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Kellogg Company

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my suggestion is to be careful with giving out the equity. You can be surprised and happy, but you might quickly regret it. If you're a saas company, $200k is literally nothing (assuming you can get off the ground)

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Price to rent is not constant. Rent in the Southeast has increased an average of 17% in the last year in the 8 major metro areas (Atlanta, Charlotte, Raleigh, Winston/ Greensboro, Columbia, Jacksonville, Tallahassee and Knoxville).

Second, annual maintenance does not run 1.5% unless it is a $100k house. I have yard maintenance, HVAC maintenance, filters, annual carpet cleaning, pest control, and a guy that pressure washes my house, and all of that runs me about $3200 a year, and my house is not exactly petite.

Lastly, compare like rent for like mortgage. Don't compare a 2 bedroom 1 bath apartment with a 3/2 house with a 2 car garage. My neighbor rents their house, and it is on the market (they move out at the end of the month). The current people are paying $3600/ month for rent, and it is for sale for $565k. If you look at the stream of rental costs with just 6% annual increased for the next 7 years, and assume you put down $113k to buy that house (vs investing at 8%), and assume the house increases in value by 4.5% per year, then net out 6% to sell the house, take away property taxes.

The monthly cost to buy my neighbor's house would be ~$3200 assuming 20% down, plus $500 a month for taxes, insurance and maintenance. To rent it costs $3600 (for grins, I'll keep it fixed for 7 years). So you save $400/ month by buying. Invest that at the same 8% as the down payment ($113k). In 7 years (average home ownership of primary residence as of 2020), you remove 6% (sales commission), and increase the purchase price by 4.5% per annum for appreciation. Net out mortgage balance owed and see how you did.

Homeowner: $364,900

Renter: (value of $113k down payment earning 8%) $197,400.

That is an 85% increase over the renter, and assumed rent never went up, and homeowner never refinanced.

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The only benefit is you can defer the penalty when you withdraw the funds from the IRA where it is automatically deducted from the 401k

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Well, as you can see, I did not search for and read the article. That's a my bad. Thank you.

With that said though, that's a problem for every EV. It's not a Tesla specific problem. I think the Bolt is one of the cheapest and it retails for almost 30k? Then you have the ridiculous dealer markups and it costs as much as a Model 3.

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I mean I work at Taco Bell and my net worth is roughly $21k.

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Absolutely excellent point, the unfortunate thing is that a wild amount of Americans think of companies as something else unrelated to them far away just being greedy and equity markets as just numbers flying around for wealthy people (especially young voters.)

It reminds me of when people thought taxing net asset value annually regardless of if gains are realized or not would be a good idea without realizing how horrifically that would affect absolutely everyone.

I really do think an alarming number of people think that financial markets and investment firm money is just from a small group of people and companies and don’t at all realize it’s almost all retirement funds, not only IRA’s and 401k’s, but the big DC and the gigantic DB plans.

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8k profit on bobby shorts. What do I spend it on img

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>Used car market for 2-3 year old vehicles has softened some, but overall is still too steep compared to my new purchase.

My last car died at the peak of the messed up used car market and it was frankly absurd what they were trying to get away with. 40k for a two year old Civic when brand new in same trim was 22k? Get the fuck outta here....

What's worse is a handful of dealerships are marking up new cars too, I saw a bunch with 5 to 10k "market adjustment" line items on the window sticker.

There are dealerships not doing this, at least in my city (and presumably most decent sized metros), I stumbled into one not doing this and had a very positive experience. I took note of the ones attaching huge mark-ups to MSRP and will never buy from them in the future, that's just profiteering IMHO, and says nothing good about them.

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You must've been drinkin some real rot gut chit

j/k

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well you don't pay 300k when they're born, it's more like DCAing

also everyone in this subreddit would have just lost 100% on options.

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I work for a trucking company that hires felons. A lot of them. Like, a lot a lot.

OP if you see this, Google trucking companies that hire feelings and they will very likely hire you. (only two that I know of) Our top guys make 70k+ a year. A lot of them don't even have homes. Just PO boxes or relatives to receive mail.

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Yea good stuff, loss of $3k.

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This is what my wife and I do. We usually get a $3k or so refund each year and we put it towards our vacation fund. I know it’s probably not the most financially efficient way to do it, but it’s kind of fun to get a “surprise” large chunk of money 🤷🏻‍♀️

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It doesn't mean that's what it IS just because they offer that. Presumably, they think it's worth more and that's their starting offer.

But yes, by offering $20k for 10%, that is one valuation at $200k.

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Pretty sure K-Mart sells towels

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Almost sounds like akin to portions of a franchise agreement. It’s going to be difficult to enforce standards, and labor costs (not to mention food costs) are really fluctuating in the restaurant industry right now. If I were you I would try to project a conservative revenue stream from your proposed structure and charge them that amount either up front discounted or over time in installments. Parties to contracts generally act in good faith at the beginning, but as soon as things go wrong or one party struggles they either seek renegotiation or seek means to terminate. If the other party has an attorney I think you will fighting an uphill battle to get them to sign something like this in the first place. Make sure you discuss all of this before you spend money on an attorney to draft. Second, I urge you to think about how much this would be to litigate if in the case of a breach. Even if you’ve got a termination penalty and a clause regarding attorneys fees, you will still need to retain an attorney hourly to enforce this. It can be a very expensive endeavor. Even if you stand to make more money in the long run, you need to factor in risk and costs to enforce. I don’t know how much we are talking about here, but it sounds like you may have some idea how much you could gain. Look at that, then look at legal costs in your area. Paying an attorney $50K just for pre trial is not out of the norm and those costs could go up easily depending. That’s before a trial even takes place, and if you settle, then you will likely bear your own attorneys fees.

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If your mortgage payment is that much of a problem and your 401k is the only way you can handle it, you'd be much better off taking money from your 401k monthly to pay your mortgage until you get a new job. Even if you do this for a year that's a far smaller amount of money thrown away on early withdrawal & lost investment.

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Unsure what to do re: married filing jointly vs. separately. Got married last year and was planning to file separately because it’ll probably save my spouse about $20-25k in student loan payments until PSLF forgiveness (about 7 years). I didn’t realize that we wouldn’t be able to make Roth IRA contributions and/or deduct traditional IRA contributions while filing separately, though, so we’d have to go back and recharacterize our Roth contributions for last year I guess? After running it both ways, we’d only get back $275 more on our return this year (not sure about future years) if filing jointly.

Is it worth the hoops to jump through to file separately?

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If you have 800 FICO you'll qualify for whatever the best offer from your lender is.

Got a credit union as your daily driver? Walk into the dealership with financing approved from them and dare the dealer's business office to beat the rate. If they do, bonus, if they fail you already got an excellent rate. If you're buying used they already got their mark-up on the car, new is a different story, they really want the financing commission for a new car because there's so little mark-up for them.

I would ask why you want a used car for 25 to 30k when you can buy a brand new one for that price or less? That's a brand new Honda Civic in any trim except the 'R' and a Civic will last forever if you take care of it (and almost as long if you mildly abuse it, lol).

If you need a work truck or some such I get it, if it's a car there are Sedan options you can have brand new for that price, less even.

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I get like a 15k bonus on Friday. The urge to not be a degenerate is at all time high.

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second this. I recovered a lost 401k and rolled it into my current employer's sponsored plan. I also have a TDF as part of the standard pension I have and it has been underperforming the portion I can control. rule of 55 was definitely a factor in this decision even if I choose not to use it. I am planning on retiring around then but not sure what my draw out strategy will be yet, but having options is a big plus.

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Cause despite making $14k today I’m still down $12k

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Thx downvoters, but the $25k I made is going to make for some sweet renovations.

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If lowering the interest on $2K could help. You might want to find a calculator online to help you run the numbers.

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  • How can a politician say they didn’t understand what they agreed? That’s admitting you are dumb basically and no politician would do that?

No really, that is part of the story so far. He's not a details guy, so it is possible. On the other hand he is actually clever, despite appearances.

But there's a conflict between making a deal, which he needed to be seen to get done and what the hardline Brexiteers actually want. So perhaps it's a reflection of that...

The island of Ireland is split into the country of Ireland, and the UK province of Northern Ireland NI. There is complicated colonial history that lead to this. Between the 1960's and 1998 there was a low-level conflict in NI for reasons I'm not going to elucidate here - about 3,500 were killed. In 1998 there was a peace accord, which has largely held up to now. A key part of that deal is that there should be no border between Ireland and NI. In the last 24 years, people have lived and worked and shopped and visited freely both sides of the border. Part of the reason this was possible was because the UK was part of the EU and so was the country of Ireland. It was like the border between California and Nevada - it exists, but there's no controls and if you want to transport stuff over the border, you just take it. You don't pay taxes to move stuff across that border. By contrast, if you move stuff across the Pacific from California to Japan, or the other way, you sure are going to be paying taxes.

When the UK left the EU what was going to happen to that border?

A key issue is what happens when goods cross the border? That works okay when either side of the border, there are the same standards and taxes. It does not work when either of these are missing. E.g. if the tax on fuel is low on one side of the border, but higher on the other, and there's no control, then obviously people will buy in one place and move the fuel to the other. And if it's advantageous enough, then the tax on million of gallons will be lost.

A few options were put forward:

  • Keep the UK and the EU in a customs union
  • Have some magic all-tracking technology that follows goods, people and transport and let all of the above move freely, but send people bills based on the magic
  • Move the border so that the actual border is free, but there's another 'internal to NI' border.

Theresa May punted the first option. Basically the UK is outside of the EU, but has to follow the rules of the EU so that stuff moving across the border did not destabilise the economies of the countries in the EU. She set up the agreement, but then needed the support of Parliament to get it signed. The hardliner Brexiteers hated the ide. Boris Johnson got Parliament to not agree (there was a lot of complex politicking) and Theresa May resigned. Boris was elected as the leader of the Conservative Party and became the Prime Minister. He did not say what he would support. He just said that Theresa's deal was crap.

For a while he backed option 2. But people don't like the idea of total surveillance. And even if you were happy to be watched like this, there are elements of technology that does not exist and would need to be invented, and it would need to hook into pretty much all the sales of goods of at least two countries - and probably the whole of the EU - and goods coming in, and where the goods are moved. And then it would need to send bills. And it would all need to have been invented in about a couple of years. It became obvious that 'and then there was some magic' (cue that magic-being-sprinkled noise) was not going to be a suitable basis for a long-term agreement between the EU and the UK.

Option 3 was the agreement, but the border moved to between mainland UK and NI. A bunch of people, mostly politicians, in NI hate this - it makes them less of a part of the the UK and brought them closer to being part of Ireland. Boris Johnson claims he didn't understand that this is what the agreement he signed meant. He also claimed that this sea border didn't exist when asked. And yet there are custom controls. But he's not a details guy. Anyone could sign a major agreement by mistake. Whoops.

There are actual logistical problems with the agreement. They could probably be ironed out. Hardline Brexiteers want to start again because compromise is not a pretty word.

  • To say being fed unreliable information maybe, like Bush and Iraq, but misunderstand?

He's not a details guy. He doesn't bother reading things so much, maybe. Anyone could get confused about whether it was okay to have a party in his house when parties were illegal, or mistakenly sign a framework agreement between the EU and the UK. And force his MPs to vote for it. And tell the UK public it was perfect.

  • House price decrease because UK national bank raised rates to follow US?

A bit more complicated than that. Yes - rates have risen. It's a mixture of the knock-on effects of Covid, the Ukraine war, and the absolutely appalling handling of the economy of the last Prime Minister, Liz Truss, who managed to damage the economy severely in just 4 weeks of being in office. When Boris Johnson resigned because he'd been caught lying about the parties, she promised members of the Conservative Party that she would lower taxes and that was enough to get her elected as leader of the party, and make her Prime Minister.

Meanwhile, thanks to Russia/Ukraine energy prices absolutely sky rocketed - think 3 to 5 times what people had been paying a year before - because much of the energy had been coming from Russia.

The Conservative party are believers in free market economics. But the prospect of families freezing to death, or starving, or going bankrupt because of heating bills, not that long after the 200K dead from Covid, made it clear that they would lose the next election. And if it got to that state, the election would end up being brought forward. So they opted to subsidise heat. The money is going to energy companies. But that money has to come from somewhere, and there was no plan for where it was coming from. There was a special budget announcement, in which taxes were lowered and billions were promised in subsidies. And the budget did not balance. Much more spending, while lower taxes. And the lower taxes were mostly for the super rich.

Money markets reacted badly. Very badly. The cost of servicing the UK government debt shot up. House loan/mortgage/bond rates doubled or more overnight. It looked like some pension companies were going to go bankrupt. Liz Truss fired the bloke she'd asked to do this. That was not calming. In the end, she was forced to resign. And a couple of days later, the Conservatives elected Rishi Sunack as our PM.

The knock-on of this all is that borrowing costs have shot up. So has the cost of living. So have fuel and heating costs. People cannot afford to pay as much as they could on buying houses. House prices are falling. Very, very slowly. But it's definitely a fall.

  • Harder for people to go? Can you elaborate? Is this for permanent residents mainly?

Yeah. Before, there was free entry to the UK for anyone from Europe. Now you may not be allowed to enter. If you live in the UK, but go on holiday, or to see your dying parent, and try to get back into the UK, someone is going to ask if you have the right to enter. If you cannot show that you do - e.g. by presenting a British passport or a form saying that you have permanent residence - then you may not be allowed home. And this has already really happened. Systematically. Even before Brexit. [*]

So if your home is in the UK, but you are not sure that you would be allowed back, you would be daft to leave if you know about the potential problems. Especially if you haven't followed the changes and applied for 'Settled Status' or haven't completed the requirements for that - e.g. were out of the country for more than 180 days in any rolling 12 months.

So yeah - harder - before you could just come and go. Now if you go, there's a chance you won't be allowed back.

[*] The Windrush generation - after WW2, the UK had a labour shortage. Meanwhile, the UK still had part of an empire, and members of the empire were British. So the UK asked people to come to the UK - promising jobs. No records were kept by the government. They got jobs, had kids, built lives. And then when they wanted to go visit relatives years later, and applied for passports, they were told they were illegal immigrants and deported. There are about 57,000 people in this group. At least 83 people were deported. Others were denied healthcare or other rights of residents. And there are some who left to visit their relatives and were not allowed back. Racism definitely played a part in this appalling treatment, and so did Theresa May, who was responsible for encouraging harsher treatment of people who could not prove their right to residence.

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Clearly Payments is the cheapest for a business though, as long as you're processing above $100k/year. If not, the cheapest will be a processor like Square.No payment processor can have a credit card rate like that because of interchange fees. Interchange fees are a percentage of the transaction amount and you'll be paying around 2% as a business. The banks of the consumers' credit cards take almost all of that.

Clearly Payments is the cheapest for a business though, as long as you're processing above $100k/year. If not, the cheapest will be a processor like Sqaure.

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I've never gone through it myself, but to my understanding - both. Your employer will have to issue a corrected W-2 to show that you in fact did not overcontribute, and the 401k provider will issue a 1099 for any distribution of earnings tied to the overcontribution. But I think the 1099 comes for the tax year in which the overcontribution is fixed, so you wouldn't get one for 2022 taxes but for 2023 taxes instead.

I'm also not sure you would even get a 1099 if you happened to only have losses (because 2022 was a pretty rough year).

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Hey you genius.

NIO ended FY22 with ~34% y/y growth in deliveries to reach 122k units after Q3

Again, I don't think you know what you're doing here. You clearly can't identify ANY sort of stock indicators.

I wish you the best in life. Some people are simply meant to be dreamers.

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This is the same guy who sold Day trading courses a few years back and asked for the same 2k for a mentorship. I can't remember the name he used back then but I can assure you that Nathan Nazareth is not his legal name. This guy is a fraud. He disappeared after scamming people out of day trading courses when they asked for a refund he guaranteed.

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Yeah it was mostly a yolo pick for 1k and it taught me good.

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Open a Roth. By the time I learned why it's a good idea, my income was just over the limit to contribute. I could have been putting away ~$6k per year for 15 years, and would be in a much better retirement position than I am now. I only have my company's 401k, which has done relatively shitty compared to the broader markets.

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Bobby 8k released

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Reached $600k NW last month and also went over $500k liquid!

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I just opened this 5% one last week. If you can put 30k in you’re making a a little over $100 a month for 11 months. I basically did it to fight inflation.

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For once I finally thought I hit it. 3k YOLO put on PIN. Definitely green by open. I’d like to apologize to the Bobby bag holders. I’m no better imgimg

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Thanks so much! I graduated with a degree in psychology and neuro, and I live in an expensive city and only make $40k. Any tips for increasing my income? I’d love to move out of the city to reduce my expenses but it seems like all the jobs are here

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It does say most of the jobs are in leisure & hospitality. According to the report we lost 100k tech sector jobs but gained several hundred thousand server and housekeeper jobs.

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The power of time when it comes to investing. Use your 401(k) and/or IRA.

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I am a bot from /r/wallstreetbets. You submitted a Gain/Loss/YOLO that didn't look like it included a minimum of a $5k options or $10k shares position. Please read the rules. This check will fire if you included unnecessary pictures that don't show positions. Repost with the useless pictures omitted if you did that.

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Congrats!! It’s a bit milestone. As many days, 401K, Roth IRA, HSA, HYS accounts, build up emergency fund. The peace of mind and hitting another milestone will keep you saving forward

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Congrats!! It’s a bit milestone. As many days, 401K, Roth IRA, HSA, HYS accounts, build up emergency fund. The peace of mind and hitting another milestone will keep you saving forward

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Thanks! Appreciate this! It's nice to be able to vent that. I also worked in house, not for an agency, and it was pretty rough because they didn't understand marketing 😅 wanting 100k followers on Instagram in 3 months with 2 employees.... I left that job thinking agency life would be better. I'm now getting reccomendations from friends in the business telling me to quit and go freelance. Which I'm slowly trying to do. Hope you get a good experience soon too. Its shitty having such terrible bosses, in marketing good leadership makes or breaks it

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Thanks for your input, it’s very insightful!The 401k thing is an error, I actually have 60k in it - which actually in retrospect is still not very much and I do want to rev that up, appreciate you pointing that out.

I am actually more than down to coastFIRE as I find various contract work not so bad! That feels like the best way to take us from fringe case to a safer bet.

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I just meant that I basically have no Roth limit thanks to the Mega Backdoor. I could use a Roth 401(k) but I want the tax deferment.

I don’t have kids and I’m not leaving any kind of legacy.

It is a multi-family. Definitely worth the investment. If someone offered me a million dollars for it, I would sell it and retire on the spot. It represents a good part of my retirement and is therefore extremely important to me. Not for any legacy reasons though.

That retirement savings rule of thumb appears to be geared towards a median American salary. I don’t need 10x my salary at retirement.

That said, my retirement accounts are light right now. I had to pause contributions while this property was being fixed.

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The other responses aren't quite getting you were you need to go - these would be considered start-up costs, and those are a little different than ordinary business costs. Generally you capitalize those costs but you are allowed to expense up to $5k - they key for you will be determining which year you expense them in and that is based on which year the business began (which depending on what activity you did in Nov/Dec may or may not be 2022).

You can look at the stat-up cost section in publication 535 for more detail.

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Contact any of the employers that you withheld into a 401k for, ask them to make an excess deferral withdrawal of $1100, they'll have to calculate any earnings that money had before cutting the check. Once that's done, they'll have to generate a corrected W-2 for the IRS (and your own tax purposes).

Once you have the corrected W-2, then you can continue with filing your taxes.

It's not a huge issue, but it can take a little bit of time and effort to fix up.

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12k debt, was only approved for a $2k balance transfer card. I make about $40k a year idk if that matters. Credit score 700

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Bro, I bought 20k worth at $28. Ignite the boosters and let's fucking go!!!! (I really would be happy just getting back to even on this one.)

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>42k, married, I started after 2020

The "1" you and your wife each claimed is a child tax credit.

You told Uncle Sam that he'll owe you $4,000 in credits come tax season.

On a $65k salary married and filing jointly, you'd owe ~$4200 in taxes. Subtract the credit and you have a $200 tax liability.

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Home ownership is built on the idea that its a storage of wealth.

It is and it isn't, if you have ever lived in the same house a reasonable amount of time, you realize everything has to be repaired/replaced at some point. Once you get to that 30 year mark, you have probably replaced everything from the roof, to windows, ac, furnace, fence, patio/deck, cabinets, flooring, trim, doors, etc.

I bought my home for 190k. I have easily put 100K into the thing repairing and replacing as needed. Not only that, the interest I have paid for the loan is a lot.

I am guessing, in reality, I have like 350k into it, and that's about what I could sell it today for. However, people don't usually look at what they have had to put into the house to maintain its value. Then also forget about all that interest that went into the banks hands and not into the home.

Exacerbating the situation, people always expect their house value to increase over time, which is not a sustainable thing to begin with and in actuality prices are cyclical.

Sometimes renting truly is a better option.

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You don’t need a 1k/month budget for house repairs when you’re sitting on the amount of savings you already have. Just throw your charitable contributions and that amount at college. If your hvac breaks, take from your cash reserve or stocks, or a mix.

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>Net worth of >$10MM. I owned a 105 room hotel and up to 25 residential properties at one time, sold the hotel in 2019 and last of residential properties in 2021. When I sold the hotel for $19.5MM in 2019 is when I qualified. Started with $3K in my pocket at 28, sold the hotel at 47 years old...

how do we become like you

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i would never leave $500K in Robinhood. Almost as bad as leaving $500K in coinbase.

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img 3k made on bobby while being stressed as fuck

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you can do it why working for the employer IF they allow for it in the plan. Look into a clause about in service rollover. I moved funds from my work 401k to an IRA before I left with my last company. I doubt its an option but worth checking.

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>I’m not currently contributing to my company 401k because they don’t offer a match. In general, I’m kind of averse to investing too much into 401k due to all the limitations for people intending to retire before 65. I know there are some caveats to this but 401k accounts make me nervous due to feeling like my money is really “locked up”. I’m curious as to what others think about this.

The age is 59.5. Get the facts right before making your decision. Investopedia is a good source for basic financial education.

https://www.investopedia.com/terms/1/401kplan.asp

Most people here who are seriously planning to retire early are making the maximum contribution to their 401ks. There are ways to access the money before 59.5.

https://www.investopedia.com/how-roth-conversion-ladder-works-5214808

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This is a mild fun fact about the Roth 401k/IRA. It’s not ROTH as if it is an acronym, but Roth because it’s named after former Senator William Roth.

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>Additionally, what are the tax implications of selling the home? Am I
only taxed on the gains? Or the whole selling value of the home?

I'll start with the easy part. You are only taxed on the gains. And if you owned and lived in the house for 2 out of the last 5 years, the first $500k in gains are excluded. So no tax here for you.

>However, I hate the investment opportunity cost of having the money just
sit in a HYSA. Would it be better to just take an equity loan from the
house i have now? How does everyone else do it?

It sounds like you will have $200k+ equity in your home when you want to sell (you probably have about that already, and will pay down the mortgage between now and then). Most people will sell their existing house at the same time as they buy the new one, and use the equity from the sale to fund the new house.

Also, with a 4-5 year time frame, it wouldn't be totally unreasonable to invest in a conservative blended fund (something like VASIX). There is certainly more risk than with a HYSA. But if you can be flexible with the timing of the purchase, if the market takes a tumble around when you want to buy, and since you don't really need the money and have the home equity, I'd consider this a reasonable thing to do.

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Let’s examine why your parents need life insurance. They have two young kids who will need care and financial support. The assumption is that anyone who takes them in will be financially stable enough to raise them with little support.

The first step is your parents need a will that expresses who they want to become guardian of their minor children. That person could be you. They will also name an executor of their estate. Again, that can be you.

So all their assets don’t get tied up in probate, they will contact their bank and all financial institutions (like a 401k) and name a beneficiary on all their accounts. Since they have 3 children, typically they name all three in equal shares. The youngest two will receive the money in trust. The statement will be something like:

OP; little sister, in trust; little brother, in trust, in 3 equal shares.

Their will can spell out the specifics of the trust which won’t be set up until needed. I recommend that the trustee be someone different from the children’s guardian. It should be someone the guardian can get along with, though like a trusted aunt or uncle.

If both of your parents die, the house can be left to you and you can either live in it or sell it. Realize that it might be 10 years before your parents pass away so you might be already settled with your own house by then. You might want to sell their house and use the proceeds to expand your house or just tuck away for future expenses for the children.

If one parent dies, that parent will continue to raise the children. At that point, a term life insurance policy on the parent who passed away could be used to pay off the mortgage, cover final expenses, and maybe give the surviving parent some time off so they have time to grieve. If both parents are working now, assume the surviving parent will continue to work.

The life insurance policy will name the other parent as primary beneficiary then name the three children as secondary beneficiaries (the younger children in trust).

If one or both parents die, the children will qualify for Social Security survivor / dependent benefits. I think the minimum pay-out is $500/ mo (probably more now) per child. The more the dead parent earned, the higher the benefit up to a certain cap. That money goes a long way to help support the children, reducing the need for a higher life insurance benefit. The surviving spouse can receive a SS benefit, too.

Children who are orphaned or have one surviving parent can be eligible for college tuition assistance.

If your parents have a mortgage under $100,000 and a life insurance policy through work equal to one year of base salary (let’s say, $50,000) then a term life insurance policy of $100,000 will be fine.

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That sounds interesting, I already invest with Fidelity and run my 401k and Roth IRA through there.

How does accessing the money work though in a practical sense? In case of emergency can I transfer funds out ASAP or is there some waiting period? You mention no ATM fees, can I get a card for this?

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Saved up the last couple years to buy a house. Bought the house last year with 25% down. Reset my HSA/401k/Roth IRA contributions this month and should be able to max them all out this year.

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Ah yeah so I was including 401k contributions but without explaining the adjustment in my net income.

My salary is $93,600, my gross per paycheck is $3600 (call it $7200 per month) and my 401k contribution is 10% so $720 per month, bringing my taxable income down to $4860, then bringing out my other small contributions like insurance I’m down at roughly $4600 per month net

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One more thing to consider - the cash balance plan offers an annuity option (by law). You will be unable to get as favorable a conversion rate in the private market as what will be offered by the plan. So if annuity income is important to you in retirement then you may consider staying in the existing plan.

Given you contribute the max to your 401(k) already, this may provide a more “balanced” set of income streams in retirement.

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I'm currently in the process of looking to move closer to work (undecided on renting vs buying), and houses here on the lower end sell for about 1.0M for a 3 bedroom and rent for 3.5k-4k for similar sized home.

I really doesn't seem to make sense to buy until rates get significantly lower, but maybe I'm missing something.

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So, OP, to summarize:

  1. Withholding is correct, you owe nearly zero in taxes. Your spouse messed up your tax return and you need to find whatever the error is and fix it.
  2. Your spouse had additional income that you're unaware of. That additional income generates $14k in income taxes. Figure it out.

Either 1 or 2.

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No. You need that $30k just for down and closing. That’s just 5% down in a conventional arrangement. You are looking at like $2700 a month. If your fam can give you money and you can put 20% down than yes.

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https://www.ifa.com/charts/154h

This has the long-term factors you are considering. At your age, you should have 0 in Fixed Income. You do not want to "mitigate" or reduce your return. The goal is to maximize your return, not your "risk-adjusted" return. Commodities...get that garbage out of there. Crypto...the same, but I understand some people have hope for that category, even though every crypto is worth $0 as they produce nothing of value. You mentioned small cap as a preference and a desire for international exposure. At most, I would have 4 funds if I were you. VTSAX (add a small cap value if you want), VXUS (add an emerging tilt if you want). Personally, I am 35, my 401(k) is entirely VTSAX. If I were to add an international fund, it would be an active emerging markets fund with a great track record (something like Invesco Oppenheimer).

The goal of long-term investing, like in a 401(k) account, is to beat inflation. That's it. This is for spending you will need in retirement. The one asset class that has consistently out-performed inflation are equities. Many commodities have not been around in the public markets to provide enough data. Even then, it is very difficult to invest directly in the commodity. Most of the options are tied to contracts/futures, where your return can be vastly different than the price of the underlying. Fixed Income should only be used as a ballast when in/or nearing retirement. You should build up to have several (or however many make you feel comfortable) years of spending in retirement.

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> Are our goals overly ambitious given our numbers vs our family planning?

If you can save ~$100k/year for the next 10 years, you should have roughly $2.5m at that point. That appears to be a possibility based on my mental math for your existing expenses (~$200k/year take-home on $300k of income, you list a little less than $100k/year in expenses). But it's not accounting for kids, so I think your goal is going to be pretty tough - you have a bit over $500k now and want to increase it by a factor of 5 within 10 years. That's a big goal.

Also note that I consider 4% to be an aggressive withdrawal rate for a very long retirement. It's probably okay if you have a lot of flexibility in that number because you can take less during down markets, but your flexibility is likely to be limited by kids and housing expenses.

> Anything we need to do differently?

At your income level, I'm not sure why you only have $33k in a 401k. You should be reducing your taxable income as much as possible. I know a 401k isn't always the first thing people think of for early retirement, but there are ways to get at the money early and there's no point in paying a 25-30% (or more if you don't file married) top marginal tax rate when you could be sheltering some money from that.

Other than that, just be aware that you have set your sights at the edge of what's possible given your existing parameters, and be aware that you will likely have to modify your plan (e.g. take more contract work, partner works part time, look at reducing expenses, etc.).

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It's absolutely an either-or thing. Either you're doing it right (which is my way), or you're doing it the wrong way and you'll go to hell right after the black helicopters get you.

By the way, that was sarcasm. personal finance is ... personal, right?

Without knowing more, I can't help you find your personal right answer. Personally I don't want investment property because I've seen family screwed over investment property. But I do believe in not taking money out of retirement accounts until your 59 1/2 (despite the exceptions written into the law), so I can relate to your meaning.

My 401k offers a Roth. Does yours? I get enough going into retirement from my 401k. I hold IRAs but it's been a while since I added to them.

All that said. Three questions:

  1. how do you feel about the amount your retirement accounts are worth?
  2. How do you compare to the fidelity retirement savings rule of thumb?
  3. What's the investment property for? Why did you buy it?

7.62% represents risk. So does not enough in retirement. If the investment property is there to be something you own to leave to your kids and to leave to the world, that's something I'd want to get out of debt for ASAP. if the investment property is just a cool investment that was a good deal and you'd sell it next week if somebody offered a million dollars after the loan is paid off? In that case, I'd probably put more into retirement...because the investment property isn't that important to you.

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no fuckin way anyone would pay 300k to buy a kid

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I think the variation in rental prices in big metro markets have settled down a lot, but there's still a huge variation in underlying housing prices.

Looking online, my house in the Bay Area would be $3.5 million - $5 million dollars, but its only worth $400k here. You can rent my house for $3,000/mo. Looking at comparable rentals in the Bay Area (6 bed, 4 bath, built in the last 10 years), they are around $10,000/mo (one at $9500/mo, and 2 at $11000/mo)

The "rental price per bedroom for house type" and the "purchase price per bedroom for house type" are definitely at different ratios in various housing markets.

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Here is how I would attack it:

  1. Fund retirement up to your match - take the free money
  2. Pay off the loans, do this before you save a dime for the house down payment
  3. Max out a Roth IRA for both you and your wife, you should be eligible at your income
  4. At this point, it's really your decision whether you put more money in your 401k or save aggressively toward the house. If you buy the house in 6 years, I think you try to tackle both. If you are thinking you want the house in more like 2 years, you'd obviously want to be more aggressive saving toward the house

General point:

  • You don't mention your age, but do some research on the power of compounding interest when saving for retirement. A dollar invested when you're 20 is worth 81 in retirement. A dollar invested when you're 30 is worth about 35. The earlier you start saving for retirement will have exponential effects on your retirement income and how early you can retire.
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I’m currently looking for a new job and so is my wife

I believe I can make another 25k when I go to a new company. Same with my wife, so we’re looking to make another combined income of 50k pretaxed.

I think we will have to suck it up and budget to ‘another level’. This means not a lot of vacations / fancy dinners. Sucks.. just with Valentine’s Day around the corner

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Money really isn't "tied up" in savings. There's like a limit of 6 transfers per month or something. Leave like 10-20k in checking if it makes you feel better.

You should really be investing that money though, investing that much at your age will go a long way to setting yourself up for life, early retirement, etc.

As for cards, do you need a physical location? If so, see what banks are around you. BofA has a nice card that gives 3% back on 1 category (and less % on other categories) and you can change the category at any time. It's honestly really nice, my gf has it and I've been thinking of getting it.

If you don't need a bank you could grab something like fidelity's 2% flat cash back (though it's only 2% if the cash back is automatically going towards savings, 529, or IRA or something like that, otherwise it's less). Or pick up a 1.5% flat card from literally anybody.

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The only catch I can think of is that some banks are online only. If you like to meet an employee in person to get an issue resolved, the Chase account you have right now will have that option. But some thing like a Barclays doesn’t have a branch per se, so everything you do with them is online.

If that’s not a bad thing in your opinion, absolutely go for that. $18k isn’t that big an amount to worry about whether some account is FDIC insured or not.

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From what it sounds like, under both options, the company will contribute 4% of your money into a fund. The question is if you want it to go into a fund that pays interest at the 30 year treasury rate (not 100% sure what "based on" in this context.) Or do you want the money in a 401k where you can invest it, and control how much risk/reward you want on the investment.

Unless there is some other aspect of the pension that isn't obvious here, the 401k would seem like the better option.

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> Median housing price 10 years ago was under $300K, currently it is just north of $535K. Average annual income 10 years ago was about $45K, currently income is about $60.5K.

Before: 300/45=6.7 years to buy a house

Today: 535/60.5=8.8 years to buy a house.

But this doesn't take 2 effects into account

  1. houses rise because of low mortgage rates

  2. house prices are sticky. Instead of cutting prices in response to higher mortgage rates, sellers tend to hold out for higher prices, or take their homes off the market.

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Doesnt make a difference. 401k and IRA contributions are not exempt from payroll taxes.

HSA accounts are exempt, which is why it is so valuable.

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RIP You 2k premium will be put to good use

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