Search found 23 matches

by S4C5
Wed May 15, 2019 9:01 am
Forum: Personal Finance (Not Investing)
Topic: Can we really afford $1.25M house?
Replies: 44
Views: 5798

Re: Can we really afford $1.25M house?

25000 student loans at a ~6% rate 50 months remaining on car loan at ~$1k/mo Home we are considering will require up to $100k in renovations, which we can do quite a bit cheaper as wife’s father is a contractor We spend approx $1k/mo on our pets (I know...) None of this makes any sense at all. The ...
by S4C5
Wed May 15, 2019 8:31 am
Forum: Personal Finance (Not Investing)
Topic: Buying a "new" car - Advice pls
Replies: 76
Views: 6430

Re: Buying a "new" car - Advice pls

The extremes on this thread are quite spectacular. On one end, you have people stating that your car should cost 1/250th of your worth and you should strive to spend <$2k on a car. And on the other end you have people stating that new cars actually cost much less than used cars when you factor in ma...
by S4C5
Tue May 14, 2019 1:40 pm
Forum: Personal Finance (Not Investing)
Topic: Worth Fighting a Speeding Ticket?
Replies: 64
Views: 4413

Re: Worth Fighting a Speeding Ticket?

Waste of time and money. Just pay it if it is a simple speeding ticket. However, you should always make sure you don't get charged with reckless driving by speed, which is something awful some states (namely VA) are doing these days. This is a serious misdemeanor crime, typically a class A (one step...
by S4C5
Tue May 14, 2019 1:33 pm
Forum: Personal Finance (Not Investing)
Topic: Pay myself for pilot training or invest them?
Replies: 18
Views: 1240

Re: Pay myself for pilot training or invest them?

I considered becoming an airline pilot around 10 years ago when I was in your shoes. I went to medical school instead and got my PPL and instrument rating on the side. I will now be making around 7 figures as sub-specialist physician. Meanwhile my flight instructor spent nearly that whole decade try...
by S4C5
Mon May 13, 2019 4:26 pm
Forum: Personal Finance (Not Investing)
Topic: Cheapest way to convert USD to CHF
Replies: 8
Views: 543

Re: Cheapest way to convert USD to CHF

To use transferwise, the other person needs to use it also? Or can it transfer to any bank account number?

The issue is the landlord isn’t going to sign up for PayPal, Venmo, etc. cash or wire only :(
by S4C5
Mon May 13, 2019 2:19 pm
Forum: Personal Finance (Not Investing)
Topic: Cheapest way to convert USD to CHF
Replies: 8
Views: 543

Cheapest way to convert USD to CHF

I am travelling to Switzerland for 6 weeks and need to pay for the apartment I am renting, about $2500. What is the cheapest way to do this? I went to my bank today to see about ordering currency and was told the cost to buy 1 CHF would be $1.07. The current exchange rate is $1.01 A 6% bump seems st...
by S4C5
Mon Feb 11, 2019 4:21 pm
Forum: Personal Finance (Not Investing)
Topic: Best uses of Chase Ultimate Rewards Points
Replies: 18
Views: 2398

Re: Best uses of Chase Ultimate Rewards Points

Transfer to United or southwest. Ignore everybody who says only use them to buy first class international tix. Yes, international first class represents the theoretical greatest percentage discount, but that only matters if you were going to buy first class anyway and ignores the fact that first cla...
by S4C5
Wed Feb 06, 2019 7:42 pm
Forum: Personal Investments
Topic: Can I do a late 2018 backdoor roth if I currently have a pre-tax tIRA balance?
Replies: 16
Views: 795

Re: Can I do a late 2018 backdoor roth if I currently have a pre-tax tIRA balance?

So the max I can contribute to my solo 401(k) after-tax would be 100% of my salary ($24k), then I could get another 25% of this as an employer contribution (so, $30k). Your comment about it coming out as a payroll deduction concerns me. Is it allowed to just keep the monthly $2,000-withholding-FICA ...
by S4C5
Wed Feb 06, 2019 11:10 am
Forum: Personal Investments
Topic: Can I do a late 2018 backdoor roth if I currently have a pre-tax tIRA balance?
Replies: 16
Views: 795

Re: Can I do a late 2018 backdoor roth if I currently have a pre-tax tIRA balance?

Thanks, I feel confident about the IRA plan now. It's just the mess of the different 457, 401, and 403 plans I will encounter this year that I want to make sure I am handling right as outlined above at this point.
by S4C5
Wed Feb 06, 2019 10:16 am
Forum: Personal Investments
Topic: Can I do a late 2018 backdoor roth if I currently have a pre-tax tIRA balance?
Replies: 16
Views: 795

Re: Can I do a late 2018 backdoor roth if I currently have a pre-tax tIRA balance?

Just to be clear, does this sound like a reasonable plan for 2018? Am I wrong at any point? Timeframe: February: Invest $5,500 for 2018 and $6,000 for $2019 into tIRA. Total balance is now around $20,000. Then convert entire tIRA into Roth IRA. March: Continue to invest in current employer 457(b) pl...
by S4C5
Wed Feb 06, 2019 1:39 am
Forum: Personal Investments
Topic: Can I do a late 2018 backdoor roth if I currently have a pre-tax tIRA balance?
Replies: 16
Views: 795

Re: Can I do a late 2018 backdoor roth if I currently have a pre-tax tIRA balance?

So since I'll be starting a new job in October that has a 403(a) plan, and a supplemental 457(b) plan, there is no point to funding a solo 401(k) because the investments limits are for a combination of the 403(a) and 401(k) plan? In other words, I can't invest $19k in my new 403(a) at the end of the...
by S4C5
Tue Feb 05, 2019 6:55 pm
Forum: Personal Investments
Topic: Can I do a late 2018 backdoor roth if I currently have a pre-tax tIRA balance?
Replies: 16
Views: 795

Re: Can I do a late 2018 backdoor roth if I currently have a pre-tax tIRA balance?

Well my 457(b) I invest now allows me to invest post-tax (I think). Maybe I should change that. Regardless of my 457(b), if I open up a solo 401(k), I can still invest up to the limits, right? I copied this from a blog: In 2018, the combined salary deferral limit for pre-tax and Roth salary deferral...
by S4C5
Tue Feb 05, 2019 6:04 pm
Forum: Personal Investments
Topic: Can I do a late 2018 backdoor roth if I currently have a pre-tax tIRA balance?
Replies: 16
Views: 795

Re: Can I do a late 2018 backdoor roth if I currently have a pre-tax tIRA balance?

So basically I am just going to be a doing a backdoor roth conversion in 2019 on $11,500, whereas most people will be limited to a backdoor roth conversion of $6,000. This makes sense, and I will proceed then. If there is any problem with this, let me know. The next question is, can I also do a mega...
by S4C5
Tue Feb 05, 2019 5:51 pm
Forum: Personal Investments
Topic: Can I do a late 2018 backdoor roth if I currently have a pre-tax tIRA balance?
Replies: 16
Views: 795

Can I do a late 2018 backdoor roth if I currently have a pre-tax tIRA balance?

For the life of me, I can't understand this. Today is February 5th, 2019. I currently have a ~$9500 balance (as of 12/31/18) in a traditional IRA that is pre-tax. I would like to make a $5,500 non-deductible (i.e., post-tax) contribution now FOR 2018 (deadline April 15th) to this traditional IRA. I ...
by S4C5
Sat Feb 02, 2019 5:52 pm
Forum: Personal Investments
Topic: Ally Bank's nightmarish online reviews -- should I be worried?
Replies: 97
Views: 9570

Re: Ally Bank's nightmarish online reviews -- should I be worried?

I use dollar savings direct and have been extremely happy. Have 230k in an account with multiple linkages. I’m not motivated to transfer for a slightly higher rate. Using the service with the absolute highest rate is a bit of a worry for me. Feel more comfortable with somebody at the 90th-%tile rate...
by S4C5
Sat Feb 02, 2019 4:40 pm
Forum: Personal Investments
Topic: Solo 401k for prior tax year?
Replies: 4
Views: 304

Re: Solo 401k for prior tax year?

I also have a small business s-Corp where I am only employee. I just learned about solo 401k. Can you tell me more about the SEP and if it’s something I should do or should i just set up the solo 401k now for this year and forget about 2018? I am sitting on a lot of cash, and if there’s a tax advant...
by S4C5
Tue Jan 29, 2019 5:45 pm
Forum: Personal Investments
Topic: Complicated income situation - need help with retirement accounts
Replies: 14
Views: 1369

Re: Complicated income situation - need help with retirement accounts

And like others have said, make sure to either keep your old accounts where they are, or rollover the traditional accounts to your new 401k, and convert any existing traditional IRA to Roths this year before you get your doctor salary and tax bracket next year. You need to keep a $0 traditional IRA...
by S4C5
Tue Jan 29, 2019 5:42 pm
Forum: Personal Investments
Topic: Complicated income situation - need help with retirement accounts
Replies: 14
Views: 1369

Re: Complicated income situation - need help with retirement accounts

Watty wrote:
Tue Jan 29, 2019 2:12 pm


There are lots of pros and cons and lots of opinions but I would take a hard look at paying off the house.

I have to sell the house in 6 months to move for my new job. I don't see the point as the mortgage is <3%.
by S4C5
Tue Jan 29, 2019 12:40 pm
Forum: Personal Investments
Topic: Complicated income situation - need help with retirement accounts
Replies: 14
Views: 1369

Re: Complicated income situation - need help with retirement accounts

I took a look at the retirement benefits in my new job I will start October 1. Their pension plan states: Tax deferred 403(b) or Roth after-tax contributions go to retirement plan and the 2018 max deferral is $18,500 Employer contributions are matched dollar for dollar up to 6% of legally allowed co...
by S4C5
Mon Jan 28, 2019 12:09 pm
Forum: Personal Investments
Topic: Complicated income situation - need help with retirement accounts
Replies: 14
Views: 1369

Re: Complicated income situation - need help with retirement accounts

I've thought about selling my side business but don't know how to. I've thought about retaining ownership and hiring somebody. Part of me doesn't want the liability or hassle though. But you're right, it is definitely worth something. It generates $100,000/year with a few hours a day of work. And I ...
by S4C5
Mon Jan 28, 2019 11:58 am
Forum: Personal Investments
Topic: Complicated income situation - need help with retirement accounts
Replies: 14
Views: 1369

Re: Complicated income situation - need help with retirement accounts

Lastly, once you start your doctoring job, you will be a prime prospect for financial planners. They will be hitting on you probably from day 1. Be very careful. My suggestion is to ignore them all, learn to do it yourself, and don't worry about making too many mistakes, as we've all made them. Con...
by S4C5
Mon Jan 28, 2019 8:17 am
Forum: Personal Investments
Topic: Complicated income situation - need help with retirement accounts
Replies: 14
Views: 1369

Complicated income situation - need help with retirement accounts

So hindsight is 20/20. I'm learning that over the past 10 years I've missed some massive opportunities for retirement savings available to me that I didn't know about. I've saved a lot, it's just been money that I've already paid tax on and mostly parked in checking accounts or low interest accounts...
by S4C5
Sat May 05, 2018 12:27 pm
Forum: Personal Finance (Not Investing)
Topic: Comparing 2 physician jobs
Replies: 69
Views: 7457

Comparing 2 physician jobs

I am about to graduate subspecialty residency training. I am in a unique position because my field is highly specialized and highly compensated. I currently have two incredibly different job offers and am curious the thoughts of others as I don't really have anyone else to discuss this with given th...