finance (Not Investing)
Topic: College Expenses
Replies: 232
Views: 10864

Re: College Expenses

2) My son went to VT. Then, I was unemployed for more than 1 year. If I was unemployed much longer. He would have to take a student loan. My daughter is one year older. A nice benefit of "full need" schools even for upper-middle class families is the insurance aspect of it. If you have an adverse e...
by KlangFool
Thu May 09, 2019 8:33 am
Forum: Personal Finance (Not Investing)
Topic: College Expenses
Replies: 232
Views: 10864

Re: College Expenses

Our state flagship is at about the level of ASU and it gives full scholarship to NMF. It would be our academic and financial safety. Both my son and my daughter costs about 120K each for 4 years. And, they would have about 20K to 30K worth of investment each when they graduated college. I believe i...
by KlangFool
Thu May 09, 2019 8:20 am
Forum: Personal Finance (Not Investing)
Topic: College Expenses
Replies: 232
Views: 10864

Re: College Expenses

Our state flagship is at about the level of ASU and it gives full scholarship to NMF. It would be our academic and financial safety. Both my son and my daughter costs about 120K each for 4 years. And, they would have about 20K to 30K worth of investment each when they graduated college. I believe i...