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BigDave posted:What's a good rule of thumb for a emergency fund? Is $1000 enough, or should I be looking at something a little bigger? Min 3 months expenses would be a good rule of thumb as a few people have already posted. I highly doubt that $1,000 covers three months of your expenses.
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Jun 13, 2017 13:20
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Not sure if something like this warrants it's own thread, but here goes. I currently live and work in the US as a US citizen, and I want to get the hell out. Specifically I want to move to and work in Germany within the next 2-3 years. This isn't about how to immigrate though, I'm already taking the appropriate steps to learn the language and find a job. My question is the financial aspect. Right now I'm maxing out a Roth, maxing out my HSA, and contributing 12.5% to my 401(k) at work. I have a decent amount in savings too, but I'd like to get that number as high as possible to help get me settled in Germany assuming I can make this happen. My plan would be to: 1) Sell my condo. After realtor fees and whatever else, I should be able to walk away with hopefully ~$40k. This would obviously be the last thing I do. 2) Liquidate virtually everything except a couple suitcases of clothes, some easily portable electronics like a laptop and camera, and rent a small storage unit back in the US for whatever I can't take immediately but don't want to get rid of (pictures and mementos and poo poo like that). 3) Scale back my 401(k) contributions down to my employer match, and deposit the difference into a CD ladder or savings account. 4) Stop funding or minimally fund my HSA. There is enough in there to cover my max out of pocket in case poo poo happens. Take the money that was going there and deposit into the same CD ladder or savings account where the 401(k) money is going. The only reason I'd consider not doing this is if I can use the HSA funds to buy the private health insurance I'll need to get me started, but I don't think I can do that. Still researching. 5) Keep funding my Roth for now, but upon moving, withdraw some of the contributions if I need to. This would be worst-case scenario stuff, because I'd rather just leave it alone for retirement someday. 6) Save every other penny I can until I can get out in the same CD ladder or savings account. Am I retarded? Is this even feasible at all?
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Jun 14, 2017 20:51
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DJCobol posted:1) Sell my condo. After realtor fees and whatever else, I should be able to walk away with hopefully ~$40k. This would obviously be the last thing I do. Yep, do this. quote:2) Liquidate virtually everything except a couple suitcases of clothes, some easily portable electronics like a laptop and camera, and rent a small storage unit back in the US for whatever I can't take immediately but don't want to get rid of (pictures and mementos and poo poo like that). Can you not leave this with parents or a good friend? Storage units are pretty expensive for what they are. Before I left the US for good I sat down with my scanner and digitised everything (old journals, photos, etc) and chucked the originals, if they didn't otherwise have any sentimental value themselves. The rest is in a few cardboard boxes, probably less than a cubic metre of space in a closet my parents never use anyways. In all honesty I haven't really thought of any of it (aside from my Hasselblad, scanner, and binder of negatives) in the last 2.5 years, guess I probably wouldn't miss it if it vanished. quote:3) Scale back my 401(k) contributions down to my employer match, and deposit the difference into a CD ladder or savings account. Assuming you are planning on living in Germany indefinitely/retiring there, you should look into specific tax treaties, etc. Germany may or may not recognise your 401k or Roth as tax-advantaged, which would definitely impact where you'd put savings. Another thing to look into is whether or not the two have a Social Security totalisation scheme. quote:4) Stop funding or minimally fund my HSA. There is enough in there to cover my max out of pocket in case poo poo happens. Take the money that was going there and deposit into the same CD ladder or savings account where the 401(k) money is going. The only reason I'd consider not doing this is if I can use the HSA funds to buy the private health insurance I'll need to get me started, but I don't think I can do that. Still researching. Should be a quick phone call to HSA to figure that out, makes sense. quote:6) Save every other penny I can until I can get out in the same CD ladder or savings account. CDs are pretty low risk but I pulled stuff out of the market as I got nearer to my departure; nothing like having a market crash shatter your dreams.
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Jun 14, 2017 23:33
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KYOON GRIFFEY JR posted:Min 3 months expenses would be a good rule of thumb as a few people have already posted. Yeah, that would be closer to $3000.
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Jun 15, 2017 18:20
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BigDave posted:Yeah, that would be closer to $3000. 3K for three months is pretty sweet low cost living. By contrast my rent is $900 for three months ($1300 when your girlfriend doesn't get paid so you cover $400 of hers...fun...) I am mostly dumb maybe seeing as I have no debt and pretty low expenses but I keep $20K in savings for emergencies.
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Jun 16, 2017 02:13
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DJCobol posted:Am I retarded? Is this even feasible at all? No. Yes. Are you planning on getting a job before you move? You might be able to, depending on your field, in which case you won't need much saved at all. Otherwise, how have you chosen a savings target? Are you getting CoL numbers for a target city and assuming some number of months of job search time? It surprised me how long it took to get rid of everything I wasn't taking, even when my girlfriend and I could both do it full-time. And as time runs out, you'll cut more and more corners donating or even trashing things rather than selling or giving them to friends. Something that surprises people sometimes is that you'll need to keep filing a US return every year unless and until you renounce your citizenship (don't do that). But since you'll be a resident and paying income taxes in Germany, I doubt you'll ever owe anything; it'll just be a pain in the rear end rather than a line item. Oh, uhh, you probably know this, but it's almost related to financial stuff: I know people who move to Germany often face a chicken-and-egg problem where they need a mailing address to get a bank account, and a bank account to rent an apartment. I don't know how people get around that, but be sure to look into it. I've only ever really lived in Berlin, but it was fantastic. Good luck!
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Jun 16, 2017 03:22
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spwrozek posted:3K for three months is pretty sweet low cost living. By contrast my rent is $900 for three months ($1300 when your girlfriend doesn't get paid so you cover $400 of hers...fun...) Different people have different threshholds with that kind of stuff -- ultimately it is your own piece of mind and your money, so do with as you please! Doc Hawkins posted:Something that surprises people sometimes is that you'll need to keep filing a US return every year unless and until you renounce your citizenship (don't do that). But since you'll be a resident and paying income taxes in Germany, I doubt you'll ever owe anything; it'll just be a pain in the rear end rather than a line item. Something I left out of my response, but to expand on this: Your two main options filing overseas are to claim credit for foreign taxes paid (if it is equal or greater than your US tax obligation, you pay nothing), or take the blanket Foreign Earned Income Exclusion, which is recalculated every year and currently sitting around $100k (note that this only counts for W2 type income, not consultant work, cap gains, etc). The latter seems to be more common it's easier, however since that income is exempt from US taxation it is also ineligible as a Roth contribution. My understanding is that if you take the credit based on foreign tax paid (I think more of a hassle to file, but most places tax higher than the US so you also pay nothing), it should be eligible to contribute to a Roth. Whether or not a Roth contribution makes sense depends on the tax treaties between countries and your own personal circumstances, but it's something to keep in mind.
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Jun 16, 2017 07:13
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Thanks for the comments so far.Pompous Rhombus posted:Can you not leave this with parents or a good friend? Storage units are pretty expensive for what they are. quote:Assuming you are planning on living in Germany indefinitely/retiring there, you should look into specific tax treaties, etc. Germany may or may not recognise your 401k or Roth as tax-advantaged, which would definitely impact where you'd put savings. Another thing to look into is whether or not the two have a Social Security totalisation scheme. Doc Hawkins posted:Are you planning on getting a job before you move? You might be able to, depending on your field, in which case you won't need much saved at all. Otherwise, how have you chosen a savings target? Are you getting CoL numbers for a target city and assuming some number of months of job search time? Location wise, I would love to end up in the Munich area, even though I know that is the most expensive area. I have done some CoL comparisons and honestly it doesn't look that bad. I am going to Berlin for 7 days at the end of this year, and I plan on getting as much info as I can while I'm there, and I'll probably go back around this time next year to the Hamburg area. I've already been to Bavaria and Baden-Württemberg a couple of times. quote:It surprised me how long it took to get rid of everything I wasn't taking, even when my girlfriend and I could both do it full-time. And as time runs out, you'll cut more and more corners donating or even trashing things rather than selling or giving them to friends. quote:Something that surprises people sometimes is that you'll need to keep filing a US return every year unless and until you renounce your citizenship (don't do that). But since you'll be a resident and paying income taxes in Germany, I doubt you'll ever owe anything; it'll just be a pain in the rear end rather than a line item. quote:Oh, uhh, you probably know this, but it's almost related to financial stuff: I know people who move to Germany often face a chicken-and-egg problem where they need a mailing address to get a bank account, and a bank account to rent an apartment. I don't know how people get around that, but be sure to look into it. quote:I've only ever really lived in Berlin, but it was fantastic. Good luck!
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Jun 16, 2017 18:46
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DJCobol posted:My savings target right now is just "a lot". I don't have a firm number yet, but ideally I would have a year's worth expenses covered, and the estimated proceeds from selling my house alone should cover that. But I also know that I'll have to buy all new everything when I get there, so I need to have a decent chunk of change set aside for that as well. If I had to put a number on it, I'm guesstimating that I should be able to have north of $75k in the bank by the time I leave, hopefully in 2-3 years. That is definitely "a lot." It's an order of magnitude more than what I'd set aside for the purpose, assuming I would have an offer already. Maybe if I was planning to buy a car? Buuuut who cares. You know much better than I do which stuff for how much you'll need to buy. All I recommend is actually going through all the steps of making a budget. Put in estimates for every line item you want to be able to cover, then add some percentage on top to feel extra-safe. I greatly over-budgeted my own international stint, so that's why I'm sensitive to the possibility of others doing it. But a) the fund is for your peace of mind and b) there's no penalty for preparation, so feel free to save up as much as you want. E: You definitely post like the kind of person who handles a move like this just fine. Doc Hawkins fucked around with this message at 23:11 on Jun 16, 2017 |
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Jun 16, 2017 23:08
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Pompous Rhombus posted:Different people have different threshholds with that kind of stuff -- ultimately it is your own piece of mind and your money, so do with as you please! Oh yeah. For sure. Just goes back to the so many factors thing in what you need or want for an emergency.
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Jun 17, 2017 02:01
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Just from a practical perspective it can be hard to line up a job internationally unless you have a very niche background. Most places want you in country before they'll talk to you. For Germany it's really easy to upgrade from a tourist visa to a job visa as a US citizen. But germanys IT scene is not known as not paying great and being really tied to Germany's apprenticeship system. Actually with the exception of the U.K. Most European countries have easy requirements for work visas if you have a job offer. But getting that offer might be a pain. However if you are under 30 (or 35 for a special visa through bunac for NZ) you can get a working holiday visa for Aus/NZ. Let's you live and work in the country for a year to get you foot in the door, and once you're there it's pretty easy to upgrade that to a skilled migrant visa while in country. You can also totally apply for a skilled migrant visa from outside that will let you move to the country and look for a job if you have enough points. U.K. Has a similar program but getting points can be harder.
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Jun 17, 2017 02:41
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Doc Hawkins posted:That is definitely "a lot." It's an order of magnitude more than what I'd set aside for the purpose, assuming I would have an offer already. Maybe if I was planning to buy a car? Punkbob posted:Just from a practical perspective it can be hard to line up a job internationally unless you have a very niche background. quote:However if you are under 30 (or 35 for a special visa through bunac for NZ) you can get a working holiday visa for Aus/NZ. Let's you live and work in the country for a year to get you foot in the door, and once you're there it's pretty easy to upgrade that to a skilled migrant visa while in country.
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Jun 17, 2017 15:50
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I assume based on the amount of prepwork you've done that you are fully versed in the various laws around the German Blue Card. It sounds like you generally meet all of the criteria.
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Jun 18, 2017 21:26
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My knowledge of this is a few years out of date and maybe the culture has changed a lot but I expect you will have trouble getting a job at a German company unless you speak and write German extremely well. That's probably more true in Bayern or Baden-Württemberg than in the rest of the country. I wonder if looking for a US or UK based company and trying to arrange everything on this side of the ocean wouldn't be the safest bet, but if you have a good lump sum of cash to get you started for a few months it might not be such a big deal. It might even be fun to spend a few touristy months on a sort of cultural sabbatical with some immersion business German courses while you are settling in.
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Jun 19, 2017 01:01
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KYOON GRIFFEY JR posted:I assume based on the amount of prepwork you've done that you are fully versed in the various laws around the German Blue Card. It sounds like you generally meet all of the criteria. BEHOLD: MY CAPE posted:My knowledge of this is a few years out of date and maybe the culture has changed a lot but I expect you will have trouble getting a job at a German company unless you speak and write German extremely well. That's probably more true in Bayern or Baden-Württemberg than in the rest of the country. I wonder if looking for a US or UK based company and trying to arrange everything on this side of the ocean wouldn't be the safest bet, but if you have a good lump sum of cash to get you started for a few months it might not be such a big deal. It might even be fun to spend a few touristy months on a sort of cultural sabbatical with some immersion business German courses while you are settling in.
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Jun 19, 2017 04:26
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Hey dudes. Looking for international money transfer advice; trying to get my rental deposit from the UK back, into a US bank account. The letting company wants a Swift and IBAN number, but AFAIK, none of my accounts (USAA, Penfed, Commonwealth One) do that. They're refusing to use Transferwise. Do I have any options other than opening a new bank account? Any recommendations?
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Jun 23, 2017 11:10
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They are trying to avoid doing a non-SEPA transfer because they will be charged a fee for that. Either you or the company will be charged a fee for the international transfer, and they don't want it to be them.
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Jun 23, 2017 12:17
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I think the issue (for both the letting agency and the US banks/CUs) is rigid institutional policies blocking me from getting the money entirely; I'm paying the fee regardless.
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Jun 23, 2017 13:33
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I don't know what to do here. I got a ration of poo poo from my boss last week. Today a RAM module failed during a sales demo at a prospective customer's offices and I was responsible for having it back up and running within an hour by getting the on-site tech some replacement RAM delivered in under an hour. It secured a major sale and the speed of recovery is being called "magic" in a company-wide email thread. But my name hasn't been mentioned. The tech is getting 100% of the credit for this and is being called a rockstar and if I say anything to steal the spotlight I'll look like a douchebag. This is the loving worst and I need this reputation upgrade really badly right now. He was going to drive out to a Fry's or some poo poo from downtown Boston. It would have probably delayed the demo for the rest of the loving day and instead we look amazing for fixing it so quickly. How are people supposed to get recognition for stuff without rocking the boat and coming off like a glory hog or something??????
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Jun 24, 2017 01:12
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Find other people that have also had their thunder stolen, lead with their stories, frame it as an institutional problem. Only you know if your bosses can be shamed into doing the right thing, and/or if your peers will want to associate themselves with this kind of move.
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Jun 24, 2017 02:41
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Or can you talk to the tech with some encouragement that he also makes sure to mention your role in any replies when important people ask what happened?
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Jun 24, 2017 16:55
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Dominoes posted:Hey dudes. Looking for international money transfer advice; trying to get my rental deposit from the UK back, into a US bank account. The letting company wants a Swift and IBAN number, but AFAIK, none of my accounts (USAA, Penfed, Commonwealth One) do that. They're refusing to use Transferwise. Do I have any options other than opening a new bank account? Any recommendations? Go to https://www.usaa.com/inet/pages/wire and click on Receive an International Wire Transfer.
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Jun 24, 2017 23:11
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Any particular reason I should avoid brokered CDs through Fidelity? The yields are much higher than from my bank, for example there's a new issue 2mo CD with a yield of 1.15% vs 0.43% from my bank for an 18mo maturity. Note, I realize I could do a high yield savings account for similar yields, but for relatively trivial reasons I've been avoiding that.
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Jun 25, 2017 15:04
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SpelledBackwards posted:Or can you talk to the tech with some encouragement that he also makes sure to mention your role in any replies when important people ask what happened? This is what I ended up doing. He was pretty sly about it, told me that I basically saved the day for him, then he made a reply in the email thread that he normally doesn't say stuff and just does his job, but then gave kudos to people. I was the second person in the line of kudos but he indicated the specific thing I deserved credit for. So it's all good plus I now have reason to believe he is a good guy I can trust to do good stuff.
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Jun 26, 2017 14:06
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Juanito posted:USAA does have a SWIFT code for a bank that they work with, but no IBAN.
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Jun 26, 2017 14:17
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Ugh, good luck. I had to deal with that SWIFT/IBAN issue when I was getting reimbursed for a flight earlier this year. Took about three months all told.
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Jun 26, 2017 16:21
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Wife broached the subject of merging back accounts again tonight. It's something I want to do eventually but I've told her repeatedly that I don't want to do it until I finish paying off my student loans (just under $5k) and some money borrowed from my parents for our wedding in 2015 ($3.5k remaining with $1k already saved up). She also makes more than I do right now, and has less debt to worry about, but I want to pay them off myself (and have things charted out to do so by the end of 2018). Also my bank doesn't have any nearby branches and I feel like closing a bank account is the sort of thing you're better off doing in person. The only time having separate accounts is an obstacle is the one or two times a month we have to pass money around for bills, and since I finally stopped using checks this is really easy and I don't know why it annoys her so much. Someone tell me why we should merge now instead of after I pay that stuff off, I run my life on a very strict "if it ain't broke, don't fix it" policy and our current system works just fine right now.
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Jun 30, 2017 05:40
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Because your married and your supposed to be facing life as a team. If she's open to it why not accept that your finances can match your marriage? You could pay down that debt faster with both your income combined, better if she's open to helping with it. edit: I feel like this came up off as judgmental, totally not my intent. I just wanted to provide a viewpoint to answer you question. Higgy fucked around with this message at 06:53 on Jun 30, 2017 |
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Jun 30, 2017 06:11
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If it's about paying off your debts first, explain that to her as she might not understand what a big psychological weight debt can be, and the end is in sight. If your reluctance goes beyond that, really think about why and discuss it openly with her. Money can mess up relationships if people aren't honest. You could also keep your current account and set up a new joint account together for bills and household expenses and whatever saving goals you have.
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Jun 30, 2017 06:30
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Enfys posted:If it's about paying off your debts first, explain that to her as she might not understand what a big psychological weight debt can be, and the end is in sight. If your reluctance goes beyond that, really think about why and discuss it openly with her. Money can mess up relationships if people aren't honest. My name is actually on her bank account right now (checking and savings) but I haven't touched that unless she's needed me to run a bank-related errand for her or something. I hadn't considered the obvious route of putting my paychecks into our joint account and moving money into my current account to pay stuff off though. Higgy posted:Because your married and your supposed to be facing life as a team. If she's open to it why not accept that your finances can match your marriage? You could pay down that debt faster with both your income combined, better if she's open to helping with it. No judgment perceived. When she signed on this new job she said she would be open to helping me pay it down faster but I have yet to call on her to put her money where her mouth is (  ). Now might also be a bad time as we both took on some new debt for recent vacation expenses, and she's had to travel a bunch to train for her new job and those reimbursements are still processing. July is looking to be a lot less busy than the past couple of months, if that ends up holding true then we'll merge.Also, my parents didn't merge bank accounts until they had been married for 30 years, and having them separate for that long was never a problem from what I could tell 
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Jun 30, 2017 12:39
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C-Euro posted:Also, my parents didn't merge bank accounts until they had been married for 30 years, and having them separate for that long was never a problem from what I could tell When I get old I hope my wife can afford to live in the same retirement home as me. Otherwise I guess we can still meet once a week for dinner out or something.
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Jun 30, 2017 14:39
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Droo posted:When I get old I hope my wife can afford to live in the same retirement home as me. Otherwise I guess we can still meet once a week for dinner out or something. They're not retired, also lol at anyone being able to afford a retirement home in a few years.
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Jun 30, 2017 15:43
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C-Euro posted:My name is actually on her bank account right now (checking and savings) but I haven't touched that unless she's needed me to run a bank-related errand for her or something. I hadn't considered the obvious route of putting my paychecks into our joint account and moving money into my current account to pay stuff off though. In a vacuum, It would make financial sense for the husband to contribute enough money into the relationship to pay off her student loans and max out her tax-advantaged accounts every year. She flatly refused, feeling that it felt too much like a handout and asserted she can pay off her own debts and make her own way in life. To me, as their lives are now tied together, they are literally throwing money away every month for her pride and feeling of independence. Relationships are about sacrifices and at the end of the day the money was less important than relationship harmony. It's not decision I'd have made, but at least they're informed of the price of the choices they make.
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Jun 30, 2017 15:55
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I totally get that mindset, to each his own. Like others have said, there's no reason you can't get a happy middle. Set up a joint account for bills and shared financial goals and keep yours separate to pay your debts.
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Jun 30, 2017 17:29
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My wife and I combined finances a few months after we got married. For combined finances it's really important to have an open dialogue about financial goals and priorities. Whatever you end up doing make sure both parties are in agreement with what is happening.
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Jun 30, 2017 18:22
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I'm looking for a document management system for my small business. Low number of users, contract management and keeping track of accounting/receipts basically. I was thinking of trying box but want to know what people suggest first.
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Jun 30, 2017 19:49
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My wife and I keep our finances fairly separate, in that my paycheck goes into a checking account that on;y my name is on and her paycheck goes into a paycheck that only her name is on. However, we also each send some cash on a monthly basis to a joint account out of which we pay the mortgage, several recurring bills, etc. We also talk about money and finances all the time (at least twice a week, while walking the dog or whatever). Furthermore, our savings rate is already pretty high, so there's no worry about whether one or the other is spending themselves to the brink. I don't know which of these factors matters more or less, but this system works well for us!
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Jul 1, 2017 05:46
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For some strange reason my wife hates thinking or talking about major relationship long-term money decisions whatsoever so I just take care of those. Things like "how much house can we afford? How much car? How much vacation? How much should we put toward retirement?" She likes to know our budget but honestly could not care less about how I arrive at those numbers. Small things, chiefly budgeting and household spending, we discuss openly all the time and doesn't seem to cause her any anguish  All our accounts are joint and consumer debt is obtained by whoever earns the better interest profile (so far mostly me because her portion of our loans is higher and she had a missed payment). Anyway, I highly advocate this "total team" strategy, especially when both partners sign off on it and one doesn't really like to think or do too much with it on the numbers side.
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Jul 1, 2017 17:20
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EAT FASTER!!!!!! posted:For some strange reason my wife hates thinking or talking about major relationship long-term money decisions whatsoever so I just take care of those. Things like "how much house can we afford? How much car? How much vacation? How much should we put toward retirement?" She likes to know our budget but honestly could not care less about how I arrive at those numbers. Small things, chiefly budgeting and household spending, we discuss openly all the time and doesn't seem to cause her any anguish You guys sound like me and Mrs. Higgy. We do discuss long term saving goals, retirement, vacations etc. but she'll almost always defer to me to crunch numbers and the like. I'm okay with the arrangement, I like to have that level of control and I'm open with all of the numbers with her.
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Jul 1, 2017 22:58
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BEHOLD: MY CAPE posted:My knowledge of this is a few years out of date and maybe the culture has changed a lot but I expect you will have trouble getting a job at a German company unless you speak and write German extremely well. That's probably more true in Bayern or Baden-Württemberg than in the rest of the country. Come to Walldorf, Baden-Württemberg, work at a certain IT company, and you'll never need to talk German professionally. 😊
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Jul 2, 2017 10:16
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