Search found 19 matches

by FBanks
Tue Oct 13, 2020 6:32 pm
Forum: US Chapters
Topic: Post your Financial Milestone Announcements Here
Replies: 1759
Views: 228536

Re: Post your Financial Milestone Announcements Here

I hit over a million today! This was big for me because it’s all from my investment accounts and 50% of the house minus mortgage. My husband and I are well over $2m combined, but it was really important for me to hit this milestone in my own accounts. Can’t tell anyone in my real life. Happy to shar...
by FBanks
Mon Sep 14, 2020 8:21 am
Forum: Personal Finance (Not Investing)
Topic: is it time to pay off my 2.375% mortgage?
Replies: 39
Views: 3637

Re: is it time to pay off my 2.375% mortgage?

Thank you! I updated net worth. We are way over 25 X retirement expense, but our goal is 2m. So it will probably be same time when we pay off the mortgage and son graduates from grad school. Increase emergency fund to 6 months expenses, invest the remainder in a total stock market index fund, and p...
by FBanks
Sun Sep 13, 2020 1:55 pm
Forum: Personal Investments
Topic: How much are your 529 Contributions
Replies: 133
Views: 7566

Re: How much are your 529 Contributions

Someone want to check my estimates calculations below? Please note that my numbers are "all-in" and includes tuition, on-campus housing, books and materials and misc fees. - Total current cost In state public: $40K/year Private: $73K/year - Anticipated cost in 16 years In state public: $59K/year Pr...
by FBanks
Sun Sep 13, 2020 8:12 am
Forum: Personal Investments
Topic: How much are your 529 Contributions
Replies: 133
Views: 7566

Re: How much are your 529 Contributions

First, we have a 6m emergency fund; Second, we max out: 401k/hsa/fsa/backdoor roths; Then we put $10k per child/ per year in 529s. We’ve done this since birth. Why? We want to retire by 50, the same time our kids will be ready for college. We want to pay for college without having to realize taxable...
by FBanks
Sat Sep 12, 2020 8:26 pm
Forum: Personal Finance (Not Investing)
Topic: is it time to pay off my 2.375% mortgage?
Replies: 39
Views: 3637

Re: is it time to pay off my 2.375% mortgage?

Increase emergency fund to 6 months expenses, invest the remainder in a total stock market index fund, and pay mortgage to term. You have a bright kid with top grades from a competitive school and top SAT scores. You also make less than $75,000. Most selective private schools will give students like...
by FBanks
Sat Sep 12, 2020 6:37 am
Forum: Personal Consumer Issues
Topic: Anyone tried self-publishing with Amazon? If so can you share your experience?
Replies: 20
Views: 3051

Re: Anyone tried self-publishing with Amazon? If so can you share your experience?

Thinking of retiring and if so Iwould like to still be productive and contribute something. Amongst the possibilities, I have thought of self publishing using Amazon, since I have always had at the back of my head the idea of organising one day my thoughts into a book. I thought that self-publishin...
by FBanks
Fri Sep 11, 2020 2:55 am
Forum: Personal Finance (Not Investing)
Topic: How to stop judging how other people spend/invest
Replies: 76
Views: 4944

Re: How to stop judging how other people spend/invest

I struggle with this. We save 50% of our income, drive cars forever, and live in a much smaller home than we can afford. I find when I’m getting judgey of friends that I suspect make less than us, but spend more lavishly on cars, homes, vacations, etc., deep down I think I’m envious that they have f...
by FBanks
Fri Sep 11, 2020 2:45 am
Forum: Personal Finance (Not Investing)
Topic: Paying off sub 4% mortgage interest rate early
Replies: 167
Views: 14601

Re: Paying off sub 4% mortgage interest rate early

We’re 2.5 years into a 15 year mortgage, 3.25% interest rate. As the kids cycle out of daycare, we funnel that money to the mortgage. We’re on track to knock it out in 5 years. Why? *We’re maxing out HSA FSA 401K BD Roths; contributing to 529s, taxable brokerage, and a NQDC plan; we have an emergenc...
by FBanks
Sat Nov 09, 2019 7:11 am
Forum: Personal Finance (Not Investing)
Topic: high savings rate in Bay Area w/ kids
Replies: 3
Views: 511

high savings rate in Bay Area w/ kids

I’m genuinely curious how current high income families living in or just outside San Francisco or Sunnyvale manage the HCOL and build wealth. I want to avoid hyperbole, anti-CA rants, or opinions from people that never lived in CA. What I want is actionable advice for a hypothetical family with a so...
by FBanks
Sun Oct 06, 2019 8:04 am
Forum: Personal Investments
Topic: 401k Contribution Question
Replies: 10
Views: 1186

Re: 401k Contribution Question

It depends on your plan. For match, some companies only match up to 6% per pay period. So if you max out contributions early, you may lose out on match. You'll have to confirm with your plan administrator. For overpayments, it also depends on your plan. If I'm slated to overcontribute, Fidelity just...
by FBanks
Mon Jul 15, 2019 12:37 pm
Forum: Personal Investments
Topic: Help - Talk to me like I'm 4 y/o please
Replies: 97
Views: 11415

Re: Help - Talk to me like I'm 4 y/o please

Tiny correction. You may incur some transactions costs to sell non Vanguard funds. You can either keep them and build your portfolio around them, or sell and eat the costs if the expense ratios are high and/or you really don't like the investments. It looks like it got a little heated above (I didn'...
by FBanks
Mon Jul 15, 2019 11:56 am
Forum: Personal Investments
Topic: Help - Talk to me like I'm 4 y/o please
Replies: 97
Views: 11415

Re: Help - Talk to me like I'm 4 y/o please

Firstly, welcome and well done! The hardest part is establishing a solid savings rate and getting started; you've already done both! Secondly, take a deep breath. This looks confusing, but you're actually set-up for a pretty seamless transition to Vanguard. Okay, let's dig in. For both your 401k and...
by FBanks
Thu Jul 04, 2019 4:48 pm
Forum: Personal Investments
Topic: Best Options/Strategies for Funding College in 18 years
Replies: 11
Views: 1261

Re: Best Options/Strategies for Funding College in 18 years

Also, look up choosefi and whitecoat investor podcasts. They both did great episodes on strategies for saving/paying for college.
by FBanks
Thu Jul 04, 2019 4:45 pm
Forum: Personal Investments
Topic: Best Options/Strategies for Funding College in 18 years
Replies: 11
Views: 1261

Re: Best Options/Strategies for Funding College in 18 years

Go to savingforcollege.com and play around with the calculators to get a sense of what private/public college will cost in 18 years. Then decide how much you want to cover out of pocket. Then figure out how much you need to save annually to reach that number in 18 years. Check your state's 529 plans...
by FBanks
Thu Jul 04, 2019 12:50 pm
Forum: Personal Finance (Not Investing)
Topic: 30 y/o financial check up. How am I doing? Can I buy a model 3 performance?
Replies: 57
Views: 4499

Re: 30 y/o financial check up. How am I doing? Can I buy a model 3 performance?

NICE WORK! You've paid off a lot of debt, grown your income exponentially, and amassed a fair amount. Don't take your foot off the gas now. With a 7% annual return and a $150k annual savings rate (invested in low cost, total stock market index funds across all accounts), you could have $1M in 5 year...
by FBanks
Wed Mar 02, 2016 4:21 pm
Forum: Personal Investments
Topic: 27 year old newbie. How to handle $190,000 "windfall"?
Replies: 28
Views: 5800

Re: 27 year old newbie. How to handle $190,000 "windfall"?

Fund the IRA's, max the TSP, keep the apartment, and GO SLOW with the girlfriend. New love is exciting and blinding. You do not want to be married, bitter and stuck because you were too impatient to see each other in good times and in bad before escalating the commitments. Couldn't have said it bet...
by FBanks
Wed Mar 02, 2016 3:50 pm
Forum: Personal Investments
Topic: Audit my personal investments - 28 years old, MFJ, ~$165k income
Replies: 16
Views: 2133

Re: Audit my personal investments - 28 years old, MFJ, ~$165k income

I wouldn't change a thing, but I'm biased because I have an eerily similar strategy :D. Each year my spouse and I both max out our 401(k), HSA, dependent care FSA, backdoor Roth IRA, and we each throw $5k in a 529 for our child. We then put all other savings in our taxable brokerage account until we...
by FBanks
Wed Mar 02, 2016 3:36 pm
Forum: Personal Investments
Topic: Maxed out 401k, young high-income earner--what to do next?
Replies: 14
Views: 2365

Re: Maxed out 401k, young high-income earner--what to do next?

Hi, I'm have a similar age/income and my spouse has a similar age/income, which basically means we get hammered with taxes. Our approach is to reduce our taxable income as much as possible. We do this by maxing out our 401(k)s, HSAs, and FSAs and contributing to any other tax-advantaged accounts we ...
by FBanks
Wed Mar 02, 2016 1:34 pm
Forum: Personal Investments
Topic: Buy A Rental Condo for Mother In Law ?
Replies: 31
Views: 3753

Re: Buy A Rental Condo for Mother In Law ?

Firstly, you're awesome for helping your MOL. Secondly, I'm strongly in favor of renting. Given your circumstances, it gives you the most flexibility, requires the least up front costs, and saves you from becoming a landlord when you've already expressed an aversion to holding that position. Instead...