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My family invested a portion of my trust in MVL in the early 90's, and all i got from it was these kickass comic books. Thanks dad!  
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Jan 10, 2014 22:19
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Well aside from the bigger issue of keeping it from her and all that entails, to him investing means buying individual stocks based on things like upcoming product releases or clinical trial results. I shudder to think how much he lost of money that was actually his. (After the stock tanked, he sent an email to his kids--who he had all encouraged to buy this stock--saying something like "Too bad, I was hoping to gift you all down payments on your future houses"  )A gambling problem, yes. Though from his perspective he thinks it's in his family's best interest. His children are trying to talk to him about it--he's open about his methods and his results, and he is overall doing quite well, mostly due to one or two really big wins in the 2000s. Now that there's a conversation in the family the children are preparing for a more critical conversation. Oh, and yes, I'm pretty sure it was "wink and a nod" left for the grandkids rather than in a legal will. Not that that makes it okay. Anyways, that's enough E/N for this thread I think. SurgicalOntologist fucked around with this message at 22:34 on Jan 10, 2014 |
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Jan 10, 2014 22:31
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I was getting ready to transfer all of my funds (1 roth, 1 rollover, 1 individual investment account) to Vanguard. I switched to Fidelity back in the early aughts because Vanguard's website was atrocious, they never released the "minor" distinction from my account so I had to have my dad involved in everything, and whatnot. I log in today to see if Vanguard's web page has improved and I get a Redirect Loop upon logging in. 
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Jan 11, 2014 20:37
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Are you using NoScript or something? I seem to recall it doesn't play well with Vanguard. Maybe HTTPSEverywhere as well.
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Jan 11, 2014 21:15
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Here's my current loan situation: Federal loans: $170k at 6.8%, currently in income based repayment at paying $80/month. Alumni foundation loan: 11k left at 5%, paying $300/month on this Medical foundation loan: 14k, in forbearance for the next 3.5 years, at 3% Foundation loan: 17.5k left, currently paying a minimal amount on the principal each month plus the 5% interest each year as required. Car loan: 8k left at 2%, car is a 2010 VW GTI with 44k miles, worth about 15-16k, paying $280/month. I currently earn 56k/year, will go up to 58k/year in July. I have 7k in savings, and save a $400 each month for my rainy day/emergency fund. I'm 27, single, unmarried (dating, but not going to get married soon), and have no kids. I have 3.5 years until my income will go up significantly to at least 200k/year and then up from there. My emergency fund is now at a point where it would cover me for 3 months at a minimum, although in the worst case I could get my parents to help out if I really needed to, and I do have some disability insurance through my hospital. My question is what I should do with extra money if I have it. I could put it in to my loan payments, or I could put it towards a Roth while I'm able to. I wasn't planning on any investing until I finished residency because I figured it wasn't worth the trouble over the guaranteed percentage on my loans, but was wondering if anyone had any advice. Also, if I were to make extra loan payments, what's the thought on putting them towards my highest "normal" loans at 5% versus putting them towards my car at 2%? Residency Evil fucked around with this message at 22:37 on Jan 11, 2014 |
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Jan 11, 2014 21:27
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Hed posted:I was getting ready to transfer all of my funds (1 roth, 1 rollover, 1 individual investment account) to Vanguard. I switched to Fidelity back in the early aughts because Vanguard's website was atrocious, they never released the "minor" distinction from my account so I had to have my dad involved in everything, and whatnot. I log in today to see if Vanguard's web page has improved and I get a Redirect Loop upon logging in.
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Jan 11, 2014 21:50
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Residency Evil posted:Med school stuff At first glance, I think I would not do any retirement savings (except to get a 401k match) at least until the 5% loans are gone. It makes sense money-wise, but also don't underrate the convenience of having fewer loans to deal with. You can always make a decision for now and revisit the question this time next year. Probably more important than anything else: when your income explodes in 3.5 years don't explode your lifestyle too until the loans are dealt with.
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Jan 11, 2014 21:55
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slap me silly posted:Probably more important than anything else: when your income explodes in 3.5 years don't explode your lifestyle too until the loans are dealt with. And even after the loans are repaid, treat your quadrupled income as an excuse to spend only double what you are now, not 4x as much, and save the rest. Just that doubled spending will be an ENORMOUS upgrade in your standard of living and you shouldn't feel like you need more. Then for each future raise, keep socking away half the increase in savings and only treat the other half as additional discretionary money. You will feel SO much more at ease about money that way.
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Jan 11, 2014 22:35
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No worries on the savings. With regards to now though, with the 401k off as my hospital doesn't have any sort of match for residents, is there any thinking about paying off the 5% loan off faster versus paying off the car at 2%? It's only at 2%, but am I wrong in thinking it can be a better to pay an auto loan off first?
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Jan 11, 2014 22:44
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If you think you can knock out your car loan almost instantly I would do that first. As opposed to your large loan it's a bit counterintuitive, but I feel that a lot of people feel better when they knock out a loan completely. Mathematically though you might be paying a bit more if you don't get your larger loan down. But the gratification of knocking out a loan completely motivates a lot of people.
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Jan 11, 2014 23:04
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I want to open a brokerage account in my Vanguard Roth IRA so I can buy into the ETF versions of funds I want to put less than $3000 into, but it looks like the money market fund that the brokerage account would use for settlements has its own $3000 minimum. I'd rather just fund the account, buy the ETFs, transfer the leftover money to my mutual fund account and then keep a balance of zero dollars in the money market fund. Can I do this or will they get mad?
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Jan 11, 2014 23:57
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Residency Evil posted:is there any thinking about paying off the 5% loan off faster versus paying off the car at 2%? It's only at 2%, but am I wrong in thinking it can be a better to pay an auto loan off first? The main issue is if you're underwater on the car loan. You're nowhere near, so I would pay minimums on the car loan because it's cheaper, and attack the others instead. But if you prefer the other way around, that's really fine. Personal feelings matter too.
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Jan 12, 2014 00:02
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SiGmA_X posted:I would venture to guess this is your problem, not theirs. Their site works fine this AM for me with Chrome and Ghostery and NoScript... Did you try IE or stock FF/Chrome? No, it was Vanguard. I called them up and apparently when I transferred all my assets away 10 years ago it was at a time when that left their accounts in a freak state where the credentials stayed but no online account existed. Anyway, I'm going to get it all settled out this week when the paperwork comes.
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Jan 12, 2014 03:26
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raging bullwinkle posted:So how do you save for retirement in Australia? I've read about things like the low-income super contribution, but that seems to happen automatically. Right now my plan is to ignore super until I earn enough for my decisions to matter. The best thing you can do is go to the MoneySmart website and ensure that you've got all your superannuation in one place, that it has the lowest fees and your investment profile isn't too risky or conservative for your age/stage in life. MoneySmart is run by the Australia Securities and Investments Commission and has plenty of info about money management and will be able to point you in the right direction if you need advice. I am pretty sure the government cut the co-contribution scheme for low income workers for this financial year, but I'm not 100% certain on that one.
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Jan 12, 2014 15:11
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slap me silly posted:The main issue is if you're underwater on the car loan. You're nowhere near, so I would pay minimums on the car loan because it's cheaper, and attack the others instead. But if you prefer the other way around, that's really fine. Personal feelings matter too. This to the Nth degree. You know yourself. There are 2 kinds of snowball techniques. Either put your extra money to the loan with the highest rate, or the one with the smallest balance. If knocking out the small one quickly is enough motivation to stay the course, then congrats! If knowing you're doing the most mathematically rewarding thing, then congrats! You're way ahead of most residents I knew. Oh, and please don't fall for the eventual insurance people that start throwing whole and universal life policy offers as a way of investing. Healthcare workers are their lifeblood, and they have no problem playing the role of eager vampire.
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Jan 12, 2014 18:21
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How's this asset allocation for a young professional couple in their late 20's with no kids? 35% Large Cap - VFIAX 25% Small Cap Value - VSIAX 25% International Equity - VTIAX 15% Short Term Bond Market - VBIRX
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Jan 13, 2014 02:53
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In 4 pillars the guy claims future stock gains will be lower because the US is supposedly a very stable market, and that bonds should be at least 20% of portfolios. Is this still believed?
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Jan 13, 2014 04:28
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It could be possible that future gains might be lower. He doesn't make the claim that this will be the case, but he says that you will need to prepare for such a scenario when dealing with estimates of your portfolio. The 20% is just a suggestion and certainly not required. There is a lot of evidence that suggests that 10% bonds is a good idea, however.
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Jan 13, 2014 05:05
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PIPBoy 2000 posted:How's this asset allocation for a young professional couple in their late 20's with no kids? As long as you're deliberately tilting towards small value, it looks just fine to me.
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Jan 13, 2014 05:35
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ntan1 posted:It could be possible that future gains might be lower. He doesn't make the claim that this will be the case, but he says that you will need to prepare for such a scenario when dealing with estimates of your portfolio. No, he does make the claim, explicitly. He uses gordon's equation to spec it out & shows there'd be practically no value in holding more than 80% equity.
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Jan 13, 2014 06:04
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Residency Evil posted:Residency stuff So I'm a PGY-1 with about $140k of federal loans at 6.8% so similar to your position except without the private loans. Income is about $3300 monthly post tax. I'm contributing $500 monthly to my ROTH IRA and making the minimum IBR payments of about $300 a month. The rest goes into my savings / emergency fund. My reasoning is once you make attending salary it wouldn't be difficult to pay off those loans in 4-5 years. Investing a bit now gets you 6-8% compound returns for 30-40 years, versus a loan at 7% simple interest for 5-10 years. The compounding plus the much longer lifetime of your investments means they have a greater future value. An added bonus is that starting now with a 4-5 figure portfolio is a cheap lesson for when you're handling a 7-8 figure portfolio in the future. As for savings vs. putting the extra each month in loans, it's helpful to start saving now for future expenses like fellowship interviews, moving, and a future down payment on your house. INTJ Mastermind fucked around with this message at 07:27 on Jan 13, 2014 |
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Jan 13, 2014 07:23
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So this is going to be a retarded question, but all of the books you guys have recommended answer every question you might have except the actual technical procedure for buying stocks on a website (like etrade for example). So I know how to buy a stock, limit order, never market, blah blah blah, but if you're wanting to buy into an ETF that's an index fund, is it the same procedure? Are you buying someone else's shares of the index fund, or is the index fund just adding your cash to its pool? Can you still do a limit order or are you just supposed to buy in at wherever it traded last. Feel free to tell me if I don't know the answer to this question, I shouldn't be buying the fund, and point me in the direction of something to read up on. I could also just call or online chat with etrade I guess, but I prefer the cynicism here and you guys aren't trying to sell me anything.
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Jan 13, 2014 08:17
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RaoulDuke12 posted:So this is going to be a retarded question, but all of the books you guys have recommended answer every question you might have except the actual technical procedure for buying stocks on a website (like etrade for example). If you'd like to open a Vanguard IRA, go to this URL and click start an IRA today. They make it very easy. It's probably the simplest place to start out. Unless you were asking about day trading stuff. https://investor.vanguard.com/home/ However I will add that with mutual funds including index finds, traditional ones are open ended. You buy shares at the price of the current value of the index but the number of shares are not fixed, so yes as you say buying shares is just adding to the pool. ETFs however are traded on the exchange. Nail Rat fucked around with this message at 14:06 on Jan 13, 2014 |
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Jan 13, 2014 13:59
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I have $14,000 in taxable ETFs (split between VGTSX and VTSMX) that I'd like to convert to a Roth IRA. I could do $11,000 of it right now by maxing out my IRA contributions for 2013 and 2014, leaving me with ~$3,000 that would have to stay in the current ETFs until 2015. Unfortunately I'm not able to contribute to a 401(k) (I live abroad and work for a foreign employer). Is there a better (tax advantaged) place to continue to invest for the rest of 2014? Or am I stuck with continuing to contribute to my taxable account until enough time passes that I can put it all into a Roth IRA next year?
Total Confusion fucked around with this message at 15:39 on Jan 13, 2014 |
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Jan 13, 2014 15:03
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INTJ Mastermind posted:So I'm a PGY-1 with about $140k of federal loans at 6.8% so similar to your position except without the private loans. Income is about $3300 monthly post tax. I'm contributing $500 monthly to my ROTH IRA and making the minimum IBR payments of about $300 a month. The rest goes into my savings / emergency fund. Yeah, I've considered this as well. My rationale is that the money we contribute to a Roth right now ($5500/year max) is a pittance compared to 50k/year+, so I might as well save myself the hassle and take the guaranteed return of paying off the loan. I don't think there's a right or wrong here, as in the end the difference in returns is going to be minimal.
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Jan 13, 2014 15:31
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Gold and a Pager posted:I have $14,000 in taxable ETFs (split between VGTSX and VTSMX) that I'd like to convert to a Roth IRA. I could do $11,000 of it right now by maxing out my IRA contributions for 2013 and 2014, leaving me with ~$3,000 that would have to stay in the current ETFs until 2015. Unfortunately I'm not able to contribute to a 401(k) (I live abroad and work for a foreign employer). Is there a better (tax advantaged) place to continue to invest for the rest of 2014? Or am I stuck with continuing to contribute to my taxable account until enough time passes that I can put it all into a Roth IRA next year? Wouldn't it be easier to just sell them in your taxable account and then do a cash transfer to the IRA? It seems to me that that would be faster and less paperwork. You're going to have to pay taxes on the gains regardless. I guess it might cost you whatever your brokerage charges you for two sell orders, but that should only be like $4-7 per trade.
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Jan 13, 2014 18:29
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Residency Evil posted:Yeah, I've considered this as well. My rationale is that the money we contribute to a Roth right now ($5500/year max) is a pittance compared to 50k/year+, so I might as well save myself the hassle and take the guaranteed return of paying off the loan. I don't think there's a right or wrong here, as in the end the difference in returns is going to be minimal. Yep, having a high-earning career is the first and most important step to financial success. The min-maxing we can do now as residents won't make a big difference in the long run. BTW, have you considered PSLF? Edit: About $30,000 in a ROTH steadily compounding away at 4-5% after-inflation for 40 years still gets you about $200,000 in real returns when it's time to retire. Depending on what your lifestyle looks like, that could mean being able to afford retiring 1-2 years earlier. INTJ Mastermind fucked around with this message at 20:01 on Jan 13, 2014 |
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Jan 13, 2014 19:57
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Guinness posted:Wouldn't it be easier to just sell them in your taxable account and then do a cash transfer to the IRA? It seems to me that that would be faster and less paperwork. You're going to have to pay taxes on the gains regardless. I guess it might cost you whatever your brokerage charges you for two sell orders, but that should only be like $4-7 per trade. Oh, I hadn't really given much thought on how to turn it into a Roth IRA. Perhaps "convert" wasn't the right word. I guess I would just be selling everything and then using that to fund the IRA. I was just hoping there might have been some third way to deal with the money that I can't contribute to it for the next year.
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Jan 13, 2014 20:25
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Nail Rat posted:If you'd like to open a Vanguard IRA, go to this URL and click start an IRA today. They make it very easy. It's probably the simplest place to start out. Unless you were asking about day trading stuff. Cool, thanks for the info. I already have an IRA with my work, this is for a personal trade account I have set up with etrade that I'll be using for individual stock speculation, but I don't want to invest in any individual stocks until I've paper traded for at least six months. But I have the money set aside in the account and it seems stupid to just have it in there as cash. It would be an ETF.
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Jan 14, 2014 00:21
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Gold and a Pager posted:I have $14,000 in taxable ETFs (split between VGTSX and VTSMX) that I'd like to convert to a Roth IRA. I could do $11,000 of it right now by maxing out my IRA contributions for 2013 and 2014, leaving me with ~$3,000 that would have to stay in the current ETFs until 2015. Unfortunately I'm not able to contribute to a 401(k) (I live abroad and work for a foreign employer). Is there a better (tax advantaged) place to continue to invest for the rest of 2014? Or am I stuck with continuing to contribute to my taxable account until enough time passes that I can put it all into a Roth IRA next year? Be sure that when you sell these you are not incurring any capital losses. If you are, and you repurchase them within your IRA within 30 days, you will have created a wash sale that will result in you never being able to deduct those losses from your taxes. Also, I'm not 100% sure on this, but I think income excluded by the foreign-earned income exclusion cannot be counted as earned income that you can contribute to an IRA. You might want to check with the experts over at the tax megathread to make sure you will be eligible to contribute to an IRA at all. flowinprose fucked around with this message at 03:35 on Jan 14, 2014 |
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Jan 14, 2014 03:27
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flowinprose posted:Also, I'm not 100% sure on this, but I think income excluded by the foreign-earned income exclusion cannot be counted as earned income that you can contribute to an IRA. You might want to check with the experts over at the tax megathread to make sure you will be eligible to contribute to an IRA at all. That's what I used to think as well, but I decided to pay someone to do my taxes this year with this in mind and they told me that taking the Foreign Earned Income Exclusion doesn't affect contributions to a Roth IRA and I did some extra checking and it looks like taking the FEIE doesn't exclude your income from your MAGI, which is what determines your contribution to a Roth IRA.
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Jan 14, 2014 08:41
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Anyone able to give some advice about UK investing? I'm 32, married, with one child. No debts, we have a backup fund for emergencies and we've just paid off our mortgage so I'm looking to get into some long-term investing using a stocks and shares ISA (my wife is very risk-averse so she prefers to use her excess income on a cash ISA/savings account). I contribute the maximum amount to my pension and after expenses (like nursery!) I have about £1000 per month available to invest. The goal is to hold on to it for 25-30 years so we can retire without having to work into our respective dotages. I've done some research about stocks and shares ISA providers and it seems like Cavendish Online minimize the fees I'll be paying - any good or bad experiences with them? Here is the current plan: 60% equities, broken down into -20% FTSE All-Share Index tracker -20% American (S&P 500?) Index tracker -20% Emerging Markets Index tracker 20% bonds (Global Bond Index tracker? Or should I go for an actively managed bond fund?) I'm not sure what to do with the remaining 20%. Currently I'm thinking of a global equities index tracker fund of some sort, but should I consider investing in property, or absolute return funds? Obviously I'm going to research any funds before I buy and go for the ones with the lowest total expense ratio, but are there any glaring flaws in the above distribution? Is it diversified enough?
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Jan 14, 2014 15:22
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Gold and a Pager posted:That's what I used to think as well, but I decided to pay someone to do my taxes this year with this in mind and they told me that taking the Foreign Earned Income Exclusion doesn't affect contributions to a Roth IRA and I did some extra checking and it looks like taking the FEIE doesn't exclude your income from your MAGI, which is what determines your contribution to a Roth IRA. Really? Because if you read the IRS publications regarding IRA contributions, in the part where it says: "What is NOT compensation?" It specifically says that compensation does not include amounts excluded from your income by the FEIE: "Any amounts (other than combat pay) you exclude from income, such as foreign earned income and housing costs." MAGI is only used to calculate how much you can contribute to a Roth if you are above the income threshold for phaseout, and you have to add back in FEIE amounts in order to calculate MAGI (which is really weird since they don't consider that amount compensation for purposes of contributing at all). You can technically have a positive MAGI and still not have adequate compensation to contribute to an IRA. Was the person who did your taxes an actual accountant (I say this only because many tax preparers do not have anywhere near the amount of expertise of a fully-fledged CPA)? Because I don't think they are correct. flowinprose fucked around with this message at 16:32 on Jan 14, 2014 |
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Jan 14, 2014 15:32
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flowinprose posted:Really? Because if you read the IRS publications regarding IRA contributions, in the part where it says: "What is NOT compensation?" It specifically says that compensation does not include amounts excluded from your income by the FEIE: "Any amounts (other than combat pay) you exclude from income, such as foreign earned income and housing costs."
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Jan 14, 2014 16:29
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Gold and a Pager posted:That's what I used to think as well, but I decided to pay someone to do my taxes this year with this in mind and they told me that taking the Foreign Earned Income Exclusion doesn't affect contributions to a Roth IRA and I did some extra checking and it looks like taking the FEIE doesn't exclude your income from your MAGI, which is what determines your contribution to a Roth IRA. I am pretty sure you are wrong. I have looked into this quite extensively in the past and the IRS publications are quite clear on this. Income you exclude cannot be be considered income for IRA contributions.
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Jan 14, 2014 16:45
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My accountant is a CPA, CMA and has an MBA and Master's in accounting (at least according to the website of the tax service I'm using) and has said "You can certainly contribute to (a) Roth IRA in 2013 since you have earned income. (The) FEIE is just a tax treatment on your earned income based on your expat status; it does not stop you from (an) IRA contribution." I was looking at that publication earlier this week and it said that you can use any income excluded by the FEIE when determining your MAGI, which is what determines your eligibility for a Roth, IRA (which I think is different from a traditional IRA). Edit: well, maybe it's a good thing I haven't paid them anything yet
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Jan 14, 2014 16:48
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Gold and a Pager posted:My accountant is a CPA, CMA and has an MBA and Master's in accounting (at least according to the website of the tax service I'm using) and has said "You can certainly contribute to (a) Roth IRA in 2013 since you have earned income. (The) FEIE is just a tax treatment on your earned income based on your expat status; it does not stop you from (an) IRA contribution." MAGI is not the same as your compensation. It even specifically states that fact in the IRS 590 publication. Do a Ctrl-F for the following quote: quote:Do not assume that your modified AGI is the same as your compensation. Compensation = earned income minus any exclusions (such as FEIE, pension income, rental income, etc). It is defined the same way for traditional and roth IRA contributions. MAGI = gross income including all of those excluded things, plus a few other things you can normally deduct, like student loan interest, etc. You need compensation to be net positive in order to contribute anything at all to an IRA. You need MAGI to be below a certain threshold to qualify to deduct traditional contributions or contribute to a Roth at all (although if your MAGI is too high you can still contribute to a traditional IRA you just can't deduct it). I would bring all this up again with your accountant and point out these specific phrases in the IRS publication and see what they have to say. It is possible that you could still contribute if your income is over the amount you exclude (Maybe you don't have to exclude it all?). From what I have read elsewhere, it also may be an option to take a foreign tax credit instead of the FEIE which would allow you to consider that income as compensation for IRA purposes. All of this depends on your particular situation as to which option works out the best.
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Jan 14, 2014 18:19
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Naar posted:Anyone able to give some advice about UK investing? I'm 32, married, with one child. No debts, we have a backup fund for emergencies and we've just paid off our mortgage so I'm looking to get into some long-term investing using a stocks and shares ISA (my wife is very risk-averse so she prefers to use her excess income on a cash ISA/savings account). I contribute the maximum amount to my pension and after expenses (like nursery!) I have about £1000 per month available to invest. The goal is to hold on to it for 25-30 years so we can retire without having to work into our respective dotages. I've done some research about stocks and shares ISA providers and it seems like Cavendish Online minimize the fees I'll be paying - any good or bad experiences with them? I'm way too new at this to be able to say much. Looks pretty reasonable to my eye though. Have you seen https://www.monevator.com ? It's the best UK-specific site I've seen.
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Jan 14, 2014 20:51
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Hi thread I have money. I want to put the money in an account and have someone smarter than me invest the money in ways so I make more money. How do I do this. I don't know a goddamned thing about investing whatsoever. EDIT: I have no debt, six figures of moneys in savings, and don't live in the US.
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Jan 14, 2014 23:47
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horse mans posted:Hi thread If you don't want to do any work, I would find a fee-based personal finance adviser and pay him to tell you what to do based on your specific situation. If you are willing to do some work and learn some things, you can tell us how long it is before you retire, what sort of income you will need in retirement, what country you are in, and what sort of tax situation you are facing. All of these determine what sort of investments make sense for you.
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Jan 14, 2014 23:57
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