Search found 198 matches

by Archimedes
Tue Oct 22, 2019 6:36 pm
Forum: Personal Finance (Not Investing)
Topic: should my son negotiate paralegal offer?
Replies: 28
Views: 2289

Re: should my son negotiate paralegal offer?

I would recommend he take the job for the salary offered. Then he should go in there, learn every day, work hard, do a top-quality job, and make himself indispensable. The raises will come if he shows them his worth. Or, if the raises don’t come, he can take his skills to another shop and earn the m...
by Archimedes
Tue Oct 08, 2019 2:54 pm
Forum: Personal Consumer Issues
Topic: Should I sell or keep my 5 year old depreciated Tesla
Replies: 89
Views: 7701

Re: Should I sell or keep my 5 year old depreciated Tesla

OP, I also have a very generous income. I could drive whatever I want, yet I still have my almost 7 year old Tesla Model S and I am planning on keeping it. Of course there is the potential for a major repair at some point, and the biggest risk with the very oldest Model S vehicles is an engine failu...
by Archimedes
Sat Aug 24, 2019 9:26 am
Forum: Personal Investments
Topic: Allocation to tax deferred vs taxable?
Replies: 15
Views: 1054

Re: Allocation to tax deferred vs taxable?

... Marginal income tax rate is 46% combined state and federal. Effective rate is above 40%. Married, joint filing. Would another 3M in tax deferred make sense for us? ... Is there a reasonable way to approach answering this question? Or is the answer unknowable based upon the uncertainty of future...
by Archimedes
Sat Aug 24, 2019 6:13 am
Forum: Personal Investments
Topic: Allocation to tax deferred vs taxable?
Replies: 15
Views: 1054

Re: Allocation to tax deferred vs taxable?

Not an answer to your question, but congrats on your unbelievable success. I love seeing examples of entrepreneurship that casts aside the image of a 20 something in his garage. How did you make the leap into your current business venture? I started a small, side-gig business many years ago while I...
by Archimedes
Sat Aug 24, 2019 5:59 am
Forum: Personal Investments
Topic: Allocation to tax deferred vs taxable?
Replies: 15
Views: 1054

Re: Allocation to tax deferred vs taxable?

My situation is simple enough that I haven't felt the need for professional advice, but what about talking to a tax accountant? Perhaps they could run the numbers on a few scenarios, and wouldn't have a stake in your decision. I'm guessing that you have an accountant for your business, and if he or...
by Archimedes
Fri Aug 23, 2019 10:24 pm
Forum: Personal Investments
Topic: Allocation to tax deferred vs taxable?
Replies: 15
Views: 1054

Re: Allocation to tax deferred vs taxable?

Your question is more complicated than most of the questions I see here, and the answer might depend on a lot of details that aren't known. Do you expect to sell the business and be fully retired long before RMDs would kick in? If so, that might give you some lower income years, and shifting income...
by Archimedes
Fri Aug 23, 2019 10:00 pm
Forum: Personal Investments
Topic: Allocation to tax deferred vs taxable?
Replies: 15
Views: 1054

Re: Allocation to tax deferred vs taxable?

If you are familiar with Allan Roth I believe that his expertise would be a good fit for your situation. Daretobedull.com. Cheers Thank you for your response. I went to the recommended website daretobedull. I don’t see that they have any particular expertise in pensions vs taxable investments. They...
by Archimedes
Fri Aug 23, 2019 9:45 pm
Forum: Personal Finance (Not Investing)
Topic: How to help an employee who is in debt and requesting a loan
Replies: 110
Views: 8672

Re: How to help an employee who is in debt and requesting a loan

If this is a highly valued employee who is not easily replaced, then you might consider a loan. If you have the means to lose the loan money, then given the circumstances, loaning the money might be reasonable under the difficult circumstances being faced. I would first ask myself some additional qu...
by Archimedes
Fri Aug 23, 2019 9:29 pm
Forum: Personal Investments
Topic: Allocation to tax deferred vs taxable?
Replies: 15
Views: 1054

Allocation to tax deferred vs taxable?

I was a reasonably successful professional for many years until more recently when I started growing a large, successful start up company in my 50’s. I have been offered a recommendation for a defined benefit pension plan that would allow me to invest around 3M in this add-on tax deferred plan over ...
by Archimedes
Thu Aug 01, 2019 7:46 am
Forum: Personal Consumer Issues
Topic: Whole-house generators - Generac, Kohler, or Briggs?
Replies: 145
Views: 7468

Re: Whole-house generators - Generac, Kohler, or Briggs?

We also considered Kohler and Generac. We made the choice based upon the recommendation of the largest and most reliable generator installation/service company in our area. They have special contingency plans for prolonged outages to be able to service all of their customers. The quality of the inst...
by Archimedes
Wed Jul 31, 2019 9:59 pm
Forum: Personal Finance (Not Investing)
Topic: Bloomberg: Forget Tech, Medicine Still Pays More
Replies: 124
Views: 9666

Re: Bloomberg: Forget Tech, Medicine Still Pays More

A little. But working 12 days a month makes up for the small sacrifice of a few weekends in my opinion. Some ER guys disagree, but I'd much rather work 12 days a month, than a Monday to Friday job. I could have brought it down to 120 hrs/month (10 days a month) if I wanted to and still have made $3...
by Archimedes
Wed Jul 31, 2019 9:16 pm
Forum: Personal Finance (Not Investing)
Topic: Ethics of "bonus payback" when quitting a job
Replies: 157
Views: 10168

Re: Ethics of "bonus payback" when quitting a job

The three month notice period prior to departure is standard in many physician employment contracts. If you just up and quit without adequate notice, you could potentially be reported to the state medical board for patient abandonment and have a negative action taken against your medical license. An...
by Archimedes
Tue Jul 09, 2019 1:42 pm
Forum: Personal Finance (Not Investing)
Topic: How to obtain contracted rates for medical procedures?
Replies: 97
Views: 4327

Re: How to obtain contracted rates for medical procedures?

If it was me, I would simply ask the pediatrician to order an echocardiogram on my child. If the echo is normal, there is no need for cardiology consultation. But I have medical training, so it is easy for me to say that.
by Archimedes
Sat Jul 06, 2019 12:08 pm
Forum: Personal Finance (Not Investing)
Topic: Need Perspectives on Potential Home Buying Decision
Replies: 20
Views: 1307

Re: Need Perspectives on Potential Home Buying Decision

A 515k house on a 120k annual salary is a pretty high ratio of house cost to income. However, it sounds like you are otherwise frugal and have plenty of money for a downpayment with significant extra savings left over. If this house is your long term dream house, it sounds like you have saved enough...
by Archimedes
Wed Jul 03, 2019 2:29 am
Forum: Personal Finance (Not Investing)
Topic: Hire a driver?
Replies: 63
Views: 3787

Re: Hire a driver?

If you are working nights and are sleepy, the safety issue is an important consideration. As a physician making a good income, it would be wise to pay for the driver.
by Archimedes
Sun Jun 30, 2019 10:15 am
Forum: Personal Investments
Topic: 8 figure net worth, still winging it, asset allocation advice?
Replies: 30
Views: 3854

Re: 8 figure net worth, still winging it, asset allocation advice?

To try to answer your questions more directly I would say first that your investments are appropriately diversified. The rental properties are fine. The house is fine. I think the question is what kind of risk is there in the business? Could you lose the business and a whole lot more money beside t...
by Archimedes
Sun Jun 30, 2019 8:03 am
Forum: Personal Investments
Topic: 8 figure net worth, still winging it, asset allocation advice?
Replies: 30
Views: 3854

Re: 8 figure net worth, still winging it, asset allocation advice?

With as much as you have and as much as you spend, I don’t know why you’re thinking of selling your house... you have won the game and could keep the house if you can reduce the spend a bit. I have a similar net worth (with different components) and while I had always thought of my home as a nest e...
by Archimedes
Sun Jun 30, 2019 7:55 am
Forum: Personal Investments
Topic: 8 figure net worth, still winging it, asset allocation advice?
Replies: 30
Views: 3854

Re: 8 figure net worth, still winging it, asset allocation advice?

Once you have 20 times your expected annual expenses in safe bonds and 20 times your expected annual expenses in a good stock mutual fund it doesn't matter what you do with the rest of your money. You'll be fine. If my business continues to be successful over the next several years, what you outlin...
by Archimedes
Sun Jun 30, 2019 7:53 am
Forum: Personal Investments
Topic: 8 figure net worth, still winging it, asset allocation advice?
Replies: 30
Views: 3854

Re: 8 figure net worth, still winging it, asset allocation advice?

50/50 is typically a BH approved AA for retirement and $10M typically a large enough portfolio to sustain anyone even in a HCOL location. The real question is what your expected costs are and what lifestyle you hope to maintain. Given the stress of a high-risk business, I can see why you've kept ca...
by Archimedes
Sun Jun 30, 2019 7:52 am
Forum: Personal Investments
Topic: 8 figure net worth, still winging it, asset allocation advice?
Replies: 30
Views: 3854

Re: 8 figure net worth, still winging it, asset allocation advice?

Tax-efficient Fund Placement Also, at your total investment level I would go conservative with an AA of 25% stock, not more than 50%. Look at muni's. The tax equivalent yield may be better return and tax-wise especially with muni's from your home state. Test the RE market occasionally. If an accept...
by Archimedes
Sun Jun 30, 2019 7:50 am
Forum: Personal Investments
Topic: 8 figure net worth, still winging it, asset allocation advice?
Replies: 30
Views: 3854

Re: 8 figure net worth, still winging it, asset allocation advice?

My question is whether I am properly diversified....... 3,256,000 - 31% US stocks 1,559,000 - 15% International stocks What are these invested in? If these are total stock market funds that would be good, but if they are heavily weighted towards just a few large stocks or stock sectors then that co...
by Archimedes
Sat Jun 29, 2019 7:18 pm
Forum: Personal Investments
Topic: 8 figure net worth, still winging it, asset allocation advice?
Replies: 30
Views: 3854

Re: 8 figure net worth, still winging it, asset allocation advice?

Once you have 20 times your expected annual expenses in safe bonds and 20 times your expected annual expenses in a good stock mutual fund it doesn't matter what you do with the rest of your money. You'll be fine. He didn't say what his expenses are. If they are $1M a year.....to me that's the real ...
by Archimedes
Sat Jun 29, 2019 6:33 pm
Forum: Personal Investments
Topic: 8 figure net worth, still winging it, asset allocation advice?
Replies: 30
Views: 3854

Re: 8 figure net worth, still winging it, asset allocation advice?

The residential real estate has no debt.

Similarly, we do not have any business related debt. If the business were to fail, it would not have any effect on our other holdings.
by Archimedes
Sat Jun 29, 2019 6:26 pm
Forum: Personal Investments
Topic: 8 figure net worth, still winging it, asset allocation advice?
Replies: 30
Views: 3854

Re: 8 figure net worth, still winging it, asset allocation advice?

I would be fine with your asset allocation myself, but I am not your spouse. I think the business and rental property is riskier than your investments. :) I agree that the business is quite risky, but it is currently generating a lot of income. High risk/high reward. However, I very much disagree t...
by Archimedes
Sat Jun 29, 2019 6:11 pm
Forum: Personal Investments
Topic: 8 figure net worth, still winging it, asset allocation advice?
Replies: 30
Views: 3854

8 figure net worth, still winging it, asset allocation advice?

Sorry for the long post, but I wanted to give all the pertinent information at least somewhat consistent with the forum recommendations for portfolio advice. I am looking to figure out my next best investment steps to prepare for the next financial phase of our lives. My main question is whether our...
by Archimedes
Tue Jun 25, 2019 6:32 am
Forum: Personal Finance (Not Investing)
Topic: Triage in ER - charged $790
Replies: 60
Views: 4837

Re: Triage in ER - charged $790

If you are triaged but do not see a medical provider, you don’t have to pay. Ask for a copy of the chart to see if you were seen by a doc or an NP. There are many rules and regulations covering this situation. There is nothing logical about medical billing. Many people get free emergency care. It’s ...
by Archimedes
Fri Jun 07, 2019 2:10 am
Forum: Personal Consumer Issues
Topic: New Camry Questions
Replies: 101
Views: 6418

Re: New Camry Questions

The blind spot detector is a great safety feature. The other options you mentioned are less important in my view.

If you can easily afford this, I would go for it.
by Archimedes
Fri Jun 07, 2019 2:06 am
Forum: Personal Finance (Not Investing)
Topic: Should I buy a home in a resort community?
Replies: 24
Views: 4159

Re: Should I buy a home in a resort community?

Many golf course communities are struggling. When the HOA fees required to maintain things climb to an onerous level, the market value of the homes can suffer greatly. The amenities which look nice can become a high cost albatross, like a noose around the necks of the homeowners. Proceed with caution!
by Archimedes
Fri Jun 07, 2019 1:52 am
Forum: Personal Investments
Topic: $10,200 Gross commission Check... What would you do with it?
Replies: 31
Views: 3490

Re: $10,200 Gross commission Check... What would you do with it?

Do not pay off your student loan if your employer pays you extra income each month towards the loan, and if you would lose that extra income once the loan is paid off. If you calculate this as an interest rate, your employer is paying you 23% interest on your student loan. So if you are paying 5.8% ...
by Archimedes
Fri Jun 07, 2019 1:42 am
Forum: Personal Finance (Not Investing)
Topic: Value of Zillow house price estimate
Replies: 44
Views: 6324

Re: Value of Zillow house price estimate

My home: Zillow 3.2MM Redfin 1.7MM Trulia 2.4MM County appraiser: 1.5MM So, do the roboappraisers know what they are talking about? Absolutely not! Predicting sale prices is more reliable for ordinary homes. The market for mansions is thin and prices volatile, dependent on the whims of a few buyers...
by Archimedes
Fri Jun 07, 2019 1:32 am
Forum: Investing - Theory, News & General
Topic: What is the rationale for cash in your portfolio?
Replies: 36
Views: 2981

Re: What is the rationale for cash in your portfolio?

When interest rates are high, cash is an important asset class to consider. When interest rates are extremely low, as they have been in recent years, cash may be more likely to underperform. If you don’t understand that cash can be an asset class to consider, it likely means you have some degree of ...
by Archimedes
Thu Jun 06, 2019 6:10 pm
Forum: Personal Finance (Not Investing)
Topic: Value of Zillow house price estimate
Replies: 44
Views: 6324

Re: Value of Zillow house price estimate

My home:

Zillow 3.2MM
Redfin 1.7MM
Trulia 2.4MM
County appraiser: 1.5MM

So, do the roboappraisers know what they are talking about? Absolutely not!
by Archimedes
Wed Jun 05, 2019 8:01 pm
Forum: Personal Consumer Issues
Topic: What do business pros wear on redeye Business Class flights
Replies: 50
Views: 6942

Re: What do business pros wear on redeye Business Class flights

edge wrote:
Wed Jun 05, 2019 7:37 pm
What neck pillow do folks use? One that holds the head up to stop bobbing. I’ve tried several.
You actually don’t need any neck pillow in business class as they provide you with a flat bed and a real pillow.
by Archimedes
Thu May 30, 2019 6:57 pm
Forum: Personal Finance (Not Investing)
Topic: Can I afford this 2.3 million dollar home?
Replies: 273
Views: 28055

Re: Can I afford this 2.3 million dollar home?

We live in a 2.3MM home. I would think carefully in your shoes before pulling the trigger. Expensive homes have become tough to unload in our market. We have very high property taxes and the new tax law hit the luxury 2MM+ homes in this area the hardest. My previously quite palatable property taxes ...
by Archimedes
Mon May 27, 2019 3:56 pm
Forum: Personal Finance (Not Investing)
Topic: House not selling
Replies: 138
Views: 11975

Re: House not selling

In our area, if you are dissatisfied with your agent and you ask them to step down, they will accept your decision. In this area you are not stuck for the full term of the listing agreement.
by Archimedes
Sat May 11, 2019 7:56 pm
Forum: Personal Finance (Not Investing)
Topic: W-2 earner looking to lower effective tax rate
Replies: 33
Views: 4175

Re: W-2 earner looking to lower effective tax rate

It is really very simple, when you make a lot of income you have to pay a lot of taxes. I had similar feelings like you in the past, but I have come to terms with it now. I just have to pay a lot of taxes and that is the price of making a high income and living in the good old US of A.
by Archimedes
Tue Apr 30, 2019 9:09 am
Forum: Personal Consumer Issues
Topic: out of network emergency visits. Huge bill!!!
Replies: 156
Views: 13810

Re: out of network emergency visits. Huge bill!!!

In my state, we have a good law that balances the playing field. The ER doctors and the hospital are guaranteed the published “usual and customary” fee for the facility and the doctor, but cannot charge more than 20% over this published fair amount. And the insurance company has to pay the bill, eve...
by Archimedes
Sun Apr 21, 2019 6:19 pm
Forum: Personal Finance (Not Investing)
Topic: 1st job as an MD- contract review
Replies: 16
Views: 2187

Re: 1st job as an MD- contract review

And one more thought, you are likely to get good answers to your question on the White Coat Investor forum which is filled with physicians of all stripes, including tons of experienced ED attendings.
by Archimedes
Sun Apr 21, 2019 6:18 pm
Forum: Personal Finance (Not Investing)
Topic: 1st job as an MD- contract review
Replies: 16
Views: 2187

Re: 1st job as an MD- contract review

Who are you going to be working for? A small group? A large corporate group? Pay attention to: signing bonus terms non-compete clause 1099 vs W-2 as the pay is deceptive when you are 1099 due to all the extas malpractice claims made or occurrence, and who is responsible for tail if claims made is pa...
by Archimedes
Tue Apr 02, 2019 5:21 pm
Forum: Personal Finance (Not Investing)
Topic: How can I get a handle on income taxes in retirement?
Replies: 33
Views: 3232

Re: How can I get a handle on income taxes in retirement?

The reason I got twisted up in this mess was as a result of the advice, “Look at your spending to figure out what you need to retire.” Then there was the added suggestion that when looking at spending, you have to include what you spend for taxes. Relatively recently my income shot up by a large mul...
by Archimedes
Tue Apr 02, 2019 8:14 am
Forum: Personal Finance (Not Investing)
Topic: How can I get a handle on income taxes in retirement?
Replies: 33
Views: 3232

Re: How can I get a handle on income taxes in retirement?

I ran some of the calculators I was referred to. It seems I may pay somewhere in the range of 25% effective federal taxes and 6% state taxes in retirement. That knowledge is quite helpful. So if I want to theoretically spend perhaps 300k per year on life, I should plan on 450k in income, and plan on...
by Archimedes
Mon Apr 01, 2019 5:41 am
Forum: Personal Finance (Not Investing)
Topic: How can I get a handle on income taxes in retirement?
Replies: 33
Views: 3232

Re: How can I get a handle on income taxes in retirement?

You don’t want to sell the business but you want to retire? I simply want to begin planning for retirement. I am not ready to retire. But I do feel an obligation to understand my options going forward. If I had to put my nickel down at this moment, I am planning to retire in 8 years. However, I hav...
by Archimedes
Mon Apr 01, 2019 5:15 am
Forum: Personal Finance (Not Investing)
Topic: How can I get a handle on income taxes in retirement?
Replies: 33
Views: 3232

Re: How can I get a handle on income taxes in retirement?

If you want some help, please stop being coy about your assets and give real numbers.... My apologies if my post was somewhat obtuse. I know I am theoretically anonymous on this board, but still... And it doesn't feel right to post big numbers as I have seen that interfere with the conversation. In...
by Archimedes
Mon Apr 01, 2019 4:50 am
Forum: Personal Finance (Not Investing)
Topic: How can I get a handle on income taxes in retirement?
Replies: 33
Views: 3232

Re: How can I get a handle on income taxes in retirement?

In an attempt to be more succinct, let me restate my actionable question: As a high income earner, the current breakdown of our spending is 20% on living expenses and 80% on income taxes. I’m having a hard time understanding the above. Federal tax rate on joint income above $612k is 37%. Even if yo...
by Archimedes
Mon Apr 01, 2019 4:44 am
Forum: Personal Finance (Not Investing)
Topic: How can I get a handle on income taxes in retirement?
Replies: 33
Views: 3232

Re: How can I get a handle on income taxes in retirement?

I would model your numbers in https://maxifiplanner.com. It will give you a good idea about taxes, RMDs, SS, etc. It’s a fine line between financial disclosure and inleashing the class warfare dogs here, so I don’t blame you. Do you have bequest motivations? In answer to your question, we don’t hav...
by Archimedes
Sun Mar 31, 2019 7:53 pm
Forum: Personal Finance (Not Investing)
Topic: How can I get a handle on income taxes in retirement?
Replies: 33
Views: 3232

Re: How can I get a handle on income taxes in retirement?

I tried out the i-orp app and plugged in the numbers. The prediction of that calculator is that our taxes will drop by approximately 90% from the current level. It says we will have plenty of money to spend each year, about 125% of our current spending level. I am going to try some of the other calc...
by Archimedes
Sun Mar 31, 2019 9:56 am
Forum: Personal Finance (Not Investing)
Topic: How can I get a handle on income taxes in retirement?
Replies: 33
Views: 3232

Re: How can I get a handle on income taxes in retirement?

If you want some help, please stop being coy about your assets and give real numbers.... My apologies if my post was somewhat obtuse. I know I am theoretically anonymous on this board, but still... And it doesn't feel right to post big numbers as I have seen that interfere with the conversation. In...
by Archimedes
Sun Mar 31, 2019 7:01 am
Forum: Personal Finance (Not Investing)
Topic: How can I get a handle on income taxes in retirement?
Replies: 33
Views: 3232

Re: How can I get a handle on income taxes in retirement?

Bacchus01 wrote:
Sun Mar 31, 2019 6:21 am
I-orp will show you what you can spend and the tax implications.
Thank you Bacchus. I just took a quick look at I-orph. I am going to plug in some numbers later today to see what it spits out. I am wondering if it will work for someone with an outlier type situation like me.
by Archimedes
Sun Mar 31, 2019 6:18 am
Forum: Personal Finance (Not Investing)
Topic: How can I get a handle on income taxes in retirement?
Replies: 33
Views: 3232

How can I get a handle on income taxes in retirement?

I was a fairly typical professional for much of my career, earning in the 200’s for the first decade or so, then in the 300’s for a number of years. Later in my career I started my own business and have found unimaginable success. We currently have loosened the purse strings and gone hog wild, spend...
by Archimedes
Thu Mar 21, 2019 7:13 pm
Forum: Personal Investments
Topic: Best way to use 100K: pay off rental or buy CDs?
Replies: 17
Views: 1337

Re: Best way to use 100K: pay off rental or buy CDs?

You would need to give more information to get a good answer. What is her cash flow projection for retirement in 2 years? Will paying down a mortgage with the 100k pay off the mortgage and generate positive monthly cash flow now that can be saved and invested for retirement? When making this decisio...