Search found 1095 matches

by mlipps
Fri Mar 08, 2024 9:06 am
Forum: Personal Finance (Not Investing)
Topic: First bonus, taxed at almost 50%!
Replies: 55
Views: 3254

Re: First bonus, taxed at almost 50%!

The IRS has a very comprehensive tax withholding estimator tool. https://www.irs.gov/individuals/tax-wit ... -estimator If you think too much was withheld in your federal taxes from this bonus, the tool will let you plug in everything and tell you how to complete your W-4 to have the correct amount withheld for the rest of the year.
by mlipps
Fri Jan 05, 2024 1:52 pm
Forum: Personal Finance (Not Investing)
Topic: Marriage tax penalty and getting a prenup in early 30s
Replies: 121
Views: 17190

Re: Marriage tax penalty and getting a prenup in early 30s

softmax wrote: Fri Jan 05, 2024 12:33 am
  • With kids: 50/50 split postmarital assets. Child support + alimony for the person who raises the kids until they reach age 22.
This strikes me as quite dated. Most parents I know today who get divorced end up with 50/50 custody and there's no concept of one parent "raising the kids". I would think carefully about whether this arrangement matches with your values.
by mlipps
Thu Oct 05, 2023 11:45 pm
Forum: Investing - Theory, News & General
Topic: Some of my friends are hesitant to invest due to their low income.
Replies: 85
Views: 10078

Re: Some of my friends are hesitant to invest due to their low income.

My dad retired after 40 years in 2016 having never made over $40k. Mom worked minimum wage jobs for the latter 20 years or so. They contributed $75/week to my dad’s 401k from the time my mom went back to work. My dad passed away in 2019 and there was almost $300k in the 401k. His social security benefits will be more than my mom’s expenses when they start in a few more years, but in the meantime she has no concerns about meeting her modest expenses. I do think low-moderate income people should take the time to understand how much more of their income SS benefits will replace than that for higher income folks that a lot of financial advice is targeted for. Your friends should save what they can, but also consider that they probably don’t nee...
by mlipps
Thu Sep 21, 2023 5:21 pm
Forum: Personal Consumer Issues
Topic: Lazy workout routines: what to add to rowing?
Replies: 58
Views: 5469

Re: Lazy workout routines: what to add to rowing?

If rowing is not working your core, take your feet out of the straps. Row this way 10 minutes a day until it becomes more natural to engage your core while rowing.
by mlipps
Sat Aug 12, 2023 1:59 pm
Forum: Personal Investments
Topic: Please help. Moving for child's school don't know what to do
Replies: 12
Views: 1629

Re: Please help. Moving for child's school don't know what to do

At your income level, the tax deduction from the increased mortgage interest may be a considerable help. Not sure if you are single or married but assuming roughly 35% marginal rates, the 7% mortgage becomes something closer to 5% (depending on state taxes for SALT cap, other deductions, etc. etc.). We made a similar move last year. Our old mortgage interest was low enough annually that we were only taking the standard deduction but the new one put us well over enough to itemize. That helped me stomach the higher rates much better. I would run the numbers but at 7% and high income I would still lean towards only 20% down personally.
by mlipps
Thu Mar 09, 2023 5:11 pm
Forum: Personal Consumer Issues
Topic: Sept / Oct Trip to UP / Northern Michigan
Replies: 28
Views: 2366

Re: Sept / Oct Trip to UP / Northern Michigan

We camped at Twelvemile beach at Pictured Rocks National Lakeshore in 2020 and it is one of my favorite place I've ever been. You cannot believe how beautiful a lake can be until you've watch the sun set and rise on Lake Superior while perched atop a majestic cliff. They release reservations 6 months in advance so you are right on time to snag one--they go quickly at 10am Eastern every morning.

We also really enjoyed Tahquamenon Falls--hiking was pretty easy and the falls and foliage were stunning.
by mlipps
Mon Dec 05, 2022 7:35 pm
Forum: Personal Consumer Issues
Topic: Furnace went out, won't be fixed for several days, what to do?
Replies: 50
Views: 6478

Re: Furnace went out, won't be fixed for several days, what to do?

Why can’t the backup heat sources be run all night? Also, have you called other companies to see if anyone else has the part in stock?
by mlipps
Tue Nov 08, 2022 12:36 pm
Forum: Personal Finance (Not Investing)
Topic: Withdraw large sum of cash from online bank
Replies: 44
Views: 3554

Re: Withdraw large sum of cash from online bank

harkdh wrote: Tue Nov 08, 2022 12:03 pm So the debit card cash advance will not work?
I literally said in the post immediately before this it works. Everyone else is speculating and I am telling you based on my recent personal experience.
by mlipps
Tue Nov 08, 2022 12:02 pm
Forum: Personal Finance (Not Investing)
Topic: Withdraw large sum of cash from online bank
Replies: 44
Views: 3554

Re: Withdraw large sum of cash from online bank

I did a cash advance from my Capital One checking at a Chase bank a couple of years ago when buying a vehicle private party. They didn’t even blink at the request and no, they didn’t charge any fees.
by mlipps
Fri Oct 21, 2022 10:33 pm
Forum: Personal Finance (Not Investing)
Topic: Real estate deal/gift from cousin to cousin with contingency
Replies: 18
Views: 1371

Re: Real estate deal/gift from cousin to cousin with contingency

I think $3k is pathetic compensation for the amount of work you’re describing, not mention the expectation that your cousin front the money for the renovations. The rest of the arrangement seems equally ludicrous to me. Why are you “incentivizing” another adult to make specific decisions? Either share the money with them or don’t, but don’t use it to manipulate them.
by mlipps
Wed Oct 19, 2022 11:41 pm
Forum: Personal Consumer Issues
Topic: When is a two-stage furnace worth it?
Replies: 114
Views: 10811

Re: When is a two-stage furnace worth it?

We switched to a two stage in our modest 2 bedroom condo last year. It’s always had uneven heat between the east and west facing ends. We have the fan running 24/7 on low. Due to the energy saved compared to running our old one much more, our electric bill (for the fan) went down by 25% after install, while gas only went down by 10%. I find our home much more comfortable now, and as I work from home it was completely worth the money.
by mlipps
Sat Oct 15, 2022 10:10 am
Forum: Personal Consumer Issues
Topic: First time first class- a smart way vs 'not so much'?
Replies: 79
Views: 8635

Re: First time first class- a smart way vs 'not so much'?

River in Sight wrote: Sat Oct 15, 2022 8:18 am
eric321 wrote: Sat Oct 15, 2022 7:46 am USD is strong and also consider booking a Toronto to Tokyo round trip.
Came here to say the same thing - definitely check Toronto prices. Last time I flew business to Japan I booked out of Toronto and even with having to book a separate flight to get there, still saved around $2500. Just be sure to leave plenty of time between flights on your separate tickets.
Vancouver connection is more efficient from Chicago & just as frequent.
by mlipps
Fri Oct 14, 2022 5:08 pm
Forum: Personal Consumer Issues
Topic: First time first class- a smart way vs 'not so much'?
Replies: 79
Views: 8635

Re: First time first class- a smart way vs 'not so much'?

I support picking business or first class if you can afford it, but wouldn't connect in Taipei from Chicago to Tokyo. Tokyo is much further north than Taipei and Hong Kong. The direct to Tokyo is "only" 13 hours, just the leg to Taipei is 15 and a half. Then three needless hours back north to Tokyo. In terms of airplanes, there is a big variety of the quality of business class & first class depending on the age of the aircraft as well as the airline itself. If you're spending the money, it's worth taking the time to dive deep & read the reviews. I flew to Hong Kong and back this summer. Dreamliner (Boeing 787, their latest model) on the way there in premium economy and a 20 year old Airbus business class on the way home. T...
by mlipps
Tue Sep 27, 2022 4:51 pm
Forum: Personal Finance (Not Investing)
Topic: Will need to move soon - is now the time for an ARM?
Replies: 35
Views: 2999

Re: Will need to move soon - is now the time for an ARM?

We just got quotes for a mortgage & explored all the options. Short term rates are higher than long currently, so there's no benefit to an ARM in the current market. Even the gap between 15 and 30 was pretty small. Things may change over the next few months but it's a weird market today.
by mlipps
Fri Sep 23, 2022 8:05 am
Forum: Personal Consumer Issues
Topic: At what point do you replace your HVAC system?
Replies: 52
Views: 5423

Re: At what point do you replace your HVAC system?

With the new tax credits kicking in next year, it might be worth waiting until January if you qualify. I would definitely start thinking about getting quotes from a few companies so you can be ready to jump on it when the time comes. It may also be worth signing up for a maintenance plan with your preferred vendor, so you get priority for emergency service if you have a failure. In the upper Midwest, a 95% AFUE or better furnace is definitely worthwhile. If you want air conditioning, a heat pump (with the furnace as backup) may be worthwhile, since it'll probably be cheaper to run in the fall and spring when it's 30-50 degrees (especially with gas prices being what they are these days) One thing Europeans struggle with is to understand Nor...
by mlipps
Wed Aug 31, 2022 8:04 pm
Forum: Personal Consumer Issues
Topic: What is the BEST adventure vacation you’ve taken?
Replies: 90
Views: 10064

Re: What is the BEST adventure vacation you’ve taken?

I did a two week cycling trip through Tanzania with Intrepid Cycles in 2019. It was reasonably priced and I had such a great time. We saw so many wild animals. One of the coolest moments was when we rode around a bend and came right up on a huge herd of giraffes. So cool! The cycling was a little challenging some days but manageable. We rode mountain bikes but it was a mix of pavement and dirt roads, no real mountain biking singletracks or anything. 10/10 would recommend & I very much hope to go on their trip through Vietnam one day soon!
by mlipps
Mon Jul 11, 2022 2:46 pm
Forum: Personal Consumer Issues
Topic: Amazon river travel
Replies: 19
Views: 2179

Re: Amazon river travel

It has been several years now, but I did a tour with Rainforest Expeditionshttps://www.rainforestexpeditions.com/ in Peru. I was absolutely blown away by the amazing wildlife we saw, including a jaguar. On top of that, the level of luxury at the resorts far, far exceeded my expectations. It was one of the best vacations I've ever gone on.
by mlipps
Wed Jun 01, 2022 12:07 pm
Forum: Personal Consumer Issues
Topic: Montreal and/or Toronto vacation
Replies: 56
Views: 4925

Re: Montreal and/or Toronto vacation

cbs2002 wrote: Wed Jun 01, 2022 11:58 am
Valuethinker wrote: Wed Jun 01, 2022 11:31 am Toronto has a lot that Chicago or New York has
I think we were writing basically the same post at the same time!
I went to Toronto for a long weekend in 2019 and didn't find this to be to the case--Toronto has far less. The restaurants are fantastic but in terms of attractions, they are very limited. I ended up at a provincial art museum & seeing a movie on my last day because I couldn't find anything more interesting to do. On the other hand, Montreal has tons of world class museums--just got home from a 3 day trip and I feel like I could have stayed there a whole week. A day trip to Quebec City is also supposed to be a wonderful excursion from Montreal.
by mlipps
Wed Apr 06, 2022 3:59 pm
Forum: Personal Consumer Issues
Topic: Living Abroad if you work virtually.
Replies: 33
Views: 2575

Re: Living Abroad if you work virtually.

Agree with others that the first step is to ask your company if this is allowed. I was surprised to learn that it was allowed at mine and spent 3 weeks in Mexico City last fall. Time change is manageable to non-existent in most of Latin America. I really enjoyed the break from the midwest's grey skies & short days and timed my trip to be there for Thanksgiving so I had a built in 4 day weekend. Personally, I wouldn't sign up for more than 2 weeks in a place that I've never been to before, but everyone knows themselves and their comfort level/tolerance for less than ideal situations best.
by mlipps
Sun Mar 27, 2022 10:24 pm
Forum: Personal Consumer Issues
Topic: Moab, Utah in April
Replies: 72
Views: 7333

Re: MOAB, UTAH in April

Just came home from a week in Moab. Here’s a few thoughts. Arches is starting timed entry next week, but I suspect like the one at Rocky Mountain, it will run roughly 7-5 or so. We entered at 5 on Wednesday with no line, reasonable crowds, and had time to finish the whole park drive before sundown with stops at most of the scenic stops. If you’re a road cyclist, the bike ride along the road to Dead Horse is fantastic. Light challenge, lots of long downhills and small ups. We parked at the visitors center and rode out to the fork between Dead Horse & Canyonlands, then back to the overlook. It was a wonderful ride. We also rode in Canyonlands; the ride to Upheaval Dome was quite a bit steeper than we were expecting but overall nice. We ma...
by mlipps
Wed Mar 16, 2022 2:50 pm
Forum: Personal Finance (Not Investing)
Topic: Getting tax-clobbered for being in a nursing home?
Replies: 3
Views: 809

Re: Getting tax-clobbered for being in a nursing home?

If they are there for medical reasons, you can generally get the nursing home to help you with a statement to allocate the expenses that are considered medical and take an itemized deduction for the medical expenses.

Edit--I slightly misspoke. The IRS has a better explanation of what's deductible for whom here: https://www.irs.gov/faqs/itemized-deduc ... e-expenses
by mlipps
Tue Mar 15, 2022 9:00 am
Forum: Personal Consumer Issues
Topic: Denver vs Cincinnati
Replies: 160
Views: 12777

Re: Denver vs Cincinnati

I would look more carefully at your assumption that Denver is more diverse or more likely to have things that would be appealing to you as an immigrant. Friends who have moved there who are Asian/SE Asian have been disappointed by the access to familiar foods and ingredients, although there are some growing pockets. Not saying Cincinnati is better, and your heritage makes a difference (Denver has a much bigger Latino population for example) but Ohio is not as white as people assume these days.
by mlipps
Tue Jan 25, 2022 4:35 pm
Forum: Personal Consumer Issues
Topic: Need a new blanket
Replies: 38
Views: 4344

Re: Need a new blanket

I had the same dilemma as you a couple months ago, with the added wrinkle that my boyfriend sleeps much warmer than me and didn't want a warm blanket. I finally settled on a weighted comforter on top (Baloo Living brand, looks like a normal comforter, washable, great return policy) and a heated mattress pad underneath with dual controls, so we can each add a little extra warmth as needed. We're both sleeping much better now!
by mlipps
Fri Jan 14, 2022 12:39 pm
Forum: Personal Finance (Not Investing)
Topic: Married Filing separately joint taxable brokerage account
Replies: 19
Views: 3178

Re: Married Filing separately joint taxable brokerage account

It mostly depends on your state of residence what restrictions you have on how to divvy it up. If you're in a community property state, you have to divide 50/50. Otherwise, it's up to you. Some more details & references in this post on Intuit: https://ttlc.intuit.com/community/taxes ... 00/1304462
by mlipps
Thu Dec 02, 2021 11:06 am
Forum: Personal Consumer Issues
Topic: Digital Nomads - is Belize an option?
Replies: 7
Views: 1216

Re: Digital Nomads - is Belize an option?

AirBNB has a new feature for this, where hosts can test their WiFi speeds and post a verified value to their listing. I'm not sure if one can search specifically for properties with verified WiFi but I have definitely seen in some listings recently.

Personally, I'm wrapping up my 3rd week working from Mexico City & my internet here has been more reliable than at home, if anything. I did check with the host before I arrived and he verified that that would be the case.
by mlipps
Fri Nov 05, 2021 12:14 pm
Forum: Personal Finance (Not Investing)
Topic: Setting useful and appropriate goals [for retirement planning]
Replies: 29
Views: 2124

Re: Setting useful and appropriate goals [for retirement planning]

We never set any milestones or specific goals. Very early we created a savings plan that defined the savings activity and then got on with life. If you think of savings as “what’s left after spending” that can be a problem. Our model flipped it to “spending is what’s left over after saving.” My bold! This mindset helped us, as well. By the time our paychecks reached our grubby hands, our savings and major bill(s) had been paid via deduction. After the mortgage the next largest bill was car loans, when we had them. After finishing up the bills for the month, we knew we could consider the remaining funds as discretionary spending. I have to believe people who address their savings after their spending probably are tempted to spend more, and ...
by mlipps
Fri Nov 05, 2021 8:16 am
Forum: Personal Finance (Not Investing)
Topic: Setting useful and appropriate goals [for retirement planning]
Replies: 29
Views: 2124

Re: Setting useful and appropriate goals [for retirement planning]

I'm in my early 30's and I've found two things helpful for setting goals. First, the Fidelity "How much do I need to retire" article is a very helpful rough starting point: https://www.fidelity.com/viewpoints/retirement/how-much-do-i-need-to-retire#:~:text=Fidelity's%20rule%20of%20thumb%3A%20Aim,are%20ways%20to%20catch%20up. This makes a lot of assumptions but I think it's better than the "save as much as you possibly can and never spend any of it" approach that many responders will give you. :oops: Second, as I want to retire sometime in my 50's, a rough target of annual expenses divided by 3%. If you plan to work longer, annual expenses divided by 4% may be more appropriate and attainable. I use Personal Capital to do ...
by mlipps
Tue Nov 02, 2021 12:43 pm
Forum: Personal Consumer Issues
Topic: Pizza Ovens
Replies: 60
Views: 9069

Re: Pizza Ovens

We bought the Ooni Fyra last year and we think it's a super fun toy. I went with Fyra over the propane one as it was a bit more affordable and also portable. It takes wood pellets, not actual wood, so it's super easy to light & keep going. I can take a quart sized container of wood pellets with us to a friend's & cook up 4 pizzas--way easier than moving a propane tank. In COVID times with lots of our friends having little kids it's been fun to take a pizza party to them. We also took it camping twice so far. There's lots of way to make great pizza at home, but only that lets you get close to a true Neopolitan style pizza. I live in Chicago where we have one of the first VPN certified restaurants outside of Italy (Spacca Napoli) so I...
by mlipps
Sat Oct 23, 2021 8:03 am
Forum: Personal Finance (Not Investing)
Topic: Seeking Advice New Job in Chicago - 29M
Replies: 28
Views: 3076

Re: Seeking Advice New Job in Chicago - 29M

Neighborhood suggestion: Avondale is very up and coming but not quite as lively as Logan Square yet, while also being more accessible to the interstate than the neighborhoods closer to the lake.

Resource suggestion: check out reddit.com/r/Chicago. You’ll get much better local advice there on possibilities of where to live than on a general forum such as bogleheads.

Definitely rent at first.
by mlipps
Mon Sep 27, 2021 2:12 pm
Forum: Personal Consumer Issues
Topic: Cars, bikes, ebikes -- and the winter...
Replies: 33
Views: 3609

Re: Cars, bikes, ebikes -- and the winter...

You say you're biking everywhere today & already own a bike--what do you own? I agree with others that a fat tire bike is more of a fun tool than practical way to get around, but curious what you already have. For the purposes you've listed for driving, I don't think considering getting by with just a bike is crazy at all, it just takes a small amount of preparation. Personally, I ride an entry level aluminum road bike all winter in Chicago. I do have the backup option of public transit on the worst days, but it sounds like you the option to just stay home too. A few things I've learned that are useful: If you're motivated enough, ideally wash your chain after every ride to reduce the wear and tear from all the grime and salt on the roa...
by mlipps
Wed Sep 22, 2021 8:46 am
Forum: Personal Consumer Issues
Topic: Road trip: SF to Chicago via Grand Tetons in Early Spring
Replies: 11
Views: 1350

Re: Road trip: SF to Chicago via Grand Tetons in Early Spring

WoodSpinner wrote: Tue Sep 21, 2021 1:04 pm OP,

We went mid May this year and we’re able to enjoy the park but still ran into snow conditions. Some of the lakes had just opened up a week before. The roads themselves were open and passable.

What were you hoping to do in the park? This might make a difference in timing.

It’s a great park, enjoy!

WoodSpinner
Appreciate the personal experience! I'm open to spending our time XC skiing, snowshoeing, etc, but I don't have any experience with it so not sure it's the ideal place/time to learn.
by mlipps
Wed Sep 22, 2021 8:45 am
Forum: Personal Consumer Issues
Topic: Road trip: SF to Chicago via Grand Tetons in Early Spring
Replies: 11
Views: 1350

Re: Road trip: SF to Chicago via Grand Tetons in Early Spring

White Coat Investor wrote: Tue Sep 21, 2021 3:05 pm Late Winter early Spring is like May 1st in the Tetons. March is still the dead of Winter. Unless there is a recent storm, highways will be open, but everything else will be pretty limited. I've used skis/snowshoes in the Tetons into June to get around on what is "just a hike" in August.

At "ground level" (6900 feet) you'll be able to do hikes and stuff by May 1. But you don't have to go up very far to get back to Winter.
Thank you for the insights!!
by mlipps
Wed Sep 22, 2021 8:44 am
Forum: Personal Consumer Issues
Topic: Road trip: SF to Chicago via Grand Tetons in Early Spring
Replies: 11
Views: 1350

Re: Road trip: SF to Chicago via Grand Tetons in Early Spring

Have you been to Utah's Arches NP? Nice destination Mid-March. +1 for the Moab area in March. Good ideas, we haven't been to any of the Utah parks yet. Is Zion also good to visit that time of year? My boyfriend & I are considering a road trip... I would love to take a few extra days & detour to Grand Tetons National Park. What I can't tell as a midwestern gal accustomed to snow but not mountains, is how early can I safely pass through that area and be able to enjoy a meaningful visit to the park? ...Ideally, would love to pass through in Mid March but I'm not sure if this is realistic. Mid-March @ Grand Teton NP, visitor centers, ranger stations, all campgrounds, and some roads are closed. You can reasonably expect deep snow on the...
by mlipps
Tue Sep 21, 2021 12:02 pm
Forum: Personal Consumer Issues
Topic: Road trip: SF to Chicago via Grand Tetons in Early Spring
Replies: 11
Views: 1350

Road trip: SF to Chicago via Grand Tetons in Early Spring

My boyfriend & I are considering a road trip to the bay area late winter/early spring. West bound, we plan to go south via Albuquerque to avoid the worst of the mountain passes. East bound, I would love to take a few extra days & detour to Grand Tetons National Park. What I can't tell as a midwestern gal accustomed to snow but not mountains, is how early can I safely pass through that area and be able to enjoy a meaningful visit to the park? I see many areas of the park didn't open until May this year. I'm sure this won't be our only visit so I don't mind if some things are still closed, but I don't want it to be a total waste of time either. Ideally, would love to pass through in Mid March but I'm not sure if this is realistic.
by mlipps
Mon Aug 02, 2021 9:23 pm
Forum: Personal Consumer Issues
Topic: How to find a GP who aligns with my philosophy/needs?
Replies: 28
Views: 4279

Re: How to find a GP who aligns with my philosophy/needs?

You might try looking at some of the concierge style clinics such as Forward & One Medical
by mlipps
Wed Jul 28, 2021 12:33 pm
Forum: Personal Finance (Not Investing)
Topic: Timing for ACA Lifechange declaration with LTCG
Replies: 5
Views: 721

Re: Timing for ACA Lifechange declaration with LTCG

The subsidy cliffs are a slope for now, but the "extra help" is not. Strongly recommend you go to ACA and price plans out at different income levels to see the impact on max OOP & deductible for your state & age. For my mom, under $25,520 in income gives her a deductible of $1300 and max OOP of $2,800; $25,521 gives her deductible of $5,700 and max OOP of $6,600. I believe the bend points in income for an individual are $19,140, $25,520, and $31,900 but check the numbers for yourself to be sure.

We are doing the same for my mom with Roth conversions until Medicare age, thus why I have all of this calculated for her situation in such painstaking detail.
by mlipps
Wed Jul 28, 2021 8:41 am
Forum: Personal Finance (Not Investing)
Topic: Timing for ACA Lifechange declaration with LTCG
Replies: 5
Views: 721

Re: Timing for ACA Lifechange declaration with LTCG

A change in income is a qualifying life change to be eligible for a special enrollment period. Furthermore, you supposed to update your income with the Marketplace if it changes significantly during the year. While the subsidy can be reconciled on your tax return, things like the "extra help" that reduces deductibles for lower income folks cannot. For the OP's purposes, if they are just getting an ACA plan with subsidies, but do not qualify for "extra help", I don't think any of the 3 options really make a difference. If there is a drastic overpayment of the subsidy and you hit the cap for repayment, you may come out ahead this way. It's not clear what additional scrutiny you may be subject to in future years if you mise...
by mlipps
Tue Jun 29, 2021 1:20 pm
Forum: Personal Finance (Not Investing)
Topic: Reduction in monthly income. Options to make up for it?
Replies: 38
Views: 3589

Re: Reduction in monthly income. Options to make up for it?

Since you only need to get by until June of 2022 and the annual Roth deadline is April of the following year, I think you could probably give yourself enough wiggle room by postponing your 2021 contribution until April 2022, then your 2022 until April 2023. By April of next year, your plans to move to a LCOL area will be more solid, you'll know if any emergency expenses have come up that required you to dip into your e-fund, and you'll be able to make an informed decision if you can afford to move $7,000 from the e-fund to your Roth. Yes, you miss out on a few months of market growth but you seem fairly conservatively minded so this may help you sleep better at night. ETA: Do some research on how your retirements savings is treated for FAFS...
by mlipps
Wed Jun 16, 2021 8:59 pm
Forum: Personal Investments
Topic: 31 yr old Portfolio/Career/Home Purchase: A Triple Checkup
Replies: 22
Views: 2874

Re: 31 yr old Portfolio/Career/Home Purchase: A Triple Checkup

It doesn’t sound like they’re planning to buy it together, more like OP buys it and girlfriend pays rent. But 1 bedroom condos are usually a lousy investment, and if things don’t work out between you, you can’t really gets roommate. I’d rent for a year & see how it goes first, unless you can afford to buy a 2 bedroom.
by mlipps
Thu May 27, 2021 3:01 pm
Forum: Personal Finance (Not Investing)
Topic: Return to Work - How is your company dealing with it?
Replies: 593
Views: 84131

Re: Return to Work - How is your company dealing with it?

I work for a small (500ish employees) software company & we were told last fall that we were "doing away with the idea that the office is where work gets done". This coincided with us acquiring another company out of state. Our office is supposed to reopen this summer as a hoteling space, but going in will be totally voluntary. I'm looking forward to going back 2-3 days a week though.
by mlipps
Mon May 03, 2021 9:42 am
Forum: Personal Consumer Issues
Topic: Pour Over Coffee & Bean Grinders
Replies: 52
Views: 7238

Re: Pour Over Coffee & Bean Grinders

I know the Baratza is the coffee grinder but a friend got me a Cuisinart SupremeGrind as a gift several years ago & it's served me well. It's $60 versus more than double for the Baratza. If you're just getting started & switching from preground beans, anything will feel like a big upgrade. While I do like the ethos of "buy it for life" once you know you like & will use something, I also feel like there's some major hedonic adaption at play to think that someone who specifically asked for an entry level grinder must get the very best one to enjoy it. Or as my mom likes to say "you can't miss what you've never had". On the beans front, maybe I'm spoiled living in Chicago because we do have a lot of local roaste...
by mlipps
Mon Apr 26, 2021 5:15 pm
Forum: Personal Consumer Issues
Topic: Traveling to UK in July - seriously! Need suggestions
Replies: 18
Views: 1787

Re: Traveling to UK in July - seriously! Need suggestions

A lot of pessimism here lol. I went to London for about 8 days in 2015 around New Year's. We spent 4 days in London and 3 in Yorkshire, taking the train from London to York. Once in York, we rented a car and visited several local sites including a long beautiful country drive to Hadrian's Wall & a trip to Whitby for seaside fish & chips and a tour of the Abbey which in some way inspired the writing of Dracula. I did not find 4 days in London to be rushed at all, although I tend to have the attitude about such monumental cities (NYC, Paris, London) that I will come back later in life & see more. Our trainride to and from the country side was relaxing & scenic and I had more fun meeting folks in the pub in York and Whitby than...
by mlipps
Mon Apr 26, 2021 3:17 pm
Forum: Personal Finance (Not Investing)
Topic: Career options for a burnt out CPA
Replies: 62
Views: 8464

Re: Career options for a burnt out CPA

Rather than looking at pure sales roles, I think you should consider implementation & solution consulting roles at some of the financial software companies such as Oracle, Workday, etc. They are often happy to have people who have been in the weeds as end users to support new clients in getting started with their tools. It will leverage your people skills without putting you immediately into a commission/sales based role, although you could certainly grow into that if you have the right skill set. It will almost certainly pay better and should have a much more reasonable "busy season" than a true accounting role.
by mlipps
Sun Apr 11, 2021 8:14 am
Forum: Personal Investments
Topic: Portfolio update/re-balance, 33 yo female
Replies: 13
Views: 2051

Re: Portfolio update/re-balance, 33 yo female

You may want to consider holding your international funds in your taxable account first, as they generally create a foreign tax credit that goes to waste in a tax sheltered account.
by mlipps
Fri Apr 02, 2021 8:28 am
Forum: Investing - Theory, News & General
Topic: What am I missing? Don't max out your 401k.
Replies: 80
Views: 12939

Re: What am I missing? Don't max out your 401k.

So I think the author makes some reasonably good points. In particular--and especially at the beginning of accumulation--I think there's too little focus among personal financial advice on having some liquidity . What does liquidity get you? It gets you options and flexibility. Options to change careers, start a business, move... freedom from worry. At least this was the route I took (which I think is a lot better than the typical 3 - 6 mo. liquid emergency fund): Get the 401k match -> Save in taxable to a sufficient size -> Max out tax-advantaged -> Save additional in taxable Now that being said: 1) 0.34% is nothing to sneeze at over time and by the author's own estimate can add $150k to a $1m portfolio (!!). 2) I also think the author mi...
by mlipps
Fri Mar 26, 2021 1:50 pm
Forum: Personal Investments
Topic: house investment
Replies: 2
Views: 469

Re: house investment

Normally, when someone dies and you inherit property from them such as stocks or a property, you get what's called "Step-up basis", which basically means the basis resets to be the value of the property at the time of death.

Did you file a gift tax form when you bought the house for them? Is your name still on the property in any capacity? My guess is the worst case scenario is your cost basis is the $400k you paid and best case it's the value when you inherit, but I'm not a lawyer or a CPA, just someone who spends too much time on this forum. :)
by mlipps
Thu Mar 25, 2021 2:24 pm
Forum: Personal Finance (Not Investing)
Topic: PSA: Free tax preparation (VITA) available entire remotely at GetYourRefund.org hub.
Replies: 13
Views: 1293

Re: PSA: Free tax preparation (VITA) available entire remotely at GetYourRefund.org hub.

Just wanted to bump this post & say thanks to the OP for sharing! My local VITA site's remote roll out is a mess & they are using paid preparers to do the actual returns. So excited to have another way to work with VITA clients.
by mlipps
Mon Mar 22, 2021 3:41 pm
Forum: Personal Consumer Issues
Topic: Cleaning up aunt's URBAN condo
Replies: 34
Views: 3148

Re: Cleaning up aunt's URBAN condo

Salvation Army & Brown Elephant in Chicago will pick up donations with advanced notice. Brown Elephant in particular is a great place to offload old furniture. There's plenty of vintage stores in the city too that might consider buying things & picking them up if you have something that is in their wheelhouse. Mid Century Modern is particularly popular right now. Myopic Books in Wicker Park sells used books, along with several others; not sure if any of them buy them but you can probably call around & find someone who does. Being in a big city, things will move quicker on Craigslist or Facebook marketplace if they're priced appropriately. You may be surprised what people are willing to get from the area. Guessing it's Gold Coast...
by mlipps
Wed Mar 17, 2021 5:04 pm
Forum: Personal Finance (Not Investing)
Topic: Business Travel Allowances
Replies: 13
Views: 1021

Re: Business Travel Allowances

arf1410 wrote: Wed Mar 17, 2021 4:55 pm
Grogs wrote: Wed Mar 17, 2021 4:26 pm
- Meals and incidentals: paid at gov't per diem rate (~$55-$75/day)
That is the direction we are headed... with for a typical major US city... ~$60... but if one gets a hotel without breakfast included, including tax and tip, hotel breakfast is typically $25+... which means Applebees for dinner.. :( ... on the other hand, the allowances for some major European cities, which are less expensive the some of the USA coast cities, the allowance is $125+ doesnt make much sense to me..
Why would you pay for a hotel breakfast? Either get status and get it for free or go to Starbucks/McDonald’s & save the per diem for a good dinner.