Search found 525 matches

by dink2win
Wed Jan 10, 2024 4:53 pm
Forum: Personal Finance (Not Investing)
Topic: Where do you bank and why? 2024 Edition
Replies: 113
Views: 15431

Re: Where do you bank and why? 2024 Edition

Yes, since the no penalty CD rates lock in when you create, vs the Merrill Preferred Deposit is a variable rate that can change at any time. If the Fed starts lowering rates and banks follow suit, I would probably move most of the money to Ally and lock in a 11 month penalty free CD, where the rate will be locked in. Preferred Deposit already dropped from 5.02 to 4.92 Bank of America for checking, ATMs, and Preferred Rewards credit card. It also connects with Merrill to give me free trading for my investments (CMA, Roth IRA, Preferred Deposit for my EF). Its also nice because you can transfer funds between them real-time. No need to wait a couple days for cash to transfer and settle. There are some other banks active at any given time due ...
by dink2win
Tue Jan 09, 2024 4:28 pm
Forum: Personal Finance (Not Investing)
Topic: Where do you bank and why? 2024 Edition
Replies: 113
Views: 15431

Re: Where do you bank and why? 2024 Edition

Yes, since the no penalty CD rates lock in when you create, vs the Merrill Preferred Deposit is a variable rate that can change at any time. If the Fed starts lowering rates and banks follow suit, I would probably move most of the money to Ally and lock in a 11 month penalty free CD, where the rate will be locked in. Preferred Deposit already dropped from 5.02 to 4.92 Bank of America for checking, ATMs, and Preferred Rewards credit card. It also connects with Merrill to give me free trading for my investments (CMA, Roth IRA, Preferred Deposit for my EF). Its also nice because you can transfer funds between them real-time. No need to wait a couple days for cash to transfer and settle. There are some other banks active at any given time due t...
by dink2win
Tue Jan 09, 2024 2:20 pm
Forum: Personal Investments
Topic: ETF vs Mutual Funds Security
Replies: 8
Views: 1377

ETF vs Mutual Funds Security

Is there any difference between them in terms of security?

I went with VTI ETF in my CMA because I liked being able to buy and sell on the spot, and I read they are slightly more tax efficient.

However, recently I was told ETFs are dangerous because you technically dont own a piece of every stock, and its like a trust tied to the lifespan of some random person's grandkids, vs a mutual fund is an actual pool of the stocks.

Is this true? Should I swap out my VTI for VTSAX?
by dink2win
Tue Jan 09, 2024 1:47 pm
Forum: Personal Finance (Not Investing)
Topic: How Can I Truly Calculate Net Worth (include primary home or not)
Replies: 55
Views: 7109

Re: How Can I Truly Calculate Net Worth (include primary home or not)

I do not use home or car in my calculation because I use net worth to see if I can retire.

However, if you want the exact amount of net assets you have then you probably should, but if I were to ever do it, I would do home value minus mortgage owed minus any potential closing/agent costs because if you were to sell the home, that money would be gone.
by dink2win
Tue Jan 09, 2024 1:26 pm
Forum: Personal Finance (Not Investing)
Topic: Rule of 55 Workaround
Replies: 15
Views: 1860

Re: Rule of 55 Workaround

Thanks everyone!
by dink2win
Tue Jan 09, 2024 1:25 pm
Forum: Personal Investments
Topic: Treasury Direct Paper Bond Conversion Question
Replies: 5
Views: 977

Re: Treasury Direct Paper Bond Conversion Question

thanks for the replies everyone!
by dink2win
Fri Jan 05, 2024 3:36 pm
Forum: Personal Finance (Not Investing)
Topic: What is the Worst Financial Decision/Mistake You Have Made?
Replies: 657
Views: 134542

Re: What is the Worst Financial Decision/Mistake You Have Made?

1. Started work in 2006, didn't start investing in stocks, maxing out 401k, making a Roth IRA until 2013 despite being financially able to
2. Not buying a home in SoCal in 2012 and instead making a CD.
3. Choosing to go with VTI over tech (Apple, Microsoft, Google, Amazon, Netflix, Nvidia) in 2013 - but this could reverse in the future.
by dink2win
Fri Jan 05, 2024 3:29 pm
Forum: Personal Finance (Not Investing)
Topic: What is the Worst Financial Decision/Mistake You Have Made?
Replies: 657
Views: 134542

Re: What is the Worst Financial Decision/Mistake You Have Made?

I believe the gains are tax deferred, and any medical withdrawal gains are not taxed, correct? Even in CA

rene wrote: Mon Dec 25, 2023 9:09 pm
jaMichael wrote: Thu Dec 21, 2023 9:33 am
* not opening an HSA years ago
*
* not knowing that HSAs are taxable in California
Yep. Insane to think that CA doesn’t recognize HSA accounts.
by dink2win
Fri Jan 05, 2024 3:26 pm
Forum: Personal Finance (Not Investing)
Topic: Rule of 55 Workaround
Replies: 15
Views: 1860

Rule of 55 Workaround

Is it possible to retire early (say 45) then at 54 go back to a job that has a 401k, rollover everything into it, then quit again at 55 then start withdrawing without penalty from the 401k?
by dink2win
Thu Jan 04, 2024 5:13 pm
Forum: Personal Finance (Not Investing)
Topic: Where do you bank and why? 2024 Edition
Replies: 113
Views: 15431

Re: Where do you bank and why? 2024 Edition

Bank of America for checking, ATMs, and Preferred Rewards credit card.
It also connects with Merrill to give me free trading for my investments (CMA, Roth IRA, Preferred Deposit for my EF). Its also nice because you can transfer funds between them real-time. No need to wait a couple days for cash to transfer and settle.

There are some other banks active at any given time due to bonus churning, but the funds in them are not for long term, usually get moved out once the bonus is obtained.

I also keep an Ally account alive for their no penalty CDs as needed (if interest rates start going down, would move my EF here).
by dink2win
Thu Jan 04, 2024 5:02 pm
Forum: Personal Investments
Topic: Treasury Direct Paper Bond Conversion Question
Replies: 5
Views: 977

Re: Treasury Direct Paper Bond Conversion Question

Hi thanks for the response, I already converted a set of paper iBonds from 2023. My question was how I convert more, do I create a new registration and manifest, or update the existing ones to add more bonds? Your question has left me a bit confused. It sounds as if you created a conversion account, and made a conversion list. For more bonds, you only need to create a different registration if the bonds are registered differently. for example, the first batch were in your name only, next batch in your name with souse as co owner, then yes, a new registration from TD website Procedure to add registrations Log into your primary TreasuryDirect® account. Click on the ManageDirect tab at the top of the page. Under Manage My Conversions, click on...
by dink2win
Wed Jan 03, 2024 6:26 pm
Forum: Personal Investments
Topic: Treasury Direct Paper Bond Conversion Question
Replies: 5
Views: 977

Treasury Direct Paper Bond Conversion Question

Hello all,

I was able to create a manifest to convert some paper ibonds that I had.

I had a question around if I want to convert more, do i create a new registration, or update the existing one? Was a bit confused.

Thanks!
by dink2win
Wed Apr 12, 2023 11:25 am
Forum: Personal Finance (Not Investing)
Topic: Roth Conversions - which spouse to start?
Replies: 5
Views: 418

Roth Conversions - which spouse to start?

DW is 8 years younger than I am. We are hoping to retire when I am 50 and she is 42. This will give us about 20-30 years to convert our pretax to Roth. If our pre-tax 401ks will roughly be the same amount and allocations at retirement, is it better to start converting my 401k or hers to Roth first? We are planning to convert up to 12% bracket each year. I'm thinking it makes more sense to convert mine first, as it gives us more time to lower mine before RMDs start, then we can start on hers afterwards since she has 8 more years than me until her RMDs start. If we need money I can just withdraw from my Roth when I turn 59, with no tax impact to us continuing to convert hers at the 12% clip. However wanted to run it by the forum to see if thi...
by dink2win
Wed Mar 29, 2023 3:40 pm
Forum: Personal Finance (Not Investing)
Topic: Getting Married
Replies: 50
Views: 5401

Re: Getting Married

We do not have a prenup. I make more and brought more cash into the marriage, but she put my name on her paid off home, so it's somewhat roughly equal. Not that we plan on divorcing anytime soon. We kept all our old accounts for everything. Too much of a hassle to merge everything. My direct deposit comes into my account, hers to hers. Our credit cards are divided up by our general spend. Hers has rewards on online shopping, mine has rewards on restaurants and gas, groceries etc. Generally we pay for whatever we each buy on our own card, but will ask each other to pay for any large purchases with bonus (if I were to buy something online). All of our investing is done by me (her eyes glaze over and she falls asleep when we talk about finance...
by dink2win
Wed Mar 29, 2023 3:21 pm
Forum: Personal Finance (Not Investing)
Topic: How long did you wait for your tax refund this year?
Replies: 165
Views: 18222

Re: How long did you wait for your tax refund this year?

Filed (Fed and State): 3/7/2023
Fed Accepted: 3/7/2023
State Accepted: 3/7/2023
State Return (DD): 3/14/2023 (7 days)
Fed Return (DD): 3/15/2023 (8 days)
Fed Return (I Bonds): arrived on 3/21/2023 (14 days)

I usually file in the beginning of Feb, (once all the forms come out on 1/31) but this year got held up with some other stuff.
by dink2win
Thu Feb 02, 2023 9:45 pm
Forum: Personal Finance (Not Investing)
Topic: What Age & How Much Money? (Your Plan)
Replies: 185
Views: 26284

Re: What Age & How Much Money? (Your Plan)

How old are you today? 39
Portfolio Value Today $1.3M
What is your portfolio target size for retirement in PV dollars? $4M (but at least $1M must be in after tax accounts)
What age are you targeting full retirement? ASAP. Ideally, by 50. Like others mentioned, I will probably do some kind of work, but at this point it would be for fun. I would not need the money.
by dink2win
Tue Jan 10, 2023 6:03 pm
Forum: Personal Finance (Not Investing)
Topic: max out 457b this fall before job change?
Replies: 7
Views: 905

Re: max out 457b this fall before job change?

457 is good, the best part is it allows you to withdraw anytime without penalty. I can't really see a downside other than usually there is no company/college match. But after contributing the minimum to the other account to get the full match (for us its a 401a), we work on filling up the 457 first. Then fill up the 403.

My understanding is that the 403 shares an annual contribution limit with 401ks (in case you are moving out of education) so even with a maxed 457 it shouldn't impact your ability to contribute to a 401k later. But I could be wrong on this.
by dink2win
Tue Jan 10, 2023 5:43 pm
Forum: Personal Investments
Topic: Half my life with Merrill, what now?
Replies: 11
Views: 2480

Re: Half my life with Merrill, what now?

I use Merrill Edge, there are no fees in the self directed account. You'll get calls from agents once in a while trying to set up a meeting to sell advisory fees, but I just politely decline.

If you use Bank of America, the balances stack so it's nice as it gets you to their highest rewards tier for both Bofa and Merrill pretty quick.

If I didn't bank with Bofa I would probably use Fidelity, but Merrill Edge is not bad.
by dink2win
Fri Jan 06, 2023 6:19 pm
Forum: Personal Investments
Topic: Left firefighting career. Now have 110k in a 457b that I'm struggling to figure out what to do with...
Replies: 12
Views: 1809

Re: Left firefighting career. Now have 110k in a 457b that I'm struggling to figure out what to do with...

Yeah I agree just leave it in the 457 as long as admin fees are none or low. It's nice to have the option to withdraw anytime, if you decide to retire early or are in a money crunch.
by dink2win
Fri Jan 06, 2023 6:17 pm
Forum: Personal Investments
Topic: Is 10% of assets in investment property too much?
Replies: 29
Views: 2464

Re: Is 10% of assets in investment property too much?

I would put 10% of my worth into a house I own completely, REITs, or maybe use something like Arrived Homes.

I would not join a couple other people to buy and run investment properties unless the contracts are written very well and give clear ownership and even then it's too iffy. I've seen too many cases where these partnerships go bad and end up in court suing each other for years.
by dink2win
Fri Jan 06, 2023 6:14 pm
Forum: Personal Investments
Topic: Too much in 401ks?
Replies: 25
Views: 4921

Re: Too much in 401ks?

Why don't you max out to a Roth 401k at work (match will still be pre-tax) and then your wife can put 22500 to Roth and then the rest do after tax contribution to the $66,000 limit and then convert it to Roth right away as well.

I think Roth is a great option if you can afford to pay the tax now without negatively impacting your life (it seems you guys make enough) because later trying to withdraw $1.5m later in life without triggering a higher tax bracket will probably be very difficult unless you retire early as it will continue to grow without any more contributions.
by dink2win
Fri Jan 06, 2023 2:09 am
Forum: Personal Investments
Topic: Fidelity Zero Funds - No dividends this year?
Replies: 27
Views: 4823

Re: Fidelity Zero Funds - No dividends this year?

I got dividends on 12/16.
by dink2win
Fri Jan 06, 2023 2:01 am
Forum: Personal Investments
Topic: No Fee ETFs
Replies: 15
Views: 2085

No Fee ETFs

Has anyone invested into these as a replacement for the VTI, VOO, IVV etc?

SFY SoFi Select 500 ETF
SFYX SoFi Next 500 ETF
BKLC BNY Mellon US Large Cap Core Equity ETF

And to an extended discussion, how about the Fidelity zero funds? I heard some of them outperform the major counterparts. Iv'e invested into them in my Fidelity HSA (no portability issues) but wasn't sure if the volume is there for investing larger amounts. Is portability the only thing really keeping more Bogleheads from using these (stuck in Fidelity)?

Fidelity ZERO International Index Fund (FZILX)
Fidelity ZERO Total Market Index Fund (FZROX)
Fidelity ZERO Large Cap Index Fund (FNILX)
Fidelity ZERO Extended Market Index Fund (FZIPX)
by dink2win
Fri Jan 06, 2023 1:11 am
Forum: Personal Investments
Topic: i-Bonds vs CD/Savings
Replies: 12
Views: 2669

Re: i-Bonds vs CD/Savings

Good point on the other benefits of I-bonds.

Are the vanguard TIP ETFs pretty easy to find (name is self explanatory)?

Also, is the general consensus that the fixed rate for the I-bonds will increase moving forward as we are in a high interest era? I read that back in 2000 when the fed rate was around 6.24% the I bond fixed rate was like 3.6% or something. S considering that probably better to wait until May and see what it is before buying?
by dink2win
Fri Jan 06, 2023 1:05 am
Forum: Personal Finance (Not Investing)
Topic: Mega Backdoor Roth Limit Question
Replies: 13
Views: 1408

Re: Mega Backdoor Roth Limit Question

The total contribution limit of $61k for 2022 ($66k for 2023) for 401k, 403b (and possibly other similar workplace plans) is set by the IRS. It includes all employer and employee contributions, including matching contributions. The specific contribution and matching rules can vary widely by employer. You should try to find out what type of plan it actually is though. Regarding calculation of the after tax contributions, I'd simply calculate $66,000 - (contributions + matching) based on the current salary. In July, when you know the new salary, calculate again (taking into account the number of pay periods remaining) and adjust the contributions accordingly. I have a little spreadsheet that I run a few times a year; even if my salary doesn'...
by dink2win
Thu Jan 05, 2023 6:40 pm
Forum: Personal Finance (Not Investing)
Topic: Mega Backdoor Roth Limit Question
Replies: 13
Views: 1408

Re: Mega Backdoor Roth Limit Question

Do you have to fill out a 8606 for the Roth conversion for the mega backdoor Roth as well? or is there some other sort of form?
by dink2win
Thu Jan 05, 2023 6:36 pm
Forum: Personal Investments
Topic: i-Bonds vs CD/Savings
Replies: 12
Views: 2669

Re: i-Bonds vs CD/Savings

Thanks for the info. Can you just buy TIPs on the market like any other bond fund, like PIMIX? I thought you had to go to some auction to purchase them.
by dink2win
Thu Jan 05, 2023 3:54 am
Forum: Personal Investments
Topic: i-Bonds vs CD/Savings
Replies: 12
Views: 2669

i-Bonds vs CD/Savings

Hello,

With the interest rates continuing to rise, currently most CDs and Savings accounts are giving anywhere from 2.5-5% interest.

Ibonds are at 6.48% and probably will lower moving forward.

In this case, isn't it better to just buy some CDs? What is the benefit of the I-Bonds, if the Fed manages to get inflation down to 2.5% in the next couple years?
by dink2win
Wed Jan 04, 2023 8:02 pm
Forum: Personal Finance (Not Investing)
Topic: Mega Backdoor Roth Limit Question
Replies: 13
Views: 1408

Re: Mega Backdoor Roth Limit Question

Yeah so you can choose to contribute to this plan, which is kind of like a 401k. You pay 7% and the company matches 8% (for a total of 15%). You can contribute more to it, but it can only be a voluntary after tax contribution after the 7%.

The other option is to pay into a pension. However you need to work for like 20 years to get it, so my wife chose the other option since you can take it with you when you leave. Plus you can do the mega backdoor Roth.
by dink2win
Wed Jan 04, 2023 5:46 pm
Forum: Personal Finance (Not Investing)
Topic: Mega Backdoor Roth Limit Question
Replies: 13
Views: 1408

Mega Backdoor Roth Limit Question

My wife has a retirement plan that allows for aftertax contributions and in-service rollovers to a Roth IRA. We are considering doing it, but the plan material states that the max contribution is $61,000 and that includes our initial contribution and match. DW's retirement plan is a set plan, where she is required to contribute 7% of her salary and the company matches 8% of her salary each paycheck. She cannot change her set contribution %, but can make additional voluntary after tax contributions. Do other 401ks work like this? I thought the $61,000 is only inclusive of our contributions and the company match should not factor into it. Another factor is that her salary raise kicks in every July. That makes the calculation even more tricky ...
by dink2win
Wed Jan 04, 2023 5:39 pm
Forum: Personal Finance (Not Investing)
Topic: Roth without complete information on AGI
Replies: 8
Views: 682

Re: Roth without complete information on AGI

If you don't have any traditional IRA balance, then there is no downside to doing a backdoor Roth.

Some people wait until the end of the year because it is slightly simpler to just do the straightforward Roth contribution since the backdoor requires a couple extra steps (create a traditional, fund it, convert it to Roth, then fil out a 8606 form during tax time) which can all be avoided if your income is under the limit.

I just do the backdoor Roth in January each year so I do not have to worry about any of the income at the end of the year, and get to be invested sooner. My provider (Merrill Edge) allows for all online conversion, so its pretty easy and I just get it done.
by dink2win
Tue Dec 20, 2022 5:30 pm
Forum: Personal Investments
Topic: Early retirement advice requested.
Replies: 19
Views: 3335

Re: Early retirement advice requested.

Yes if you already have a pension, there should be no reason to take social security before full retirement age as you will be penalized for too much income. It may make a larger portion of your SS income taxable.

Like others mentioned, if your pensions cover your expenses, you should either take SS at full retirement age (if you are unhealthy) or at 70 (if you are healthy and expect to live past 80).

From now until 72 you should focus on converting all your pretax retirement accounts (TSP, IRA, etc) in small increments to avoid or minimalize tax each year before your RMDs hit. If you can convert all to Roth while saying under the tax line you should, if not, try to convert at 10%, etc.
by dink2win
Tue Dec 20, 2022 2:01 pm
Forum: Personal Investments
Topic: After Tax 401k Contributions
Replies: 43
Views: 9223

Re: After Tax 401k Contributions

Only a few 401k plans include the ability to contribute after-tax up to the 53k limit. Only very few 401k plans allow in-service rollovers, and especially very few allow in-service rollovers to segregate after-tax from all contributions. Those that are fortunate enough to have them should strongly consider using the features. This. It seems very rare for companies to have 401k plans that allow for after tax contributions, and also allow of in-service rollovers. I've never had a company that allows this, but granted I didn't even know to ask until like 7 years ago when I knew what a mega backdoor Roth even was. But even if I knew, I doubt I would of been able to do it the first 5 years of my career since my salary was low and I needed the m...
by dink2win
Mon Dec 19, 2022 11:57 pm
Forum: Personal Finance (Not Investing)
Topic: Roth 401k
Replies: 15
Views: 1812

Re: Roth 401k

I always would go full Roth as long as I can afford the taxes (I can live comfortably with the reduced paycheck). I know lots of people argue tax brackets and advocate paying as little tax as possible and dealing with it in the future. Personally, I like paying my tax up front, and never having to worry about it later. In a Roth 401k (when rolled over to a Roth IRA upon retirement) all that money will never be subject to RMD, I can withdraw any amount I want later and not have to pay any tax or increase my IRMAA or increase Medicare premiums, and much more better for my heirs were I to leave it for them. Besides, with the Trump tax cuts, until 2026 taxes are much lower than before. More reasons to do Roth now. Sure, taxes might get lower in...
by dink2win
Mon Dec 19, 2022 11:48 pm
Forum: Personal Finance (Not Investing)
Topic: How much do you keep in checking?
Replies: 309
Views: 30358

Re: How much do you keep in checking (2022)?

I leave one month's worth of expenses in the checking. I let my two paychcks come in during the month. Bills get paid. At the end of the last bill for the month, I transfer all money other than one month worth of expenses to my brokerage account and buy VTI.

I keep 6 months worth of expenses in a savings account as my EF. I also have some I bonds which are my backup EF, and if really needed, can sell stocks from the brokerage account. Absolute worst case, I can withdraw my contributions from my Roth IRA if I'm really desperate.
by dink2win
Mon Dec 19, 2022 11:44 pm
Forum: Personal Finance (Not Investing)
Topic: where to park the money with no plan to use soon
Replies: 9
Views: 1589

Re: where to park the money with no plan to use soon

If you have more than $250,000 you can put in it Merrill Edge brokerage account. Open it using the 1000PR code and you will get a $1,000 bonus after like half a year. You can then put your money in Preferred Deposit, which works like of like a savings account (fully FDIC insured) and is currently giving 3.98% interest.
by dink2win
Mon Dec 19, 2022 11:40 pm
Forum: Personal Finance (Not Investing)
Topic: $480k in debt
Replies: 75
Views: 11787

Re: $480k in debt

If I were you, I would max out you and your wifes 401k and choose Roth. Why not get some tax advantage out of it? Later in life you can withdraw with no taxable event, and if you don't end up needing it (most likely you won't based on your incomes) you can roll it over to a Roth IRA and leave it for your kids and much better tax situation for them as well. You guys should also do the backdoor Roth IRA each year at $6,500 each. Similar comments to above. The rest of the money, I would live pretty moderately and use the money to start paying down the student loan pretty aggressively once the 7% rate kicks in. Until then, just leave it in a high interest savings account for now, it should earn you 3-4% interest in the meantime. Unless you want...
by dink2win
Thu Dec 15, 2022 1:29 am
Forum: Personal Finance (Not Investing)
Topic: Share your net worth progression
Replies: 4288
Views: 1082160

Re: Share your net worth progression

PocketButler wrote: Wed Jun 01, 2022 9:51 am Hi all,

Here's my update for 2022.
Age 25. Started a new job making around $240k two weeks ago.

Date / Income / NW
Apr 2020 / $80k / $40k
Apr 2021 / $120k / $91k
Apr 2022 / $135k / $160k

Things are looking good if I can continue my quite aggressive (>70%) savings rate for the next decade.
Can you let us know what your background and job are that allows you to go from 80k to 240k a year in 3 years?
by dink2win
Thu Nov 17, 2022 7:23 pm
Forum: Personal Finance (Not Investing)
Topic: Ally Online Savings/Money Market Rate Increases
Replies: 745
Views: 125114

Re: Ally Online Savings Rate Increase

I've had it happen before, they updated the rate on the 11th day. If you dont see a change in 2 weeks of when you opened it, you can either call them. The easier method is just to close and then reopen (no penalty after 7 days), takes like 2 minutes. Much less time than calling customer service.
by dink2win
Thu Nov 17, 2022 7:16 pm
Forum: Investing - Theory, News & General
Topic: I Bonds Mega Thread (I Bond Heads Rejoice!)
Replies: 6658
Views: 1241500

Re: I Bonds Mega Thread (I Bond Heads Rejoice!)

So only the inflation side rate comes out early? The fixed rate portion of the i bond will be unknown until the first day of May and November every year?
by dink2win
Fri Nov 11, 2022 1:48 am
Forum: Investing - Theory, News & General
Topic: I Bonds Mega Thread (I Bond Heads Rejoice!)
Replies: 6658
Views: 1241500

Re: I Bonds Mega Thread (I Bond Heads Rejoice!)

Had a quick question about better option.

Should I create a new I bond in Jan 2023 with the 6.89% rate, or is it better to wait until closer to May 2023 to see what the next round will look like? I am thinking perhaps the fixed portion of the rate will be higher than 0.4% so would be better in the long run, but inflation might be lower so overall rate might be lower. Woud it be best to wait until April 2023 and see what is announced and then make the decision then? I would be losing out on 6.89% interest for the first five months of the year.
by dink2win
Fri Nov 11, 2022 1:40 am
Forum: Personal Finance (Not Investing)
Topic: Ally Online Savings/Money Market Rate Increases
Replies: 745
Views: 125114

Re: Ally Online Savings Rate Increase

Discover Savings is 3% and Merrill Lynch Preferred Deposit (FDIC insured and can withdraw anytime) is at 3.49%. Right now if you bring over 250k to ML you get a $1000 bonus after 90 days.
by dink2win
Sat Aug 20, 2022 2:22 pm
Forum: Personal Finance (Not Investing)
Topic: Share your net worth progression
Replies: 4288
Views: 1082160

Re: Share your net worth progression

My definition of net worth is: (zillow house value + taxable investments + retirement accounts) - (mortgage + student loans) I don't track my emergency fund, small car loan, car values, etc. Date............NW........AGI........Other Dec 2016.....$490k......$133k.....kid #1 Dec 2017.....$675k......$126k.....kid #2 Dec 2018.....$695k......$172k.....new job (double my salary) Dec 2019.....$965k......$195k.....40 yrs old Dec 2020...$1,265k......$250k.....est. AGI, refinanced twice* *First refinance was cash out to consolidate HELOC and student loan and go from 30yr @ 3.75% with 24yrs left to 15yr @ 3.00, second refiance lowered the rate to 1.875% on 15yr Current NW is $1,042k in investments + $640k in house - $419k in mortgage My investments ...
by dink2win
Fri Aug 19, 2022 6:44 pm
Forum: Personal Finance (Not Investing)
Topic: Compensation (type/taxes)
Replies: 2
Views: 436

Re: Compensation (type/taxes)

Can you pick Roth or Traditional for the 401k? Or only traditional?

And is it more of a company match (where you can still opt to put another $20,500 into the 401k from your own salary?
by dink2win
Sat Jun 18, 2022 4:10 pm
Forum: Personal Finance (Not Investing)
Topic: Buy Mom’s House?
Replies: 80
Views: 8268

Re: Buy Mom’s House?

Since your mom is bad with money why not have her transfer the house deed to you (for free) and you become the owner. Mom's basis in the house would then become OP's, with no step up for inheritance. This creates a future cap gains tax situation for OP when the property is sold. Plus if mom needs Medicaid assistance in the next 5 years (a possibility given her health issues), there's a gifting lookback issue. If the mom squanders the house away, step up doesn't even matter. If he pays for it without a deed transfer she can still lose the house in other ways. Depending on the state, the step up basis only works if you live in the home afterwards. If you transfer the home, OP may not have step up basis, but if they live a good life and pass ...
by dink2win
Sat Jun 18, 2022 11:48 am
Forum: Personal Finance (Not Investing)
Topic: Buy Mom’s House?
Replies: 80
Views: 8268

Re: Buy Mom’s House?

Since your mom is bad with money why not have her transfer the house deed to you (for free) and you become the owner. You can then pay for property tax, utilities, etc. as the owner.

You then have an imaginary credit account set up for her in your excel document for the balance of the house worth. For whatever she needs that she cannot cover with her social security, you pay for her stuff and deduct from it. That way she cannot blow the money and then turn to you for more help. You also help her to stay alive as long as she lives.

You can offer this to her as an option, or she can refuse and eventually lose her house then become homeless.
by dink2win
Fri May 13, 2022 4:03 am
Forum: Personal Finance (Not Investing)
Topic: Share your Net Worth Regression
Replies: 350
Views: 60144

Re: Share your Net Worth Regression

Down 9% YTD. Went from all time high of $1.45M on 12/31/21 to 1.32M on 4/30/22. Has dropped more since then but have not done the math, will find out at the end of the month.

Current Allocation (roughly)
65% - VTI (or equivalent)
15% - VXUS (or equivalent)
10% - REITs and Crypto
10% - Cash
by dink2win
Thu Apr 28, 2022 2:26 am
Forum: Personal Finance (Not Investing)
Topic: High income relative to net worth ... When to quit?
Replies: 121
Views: 18259

Re: High income relative to net worth ... When to quit?

I don't have many memories of my parents from when I was younger than 5, and only like major events after that. Starting from about 8 I think I remember everything. I could care less if my dad played in the sandbox with me when I'm like 4, but if he was around to attend all my parent teacher conferences, elementary school field trips, and little league, that would of been nice. Just because you don't have an active memory of it does not mean you could care less. Those are the times you were building an emotional relationship with him. I don't remember the first time I met my wife, doesn't mean it didn't matter. I guess everyone is different, but not remembering when one met their wife seems like a red flag to me. Also, it seems OP is at a ...
by dink2win
Tue Apr 26, 2022 6:30 pm
Forum: Personal Finance (Not Investing)
Topic: High income relative to net worth ... When to quit?
Replies: 121
Views: 18259

Re: High income relative to net worth ... When to quit?

Just work until 50, save some extra money, and spend time with your kids when they are like 7 and 9.

I don't have many memories of my parents from when I was younger than 5, and only like major events after that. Starting from about 8 I think I remember everything. I could care less if my dad played in the sandbox with me when I'm like 4, but if he was around to attend all my parent teacher conferences, elementary school field trips, and little league, that would of been nice.

Once your kids get into high school, you need to get a hobby or job because no high schooler wants their dad around 24/7.