Search found 386 matches

by investor997
Wed Jan 16, 2019 12:21 pm
Forum: Investing - Theory, News & General
Topic: Are mega back door Roth contributions considered contributions?
Replies: 87
Views: 2867

Re: Are mega back door Roth contributions considered contributions?

I think what investor997 is missing is that each "conversion contribution" or "rollover contribution" can have both a taxable and a non-taxable component. These are treated differently when it comes to the 5 tax year clock and its penalty. I intentionally left that out with the hope that things wou...
by investor997
Wed Jan 16, 2019 12:18 pm
Forum: Investing - Theory, News & General
Topic: Are mega back door Roth contributions considered contributions?
Replies: 87
Views: 2867

Re: Are mega back door Roth contributions considered contributions?

OP here. Thank you all for the discussion. I think I have a handle on it. Key Takeaway (and what they didn't tell me ~20 years ago when first opened my Roth IRA): Maintain detailed records of all your Roth IRA contributions and conversions. They may come in very handy if you decide to retire early a...
by investor997
Wed Jan 16, 2019 12:41 am
Forum: Investing - Theory, News & General
Topic: Are mega back door Roth contributions considered contributions?
Replies: 87
Views: 2867

Re: Are mega back door Roth contributions considered contributions?

OP here again. I think I get it now. There are two ways to add money to a Roth IRA: Contributions (ie, what you deposit directly if you're under the income limits), or Conversions (Back Door and Mega Back Door). Contributions can be withdrawn at any time without tax or penalty. Conversion amounts ca...
by investor997
Wed Jan 16, 2019 12:22 am
Forum: Investing - Theory, News & General
Topic: Are mega back door Roth contributions considered contributions?
Replies: 87
Views: 2867

Re: Are mega back door Roth contributions considered contributions?

I agree the poster is not asking the right question, we have to guess what he means. Maybe he can clarify. OP here. I'll try to clarify my question by offering a scenario. In Year One, Joe Investor's income was under the IRS limit for Roth IRA contributions. He opened a new Roth IRA account and con...
by investor997
Tue Jan 15, 2019 7:23 pm
Forum: Investing - Theory, News & General
Topic: Are mega back door Roth contributions considered contributions?
Replies: 87
Views: 2867

Re: Are mega back door Roth contributions considered contributions?

Lots of confusion here. Let's assume you have nothing in Roth IRA. If you use the mega back door and send both your after-tax contributions and their earnings to Roth IRA, that starts a 5 tax year clock on the earnings part. The contributions are after-tax and have no clock. The earnings are a conv...
by investor997
Tue Jan 15, 2019 5:28 pm
Forum: Investing - Theory, News & General
Topic: Are mega back door Roth contributions considered contributions?
Replies: 87
Views: 2867

Are mega back door Roth contributions considered contributions?

I think I know the answer to this but I'd like confirmation: Are Mega Back Door Roth IRA contributions considered "contributions" in the traditional sense? The reason I ask is because Roth IRA contributions can be withdrawn at any time without penalty, and doing so may be a way to gain access to a R...
by investor997
Wed Jan 02, 2019 6:24 pm
Forum: Personal Consumer Issues
Topic: Talk me out of buying a Tesla Model 3
Replies: 338
Views: 23545

Re: Talk me out of buying a Tesla Model 3

I bought EAP at the time of purchase, why buy a Tesla without the self-driving...right? On the other hand, why buy a car that's so much fun to drive and rely on the car to drive itself, depriving yourself of the fun driving experience? OP here. I felt the same way when I bought the car: The dynamic...
by investor997
Wed Jan 02, 2019 6:20 pm
Forum: Personal Consumer Issues
Topic: Talk me out of buying a Tesla Model 3
Replies: 338
Views: 23545

Re: Talk me out of buying a Tesla Model 3

We made a trip down to Long Beach last week, and expected a tough time charging with these types of reports. But all 10 times that we used the Superchargers were without waiting at any location including Fountain Valley. Maybe more Los Angeles people traveled out of town than those visiting, so usa...
by investor997
Mon Dec 31, 2018 11:09 am
Forum: Personal Finance (Not Investing)
Topic: Credit utilization impact on canceling credit cards
Replies: 22
Views: 854

Re: Credit utilization impact on canceling credit cards

OP here - slight update on my end. I decided to postpone applying for any additional credit cards for at least a month or two pending the outcome of a pair of job opportunities I'm exploring (and resulting work-related travel). Given this, I called Chase to cancel the SW card and they countered by o...
by investor997
Fri Dec 21, 2018 4:37 pm
Forum: Personal Finance (Not Investing)
Topic: What's Your Credit Card Rewards Strategy?
Replies: 3172
Views: 615765

Re: What's Your Credit Card Rewards Strategy?

I'm trying to decide between CSR and CSP. My annual spend on Travel and Dining is enough to make up the CSR's higher annual fee, but Player 2 (same household) already has a CSR. Any high-value travel benefits the CSR offers (like lounges, insurance, etc) would be used on trips we take together so it...
by investor997
Wed Dec 19, 2018 11:11 am
Forum: Personal Consumer Issues
Topic: Buyer's Remorse on purchasing a Mercedes
Replies: 82
Views: 6811

Re: Buyer's Remorse on purchasing a Mercedes

OP, Sell the car. Be prepared for a lowball offer from Carmax that's borderline insulting. Your best bet is to sell it private party. You'll net thousands more over trading it in. Get it detailed inside and out, drive it to a nice location and take lots of detailed photos. Post ads to Craigslist, A...
by investor997
Wed Dec 19, 2018 11:01 am
Forum: Personal Consumer Issues
Topic: Buyer's Remorse on purchasing a Mercedes
Replies: 82
Views: 6811

Re: Buyer's Remorse on purchasing a Mercedes

OP, Sell the car. Be prepared for a lowball offer from Carmax that's borderline insulting. Your best bet is to sell it private party. You'll net thousands more over trading it in. Get it detailed inside and out, drive it to a nice location and take lots of detailed photos. Post ads to Craigslist, Au...
by investor997
Wed Dec 19, 2018 10:57 am
Forum: Personal Consumer Issues
Topic: Buyer's Remorse on purchasing a Mercedes
Replies: 82
Views: 6811

Re: Buyer's Remorse on purchasing a Mercedes

How does paying cash avoid paying taxes? Seriously when you go to register the car don't they charge you sales/use tax in your state? Don't they also all double check bluebook type values to catch people doing fraudulent transactions? This is the second time this issue has come up in a week (WCI po...
by investor997
Mon Dec 17, 2018 9:54 pm
Forum: Personal Finance (Not Investing)
Topic: Credit utilization impact on canceling credit cards
Replies: 22
Views: 854

Re: Credit utilization impact on canceling credit cards

I wouldn't be concerned. But if you are, why not pay off the 7k expenses right now? I did. My mistake was waiting until that card posted its monthly statement before paying it off. That means the $7K balance got reported to the Big Three. It'll be gone by the time next month's statement rolls aroun...
by investor997
Mon Dec 17, 2018 9:51 pm
Forum: Personal Finance (Not Investing)
Topic: Credit utilization impact on canceling credit cards
Replies: 22
Views: 854

Re: Credit utilization impact on canceling credit cards

Closing the card will probably drop your score 15-25 points. It will take about 3-6 months to regain those points (at least in my experience). Paying off the 7k will raise your score 5-10 points in a month or so. It might be better to convert the Southwest card to one that doesn't have a yearly fee...
by investor997
Mon Dec 17, 2018 2:00 pm
Forum: Personal Consumer Issues
Topic: Should I buy a Tesla?
Replies: 123
Views: 6049

Re: Should I buy a Tesla?

A trade-in can make sense if you factor in sales tax, I think. If you buy a $40,000 car, but trade in a $25,000 car, you only pay sales tax on the $15,000. If you sold your car to someone else, then bought the new car, you'd pay sales tax on the full $40,000. If sales tax is 8%, trading in would sa...
by investor997
Mon Dec 17, 2018 1:41 pm
Forum: Personal Finance (Not Investing)
Topic: Credit utilization impact on canceling credit cards
Replies: 22
Views: 854

Re: Credit utilization impact on canceling credit cards

My Chase credit cards provide access to my TransUnion credit score. When I click on the link to view my credit score, I get sent to https://www.chase.creditviewdashboard.com/(I'm not sure if going to that link directly will work -- try starting on your Chase account). At the bottom of that page, th...
by investor997
Mon Dec 17, 2018 1:27 pm
Forum: Personal Finance (Not Investing)
Topic: Credit utilization impact on canceling credit cards
Replies: 22
Views: 854

Re: Credit utilization impact on canceling credit cards

I think you are doing the right thing. However, you are losing a huge chunk of your available credit. Are you going to buy something big soon? Also i believe Clark Howard, said Credit Karma allows your to run through scenarios to see how certain events could affect your score. Perhaps look into tha...
by investor997
Mon Dec 17, 2018 1:15 pm
Forum: Personal Finance (Not Investing)
Topic: Credit utilization impact on canceling credit cards
Replies: 22
Views: 854

Re: Credit utilization impact on canceling credit cards

Regardless this would all be a temporary blip on the screen, so i would move forward with getting rid of the card with an annual fee. I am curious how you are going to get out of paying the Annual Fee, are you going to fight it? I don't believe they will let you cancel the card with a balance (of t...
by investor997
Mon Dec 17, 2018 12:49 pm
Forum: Personal Finance (Not Investing)
Topic: Credit utilization impact on canceling credit cards
Replies: 22
Views: 854

Credit utilization impact on canceling credit cards

I have four credit cards with an aggregate credit limit of about $70K. One of these cards has a $30K limit and I wish to cancel it since I no longer have use for it (it's a Chase Southwest Airlines Plus VISA and I just secured my Companion Pass through the end of next year). I was just billed the An...
by investor997
Mon Dec 17, 2018 12:40 pm
Forum: Personal Consumer Issues
Topic: Should I buy a Tesla?
Replies: 123
Views: 6049

Re: Should I buy a Tesla?

So OP is upset that Tesla won't give him the opportunity to haggle on the price of a Model 3 but at the same time they're upset at the lowball trade-in offer? My advice: Never, ever trade in a car. Always sell it private party. It takes a little work but frankly it's no more than researching/negotia...
by investor997
Thu Dec 13, 2018 1:20 pm
Forum: Personal Consumer Issues
Topic: Should I buy a Tesla?
Replies: 123
Views: 6049

Re: Should I buy a Tesla?

OP, you might want to review the thread I started:

viewtopic.php?f=11&t=260839

BTW - I LOVE the car, but don't count your chickens before they've hatched.
by investor997
Thu Nov 29, 2018 1:07 pm
Forum: Personal Consumer Issues
Topic: Buying Used Tesla Model S? What to look for
Replies: 11
Views: 1882

Re: Buying Used Tesla Model S? What to look for

OP: My only suggestion is to develop a full understanding of what it will take for you to charge at 240V at home. If you live in a townhome/condo, there could be significant costs and/or limitations involved (city codes, working around HOAs, etc). If you live in an apartment, it could be next to imp...
by investor997
Sat Nov 24, 2018 7:46 pm
Forum: Personal Finance (Not Investing)
Topic: Credit Card for International Travel
Replies: 67
Views: 6632

Re: Credit Card for International Travel

IMHO, boa travel rewards card is better. It carries no annual fee. And with the exception of dining, its rebates are equal or higher than the premium card. In particular, all travel purchases (airfare, hotel, car, cruise etc.) through boa travel center carry double rewards. So it's 3% rebate. The p...
by investor997
Fri Nov 23, 2018 7:29 pm
Forum: Personal Consumer Issues
Topic: Talk me out of buying a Tesla Model 3
Replies: 338
Views: 23545

Re: Talk me out of buying a Tesla Model 3

Congrats investor997. The Model 3 is a great car. I am about 5 months and 7k miles into ownership. I am not sure what climate you are in but if you drive in cold weather, be ready for the reduced efficiency and range. I posted this in another forum..sample of 1..... Southern California here. I'm ho...
by investor997
Fri Nov 23, 2018 3:48 pm
Forum: Personal Consumer Issues
Topic: Talk me out of buying a Tesla Model 3
Replies: 338
Views: 23545

Re: Talk me out of buying a Tesla Model 3

Another cool Tesla observation: Missing consecutive green lights, or rather getting caught at successive red lights is no longer as annoying as it used to be. With an ICE car, gas is wasted every time the brakes are used, not to mention the brakes themselves wear out and, if it's a German car, proba...
by investor997
Thu Nov 22, 2018 2:16 pm
Forum: Personal Consumer Issues
Topic: Talk me out of buying a Tesla Model 3
Replies: 338
Views: 23545

Re: Talk me out of buying a Tesla Model 3

OP here. Happy Thanksgiving everyone. I've had the car for about three weeks now. it's exceeded expectations. I really couldn't be any happier other than a few nit-picks concerning charging but I'll soon have those addressed. I'm having a Tesla wall connector on a 240V/30A circuit installed in my ga...
by investor997
Tue Nov 20, 2018 12:19 pm
Forum: Personal Consumer Issues
Topic: Recommendations for Home Printer
Replies: 41
Views: 1857

Re: Recommendations for Home Printer

Am I the only one who *wont* recommend Brother? I bought an inexpensive Brother laser printer about 6 years ago and now it paper jams every single time I use it.
by investor997
Tue Nov 20, 2018 12:17 pm
Forum: Personal Consumer Issues
Topic: Which cars can be unlocked and started from a smart phone?
Replies: 28
Views: 1840

Re: Which cars can be unlocked and started from a smart phone?

Tesla Model 3. Well, technically speaking you can't "start" it because it's an EV but the app does have a "start" button, presumably to allow a remote user to drive it. You can also make it honk the horn, flash the lights, turn the AC or cabin heat on and remotely enable/disable valet mode and speed...
by investor997
Mon Nov 12, 2018 7:27 pm
Forum: Personal Finance (Not Investing)
Topic: What's Your Credit Card Rewards Strategy?
Replies: 3172
Views: 615765

Re: What's Your Credit Card Rewards Strategy?

TravelforFun wrote:
Mon Nov 12, 2018 7:17 pm

Why would you want to cancel SW when you're so close to 110k? According to The Points Guy, Companion Pass is the best perk in existence.

TravelforFun
I plan to cancel it *after* I hit 110K. Once the milestone is reached, the Southwest card no longer offers much value.
by investor997
Mon Nov 12, 2018 5:02 pm
Forum: Personal Finance (Not Investing)
Topic: What's Your Credit Card Rewards Strategy?
Replies: 3172
Views: 615765

Re: What's Your Credit Card Rewards Strategy?

Just got approved for the Southwest Plus Card, a personal card which will give me 40,000 points after I spend $1,000 in three months. With the Southwest business card and the personal card, I'm ready to charge a total of $10,000 on these two cards in January to get 110,000 points and hence, the Com...
by investor997
Wed Nov 07, 2018 9:52 pm
Forum: Personal Consumer Issues
Topic: Talk me out of buying a Tesla Model 3
Replies: 338
Views: 23545

Re: Talk me out of buying a Tesla Model 3

OP here again. Here's the Day #3 report... Maybe I should turn this into a running blog. I experienced my first use of a public charging station yesterday. My office park has several Chargepoint Level 2 chargers available. I signed up for a Chargepoint account ahead of time and requested an RFID ta...
by investor997
Wed Nov 07, 2018 12:22 pm
Forum: Personal Consumer Issues
Topic: Best deals to buy iphones
Replies: 66
Views: 6899

Re: Best deals to buy iphones

If you're an airline miles collector, note that every so often the airline points shopping portals will offer a pretty good deal with the Apple Store. There was a deal recently where you could earn 5 United miles per $ spent. https://www.cashbackmonitor.com/cashback-store/apple-store/ Just looking a...
by investor997
Wed Nov 07, 2018 10:34 am
Forum: Personal Consumer Issues
Topic: Talk me out of buying a Tesla Model 3
Replies: 338
Views: 23545

Re: Talk me out of buying a Tesla Model 3

I have had my Model 3 for over 3 months now, and I only use my 220V 10-30 dryer outlet in my laundry room next to my garage. I only had to buy an adapter that Tesla sells. You might want to check if you have one of these. Mine was never used since we have a gas dryer. Keep enjoying the car!! Believ...
by investor997
Tue Nov 06, 2018 10:18 pm
Forum: Personal Consumer Issues
Topic: Talk me out of buying a Tesla Model 3
Replies: 338
Views: 23545

Re: Talk me out of buying a Tesla Model 3

For few days, I tried to talk myself out of buying one but finally I gave up and decided that once in a lifetime I will be completely insane and forget being cautious. About 3 more weeks until a white on white performance would empty my bank account. I dread that moment. Where is that smiley showin...
by investor997
Fri Nov 02, 2018 1:38 pm
Forum: Personal Consumer Issues
Topic: Engineering school
Replies: 83
Views: 7118

Re: Engineering school

My friend who's a Rose-Hulman graduate would recommend Rose-Hulman.
by investor997
Thu Nov 01, 2018 12:10 pm
Forum: Personal Finance (Not Investing)
Topic: What's Your Credit Card Rewards Strategy?
Replies: 3172
Views: 615765

Re: What's Your Credit Card Rewards Strategy?

Oh, and I forgot to mention: Companion Pass is completely independent of the other tiers, ie A-List or A-List Preferred. Generally speaking you'll only earn those statuses by actually flying, ie earning butt-in-seat points. The new Chase RR Priority card *does* earn some A-List qualifying points but...
by investor997
Thu Nov 01, 2018 12:05 pm
Forum: Personal Finance (Not Investing)
Topic: What's Your Credit Card Rewards Strategy?
Replies: 3172
Views: 615765

Re: What's Your Credit Card Rewards Strategy?

https://www.southwest.com/html/customer-service/faqs.html?topic=rapid_rewards_program_terms_and_conditions&question=rules_and_regulations Does the fact that they explicitly specify Rapid Rewards Credit Cards from Chase as an exception for bonus points not counting towards qualifying points mean tha...
by investor997
Thu Nov 01, 2018 10:55 am
Forum: Personal Finance (Not Investing)
Topic: What's Your Credit Card Rewards Strategy?
Replies: 3172
Views: 615765

Re: What's Your Credit Card Rewards Strategy?

lisaneedsbraces wrote:
Thu Nov 01, 2018 10:05 am
investor997 wrote:
Thu Nov 01, 2018 9:48 am

1. Yes, you can set the BofA smartphone app to enable notifications for just about any kind of event, including the two you mention.
Only through the app, or can you configure e-mails as well?
Email, notification or both.
by investor997
Thu Nov 01, 2018 10:53 am
Forum: Personal Finance (Not Investing)
Topic: What's Your Credit Card Rewards Strategy?
Replies: 3172
Views: 615765

Re: What's Your Credit Card Rewards Strategy?

but if there is no good reason to cancel (eg: being denied a new card because you have too much credit already), there is no point in canceling. This is my concern. I have approximately $75K in total credit line spread across the four cards I have now with $30K of it on the Southwest card alone. I ...
by investor997
Thu Nov 01, 2018 10:51 am
Forum: Personal Finance (Not Investing)
Topic: What's Your Credit Card Rewards Strategy?
Replies: 3172
Views: 615765

Re: What's Your Credit Card Rewards Strategy?

You should be thinking beyond just the straight cashback %. You need to calculate the value of Citi's industry leading purchase protections. Price Rewind 2 year extended warranty Return protection Purchase protection Brand name clothing (especially shoes!!!!!!), Home Depot/Lowes purchases, Amazon p...
by investor997
Thu Nov 01, 2018 10:49 am
Forum: Personal Consumer Issues
Topic: Talk me out of buying a Tesla Model 3
Replies: 338
Views: 23545

Re: Talk me out of buying a Tesla Model 3

If you have a charger at home (and I wouldn't buy an EV without one), it doesn't really make sense to use the supercharger stations unless you are on a road trip. The marginal electricity savings can't really be worth it. I agree completely. I'm working with an electrician to get a 240V/30A circuit...
by investor997
Thu Nov 01, 2018 10:20 am
Forum: Personal Consumer Issues
Topic: Talk me out of buying a Tesla Model 3
Replies: 338
Views: 23545

Re: Talk me out of buying a Tesla Model 3

Then there's the Supercharger issues as well. The two nearest Superchargers to me are notorious for being overloaded. They often have people waiting to use them after 11:00pm on a weeknight. This is what happens when you offer "free gas"... even people who pay $100K+ on a car can't turn that deal d...
by investor997
Thu Nov 01, 2018 10:05 am
Forum: Personal Consumer Issues
Topic: Talk me out of buying a Tesla Model 3
Replies: 338
Views: 23545

Re: Talk me out of buying a Tesla Model 3

Indeed, and thanks for the reality check. I think I push my car philosophy because cars can be destroyed by factors over which we have no control (the elements, reckless drivers, etc). My bass guitar and my bowling ball are less susceptible to that kind of stuff. That said, you're still right about...
by investor997
Thu Nov 01, 2018 9:48 am
Forum: Personal Finance (Not Investing)
Topic: What's Your Credit Card Rewards Strategy?
Replies: 3172
Views: 615765

Re: What's Your Credit Card Rewards Strategy?

I use the Fidelity 2% card for almost everything, but I've been thinking about switching to the BofA Premium Rewards card for a while now. Aside from some hesitation to complicating my financial life with BoA checking accounts and Merrill Edge brokerages, I had some questions about how smoothly the...
by investor997
Thu Nov 01, 2018 12:42 am
Forum: Personal Finance (Not Investing)
Topic: What's Your Credit Card Rewards Strategy?
Replies: 3172
Views: 615765

Re: What's Your Credit Card Rewards Strategy?

Do you have any other cards? I wouldn't want to just have one or two cards. Diversification across banks is a good thing. Yep. I also have a BofA Premium Rewards and a Southwest RR Plus Visa. The BofA Premium Rewards became my new daily driver, although I admit I switched all my spend over to the S...
by investor997
Thu Nov 01, 2018 12:16 am
Forum: Personal Finance (Not Investing)
Topic: What's Your Credit Card Rewards Strategy?
Replies: 3172
Views: 615765

Re: What's Your Credit Card Rewards Strategy?

I have two cards that I pretty much never use anymore: - BofA Cash Rewards (2011). I was keeping this around and putting gas on it because I have platinum status at BofA (5.25% cash back on gas). Well... I just bought a Tesla so I don't see needing this benefit anymore. The card is still a strong ea...
by investor997
Wed Oct 31, 2018 11:14 pm
Forum: Personal Finance (Not Investing)
Topic: Discount Tire Credit Card - Worth Doing or Overall Foolish?
Replies: 48
Views: 3369

Re: Discount Tire Credit Card - Worth Doing or Overall Foolish?

Did you know that you can probably earn extra reward points and/or cash back at Discount Tire already? https://www.cashbackmonitor.com/cashback-store/discount-tire/ Citi Bonus Cash center is offering 3%. Stack that on top of a Double Cash Mastercard and you've got 5% back... or how about an extra 3 ...
by investor997
Wed Oct 31, 2018 4:33 pm
Forum: Personal Consumer Issues
Topic: Model 3 Mid-Range or Volt
Replies: 27
Views: 2326

Re: Model 3 Mid-Range or Volt

Test drive each. My guess is you'll prefer the Model 3.

Before you commit to a pure EV like the Model 3, make certain you have the ability to charge at 240V at home.
by investor997
Wed Oct 31, 2018 2:01 pm
Forum: Personal Consumer Issues
Topic: Talk me out of buying a Tesla Model 3
Replies: 338
Views: 23545

Re: Talk me out of buying a Tesla Model 3

Chargepoint also has an iPhone app that allows you to use your phone, a la Apple Pay, to activate a charger. Saves me from having to carry their RFID tag. Enjoy the car! I agree that the long-range version has ample power and the Performance version is an unnecessary luxury, but I'm glad I sprung f...