Search found 96 matches

by chemeng
Mon Apr 13, 2020 7:12 pm
Forum: Personal Investments
Topic: Ordinary income calculation for ESPP
Replies: 3
Views: 322

Re: Ordinary income calculation for ESPP

milktoast wrote: Mon Apr 13, 2020 7:09 pm Your calculation is correct. But are you talking about a purchase/disposition that was done in 2020? If so, I wouldn't expect payroll to sort it all out for a while.
The sale was done in 2019. Is it the employer that reports these values to the brokerage, or does the brokerage determine the values themselves?
by chemeng
Mon Apr 13, 2020 6:51 pm
Forum: Personal Investments
Topic: Ordinary income calculation for ESPP
Replies: 3
Views: 322

Ordinary income calculation for ESPP

I am having a huge headache achieving confirmation that the correct ordinary income calculation on a recent ESPP purchase was done, even after a 2 hr phone call with ETrade. My employer plan is a Qualified plan and I made a Disqualifying disposition of my shares. I believe that the ordinary income calculation used (and reflected on my W2) might be incorrect. Grant Date FMV: $15 Purchase Date FMV: $20 Purchase Price (with 15% discount and lookback): 85% * $15 = $12.75 For a disqualifying disposition, I am calculating the ordinary income as (Purchase Date FMV - Purchase Price) per share, which would be $20-$12.75 = $7.25 per share . This number should be reflected in my W2. Is this accurate? However, the stock confirmation doc from ETrade and...
by chemeng
Fri Mar 01, 2019 4:46 pm
Forum: Personal Finance (Not Investing)
Topic: Pro-rated merit increase?
Replies: 3
Views: 549

Re: Pro-rated merit increase?

8foot7 wrote: Fri Mar 01, 2019 4:39 pm You're lucky you got one at all; many companies have a rule of no increases until the calendar year after your 1 year hire anniversary - so a May 2018 hire would be a May 2019 1-year anniversary and your first increase would come in 2020. The rationale was that your pay was set to market upon hire so you didn't need an increase.
This is what I've heard as well. If it is indeed uncommon to receive raises until the calendar year after 1-year anniversary, then this is a lucky situation.
by chemeng
Fri Mar 01, 2019 4:10 pm
Forum: Personal Finance (Not Investing)
Topic: Pro-rated merit increase?
Replies: 3
Views: 549

Pro-rated merit increase?

I joined my current company in May 2018. I was required to do a performance evaluation for 2018 and I just received a 3.5% merit increase. The memo I received states "3.5%", but the actual dollar amount increase of my base salary in the memo does not reflect 3.5%; it reflects 2.3%. I was told that the merit increase was pro-rated since I was not employed for the full 2018 year. This makes sense, but is this common, or standard in the industry?
by chemeng
Wed Jan 30, 2019 1:24 pm
Forum: US Chapters
Topic: San Francisco Mid Peninsula, California Chapter
Replies: 113
Views: 61778

Re: San Francisco Mid Peninsula, California Chapter Interest?

nance wrote: Wed Jan 30, 2019 11:32 am You can sign up for the mailing list here:
http://groups.yahoo.com/group/bayareadiehards

Our meetings are 3rd Thursday of the month in Millbrae - Burlingame area, 7pm.

I will send an announcement before our next meeting.

We are looking for presenters and topic suggestions. If there is a topic you would like to present, let me know!
Any way to change this to a Google group? Not sure how many of us still use Yahoo Mail.
by chemeng
Fri Dec 07, 2018 11:32 am
Forum: Personal Investments
Topic: 401k Overcontribution
Replies: 19
Views: 2299

Re: 401k Overcontribution

At what point does the long term compounding on the excess deferral outweigh the double taxation? I'm also having a hard time getting my previous employer to provide a corrective distribution, and thus I've elected to leave in the excess. It seems that over time the compounding will outweigh the taxation. Is there something I've missed? Never. You are effectively making a non-deductible contribution. Unless you have insufficient space in your tax-advantaged accounts for the tax inefficient portions of your Asset Allocation, you are turning earnings taxed at capital gains rates to being taxed at ordinary income tax rates. Your previous employer is not where you made the excess deferral and very few of them will agree to return the excess yo...
by chemeng
Wed Dec 05, 2018 3:24 pm
Forum: Personal Investments
Topic: 401k Overcontribution
Replies: 19
Views: 2299

Re: 401k Overcontribution

Rather than spend any more time talking to these people I’m thinking of just letting it go. What are the repercussions on doing that? I assume the IRS will figure this out at some point. The over contribution is only $652. As I already pointed, you most definitely do not want to "just let it go." You will still be liable for the taxes this year on the excess deferral. However, when you distribute it you will owe taxes a second time. The problem you are having is that you are simply too eager. No one can help you at this point. A 401k plan needs to see that you actually have an excess deferral which won't be known until you receive your W-2s from both employers. At what point does the long term compounding on the excess deferral o...
by chemeng
Wed Oct 10, 2018 3:48 pm
Forum: Personal Consumer Issues
Topic: Talk me out of buying a Tesla Model 3
Replies: 963
Views: 103978

Re: Talk me out of buying a Tesla Model 3

I live 5 miles away from the Tesla factory in Fremont, CA, and these cars are as common on the road as Honda Civics - both Model S's and 3's. I'm not a huge fan of the look of the 3 either, but my main wonder, as others have asked, is the jump from the S4 (~50k?) to 70k+ for the Tesla. FWIW, I have no issue with OP spending that money on the car.
by chemeng
Wed Sep 26, 2018 11:51 am
Forum: Personal Finance (Not Investing)
Topic: I see now why Rollovers can take FOREVER ....
Replies: 74
Views: 11103

Re: I see now why Rollovers can take FOREVER ....

I had an interesting experience recently where I initiated a 401(k) rollover from Voya to Fidelity. Voya mailed the check to Fidelity, but to my surprise, about a week later, I received the check in the mail from Fidelity that they could not accept the check because of a missing application. I then discovered that the Fidelity app allows you to take a photo of the check and submit it in the app. The next day, my rollover was posted into Fidelity. Very easy and simple and much quicker than I imagined. No more going to the post office and sending a check via certified mail. I wonder why institutions can't initiate rollovers electronically to the new institution? In one case, I rolled over an HSA account from PayFlex to HealthEquity, and this ...
by chemeng
Tue Sep 25, 2018 4:33 pm
Forum: Personal Consumer Issues
Topic: Ventilated car seats?
Replies: 61
Views: 7094

Re: Ventilated car seats?

My 2017 Audi A4 has the "sucking" kind. I believe all recent Audi's work like this, rather than blowing outwards. I find this to be much more comfortable over long periods of time. The ones that blow outwards tend to get uncomfortable quicker.
by chemeng
Fri Sep 21, 2018 4:19 pm
Forum: Personal Finance (Not Investing)
Topic: Keep excess deferral in 401k?
Replies: 1
Views: 373

Keep excess deferral in 401k?

Due to changing jobs this year, I am currently over the $18,500 401k limit for 2018. It is as follows:

Company 1: $16,600 contributed
Company 2: $8,500 contributed
Total: $25,100
Excess: $6,600

I purposely contributed $8,500 to Company 2 as Company 2 matches dollar for dollar up to $8,500, hoping I can contact Company 1 for a correction. I contacted Company 1 and they told me to pound sand.

If I ask for a correction from Company 2, I'm sure they will claw back the match.

I am now considering just leaving the excess in and paying all necessary taxes. I am thinking that the excess $6,600 compounded over XX years will more than make up for the taxes owed on this deferral. Is there any quick way to determine if this is the case?
by chemeng
Fri Sep 14, 2018 12:04 pm
Forum: Personal Investments
Topic: Do you rollover all of your previous 401ks?
Replies: 33
Views: 3607

Re: Do you rollover all of your previous 401ks?

Now that I've joined a new company, my slice and dice portfolio has gotten quite hectic with all of the various options I'm currently contributed to: https://i.imgur.com/V7GthId.jpg> Some of these options within each 401k are excellent, which is why I've currently not rolled over from Company 1 to Company 2. But as I look to rebalance every year (or so), it's become more tricky to do so. I'm considering rolling over and consolidating. The total balance of these accounts is approx $300k. What is everyone's strategy for rollovers and consolidations? I imagine I will be changing jobs occasionally in the future, which will further add to the complexity of managing all of these funds. Any suggestions? I always rolled over into an IRA, but until...
by chemeng
Thu Sep 13, 2018 6:38 pm
Forum: Personal Investments
Topic: Do you rollover all of your previous 401ks?
Replies: 33
Views: 3607

Re: Do you rollover all of your previous 401ks?

Appreciate it! Interestingly, my consideration in the OP was never to roll over to an IRA due to the backdoor Roth factor, but this discussion turned much into that.

My main questions were:
1. How do you strategize your rollovers in general as you acquire more accounts (401ks, HSAs, etc), for the sake of simplicity?
2. Considering only the 401k in Company 1 vs 401k in Company 2, is it worthwhile to rollover into Company 2? I ask because there are some great options in 401k #1 that are better than 401k #2. Would the small differences in expense ratio make a difference in the long run? Is it worth the potential "headache" of managing another set of accounts?
by chemeng
Wed Sep 12, 2018 6:15 pm
Forum: Personal Investments
Topic: Do you rollover all of your previous 401ks?
Replies: 33
Views: 3607

Re: Do you rollover all of your previous 401ks?

Unfortunately (or fortunately) I will need the backdoor roth, so rolling over to an IRA may not be the best option. But even if I didn't need the backdoor, I would not have access to the institutional shares that these 401ks offer. Why would I want to rollover to an IRA in this case?
by chemeng
Wed Sep 12, 2018 5:50 pm
Forum: Personal Investments
Topic: Do you rollover all of your previous 401ks?
Replies: 33
Views: 3607

Do you rollover all of your previous 401ks?

Now that I've joined a new company, my slice and dice portfolio has gotten quite hectic with all of the various options I'm currently contributed to:

Image

Some of these options within each 401k are excellent, which is why I've currently not rolled over from Company 1 to Company 2. But as I look to rebalance every year (or so), it's become more tricky to do so. I'm considering rolling over and consolidating. The total balance of these accounts is approx $300k.

What is everyone's strategy for rollovers and consolidations? I imagine I will be changing jobs occasionally in the future, which will further add to the complexity of managing all of these funds. Any suggestions?
by chemeng
Thu Sep 06, 2018 6:28 pm
Forum: Personal Finance (Not Investing)
Topic: How much to spend on rent in high COL area?
Replies: 15
Views: 2095

Re: How much to spend on rent in high COL area?

ImmigrantSaver wrote: Thu Sep 06, 2018 5:18 pm
chemeng wrote: Thu Sep 06, 2018 3:38 pm I'm currently looking for a new place to rent in a very high cost of living area. I've spotted a 189 sq ft studio for $2000 per mo, fully furnished. This represents around ~17% of my gross, but the sq footage is opening my eyes. Does this sound crazy?
It might be just too tight spacewise. And I am all up for small rentals! Just for comparison, I am paying $1950 for 300 sq feet and it's pushing it in terms of space. Just my 2 cents. Are you in Manhattan?
Close! San Francisco.
by chemeng
Thu Sep 06, 2018 3:38 pm
Forum: Personal Finance (Not Investing)
Topic: How much to spend on rent in high COL area?
Replies: 15
Views: 2095

Re: How much to spend on rent in high COL area?

I'm currently looking for a new place to rent in a very high cost of living area. I've spotted a 189 sq ft studio for $2000 per mo, fully furnished. This represents around ~17% of my gross, but the sq footage is opening my eyes. Does this sound crazy?
by chemeng
Wed Sep 05, 2018 1:06 pm
Forum: Personal Finance (Not Investing)
Topic: Dave Ramsey actually suggested borrowing money?
Replies: 38
Views: 4577

Re: Dave Ramsey actually suggested borrowing money?

It looks like he does officially recommend this advice on his blog: https://www.daveramsey.com/blog/how-to- ... e-down-car, but he only states under the specific situation where one "does not have any cash."

The concept of "reducing overall debt" makes sense, but I guess I'm just surprised he would not recommend holding off selling the car until you can save up enough money to cover the difference. Technically, I'm not sure if I see it as reducing overall debt, because there is actual equity in the car, so even if you owe $6800 and "reduce" the debt to $2000 by means of selling the car and borrowing the difference from a local CU, the net effect is the same as if you just kept the car.
by chemeng
Wed Sep 05, 2018 12:45 pm
Forum: Personal Finance (Not Investing)
Topic: Dave Ramsey actually suggested borrowing money?
Replies: 38
Views: 4577

Re: Dave Ramsey actually suggested borrowing money?

Am I dreaming? In yesterday's hour 3 call, a caller owed $6800 on a car that is worth $5000. The car needed a new engine that would cost ~$1300. I listened to this twice to make sure I heard this correctly, but DR actually suggested taking a $2000 loan to cover the negative car equity, and another $2000 to get a new (used) car. The caller starts at ~32:00 mark, and the advice starts at ~37:00: https://www.daveramsey.com/show/archives/2018-09-04/3?mode=listen Those who listen to DR enough knows he NEVER suggests borrowing money under any circumstance. In order to keep this actionable (as much as possible), what would one suggest for someone in that situation? DR's usual advice would be to obtain, by any means necessary other than borrowing,...
by chemeng
Wed Sep 05, 2018 12:11 pm
Forum: Personal Finance (Not Investing)
Topic: Dave Ramsey actually suggested borrowing money?
Replies: 38
Views: 4577

Re: Dave Ramsey actually suggested borrowing money?

mhalley wrote: Wed Sep 05, 2018 12:05 pm I have occasionally heard him advise take out a loan to replace a loan at an extremely high interest rate.
I guess this could make sense if someone had a 20% credit card loan and had the ability to covert that into a 5% loan. But in that case, they're not taking on additional debt, whereas the caller in the OP would be.
by chemeng
Wed Sep 05, 2018 12:03 pm
Forum: Personal Finance (Not Investing)
Topic: Dave Ramsey actually suggested borrowing money?
Replies: 38
Views: 4577

Dave Ramsey actually suggested borrowing money?

Am I dreaming? In yesterday's hour 3 call, a caller owed $6800 on a car that is worth $5000. The car needed a new engine that would cost ~$1300. I listened to this twice to make sure I heard this correctly, but DR actually suggested taking a $2000 loan to cover the negative car equity, and another $2000 to get a new (used) car. The caller starts at ~32:00 mark, and the advice starts at ~37:00: https://www.daveramsey.com/show/archives/2018-09-04/3?mode=listen Those who listen to DR enough knows he NEVER suggests borrowing money under any circumstance . In order to keep this actionable (as much as possible), what would one suggest for someone in that situation? DR's usual advice would be to obtain, by any means necessary other than borrowing,...
by chemeng
Wed Aug 29, 2018 4:42 pm
Forum: Personal Finance (Not Investing)
Topic: How do you 7 figure guys organize multiple accounts?
Replies: 164
Views: 16220

Re: How do you 7 figure guys organize multiple accounts?

I'm surprised at all the security fears with regard to Mint and Personal Capital. First of all, their security and data encryption rivals most banks' (and I say that as a banker working at a relatively small institution). +1 I wonder if those here who refuse to link their accounts have actually experienced personal data breach and loss of their assets, or are simply basing it off of irrational fear. I've linked EVERYTHING (over 15+ cash accounts, credit cards, investment accounts, etc) to Mint for the last 10 years and have not once had a single issue. Turning on 2-factor authorization further gives me further confidence that I am as best secured as I can. A one quick login to Mint every morning for 5 minutes lets me scan over all of my ac...
by chemeng
Thu May 17, 2018 3:33 pm
Forum: Personal Investments
Topic: 401k loan to get new employer's company match
Replies: 15
Views: 1549

Re: 401k loan to get new employer's company match

Are the 401k administrators for the old and new company the same? If not how would they have the full picture to know that you over contributed? Wouldn't this have to be identified by you to request an over contribution? Seems like if no one was paying attention (even the OP), then it would be identified until tax time when entering the W-2 info. I don't know what the rules are about the order the contributions were made in when it comes to getting excess refunded, i.e. once past the limit, the money must be refunded by the current company. The 401k administrators are not the same, so they would not know that I overcontributed. The comment above was that the previous admin would not have any incentive to help me out since I did not overcon...
by chemeng
Thu May 17, 2018 1:40 pm
Forum: Personal Investments
Topic: 401k loan to get new employer's company match
Replies: 15
Views: 1549

Re: 401k loan to get new employer's company match

Are the 401k administrators for the old and new company the same? If not how would they have the full picture to know that you over contributed? Wouldn't this have to be identified by you to request an over contribution? Seems like if no one was paying attention (even the OP), then it would be identified until tax time when entering the W-2 info. I don't know what the rules are about the order the contributions were made in when it comes to getting excess refunded, i.e. once past the limit, the money must be refunded by the current company. The 401k administrators are not the same, so they would not know that I overcontributed. The comment above was that the previous admin would not have any incentive to help me out since I did not overcon...
by chemeng
Thu May 17, 2018 1:08 pm
Forum: Personal Investments
Topic: 401k loan to get new employer's company match
Replies: 15
Views: 1549

Re: 401k loan to get new employer's company match

Earl Lemongrab wrote: Thu May 17, 2018 1:07 pm Did your old company match? Some people have reported over-contributing at the new company and trying to get the old one to do the correction. However, they have little incentive to cooperate.
The old company did match, but I wasn't there long enough for it to vest. Ideally, this would be the best option, to have old employer do the correction, but you're right, they don't have much incentive.
by chemeng
Thu May 17, 2018 1:04 pm
Forum: Personal Investments
Topic: 401k loan to get new employer's company match
Replies: 15
Views: 1549

Re: 401k loan to get new employer's company match

New company doesn't know about the 16000 you already contributed, so you could just do non-taxable contributions and still get the match. How does one elect non-taxable contributions (did not see this option in the plan administrator's website)? I assume the advice was supposed to be to make non-Roth "after-tax" contributions. These contributions, if the employer allows them, can be in addition to the $18,500 limit. However I do not know if employers are allowed to match contributions to after-tax portions of the 401k. I know for sure that others on Boglehead DO know the answer. But not me. :D Sure they can. Megacorp does. That made Mega Backdoor really easy. I just put my contribution at the max allowed (30% in latter days) and ...
by chemeng
Wed May 16, 2018 2:07 pm
Forum: Personal Investments
Topic: 401k loan to get new employer's company match
Replies: 15
Views: 1549

Re: 401k loan to get new employer's company match

How does one elect non-taxable contributions (did not see this option in the plan administrator's website)?
by chemeng
Wed May 16, 2018 1:27 pm
Forum: Personal Investments
Topic: 401k loan to get new employer's company match
Replies: 15
Views: 1549

401k loan to get new employer's company match

I just started at a new company. In my previous company, I've already contributed $16000 to their 401k. My new employer offers $8500 company match dollar for dollar per year (given per pay period). Where it stands, I will only be able to receive $2500 in company match ($18500 - $16000 = $2500). New company does not have any "after-tax" account that excess contributions past $18500 will go into, so that's not an option. However, is it possible to take out a 401k loan for $6000 ($8500 - $2500 = $6000) in order to be able to contribute the full $8500 match? It would be as follows: 1. Rollover 401k from old company to new company 2. Take 401k loan for $6000. This would bring my effective contribution YTD to $10000 (does it work like t...
by chemeng
Mon Oct 19, 2015 2:45 pm
Forum: Personal Finance (Not Investing)
Topic: Mango prepaid card - 4.8% (effective) APY
Replies: 557
Views: 388257

Re: Mango prepaid card - 4.8% (effective) APY

Just received this email from Mango:

"Heads Up! - We sent you a check.

Hello,

As requested, we have sent you a check with the total balance on your Mango Visa® prepaid card and closed your account. You can expect to receive the check in the coming week.

Special note: The check you will be receiving in the mail from Sunrise Banks, NA is accurate. Unfortunately, our check printer included a letter with the check that is for a different program. They forgot to clear that out before they printed the checks. You can tear the check off and cash it or deposit it. It is a good check and will be paid. Again, please disregard the letter on the top of the check."
by chemeng
Wed Oct 14, 2015 2:04 pm
Forum: Personal Finance (Not Investing)
Topic: Financially wise to move out of home?
Replies: 22
Views: 2807

Re: Financially wise to move out of home?

Watty wrote:
chemeng wrote:1. Significantly better commute to work - will go from 1 hr in excruciating traffic to 30 min with little to no traffic.
Is that each way?

When someone says they have an hour commute that often means an hour on a good day, but many times it will be much longer on bad days so it would be good to look at it as an average monthly commuting time.

When you add up your time at work, sleeping, doing laundry, shopping, commuting, etc you likely only have a few truly free hours a day on weekdays.
Correct, that's each way.
by chemeng
Wed Oct 14, 2015 1:57 pm
Forum: Personal Finance (Not Investing)
Topic: Financially wise to move out of home?
Replies: 22
Views: 2807

Re: Financially wise to move out of home?

JDCarpenter wrote:Have you accounted for commuting savings? Our eldest moved from Sunnyvale, where he had a great deal on a bedroom rental, to heart of city despite the increase in rent. His savings from walking to work vs. cost of train were significant. (Doesn't look like you have that much saving in store, but it adds up.)
Commuting savings would be $100-$200 per mo just on gas. Fairly significant
by chemeng
Wed Oct 14, 2015 1:53 pm
Forum: Personal Finance (Not Investing)
Topic: Financially wise to move out of home?
Replies: 22
Views: 2807

Re: Financially wise to move out of home?

Thanks for everyone's comments. There looks to be a clear benefit, whether financially wise or not, in moving out.
by chemeng
Wed Oct 14, 2015 11:42 am
Forum: Personal Finance (Not Investing)
Topic: Mango prepaid card - 4.8% (effective) APY
Replies: 557
Views: 388257

Re: Mango prepaid card - 4.8% (effective) APY

jjface wrote:
chemeng wrote:
jjface wrote:my mango account now shows $0 and this entry

ACH Unload - Praxell PM (CheckACH) $5k

So looks like it was processed. Fantastic. I can't believe how excited I am to receive my own money!
Great news. I did not call the 212 number, but as of yesterday my account shows the same:
Oct-06-2015 ACH Unload - Praxell PM (CheckACH)
I'm back! Anyone receive their check yet? I'm still waiting.
Still waiting too.
by chemeng
Tue Oct 13, 2015 1:09 pm
Forum: Personal Finance (Not Investing)
Topic: Financially wise to move out of home?
Replies: 22
Views: 2807

Financially wise to move out of home?

I've been given an opportunity to move out of home (currently in South Bay SF bay area) into a shared home with a good buddy of mine. Rent will be ~$750 for my own room in Peninsula SF Bay Area. I'm having a difficult time deciding if this is a wise decision financially. Here are the main factors: Pros of moving out (roughly in priority order): 1. Significantly better commute to work - will go from 1 hr in excruciating traffic to 30 min with little to no traffic. 2. Will be much closer to my friends/social circle/church community - this is less so of a financial factor but still an important one. Current commute to the cities of my close circles is minimum 40 min. I will be moving into the same city most are located in. It will be significa...
by chemeng
Wed Oct 07, 2015 10:12 am
Forum: Personal Finance (Not Investing)
Topic: Mango prepaid card - 4.8% (effective) APY
Replies: 557
Views: 388257

Re: Mango prepaid card - 4.8% (effective) APY

jjface wrote:my mango account now shows $0 and this entry

ACH Unload - Praxell PM (CheckACH) $5k

So looks like it was processed. Fantastic. I can't believe how excited I am to receive my own money!
Great news. I did not call the 212 number, but as of yesterday my account shows the same:
Oct-06-2015 ACH Unload - Praxell PM (CheckACH)
by chemeng
Fri Oct 02, 2015 2:47 pm
Forum: Personal Finance (Not Investing)
Topic: Mango prepaid card - 4.8% (effective) APY
Replies: 557
Views: 388257

Re: Mango prepaid card - 4.8% (effective) APY

jjface wrote:Of course today I called and got more run around. Now an account specialist will call me back to update me on the status of my check whatever that means.

Whether you think this is a good deal or not I warn people about the difficulties in getting your money back at the end. Don't count on a speedy recovery. It has been 6 weeks and 2 days for me and still nothing. I wish I had recovered the money when it was still a mastercard and ACH pull was available.
Please keep us updated on your progress. I am also approaching 6 weeks and have received nothing yet. Someone posted this number on TFB for the NY office. Maybe you can try calling this instead of the regular number: (212) 629-6040. I will be calling once my 6 weeks passes.
by chemeng
Tue Sep 22, 2015 5:42 pm
Forum: Personal Finance (Not Investing)
Topic: Mango prepaid card - 4.8% (effective) APY
Replies: 557
Views: 388257

Re: Mango prepaid card - 4.8% (effective) APY

jjface wrote:Worst thing is the sheer amount of time it takes to get your money back if you close the account. I've been waiting weeks. Can anyone who has done it before post how long they took in total?
Had mine closed 3 weeks ago and still waiting for the check...was told 4-6 weeks.
by chemeng
Fri Aug 14, 2015 1:49 pm
Forum: Personal Finance (Not Investing)
Topic: Mango prepaid card - 4.8% (effective) APY
Replies: 557
Views: 388257

Re: Mango prepaid card - 4.8% (effective) APY

jjface wrote:
chemeng wrote:The routing number and account number from the Mastercard to the Visa are identical. There is no change. The physical mail that the card came in has the routing and account number in it, and it is the same as before. The issue, which looks like may spell the end for us continuing Mango, is the current inability to ACH pull from another institution.
That isn't true - the physical mail I got has a different account number and routing number on it. I'm trying to set it up now with those details and will report back if it works.
I stand corrected. The physical mail I received had a different routing number, but the same account number. On the Mango site, however, the routing and account number are the same as before.
by chemeng
Fri Aug 14, 2015 10:25 am
Forum: Personal Finance (Not Investing)
Topic: Mango prepaid card - 4.8% (effective) APY
Replies: 557
Views: 388257

Re: Mango prepaid card - 4.8% (effective) APY

The routing number and account number from the Mastercard to the Visa are identical. There is no change. The physical mail that the card came in has the routing and account number in it, and it is the same as before. The issue, which looks like may spell the end for us continuing Mango, is the current inability to ACH pull from another institution.
by chemeng
Thu Aug 13, 2015 10:14 am
Forum: Personal Finance (Not Investing)
Topic: Mango prepaid card - 4.8% (effective) APY
Replies: 557
Views: 388257

Re: Mango prepaid card - 4.8% (effective) APY

I just now had the same issue with CIT bank. I've set up the Visa Mango account with no issues. However, my attempt to ACH pull from Mango into CIT (which I was doing in the past with the Mastercard account) was denied. I think I will be closing my Mango account as well. Anyone have the same issues or any fixes?
by chemeng
Mon Mar 09, 2015 9:56 pm
Forum: Personal Finance (Not Investing)
Topic: Mango prepaid card - 4.8% (effective) APY
Replies: 557
Views: 388257

Re: MangoMoney account: 6% APY for Emergency Funds

You can ACH pull from the checking account. I have drained a Mango account in two days with ACH pull from USAA. It took two days due to daily limits with USAA. That's great. Why doesn't Mango mention the possibility of doing this on their web site ? Because I do not believe that is their intent of providing you the routing and account numbers. I'm pretty sure they only mean for you to deposit money through ACH. Correct. The Mango account is essentially designed to keep the funds in the account without frequent moving in and out. The inability to easily liquidate your money is what I would assume to be part of the reason they are able to offer the 6% interest rate, and thus is not in their best interest to provide the "loophole" (...
by chemeng
Fri Jan 17, 2014 5:51 pm
Forum: Personal Finance (Not Investing)
Topic: Which Book is Better - Personal Finance or Career Choice?
Replies: 13
Views: 1305

Re: Which Book is Better - Personal Finance or Career Choice

To everyone else, thanks for the suggestions on both the books and on how to implement this with my sister.
by chemeng
Fri Jan 17, 2014 5:48 pm
Forum: Personal Finance (Not Investing)
Topic: Which Book is Better - Personal Finance or Career Choice?
Replies: 13
Views: 1305

Re: Which Book is Better - Personal Finance or Career Choice

Calm Man wrote:Please. Do you think an 18 year old girl is going to read an investment or personal finance book? Do you think an 18 year old boy would? Now put them in college? Are you kidding? She is in college. The goal is for her to learn what she needs and study for her college courses. And when not studying to socialize, have fun and get around. Not sit in the dorm and read an investment book. What is she going to invest anyway?
Relax. It's hardly an investment on her end to read one book by the end of the school year. Most people on this board would applaud a college freshmen for getting a headstart on beginning the journey to financial independence.
by chemeng
Fri Jan 17, 2014 12:48 pm
Forum: Personal Consumer Issues
Topic: Bay area Public vs Private School
Replies: 67
Views: 32739

Re: Bay area Public vs Private School

I went to Lynbrook for high school (graduated in 2008), as did both of my sisters. Everything cheapskate mentioned about the pressure and competition is true. However, one point I think is often overlooked is the benefit of the mentality that these types of environments bring. The strong emphasis on curriculum instills incredible work and study ethics. Students begin to prioritize and place heavy importance on studies. Even if a student was not very highly motivated, the fact that many (most) of his/her peers were would begin to influence him/her greatly. I saw this year in and year out. The point is, when the student enters college, the work ethic has been solidified (hopefully), and allows him/her to be more successful in college, wherea...
by chemeng
Fri Jan 17, 2014 12:26 pm
Forum: Personal Finance (Not Investing)
Topic: Has anyone withdrew their $5k from mango?
Replies: 4
Views: 2055

Re: Has anyone withdrew their $5k from mango?

Also been doing ACH pulls/pushes for the past year with no problem. I push/pull $500 each month in order to meet the "direct deposit" requirement to qualify for the 6% interest.
by chemeng
Fri Jan 17, 2014 12:18 pm
Forum: Personal Finance (Not Investing)
Topic: Which Book is Better - Personal Finance or Career Choice?
Replies: 13
Views: 1305

Which Book is Better - Personal Finance or Career Choice?

Today is my little sister's 19th birthday. She is a freshman in college, and I'd venture to guess that the last thing on her mind is developing solid personal finance/investing. Being the evil older brother that I am, I want to give her a good head start, so I promised to buy her any one thing on her wish list as long as she promises to read a book that I choose for her to finish by the end of the school year. The dilemma I have now is simply, which book? Since she is a freshman in college, I want her to focus intensely on her studies and developing her career (through creating resumes, cover letters, looking for internships, job experience, etc). At the same time, I want to give her a good head start on saving for retirement, although my g...
by chemeng
Wed Jan 15, 2014 2:28 pm
Forum: Personal Consumer Issues
Topic: Bay area Public vs Private School
Replies: 67
Views: 32739

Re: Bay area Public vs Private School

Thanks for such an informative response. Your above points seem to confirm the assumptions I have made about public schools. And reg. looking past the cupertino schools district, we are currently unaware what to look for in a school other than the API scores/student-teacher ratios/diversity. For instance should we worry about drugs in schools? what other criteria should we consider to identify the schools that would provide a safe and intellectually stimulating environment? Also, we are incredibly worried, if our kids will burn out in the top cupertino schools. Some parents who rented and moved out from Cupertino schools, warn me its crazy competitive out there. API scores are not a great measure of a school, IMO. You should look at other ...
by chemeng
Fri Nov 08, 2013 5:55 pm
Forum: Personal Consumer Issues
Topic: What Are Some Unwritten Rules in Your Office?
Replies: 39
Views: 6130

What Are Some Unwritten Rules in Your Office?

Took this question from a recent Lifehacker article that was just posted and thought it'd bring some good/entertaining discussions. I'll start: in my office, Sriracha sauce, bought personally by coworkers and not the company, is a commodity, shared universally in our lunch room by many different departments in the office with never an issue. Naturally, we'll go through the bottles quickly, but you can bet that the day the last drop is used, the next day there will be a new bottle in the fridge. No rule was ever set on who will be next to buy the bottle, because someone will always volunteer. What are some unwritten rules in your office?
by chemeng
Tue Jun 11, 2013 12:24 pm
Forum: Personal Investments
Topic: Approximating Total Stock Market with ING Funds
Replies: 15
Views: 2297

Re: Approximating Total Stock Market with ING Funds

If your whole 401k is in US stock, you'll be overweight. If you're matching out both with no match, the 401k will be 76% of your portfolio. Unless you'll have additional funds to put into taxable (which from your other thread I doubt will be the case for now), you'll need a bond or international choice to keep your allocation. What bond/intl funds would you recommend for the 401k? Other posters have suggested IPIIX for bond and REREX for intl, but both come with fairly high ER and as a whole seem to only be adequate and not great funds. On the other hand, I understand that if I want to keep my AA (~90/~10) and continue maxing out my 401k (and soon Roth IRA), it doesn't seem like I have much of a choice and will just have to accept my 401k ...