Search found 1538 matches

by Flyer24
Mon Jul 30, 2018 8:55 am
Forum: Personal Finance (Not Investing)
Topic: Credit Card Pay Down Question
Replies: 37
Views: 2361

Re: Credit Card Pay Down Question

No. I would not withdraw from a Roth to pay CC. They need to utilize the debt snowball method that is endorsed by Dave Ramsey. Live on a frugal budget and look for extra side income to get the debt paid off.
by Flyer24
Mon Jul 30, 2018 8:07 am
Forum: Personal Investments
Topic: Building a portfolio from scratch, starting with 100k
Replies: 15
Views: 1467

Re: Building a portfolio from scratch, starting with 100k

Pay the student loan off and start your new life debt free.
by Flyer24
Wed Jul 25, 2018 9:08 pm
Forum: Personal Investments
Topic: Non Ira investment account
Replies: 22
Views: 1929

Re: Non Ira investment account

it has been open over 4 years now. I did some stock trading , took some loss. report it in tax return. I don't think we are eligible for Roth IRA because of income threshold. combine income around 300k , married filling jointly. You can do a backdoor Roth. You put the money in a traditional IRA the...
by Flyer24
Wed Jul 25, 2018 7:02 pm
Forum: Personal Investments
Topic: Non Ira investment account
Replies: 22
Views: 1929

Re: Non Ira investment account

Thank you all for responses. Its Merill Edge. I dont know whats the difference. Yes we are fully funding my and spouse 401 k through work and previous we had roll over to vanguard. We had enough emergency fund in savings account for 1 year. Now i am planning to invest rest of money. What i am tryin...
by Flyer24
Wed Jul 25, 2018 6:16 pm
Forum: Personal Investments
Topic: New Member - Help Wanted
Replies: 27
Views: 2702

Re: New Member - Help Wanted

Stop the taxable investing. You need to max out tax advantaged accounts first.

1) Contribute to get the 401K match
2) Max out a Roth IRA for yourself $5500
3) Max out a Roth IRA for your spouse $5500
4) Max out your 401K ($18,5000)
by Flyer24
Wed Jul 25, 2018 6:30 am
Forum: Personal Investments
Topic: Need help creating an ETF portfolio
Replies: 22
Views: 2072

Re: Need help creating an ETF portfolio

For your cash portion, you can do better on your CD rates. Ally is currently 2.4% for a 12 month with $25K or greater.
by Flyer24
Tue Jul 24, 2018 10:08 pm
Forum: Personal Investments
Topic: What's Next?
Replies: 13
Views: 1727

Re: What's Next?

Yes, I can buy and sell within my Roth IRA, but I don't have any funds available to do so at the moment. I put all of my contributions in stocks and bonds for this year. I will have some funds to cover the trade fees once my bond matures in December otherwise, I have to wait until next year to cont...
by Flyer24
Tue Jul 24, 2018 9:25 pm
Forum: Personal Finance (Not Investing)
Topic: Pay off highest APR or highest balance?
Replies: 20
Views: 1284

Re: Pay off highest APR or highest balance?

Dave Ramsey approach is as follows. Have a $1K emergency fund. Pay the lowest account first then snowball the payments. After paying the debts, establish a 3-6 month emergency fund.
by Flyer24
Tue Jul 24, 2018 9:18 pm
Forum: Personal Finance (Not Investing)
Topic: Turned down for credit card
Replies: 35
Views: 3082

Re: Turned down for credit card

Move part of that $30K into an Ally savings account earning 1.75%. Then apply for an Ally cash back credit card. The rewards can go back into your Ally savings with a 10% bonus.
by Flyer24
Tue Jul 24, 2018 8:36 pm
Forum: Personal Investments
Topic: What's Next?
Replies: 13
Views: 1727

Re: What's Next?

Many people recommend paying off the student loan before investing except for the 401K match. I would slow down and do some reading on this Wikipedia before making further investment decisions. You need an investment plan first. There are great portfolio recommendations on this site (not individual ...
by Flyer24
Tue Jul 24, 2018 10:52 am
Forum: Personal Investments
Topic: Retirement Strategy advice requested
Replies: 7
Views: 1328

Re: Retirement Strategy advice requested

You can do better with your CD rates. Ally is currently at 2.4% for a 12 month CD of $25K or more.
by Flyer24
Mon Jul 23, 2018 10:17 pm
Forum: Personal Investments
Topic: What's Next?
Replies: 13
Views: 1727

Re: What's Next?

You can’t contribute to a traditional IRA because you have already maxed out your Roth IRA. It is a combined limit. Your next step should be to max out your 401k.
by Flyer24
Sun Jul 22, 2018 7:33 pm
Forum: Personal Investments
Topic: 25 Y/O Seeking Opinions
Replies: 22
Views: 1607

Re: 25 Y/O Seeking Opinions

You can roll them into an IRA. You might be able to roll them into your new 401k. I chose to transfer to my new 401k when I changed jobs. I also agree with some of the previous posters. You should pay off your student loans before investing except for the 401k match.
by Flyer24
Sun Jul 22, 2018 3:42 pm
Forum: Personal Investments
Topic: 35 in search of investment advice
Replies: 4
Views: 736

Re: 35 in search of investment advice

Pay off that student loan before you do any investing. It would be an immediate 5.8% return (saving on interest).
by Flyer24
Sat Jul 21, 2018 6:47 pm
Forum: Personal Investments
Topic: 28yo Needs Help with 401K and Personal Investments
Replies: 19
Views: 2188

Re: 28yo Needs Help with 401K and Personal Investments

Pay off your student loan first before investing. You could take $25k from your emergency fund and pay it off immediately. Max out any tax advantaged accounts (401K and Roth IRA) before you do any taxable investments. After your loan is paid off, you could put $5500 into a Roth IRA.
by Flyer24
Tue Jul 17, 2018 1:38 pm
Forum: Personal Investments
Topic: Suggestions for accounts for minor children?
Replies: 2
Views: 292

Re: Suggestions for accounts for minor children?

Both of my kids have online savings accounts at Ally paying 1.75%.
by Flyer24
Tue Jul 17, 2018 2:54 am
Forum: Personal Investments
Topic: 23 and seeking help with investments
Replies: 12
Views: 1312

Re: 23 and seeking help with investments

You do not need to invest in a 529 account right now. Remember, you can always borrow for education but you can’t borrow for retirement. Put it in a Roth IRA. You want to have 3-6 months of expenses for your emergency fund. I put mine in an Ally account earning 1.7%.
by Flyer24
Tue Jul 17, 2018 2:41 am
Forum: Personal Investments
Topic: Simple question on where to fund - 401k > IRA > what next
Replies: 20
Views: 1629

Re: Simple question on where to fund - 401k > IRA > what next

You should still max out your 401K and HSA before doing taxable.
by Flyer24
Fri Jul 13, 2018 4:55 pm
Forum: Personal Investments
Topic: New 18 year old need advice
Replies: 15
Views: 1106

Re: New 18 year old need advice

You could also put the short term money in an online savings account. Ally’s current rate is 1.75%.
by Flyer24
Fri Jul 13, 2018 10:34 am
Forum: Personal Investments
Topic: 26 years old. Roth ira with edward jones last 3.5 years.
Replies: 44
Views: 3134

Re: 26 years old. Roth ira with edward jones last 3.5 years.

Many student loan service programs cannot be paid with a credit card.
by Flyer24
Fri Jul 13, 2018 10:26 am
Forum: Personal Investments
Topic: 26 years old. Roth ira with edward jones last 3.5 years.
Replies: 44
Views: 3134

Re: 26 years old. Roth ira with edward jones last 3.5 years.

Before you concentrate on credit card churning and such, there are many other things that you could do that will earn a lot more in money than those points/miles. You now disclosed that you are self employed. You could look into a solo 401k so that you can stash the money in that account rather tha...
by Flyer24
Fri Jul 13, 2018 8:52 am
Forum: Personal Investments
Topic: 26 years old. Roth ira with edward jones last 3.5 years.
Replies: 44
Views: 3134

Re: 26 years old. Roth ira with edward jones last 3.5 years.

I don’t think it is a good idea to open up 5 credit cards. That is how people get into debt trouble. I would have just focused on paying off the loans and maximizing your savings.
by Flyer24
Thu Jul 12, 2018 5:27 pm
Forum: Personal Investments
Topic: New Boglehead - Portfolio Questions
Replies: 11
Views: 890

Re: New Boglehead - Portfolio Questions

I would open up Roth IRA in your wife’s name too.
by Flyer24
Wed Jul 11, 2018 11:28 pm
Forum: Personal Investments
Topic: ADP 401K Funds Recommendations
Replies: 8
Views: 4338

Re: ADP 401K Funds Recommendations

The more important part is how much you are saving. You need to put at least 15% of your salary.
by Flyer24
Wed Jul 11, 2018 8:55 pm
Forum: Personal Investments
Topic: What to invest 401k in?
Replies: 13
Views: 920

Re: What to invest 401k in?

At your age, it is about accumulating shares and maximizing saving. Don’t let the return be your focus. You want to dollar cost average in index funds.
by Flyer24
Mon Jul 09, 2018 8:17 pm
Forum: Personal Finance (Not Investing)
Topic: Should I take a $60k paycut to work 4days/week
Replies: 58
Views: 6274

Re: Should I take a $60k paycut to work 4days/week

You can’t get that time back with kids. They grow up quick. I am sort of in a similar situation. I make 200k a year. I usually get 16 days off a month. I could easily go in on my days off and increase my pay. However, I also get to go on field trips and my kids’ games. Memories mean more than money....
by Flyer24
Sun Jul 08, 2018 2:32 am
Forum: Personal Investments
Topic: Investing in real estate with Roth IRA
Replies: 8
Views: 1045

Re: Investing in real estate with Roth IRA

Found this tidbit online.

“You may only buy a property that neither you, nor your businesses, ever use. In fact, you can’t rent the property to any related parties either — family members, businesses owned by your business, and so on.”
by Flyer24
Sat Jul 07, 2018 11:30 am
Forum: Personal Finance (Not Investing)
Topic: 401k loan to pay off debt?
Replies: 45
Views: 3478

Re: 401k loan to pay off debt?

whodidntante wrote: Sat Jul 07, 2018 11:03 am
CurlyDave wrote: Sat Jul 07, 2018 8:57 am I have never taken a 401(k) loan, for the simple reason that if one looses his job, the 401(k) loan is immediately due or it would be treated, and taxed, as an early withdrawal.
Some version of this gets posted to every 401k loan thread. It's wrong every time.
What is the correct answer?
by Flyer24
Sat Jul 07, 2018 11:16 am
Forum: Personal Finance (Not Investing)
Topic: E- Billing & Autopay
Replies: 27
Views: 2869

Re: E- Billing & Autopay

I have almost everything on autopay and paperless billing. I use a credit card for most bills to get the reward points. My wife is computer savvy but not money savvy. I have an emergency records folder that contains information for each autopay setup. She can easily just grab the folder and login to...
by Flyer24
Sat Jul 07, 2018 9:42 am
Forum: Personal Finance (Not Investing)
Topic: 401k loan to pay off debt?
Replies: 45
Views: 3478

Re: 401k loan to pay off debt?

No. Do not borrow more money or take out more credit cards. Just focus on getting out of debt. Use the snowball method. Pick your lowest debt and get it paid off first. Then roll that payment into your next debt.
by Flyer24
Fri Jul 06, 2018 12:02 pm
Forum: Personal Investments
Topic: Can you help me figure out how much emergency fund $ I REALLY need?
Replies: 38
Views: 3486

Re: Can you help me figure out how much emergency fund $ I REALLY need?

Zero Emergency Fund would be my approach. Activate Margin in your brokerage account and that can serve as an EF without having to sell anything. IB has very low interest rates on Margin loans, currently under 3.5% on small amounts dropping to under 2.5% on large amounts. Besides, your wife will sur...
by Flyer24
Fri Jul 06, 2018 12:39 am
Forum: Personal Investments
Topic: Can you help me figure out how much emergency fund $ I REALLY need?
Replies: 38
Views: 3486

Re: Can you help me figure out how much emergency fund $ I REALLY need?

I keep about $24k in saving/cd’s. This is about 6 months of bare minimum living expenses. It is also a good fund for my wife if something were to happen to me unexpected. Think about what is best for your family.
by Flyer24
Wed Jul 04, 2018 10:22 am
Forum: Personal Investments
Topic: Anxiety Spending Money
Replies: 52
Views: 6039

Re: Anxiety Spending Money

This is basically the Dave Ramsey way. Take your savings except for $1k and put it towards your student loan. You will be debt free in no time that way. Don’t scrimp too much on your girlfriend. You don’t have to be extravagant but the little things go along way in a relationship. You should have yo...
by Flyer24
Wed Jul 04, 2018 7:29 am
Forum: Personal Investments
Topic: 33 year old- How am I doing?
Replies: 22
Views: 2583

Re: How am I doing?

I would cut back...like waay back on donations/church. You need to start funneling that to your taxable accounts. $235k saved by age 33 with 2 kids is good. These are the most important years. Your money has the longest time to grow. I disagree on cutting back. He has already done really good with ...
by Flyer24
Mon Jul 02, 2018 8:23 am
Forum: Personal Investments
Topic: Picking out funds for the first time.
Replies: 5
Views: 433

Re: Picking out funds for the first time.

Why not just open a Vanguard IRA and use Vanguard funds? You are probably going to have higher fees otherwise.
by Flyer24
Thu Jun 28, 2018 12:10 pm
Forum: Personal Investments
Topic: Changing it up..
Replies: 16
Views: 1568

Re: Changing it up..

At your age, you should be more concerned about contributions with dollar cost averaging rather than market fluctuations. Think about it. If the market drops some, you will lose some value but you are also getting a better value on your newer shares. It is all about accumulating shares at your age a...
by Flyer24
Wed Jun 27, 2018 10:11 pm
Forum: Personal Finance (Not Investing)
Topic: Best portable air conditioner
Replies: 8
Views: 958

Re: Best portable air conditioner

They are not really portable. You will still have to vent through a window or wall.
by Flyer24
Wed Jun 27, 2018 5:57 pm
Forum: Personal Investments
Topic: Beginner Investment Questions
Replies: 22
Views: 1761

Re: Beginner Investment Questions

I would start with your Chase debt since it is the lowest. Pay the max on it and just do the minimum on the rest. Once it is paid off, roll the payment into the next lowest debt. Close each card when it is paid and cut up those cards.
by Flyer24
Wed Jun 27, 2018 3:55 pm
Forum: Personal Investments
Topic: Investing small amounts
Replies: 30
Views: 2627

Re: Investing small amounts

Or I can pay down my HELOC, which I also should probably get locked in soon, before another interest rate hike. The thought there is pay down the debt at 5.49% interest now while I can then if I have to borrow for months while we are in the hole, then at least that debt will be at a lower starting ...
by Flyer24
Tue Jun 26, 2018 11:55 pm
Forum: Personal Finance (Not Investing)
Topic: $1 million house--- sanity check
Replies: 105
Views: 15051

Re: $1 million house--- sanity check

lws wrote: Tue Jun 26, 2018 2:54 pm From experience, 3000 sq ft is too big for four.
I think that is just personal preference. We lived in a 3000 sq ft house for 12 years with 2 kids. It never felt too big. Sometimes it was nice to have a little extra room just for sanity. Ha.
by Flyer24
Tue Jun 26, 2018 11:13 pm
Forum: Personal Investments
Topic: What to do with 21k
Replies: 6
Views: 886

Re: What to do with 21k

I would pay off the car too. I have a separate car replacement fund at Ally. Whenever a car is paid off, I put the future payments into my savings account. Then, I can just pay for the next car with cash and stay debt free.
by Flyer24
Tue Jun 26, 2018 6:35 pm
Forum: Personal Investments
Topic: Beginner Investment Questions
Replies: 22
Views: 1761

Re: Beginner Investment Questions

List your debts.
by Flyer24
Mon Jun 25, 2018 11:18 am
Forum: Personal Investments
Topic: 401K Portfolio Churn & When To Rebalance?
Replies: 3
Views: 339

Re: 401K Portfolio Churn & When To Rebalance?

Trying to just get those big returns also increases your risk. You need to just set an allocation and leave it alone. Stop chasing returns. It sounds like you don’t really have an investment plan and seem to be just going by market changes. I have all my investments in a handful of broad index funds...
by Flyer24
Sun Jun 24, 2018 2:17 pm
Forum: Personal Investments
Topic: How to help my teen (14) grow their savings faster?
Replies: 18
Views: 2053

Re: How to help my teen (14) grow their savings faster?

Maybe think more about college at this stage in her life? +1000 And have some fun. She has the whole rest of her life ahead to stress about money. Let her be a kid for a while first. Amen. I don’t think a kid needs to be worried about investing in the market or saving for a house. They need to lear...
by Flyer24
Sun Jun 24, 2018 12:41 pm
Forum: Personal Investments
Topic: Struggling - Seeking Advice to Get On Track
Replies: 93
Views: 6526

Re: Struggling - Seeking Advice to Get On Track

If I sleep on it I will never make a change. Today I changed my employer 401k Before-Tax contributions from 6% to 12% I am still uncertain about the 2030 fund. What is its current YTD return ? If you look a little bit up on your thread, you posted a screenshot of the fund. It says it on the right h...
by Flyer24
Fri Jun 22, 2018 3:42 am
Forum: Personal Investments
Topic: Struggling - Seeking Advice to Get On Track
Replies: 93
Views: 6526

Re: Struggling - Seeking Advice to Get On Track

I don’t agree with step 2. He is way behind in retirement so paying down the mortgage should not be considered. Even Dave Ramsey would say the same. The 15 percent savings is a normal recommendation for someone starting their plan. However, you are late in the game and need to catch up. Why would yo...
by Flyer24
Thu Jun 21, 2018 12:34 pm
Forum: Personal Investments
Topic: Struggling - Seeking Advice to Get On Track
Replies: 93
Views: 6526

Re: Struggling - Seeking Advice to Get On Track

investjack019 wrote: Thu Jun 21, 2018 12:27 pm Here is the 2030 fund
Image
The 2030 fund is a 70/30 ratio which is very close to what I was talking about.
by Flyer24
Thu Jun 21, 2018 12:15 pm
Forum: Personal Investments
Topic: Struggling - Seeking Advice to Get On Track
Replies: 93
Views: 6526

Re: Struggling - Seeking Advice to Get On Track

I take my age and subtract 20 to get my bond allocation. So if you are 47 then you might pick a fund that is close to 27% bonds. Others might do age minus 10. It is just a general guidance. There is no right or wrong.
by Flyer24
Thu Jun 21, 2018 12:01 pm
Forum: Personal Investments
Topic: Struggling - Seeking Advice to Get On Track
Replies: 93
Views: 6526

Re: Struggling - Seeking Advice to Get On Track

The information is slowly making its way into my thick skull. My one sticking point... probably because of my involvement with the Dave Ramsey FPU and hearing him go on and on about mutual funds and 10-12% rate of return and when I look at the target funds they are no where near that and also him s...