Search found 646 matches

by fyre4ce
Sun Jul 05, 2020 11:39 pm
Forum: Personal Finance (Not Investing)
Topic: Work options while going through trauma
Replies: 7
Views: 865

Re: Work options while going through trauma

I don’t have any advice on leave and returning to work, but just want to say I’m so sorry for what your son, you, and your family are going through. You have my best wishes for a great outcome.
by fyre4ce
Sat Jul 04, 2020 8:46 pm
Forum: Personal Finance (Not Investing)
Topic: Manager vs. Direct report salary issues
Replies: 126
Views: 7673

Re: Manager vs. Direct report salary issues

Physicians routinely answer to administrators who make FAR less than they do. I want to keep this discussion open and cordial, it has been so far! I think the difference between medical and regular corp/tech management/leadership is different. For example, in medical tye administrators would never ...
by fyre4ce
Sat Jul 04, 2020 8:31 pm
Forum: Personal Finance (Not Investing)
Topic: Ways to save for retirement after 401k
Replies: 17
Views: 2060

Re: Ways to save for retirement after 401k

Thank you all for the responses. I left out one small detail and just want to make sure it does not effect my possible choices. I had a employer sponsored 401k, I rolled this over to a self-directed IRA. In subsequent years (1 maybe 2 years), I made after tax contributions to the self-directed IRA ...
by fyre4ce
Fri Jul 03, 2020 1:05 pm
Forum: Personal Finance (Not Investing)
Topic: How much house can we afford with bonus-heavy income?
Replies: 13
Views: 1313

Re: How much house can we afford with bonus-heavy income?

For your situation I would recommend an interest only mortgage. When times are good you pay more than the interest, when times get tight you have the flexibility to cut back to just paying the interest. Not to mention a 5/1 or 7/1 interest only ARM would get you a rock bottom interest rate and fits...
by fyre4ce
Wed Jul 01, 2020 6:52 pm
Forum: Personal Consumer Issues
Topic: Renting an RV for the first time. Any advice?
Replies: 53
Views: 3342

Re: Renting an RV for the first time. Any advice?

Okay then, I stand corrected about driving the thing. If you actually want to travel by RV, I would forget about the 45' Class A, and get a 25-28 foot Class C, or at the absolute absolute most, a 32 foot Class A. Most people who live in motorhomes full time don't have anything nearly that big. A 45...
by fyre4ce
Sat Jun 27, 2020 12:22 pm
Forum: Personal Finance (Not Investing)
Topic: Still Possible to Lower my 2019 Taxes?
Replies: 35
Views: 2240

Re: Still Possible to Lower my 2019 Taxes?

Spirit Rider did a good job of explaining the SEP Form 5305. The purpose of the form is to ensure that all employees are treated equally and fairly. But in your case, you are the only employee, so you are describing yourself. Just put in zero of number of years for eligibility. 1. You can deduct up...
by fyre4ce
Fri Jun 26, 2020 1:18 pm
Forum: Personal Finance (Not Investing)
Topic: How do I make start a retirement plan?
Replies: 18
Views: 1458

Re: How do I make start a retirement plan?

I remember looking at personal capital a while back. Generally I don't like the idea of an aggregator, just seems like to big of a vulnerability having all of your information in 1 place, etc. Getting nagged about their AUM fee is a turnoff as well. I already track the basic aggregator functions in...
by fyre4ce
Fri Jun 26, 2020 11:59 am
Forum: Personal Finance (Not Investing)
Topic: Side hustle: How to get paid?
Replies: 26
Views: 2437

Re: Side hustle: How to get paid?

Also be sure to fund a SEP-IRA with those earnings! A Solo 401k is a better in basically every way than a SEP-IRA. Except administrative complexity. I usually end up with $10-15k in side income each year. The SEP-IRA is good enough while also being simpler to manage than a solo 401k. I haven't foun...
by fyre4ce
Fri Jun 26, 2020 12:21 am
Forum: Personal Finance (Not Investing)
Topic: Side hustle: How to get paid?
Replies: 26
Views: 2437

Re: Side hustle: How to get paid?

Also be sure to fund a SEP-IRA with those earnings! A Solo 401k is a better in basically every way than a SEP-IRA. Except administrative complexity. I usually end up with $10-15k in side income each year. The SEP-IRA is good enough while also being simpler to manage than a solo 401k. I haven't foun...
by fyre4ce
Fri Jun 26, 2020 12:07 am
Forum: Personal Finance (Not Investing)
Topic: Side hustle: How to get paid?
Replies: 26
Views: 2437

Re: Side hustle: How to get paid?

Dontridetheindexdown wrote:
Thu Jun 25, 2020 9:19 pm
Also be sure to fund a SEP-IRA with those earnings!
A Solo 401k is a better in basically every way than a SEP-IRA.
by fyre4ce
Fri Jun 26, 2020 12:06 am
Forum: Personal Finance (Not Investing)
Topic: How do I make start a retirement plan?
Replies: 18
Views: 1458

Re: How do I make start a retirement plan?

Yog has good advice, but it would also help to understand a bit better your situation and what questions you're trying to answer. A trap I see many people fall into is to use more precision than they need. For example, if you're 25 and wondering how much to save for retirement, it's hard to get more...
by fyre4ce
Thu Jun 25, 2020 8:41 pm
Forum: Personal Finance (Not Investing)
Topic: How do I make start a retirement plan?
Replies: 18
Views: 1458

Re: How do I make start a retirement plan?

You can start by assuming a reasonable retirement age, like 65. Then estimate your income, expenses, taxes, and savings every year between now and when you’re 65. Then, take your current account balances and add the yearly savings to them, and also add a reasonable rate of return (eg. 4-5% real). Th...
by fyre4ce
Wed Jun 24, 2020 3:30 pm
Forum: Personal Finance (Not Investing)
Topic: Help me decide whether or not to refinance
Replies: 34
Views: 1834

Re: Help me decide whether or not to refinance

What's your target asset allocation? Are you making maximal use of tax-advantaged accounts (401k, personal and spousal IRAs, HSAs, 529, etc)?
by fyre4ce
Mon Jun 22, 2020 3:44 pm
Forum: Personal Investments
Topic: If husband can do T-IRA, but acct says Roth, then...
Replies: 32
Views: 1720

Re: If husband can do T-IRA, but acct says Roth, then...

I'm learning something new every dang day. I had no idea that we really should've had my husband contribute to a T-IRA rather than his Roth IRA (husband qualifies for this, I do not). Why? Bc we plan to do a Roth conversion when we retire in less than a decade--and I rather pay the 0-15% tax bracke...
by fyre4ce
Mon Jun 22, 2020 12:28 pm
Forum: Personal Finance (Not Investing)
Topic: Purchasing cabin with parents - need advice on how to structure
Replies: 18
Views: 1129

Re: Purchasing cabin with parents - need advice on how to structure

Keep in mind there could be "asset protection" issues with both parties. For example, maybe you text while driving and/or deliver babies for a living, and are more likely to have a judgment against you than your parents. Most likely, liability is cheaper to insure against than long-term care, but it...
by fyre4ce
Mon Jun 22, 2020 11:37 am
Forum: Personal Finance (Not Investing)
Topic: Purchasing cabin with parents - need advice on how to structure
Replies: 18
Views: 1129

Re: Purchasing cabin with parents - need advice on how to structure

My first reaction is to keep the cabin entirely in their name so you get the step-up in basis when you inherit it. That won't prevent you from paying the mortgage and expenses for them. You could easily auto-draft a payment into their account equal to the expenses, and I presume the lender and munic...
by fyre4ce
Sun Jun 21, 2020 12:19 am
Forum: Personal Finance (Not Investing)
Topic: Proposed update to Managing a Windfall wiki page
Replies: 16
Views: 1964

Re: Proposed update to Managing a Windfall wiki page

Draft page has been moved live. Thanks to all those who participated!
by fyre4ce
Thu Jun 18, 2020 7:08 pm
Forum: Personal Consumer Issues
Topic: Sellers agent not letting me view property without preapproval or "proof of finances"
Replies: 189
Views: 10378

Re: Sellers agent not letting me view property without preapproval or "proof of finances"

Some are making a mountain out of a mole hill here. It’s a very simple compliance item, and reasonable in my opinion and experience. Most buyer brokers in our area have their clients secure a preapproval letter or proof of financial ability upfront and most already have it in hand when asked. It do...
by fyre4ce
Thu Jun 18, 2020 3:06 pm
Forum: Personal Finance (Not Investing)
Topic: Ways to save for retirement after 401k
Replies: 17
Views: 2060

Re: Ways to save for retirement after 401k

I have read through old posts and just want to make sure I am understanding the points below (trying to avoid figuring out years form now that my understanding was incorrect!) Background: Maximizing 401k, family income above Roth IRA limits, in the past I have rolled over a 401k to a self-directed ...
by fyre4ce
Thu Jun 18, 2020 1:55 pm
Forum: Personal Finance (Not Investing)
Topic: Reasonable price for one time house cleaning prior to listing for sale
Replies: 23
Views: 1736

Re: Reasonable price for one time house cleaning prior to listing for sale

$1000 seems high to me. I'm sure if you shop around you can get a better price.
by fyre4ce
Thu Jun 18, 2020 12:51 pm
Forum: Personal Finance (Not Investing)
Topic: Finding the best rate - SoCal jumbo mortgage
Replies: 24
Views: 1369

Re: Finding the best rate - SoCal jumbo mortgage

Chase - Jumbo - 2.375% with 1.7 points. Chase Private Client relationship brought it from 2.5% to 2.375% and also reduced loan fees by $750. I'm putting 30% down and credit rating > 800 Chase is my leading contender. I went through the details with my loan officer. Base rate is 3.125% that can be b...
by fyre4ce
Thu Jun 18, 2020 11:53 am
Forum: Personal Finance (Not Investing)
Topic: Which Mortgage to Choose?
Replies: 13
Views: 1162

Re: Which Mortgage to Choose?

Much better—thanks! Yes, I'd be interested in looking at the spreadsheet—can you share it? Here's the link to my analysis, for anyone who's interested: https://drive.google.com/file/d/1FfQ1YtrcvG1GwfWvSe7MqkCFiT4-aLOF/view?usp=sharing I didn't see an easy way to calculate the rate of return closed-...
by fyre4ce
Wed Jun 17, 2020 10:31 pm
Forum: Personal Finance (Not Investing)
Topic: Capital One is at it again
Replies: 118
Views: 11029

Re: Capital One is at it again

It is standard... interest rates have dropped everywhere, for both borrowing and lending. It's not a specific issue with Capital One. Rates fluctuate, and different banks will have the best rate at any particular point in time. Capital One tends to be one of the better ones, but usually not at the v...
by fyre4ce
Wed Jun 17, 2020 10:21 pm
Forum: Personal Finance (Not Investing)
Topic: Which Mortgage to Choose?
Replies: 13
Views: 1162

Re: Which Mortgage to Choose?

Much better—thanks! Yes, I'd be interested in looking at the spreadsheet—can you share it? Here's the link to my analysis, for anyone who's interested: https://drive.google.com/file/d/1FfQ1YtrcvG1GwfWvSe7MqkCFiT4-aLOF/view?usp=sharing I didn't see an easy way to calculate the rate of return closed-...
by fyre4ce
Wed Jun 17, 2020 3:12 pm
Forum: Personal Finance (Not Investing)
Topic: Proposed update to Managing a Windfall wiki page
Replies: 16
Views: 1964

Re: Proposed update to Managing a Windfall wiki page

I added a few bits of content on giving and lending to family and friends, because this is a common situation windfall recipients face. I'll give it another day for any last comments, on recent edits or overall, and then move it over to the live wiki.
by fyre4ce
Wed Jun 17, 2020 12:19 pm
Forum: Personal Finance (Not Investing)
Topic: Question on Stretch IRA info in wiki
Replies: 10
Views: 407

Re: Question on Stretch IRA info in wiki

Perhaps a revision of the wiki to "such as governmental 403(b)'s and governmental 457(b)'s" is in order? I agree it should be edited. Just changed it to, "Plans maintained pursuant to a collective bargaining agreement, and governmental plans (such a 403(b)'s for government employees and governmenta...
by fyre4ce
Wed Jun 17, 2020 11:53 am
Forum: Personal Finance (Not Investing)
Topic: Question on Stretch IRA info in wiki
Replies: 10
Views: 407

Re: Question on Stretch IRA info in wiki

Taken from the text of the SECURE Act itself: Sec 401(a)(3)(C) GOVERNMENTAL PLANS.—In the case of a governmental plan (as defined in section 414(d) of the Internal Revenue Code of 1986), subparagraph (A) shall be applied by substituting “December 31, 2021” for “December 31, 2019”. IRC Section 414(d)...
by fyre4ce
Wed Jun 17, 2020 11:24 am
Forum: Personal Finance (Not Investing)
Topic: Which Mortgage to Choose?
Replies: 13
Views: 1162

Re: Which Mortgage to Choose?

It's quite simple: you have a zero-risk return of 2.875% on 38k over 30 years. If you think you'd get a better return elsewhere, then go for the higher rate loan. This is not correct. The rate of return on the $38k is not the interest rate on the lower-interest mortgage. It's not easy to calculate,...
by fyre4ce
Tue Jun 16, 2020 10:58 pm
Forum: Personal Finance (Not Investing)
Topic: Which Mortgage to Choose?
Replies: 13
Views: 1162

Re: Which Mortgage to Choose?

I'd put the extra money down and get the lower rate. The rate of return on the extra 5.5% down payment is really good: 8.9% annualized after 3 months, 10.5% after 6 months, 11.2% after 12 months, 11.5% after 24 months, and decreasing slowly thereafter to about 10% annualized for the whole life of th...
by fyre4ce
Tue Jun 16, 2020 5:13 pm
Forum: Personal Finance (Not Investing)
Topic: Parents in a tough situation for retirement
Replies: 117
Views: 13303

Re: Parents in a tough situation for retirement

I think you're on the right track. Key elements of their financial plan should be: 1) Working as much as possible and earning as much income as possible while they still can. Your dad should pick up as many shifts as he can, and your mom should either work a lot at her salon, or sell it and find ano...
by fyre4ce
Tue Jun 16, 2020 4:48 pm
Forum: Personal Finance (Not Investing)
Topic: Finding the best rate - SoCal jumbo mortgage
Replies: 24
Views: 1369

Re: Finding the best rate - SoCal jumbo mortgage

I just did a jumbo mortgage and I shopped it everywhere. Citi knocked it out of the park, they beat all the other banks by .125 and included 1% in lender credits. This was with 200k in relationship, 50k had to be cash. Chase couldn't match. I also had a "gift" with associated gift letter. I needed ...
by fyre4ce
Mon Jun 15, 2020 11:22 pm
Forum: Personal Finance (Not Investing)
Topic: Finding the best rate - SoCal jumbo mortgage
Replies: 24
Views: 1369

Re: Finding the best rate - SoCal jumbo mortgage

Last minute gifts from family members tend to make mortgage underwriters very, very nervous. I don't care how they feel, as long as I get the loan at the rate I want. Are you suggesting the deal won't go through? To be clear, the none of the gift will be used for the down payment, just to meet the ...
by fyre4ce
Mon Jun 15, 2020 10:19 pm
Forum: Personal Finance (Not Investing)
Topic: Finding the best rate - SoCal jumbo mortgage
Replies: 24
Views: 1369

Re: Finding the best rate - SoCal jumbo mortgage

Update: called around to a bunch of lenders today. Best rates were Chase (3.125% with 0.013% lender credit) and CIT Bank (3.025% with 0.084% loan cost). Both are offering some form of relationship discount. Chase is offering 0.5% (!) with moving $500k non-retirement assets, which I can do with a gif...
by fyre4ce
Mon Jun 15, 2020 12:42 pm
Forum: Personal Finance (Not Investing)
Topic: Finding the best rate - SoCal jumbo mortgage
Replies: 24
Views: 1369

Finding the best rate - SoCal jumbo mortgage

I'm about to put an offer on a ~$1.6M home in Southern California. I already have a banking relationship with Chase, and from what they tell me and what I've seen here on BH, they tend to have competitive rates on jumbo mortgages. Anyone have recommendations on how to shop around and make sure I'm g...
by fyre4ce
Sun Jun 14, 2020 7:20 pm
Forum: Personal Finance (Not Investing)
Topic: Proposed update to Managing a Windfall wiki page
Replies: 16
Views: 1964

Re: Proposed update to Managing a Windfall wiki page

Any other comments from the forums?
by fyre4ce
Sat Jun 13, 2020 7:36 pm
Forum: Investing - Theory, News & General
Topic: Tax loss harvesting
Replies: 57
Views: 3205

Re: Tax loss harvesting

I had an issue with a wash sale a couple years ago. I sold a fund that had auto reinvested dividends within the prior 30 days, and my brokerage said I had a disallowed loss of $1.XX. After further reading ( link ) I don't think this was an actual wash sale, because it wasn't a purchase of replaceme...
by fyre4ce
Fri Jun 12, 2020 5:27 pm
Forum: Investing - Theory, News & General
Topic: Tax loss harvesting
Replies: 57
Views: 3205

Re: Tax loss harvesting

I have three primary taxable funds: VTSAX, VTIAX and VWIUX. Does it sound reasonable to switch auto-reinvestments for VTSAX and VTIAX and direct to VWIUX. Then I can TLH from the stock funds. Seems like the simplest option for me. Just means I can't TLH from the bond fund, but movement there is muc...
by fyre4ce
Fri Jun 12, 2020 12:51 pm
Forum: Personal Finance (Not Investing)
Topic: Can you contribute to 401k from income from an asset sale taxed as capital gain?
Replies: 3
Views: 200

Re: Can you contribute to 401k from income from an asset sale taxed as capital gain?

I don’t think so. Only earned income, earned as part of an activity done regularly and for profit, is eligible to be contributed to a 401k or IRA. So, for example, if you run a business buying a fixing up old cars, the profit you make can be contributed to a Solo 401k that you open in the name of th...
by fyre4ce
Fri Jun 12, 2020 12:31 pm
Forum: Personal Investments
Topic: Work Suspended 401K Match
Replies: 33
Views: 2816

Re: Work Suspended 401K Match

In general, if you can afford it, it's best to maximize contributions to both a 401k and an IRA. If you can't, then you have some trade-offs to make. The wiki has a couple good resources: https://www.bogleheads.org/wiki/Traditional_versus_Roth compares traditional and Roth tax structures. https://ww...
by fyre4ce
Thu Jun 11, 2020 3:29 pm
Forum: Personal Finance (Not Investing)
Topic: Proposed update to Managing a Windfall wiki page
Replies: 16
Views: 1964

Re: Proposed update to Managing a Windfall wiki page

*snip* I think a bit more reference to smaller windfalls could be made in the opening, along with briefly letting this reader know that information can be found below. A suggestion: “Windfalls can range in magnitude from small additions to an individual's wealth to a significant increase in fortune...
by fyre4ce
Tue Jun 09, 2020 7:12 pm
Forum: Personal Investments
Topic: percentage of portfolio in Roth?
Replies: 72
Views: 3528

Re: percentage of portfolio in Roth?

Do you have a goal percentage? No. If anything, there would be a goal for amount of portfolio in traditional: just enough for some withdrawal rate to have a marginal tax rate equal to today's marginal rate. After that, as much into Roth as allowed. After that, as much into taxable as current qualit...
by fyre4ce
Tue Jun 09, 2020 10:44 am
Forum: Personal Consumer Issues
Topic: What fun car should I get in the $150k - $200k range?
Replies: 446
Views: 24500

Re: What fun car should I get in the $150k - $200k range?

Afty wrote:
Tue Jun 09, 2020 10:36 am
Are there car clubs for exotics the way there are for Porsche (PCA) and BMW (BMW CCA)?
I've seen a Ferrari club doing track events before. A quick web search shows there is a Lamborghini club and a McLaren club, but I don't know much about them.
by fyre4ce
Sun Jun 07, 2020 11:35 pm
Forum: Investing - Theory, News & General
Topic: Tax loss harvesting
Replies: 57
Views: 3205

Re: Tax loss harvesting

I have three primary taxable funds: VTSAX, VTIAX and VWIUX. Does it sound reasonable to switch auto-reinvestments for VTSAX and VTIAX and direct to VWIUX. Then I can TLH from the stock funds. Seems like the simplest option for me. Just means I can't TLH from the bond fund, but movement there is muc...
by fyre4ce
Sun Jun 07, 2020 9:11 pm
Forum: Investing - Theory, News & General
Topic: Tax loss harvesting
Replies: 57
Views: 3205

Re: Tax loss harvesting

Interest & dividends can only be offset up to $3k per year (via LT or ST CLs), correct? Correct. What I wrote was actually a bit misleading; sorry. Only capital gains (ST or LT) can be offset without limit by capital losses (carryforward or not). Interest and dividends can't be directly offset by c...
by fyre4ce
Sun Jun 07, 2020 5:32 pm
Forum: Investing - Theory, News & General
Topic: Tax loss harvesting
Replies: 57
Views: 3205

Re: Tax loss harvesting

Keep in mind it's $3000/year, with unused losses carrying forward, so unless you only care about getting a tax deduction this year and never again, there's still an advantage in harvesting more than $3k of losses. It's really more than $3k, because harvesting large losses presumes that you have a l...
by fyre4ce
Sun Jun 07, 2020 3:13 pm
Forum: Investing - Theory, News & General
Topic: Tax loss harvesting
Replies: 57
Views: 3205

Re: Tax loss harvesting

You're not missing the basic concept, but you are missing some ways that TLH can be advantageous: By taking a deduction now of unlimited amount of capital gains, and $3,000 of other income, you're effectively receiving an interest-free loan from the government. This money can be invested and genera...
by fyre4ce
Sun Jun 07, 2020 12:45 pm
Forum: Personal Consumer Issues
Topic: What fun car should I get in the $150k - $200k range?
Replies: 446
Views: 24500

Re: What fun car should I get in the $150k - $200k range?

What should I do with the rest of my money? You realize I can retire today barring the exotic car. But, I want to still work. I'm young and I love what I do. Look at your comment more strategically. I buy a $150k car that is a bit on the rare side and depreciates down to $140k in 3 years Vs, I buy ...
by fyre4ce
Sun Jun 07, 2020 12:09 pm
Forum: Personal Consumer Issues
Topic: What fun car should I get in the $150k - $200k range?
Replies: 446
Views: 24500

Re: What fun car should I get in the $150k - $200k range?

invested assets are ~$3.1 million as of Friday. I make $300k-$450k a year. I think what is more important is how much we spend. Ignoring the mortgage which will be paid off before year's end we spend $100k-$120k a year. The current $3.1 million would cover that spending indefinitely. In addition we...
by fyre4ce
Sun Jun 07, 2020 10:42 am
Forum: Personal Consumer Issues
Topic: What fun car should I get in the $150k - $200k range?
Replies: 446
Views: 24500

Re: What fun car should I get in the $150k - $200k range?

I don’t think this purchase is a great idea for you. You don’t seem to have a specific idea of what you want. Cars in that price range have very different characters. It seems like you’re just looking to blow some money to reward yourself, but I doubt this purchase will make you happy in the long ru...