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Careful Drums posted:e: is there a template or something? https://www.reddit.com/r/personalfinance/wiki/tools In fact, I'd suggest starting at: https://www.reddit.com/r/personalfinance/wiki/commontopics
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Mar 11, 2019 19:58
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Careful Drums posted:I can't, it's 25k split between a Roth IRA and a traditional IRA You can withdraw contributions from a Roth IRA penalty free. I'm not suggesting this is the right move here, just stating that it's a possible tool.
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Mar 12, 2019 21:36
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Jerk McJerkface posted:I'm only putting $1000 in my brokerage account, I can afford to lose it, I just wanted to play around a little and have some fun. You're going to lose it in transaction fees if you want to play day trader. That's simply not enough (and yet still too much) for this kind of endeavor. I'm going to go this way: WHY do you want to do this? Can you try it out using a funny money portfolio for a while so you can see just how bad of an idea is it and not lose any real money in the process?
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Apr 12, 2019 18:49
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BAE OF PIGS posted:I've brought up the idea of opening a joint savings account with my girlfriend today, and she seems on board. The account would be used for us to save money for a down payment on a house, and I was probably going to open an ally account with her. This is a bad idea. If you want to save for a house together, do it in your own accounts, not a joint account.
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Apr 14, 2019 18:54
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DaveSauce posted:What are you supposed to do with stock options? You sell them. And it doesn't sound like they are options if you have to accept them (and that this is a public company). They're probably RSUs. If they are options, "exercising" them does not turn them into money. It turns the option (to buy a share of stock at a specific price) into stock. You sell that to turn it into money. Most places have a way to "sell on exercise" so you won't have to come up with cash first. Figure out specifically what kind of equity this is. Options are WAY different from a tax perspective (and how one would handle them) than RSUs.
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Apr 16, 2019 16:19
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DaveSauce posted:so the only risk I see in them dropping in value is if the entire economy dropped at the same time. Of course they're all stable companies until they're not... YES. This is the entire concentrated risk thing that you are being told. We're assuming it's concentrated risk. If you come back and tell us this option or stock grant constitutes less than 5% of your investment portfolio then do whatever you want whin the bound of your risk tolerance. But from context we know this isn't the case. DaveSauce posted:The other question is, I presume there is no exception to insider trading rules with regards to stock options? Obviously this on a wildly different scale than some executive's annual stock compensation, but my wife is of course privy to sensitive, non-public information about her division. How do we navigate that to make sure she doesn't get thrown in trouble by accidentally selling at just the right time? You need to read the equity agreement where this is written in specific and excruciating detail. DaveSauce posted:Good question, and I have no idea. I think she mentioned vesting, but I'll have to check. You need to read the equity agreement where this is written in specific and excruciating detail. DaveSauce posted:So I would presume if they are subject to vesting then we would accept the stock options, and then sell them as soon as they vest? Yes.
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Apr 16, 2019 19:42
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DaveSauce posted:I have no idea where you gleaned enough context to KNOW that information, because it's not the case and I gave almost zero context to draw any conclusion aside from "this is not the bulk of our income." So... sorry, I guess? But as you can see this is a drop in the bucket. I'm evaluating exactly what you posted - even more what you didn't post. That's the context. Don't be surprised when people who have answered this same question over and over again on various forums make a logical assumption based on your confusion around equity types and how they work along with (and this is important) not mentioning anything that could be identified as the context in which someone would evaluate a decision like this as an informed investor with any kind of portfolio or goals. People with portfolios where 6% of an annual salary would be "a drop in the bucket" are a minority to begin with. And it changes the advice you'll receive. As well as the questions you'll be asked. Like: what is your target asset allocation and how does this amount of equity fit into it? And what if your total income? Because exercising the options(if they are even options) and holding them so they are treated as long term cap gains could be on the table here. But again, if they are options, there are other questions. Like the strike price vs. the current stock price to begin with. Options in a company with a stable stock price issued with a strike of current market value are basically useless. You can forget about them unless the stock price greatly increases (or if you're leaving the company), then you figure out how many are vested and what they are worth. If these are RSUs the advice is wildly different, because the tax implications are wildly different. Motronic fucked around with this message at 01:30 on Apr 17, 2019 |
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Apr 17, 2019 01:25
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DaveSauce posted:Currently I don't know any more detail then there are RSUs with a 3 year vesting schedule, and I think it's a cliff schedule. Accept the grant, set it to "sell to cover" taxes, set a calendar reminder for each time the grant vests ("cliff schedule" doesn't mean much - "vesting quarterly over 3 years with a 1 year cliff" does). Evaluate existing portfolio. Option 1: "This is a stock and an amount of it that I would have bought with my own money to invest" - Transfer the shares to your brokerage and hold them. Option 2: "This is not a stock or amount I would have purchased as an investment at this time, but it appears to be relatively low risk. I've earned so much this year that my marginal tax rate is high." - Hold for one year and one day, then sell. Option 3: Just sell them and put the cash in your brokerage account to apply to your existing investments and investment strategy.
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Apr 17, 2019 20:08
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L0cke17 posted:I could sell half of my stake Before you spend any more time looking into whether you should, you should pull out that equity agreement to see if you even can.
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May 5, 2019 17:10
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theHUNGERian posted:I am in month 2 of using my first credit card (a secured card from citi) and I noticed that I cannot use it at my regular gas station. What is up with that? I works everywhere else. What did they say when you called them and asked bout this?
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May 12, 2019 05:53
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Sounds like you're trying to borrow your way out of debt and increase your debt at the same time.
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May 13, 2019 00:29
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neogeo0823 posted:I'm also not sure if it would be better to get one large loan for everything or if I'd have a better time getting a loan and then a mortgage in either order. Secured debt is going to be less expensive than unsecured debt. Car loans and mortgages have lower interest rates, often even when you have poor credit. neogeo0823 posted:4. I'm understanding that a bit better now. The issue now is, what are my alternatives? If I go show my wife the video linked above, she'll want alternatives. I can't just shrug my shoulders and be like "sorry, honey, looks like we get to hang out with your brother 24/7 for the next 3 years!". 1.) Increase you income so you can afford to live where you are. 2.) Move somewhere that your skills are adequate to earn enough to live there.
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May 14, 2019 00:08
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scissorman posted:Hi, I'm looking for basic advice on how to save my money long-term (3-5 years to start This is not long term in the context of investing. If you need this money in 3-5 years it should not be in the market.
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Jun 3, 2019 02:22
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Volkerball posted:I'm a big fan of custodial IRA's compared to 529's. You can't put any more in than what the kid made that year, so you have to wait until they're 16ish to start with it, which kinda blows, but it's still a sweet deal. I think I'm gonna set aside some money while the kids are growing up to pour into their IRA's once they start working, and call it a day. Wait.....this is a thing? My oldest recently turned 16 and started working. I'd love to have a properly tax advantaged place to stuff money that is already destined for them. I guess I need to call my accountant.
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Jun 9, 2019 21:06
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colachute posted:Ok I'll rephrase my question. Will either of those apps allow me to follow the Dow, NASDAQ, and S&P500? I haven't found that option in Mint outside of a separate app, and I don't have any experience with Personal Capital. Why would you want to do this in the context of your current overall financial position? I'm honestly asking. Maybe I'm missing something here. I know my etrade account shows this blatantly, but I miss it exactly none in Mint.
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Jun 29, 2019 23:35
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colachute posted:I didn't realize "can I follow stocks outside of my investments in these apps?" was such a controversial question. I wouldn't describe it as controversial, but you're in a BFC newbie thread and giving off a waft of "I like to gamble on individual stocks" with your question. So you shouldn't be surprised to get asked about it.
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Jun 30, 2019 15:30
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You're doing a lot better than most. I'd say start with mint.
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Jun 30, 2019 22:31
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https://www.reddit.com/r/personalfinance/wiki/commontopics#wiki_step_0.3A_budget_and_reduce_expenses.2C_set_realistic_goals This is step 0 of the flowchart.
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Jul 1, 2019 00:02
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Magnetic North posted:What's the gooncensus on Employee Stock Purchase Plans? It sounds like a way to get employees to fail to diversify, especially if the company stock is stable. However, it also sounds like free money based on the discount. There is little risk if your plan allows and you follow through with selling the day you get your grant. It's free money (most plans are 15% discount of the share price at the opening of the period or the closing of the period, whichever is lower).
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Jul 11, 2019 15:10
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100 HOGS AGREE posted:Aren't there tax considerations though? As in "I realized a profit on this that is treated as regular income?" Why yes, yes there is. But it's obviously less than the amount you made. It's taxed as regular income. If you happen to work for a large company with a stable stock price and have the risk tolerance to hold for one year + one day to get LTCG treatment then go for it. But I don't like that kind of risk concentration (considering to get ESPP shares you already work there so this is where your paycheck also comes from).
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Jul 11, 2019 23:59
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Dalrain posted:With ESPP you actually have to hold for 2 years to get the best treatment on a typical 6 month offering period. Read your link, that's weird and I'm not arsed to research it anymore because I will never give a gently caress. Important takeaway: listen to Dalrain and continue researching if you aren't going to take my advice to sell immediately.
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Jul 12, 2019 02:02
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TooMuchAbstraction posted:If he won't be touching it for ten or more years, then an index fund would be my choice. Yep. In a UGMA/UTMA brokerage account.
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Jul 15, 2019 19:36
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Adhemar posted:What's the trade-off here between that and a 529 account. Just the flexibility of being able to spend it on non-educational stuff? A lot more than non-educational. You can open a UGMA/UTMA at any brokerage and have access to their funds like any other taxable account. 529s are state plans with varying quality of investment choices. Whether the tax savings makes sense for you depends a lot on what state you are in as well as your income, and if you're using your state's plan or that of another state.
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Jul 16, 2019 17:56
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Boxman posted:What's the best way to save for a large expense you know will come and don't know when?........ Do I just get comfortable with keeping 15k or whatever in a HYSA/laddered CD in perpetuity? If you don't know for sure it's more than 5 years out........yes. That's exactly what you do. And one can (someone will) argue 5 is too short.
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Sep 23, 2019 14:52
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Medullah posted:Just remember this is a loan through a CU most likely - never, ever, ever, ever get financing through a dealer unless you've read the terms and conditions 17 times and know everything you're getting. It's nice to walk in to signing with a check for the amount they told you so they don't even try getting you to buy add ons. You don't always need to do this through a CU directly. I had no intention of financing my wife's (used) car. The dealership asked if they could see if they could get me an attractive rate - and they did. So attractive I financed about 70% of it. I still hate seeing that payment go every month 2 years later (it's literally the only thing other than mortgages), and almost paid it off last week until I looked at "year to date interest - $320" and said "well, dammit, why wouldn't I leave that money in the market and take the 5%+ spread?" FYI, that attractive rate they got me was underwritten by a semi-local credit union. I inquired at mine before buying and wasn't impressed. I also inquired at mine for my mortgages and also wasn't impressed. Not quite sure HOW they make their money, but I suppose it's from people who don't shop around. At least they're nice and it's a good local bank account to have for checking.
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Sep 23, 2019 15:16
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TooMuchAbstraction posted:I'm well aware that this amounts to an attempt to time the market, and that the statistically best decision, all else being equal, is to keep the mortgage so long as its interest rate (3%) is less than the long-term average market rate of return. I'm not really clear on what you're looking for here. None of have crystal balls. Well....I don't want to speak for everyone, but at least not the type that can reliably predict something that is going to topple decades of market history. There is certainly an emotional component to this. And you need to do you, but be honest about what that is likely to cost and decide if that's worth it.
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Nov 12, 2019 05:27
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HSAs are good. I think you're confusing it with an FSA, which is less good but if you're in the right situation (predictable healthcare costs for things like prescriptions, medical supplies, etc) can work well.
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Nov 15, 2019 21:24
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awesomeolion posted:Anyone have hot tips for exchanging + sending money? I'm trying to send money from a bank in Canada to a bank in South Korea. I've setup what I can only assume is the worst possible option where I just send it from bank to bank and lose a bunch through the various made up fees and %s the Canadian bank charges. I Googled it and it said to send an envelope of bills which sounds pretty cool but a little risky for my liking. I've seen Usain Bolt showing up in a lot of Xoom ads, that's a good sign right? If you have any tips that would be great. Thank you! See if TransferWise supports South Korea - I'm not sure about that one. But I've used them a lot for moving USD/Euro/SKR around as do a lot of people at my company that travel.
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Dec 1, 2019 18:54
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KodiakRS posted:A few questions: 1. Gifts have no tax obligation. And that's what this was since it came from your parents account, not that of the estate. If you're in a state where there might be a tax obligation on inheritance your parents just screwed that up and now they owe it. Whoops. 2. You're better off not paying this loan down, unless you need a better DTI for somethin like a mortgage. How you invest that money depends on a lot of things and we don't know what your complete financial picture is, starting with things as simple as do you have a proper 6 month emergency fund already? Any other investments? Are you maxing out your tax advantage retirement space? 3. I'm sure it's different. You need to read what they are offering.
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Dec 25, 2019 02:56
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Etuni posted:Just put it in a drawer and let the balance build up Do that for as long as you can, especially if you're already exhausting your other tax advantaged accounts. Future you will likely be able to spend all of that money + investment gains once you have enough money in that account to invest.
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Jan 13, 2020 20:47
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MAKE NO BABBYS posted:Do you say that because of this specific car or due to finances? Yes.
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Aug 3, 2020 02:05
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cda posted:Hello, I don't know what the right thread is for this, or if there is one, or if I should have made a new thread, please be gentle. I have a contractor that I've been working with. I'm in the US and they're in Denmark. I want to send them payment but Credit card or TransferWise.
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Aug 19, 2020 22:54
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IOwnCalculus posted:This seems like an extremely naïve take in TYOOL 2020. And regardless, a 32 year old who lives at home that has no retirement savings, credit card debt and school loan debt who aspires to own a car, move out, buy a home and retire needs to begin by understanding that you don't get to do things like that while also taking expensive fan cruises.
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Sep 25, 2020 16:50
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If you're worried about the interest rate of a credit card you are credit carding very, very wrong.
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Oct 18, 2020 16:46
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H110Hawk posted:As in 1.4%? Got any more of that free money? Yeah, this doesn't seem believable, even now. More likely Quaint Quail Quilt is quite confused about what actually happened.
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Nov 9, 2020 04:00
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Kestral posted:Hey folks, is there a thread on this forum that can help me figure out if my elderly parents have been drawn into a forex scam? I mean, if you have to ask chances are exceptionally high that they have. Forex is not something that normal retail traders do. They are largely YOLO bets placed by people who are victims of brokerages/platforms.
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Nov 13, 2020 23:49
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I'm sorry, but your parents aren't really fit to handle their own finances. But probably not unfit enough to have a court do anything about it.
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Nov 14, 2020 01:09
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22 Eargesplitten posted:I'm not sure if there's a better thread for this, I thought about asking in the tax thread but I wasn't sure if that was the right place. My partner is starting an Etsy business selling resin statues (good profit/low labor per unit) and in case it actually makes money I want to track expenses and income, is there any simple free software for that besides an Excel sheet? I can be a spreadsheet monkey but if there's something simpler that she could use I'd prefer that. At least for this year it would be running as a sole proprietor, if it takes off maybe I'll help her form a single member LLC. The free tier of some online business accounting software would seem to be the most appropriate. I got a friend set up on CloudBooks a while back.
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Nov 14, 2020 22:33
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22 Eargesplitten posted:Thanks, I'll look into options. She's technologically capable but even worse with money than I am, and if anyone here remembers me from 2-4 years ago that's a loving accomplishment. I mean, maybe that's too much then? A dropbox folder full of receipts tallied in an excel doc for cost of good sold might be enough to start.
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Nov 14, 2020 23:51
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Smirking_Serpent posted:From what I can tell, I could get a personal loan (from the credit union that owns my car?), pay off the car, trade in the car, use whatever I get to pay part off the new loan off, and then focus on paying that loan off. What do you mean "trade in the car"? That implies you would be buying another car. And that doesn't make sense. Do you mean "sell the car"? What is it worth and what is the current loan payoff?
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Dec 19, 2020 21:49
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