Search found 145 matches

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: 1923

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: 1923

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: 4614

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: 1231

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: 433

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: 12071

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 down. It se...
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: 12071

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: 12071

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: 12071

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: 12071

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: 12487

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: 89
Views: 6591

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: 12487

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: 757

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: 1514

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: 3455

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: 2179

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: 3283

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: 3283

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: 2555

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: 2279

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: 8208

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: 2536

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: 8208

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: 4987

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 with local Ph...
by neoptolemus412
Sat Nov 17, 2018 8:21 am
Forum: Personal Investments
Topic: Saving for a House and portfolio review
Replies: 3
Views: 588

Re: Saving for a House and portfolio review

Honestly, it seems like you're doing well, but you're around $90k in assets, but nothing in a retirement plan. Your investment philosophy seems very diverse, likely too diverse. I would likely liquidate all positions then put my money into a 3 fund portfolio with a low cost shop (Vanguard, Fidelity,...
by neoptolemus412
Sat Nov 17, 2018 7:43 am
Forum: Investing - Theory, News & General
Topic: Vanguard's Quantitative Equity Group Losing Talent
Replies: 61
Views: 4987

Re: Vanguard's Quantitative Equity Group Losing Talent

Interesting. Yeah I suppose one would not expect the starting salary to be as high at Vanguard since they don't have a ton of need for the high flyers. And one would expect that overall they would have lower salaries. I can see it being less exciting as a quant person since it is not really what yo...
by neoptolemus412
Fri Nov 16, 2018 2:45 pm
Forum: Investing - Theory, News & General
Topic: Vanguard's Quantitative Equity Group Losing Talent
Replies: 61
Views: 4987

Re: Vanguard's Quantitative Equity Group Losing Talent

Vanguard actively recruits on the top MBA campuses. They have two tracks - general management and portfolio management. When I was in school last year they were as sought-after as any other asset management firm. If you have Blackrock, State Street, Fidelity on your shortlist then you would definit...
by neoptolemus412
Fri Nov 16, 2018 10:30 am
Forum: Investing - Theory, News & General
Topic: Vanguard's Quantitative Equity Group Losing Talent
Replies: 61
Views: 4987

Re: Vanguard's Quantitative Equity Group Losing Talent

My understanding is that they pay competitive wages for these types of positions. Not like being a partner at AQR or other quat shop type wages but competitive for normal PhD quant finance work. The lead manager for the factor funds came from DFA if I recall. I suspect they gave him a decent pay pa...
by neoptolemus412
Thu Nov 15, 2018 12:54 pm
Forum: Personal Finance (Not Investing)
Topic: SoFi Money
Replies: 11
Views: 4734

Re: SoFi Money

This sounds awesome. Surprise this is the first I've heard of it given how much I work with SoFi. Do you know if they do business accounts? I called to ask that question. Per their rep, no business accounts are offered at this time. Only individual and joint accounts are offered. The product is onl...
by neoptolemus412
Thu Nov 15, 2018 10:43 am
Forum: Investing - Theory, News & General
Topic: Vanguard's Quantitative Equity Group Losing Talent
Replies: 61
Views: 4987

Re: Vanguard's Quantitative Equity Group Losing Talent

My $.02 as someone that knows a little about the culture at VG. They don't compensate for top talent and most people working there in PM could make multiples going 2 hrs north to NYC. The product is the funds, not the pickers and costs remain low. They do have excellent retirement plan and work/life...
by neoptolemus412
Thu Nov 15, 2018 10:30 am
Forum: Personal Finance (Not Investing)
Topic: SoFi Money
Replies: 11
Views: 4734

Re: SoFi Money

I research a lot of these products for my personal use. All quotes come from SOFI's footnote disclosures on their advertisement for these accounts. I am thinking of signing up for an account, so was in the process of researching it. Here's my $.02. FDIC Insurance This is the most important benefit o...
by neoptolemus412
Wed Nov 14, 2018 1:00 pm
Forum: Personal Finance (Not Investing)
Topic: Interested in filing my own taxes
Replies: 9
Views: 1146

Re: Interested in filing my own taxes

I would recommend turbotax. The full version is likely unnecessary as the online would cover your needs. CreditKarma tax would also cover your needs. I've used both and would say they are very straightforward products for those taking standard deductions with little to no complexity in their annual ...
by neoptolemus412
Tue Nov 13, 2018 4:44 pm
Forum: Personal Finance (Not Investing)
Topic: 2018 Tax Time is upon us
Replies: 12
Views: 2649

Re: 2018 Tax Time is upon us

It looks pretty intuitive as most messy items have been moved to schedule A. If more a lot more people are taking the standard deduction, this makes sense. For those interested, here's the draft from a few months back.

https://www.irs.gov/pub/irs-dft/f1040--dft.pdf
by neoptolemus412
Tue Nov 13, 2018 11:38 am
Forum: Personal Finance (Not Investing)
Topic: Finances in NYC
Replies: 127
Views: 13700

Re: Finances in NYC

I'd do it, but I wouldn't do it - you'll be living a very tough lifestyle. Everything is expensive, much more expensive than you think. Eating out/bars/groceries are going to seem stupidly expensive. We pay fresh graduates about $185k/year and they all share apartments due to the cost of living. OP,...
by neoptolemus412
Mon Nov 05, 2018 1:14 pm
Forum: Personal Finance (Not Investing)
Topic: Fed employees - Quality Step Increase
Replies: 10
Views: 1091

Re: Fed employees - Quality Step Increase

It's almost always better to take the QSI over bonus as the Feds use base salary for TSP contributions and FERs calcs. With 11 months, it will likely not materially impact your financial situation, but I've met many people who were 'retiring' within a year that decided to stick around longer.
by neoptolemus412
Mon Nov 05, 2018 11:15 am
Forum: Personal Finance (Not Investing)
Topic: Tax software: online vs download versions
Replies: 15
Views: 1956

Re: Tax software: online vs download versions

It's really depending upon the company, but most of the big tax preparation companies 'online only' options limit itemized deductions or brokerage account information, etc. The downloaded version usually does not have such limits.
by neoptolemus412
Mon Nov 05, 2018 10:11 am
Forum: Personal Finance (Not Investing)
Topic: How am I doing thus far and what can I do to reduce taxes?
Replies: 35
Views: 3441

Re: How am I doing thus far and what can I do to reduce taxes?

Good suggestions but starting a business or moving to another state for residency purposes seems to be either borderline illegal or a lot of work. That being said, I plan to move to a favorable state-tax state during retirement. Thank you for pointing out the HSA. I started contributing to it. Resi...
by neoptolemus412
Fri Nov 02, 2018 7:24 am
Forum: Personal Investments
Topic: Looking to buy a house in ~3-4 years - where to put money?
Replies: 8
Views: 1310

Re: Looking to buy a house in ~3-4 years - where to put money?

Marcus by Goldman is what I prefer for cash savings. The savings rate goes up with interest rates. They are at 2.05% and have gone up about 40 bps this year. They also offer no penalty cds. Essentially, it’s currently 2.15% interest rate on a 13 month cd that you can withdraw from anytime after 7 da...
by neoptolemus412
Fri Nov 02, 2018 7:17 am
Forum: Personal Finance (Not Investing)
Topic: How am I doing thus far and what can I do to reduce taxes?
Replies: 35
Views: 3441

Re: How am I doing thus far and what can I do to reduce taxes?

A couple thoughts. Had the same issue. Your state matters a lot. California vs Florida. Would bring different answers. Retirement through your employer - already doing the max. HSA - $3450 in tax savings if you have a hdhp. This is the max between you and your employer. Those are the 2 big ones. Oth...
by neoptolemus412
Thu Nov 01, 2018 4:11 pm
Forum: Personal Investments
Topic: Fully maxed out
Replies: 70
Views: 8723

Re: Fully maxed out

Most of the discussion here presumes that the OP and his spouse are W-2 employees. If they are high earners, such as some doctors, they could potentially be a sole prop, single member llc, or S-corp. If that's the case, personal defined benefit plans are another option. Deductions for those can reac...
by neoptolemus412
Mon Oct 15, 2018 12:21 pm
Forum: Personal Finance (Not Investing)
Topic: Doing my own taxes?
Replies: 13
Views: 1588

Re: Doing my own taxes?

My $.02, taxes take time one way or another. I'd rather pay someone else and use that time for other endeavors. If you choose to do it yourself, here's some issues... - S Corp reasonable salary/payroll. Those 2 things are areas that most individuals never deal with and a CPA generally provides. - Qu...
by neoptolemus412
Tue Sep 25, 2018 1:42 pm
Forum: Personal Finance (Not Investing)
Topic: Do I really need a CPA to do taxes for LLC?
Replies: 13
Views: 1452

Re: Do I really need a CPA to do taxes for LLC?

Bumping this in hopes someone will offer some advice/insight. I'm a CPA and it would probably cost around $500 if you need aid in setting up the LLC and $250-$350 for the returns annually per partner. Maybe less if you have other work, like personal returns, other businesses, etc. Personally, I wou...
by neoptolemus412
Sun Sep 23, 2018 7:46 am
Forum: Personal Finance (Not Investing)
Topic: Physical Banking - Any benefits anymore?
Replies: 142
Views: 10278

Re: Physical Banking - Any benefits anymore?

Personally, cash deposits and the ability to get larger bills for gifts are the benefits. There are some benefits for quicker transfers for internal accounts vs. external, but I rarely need cash that quickly on short notice. However, I work in the industry and can tell you that most places that need...
by neoptolemus412
Thu Sep 13, 2018 7:08 am
Forum: Personal Finance (Not Investing)
Topic: New Job (1st Management Role)
Replies: 30
Views: 3249

Re: New Job (1st Management Role)

For context, I am a previous big four cpa who has been a manager in both corporate accounting and fp&a at a megacorp. I actually think you are worried about the wrong thing. For a first management job, accounting is as straight-forward as you can get as you can always research or ask colleagues for...
by neoptolemus412
Tue Sep 11, 2018 12:33 pm
Forum: Personal Finance (Not Investing)
Topic: Thoughts on buying a pre-owned Mercedes Benz cash?
Replies: 46
Views: 4589

Re: Thoughts on buying a pre-owned Mercedes Benz cash?

Cash deals are not that great on cars right now b/c it's a seller's market. I was looking for a car a few months back and settled on a lease for a luxury car b/c cash purchase price for a used car was not that great of a deal. If this was 2010, I'd say go with a cash offer; however, interest rates a...
by neoptolemus412
Mon Sep 10, 2018 1:59 pm
Forum: Personal Finance (Not Investing)
Topic: New Job (1st Management Role)
Replies: 30
Views: 3249

Re: New Job (1st Management Role)

Ok, you're an accountant, so I think some of the advice from others is a little career limiting and not taking into account the realities of your profession. Most accountants need direct reporting experience for long-term, career advancement. Managers with 5 years of total work experience from Big 4...
by neoptolemus412
Thu Aug 30, 2018 9:37 am
Forum: Personal Consumer Issues
Topic: Planning for an Indian wedding In NY/ NH area.
Replies: 96
Views: 6315

Re: Planning for an Indian wedding In NY/ NH area.

I don't know how many here have recent experience with a wedding for one of your kids. DS was married in May and there were about 80 guests in attendance. We live in a somewhat high cost area, but there are many that are far higher. I don't know the intricacies of an Indian wedding, but I estimate ...
by neoptolemus412
Tue Aug 28, 2018 9:39 am
Forum: Personal Consumer Issues
Topic: Planning for an Indian wedding In NY/ NH area.
Replies: 96
Views: 6315

Re: Planning for an Indian wedding In NY/ NH area.

I had an Indian wedding on Long Island last year. Desi weddings cost a lot b/c of 4 factors. Guests. Venue/Food. Stage. Clothes. We spent $65k spread out over 4 days of events, which was a little over budget. We paid for it all on our own with no family help. A few suggestions to save money. Guests ...
by neoptolemus412
Fri Aug 24, 2018 7:00 am
Forum: Personal Investments
Topic: Questions on CDs - FDIC
Replies: 16
Views: 1972

Re: Questions on CDs - FDIC

Yes. The FDIC insures $250k per deposit institution. The actual insurance is determined per aggregate of all accounts at one Institution.