Search found 178 matches

by Pacman
Mon Feb 10, 2020 9:32 pm
Forum: Personal Investments
Topic: New Married Couple Portfolio Advice
Replies: 21
Views: 1768

Re: New Married Couple Portfolio Advice

Fellow Chicagoan here. I would recommend you hold off on buying any homes until you have had your kids. Your income situation and attitude toward working a job might change once the little ones arrives. I have plenty of friends who bought a house assuming X income, which was then cut in half when on...
by Pacman
Fri Jan 17, 2020 8:19 pm
Forum: Personal Finance (Not Investing)
Topic: Top 5 Accounting Program vs. Full Scholarship
Replies: 20
Views: 2048

Re: Top 5 Accounting Program vs. Full Scholarship

If you name some of the schools, you will get better advice. I'm a CPA who went to Illinois, a state school but also ranked well for accounting. Plenty of kids placed into big four and a number also landed into inv. banking roles. Not too many kids landed in elite mgmt. consulting although each year...
by Pacman
Sun Jan 12, 2020 6:29 pm
Forum: Personal Finance (Not Investing)
Topic: Critique My 2019 Spending
Replies: 48
Views: 4428

Re: Critique My 2019 Spending

Three questions if you don't mind: - Are you using credit card reward sign on bonuses for travel? - Did you use HSA funds to pay for the medical expense itemized? - How much coverage is the life insurance providing per person? Contrary to the person above, I think your food budget is reasonable. Gro...
by Pacman
Mon Dec 30, 2019 9:43 am
Forum: Personal Consumer Issues
Topic: Has anyone done Whole 30? [Diet]
Replies: 141
Views: 5652

Re: Has anyone done Whole 30?

If you eat meats, eggs and oils nothing will change. Just another fad/gimmick. If you have Netflix watch “Forks Over Knives”. Then watch “The Game Changers”. Keep researching. Listing "Forks Over Knives" and "The Game Changers" in the same post as the word "research" is nearly an oxymoron. The docu...
by Pacman
Sat Nov 16, 2019 3:07 pm
Forum: Personal Finance (Not Investing)
Topic: Engineering an exit and preparing financially
Replies: 14
Views: 3451

Re: Engineering an exit and preparing financially

If you were fully vested at your previous f500, you had probably been there for 5+ years. With that on your resume, while you may not be able to get your old job back, you could probably get a job at another f500.
by Pacman
Sat Sep 14, 2019 5:17 pm
Forum: Personal Finance (Not Investing)
Topic: Bay Area teacher saving half my income – why the doubt? (and asking more questions)
Replies: 508
Views: 32844

Re: Bay Area teacher saving half my income – why the doubt? (and asking more questions)

Good for you OP! I agree with other posters that it is eye opening how different tax liability can be. $1,700 per year federal and state combined ???? :sharebeer Seriously. This is messed up. Our income is over 400k and we paid over 75k in income taxes. So we make roughly 4x as much money and pay r...
by Pacman
Fri Sep 13, 2019 9:59 am
Forum: Personal Finance (Not Investing)
Topic: Accountant Salary Growth
Replies: 32
Views: 3763

Re: Accountant Salary Growth

You can consider raising your desired salary goal. I think you are doing great and could get there within 5 years or less if you are aggressive. You can also get to your salary as an experienced manager or senior manager. Below is my salary growth for comparison. These are only base numbers, exclud...
by Pacman
Fri Sep 13, 2019 9:23 am
Forum: Personal Finance (Not Investing)
Topic: Accountant Salary Growth
Replies: 32
Views: 3763

Re: Accountant Salary Growth

You can consider raising your desired salary goal. I think you are doing great and could get there within 5 years or less if you are aggressive. You can also get to your salary as an experienced manager or senior manager. Below is my salary growth for comparison. These are only base numbers, excludi...
by Pacman
Sat Aug 31, 2019 7:34 am
Forum: Personal Consumer Issues
Topic: College age male: How much money for food?
Replies: 138
Views: 6457

Re: College age male: How much money for food?

After reading this thread, I'm pretty thankful my parents were generous with funding during college. My parents gave me their credit card to spend on food and gas as needed, with no limit except an unsaid understanding that I wouldn't abuse it (and I didn't). I suppose they could also see what I was...
by Pacman
Mon Aug 26, 2019 7:09 am
Forum: Personal Consumer Issues
Topic: Learning Accounting (question)
Replies: 14
Views: 1150

Re: Learning Accounting (question)

You probably want to post in the reddit/accounting subreddit for these types of questions. Sales and expenses are originally booked to the Income Statement. However the activity in the Income Statement gets included within Owners Equity in the account called Retained Earnings. This is why Retained E...
by Pacman
Thu Aug 22, 2019 6:43 am
Forum: Personal Finance (Not Investing)
Topic: White collars- How much is your work downtime?
Replies: 203
Views: 18236

Re: White collars- How much is your work downtime?

CPA who works in FP&A here at a mega corp. I had a good laugh at some of the reactions to the other accountant's posts. If you don't have downtime during the workday in this sort of job, you're not doing it right. You don't want to be in a situation where you are just 'crunching numbers all day.' Th...
by Pacman
Sun Aug 04, 2019 9:24 am
Forum: Personal Consumer Issues
Topic: Insane to buy a sports car?
Replies: 215
Views: 12642

Re: Insane to buy a sports car?

On the financials, 2 years ago you made a post where you were receiving a windfall and were at a 28% tax bracket in 2017. How much of the $750K net worth relates to your own savings vs. the windfall? You don't need to answer this obviously, however, in my opinion if the overwhelming amount of your n...
by Pacman
Sun Jul 21, 2019 10:30 pm
Forum: Personal Finance (Not Investing)
Topic: Potential New Job
Replies: 13
Views: 1739

Re: Potential New Job

[Comment deleted -- moderator oldcomputerguy] For what is worth, we are in similar professions. I am a CPA and work in a controller type role at a large company. I also have friends who have controller positions at non-profits and small businesses. If I were you I would probably take this job (or s...
by Pacman
Fri Jul 19, 2019 7:26 am
Forum: Personal Finance (Not Investing)
Topic: Do people in HCOL areas have a higher net worth and more wealth building potential than LCOL?
Replies: 289
Views: 23518

Re: Do people in HCOL areas have a higher net worth and more wealth building potential than LCOL?

Real numbers from my experience: VHCOL area (SF) Family income: $500k Income taxes: $120k Housing: $85k Childcare: $25k $270k remaining for savings & spending MCOL area (Chicago) Family income: $300k ...don't think I need to do any more math here. Our jobs do not exist in LCOL. Your quote from a pr...
by Pacman
Wed Jul 17, 2019 8:21 pm
Forum: Personal Investments
Topic: Ferri? Or Vanguard PAS?
Replies: 64
Views: 6186

Re: Ferri? Or Vanguard PAS?

I hate to be the only discordant note in this chorus of praise, I give you my experience as a client of his firm as I discovered he had left it without notice to clients: https://www.bogleheads.org/forum/viewtopic.php?f=10&t=190737 (My posts start shortly after the thread was started.) Are you awar...
by Pacman
Sat Jul 13, 2019 10:54 am
Forum: Personal Finance (Not Investing)
Topic: Invest in career change to Accounting for 37 yr old? Would it be foolish?
Replies: 166
Views: 11846

Re: Invest in career change to Accounting for 37 yr old? Would it be foolish?

I like the field of accounting Are you sure? One of the hot topics in accounting right now is new FASB guidance on lease expense recognition. Give this page-turner a read and let us know how far you get before you nod off. https://www.pwc.com/us/en/cfodirect/assets/pdf/accounting-guides/pwc-lease-a...
by Pacman
Tue Apr 16, 2019 7:36 pm
Forum: Personal Finance (Not Investing)
Topic: Can we afford this house?
Replies: 22
Views: 2069

Re: Can we afford this house?

Jags4186 wrote:
Tue Apr 16, 2019 12:01 pm
How much other money do you have? $215k in retirement is light at your age and income levels.
Agree. I'm surprised by all of the people saying yes. They are essentially dumping all non-retirement assets into their house. I wouldn't consider a 900K house at their level of net worth.
by Pacman
Mon Mar 04, 2019 4:18 am
Forum: Personal Consumer Issues
Topic: Convince aging parents to pay for snow removal
Replies: 64
Views: 4123

Re: Convince aging parents to pay for snow removal

OP - I have the same problem with my parents. They still shovel snow and climb the ladder at their old ages. I honestly hate some of the suggestions above: "why don't you buy them a snowblower" or "just do it for them." Should you be responsible for paying >$500 for a snowblower or drive an hour or ...
by Pacman
Tue Feb 26, 2019 9:30 pm
Forum: Personal Investments
Topic: Critique our financial situation
Replies: 19
Views: 1955

Re: Critique our financial situation

I honestly don’t think you make enough to live where you do. If it was me, I would move somewhere cheaper (anywhere outside of CA and NY ) and have more money at disposal for savings or college, versus spending on rent and excessive daycare.
by Pacman
Sun Feb 10, 2019 8:34 am
Forum: Personal Finance (Not Investing)
Topic: Crazy lady backs into my car...don't think she will pay me out of pocket
Replies: 103
Views: 10592

Re: Crazy lady backs into my car...dont think she will pay me out of pocket

I don’t think it’s fair that someone is liable for multiple days pay because they put a scratch in your fragile car. ..... It costs you nothing to shrug it off and you would bring great relief to this woman. I don’t think it’s particularly fair that you think people ought to be able to damage other...
by Pacman
Fri Jan 04, 2019 4:29 am
Forum: Personal Consumer Issues
Topic: Engagement Ring (Affordable)
Replies: 136
Views: 8769

Re: Engagement Ring (Affordable)

I don’t get the whole “ask your girlfriend what she wants!” It will make her overthink, talk to friends and family and they will give her idiotic advice that follows social norms. When I bought the ring, I made over 100K with a 500K net worth in my late 20s. Many friends in similar situations spent ...
by Pacman
Sat Sep 29, 2018 8:33 am
Forum: Personal Finance (Not Investing)
Topic: Salary negotiation: saying a number first on purpose?
Replies: 43
Views: 4489

Re: Salary negotiation: saying a number first on purpose?

The situation is complicated by 3 things: 1) you are doing a lateral move, not a promotion, 2) bonuses for your role/industry are unusual, 3) there is a relocation factor. 28% of your total compensation right now comes from the bonus/equity. The new employer honestly might not care about this. For a...
by Pacman
Mon Sep 24, 2018 1:50 pm
Forum: Personal Consumer Issues
Topic: Ripped off by a locksmith
Replies: 75
Views: 6167

Re: Ripped off by a locksmith

at our vacation home, we accidentally closed a locked door and left the house, the handle on the inside turns even though the outside is locked. It was around 10PM. Called a local locksmith, he said someone would be there within 25 minutes and price would be between $100-$150 depending on how long ...
by Pacman
Sat Sep 15, 2018 10:31 pm
Forum: Personal Finance (Not Investing)
Topic: Single Family Homes in Chicago?
Replies: 33
Views: 3937

Re: Single Family Homes in Chicago?

If you want a suburban-feeling neighborhood within the city, consider Beverly (on the southwest side) and Forest Glen, Edgebrook (not the same as Edgewater), and Wildwood (all on the northwest side). These neighborhoods share several characteristics. They have nice houses on large lots at relativel...
by Pacman
Tue Sep 11, 2018 7:49 pm
Forum: Personal Finance (Not Investing)
Topic: New Job (1st Management Role)
Replies: 30
Views: 3277

Re: New Job (1st Management Role)

For context, I am a previous big four cpa who has been a manager in both corporate accounting and fp&a at a megacorp. I actually think you are worried about the wrong thing. For a first management job, accounting is as straight-forward as you can get as you can always research or ask colleagues for ...
by Pacman
Thu Aug 30, 2018 1:56 pm
Forum: Personal Consumer Issues
Topic: Piano for a child
Replies: 60
Views: 3629

Re: Piano for a child

You can likely get a free piano on craigslist, if you can find a way to transport it out of the person's home. You will have to pay money to get it tuned though.
by Pacman
Tue Aug 28, 2018 11:02 am
Forum: Personal Finance (Not Investing)
Topic: Career Advice {CPA to ...}
Replies: 8
Views: 1044

Re: Career Advice {CPA to ...}

As a fellow CPA, i think an FP&A role at a big company would be more appropriate for your background, and one that involves heavy Excel modeling. My take is that you will be a step behind in either data analytics or cyber security. IMO, interesting roles in data analytics are given to people with st...
by Pacman
Sun Aug 05, 2018 9:31 am
Forum: Personal Finance (Not Investing)
Topic: "Skin in the game"
Replies: 105
Views: 7974

Re: "Skin in the game"

When I went to college, I felt I had skin in the game even though I wasn't financially contributing. My parents covered the whole thing and let me use their credit card for anything else like food. However, they made it clear that they were only paying for 4 years worth of college and that it was co...
by Pacman
Wed Aug 01, 2018 8:56 pm
Forum: Personal Consumer Issues
Topic: Best schools for an IB internship
Replies: 17
Views: 1678

Re: Best schools for an IB internship

In the midwest, I saw plenty of kids get into IB from Indiana University and University of Illinois.
by Pacman
Fri Jul 27, 2018 10:31 am
Forum: Personal Finance (Not Investing)
Topic: Any Accountants here?
Replies: 18
Views: 3554

Re: Any Accountants here?

If you have the chops for math, I would actually recommend looking into getting an Accounting PHD. Because the job market is strong for CPAs, there is a huge shortage of accounting academics, and a result, starting salaries for accounting phds are well into the six figures.
by Pacman
Tue Jun 26, 2018 3:13 pm
Forum: Personal Consumer Issues
Topic: Family dynamics/in laws/am I being petty?
Replies: 143
Views: 8794

Re: Family dynamics/in laws/am I being petty?

I've been in this situation many times before, particularly when the other side of the family orders rounds and rounds of expensive drinks knowing that the bill will be split. For those saying just to pay extra money in order to keep "family peace," this is the route I take. However, in reality, onl...
by Pacman
Sun Jun 24, 2018 1:07 pm
Forum: Personal Finance (Not Investing)
Topic: Thoughts on Canadian Universities [Dual US / Canadian citizen]
Replies: 33
Views: 2353

Re: Thoughts on Canadian Universities [Dual US / Canadian citizen]

Is it true that Canadian universities are harsher with grading & curves, etc.
by Pacman
Mon Jun 18, 2018 12:07 am
Forum: Personal Consumer Issues
Topic: how to make friends in new location?
Replies: 96
Views: 9636

Re: how to make friends in new location?

OP - I can somewhat relate. I'm married, early 30s and also somewhat of a monk in that I don't NEED to have social plans all the time. Some people might say this is sad, but I haven't made a new "close" friend since college. I don't necessarily having a burning desire to do so either. From talking t...
by Pacman
Fri Jun 15, 2018 4:45 pm
Forum: Personal Consumer Issues
Topic: I am STUNNED over how much help my friends recieved with house purchase!
Replies: 47
Views: 4522

Re: I am STUNNED over how much help my friends recieved with house purchase!

I don't think the OP is necessarily jealous about this. It's just surprising how often this takes place. I'm early 30s in a relatively high COL area and didn't even know this was a thing until recently. Frankly, I'm almost embarrassed for my friends who took their parents money for a downpayment. So...
by Pacman
Thu Jun 07, 2018 5:22 pm
Forum: Personal Consumer Issues
Topic: daughter wants a college transfer?
Replies: 65
Views: 6360

Re: daughter wants a college transfer?

I went to a large university with a lot of fraternities/sororities. That environment can be brutal when you're not part of it, and you can pretty much guarantee that her old friends won't make much time for her now since they are busy with greek life. If I had to do it over, I would have gone elsewh...
by Pacman
Sat May 26, 2018 11:18 am
Forum: Personal Finance (Not Investing)
Topic: Professional negotiator
Replies: 21
Views: 2803

Re: Professional negotiator

I will share 2 thoughts: 1) I have a friend with a part-time CPA practice. His clients pull him into everything from negotiating real estate and even buying cars. I have no idea if other small time CPAs are utilized in the same way, but the advantage here are that clients trust him with finances. 2)...
by Pacman
Wed May 23, 2018 3:16 pm
Forum: Personal Finance (Not Investing)
Topic: Purchasing a house, downpayment vs. retirement and other considerations
Replies: 173
Views: 10132

Re: Purchasing a house, downpayment vs. retirement and other considerations

I'm sure the in-laws are well-intentioned and generous people; but I would just feel strange taking money from my in-laws and would be worried about the power dynamic of the relationships changing. If they are financially savvy, they have probably given thought about how to structure gifts in the ev...
by Pacman
Tue May 22, 2018 4:07 pm
Forum: Personal Consumer Issues
Topic: How have you upgraded your wardrobe?
Replies: 104
Views: 8048

Re: How have you upgraded your wardrobe?

IMO, if you are not client facing or looking to move up the corporate, you don't need to upgrade your wardrobe. I personally go with brooks brother slim fit, kirkland dress pants, and Allen Edmunds shoes (~$200 pair when on discount). Whatever you do, don't make the mistake of buying a pair of high-...
by Pacman
Sat May 12, 2018 10:11 am
Forum: Personal Finance (Not Investing)
Topic: Lucrative careers?
Replies: 467
Views: 52121

Re: Lucrative careers?

OP - If you plan to do a business related undergrad, accounting would be a decent choice. Like you, I was terrible at math but okay at accounting since I like counting money :-). You don't need to be a genius to do well in this profession. Passing the CPA just took time commitment, and moving up the...
by Pacman
Tue May 08, 2018 10:40 pm
Forum: Personal Finance (Not Investing)
Topic: How to handle problem employee
Replies: 84
Views: 7824

Re: How to handle problem employee

Not everyone in corporate america is a high performer - that's just the way it is. I'm actually a bit concerned that as a new manager, you just want to fire the person, versus adapt your approach. I'm a relatively new manager with a few difficult employees and encountered the similar situations as y...
by Pacman
Mon Apr 23, 2018 5:32 pm
Forum: Personal Finance (Not Investing)
Topic: Salary Negotiation gone sour
Replies: 98
Views: 13326

Re: Salary Negotiation gone sour

Get a new 3rd party recruiter. They are not being upfront with you.
by Pacman
Fri Apr 20, 2018 1:34 pm
Forum: Investing - Theory, News & General
Topic: NYT article: Everyone should hire a financial planner
Replies: 103
Views: 15551

Re: NYT article: Everyone should hire a financial planner

Maybe not everyone, but A LOT of people should hire a financial planner. All of my peers have a college degree and most have graduate degrees, but many aren't maxing out tax-advantaged space, or have their 401k in mutual funds with front loaded fees and high expense ratios, or have whole life rathe...
by Pacman
Sat Apr 07, 2018 8:09 am
Forum: Personal Consumer Issues
Topic: "The Secret"
Replies: 19
Views: 3449

Re: "The Secret"

I suspect The Secret will get some criticism by other posters, due to way it was marketed. However, I do think there is a lot of value in trying to formulate the right psychological mindset for achieving your goals - whatever that means for you. Through my 20s, I felt like my mindset/habits were act...
by Pacman
Tue Mar 20, 2018 11:13 am
Forum: Personal Finance (Not Investing)
Topic: Was my experience with a CPA typical?
Replies: 23
Views: 4576

Re: Was my experience with a CPA typical?

I'm a CPA and worked at a small tax firm briefly. There are firms that take anyone (and do high volume) and those that specialize in specific areas such as real estate, dentists, attorneys, construction, etc. If you go to a 'generalist' - they may not be experts in your situation and will have to re...
by Pacman
Mon Mar 19, 2018 10:32 am
Forum: Investing - Theory, News & General
Topic: Incredibly sleazy Northwestern Mutual cold caller
Replies: 78
Views: 10706

Re: Incredibly sleazy Northwestern Mutual cold caller

If I had a company where I needed salespeople, I would hire this person.
by Pacman
Fri Mar 16, 2018 10:16 am
Forum: Personal Finance (Not Investing)
Topic: How does everyone here earn so much?
Replies: 131
Views: 10678

Re: How does everyone here earn so much?

OP - Keep in mind that some of the incomes posted are household income. With 2 working adults, that is $100K a person which is still great money, but not on the same level as $200K a person. Secondly, there are alot of helpful people on this forum who never feel the need to post their own financial ...
by Pacman
Thu Mar 15, 2018 12:27 pm
Forum: Personal Consumer Issues
Topic: Tips on saving on living expenses for a first time single householder
Replies: 46
Views: 4278

Re: Tips on saving on living expenses for a first time single householder

The best advice that I could give you is to spend $500 or so on three high quality knives and some basic pieces of high quality cookware, including a nice cast iron pan, and basic kitchen equipment. You can use them for the rest of your life. You can use plates, silverware, and glassware from thrif...
by Pacman
Wed Mar 14, 2018 3:01 pm
Forum: Personal Finance (Not Investing)
Topic: Need advice re: Liberal Arts Colleges...
Replies: 235
Views: 17499

Re: Need advice re: Liberal Arts Colleges...

Lots of myths that need busting... 1. It is a myth that undergrad B-School degrees get you a high-paying job. MBA degrees might, but undergrad B-School degrees tend to lag behind the liberal arts and stem degree holders. 2. Some STEM degrees lag behind some liberal arts degrees in terms of lifetime...
by Pacman
Tue Mar 13, 2018 5:45 pm
Forum: Personal Finance (Not Investing)
Topic: Accountant not doing taxes while you are there
Replies: 53
Views: 7395

Re: Accountant not doing taxes while you are there

As a CPA, I'm hearing unrealistic expectations. Do you really want your accountant to get you in and out in 30 minutes? I know some accountants run their firms like fast food restaurants and get people in and out that quickly, but I think your more likely to see mistakes that way... heck, I can't ev...
by Pacman
Tue Mar 13, 2018 9:18 am
Forum: Personal Consumer Issues
Topic: Tax software recommendation for CPA
Replies: 7
Views: 1324

Re: Tax software recommendation for CPA

I would recommend you ask this over at the forums over at taxprotalk.com. There is some advanced software that lets you pay per return, so you are not paying a ton of money upfront.