Search found 170 matches

by neoptolemus412
Sat Jun 20, 2020 6:03 pm
Forum: Personal Finance (Not Investing)
Topic: Career advice for a burnt out CPA
Replies: 42
Views: 4691

Re: Career advice for a burnt out CPA

I’m a cpa and was in public for 4 years before jumping to government. My opinion is figure out a long-term plan for your exit. I disagree that staying until manager is as significant as folks in public believe. There’s always a ‘carrot’ in public. If you don’t want to be a traditional accountant, ge...
by neoptolemus412
Sat Jun 13, 2020 4:47 am
Forum: Personal Consumer Issues
Topic: The non-mortgage pieces of buying a home
Replies: 18
Views: 2176

Re: The non-mortgage pieces of buying a home

Here’s a list of ny specific info that I found out as a first time homebuyer last year that is unique. Thank you for sharing, even though the news is seemingly almost all bad. Any idea if the situation is any better in NJ? We are also looking there and that would be one factor to consider. We are b...
by neoptolemus412
Thu Jun 11, 2020 8:00 pm
Forum: Personal Consumer Issues
Topic: The non-mortgage pieces of buying a home
Replies: 18
Views: 2176

Re: The non-mortgage pieces of buying a home

Here’s a list of ny specific info that I found out as a first time homebuyer last year that is unique. 1) inspection comes before contract. Other states are the opposite. The reversal adds a ton of stress to buyers to have an inspection, have attorneys draft a contract, and get is signed. In the del...
by neoptolemus412
Fri May 29, 2020 5:07 am
Forum: Personal Finance (Not Investing)
Topic: JPM Chase Reserve Card gets more expensive
Replies: 508
Views: 48941

Re: JPM Chase Reserve Card gets more expensive

Chase just announced a few more changes to the CSR card. Definitely provides more value, but likely not swaying those who wanted to cancel. - 1.5x pnts to cash out on other categories like groceries, dining, and home improvement (travel is still included). - $300 credit can be applied to groceries a...
by neoptolemus412
Fri May 15, 2020 5:25 am
Forum: Investing - Theory, News & General
Topic: Why GAAP and non GAAP?
Replies: 24
Views: 1409

Re: Why GAAP and non GAAP?

I always put it in lay terms. US GAAP is the US standard that provides the most uniform results, so investors have some confidence that the financial information for similar businesses is comparable. There are other ways to account that are accepted, but not for most SEC registrants. Cash basis. Tax...
by neoptolemus412
Thu Apr 30, 2020 7:28 pm
Forum: Personal Finance (Not Investing)
Topic: Trying to lower tax on short term capital gains. Do conservation easements work?
Replies: 137
Views: 9469

Re: Trying to lower $800k tax on short term capital gains. Do conservation easements work?

Unless you have a business that generated the trading activity, which is highly unlikely, you’re likely out of luck. At those numbers, I’d hire a cpa knowledge me about CA tax as federal is tough to run away from, but SALT may be able to be addressed by residency.
by neoptolemus412
Thu Apr 30, 2020 7:21 am
Forum: Personal Finance (Not Investing)
Topic: Quitting a job after two weeks: relocation expenses
Replies: 196
Views: 18143

Re: Quitting a job after two weeks: relocation expenses

I’ll provide a different view as someone who has worked at a hedge fund. In my experience, funds don’t bring folks in, pay relo fees, and short-term rentals for staff that need to be trained. There are hundreds of thousands of folks that hedge funds could hire and take the time to train. The expecta...
by neoptolemus412
Sun Apr 19, 2020 1:37 pm
Forum: Personal Consumer Issues
Topic: Selling house- how to transfer smart home accts to buyer?
Replies: 27
Views: 1693

Re: Selling house- how to transfer smart home accts to buyer?

I think your home would require you to keep the fixtures, so anything that is actually installed (switches, thermostats, garage door opener, etc.) would stay. It's very easy to setup a new account as most products have a serial number or an app to re-register under a new username. I would just facto...
by neoptolemus412
Tue Apr 14, 2020 9:02 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 7950
Views: 553977

Re: Refinance Mega Thread

I’m in a high cost area with the conforming limit of $765,600. I’m trying to refinance ~$630K, but I’m not seeing any good rates. I don’t know why this makes a difference... isn’t a conforming loan a conforming loan? Maybe there is a difference between a regular conforming loan and a “super” confor...
by neoptolemus412
Sat Apr 11, 2020 4:23 pm
Forum: Personal Finance (Not Investing)
Topic: Helping in-law - hasn't filed taxes since 2010
Replies: 54
Views: 3962

Re: Helping in-law - hasn't filed taxes since 2010

Tough situation. I think the best course of action is hire a cpa. If the family member didn’t file for that long, it’s tough for a lay person to know the best path forward. First step is to get transcripts from the irs for what the employer has reported as income. This is straight forward. Figure ou...
by neoptolemus412
Wed Apr 08, 2020 6:22 am
Forum: Personal Finance (Not Investing)
Topic: Do we have any recourse? Mortgage investor backed out of all jumbos
Replies: 40
Views: 4374

Re: Do we have any recourse? Mortgage investor backed out of all jumbos

There is no recourse if either party walks away before closing for a refi. Most lenders will be upfront and ask for customers to pay for an appraisal or credit check that is non-refundable. However, if the homeowner wants to switch lenders right before closing due to more competitive rates, there's ...
by neoptolemus412
Sun Mar 29, 2020 5:03 pm
Forum: Personal Finance (Not Investing)
Topic: Why shouldn’t I buy a cheap flight in October?
Replies: 26
Views: 3149

Re: Why shouldn’t I buy a cheap flight in October?

Book it. In 2019, we took many trips and so happy we did b/c the future is not guaranteed. Planning 3 Individual trips starting in July and through the fall. Can’t let once in a lifetime events impact life experiences longterm.
by neoptolemus412
Fri Mar 27, 2020 6:51 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 7950
Views: 553977

Re: Refinance Mega Thread

Which lenders/banks are accepting applications for re-fi now? I'm currently on a 4.25% rate on a 30 year mortgage and would like to refinance to a 15 year. Hoping for a no cost closing with a target rate of less than 3% Any recommendations? I live in IL. Be patient. Rates will be coming down as mor...
by neoptolemus412
Sat Mar 21, 2020 6:33 am
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 7950
Views: 553977

Re: Refinance Mega Thread

Just got a call from LoanDepot that my refinance application is getting cancelled and my appraisal fee is getting refunded. They are doing this for all refinances in my county due to the shelter-in-place restrictions. Just a heads-up. That's very unfortunate. What stage was your application at? Our...
by neoptolemus412
Wed Mar 18, 2020 5:26 pm
Forum: Personal Investments
Topic: How should an S-Corp keep cash beyond FDIC limit?
Replies: 8
Views: 425

Re: How should an S-Corp keep cash beyond FDIC limit?

YES - spread it around...the limit generally applies to each TYPE of account at each institution, so you may be able to spread to several different types of accounts at same bank. Then go to another bank and open accounts as necessary. Do it today! Thanks for the response. I know for SSN based acco...
by neoptolemus412
Wed Mar 18, 2020 12:57 pm
Forum: Personal Investments
Topic: FDIC Insurance Rules Update
Replies: 24
Views: 3688

Re: FDIC Insurance Rules Update

There was no update and Ally Bank should have contacted each account owner to clarify. 12 C.F.R. Part 370 is the Rule in question. It applies to Banks with 2 million or more deposit accounts and is a recordkeeping rule. For PODs, informal revocable trusts, the rule requires each institution to provi...
by neoptolemus412
Sun Feb 16, 2020 10:01 am
Forum: Personal Consumer Issues
Topic: Bathroom remodel -10K- Is it expensive?
Replies: 44
Views: 5509

Re: Bathroom remodel -10K- Is it expensive?

Moved into our home and started to use the master bath shower. After a month, We noticed water forming on the living room ceiling. Short story, the prior homeowner improperly installed the shower floor and simply stopped using/patched & painted damage to sell the house. Received quotes to redo t...
by neoptolemus412
Sun Feb 09, 2020 7:31 am
Forum: Personal Finance (Not Investing)
Topic: Where do you have your business checking account?
Replies: 1
Views: 207

Re: Where do you have your business checking account?

I'm a sole prop and use TD Bank. In my area, they have multiple locations. They have a decent sized business accounts program. No bells or whistles, but they've addressed any issues right away. For business credit cards, I stick with chase, but have had capital one as well. Both easy to obtain and w...
by neoptolemus412
Sun Feb 09, 2020 6:44 am
Forum: Personal Finance (Not Investing)
Topic: First time home buyers using funds in a Roth IRA for a down payment?
Replies: 29
Views: 1974

Re: First time home buyers using funds in a Roth IRA for a down payment?

The real topic is liquidity, or lack there of. Folks talking about estate planning and Roth IRA allocation 35+ years in the future are coming at the core question from an bizarre place. I respectfully disagree, I was illustrating to op how valuable retirement saving is and it is a capture of a mome...
by neoptolemus412
Sat Feb 08, 2020 1:03 pm
Forum: Personal Finance (Not Investing)
Topic: First time home buyers using funds in a Roth IRA for a down payment?
Replies: 29
Views: 1974

Re: First time home buyers using funds in a Roth IRA for a down payment?

The real topic is liquidity, or lack there of. Folks talking about estate planning and Roth IRA allocation 35+ years in the future are coming at the core question from an bizarre place. Today's interest rates have made purchasing a no brainer in most areas. US real estate markets have appreciated at...
by neoptolemus412
Wed Jan 29, 2020 11:13 am
Forum: Personal Finance (Not Investing)
Topic: Can tax preparer work on just a single complicated aspect for you?
Replies: 11
Views: 1155

Re: Can tax preparer work on just a single complicated aspect for you?

I would have a tax preparer do the whole thing for me this year, and submit the preparer’s work. BUT also do everything else myself and look at it as an opportunity to see if I’m missing anything. Maybe the tax preparer will take advantage of things you’ve overlooked! Exactly the course of action t...
by neoptolemus412
Thu Jan 23, 2020 7:31 am
Forum: Personal Finance (Not Investing)
Topic: Advice on moving to Pennsylvania
Replies: 53
Views: 4475

Re: Advice on moving to Pennsylvania

The OP worded this oddly, but there’s a lot of ground between moving the southeast pa. One might say Delaware county, Westchester, Center city, etc. If the OP is freelancing, I’d say Philly is a good place to live. Much of this advice has been anti-philly, which is true to save on the city wage tax....
by neoptolemus412
Wed Jan 22, 2020 2:50 pm
Forum: Personal Consumer Issues
Topic: Benefits of buying things secondhand?
Replies: 93
Views: 7444

Re: Benefits of buying things secondhand?

My wife and I have become addicted to estate sales. the value buys are outrageous. We’ve found absolute steals for artwork, tables, fine china, etc. For tools, I purchased almost every tool that I’ve needed at an estate sale. Golf clubs that are barely used. Storage units. Ladders. Gardening tools....
by neoptolemus412
Wed Jan 22, 2020 2:34 pm
Forum: Personal Consumer Issues
Topic: Benefits of buying things secondhand?
Replies: 93
Views: 7444

Re: Benefits of buying things secondhand?

My wife and I have become addicted to estate sales. the value buys are outrageous. We’ve found absolute steals for artwork, tables, fine china, etc. For tools, I purchased almost every tool that I’ve needed at an estate sale. Golf clubs that are barely used. Storage units. Ladders. Gardening tools. ...
by neoptolemus412
Wed Jan 22, 2020 2:26 pm
Forum: Personal Consumer Issues
Topic: Walt Disney World or Disney Land for Galaxy's edge?
Replies: 12
Views: 1318

Re: Walt Disney World or Disney Land for Galaxy's edge?

I just went for pleasure to Disney World. Galaxy's Edge is very fun. I went solo, which makes things way better. if you have a family, a day at the park could easily eclipse $1,000 in tickets, food, merch, etc. Tickets Disney tickets are expensive. $133/per person for a regular day pass on a Saturda...
by neoptolemus412
Wed Jun 26, 2019 6:04 pm
Forum: Personal Finance (Not Investing)
Topic: FDIC insured up to $1 million? How is that possible?
Replies: 21
Views: 2160

Re: FDIC insured up to $1 million? How is that possible?

neoptolemus412, your analysis assumes no problems like the 1970s problems that led to the creation of the SIPC. The question I have is: do you, as an individual, have a way to identify the bank that is holding your money, and do you have a way to contact that bank yourself, directly, to verify that...
by neoptolemus412
Wed Jun 26, 2019 5:45 pm
Forum: Personal Finance (Not Investing)
Topic: FDIC insured up to $1 million? How is that possible?
Replies: 21
Views: 2160

Re: FDIC insured up to $1 million? How is that possible?

I follow many of these products and most use the same model. Fintech/financial service firms go to banks that are looking to grow deposits. Customer acquisition costs for banks are quite high as how often do folks switch banks. The fintech firms offer a product to customers that looks, smells, and s...
by neoptolemus412
Sat Feb 23, 2019 1:23 pm
Forum: Personal Finance (Not Investing)
Topic: Ring Shopping
Replies: 82
Views: 4824

Re: Ring Shopping

I purchased in 2016 and understand that conversation between wants vs. budget. It's easy for strangers on a blog to say spend X, get a smaller diamond, or buy at an auction, but you know your girlfriend. For me, I found that many NY professionals and in my social circle that 2.0 carats was important...
by neoptolemus412
Wed Dec 26, 2018 7:49 am
Forum: Personal Investments
Topic: Cloning Stable Value Fund (SVF) in Fidelity ?
Replies: 13
Views: 1314

Re: Cloning Stable Value Fund (SVF) in Fidelity ?

SVFs use insurance contracts to guarantee cash flows and retail customers cannot mimic such a vehicle in terms of risk and return. As others have said, it seems like you want guaranteed return and CDs held to maturity is the way to go.
by neoptolemus412
Mon Dec 17, 2018 10:45 am
Forum: Personal Finance (Not Investing)
Topic: Weighing FDIC insurance versus VG consolidation
Replies: 3
Views: 453

Re: Weighing FDIC insurance versus VG consolidation

A brokered CD is insured the same as a regular CD. The difference is Brokered CDs are offered by third-parties. The reason rates are higher for brokered CDs is third-parties buy their CDs from banks in bulk, then split it up to allow customers to buy off slices. From a customer perspective, the FDIC...
by neoptolemus412
Thu Dec 13, 2018 3:10 pm
Forum: Investing - Theory, News & General
Topic: [Robinhood to offer 3% cash management program, not a bank account]
Replies: 153
Views: 12464

Re: Robinhood to launch 3% Checking & Savings Accounts

SIPC needs clarification in this context. As I understand it SIPC doesn't protect against market losses, only against insolvency and fraud. I am concerned without seeing the fine print that money put into this so-called "checking and savings" will be invested in treasuries, which can go d...
by neoptolemus412
Thu Dec 13, 2018 11:52 am
Forum: Investing - Theory, News & General
Topic: [Robinhood to offer 3% cash management program, not a bank account]
Replies: 153
Views: 12464

Re: Robinhood to launch 3% Checking & Savings Accounts

The app answers many of people's questions mentioned above. 1. They have SPIC insurance up to $250,000 2. They are investing the money in treasuries and using the kickbacks from Mastercard to cover interest 3. 75,000 Fee free atms in their network (they mention ATMs at Target, Walgreens, 7-11 and C...
by neoptolemus412
Thu Dec 13, 2018 11:20 am
Forum: Investing - Theory, News & General
Topic: [Robinhood to offer 3% cash management program, not a bank account]
Replies: 153
Views: 12464

Re: 3% Interest on checking and savings account - Robinhood

I posted a longer reply in another thread, but in short, this is not a bank account nor does it have FDIC insurance. The product will invest your money in short-term, highly safe securities (US treasuries) to obtain 3%. It is likely a huge loss leader for them if adopted at any scale by their users....
by neoptolemus412
Thu Dec 13, 2018 11:20 am
Forum: Investing - Theory, News & General
Topic: [Robinhood to offer 3% cash management program, not a bank account]
Replies: 153
Views: 12464

Re: 3% Interest on checking and savings account - Robinhood

I posted a longer reply in another thread, but in short, this is not a bank account nor does it have FDIC insurance. The product will invest your money in short-term, highly safe securities (US treasuries) to obtain 3%. It is likely a huge loss leader for them if adopted at any scale by their users....
by neoptolemus412
Thu Dec 13, 2018 11:11 am
Forum: Investing - Theory, News & General
Topic: [Robinhood to offer 3% cash management program, not a bank account]
Replies: 153
Views: 12464

Re: Robinhood to launch 3% Checking & Savings Accounts

I signed up for the waitlist as I like to try these products. Here's a disclosure from their footnotes. Users of Robinhood Checking and Savings earn 3% interest annually on each of their Checking and Savings balances. Robinhood does not charge account maintenance, account minimum, overdraft, ATM, tr...
by neoptolemus412
Tue Dec 11, 2018 10:14 am
Forum: Personal Consumer Issues
Topic: Certified Used BMW, Audi or Mercedes
Replies: 101
Views: 13123

Re: Certified Used BMW, Audi or Mercedes

Lease luxury. I'm not a luxury car person, but my wife is; thus, I've become an expert in obtaining the best deals for BMW, Audis, and Mercedes. I looked very hard at CPO on multiple occasions, but it's very expensive to own these cars from years 5-10. They need premium gas. Routine maintenance is ...
by neoptolemus412
Tue Dec 11, 2018 9:40 am
Forum: Personal Consumer Issues
Topic: [Anyone drop cable for YouTube TV?]
Replies: 139
Views: 14178

Re: [Anyone drop cable for YouTube TV?]

I've tested most of the options out there with trials. First, one needs a solid internet connection/wifi. 100 mbps is more than sufficient to stream multiple devices and should run a family $30-$50/month depending upon the provider. As internet is an essential part of most people's lives, the cable ...
by neoptolemus412
Tue Dec 11, 2018 9:20 am
Forum: Personal Consumer Issues
Topic: Certified Used BMW, Audi or Mercedes
Replies: 101
Views: 13123

Re: Certified Used BMW, Audi or Mercedes

Lease luxury. I'm not a luxury car person, but my wife is; thus, I've become an expert in obtaining the best deals for BMW, Audis, and Mercedes. I looked very hard at CPO on multiple occasions, but it's very expensive to own these cars from years 5-10. They need premium gas. Routine maintenance is d...
by neoptolemus412
Tue Dec 04, 2018 1:18 pm
Forum: Personal Investments
Topic: Brokered Cd's FDIC insurance question
Replies: 7
Views: 795

Re: Brokered Cd's FDIC insurance question

I misread the original post. It's per depositor, per insured deposit institution. The taxable and IRA assets would both be insured. I read this as traditional IRA and Roth IRA. However, it's a taxable account and a Roth. IRAs fall into their own category if held at the same institution. The deposito...
by neoptolemus412
Fri Nov 30, 2018 9:37 am
Forum: Investing - Theory, News & General
Topic: Back Door Roth: Can it trigger an Audit?
Replies: 14
Views: 1712

Re: Back Door Roth: Can it trigger an Audit?

No, this logic is a bit of a myth about the 'Step Doctrine'. The myth is that if you wait a period of time 1 week, 3 weeks, 6 months, then the IRS will not question your conversion. From experience, the risk of an audit is extremely low for backdoor roth iras and the most likely worst case scenario ...
by neoptolemus412
Fri Nov 30, 2018 9:14 am
Forum: Investing - Theory, News & General
Topic: Why are REITS a separate asset class but healthcare is not?
Replies: 55
Views: 3748

Re: Why are REITS a separate asset class but healthcare is not?

Most sectors are simply slicing up equities by common companies. Financial services, Healthcare, Tech. Someone just compiles a list of similar companies in similar industries and 'boom', you have the healthcare sector index, etf, etc. The sector is primarily based upon the equity price of a portfoli...
by neoptolemus412
Thu Nov 29, 2018 11:25 am
Forum: Personal Finance (Not Investing)
Topic: Credit Card Question
Replies: 30
Views: 2228

Re: Credit Card Question

Every credit card I have, and all my mother's cards (that I pay with her funds), are set to send me an alert if $1.00 is charged. Therefore, no one is putting on charges that I find out about on a statement, or that I miss. How someone can pay such close attention to their investments (Bogelheads) ...
by neoptolemus412
Tue Nov 27, 2018 9:46 pm
Forum: Personal Consumer Issues
Topic: Time to buy/lease an electric or hybrid?
Replies: 22
Views: 3388

Re: Time to buy/lease an electric or hybrid?

GM announced they will discontinue production of the Volt. Personally, I believe in leasing hybrids/electric vehicles for the technology/driving experience. 3 years is a lifetime for such vehicles as far as technology and driving experience. I currently lease a BMW 530e, the car didn't hit market u...
by neoptolemus412
Tue Nov 27, 2018 10:54 am
Forum: Personal Consumer Issues
Topic: Time to buy/lease an electric or hybrid?
Replies: 22
Views: 3388

Re: Time to buy/lease an electric or hybrid?

GM announced they will discontinue production of the Volt. Personally, I believe in leasing hybrids/electric vehicles for the technology/driving experience. 3 years is a lifetime for such vehicles as far as technology and driving experience. I currently lease a BMW 530e, the car didn't hit market un...
by neoptolemus412
Tue Nov 27, 2018 10:44 am
Forum: Personal Finance (Not Investing)
Topic: 25k Bonus - Tax Consequences?
Replies: 20
Views: 2711

Re: 25k Bonus - Tax Consequences?

In regards to withholdings, the IRS has a supplemental rate for wages such as bonuses. It's 25%. Add in state, FICA, FUTA, and other SALT deductions, your bonus will likely take a 40%-50% on withholdings. However, as others have pointed out, your ultimate tax liability depends upon a multitude of ot...
by neoptolemus412
Tue Nov 20, 2018 3:25 pm
Forum: Personal Consumer Issues
Topic: Recommendations for Home Printer
Replies: 41
Views: 2476

Re: Recommendations for Home Printer

Not a great printer, but Canon PIXMA inkjets are usually marked down very cheaply this time of year. Wifi, scanner, color printer. I've seen some as low as $20 for black friday. If you google it, you should be able to find a good deal. I've gotten for family and it's always worked great.
by neoptolemus412
Mon Nov 19, 2018 9:55 pm
Forum: Investing - Theory, News & General
Topic: Why do people think CD rates will keep going up?
Replies: 57
Views: 8322

Re: Why do people think CD rates will keep going up?

Interesting regarding bank competition. For a while the best brokered CDs were from Wells Fargo. I can only assume that was because they were having trouble attracting cheaper funds through their branches due to the scandal they underwent. Right now on the Ally website I see 3yr CDs offering 2.6% (...
by neoptolemus412
Mon Nov 19, 2018 9:13 am
Forum: Personal Investments
Topic: This is why I need a tax accountant
Replies: 17
Views: 2568

Re: This is why I need a tax accountant

Don't ask why because I do not know, but in 2017 I made a non-deductible contribution of $6,500 to my tIRA at Vanguard. I did not use tax form 8606 when I filed my return. How big a mistake is this, and is there anything I should or am required to do at this point? It is the only contribution I hav...
by neoptolemus412
Mon Nov 19, 2018 6:44 am
Forum: Investing - Theory, News & General
Topic: Why do people think CD rates will keep going up?
Replies: 57
Views: 8322

Re: Why do people think CD rates will keep going up?

There's been alot of good analysis, but I would offer that CDs are a total different type of investment than most fixed income out there. This is all US based, so may differ intl depending upon the market. 1) CDs are really deposits at the end of the day. They are FDIC insured and a intermediate ter...
by neoptolemus412
Sat Nov 17, 2018 11:01 am
Forum: Investing - Theory, News & General
Topic: Vanguard's Quantitative Equity Group Losing Talent
Replies: 61
Views: 5376

Re: Vanguard's Quantitative Equity Group Losing Talent

Tangentially, in my cursory clicking around and reading names of fund managers at Vanguard, I thought I noticed that "Villanova" comes up a lot. Is that a misperception or does Vanguard like Villanova grads? Your perception is spot on. To one of my earlier points, VGs talent is filled wit...