Search found 583 matches

by financial.freedom
Mon Apr 12, 2021 5:41 pm
Forum: Personal Finance (Not Investing)
Topic: Medical Group wants me to be CFO -- advice?
Replies: 10
Views: 1222

Re: Medical Group wants me to be CFO -- advice?

Not mentioned above, but one of my concerns is the finances are no bueno right now. Partners are earning about 60-70% expected salary by specialty despite decent RVUs. It looks like some 1099 physicians are overpaid, and we're losing money on them when factoring in overhead costs. 1099 and W2 employ...
by financial.freedom
Mon Apr 12, 2021 5:32 pm
Forum: Personal Finance (Not Investing)
Topic: Medical Group wants me to be CFO -- advice?
Replies: 10
Views: 1222

Re: Medical Group wants me to be CFO -- advice?

I’ve been CEO of a larger medical group, so I’ve hired, terminated and worked with CFOs. CFO in a medical group is a tough job. Some random thoughts: 1) Physician compensation is a big deal in any group and you will be in the middle of it. Some comp plans are very complex. You will likely be expect...
by financial.freedom
Mon Apr 12, 2021 5:25 pm
Forum: Personal Finance (Not Investing)
Topic: Medical Group wants me to be CFO -- advice?
Replies: 10
Views: 1222

Re: Medical Group wants me to be CFO -- advice?

I would pay attention to the motivation for choosing you. Is it your professional training? Experience? People skills? Do the key partners go with the advice of the CFO, or do they want the CFO to act on their wishes regardless? Do you have the ability to return to your prior role if this does not ...
by financial.freedom
Mon Apr 12, 2021 12:39 am
Forum: Personal Finance (Not Investing)
Topic: Medical Group wants me to be CFO -- advice?
Replies: 10
Views: 1222

Medical Group wants me to be CFO -- advice?

I'm part of a small medical group (about 20) and they want me to take over the role of the former treasurer (new title CFO). The group's finances are a bit confusing to me (multiple contracts and pay rates), but the former treasurer is going to go through it with me. I told the group we'll need an a...
by financial.freedom
Wed Mar 24, 2021 5:58 pm
Forum: Personal Finance (Not Investing)
Topic: Still missing K1, was it delayed this year?
Replies: 9
Views: 579

Re: Still missing K1, was it delayed this year?

How did you file taxes without receiving the K1? Well, TurboTax had some reference to it from previous years; I did try to remove it but couldn't, so proceeded to file anyway. I'm debating whether to amend my return or not, the earliest I could do so is this weekend. Oh bummer. Hoping to avoid that...
by financial.freedom
Wed Mar 24, 2021 5:47 pm
Forum: Personal Finance (Not Investing)
Topic: Still missing K1, was it delayed this year?
Replies: 9
Views: 579

Re: Still missing K1, was it delayed this year?

Marseille07 wrote: Wed Mar 24, 2021 5:43 pm K-1 is always slow for some reason. I received email from them saying my K-1 is ready, I went online and they clearly said I don't have a K-1 for tax year 2020. I filed taxes last week. Boom, I received a K-1 via mail this week.
sorry meant to click reply / quote
by financial.freedom
Wed Mar 24, 2021 5:47 pm
Forum: Personal Finance (Not Investing)
Topic: Still missing K1, was it delayed this year?
Replies: 9
Views: 579

Re: Still missing K1, was it delayed this year?

How did you file taxes without receiving the K1?
by financial.freedom
Wed Mar 24, 2021 5:40 pm
Forum: Personal Finance (Not Investing)
Topic: Still missing K1, was it delayed this year?
Replies: 9
Views: 579

Still missing K1, was it delayed this year?

My group sold to private equity in 2020 but we still haven't received a K-1 tax form.

I reached out to them and no response.

Is the deadline for receiving the K-1 form still March 15th or was it pushed back?

Thank you in advance!
by financial.freedom
Fri Feb 26, 2021 1:02 am
Forum: Personal Finance (Not Investing)
Topic: Private School - financially irresponsible?
Replies: 213
Views: 16702

Re: Private School - financially irresponsible?

I posted on the forum a little over a year ago about private vs. public and read as much material as I could. We live in a great area with 9/10 and 8/10 elementary and middle schools and 10/10 high school. After volunteering in class, I realized my son was finishing early and the teacher would send ...
by financial.freedom
Wed Feb 03, 2021 2:14 pm
Forum: Personal Finance (Not Investing)
Topic: A $3.5M First Home Purchase?
Replies: 124
Views: 10456

Re: A $3.5M First Home Purchase?

OP, we were at similar income level when we bought our first house about 6 years ago. We qualified for 2.2-2.4 M loan I believe, but we found a house in nice HCOL area in SoCal that fit our needs for 1.6M. This allowed us to save more for retirement, and were very fortunate to have our portfolio dou...
by financial.freedom
Sat Jan 30, 2021 2:29 am
Forum: Personal Investments
Topic: $169K into tax advantaged in 2021?
Replies: 23
Views: 2743

Re: $169K into tax advantaged in 2021?

Doing taxes really motivates me to put more in tax advantaged accounts. Just discovered that DW (in UC system) might have more tax-advantaged space than we initially thought. Below is what we're thinking for 2021. I assume these are all stack-able? Any tax red flags? Total gross income is $610K (Ca...
by financial.freedom
Thu Jan 28, 2021 12:31 pm
Forum: Investing - Theory, News & General
Topic: Well, I am market timing due to coronavirus... Wish me luck.
Replies: 1439
Views: 133884

Re: Well, I am market timing due to coronavirus... Wish me luck.

OP - thank you for posting this. I like threads that deviate from typical BH methods to see the outcome, and to learn whether to stick with the BH method or consider an alternative route. I think our results are similar to yours from back of the envelope calculations, but involved less risk. This is...
by financial.freedom
Thu Jan 28, 2021 12:19 am
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 10200
Views: 732023

Re: Refinance Mega Thread

I’ve heard that Chase is extending rate locks for free because their processing times are running a little slow. YMMV, but as long as you’re responsive when they have requests for information, you’d have a pretty good case for them extending it if needed. Doing it for free is also consistent with w...
by financial.freedom
Wed Jan 27, 2021 11:47 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 10200
Views: 732023

Re: Refinance Mega Thread

@financial.freedom Ok, so looks like Chase is about $800 better. Reasons to go with Chase: - $800 better deal - they’ll hold onto the servicing, which is more convenient than having to set up payments with different servicers as your loan gets sold. - servicing should be good Reasons to go with Len...
by financial.freedom
Wed Jan 27, 2021 11:12 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 10200
Views: 732023

Re: Refinance Mega Thread

Narrowed it down to two lenders and need some help deciding for 822k loan 30-year fixed: 1. Chase (JP Morgan) 2.5% (2.492% APR) Total closing costs: $65 (D+I) $4,027 Lender credits $3,962 Loan servicer states 30-60 days to close (expects 40 days) 2. LenderFi 2.5% (2.508% APR) Total closing costs: $...
by financial.freedom
Wed Jan 27, 2021 10:30 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 10200
Views: 732023

Re: Refinance Mega Thread

Narrowed it down to two lenders and need some help deciding for 822k loan 30-year fixed: 1. Chase (JP Morgan) 2.5% (2.492% APR) Total closing costs: $65 D = $2,958 (D+I) $4,027 Lender credits $3,962 Loan servicer states 30-60 days to close (expects 40 days) 2. LenderFi 2.5% (2.508% APR) Total closin...
by financial.freedom
Tue Jan 26, 2021 5:00 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 10200
Views: 732023

Re: Refinance Mega Thread

Just adding a data point to give back to this thread (really appreciate all the above posts). State: CA Loan amout: 822k Interest Rate: 2.5% on 30 yr fixed Lender: LenderFi Closing costs after credits: $225 for 4 days prepaid interest Credit score: 800 We locked in the rate yesterday. Better matche...
by financial.freedom
Tue Jan 26, 2021 4:23 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 10200
Views: 732023

Re: Refinance Mega Thread

One thing about CA state (perhaps others too) is that there are some mandatory state fees during re-fi that you will incur even for a $0 closing cost loan: 1. ~200 of fees will be charged during payoff for transfer fees. This is part of the payoff quote, so it will not reflect anywhere in the closi...
by financial.freedom
Tue Jan 26, 2021 3:33 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 10200
Views: 732023

Re: Refinance Mega Thread

Just adding a data point to give back to this thread (really appreciate all the above posts). State: CA Loan amout: 822k Interest Rate: 2.5% on 30 yr fixed Lender: LenderFi Closing costs after credits: $225 for 4 days prepaid interest Credit score: 800 We locked in the rate yesterday. Better matched...
by financial.freedom
Thu Dec 03, 2020 7:39 pm
Forum: Personal Consumer Issues
Topic: Tesla Solar Shingles
Replies: 5
Views: 877

Re: Tesla Solar Shingles

I'm in similar boat, live in CA. I think they're less efficient than the other solar but like the aesthetic better. Will appreciate any feedback as well!
by financial.freedom
Mon Nov 23, 2020 1:29 pm
Forum: Personal Investments
Topic: Need advice for building a 100% fossil-fuel stock free portfolio
Replies: 95
Views: 3763

Re: Need advice for building a 100% fossil-fuel stock free portfolio

Just curious, but why are you doing this? Trying to be a bit more socially responsible that's all... There's a lot of ways to reduce pollution, and it's nice that you're thinking about the environment. The single best thing you can do to reduce carbon foot print is plant-based diet. Maybe try inves...
by financial.freedom
Sat Nov 21, 2020 1:10 am
Forum: Personal Finance (Not Investing)
Topic: What happens to buy-in equity if we lose hospital contract?
Replies: 25
Views: 2786

Re: What happens to buy-in equity if we lose hospital contract?

Our hospital has a new CEO who is making a lot of changes. Sounds like they're getting rid of the current ER group and some specialty groups, and bringing in new groups. My specialty group is okay so far, but we've been adding on a lot of additional work without more pay to appease the CEO/ admin. ...
by financial.freedom
Sat Nov 21, 2020 12:56 am
Forum: Personal Finance (Not Investing)
Topic: What happens to buy-in equity if we lose hospital contract?
Replies: 25
Views: 2786

Re: What happens to buy-in equity if we lose hospital contract?

Xrayman69 wrote: Fri Nov 20, 2020 7:35 pm Usually when someone “buys into a partnership “ they are buying a share of the assets. What are the assets? (Ie chairs, computers, accounts receivable .....)

What are the assets if the partnership had to be liquidated?
only accounts receivable (AR).
by financial.freedom
Fri Nov 20, 2020 6:02 pm
Forum: Personal Finance (Not Investing)
Topic: What happens to buy-in equity if we lose hospital contract?
Replies: 25
Views: 2786

Re: What happens to buy-in equity if we lose hospital contract?

My question is what happens to the 70k buy in for shares as part of the C Corp? It sounds to me as if the shares purchased would be treated as "worthless stock". You would then claim a capital loss of the amount not recovered. https://taxmap.irs.gov/taxmap2018/pub17/p17-077.htm#TXMP58ca02...
by financial.freedom
Fri Nov 20, 2020 5:05 pm
Forum: Personal Finance (Not Investing)
Topic: What happens to buy-in equity if we lose hospital contract?
Replies: 25
Views: 2786

Re: What happens to buy-in equity if we lose hospital contract?

My understanding, and I may be wrong, is that the value of the ED contract upon termination, is the value of the accounts receivable. If your group left, wouldn't you be entitled to your share of the accounts receivable? Yes, I would. My question is what happens to the 70k buy in for shares as part...
by financial.freedom
Fri Nov 20, 2020 3:55 pm
Forum: Personal Finance (Not Investing)
Topic: What happens to buy-in equity if we lose hospital contract?
Replies: 25
Views: 2786

Re: What happens to buy-in equity if we lose hospital contract?

There is not nearly enough information to begin to provide you with a meaningful course of action. Big picture advice maybe it’s time to call out the partners in an open format on what their position really is and start counting noses. You might want to discuss being sold to the devil or merge with...
by financial.freedom
Fri Nov 20, 2020 2:41 pm
Forum: Personal Finance (Not Investing)
Topic: What happens to buy-in equity if we lose hospital contract?
Replies: 25
Views: 2786

Re: What happens to buy-in equity if we lose hospital contract?

Times-three wrote: Fri Nov 20, 2020 2:36 pm Sorry if I’m misunderstanding the part about profit. Is the 10-15k your draw, or is the 10-15k above and beyond your draw.
Sorry, I probably shouldn't have called it "profit." That's my draw from that contract.
by financial.freedom
Fri Nov 20, 2020 2:27 pm
Forum: Personal Finance (Not Investing)
Topic: What happens to buy-in equity if we lose hospital contract?
Replies: 25
Views: 2786

Re: What happens to buy-in equity if we lose hospital contract?

To me it seems that you will end up at a loss on an investment and that can be offset against other gains or 3K/yr of earned income. I am a direct employee of a hospital but do understand that 4-5 states do not allow it. Under normal circumstances over how many years were you expecting to recoup yo...
by financial.freedom
Mon Nov 16, 2020 7:41 pm
Forum: Personal Finance (Not Investing)
Topic: What happens to buy-in equity if we lose hospital contract?
Replies: 25
Views: 2786

Re: What happens to buy-in equity if we lose hospital contract?

I'm trying to understand this one part...you paid $70k to a hospital to give you a job?? If not, where is that money now? Thank you for your reply. In my area, hospitals are not allowed to employ physicians directly. Rather, there are contracts given to specialty groups (or a foundation) that then ...
by financial.freedom
Sat Nov 14, 2020 9:05 pm
Forum: Personal Finance (Not Investing)
Topic: What happens to buy-in equity if we lose hospital contract?
Replies: 25
Views: 2786

Re: What happens to buy-in equity if we lose hospital contract?

Thank you both, appreciate it. I’ll reach out to CPA.
Best,

FF
by financial.freedom
Fri Nov 13, 2020 11:46 am
Forum: Personal Finance (Not Investing)
Topic: What happens to buy-in equity if we lose hospital contract?
Replies: 25
Views: 2786

What happens to buy-in equity if we lose hospital contract?

Our hospital has a new CEO who is making a lot of changes. Sounds like they're getting rid of the current ER group and some specialty groups, and bringing in new groups. My specialty group is okay so far, but we've been adding on a lot of additional work without more pay to appease the CEO/ admin. S...
by financial.freedom
Wed Aug 26, 2020 12:57 am
Forum: Personal Consumer Issues
Topic: charging an EV
Replies: 250
Views: 15952

Re: charging an EV

I've had ICE, hybrid, and now EV. Definitely prefer the EV. No issue with charging -- there's apps to find places if you're going on a road trip, but usually charge at work (for free) or at home. If I were road-tripping, would prob just time the charging with a bathroom stop. Doesn't seem like a big...
by financial.freedom
Tue Aug 11, 2020 4:32 pm
Forum: Personal Finance (Not Investing)
Topic: Good (and bad) decisions/tips for home remodel?
Replies: 54
Views: 4920

Re: Good (and bad) decisions/tips for home remodel?

Very happy with our remodel (500 sq-ft addition with Master Suite and expanding dinning area flowing with kitchen) My cost was ~ 125K (quoted price was 100k - 250K) but I'm in So-Col (Remodel Contractors curtail zone) My recommendations: 1. Get a designer hourly fee in-home design consultation 2. G...
by financial.freedom
Sat Aug 08, 2020 12:18 am
Forum: Personal Finance (Not Investing)
Topic: Good (and bad) decisions/tips for home remodel?
Replies: 54
Views: 4920

Re: Good (and bad) decisions/tips for home remodel?

Very happy with our remodel (500 sq-ft addition with Master Suite and expanding dinning area flowing with kitchen) My cost was ~ 125K (quoted price was 100k - 250K) but I'm in So-Col (Remodel Contractors curtail zone) My recommendations: 1. Get a designer hourly fee in-home design consultation 2. G...
by financial.freedom
Thu Aug 06, 2020 11:31 pm
Forum: Personal Finance (Not Investing)
Topic: Good (and bad) decisions/tips for home remodel?
Replies: 54
Views: 4920

Re: Good (and bad) decisions/tips for home remodel?

Thinking about this some more. The highest part of our living room ceiling is 14’. The room already feels spacious, to the point of sometimes feeling awkwardly large when we have guests. And when we painted last year, I realized that we were at the max height to be able to paint it without bringing...
by financial.freedom
Thu Aug 06, 2020 6:51 pm
Forum: Personal Finance (Not Investing)
Topic: Good (and bad) decisions/tips for home remodel?
Replies: 54
Views: 4920

Re: Good (and bad) decisions/tips for home remodel?

Vaulted ceilings are hard to insulate, heat, and air condition. And 22 feet...are you really sure you want to do that part? Missed that about 22'. That's a really high ceiling. I was thinking 14'. English Georgian homes are sort of 12' and that's absolutely enough. Thinking about this some more. Th...
by financial.freedom
Thu Aug 06, 2020 6:46 pm
Forum: Personal Finance (Not Investing)
Topic: Good (and bad) decisions/tips for home remodel?
Replies: 54
Views: 4920

Re: Good (and bad) decisions/tips for home remodel?

A friend did a similar remodel but her doors and windows were big areas of glass without metal dividers. The effect is much more spacious and less divided from the outdoor space than your reference photo. https://www.dwell.com/article/floor-to-ceiling-windows-modern-homes-b29cf803-f11fba35 If you'r...
by financial.freedom
Wed Aug 05, 2020 5:45 pm
Forum: Personal Finance (Not Investing)
Topic: Good (and bad) decisions/tips for home remodel?
Replies: 54
Views: 4920

Re: Good (and bad) decisions/tips for home remodel?

We're planning a major home renovation: 1. Making floorplan more usable. We're knocking down walls and combining the kitchen and living room areas into one larger room. Also extending the house into the front yard area, which we don't use much. There's a sideroom (lanai?) that we don't use at all b...
by financial.freedom
Wed Aug 05, 2020 5:44 pm
Forum: Personal Finance (Not Investing)
Topic: Good (and bad) decisions/tips for home remodel?
Replies: 54
Views: 4920

Re: Good (and bad) decisions/tips for home remodel?

Vaulted ceilings are hard to insulate, heat, and air condition. And 22 feet...are you really sure you want to do that part? Missed that about 22'. That's a really high ceiling. I was thinking 14'. English Georgian homes are sort of 12' and that's absolutely enough. Thinking about this some more. Th...
by financial.freedom
Wed Aug 05, 2020 5:42 pm
Forum: Personal Finance (Not Investing)
Topic: Good (and bad) decisions/tips for home remodel?
Replies: 54
Views: 4920

Re: Good (and bad) decisions/tips for home remodel?

This is a massive, massive remodel. There is no way you want to attempt this without a very good G.C., and no way you want to try to live in the house while it’s happening. Have you considered just tearing the house down and starting over? You’d probably get closer to exactly what you want, and the...
by financial.freedom
Wed Aug 05, 2020 5:40 pm
Forum: Personal Finance (Not Investing)
Topic: Good (and bad) decisions/tips for home remodel?
Replies: 54
Views: 4920

Re: Good (and bad) decisions/tips for home remodel?

When you are doing the remodel be sure that you make the house reasonably accessible if you need to use a wheelchair some day. You may need this even before you are older. I know someone that was in a car accident and needed to use a wheelchair for a while. When they were discharged from the hospit...
by financial.freedom
Wed Aug 05, 2020 5:37 pm
Forum: Personal Finance (Not Investing)
Topic: Good (and bad) decisions/tips for home remodel?
Replies: 54
Views: 4920

Re: Good (and bad) decisions/tips for home remodel?

This would be a monster project if doing it all at once.... particularly with the roof changes mentioned. I agree that phases would be ideal, to make sure you are happy with the GC. You can't beat a great location/ neighborhood. So can be a very worthwhile goal. We've lived all over, and in multipl...
by financial.freedom
Wed Aug 05, 2020 5:35 pm
Forum: Personal Finance (Not Investing)
Topic: Good (and bad) decisions/tips for home remodel?
Replies: 54
Views: 4920

Re: Good (and bad) decisions/tips for home remodel?

Given the major renovations you are doing, including structural changes, you will need a really good GC. Your architect should be able to recommend some. Interview and get bids from several. I would recommend doing a limited part of your renovation and if you are not satisfied with your GC, you can...
by financial.freedom
Wed Aug 05, 2020 5:34 pm
Forum: Personal Finance (Not Investing)
Topic: Good (and bad) decisions/tips for home remodel?
Replies: 54
Views: 4920

Re: Good (and bad) decisions/tips for home remodel?

I don’t have much expertise in these matters, but isn’t it likely that the very high ceilings will increase utility costs significantly and also make it harder to keep the rooms comfortable temperature-wise? Or maybe the above depends on the local climate? From what I'm reading it does depend a lot...
by financial.freedom
Wed Aug 05, 2020 5:31 pm
Forum: Personal Finance (Not Investing)
Topic: Good (and bad) decisions/tips for home remodel?
Replies: 54
Views: 4920

Re: Good (and bad) decisions/tips for home remodel?

We're planning a major home renovation: 1. Making floorplan more usable. We're knocking down walls and combining the kitchen and living room areas into one larger room. Also extending the house into the front yard area, which we don't use much. There's a sideroom (lanai?) that we don't use at all b...
by financial.freedom
Tue Aug 04, 2020 4:07 pm
Forum: Personal Finance (Not Investing)
Topic: Good (and bad) decisions/tips for home remodel?
Replies: 54
Views: 4920

Good (and bad) decisions/tips for home remodel?

We're planning a major home renovation: 1. Making floorplan more usable. We're knocking down walls and combining the kitchen and living room areas into one larger room. Also extending the house into the front yard area, which we don't use much. There's a sideroom (lanai?) that we don't use at all be...
by financial.freedom
Mon Aug 03, 2020 11:27 am
Forum: Personal Finance (Not Investing)
Topic: Is it better to deduct business expenses on 1099 than W2?
Replies: 3
Views: 293

Re: Is it better to deduct business expenses on 1099 than W2?

runner3081 wrote: Mon Aug 03, 2020 11:22 am You can only deduct direct business expenses related to 1099 employment for that purpose.
The accountant says we can deduct those expenses pretax on the W2 income (which is under our C Corp). Is that correct? If so, it is better to deduct under the 1099?
by financial.freedom
Mon Aug 03, 2020 11:04 am
Forum: Personal Finance (Not Investing)
Topic: Is it better to deduct business expenses on 1099 than W2?
Replies: 3
Views: 293

Is it better to deduct business expenses on 1099 than W2?

For someone who has two jobs, a regular W2 and a side hustle job (sole proprietor 1099) is it better to deduct expenses on the 1099 side due to self employment tax? I realize some things clearly go to one job or the other. But Internet, cellphone, and some other expenses are difficult to track to W2...
by financial.freedom
Mon Jul 13, 2020 3:18 pm
Forum: Personal Finance (Not Investing)
Topic: How to change year of contribution for 401k at Charles Schwab?
Replies: 2
Views: 326

How to change year of contribution for 401k at Charles Schwab?

I have a solo-401k and did my taxes a few weeks ago, got the amount I can contribute from my CPA, then made the contribution and designated it as 2019 401k contribution. Now today, my CPA sent me an email: "Please take $5,240.17 of the 2019 contribution and have it count for 2020. If you call t...