Search found 1311 matches

by ddurrett896
Tue Sep 22, 2020 10:26 am
Forum: Personal Consumer Issues
Topic: stand up freezer for garage
Replies: 26
Views: 1417

Re: stand up freezer for garage

I also have a battery operated thermometer that sits on top of the freezer with a wired remote sensor that is inside the freezer. The freezer is right next to the door for the house. Every time I walk out to the garage I can easily see the temperature in the freezer. Got a link to the sensor you us...
by ddurrett896
Tue Sep 22, 2020 8:00 am
Forum: Personal Finance (Not Investing)
Topic: For new roof, painting, new deck: cash-out refi, or cash-in investments?
Replies: 8
Views: 728

Re: For new roof, painting, new deck: cash-out refi, or cash-in investments?

I'd pay cash and hold out on doing all three.

Material and labor are in high demand right now = more expensive.

I'd paint this year, deck next year, roof following year.
by ddurrett896
Mon Sep 21, 2020 8:20 am
Forum: Personal Investments
Topic: Extra $180/Month after Refinance. Where does it go?
Replies: 15
Views: 1639

Re: Extra $180/Month after Refinance. Where does it go?

Are you able to contribute to a HSA?

If not, I'd stick it in the bank.
by ddurrett896
Thu Sep 17, 2020 9:55 am
Forum: Personal Finance (Not Investing)
Topic: Refinancing with a HELOC
Replies: 10
Views: 679

Re: Refinancing with a HELOC

I just refinanced with the same lender and had the option to close the HELOC or keep ($0 balance) for like $450. It was free to open, so I closed.

Do you have a balance? pay it off then refinance.
by ddurrett896
Wed Sep 16, 2020 4:41 pm
Forum: Personal Consumer Issues
Topic: Grocery store didn't tell me Shingrix was $160
Replies: 197
Views: 12820

Re: Grocery store didn't tell me Shingrix was $160

Tell them you though it was free and ask for a return.
by ddurrett896
Tue Sep 15, 2020 4:47 pm
Forum: Personal Investments
Topic: High income earner: What to do with an extra $50,000?
Replies: 4
Views: 891

Re: High income earner: What to do with an extra $50,000?

Long term goals: 1. Build wealth so that our money can supply enough money to cover all the basics (about $4,000 a month) 2. Build a fund to buy another house in the next 3-10 years (we're not sure if we're going to have more kids; if we do, we need a bigger house, if not we'll stay) 3. House proje...
by ddurrett896
Tue Sep 15, 2020 8:05 am
Forum: Personal Finance (Not Investing)
Topic: First time Home Buyer and Roth IRA
Replies: 19
Views: 1400

Re: First time Home Buyer and Roth IRA

You never contributed to a Roth IRA, you converted to a Roth IRA, making the funds not eligible for the 5 year rule.
by ddurrett896
Mon Sep 14, 2020 9:38 am
Forum: Personal Consumer Issues
Topic: bare-bones phone and cheapest prepaid plan for a kid
Replies: 41
Views: 2055

Re: bare-bones phone and cheapest prepaid plan for a kid

I got a pre owned iPhone 8 for my child for $100.

While an iPhone is more than I wanted, I like being able to track using Find My Location and the Screen Time limits.
by ddurrett896
Sun Sep 13, 2020 9:06 am
Forum: Personal Investments
Topic: Backdoor Roth IRA Conversion: Yearly Execution Strategy in Practice
Replies: 18
Views: 711

Re: Backdoor Roth IRA Conversion: Yearly Execution Strategy in Practice

First year having to a backdoor Roth IRA and I'm going with option #4 moving forward.

Previously had $500/month auto contribution and prefer the ease of monthly contribution, but having to convert now I'd rather just deposit and convert the $6K in one shot to limit any gains/losses.
by ddurrett896
Fri Sep 11, 2020 2:00 pm
Forum: Personal Finance (Not Investing)
Topic: Housing Decisons
Replies: 23
Views: 1536

Re: Housing Decisons

9 years as tenant paying on time and keeping the place clean? I'd do a kitchen and floor remodel and add fans in any room you want!
by ddurrett896
Fri Sep 11, 2020 8:10 am
Forum: Personal Finance (Not Investing)
Topic: How to stop judging how other people spend/invest
Replies: 76
Views: 4748

Re: How to stop judging how other people spend/invest

Internally but no sense in commenting.

My rule is to not offer advice unless asked.
by ddurrett896
Wed Sep 09, 2020 9:36 am
Forum: Personal Finance (Not Investing)
Topic: Tenants screening
Replies: 32
Views: 2632

Re: Tenants screening

I tell every potential tenant, "we run a background check on all clients that check criminal and financial info (bankruptcy, etc.). I know people can fall into hard times they sometimes have no control over the situation. I'd hate to disqualify you for seeing something negative without giving you th...
by ddurrett896
Tue Sep 08, 2020 8:54 am
Forum: Personal Consumer Issues
Topic: What do you guys think of oil extractors?
Replies: 67
Views: 2959

Re: What do you guys think of oil extractors?

I use an extractor for small engines.

Prefer one of these on the vehicles.

https://whoosh-motorsports.myshopify.co ... -fiesta-st
by ddurrett896
Sun Sep 06, 2020 10:11 am
Forum: Personal Investments
Topic: Form 8606 Question - Backdoor Roth IRA
Replies: 5
Views: 372

Re: Form 8606 Question - Backdoor Roth IRA

Line 11 has an error, presumably due to rounding from the calculation done on line 10. If you fix line 11 to $6000 and carry that correction through the rest of the form, you should be in good shape. @Compound has it nailed. Whenever Form 8606 asks for listing out the fraction, ALWAYS use at least ...
by ddurrett896
Sun Sep 06, 2020 9:45 am
Forum: Personal Investments
Topic: Form 8606 Question - Backdoor Roth IRA
Replies: 5
Views: 372

Form 8606 Question - Backdoor Roth IRA

Went over the ROTH IRA income limit during this year, so having to do my first year doing a Backdoor Roth IRA. Doing the Form 8606 and line 10-12 is tricking me up. Below is what I did. Does this look correct? Total Traditional IRA contribution: $6,000 Total conversion to Roth IRA: $6,182.73 https:/...
by ddurrett896
Sun Sep 06, 2020 1:49 am
Forum: Personal Finance (Not Investing)
Topic: How Much House Can We Afford in HCOL Area?
Replies: 300
Views: 18697

Re: How Much House Can We Afford in HCOL Area?

$260k income with a $2M house seems excessive. Free child care helps the budget. If that ended for whatever reason, could you afford child care and the $2M mortgage? I don’t think so. If you or spouse couldn’t work anymore, could one of you pay the bills? No. In your position I’d be hesitant to buy ...
by ddurrett896
Sat Sep 05, 2020 8:18 am
Forum: Personal Consumer Issues
Topic: Buying guns not an option, what else
Replies: 56
Views: 4982

Re: Buying guns not an option, what else

Thinking about having some form of safety help at home in case of emergency. Not going to buy guns, looking for any other options.... Everyone owns a gun. Some people grab their, others make a phone call and wait for it to show up. They are the only thing that makes a 100 pound retiree, equal to a ...
by ddurrett896
Tue Sep 01, 2020 4:24 pm
Forum: Personal Investments
Topic: Husband doesn’t want to follow my investment plan
Replies: 47
Views: 4848

Re: Husband doesn’t want to follow my investment plan

Show him this article. Your strategy vs his....and I'm sure he can admit, he's no hedge fund manager.

https://www.investopedia.com/articles/i ... a-brkb.asp

Make a 1 year bet. Winner takes all and controls the $$.
by ddurrett896
Tue Sep 01, 2020 8:45 am
Forum: Personal Consumer Issues
Topic: So, I was playing Pickleball and Amazon sent me an offer
Replies: 87
Views: 7255

Re: So, I was playing Pickleball and Amazon sent me an offer

I wouldn't be surprised if your phone picked up the sound of the ball being hit and identified it as pickleball.
by ddurrett896
Tue Sep 01, 2020 8:39 am
Forum: Personal Finance (Not Investing)
Topic: Do dual income households need life insurance?
Replies: 40
Views: 3239

Re: Do dual income households need life insurance?

So do I go with complete income replacement anyway? Who knows what will happen if someone dies. Will the child or spouse need expensive, on going counseling? Will the spouse fall into depression that could jeopardize their work, resulting in them being fired? Term life is cheap. I pay like $20/mont...
by ddurrett896
Mon Aug 31, 2020 3:39 pm
Forum: Personal Investments
Topic: Family member has one million in one stock , doesn't want to cash out
Replies: 261
Views: 27543

Re: My dad has 1 million in Tesla, I told him to cash out, he doesn't want too

I could care less what my parents do with their money.

Only caveat is if they mismanage and blow all of their money, don't come knocking on my door for help.
by ddurrett896
Mon Aug 31, 2020 9:15 am
Forum: Personal Finance (Not Investing)
Topic: Am I crazy? Cabin advice
Replies: 61
Views: 6316

Re: Am I crazy? Cabin advice

I'm torn on this. We go to a lake every year and LOVE it! Houses are similar, around $600K. If you look at it as an investment with rental income, it can make sense. Prime rent is June-August when the water is warm and they tend to book close to 100% at around $3K/week. Figure mortgage + utilities +...
by ddurrett896
Fri Aug 21, 2020 6:38 pm
Forum: Personal Consumer Issues
Topic: Vacationing safely in the era of Covid - How did you do it?
Replies: 124
Views: 9580

Re: Vacationing safely in the era of Covid - How did you do it?

Absolutely nothing different than I did a year ago.
by ddurrett896
Thu Aug 20, 2020 5:38 pm
Forum: Personal Consumer Issues
Topic: Tires recommendations?
Replies: 61
Views: 3502

Re: Tires recommendations?

Michelin
by ddurrett896
Wed Aug 19, 2020 2:30 pm
Forum: Personal Investments
Topic: Max the HSA?
Replies: 28
Views: 1652

Re: Max the HSA?

Sasha wrote: Wed Aug 19, 2020 12:09 pm My question is whether everyone contributes the maximum amount to their HSA?
HSA is the the heaviest hitter in ones portfolio, as a pre tax benefit with no penalty on distributions after after 65.

In this order:

401K to get 100% of company match
HSA: $3,550
Roth IRA: $6,000
401K: MAX out
by ddurrett896
Sat Aug 15, 2020 8:08 am
Forum: Personal Consumer Issues
Topic: COVID pushing UP Vacation Home Timeline?
Replies: 12
Views: 1563

Re: COVID pushing UP Vacation Home Timeline?

We are considering purchasing a house in the area to be our vacation house. We can check all our boxes - (a) it's within ~3hrs from where we live; (b) it's within 1.5 hours from both of our parents and most of our siblings/their kids --- it's a great location, as we're smack in the middle of all ou...
by ddurrett896
Sat Aug 15, 2020 7:35 am
Forum: Personal Investments
Topic: Best financial gift to give a newborn child
Replies: 47
Views: 4555

Re: Best financial gift to give a newborn child

Other than starting a 529 savings plan for college, which some states give state income tax deductions on, what else can I do for my newborn child to give them a financial headstart? Are you maxing out your 401K ($19,500), IRA ($6,000) and HSA ($3,550)? If not, max those out. You being in a good po...
by ddurrett896
Fri Aug 14, 2020 9:35 am
Forum: Personal Investments
Topic: Roth IRA - No Longer Qualify...Help!?!?!
Replies: 44
Views: 2670

Re: Roth IRA - No Longer Qualify...Help!?!?!

Hey I'm ready to recharacterize and have a question...

Should I hold my Roth IRA and backdoor Roth IRA contributions in seperate accounts, or just keep it all in one? I do keep an offline tracker showing contributions/year. Thanks!
by ddurrett896
Thu Aug 13, 2020 6:21 am
Forum: Personal Finance (Not Investing)
Topic: Thinking of buying a vacation home in NC mountains and doing Airbnb. Bad idea?
Replies: 66
Views: 6760

Re: Thinking of buying a vacation home in NC mountains and doing Airbnb. Bad idea?

Hard no as soon as I read 6 hours.

2 hours is my MAX, 1-1.5 is my sweet spot for a weekend getaway or even day trip.
by ddurrett896
Thu Aug 13, 2020 5:46 am
Forum: Personal Finance (Not Investing)
Topic: Private University Apartments Leases during Covid
Replies: 64
Views: 3713

Re: Private University Apartments Leases during Covid

Not paying doesn’t just ruin your credit. It could also land you in court and cost more than the rent. I’m guessing wherever you are living now isn’t close to the apartment? Could eat up a lot of drive time and hotels getting to and from court. What is preventing you from living in the apartment and...
by ddurrett896
Wed Aug 12, 2020 11:47 am
Forum: Personal Finance (Not Investing)
Topic: Tree section fell on my neighbor's property...who is liable
Replies: 56
Views: 5857

Re: Tree section fell on my neighbor's property...who is liable

In my area...

If a healthy tree falls on their property, they clean.
If an unhealthy tree falls on their property, I clean.

My rule: if anything from my property ends up on someone else's property, I clean.
by ddurrett896
Wed Aug 12, 2020 8:30 am
Forum: Personal Investments
Topic: Roth IRA - No Longer Qualify...Help!?!?!
Replies: 44
Views: 2670

Re: Roth IRA - No Longer Qualify...Help!?!?!

Thanks for the help everyone! Looks like I'm going to have to recharacterize to traditional then do the backdoor Roth IRA. Question: Would I be better off starting a new Roth IRA with Vangaurd to keep all my Backdoor money separate from my true Roth IRA contributions? Also, found this video on Youtu...
by ddurrett896
Wed Aug 12, 2020 7:50 am
Forum: Personal Consumer Issues
Topic: Should I purchase a whole house generator?
Replies: 321
Views: 15741

Re: Portable Generators and running extension cords?

hudson wrote: Wed Aug 12, 2020 5:47 am How do you run extension cords into the house? Do you just leave the door open?
Shut off your main and backfeed the house thru any 30 amp outlet. Everything works minus central air unless you have a massive portable generator.
by ddurrett896
Tue Aug 11, 2020 1:50 pm
Forum: Personal Investments
Topic: Roth IRA - No Longer Qualify...Help!?!?!
Replies: 44
Views: 2670

Re: Roth IRA - No Longer Qualify...Help!?!?!

What you are missing is that: (a) the tax-advantaged space, once given up, can never be claimed back. That is 24% + state taxes on that $24k you are not contributing, so easily another $6.3k, and potentially higher, that you need not pay to Uncle Sam per year. This amount can be withdrawn at a far ...
by ddurrett896
Tue Aug 11, 2020 12:46 pm
Forum: Personal Investments
Topic: Roth IRA - No Longer Qualify...Help!?!?!
Replies: 44
Views: 2670

Re: Roth IRA - No Longer Qualify...Help!?!?!

Crank those 401k contriubutions up. Max them out. that will get you under the roth limit. With both husband and wife working, there is no reason to limit to only $31k deductions. Both husband and wife should, pronto, increase their paycheck deductions to respective 401k to the max. HSA and Dependen...
by ddurrett896
Tue Aug 11, 2020 9:41 am
Forum: Personal Investments
Topic: Roth IRA - No Longer Qualify...Help!?!?!
Replies: 44
Views: 2670

Re: Roth IRA - No Longer Qualify...Help!?!?!

I’m confused. Your salary total is $225k. You contribute $23k combined to your 401k’s, so your MAGI should be $202k, under the limit. Is that not correct? Or were you saying the $225k includes the 401k deduction amount already? I trued up my numbers.... Gross: $239K Deductions: $31K (401K, HSA, Dep...
by ddurrett896
Tue Aug 11, 2020 9:37 am
Forum: Personal Investments
Topic: Roth IRA - No Longer Qualify...Help!?!?!
Replies: 44
Views: 2670

Re: Roth IRA - No Longer Qualify...Help!?!?!

If you do not have anything in traditional deductible (pre-tax) IRAs, doing a "backdoor" Roth conversion is fairly straightforward. As others have mentioned, it is simply a few more "clicks" than doing a direct contribution. However, since you have also contributed directly to the Roth this year, y...
by ddurrett896
Tue Aug 11, 2020 8:21 am
Forum: Personal Investments
Topic: Roth IRA - No Longer Qualify...Help!?!?!
Replies: 44
Views: 2670

Re: Roth IRA - No Longer Quality...Help!?!?!

It's a little overwhelming. I just watched a video on the backdoor Roth IRA and is it true the $6K Traditional IRA isn't tax deductible? If so, would I be better to just load up on my 401K and get that pretax deduction? Thanks! True, but when you convert the $6K Traditional IRA to Roth, does the fu...
by ddurrett896
Tue Aug 11, 2020 7:38 am
Forum: Personal Investments
Topic: Roth IRA - No Longer Qualify...Help!?!?!
Replies: 44
Views: 2670

Re: Roth IRA - No Longer Quality...Help!?!?!

After reading that wiki page, what do you think? (note that it may take more than one reading to understand the concept, so give yourself time to absorb it) Then come back and ask us any remaining questions. It's a little overwhelming. I just watched a video on the backdoor Roth IRA and is it true ...
by ddurrett896
Mon Aug 10, 2020 8:25 pm
Forum: Personal Investments
Topic: Roth IRA - No Longer Qualify...Help!?!?!
Replies: 44
Views: 2670

Re: Roth IRA - No Longer Quality...Help!?!?!

If you are just over the limit for 2020, increasing your 401k contributions might be enough to allow your Roth IRA contributions. I thought the Roth IRA MAGI was gross Income before deductions. Is that true? We will gross $225K, but have around $23k in pre tax 401K, $5K dependent care FSA and $3.5K...
by ddurrett896
Mon Aug 10, 2020 8:21 pm
Forum: Personal Investments
Topic: Roth IRA - No Longer Qualify...Help!?!?!
Replies: 44
Views: 2670

Re: Roth IRA - No Longer Quality...Help!?!?!

1. Do either of you have any money in any kind of traditional IRA (traditional, SEP-IRA, SIMPLE IRA)? 2. Do either/both of you have a 401K that accepts rollovers from traditional IRAs? PS. Please edit the title of this thread to change ‘Quality’ to ‘Qualified’. 1. No. Just his/her 401K and his/her ...
by ddurrett896
Mon Aug 10, 2020 8:09 pm
Forum: Personal Investments
Topic: Roth IRA - No Longer Qualify...Help!?!?!
Replies: 44
Views: 2670

Re: Roth IRA - No Longer Quality...Help!?!?!

I would suggest looking hard at maxing your traditional 401ks (assuming you aren't in line for a large pension at retirement). Unless your 401k fund options are very expensive, you will likely end up better maxing those vs a Roth IRA contribution (backdoor or otherwise). 401k expenses are similar t...
by ddurrett896
Mon Aug 10, 2020 7:57 pm
Forum: Personal Investments
Topic: Roth IRA - No Longer Qualify...Help!?!?!
Replies: 44
Views: 2670

Roth IRA - No Longer Qualify...Help!?!?!

Started a new job in late 2019 and wife took a promotion. Didn't even think about MAGI income limits on Roth IRA since we've never been close, but this year we will exceed. We file married joint, MAGI on ROTH IRA max is $206K. As long as we are both employed thru the end of 2020, we will exceed the ...
by ddurrett896
Mon Aug 10, 2020 10:38 am
Forum: Personal Consumer Issues
Topic: tips for frozen food during power outage
Replies: 37
Views: 2592

Re: tips for frozen food during power outage

Freezer is fine for 18-24 hours. Maximizing the amount of frozen contents (ice or food) will buy you more time.
Fridge is where the real problem is. After 4 hours, things start to go south quick.
by ddurrett896
Sun Aug 09, 2020 4:06 am
Forum: Personal Investments
Topic: Keep investing or pay off some debt?
Replies: 14
Views: 1272

Re: Keep investing or pay off some debt?

With the extra $2,000/month, I would:

$600 his Roth IRA
$600 her Roth IRA
$800 bank account

The extra $9,600/year in the bank account can be used for an emergency or in 10 years when you have an additional $96k banked, the mortgage balance should be close and you can lump sum pay off.
by ddurrett896
Fri Aug 07, 2020 1:08 pm
Forum: Personal Consumer Issues
Topic: Compound miter saw recommendation
Replies: 50
Views: 3225

Re: Compound miter saw recommendation

Dewalt. get the sliding if you think you will be cutting big wood like 8x8, etc.
by ddurrett896
Fri Aug 07, 2020 1:04 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 6834
Views: 453636

Re: Refinance Mega Thread

Navy Federal. Moving from a 30 year 3.625% to 15 year 2.5% (no points) Title - Settlement/Esxrow Fee: $470 Title - Lenders Coverage Prem: $269 Title - Search Fee: $145 Recording Fees and Other Taxes: $116 Transfer Tax: 419 Total Fees: $1,419 Homeowner Insurance: $1,325 Property Tax ($226.56 x 7 mont...
by ddurrett896
Fri Aug 07, 2020 9:21 am
Forum: Personal Finance (Not Investing)
Topic: Custom Home Thoughts
Replies: 103
Views: 7518

Re: Custom Home Thoughts

Sounds like a dream, especially on 12 acres and I'd do it in a heartbeat BUT no way would I build a 5,000 sqft house just my wife and I.