Search found 50 matches

by cncm
Thu Sep 17, 2020 6:23 am
Forum: Personal Finance (Not Investing)
Topic: Discretionary spending strategy
Replies: 21
Views: 1790

Re: Discretionary spending strategy

We started loosening the purse strings significantly after hitting our first $1M in investments/savings...with the goal of "enjoying life now" instead of waiting until retirement. We looked at what would increase our standard of living/enjoyment the most and came away with these splurges: 1) Housing...
by cncm
Mon Sep 14, 2020 6:55 pm
Forum: Personal Investments
Topic: Safer investments for 8m over 2-3 years?
Replies: 28
Views: 2756

Re: Safer investments for 8m over 2-3 years?

I would put the amount you'd like to invest in the new start-up in Treasuries...specifically Treasury bonds maturing in the time frame when you'd need the money (bonds are not riskless investments...they can have price volatility between now and maturity...but if you hold it to maturity, you're guar...
by cncm
Wed Sep 02, 2020 8:17 pm
Forum: Personal Finance (Not Investing)
Topic: State Residency - When does it change?
Replies: 22
Views: 1905

Re: State Residency - When does it change?

FWIW I have colleagues who moved from NYC to Florida in March but still work remotely at the same job...they tried to claim FL for tax residency purposes and was told by HR (as well as their accountant) that they still need to pay NY state taxes given their job is still technically in NY (company do...
by cncm
Wed Sep 02, 2020 7:58 pm
Forum: Personal Finance (Not Investing)
Topic: Amex platinum annual fee
Replies: 28
Views: 4056

Re: Amex platinum annual fee

Agree with previous posters - make sure you call the actual retention number, not the number on the back of your card. I made that mistake at first and the customer rep I talked to was very unhelpful. Basically told me there was nothing they could do. Then the second time I called the retention depa...
by cncm
Mon Aug 03, 2020 2:51 pm
Forum: Personal Consumer Issues
Topic: Any Chase Sapphire Reserve cardholders planning on cancelling?
Replies: 80
Views: 7719

Re: Any Chase Sapphire Reserve cardholders planning on cancelling?

My husband has the CSR while I have the Amex Platinum (with Schwab). We've decided to cancel the CSR and transfer the UR balance to my Sapphire Preferred card, and keep the Amex Platinum. It just doesn't make sense in this environment to keep two premium travel cards given how little travel we anti...
by cncm
Mon Aug 03, 2020 11:06 am
Forum: Personal Consumer Issues
Topic: Any Chase Sapphire Reserve cardholders planning on cancelling?
Replies: 80
Views: 7719

Re: Any Chase Sapphire Reserve cardholders planning on cancelling?

My husband has the CSR while I have the Amex Platinum (with Schwab). We've decided to cancel the CSR and transfer the UR balance to my Sapphire Preferred card, and keep the Amex Platinum. It just doesn't make sense in this environment to keep two premium travel cards given how little travel we antic...
by cncm
Thu Jul 30, 2020 8:08 pm
Forum: Personal Finance (Not Investing)
Topic: How is depreciation deduction calculated when converting current home to rental?
Replies: 9
Views: 629

Re: How is depreciation deduction calculated when converting current home to rental?

Ah, ok, thanks. Makes sense. I knew of depreciation recapture, but I obviously incorrectly assumed if the depreciation claimed + the increase in value was less than 500k when selling for joint filers, there wouldnt be taxes to be paid. But it makes sense that the depreciation would be treated diffe...
by cncm
Thu Jul 30, 2020 5:40 pm
Forum: Personal Finance (Not Investing)
Topic: How is depreciation deduction calculated when converting current home to rental?
Replies: 9
Views: 629

Re: How is depreciation deduction calculated when converting current home to rental?

Yes, that is in the back of my mind. Current plan is to rent it for a couple of years, see how it performs and also the appreciation in that time frame, and depending on the performance as a rental, decide on continuing or selling it so I dont have to report capital gains. The appreciation is about...
by cncm
Mon Jul 13, 2020 1:34 pm
Forum: Personal Finance (Not Investing)
Topic: Wife's new job, pregnancy leave
Replies: 50
Views: 3631

Re: Wife's new job, pregnancy leave

6 months leave in the context of a hopefully long career at the new company is nothing. I’m sure when the company hired her, they did so because she was the most qualified based on her merits. I would take the full 6months - you’re never going to get back those precious first months with your newbor...
by cncm
Mon Jul 13, 2020 9:08 am
Forum: Personal Finance (Not Investing)
Topic: Becoming teacher after reaching FIRE? Advice needed!
Replies: 86
Views: 7186

Re: Becoming teacher after reaching FIRE? Advice needed!

I'm a teacher educator and my only red flag is that you have not mentioned students. If you are discipline oriented rather than youth oriented, then you will fit into a privileged school only, in any location. If you're not sure, substitute for a while in the area you choose to live, in a couple of...
by cncm
Mon Jul 13, 2020 8:53 am
Forum: Personal Finance (Not Investing)
Topic: Becoming teacher after reaching FIRE? Advice needed!
Replies: 86
Views: 7186

Re: Becoming teacher after reaching FIRE? Advice needed!

You are definitely not FIRE, in terms of financially independent. In fact not even close. You spend 120k and have $1.8m, some of which is 401k and subject to tax on withdrawal. Of course if you factor in earnings,and lower cost of living, you can make it work. But think of it this way - at current ...
by cncm
Mon Jul 13, 2020 8:47 am
Forum: Personal Finance (Not Investing)
Topic: Becoming teacher after reaching FIRE? Advice needed!
Replies: 86
Views: 7186

Re: Becoming teacher after reaching FIRE? Advice needed!

Hi cncm! I'm a STEM teacher (currently teach health science, have also taught Anatomy, Environmental Science, and Physical Science) in North Carolina (Charlotte-Mecklenburg), so I can address some of the details of teaching here. I'm also a semi career changer, so I can also address the alternative...
by cncm
Sun Jul 12, 2020 8:23 pm
Forum: Personal Finance (Not Investing)
Topic: Becoming teacher after reaching FIRE? Advice needed!
Replies: 86
Views: 7186

Re: Becoming teacher after reaching FIRE? Advice needed!

I tried to find a teaching job up in the NY metro area after losing my IT job and I found out the jobs are in very high demand and are usually only available by networking, mainly by being related to someone working for the school system. I had graduate degrees in math/CS but that was of no use. Th...
by cncm
Sun Jul 12, 2020 8:19 pm
Forum: Personal Finance (Not Investing)
Topic: Becoming teacher after reaching FIRE? Advice needed!
Replies: 86
Views: 7186

Re: Becoming teacher after reaching FIRE? Advice needed!

I don't really understand the motivation to FIRE and then teach. You're going to go all-in living frugally during your younger years to be independent, then enter a field that is enormously stressful and time consuming? If you love teaching that makes some sense, but if you don't absolutely love it...
by cncm
Sun Jul 12, 2020 8:08 pm
Forum: Personal Finance (Not Investing)
Topic: Becoming teacher after reaching FIRE? Advice needed!
Replies: 86
Views: 7186

Re: Becoming teacher after reaching FIRE? Advice needed!

So to answer your last question, not one regret at all. None. If someone handed me enough money to retire tomorrow, to “do whatever you want to do now that money isn’t an issue”, I’d wind up in the classroom. The job is great. I have a lot of colleagues who want to act like it’s noble thing, and I ...
by cncm
Sun Jul 12, 2020 7:27 pm
Forum: Personal Investments
Topic: Early 30s investing advice on taxable accounts
Replies: 12
Views: 1633

Re: Early 30s investing advice on taxable accounts

Thank you all for taking the time to respond to my question! Greatly appreciated :happy My next question is how does having a taxable account affect your tax liability. How do I ensure it is minimal? You need to pay tax on the gains when you sell your stock/fund holding. The tax rate depends on how...
by cncm
Sun Jul 12, 2020 4:07 pm
Forum: Personal Finance (Not Investing)
Topic: Becoming teacher after reaching FIRE? Advice needed!
Replies: 86
Views: 7186

Re: Becoming teacher after reaching FIRE? Advice needed!

Career changing teacher here. These two nailed it on the head. Your best bet is to gain a provisional license in one of the faster growing regions (in addition to the ones you listed, add the NoVa region). I know you say that you want lcol. But that’s trade off for the most part: the lower the cost...
by cncm
Sun Jul 12, 2020 3:53 pm
Forum: Personal Finance (Not Investing)
Topic: Becoming teacher after reaching FIRE? Advice needed!
Replies: 86
Views: 7186

Re: Becoming teacher after reaching FIRE? Advice needed!

What do you mean by good school district? If you're concerned about the small differences in pay between school districts, then this would be a sign you're not financially ready to FIRE yet. When parents refer to good school districts, they're primarily referring to demographics: high income and hi...
by cncm
Sun Jul 12, 2020 3:13 pm
Forum: Personal Finance (Not Investing)
Topic: Becoming teacher after reaching FIRE? Advice needed!
Replies: 86
Views: 7186

Re: Becoming teacher after reaching FIRE? Advice needed!

As a result of COVID-19, you might be choosing the worst moment to try to become a teacher. School budgets are stressed and it's easier to cram more students into a virtual classroom to save staffing costs. Given all of the uncertainties involving teaching for the foreseeable future, I would not pl...
by cncm
Sun Jul 12, 2020 2:38 pm
Forum: Personal Finance (Not Investing)
Topic: Becoming teacher after reaching FIRE? Advice needed!
Replies: 86
Views: 7186

Becoming teacher after reaching FIRE? Advice needed!

I'm thinking of going into teaching as a second career after reaching my $ target for FIRE - trying to make sure I consider every aspect of this move. Would appreciate any insights/advice from this community...especially teachers and those who have continued to work in a second career after reaching...
by cncm
Sat Jun 06, 2020 9:05 am
Forum: Investing - Theory, News & General
Topic: Anyone not bother with Tax Loss Harvesting?
Replies: 116
Views: 7445

Re: Anyone not bother with Tax Loss Harvesting?

I've been tempted to TLH in the past but always got confused by the "substantially different" investment rule. Most of my taxable investments are in SPY, QQQ, IWM, and EEM (broad ETFs). If I sell SPY and buy another fund that tracks the S&P 500, does that count as wash sale? Even if it's by a differ...
by cncm
Fri May 15, 2020 3:36 pm
Forum: Investing - Theory, News & General
Topic: Where My 100% Equities Peeps At?!?
Replies: 211
Views: 21349

Re: Where My 100% Equities Peeps At?!?

I'm still 100% equities and doing OK. I held on all through March and dropped all of my annual bonus into the market (unfortunately didn't catch the bottom, bought at the beginning rather than end of March)...right now my 401k is just down 2% YTD (70% of it is in a Growth fund...aka QQQ which is now...
by cncm
Tue May 12, 2020 5:07 pm
Forum: Personal Consumer Issues
Topic: Has Your Spending Changed Since The Shutdown?
Replies: 180
Views: 7195

Re: Has Your Spending Changed Since The Shutdown?

Overall spending is down but not as much as anticipated. We spend less on dining out & travel (our two biggest expenses in normal times) but are spending a lot more on groceries & utilities. Plus with all the sales that are going on, I've been doing quite a bit of online shopping as well. Splurged a...
by cncm
Sat Apr 18, 2020 4:52 pm
Forum: Personal Finance (Not Investing)
Topic: pension rollover into IRA - tax implications going forward?
Replies: 15
Views: 497

Re: pension rollover into IRA - tax implications going forward?

Who says it cannot be rolled into a 401k plan? Even if it can't, it can be rolled into IRA and then into a 401k if the 401k plan accepts rollovers from IRA. That would maintain the ability to use the back door to Roth. My husband's current job does not offer any 401k benefits...he still has two oth...
by cncm
Sat Apr 18, 2020 4:50 pm
Forum: Personal Finance (Not Investing)
Topic: pension rollover into IRA - tax implications going forward?
Replies: 15
Views: 497

Re: pension rollover into IRA - tax implications going forward?

Thanks everyone for your replies - very helpful. We currently do not have the option of rolling the pension into an existing 401k. The two options are to either take the cash payout (and pay income taxes + 10% penalty) or roll into IRA but lose ability to do backdoor roth going forward. I'm leaning ...
by cncm
Sat Apr 18, 2020 4:39 pm
Forum: Personal Finance (Not Investing)
Topic: pension rollover into IRA - tax implications going forward?
Replies: 15
Views: 497

Re: pension rollover into IRA - tax implications going forward?

Yes it does for your husband, as having money in ANY ira activates the pro rate taxation rule, which precludes the backdoor Roth for him. You could still do it if you have no ira money. Not being able to do the backdoor Roth costs more in taxes over the long run, but is a good problem to have. What...
by cncm
Sat Apr 18, 2020 11:28 am
Forum: Personal Finance (Not Investing)
Topic: pension rollover into IRA - tax implications going forward?
Replies: 15
Views: 497

pension rollover into IRA - tax implications going forward?

My husband recently switched jobs and his previous employer has a pension which he can now cash out. Obviously that will have immediate tax implications. Another option offered is to rollover the pension lump sum amount into an IRA which would be pre-tax. My question is: does that affect our ability...
by cncm
Mon Mar 30, 2020 5:21 pm
Forum: Personal Consumer Issues
Topic: Tipping in new reality?
Replies: 80
Views: 4791

Re: Tipping in new reality?

We've been tipping minimum 30% for food/grocery deliveries. In normal times, we'd tip 20% but these are not normal times. We can afford it and if we can help these essential workers then we should.
by cncm
Sat Nov 09, 2019 10:06 am
Forum: Personal Finance (Not Investing)
Topic: Singles/DINKs in HCOL/VHCOL areas, can you please share your budget?
Replies: 21
Views: 3166

Re: Singles/DINKs in HCOL/VHCOL areas, can you please share your budget?

In NYC, it depends on whether you want to live in Manhattan or the hip parts of Brooklyn (if so, expect to pay ~$4k in rent per month for a 1br), or you’re okay living in other, by no means bad, boroughs or neighborhoods. For example, it’s totally doable to get a 1br in Astoria, Sunnyside, or furthe...
by cncm
Sun Sep 29, 2019 11:08 am
Forum: Personal Finance (Not Investing)
Topic: Do you know what your partner spends money on?
Replies: 80
Views: 7200

Do you know what your partner spends money on?

For those who do joint finances with their spouse - how do you go about budgeting and tracking your finances? Right now, my spouse and I each deposit our paychecks to the same checking account and pay our separate credit card bills from that account. The problem is, no one really knows what the othe...
by cncm
Mon Sep 16, 2019 2:03 pm
Forum: Personal Finance (Not Investing)
Topic: Bay Area teacher saving half my income – why the doubt? (and asking more questions)
Replies: 508
Views: 34856

Re: Bay Area teacher saving half my income – why the doubt? (and asking more questions)

First of all, congrats on such an impressive achievement, OP! Truly commendable you’re able to save so much and yet still live a full and meaningful life in such a VHCOL place. I’m learning a lot from this thread. My question to you is not finance related, but rather, career related. Can you talk mo...
by cncm
Wed Aug 14, 2019 10:08 am
Forum: Personal Investments
Topic: Laid off - 59yo - advice please
Replies: 44
Views: 7385

Re: Laid off - 59yo - advice please

It doesn’t sound like you have a huge shortfall. I would look for any minimum wage job to tide you over while you build your freelance portfolio. I would rather do that than relocate to another state or even country as some are suggesting.
by cncm
Sun Aug 04, 2019 6:11 pm
Forum: Personal Finance (Not Investing)
Topic: Schwab as a one stop shop
Replies: 79
Views: 13005

Re: Schwab as a one stop shop

I've been with Schwab for 10+ years, and can recommend them whole-heartedly. I first opened an account with them for the free ATM withdrawal benefit (extremely useful when traveling...no need to carry USD cash to convert...just take it directly out of the ATM for better exchange rate and more securi...
by cncm
Thu Jul 25, 2019 6:21 am
Forum: Personal Finance (Not Investing)
Topic: Transferring property to parent
Replies: 14
Views: 1118

Re: Transferring property to parent

I’m not a real estate expert, but If you have been depreciating on your taxes, it seems one of you should have to pay taxes on the depreciated amount. In the worst case, it has been depreciated down to 0. Then, shouldn’t that be her cost basis? Yes, if this is truly a gift, donee acquires donor’s b...
by cncm
Wed Jul 24, 2019 3:24 pm
Forum: Personal Finance (Not Investing)
Topic: Transferring property to parent
Replies: 14
Views: 1118

Re: Transferring property to parent

Nate79 wrote: Wed Jul 24, 2019 1:32 pm You said investment property. Was this a rental property?
Yes - rental. Planning to keep it a rental property after the transfer
by cncm
Wed Jul 24, 2019 10:30 am
Forum: Personal Finance (Not Investing)
Topic: Transferring property to parent
Replies: 14
Views: 1118

Re: Transferring property to parent

I have a fully paid off investment property I would like to transfer to my mom so she can own it outright (not joint). What’s the best way to do this to minimize taxes? The property is worth ~$290k and I bought it many years ago for $110k. My understanding is this will be treated as a gift but woul...
by cncm
Wed Jul 24, 2019 8:42 am
Forum: Personal Finance (Not Investing)
Topic: Transferring property to parent
Replies: 14
Views: 1118

Transferring property to parent

I have a fully paid off investment property I would like to transfer to my mom so she can own it outright (not joint). What’s the best way to do this to minimize taxes? The property is worth ~$290k and I bought it many years ago for $110k. My understanding is this will be treated as a gift but would...
by cncm
Thu Jul 11, 2019 9:24 am
Forum: Personal Investments
Topic: Why not post-tax investment in US for people from Home Country - India
Replies: 34
Views: 3608

Re: Why not post-tax investment?

If you sell your after-tax investments (in a brokerage account) once you retire early (say at 50), when you have zero income...do your long term capital gains get taxed at zero?
by cncm
Thu Dec 27, 2018 12:37 pm
Forum: Personal Investments
Topic: selling tickets StubHub - Solo 401K?
Replies: 27
Views: 2418

Re: selling tickets StubHub - Solo 401K?

Wow, i did not realize you have to pay taxes on your stubhub ticket resales...do people also pay taxes on stuff you sell on eBay? What if you sold at a loss? Can you deduct that from your income?
by cncm
Sun Oct 28, 2018 3:35 pm
Forum: Investing - Theory, News & General
Topic: Are you too wealthy for a LIQUID emergency fund?
Replies: 29
Views: 5339

Re: Are you too wealthy for a LIQUID emergency fund?

My work pays a pretty generous severance (~10months salary given my seniority/tenure) so I don’t keep a huge emergency fund (about 2 months living expenses). I figure if I get laid off, I’m set for one year without even touching my investments/savings.
by cncm
Fri Jul 27, 2018 2:57 pm
Forum: Personal Finance (Not Investing)
Topic: Decision for Stay at Home Wife?
Replies: 84
Views: 4513

Re: Decision for Stay at Home Wife?

Disagree strongly that the difference is $600 between having your wife stay at home vs work. Keep in mind, she’s giving up not just her current income, but future income as well. Whenever she does decide to return to work, she’ll likely have trouble getting anything more than entry level job, where...
by cncm
Fri Jul 27, 2018 1:30 pm
Forum: Personal Finance (Not Investing)
Topic: Decision for Stay at Home Wife?
Replies: 84
Views: 4513

Re: Decision for Stay at Home Wife?

Disagree strongly that the difference is $600 between having your wife stay at home vs work. Keep in mind, she’s giving up not just her current income, but future income as well. Whenever she does decide to return to work, she’ll likely have trouble getting anything more than entry level job, wherea...
by cncm
Wed May 09, 2018 11:23 am
Forum: Personal Investments
Topic: Pension. Lump sum or monthly payments.
Replies: 10
Views: 1358

Re: Pension. Lump sum or monthly payments.

To me, this is a no brainer - I would take the monthly payments. $2500 per month is equivalent to 7% risk free yield on a $440k investment...that’s far superior to anything else you’ll find in the market. Plus, you transfer the investment risk to the company rather than bear it yourself. The only ca...
by cncm
Mon Mar 26, 2018 9:18 pm
Forum: Personal Consumer Issues
Topic: Savannah or Charleston?
Replies: 49
Views: 5925

Re: Savannah or Charleston?

If you're at all a foodie, then definitely Charleston!
by cncm
Sat Mar 17, 2018 12:56 pm
Forum: Personal Finance (Not Investing)
Topic: Those with high savings rate: why?
Replies: 249
Views: 41505

Re: Those with high savings rate: why?

I save because I grew up poor and don't want to be constrained by money (or lack thereof). I save because even though I work in a high paying field, it's not something I'm passionate about doing. I'd like to switch to a lower paying but more personally fulfilling career at some point down the road. ...
by cncm
Thu Mar 15, 2018 7:37 pm
Forum: Personal Consumer Issues
Topic: Large life style creep that was completely worth it
Replies: 112
Views: 17640

Re: Large life style creep that was completely worth it

For us, the biggest lifestyle creep has been: 1) dining out almost exclusively...we don't cook anymore. We don't go to extravagant places, but still spend $40-80 every night for dinner, and 2) nice hotels when we're on vacation...long gone are they days of $20 bunk beds in a crowded hostel. We now a...
by cncm
Tue Mar 13, 2018 7:01 pm
Forum: Personal Investments
Topic: Any reason not to open a 529? (young investor)
Replies: 21
Views: 2313

Re: Any reason not to open a 529? (young investor)

I do this already, even though we don't have kids yet. I figure we should save now when financial pressures are minimal (we're DINKs) and effective tax rates are high, and once we have kids and one/both of us take lower paying jobs, we can just watch the balance grow (compounding returns FTW). Righ...
by cncm
Tue Mar 13, 2018 6:40 pm
Forum: Personal Investments
Topic: Any reason not to open a 529? (young investor)
Replies: 21
Views: 2313

Re: Any reason not to open a 529? (young investor)

I do this already, even though we don't have kids yet. I figure we should save now when financial pressures are minimal (we're DINKs) and effective tax rates are high, and once we have kids and one/both of us take lower paying jobs, we can just watch the balance grow (compounding returns FTW). Right...
by cncm
Tue Dec 12, 2017 6:08 pm
Forum: Investing - Theory, News & General
Topic: bitcoin - is there any real value here or is it a pure Ponzi scam?
Replies: 236
Views: 27573

Re: bitcoin - is there any real value here or is it a pure Ponzi scam?

https://www.washingtonpost.com/news/wonk/wp/2017/12/12/bitcoin-is-the-most-perfect-bubble-possible/ Bitcoin transactions are up 25% this year yet the value of it is up 2000%?? Blockchain is supposed to eliminate transaction costs yet you still have to pay miners a hefty fee in order to use your bitc...
by cncm
Sun Apr 19, 2015 3:22 pm
Forum: Personal Investments
Topic: What should I invest in? Rental property or stocks?
Replies: 6
Views: 1607

What should I invest in? Rental property or stocks?

I have about 150k sitting in cash (bad, I know), not sure what to do with it. I'm wary of putting it into the market because I think a correction could be coming and would rather wait until then. I've been thinking of buying a rental property in a hot area that has potential for significant apprecia...