Search found 7948 matches

by tfb
Fri Jan 11, 2019 2:49 pm
Forum: Personal Finance (Not Investing)
Topic: Free Business Checking Account?
Replies: 7
Views: 244

Re: Free Business Checking Account?

US Bank and BBVA Compass Bank both offer a free business checking account. You just don't earn much interest. If you don't need a debit card or depositing cash in person, Fidelity also offers a business account that can be used for direct deposit, mobile deposit, direct debit, and writing checks. Yo...
by tfb
Sun Dec 30, 2018 3:20 pm
Forum: Personal Finance (Not Investing)
Topic: Retiree Health Insurance Premium Tax Deductible?
Replies: 17
Views: 1734

Re: Retiree Health Insurance Premium Tax Deductible?

As long as no part of the retiree health insurance premium is subsidized or deducted pre-tax from a pension, you are eligible to take the self-employed health insurance deduction. Doesn't the health insurance also have to be "established" by the self-employed business? Retiree health insurance is b...
by tfb
Sat Dec 29, 2018 1:27 am
Forum: Investing - Theory, News & General
Topic: TIPS yield curve inverted at short end
Replies: 125
Views: 7493

Re: TIPS yield curve inverted at short end

danielc wrote:
Fri Dec 28, 2018 11:41 pm
perhaps what #Cruncher was trying to say is that the price that's advertised on your broker's website is just APP (or actually, not even APP itself but APP / IR).
Correct. It's not included in the price quoted but it's included in the amount deducted from your account after you buy the bond.
by tfb
Fri Dec 28, 2018 10:28 pm
Forum: Investing - Theory, News & General
Topic: TIPS yield curve inverted at short end
Replies: 125
Views: 7493

Re: TIPS yield curve inverted at short end

Hmmm... So I buy the bond today and I pay APP . My account balance goes down by APP and I am now the proud owner of one TIPS. I wait till it matures. When it matures... will I get AMP + AMI - AAI deposited into my account? ... I'm not sure how that would work. When I own a stock, the value on the d...
by tfb
Fri Dec 28, 2018 7:52 pm
Forum: Investing - Help with Personal Investments
Topic: Vanguard personal advisor service (PAS) for high net worth?
Replies: 70
Views: 6420

Re: Vanguard personal advisor service (PAS) for high net worth?

Of course the appeal of the Vanguard PAS is low cost financial advice. It's not necessarily low cost for high net worth, depending on what asset size you consider as high net worth. The fees should be expressed in dollars, not percentages. $1 million = $3k a year $5 million = $15k a year $10 millio...
by tfb
Fri Dec 28, 2018 10:44 am
Forum: Investing - Help with Personal Investments
Topic: Wow, I suck at TLH!
Replies: 17
Views: 1932

Re: Wow, I suck at TLH!

Aside from trying to capitalize on a big loss and not waiting until closer to the close of market yesterday thus incurring a good sized gain on the fund I was trying to sell at a loss, I made another boo-boo today and bought back an ETF I forgot I sold (for the purpose of TLH lol) earlier in the mo...
by tfb
Thu Dec 27, 2018 7:01 pm
Forum: Personal Finance (Not Investing)
Topic: Wiki page UPGRADE: Backdoor Roth
Replies: 76
Views: 5467

Re: Wiki page UPGRADE: Backdoor Roth

Before the new wiki page can become active, we need comments from you, particularly on things that are not clear, sound awkward, are wrong, or should be added to the page. "Everyone with earned income (ie, wages) is eligible to do a Backdoor Roth" isn't entirely correct. Those who will reach 70-1/2...
by tfb
Thu Dec 27, 2018 6:54 pm
Forum: Personal Finance (Not Investing)
Topic: Child Tax Credit and H&R Block Software 2018
Replies: 9
Views: 520

Re: Child Tax Credit and H&R Block Software 2018

essbeer wrote:
Thu Dec 27, 2018 5:58 pm
Mine are elementary age. I assume this will get corrected on Jan. 3, but that could be too late if I need to realize extra income before the end of the year.
Use FreeTaxUSA. It calculated the child tax credit correctly for a test case I ran.
by tfb
Thu Dec 27, 2018 6:51 pm
Forum: Investing - Help with Personal Investments
Topic: FSKAX (Total Market) dividends declared as non-qualified even though lots held long term
Replies: 2
Views: 425

Re: FSKAX (Total Market) dividends declared as non-qualified even though lots held long term

pjbh wrote:
Thu Dec 27, 2018 4:30 pm
Anyone else seeing FSKAX dividends as non-qualified or am I misunderstanding this ?
Worry about it only when the 1099 comes out. The information currently displayed isn't necessarily final.
by tfb
Thu Dec 27, 2018 3:47 pm
Forum: Investing - Theory, News & General
Topic: TIPS yield curve inverted at short end
Replies: 125
Views: 7493

Re: TIPS yield curve inverted at short end

I've added a sheet to my Google spreadsheet to handle TIPS that mature in more than six months. It is more complicated because it handles the intermediate interest payments. Through trial and error it lets you choose the annual breakeven inflation rate (ABEI in cell B8) that will produce what you a...
by tfb
Wed Dec 26, 2018 2:34 pm
Forum: Personal Finance (Not Investing)
Topic: Google sheets not pulling stock prices
Replies: 45
Views: 8004

Re: Google sheets not pulling stock prices

The Morningstar and Marketwatch links also work for some Fidelity funds (e.g., FCNTX) but not others (e.g., FUSVX). FUSVX doesn't trade any more. The new ticker symbol is FXAIX. You can find out the new ticker symbol for the ones that consolidated into others by entering the old symbol to the searc...
by tfb
Wed Dec 26, 2018 12:57 am
Forum: Investing - Theory, News & General
Topic: Dual Momentum Execution
Replies: 14
Views: 937

Re: Dual Momentum Execution

I thought dual momentum says you only look at the month end and you only switch when the recent 12-month performance is below cash. It kicks in later than 200-day moving average. After the end of December is the time to switch to cash if I understand it correctly.
by tfb
Sat Dec 22, 2018 2:22 pm
Forum: Personal Finance (Not Investing)
Topic: May a married couple have a PPO w/ FSA and a HDHP w/HSA & limited-purpose FSA?
Replies: 8
Views: 641

Re: May a married couple have a PPO w/ FSA and a HDHP w/HSA & limited-purpose FSA?

May I forego HSA, but keep HDHP w/ limited-purpose FSA or w/o FSA? We would like to keep the PPO. My HDHP comes without any cost to me. Do I have to drop the HDHP to keep the regular FSA of DW? You can keep the HDHP and just not contribute to the HSA. In the future you can have your spouse not cont...
by tfb
Sat Dec 22, 2018 2:08 pm
Forum: Investing - Theory, News & General
Topic: Just how good is I-bonds' nominal guarantee during deflation?
Replies: 29
Views: 2925

Re: Just how good is I-bonds' nominal guarantee during deflation?

Back to the original question -- "just how good?" -- given that deflation doesn't happen often, the deflation bonus from I Bonds only kicks in briefly, and it's very small in size. It's something, but insignificant relative to the difference in the fixed rate when compared to TIPS. When TIPS real yi...
by tfb
Sat Dec 22, 2018 1:31 pm
Forum: Investing - Help with Personal Investments
Topic: Fidelity 401k - can you choose which fund dividends reinvest to?
Replies: 13
Views: 542

Re: Fidelity 401k - can you choose which fund dividends reinvest to?

But that's absurd, given that Fidelity surely understands TLH, not to mention a more general "why NOT give the investor the choice"? It can't just be that there isn't a fund that is "called" a "settlement" fund, as any cash/money market type fun works for that. All employer-sponsored 401k-type plan...
by tfb
Fri Dec 14, 2018 12:02 pm
Forum: Investing - Theory, News & General
Topic: [Robinhood to offer 3% cash management program, not a bank account]
Replies: 160
Views: 10638

Re: [Robinhood to launch 3% interest bearing accounts, but is not a bank]

LadyGeek wrote:
Fri Dec 14, 2018 11:47 am
The product has finally been defined: Robinhood’s 3% Interest Checking Is Just a Money-Market Fund, from Bloomberg. (The comments about SIPC protection have been superseded by the above article.)
It has not. That title is just someone's opinion. There is no actual money market fund.
by tfb
Fri Dec 14, 2018 12:46 am
Forum: Investing - Theory, News & General
Topic: [Robinhood to offer 3% cash management program, not a bank account]
Replies: 160
Views: 10638

Re: Robinhood to launch 3% Checking & Savings Accounts

The other thing I do not comprehend is many here balk at the lack of FDIC, then mention their or so-so's MMMF is paying almost as much, 63 basis points difference was the spread in one reply. But wait, that MMMF is not FDIC either right ??? A money market fund is registered with the SEC. It has spe...
by tfb
Fri Dec 14, 2018 12:03 am
Forum: Personal Finance (Not Investing)
Topic: Fidelity HSA - Account Closed (Risk Department)
Replies: 20
Views: 2944

Re: Fidelity HSA - Account Closed (Risk Department)

Yes, I semi-regularly empty the Fido cash account, as I have been for the past 3 years. So I do not keep very much in the account. I also wonder if that is a consideration, since I'm not profitable to them (they'd never admit that's the reason), BUT they are kicking me out at the exact moment I am ...
by tfb
Tue Dec 04, 2018 8:45 pm
Forum: Investing - Theory, News & General
Topic: Merrill Edge sweep options just reduced
Replies: 11
Views: 1043

Re: Merrill Edge sweep options just reduced

If it's just for dividends, you can have the dividends automatically swept to an external checking or savings account. Requires filling out a Funds Transfer Service Enrollment form and sending it in.
by tfb
Sun Dec 02, 2018 4:17 pm
Forum: Personal Finance (Not Investing)
Topic: employer contribution to solo 401k limit for spouse
Replies: 4
Views: 428

Re: employer contribution to solo 401k limit for spouse

For an LLC, taxed as a solo prop, employ spouse. Spouse does approx 10k/yr of work. I'm aware of the employee limits (18.5k total and 25% of their income) to their 401k, but what about employer? Does it have to be matching or tied to the spouses income, or can it be up to 55k as an employer contrib...
by tfb
Sun Dec 02, 2018 12:36 pm
Forum: Personal Finance (Not Investing)
Topic: Fidelity atm/debit card - can’t handle multiple accounts?
Replies: 9
Views: 724

Re: Fidelity atm/debit card - can’t handle multiple accounts?

Like any other bank (I also have Wells Fargo), i can See all my accounts when I go to the atm to either deposit or withdraw money. Their own bank's ATM may show you additional checking accounts but remember when you use a Fidelity debit card you are not going to any Fidelity ATMs. You are always us...
by tfb
Sun Dec 02, 2018 2:41 am
Forum: Investing - Theory, News & General
Topic: Penfed raises certificate rates 12/1/18
Replies: 25
Views: 3145

Re: Penfed raises certificate rates 12/1/18

tbradnc wrote:
Sat Dec 01, 2018 6:14 am
I'm going to buy a good slug of 1 year certs at 2.8% and see what happens over the next 12 months.
1 year Treasury is 2.7% state income tax free.
by tfb
Sun Dec 02, 2018 2:34 am
Forum: Personal Finance (Not Investing)
Topic: Fidelity atm/debit card - can’t handle multiple accounts?
Replies: 9
Views: 724

Re: Fidelity atm/debit card - can’t handle multiple accounts?

I have never heard of any bank that can not handle a single card with multiple accounts? I have never heard of any single card that can access multiple [checking] accounts. When you use the card to buy something, which account does the money come out of? At the ATM you can choose checking or saving...
by tfb
Sat Nov 17, 2018 2:18 pm
Forum: Investing - Theory, News & General
Topic: News: Vanguard rolls out HSA's
Replies: 11
Views: 2355

Re: News: Vanguard rolls out HSA's

b0B wrote:
Sat Nov 17, 2018 12:42 am
Vanguard's own release.
Vanguard and HSA provider HealthEquity announce partnership
Doing this with a partner shows Vanguard had no intention to offer HSA on their own.
by tfb
Fri Nov 16, 2018 1:26 pm
Forum: Investing - Theory, News & General
Topic: Rumor mill - Fidelity starting individual HSA's Nov. 15th
Replies: 854
Views: 64420

Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Those of you in CA who are striving to keep things tax free, which treasury funds do you recommend at Fidelity? I'm trying to use the screener, and it seems like iShares Treasury bond funds are the only ones that are commission free with low expense ratios, e.g. symbols IEI and IEF The iShares Trea...
by tfb
Fri Nov 16, 2018 12:40 pm
Forum: Investing - Theory, News & General
Topic: Rumor mill - Fidelity starting individual HSA's Nov. 15th
Replies: 854
Views: 64420

Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Hayden wrote:
Fri Nov 16, 2018 12:38 pm
If I do a direct transfer from HSA Bank to Fidelity, is this something I have to remember to report on my tax return?
Nothing for a direct transfer.
by tfb
Fri Nov 16, 2018 12:35 pm
Forum: Investing - Theory, News & General
Topic: Sell 0% Fixed Rate IBonds and Buy TIPS?
Replies: 19
Views: 2067

Re: Sell 0% Fixed Rate IBonds and Buy TIPS?

I would say the difference is ibonds have a floor, which is the rate of inflation. Money markets can and did go to almost 0%. In many situations ibonds have no more risk than money markets, but higher returns. Plus ibonds have tax deferral aspect. I wasn't comparing I Bonds with money market. I bro...
by tfb
Fri Nov 16, 2018 11:46 am
Forum: Investing - Theory, News & General
Topic: Rumor mill - Fidelity starting individual HSA's Nov. 15th
Replies: 854
Views: 64420

Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Reporting back on my experience this morning...My Fidelity rep walked me through the process of transferring assets in kind from HSA Bank and TD Ameritrade. Everything accomplished online. I just needed to input account numbers and attach the most recent statement from both. Online signature accept...
by tfb
Fri Nov 16, 2018 11:41 am
Forum: Investing - Theory, News & General
Topic: Sell 0% Fixed Rate IBonds and Buy TIPS?
Replies: 19
Views: 2067

Re: Sell 0% Fixed Rate IBonds and Buy TIPS?

That's true, but I was comparing I Bonds to TIPS. If we're comparing I Bonds to money markets, then I'd argue the MM isn't inflation indexed and isn't tax deferred. :) They're all useful in their own right, which makes apples to apples comparison challenging. That's my point - the differences betwe...
by tfb
Fri Nov 16, 2018 10:41 am
Forum: Investing - Theory, News & General
Topic: Sell 0% Fixed Rate IBonds and Buy TIPS?
Replies: 19
Views: 2067

Re: Sell 0% Fixed Rate IBonds and Buy TIPS?

One of the advantages mentioned (#4) is actually the advantage that makes comparison to TIPS a little silly. IBonds have no interest rate risk. They're like zero duration bonds within 30 years. If you know how long you'll hold the bond up front, it's easy - you can pick TIPS of the right duration a...
by tfb
Thu Nov 15, 2018 9:12 pm
Forum: Personal Finance (Not Investing)
Topic: Lively HSA offers first dollar investing
Replies: 353
Views: 52370

Re: New HSA provider Lively offers investments for $30/yr fee

Most seem to think that the Fidelity HSA has no HSA-specific account fees. But absence of an actual fee schedule, it's hard to know for sure at this point. The fee schedule: https://www.fidelity.com/bin-public/060_www_fidelity_com/documents/Brokerage_Commissions_Fee_Schedule.pdf The fees described ...
by tfb
Thu Nov 15, 2018 1:55 pm
Forum: Investing - Theory, News & General
Topic: Rumor mill - Fidelity starting individual HSA's Nov. 15th
Replies: 854
Views: 64420

Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

You can electronically transfer cash up to the annual contribution limit. So if you transfer ftom HealthEquity to Fidelity at least annually, you will just be able to withdraw from HI and then electronically deposit with Fidelity without filling out any forms at all. Fidelity will then report it as...
by tfb
Wed Nov 14, 2018 11:16 am
Forum: Personal Finance (Not Investing)
Topic: Multiple HSA rollover(s)
Replies: 6
Views: 817

Re: Multiple HSA rollover(s)

This paragraph from the link was confusing, making it sound like you can keep making distributions to make a lump-sum rollover: The 1-year rule is tracked to the date when you received the distribution, not when you deposited it as a rollover. Still, if you keep doing this, the date will be pushed ...
by tfb
Wed Nov 14, 2018 11:03 am
Forum: Personal Finance (Not Investing)
Topic: Is there an online checking account that can do these three things?
Replies: 19
Views: 1257

Re: Is there an online checking account that can do these three things?

Alliant Credit Union fulfills all three criteria. ATM limit is $1000/day and mobile deposit max is $50,000. I've had an account for over a decade now but have never stepped into a branch. I don't exactly recommend them as their phone customer service is rather lacking. However, their interest rates...
by tfb
Sun Nov 11, 2018 9:28 pm
Forum: Investing - Theory, News & General
Topic: Rumor mill - Fidelity starting individual HSA's Nov. 15th
Replies: 854
Views: 64420

Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

If Fidelity is $48/year, then Lively is still better at $30/year (2.50/mo). But it's one full fledged Fidelity brokerage account with many more free options than a TD Ameritrade account (index funds versus ETFs, iShares ETFs versus SPDR ETFs, commission-free Treasuries, ... ...). Can set up automat...
by tfb
Sun Nov 11, 2018 8:54 pm
Forum: Investing - Theory, News & General
Topic: Fidelity class change calculation. Numbers seem off, unless NAVs have extra decimal places.
Replies: 20
Views: 1236

Re: Fidelity class change calculation. Numbers seem off, unless NAVs have extra decimal places.

The NAV based on the values of the underlying holdings could always be calculated to more decimal places. But usually the price you buy or sell at is (rounded to be) in whole cents per share. The rounding can make a few bp difference. It makes sense to do what they did, as a few bp on the whole ass...
by tfb
Sun Nov 11, 2018 8:46 pm
Forum: Investing - Theory, News & General
Topic: Rumor mill - Fidelity starting individual HSA's Nov. 15th
Replies: 854
Views: 64420

Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

https://thefinancebuff.com/best-hsa-provider-for-investing-hsa-money.html Comment 81:"Just talked to Fidelity to see if I could move my HSA account there. He said that 4th quarter of this year (2018) they will begin offering Standalone HSA accounts for those of us that cannot enroll through an empl...
by tfb
Fri Nov 09, 2018 10:11 pm
Forum: Personal Finance (Not Investing)
Topic: Doing taxes by hand
Replies: 83
Views: 5016

Re: Doing taxes by hand

I am attracted to the idea of doing my taxes by hand with no software. Just the forms, a pencil, and calculator. Especially since TurboTax is like $70 now. Software under $20 (FreeTaxUSA etc.) is still much easier than doing it by hand, especially when you make changes. Oops, another 1099 came in. ...
by tfb
Thu Nov 08, 2018 12:30 pm
Forum: Personal Finance (Not Investing)
Topic: Statue of limitations on taking back unvested $ in 401K? What if value of match is now lower than original deposits?
Replies: 10
Views: 922

Re: Statue of limitations on taking back unvested $ in 401K? What if value of match is now lower than original deposits?

Do you know if there is a statue of limitations to pull this money back or can they, say, take the money back 20 years from now? There is not statute of limitations. Unvested means unvested. When you ask for a distribution (withdrawal or rollover), they can take the money back if they see a termina...
by tfb
Thu Nov 08, 2018 12:22 pm
Forum: Personal Finance (Not Investing)
Topic: TurboTax on TaxMarkDown.com
Replies: 37
Views: 4028

Re: TurboTax on TaxMarkDown.com

The company is legit. I received my download link today and installed the software. Works fine. Receiving the download and the company being legit are two different things. These websites pop up every year and they never operate at the same web address for more than one year. Next year they will ha...
by tfb
Wed Oct 24, 2018 3:24 pm
Forum: Investing - Help with Personal Investments
Topic: When to sell CDs and accept EWP
Replies: 10
Views: 1363

Re: When to sell CDs and accept EWP

This one works, but I think I have gotten some spurious results when trading in for a CD of shorter maturity. Then again, it could have been my error. Not my field, and I have been out of college longer than I would like to believe. https://thefinancebuff.com/cd-early-withdrawal-calculator.html Sor...
by tfb
Sun Oct 21, 2018 11:32 am
Forum: Investing - Help with Personal Investments
Topic: “The Worst Kind of Bear Market”
Replies: 23
Views: 4737

Re: “The Worst Kind of Bear Market”

No, TIPS were not available in the United States until 1998 (European countries introduced inflation-linked bonds much earlier), and they are not the ultimate answer to everything, and yes, just as with every other investment the income tax is levied on nominal gains and not real gains and therefor...
by tfb
Fri Oct 19, 2018 11:51 pm
Forum: Personal Finance (Not Investing)
Topic: Inflating AGI to avoid paying back ACA Premium Tax Credit
Replies: 42
Views: 3939

Re: Inflating AGI to avoid paying back ACA Premium Tax Credit

As it has already been pointed out, the AGI doesn't need to be inflated. You don't have to pay back PTC when your AGI is too low. You still may want to increase AGI but you don't have to. Premium Tax Credits do have to be paid back if income is too low. At least, in the state I reside in, they do. ...
by tfb
Fri Oct 19, 2018 7:14 pm
Forum: Personal Finance (Not Investing)
Topic: Inflating AGI to avoid paying back ACA Premium Tax Credit
Replies: 42
Views: 3939

Re: Inflating AGI to avoid paying back ACA Premium Tax Credit

As it has already been pointed out, the AGI doesn't need to be inflated. You don't have to pay back PTC when your AGI is too low. You still may want to increase AGI but you don't have to.
by tfb
Fri Oct 19, 2018 7:10 pm
Forum: Personal Finance (Not Investing)
Topic: Co-pay accumulators in new health plans
Replies: 35
Views: 2582

Re: Co-pay accumulators in new health plans

I disagree. The copay assistance programs acted like secondary/supplemental insurance plans, covering the amount the primary insurance wouldn't cover. The position of the primary insurers - wanting to make sure the patient bled their own money and not money from the assistance programs - is untenab...
by tfb
Fri Oct 19, 2018 8:42 am
Forum: Personal Finance (Not Investing)
Topic: Co-pay accumulators in new health plans
Replies: 35
Views: 2582

Re: Co-pay accumulators in new health plans

The "copay accumulator" means the insurer pockets the money from the assistance program, but no longer counts it towards your deductible or out-of-pocket-maximum ! Although it adds to your cost, it sounds legit as in how insurance should work. When you have reimbursement from somewhere else, you di...
by tfb
Fri Oct 19, 2018 8:26 am
Forum: Investing - Help with Personal Investments
Topic: Spoke with a CFP...underwhelming!
Replies: 51
Views: 5423

Re: Spoke with a CFP...underwhelming!

It doesn’t seem like a great analysis. The tax cost of bonds yielding 2% taxed at 40% is 0.8%. The tax cost of stocks with a 7% expected return taxed at 15% is 1.05% Do people really turnover their stocks every year in taxable? It's a spreadsheet. Don't hang up on just one example. You get to use w...
by tfb
Fri Oct 19, 2018 1:36 am
Forum: Investing - Help with Personal Investments
Topic: Spoke with a CFP...underwhelming!
Replies: 51
Views: 5423

Re: Spoke with a CFP...underwhelming!

2. Simplicity...we agreed on this mark, but he was even more simple than I imagined. I kept mentioned tax efficiency, such as bonds in a 401k/IRA but this wasn't the same advice. He mentioned having your target AA applied to all accounts. For example let's just say I'm 80/20 AA, he told me to do th...
by tfb
Tue Oct 16, 2018 2:58 pm
Forum: Investing - Theory, News & General
Topic: Stupid question on treasury direct
Replies: 3
Views: 530

Re: Stupid question on treasury direct

dimbmw wrote:
Tue Oct 16, 2018 2:52 pm
So how do i know that i will end up paying a fair price?
You will get the same price everyone else gets. That's just how the auction is designed. When you buy $1,000 you pay the same price as a bank buying $100 million.
by tfb
Tue Oct 16, 2018 12:29 pm
Forum: Personal Finance (Not Investing)
Topic: ACA subsidy repayment for s-Corp owner
Replies: 10
Views: 769

Re: ACA subsidy repayment for s-Corp owner

When you say it is assumed where is that ? The W-2 given by my s-Corp to me will only reflect the reduced subsidized premium and that is what I will have to put in the line 29 of the 1040 for the self employed health deduction. You should include the full unsubsidized premium on the W-2. The advanc...