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Here’s mine: $60k/year (Or $5000/mo) — West Coast, HCOL area, 30s, married, young kids, renting a 3000 sqft SFH in nice neighborhood, two old cars — We could probably go as low as ~50k if we needed to, but then we would need to rent a different place, cut out Home entertainment, organic foods, etc ...

Here’s mine: $60k/year (Or $5000/mo) — West Coast, HCOL area, 30s, married, young kids, renting a 3000 sqft SFH in nice neighborhood, two old cars — We could probably go as low as ~50k if we needed to, but then we would need to rent a different place, cut out Home entertainment, organic foods, etc ...

I’m about 97% stocks outside of EF. Live in a very high cost of living area, so overall that makes it about 60/40 if you count the EF.

Will stay the course and will continue buying more stocks.

Do you mind explaining the statement in your signature that a dollar in taxable is worth more than a dollar in tax-deferred account? I think celia's intent is express the difference in tax liability. The $1 you already paid taxes on is worth more than the $1 you need to pay taxes on. When you withd...

FiveK wrote: ↑Sun Apr 12, 2020 1:32 pm

workhardplayhard wrote: ↑Sun Apr 12, 2020 12:55 pm "...MAGI will be too high to contribute directly to a Roth IRA."

Can someone please clarify if standard deduction plays any role in calculating the MAGI?

It does not. See MAGI for Roth IRA purposes.

Yes, I didn’t think so either. Thank you.

I didn’t read anywhere that standard deduction can be subtracted from AGI to get to MAGI, however in this post yesterday: https://www.physicianonfire.com/backdoor-roth-value/ I read the following: “Mr. Rothschild is 35 years old. He and his wife earn a combined $240,000 a year. It’s a respectable su...

@celia,

Do you mind explaining the statement in your signature that a dollar in taxable is worth more than a dollar in tax-deferred account?

Thank you.

Not too many replies, so I gather that there aren’t too many suggestions. But, just in case, I’m bumping the thread up in case someone else wants to chime in with any advice.

Any advice is much appreciated.

Thank you in advance.

Thank you, all, for responding. To answer some of the additional questions: 1. Is the downpayment for the home from your EF? Have you started saving for it yet? What account is it in (MM, CD's?) Yes, the down payment would come from EF, and I would have to dip into taxable portion of the portfolio i...

Hello, I’ve recently started reading the forum, and I’m hooked. Would like to ask for some wisdom from the posters here. Here are all the details: Emergency funds: 2 years of expenses Debt: Car loan - $5,400 @ 1.9% Tax Filing Status: Married Filing Jointly, 2 dependents. Tax Rate: 24% Federal, 9.3% ...