Search found 487 matches

by KATNYC
Sun Apr 09, 2017 1:45 pm
Forum: Personal Investments
Topic: IRA for 2016 & Need some assistance with 401K funds changed by employer
Replies: 34
Views: 2798

Re: IRA for 2016 & Need some assistance with 401K funds changed by employer

$177,000 HELOC 4.74% variable (interest only for 9 more years) This caught my attention. First, the interest rate is a little high. But what really got my eye is "interest only for 9 more years". Does that mean you are only paying the interest, nothing to the principal? If so, that strike...
by KATNYC
Sun Apr 09, 2017 11:57 am
Forum: Personal Finance (Not Investing)
Topic: Helping parents/grandparents while raising kids
Replies: 47
Views: 5886

Re: Helping parents/grandparents while raising kids

OP, I do not know how this may or may not help you. Culturally, as Asian, we take care of our family. I lost my father when I was 8 years old. My widowed mother raised 6 children on her own. When I started working, I gave allowance to my mother whenever I am employed. It is part and parcel of my fa...
by KATNYC
Sun Apr 09, 2017 11:25 am
Forum: Personal Finance (Not Investing)
Topic: Helping parents/grandparents while raising kids
Replies: 47
Views: 5886

Re: Helping parents/grandparents while raising kids

OP, I do not know how this may or may not help you. Culturally, as Asian, we take care of our family. I lost my father when I was 8 years old. My widowed mother raised 6 children on her own. When I started working, I gave allowance to my mother whenever I am employed. It is part and parcel of my fa...
by KATNYC
Sun Apr 09, 2017 9:26 am
Forum: Personal Finance (Not Investing)
Topic: Helping parents/grandparents while raising kids
Replies: 47
Views: 5886

Re: Helping parents/grandparents while raising kids

Often times the female siblings are not working (for income, I mean) and you can't very well expect their husbands to contribute, especially if their husbands have similar concerns about their own parents. So for many families the financial contributions come down to the male siblings, and even the...
by KATNYC
Sun Apr 09, 2017 9:22 am
Forum: Personal Finance (Not Investing)
Topic: Helping parents/grandparents while raising kids
Replies: 47
Views: 5886

Re: Helping parents/grandparents while raising kids

OP, I do not know how this may or may not help you. Culturally, as Asian, we take care of our family. I lost my father when I was 8 years old. My widowed mother raised 6 children on her own. When I started working, I gave allowance to my mother whenever I am employed. It is part and parcel of my fa...
by KATNYC
Sun Apr 09, 2017 9:19 am
Forum: Personal Finance (Not Investing)
Topic: Helping parents/grandparents while raising kids
Replies: 47
Views: 5886

Re: Helping parents/grandparents while raising kids

I don't have kids, but I have parents that were in a financial pinch (neither really able to work anymore), SS not enough to cover their substantial bills and next to no retirement funds. The mutually beneficial decision we came up with was to have them move from their location to near me which pro...
by KATNYC
Sun Apr 09, 2017 9:18 am
Forum: Personal Finance (Not Investing)
Topic: Helping parents/grandparents while raising kids
Replies: 47
Views: 5886

Re: Helping parents/grandparents while raising kids

OP, you aren't alone. Helping parents is an obligation. Be happy you are in a position to help at all. As Theseus mentioned the sandwich generation is tough. Agreed. I would always help, even if not asked. Parents helped with college & grad school as well as our wedding. We would never say no t...
by KATNYC
Sun Apr 09, 2017 9:17 am
Forum: Personal Finance (Not Investing)
Topic: Helping parents/grandparents while raising kids
Replies: 47
Views: 5886

Re: Helping parents/grandparents while raising kids

OP, I do not know how this may or may not help you. Culturally, as Asian, we take care of our family. I lost my father when I was 8 years old. My widowed mother raised 6 children on her own. When I started working, I gave allowance to my mother whenever I am employed. It is part and parcel of my fa...
by KATNYC
Sat Apr 08, 2017 9:47 pm
Forum: Personal Investments
Topic: Backdoor ROTH questions
Replies: 12
Views: 1258

Re: Backdoor ROTH questions

letsgobobby, Spirit Rider and Duckie - my sincere thanks for your advice and time. The generosity of the people on this website is amazing! One (hopefully) final question: while I've sent the rollover check to my 401k provider, it does not look like it is posted to my account yet (they did tell me ...
by KATNYC
Sat Apr 08, 2017 8:33 pm
Forum: Personal Investments
Topic: IRA for 2016 & Need some assistance with 401K funds changed by employer
Replies: 34
Views: 2798

Re: IRA for 2016 & Need some assistance with 401K funds changed by employer

We have a Vanguard account too, unfunded though, opened today. Either Vanguard or Fidelity are fine. Waiting for the CPA to tell us how much of $5,500 we need to split between 2 tIRA accounts for max deduction for 2016 (employer 401K poses limits). You wrote earlier you were in the MFJ 25% tax brac...
by KATNYC
Sat Apr 08, 2017 4:10 pm
Forum: Personal Investments
Topic: IRA for 2016 & Need some assistance with 401K funds changed by employer
Replies: 34
Views: 2798

Re: IRA for 2016 & Need some assistance with 401K funds changed by employer

Any suggestions on who to use for IRA? ROTH (emergency fund)? We have accounts with AXA Equitable (currently a ROTH) & TD Ameritrade & Fidelity. Of the three mentioned, Fidelity is the best choice if you want low-cost index mutual funds. We have a Vanguard account too, unfunded though, open...
by KATNYC
Sat Apr 08, 2017 3:55 pm
Forum: Personal Finance (Not Investing)
Topic: Helping parents/grandparents while raising kids
Replies: 47
Views: 5886

Re: Helping parents/grandparents while raising kids

To give some background, both of my parents made bad choices that put them in a bad position financially. Therefore, I expect them to work while they are physically able. I think this is important for their own mental health, and I recognize that I might end up supporting them for 20-30 years given...
by KATNYC
Sat Apr 08, 2017 2:56 pm
Forum: Personal Finance (Not Investing)
Topic: Helping parents/grandparents while raising kids
Replies: 47
Views: 5886

Re: Helping parents/grandparents while raising kids

Depending on 1) your needy relative's money skills and cognitive abilities and 2) the extent to which you trust other relatives who are helping, consider paying a specific bill rather than just handing money. For instance, agree that you'll pay the electric bill each month, but have the bill sent t...
by KATNYC
Sat Apr 08, 2017 2:55 pm
Forum: Personal Finance (Not Investing)
Topic: Helping parents/grandparents while raising kids
Replies: 47
Views: 5886

Re: Helping parents/grandparents while raising kids

We will definitely look into any discounts for seniors. I am presuming there was no scam/fraud but it does happen with phishing schemes. I've witnessed that twice with a bank account being drained (but all refunded). If not already "involved", encourage participation in Seniors groups - a...
by KATNYC
Sat Apr 08, 2017 2:39 pm
Forum: Personal Consumer Issues
Topic: Repair vs Replace car for someone just starting out
Replies: 25
Views: 3173

Re: Repair vs Replace car for someone just starting out

I love that you are thinking this through with your future income & debts in mind! I wish I could get my nephew to join this forum who already ruined his credit with a new car purchase that was totaled. As a parent, I'd be worried about you driving 400 miles a week without a reliable car althoug...
by KATNYC
Sat Apr 08, 2017 2:17 pm
Forum: Personal Investments
Topic: New Boglehead Seeking Alternate Guidance on Portfolio
Replies: 20
Views: 2438

Re: New Boglehead Seeking Alternate Guidance on Portfolio

Greetings, Bogleheads. I am seeking input, analysis, and scrutiny of my portfolio. After lurking but never participating on forums, I finally felt comfortable enough to join and share my portfolio for some outside perspective. Thank you all for facilitating such a welcoming and comfortable communit...
by KATNYC
Sat Apr 08, 2017 2:10 pm
Forum: Personal Finance (Not Investing)
Topic: Best place to setup a will
Replies: 42
Views: 6156

Re: Best place to setup a will

I visit a trusts & estate lawyer. Many provide free consultations.
I'd be too paranoid trying something like this on Legal Zoom, which my corporation recommends and gives us a discount for using.
by KATNYC
Sat Apr 08, 2017 2:06 pm
Forum: Personal Investments
Topic: Where to stash quarterly tax money?
Replies: 16
Views: 2259

Re: Where to stash quarterly tax money?

I have our some of our emergency funds at Lake Michigan Credit Union in the 3% Max checking account. $15,000 limit per account holder.
It requires some hoops (10 debit transactions, deposit, estatements and checking the account online 10 times per month), but I prefer it over the 1% options.
by KATNYC
Sat Apr 08, 2017 1:55 pm
Forum: Investing - Theory, News & General
Topic: Vanguard Taking-In $2 Billion a Day in New Cash
Replies: 30
Views: 6549

Re: Vanguard Taking-In $2 Billion a Day in New Cash

We just opened two tIRA accounts today with Vanguard. As soon as the CPA confirms the amount we can deduct (need to split $5,500 across two accounts for max deduction since employer 401K limits tIRA contribution) we will fund them prior to April 18.
by KATNYC
Sat Apr 08, 2017 12:27 pm
Forum: Personal Finance (Not Investing)
Topic: Helping parents/grandparents while raising kids
Replies: 47
Views: 5886

Re: Helping parents/grandparents while raising kids

How are others dealing with this? After helping 2 of the grandparents with small contributions (both families) as well as learning that one parent has hinted at needing regular help, we are preparing for this eventually. There are siblings to contribute and all are raising kids. We did not face thi...
by KATNYC
Sat Apr 08, 2017 12:25 pm
Forum: Personal Finance (Not Investing)
Topic: Helping parents/grandparents while raising kids
Replies: 47
Views: 5886

Re: Helping parents/grandparents while raising kids

"Helping" can consist of financial contributions ($$$), non-monetary gifts (deliver home cooked meals), and donated labor (4 hours/week of yard work). If you can spread this out between multiple siblings and have everyone feel that they are contributing equally then you should be in natio...
by KATNYC
Sat Apr 08, 2017 12:23 pm
Forum: Personal Finance (Not Investing)
Topic: Helping parents/grandparents while raising kids
Replies: 47
Views: 5886

Re: Helping parents/grandparents while raising kids

As trite as it sounds, you can only do what you can do. If you are raising kids, you've got your retirement and their college cost to take care of. (Opinions vary on how much of their college costs you "ought' to take care of. Whatever you decide is right for you is OK.) The part that is troub...
by KATNYC
Sat Apr 08, 2017 12:19 pm
Forum: Personal Finance (Not Investing)
Topic: Helping parents/grandparents while raising kids
Replies: 47
Views: 5886

Re: Helping parents/grandparents while raising kids

Being in a sandwich generation isn't all that fun - financially as well as emotionally. But these are the cards you are dealt and have to work with it. Both of our parents have been great to us. So I take the view that we treat our parents the same as we treat our children. We have a level of respo...
by KATNYC
Sat Apr 08, 2017 12:08 pm
Forum: Personal Investments
Topic: IRA for 2016 & Need some assistance with 401K funds changed by employer
Replies: 34
Views: 2798

Re: IRA for 2016 & Need some assistance with 401K funds changed by employer

First of all, almost NO ONE, including professional money managers, is good at individual stock investing, so don't feel bad. (Also, note that you didn't lose money on TSLA because you owned it at the wrong time; you lost money because you SOLD it at the wrong time.) The good news is you don't *nee...
by KATNYC
Sat Apr 08, 2017 7:53 am
Forum: Personal Finance (Not Investing)
Topic: Helping parents/grandparents while raising kids
Replies: 47
Views: 5886

Helping parents/grandparents while raising kids

How are others dealing with this? After helping 2 of the grandparents with small contributions (both families) as well as learning that one parent has hinted at needing regular help, we are preparing for this eventually. There are siblings to contribute and all are raising kids.
by KATNYC
Sat Apr 08, 2017 12:02 am
Forum: Personal Finance (Not Investing)
Topic: Budgeting vs Tracking Expenses?
Replies: 42
Views: 5316

Re: Budgeting vs Tracking Expenses?

YNAB +2 Forcing yourself to check the budget before making a purchase was the game changer. It doesn't mean we won't spend an extra $200 for a nice dinner or theater tickets but we know that $200 has to come from someplace else (personal care category is the usual victim). Excel spreadsheets for a d...
by KATNYC
Fri Apr 07, 2017 11:42 pm
Forum: Personal Finance (Not Investing)
Topic: What online bank do you use?
Replies: 99
Views: 18378

Re: What online bank do you use?

Lake Michigan Credit Union Max checking 3%
We also have accounts with USAA, Navy Federal, Citibank & Chase.
by KATNYC
Fri Apr 07, 2017 11:41 pm
Forum: Personal Finance (Not Investing)
Topic: How many financial secrets?
Replies: 58
Views: 7532

Re: How many financial secrets?

We have no secrets. We have a monthly financial meeting to discuss everything from grocery budgets/eating out to investments and taxes. This week is IRA contributions for 2016 since we have the chance to reduce our tax penalty per our CPA. We also have an app on our phone to track spending/budgeting...
by KATNYC
Fri Apr 07, 2017 10:36 pm
Forum: Personal Investments
Topic: IRA for 2016 & Need some assistance with 401K funds changed by employer
Replies: 34
Views: 2798

Re: IRA for 2016 & Need some assistance with 401K funds changed by employer

Any suggestions on who to use for IRA? ROTH (emergency fund)?
We have accounts with AXA Equitable (currently a ROTH) & TD Ameritrade & Fidelity.
CPA says tITA contribution limit for tax deduction is limited due to my 401K and the rest can go to spouse IRA & we can fully fund spouses IRA.
by KATNYC
Fri Apr 07, 2017 10:14 pm
Forum: Personal Investments
Topic: Any reason NOT to do a backdoor Roth IRA?
Replies: 56
Views: 7582

Re: Any reason NOT to do a backdoor Roth IRA?

This article helped me to understand the concept....which seems entirely legal.

How A High-Earner Couple Got $100,000 Into Roth IRAs Via The Backdoor
https://www.forbes.com/sites/ashleaebel ... 0d9d103551
by KATNYC
Fri Apr 07, 2017 9:47 pm
Forum: Personal Consumer Issues
Topic: Retirement Plan Funds to Pay for NYC Apt
Replies: 3
Views: 916

Re: Retirement Plan Funds to Pay for NYC Apt

Congrats! NYer here and yes, it's expensive to live in this city. With a $500K salary, you can afford to spend $30K on the apartment during your residency. I'd imagine having a roommate while training to be a physician isn't anything like Grey's Anatomy and would probably be life sucking in a small ...
by KATNYC
Fri Apr 07, 2017 9:23 pm
Forum: Personal Consumer Issues
Topic: Considering new approach to credit card churning
Replies: 45
Views: 20044

Re: Considering new approach to credit card churning

I've been thinking about Chase Sapphire Reserve but didn't pull the trigger yet. We have a Southwest Companion Pass through the end of this year (free flights to Costa Rica, Aruba & Cuba so far) and we used Citi Thank You point for free flights to Colombia & paid for domestic flights within ...
by KATNYC
Fri Apr 07, 2017 9:13 pm
Forum: Personal Consumer Issues
Topic: Law school-most cost efficient, yet quality, way to get Real Estate law degree?
Replies: 37
Views: 3759

Re: Law school-most cost efficient, yet quality, way to get Real Estate law degree?

What is your career goal here and how did you decide on it? I had a rental property and really enjoyed going over the contracts involved. Sales contracts, rental contracts, etc. I love rules and laws. The order of them makes chaos into manageable bits. I would like to help people with contracts and...
by KATNYC
Fri Apr 07, 2017 8:15 pm
Forum: Personal Investments
Topic: IRA for 2016 & Need some assistance with 401K funds changed by employer
Replies: 34
Views: 2798

Re: Need some assistance with 401K funds changed by employer

Family financial meetings. Sorry, not clear. We sit down to go over budget items monthly & make any adjustments. I'm looking for recommendations for which funds to invest in now that options have changed. The best 401k options are: Large US Equity/Large Cap .04 -- Large caps, 80% of US stocks Sm...
by KATNYC
Fri Apr 07, 2017 6:44 pm
Forum: Personal Investments
Topic: IRA for 2016 & Need some assistance with 401K funds changed by employer
Replies: 34
Views: 2798

Re: Need some assistance with 401K funds changed by employer

Welcome! In order to give appropriate advice, it's best to keep all the information in one spot. I merged your backdoor Roth IRA question into here. (Our first question would be to ask what your portfolio looks like, which is in your first post.) If you have any questions, ask them here. Thanks! Ju...
by KATNYC
Fri Apr 07, 2017 6:09 pm
Forum: Personal Investments
Topic: IRA for 2016 & Need some assistance with 401K funds changed by employer
Replies: 34
Views: 2798

Backdoor Roth

I never knew this was an option. I was income limited to contributing to a ROTH at a prior job and never even considering trying to contribute again after changing jobs. No financial advisor ever mentioned this backdoor as an option. I am no longer income limited (job change & salary cut).
by KATNYC
Fri Apr 07, 2017 5:48 pm
Forum: Personal Investments
Topic: IRA for 2016 & Need some assistance with 401K funds changed by employer
Replies: 34
Views: 2798

IRA for 2016 & Need some assistance with 401K funds changed by employer

Hi everyone! My company rolled over all assets to their 16 new 401k funds & I need some help evaluating the new options. Emergency funds: 7 months living expenses in savings earning 1%(part of this is a bonus) + an additional 3 months in an online account earning 3%. 10 months total. Debt: $59,2...