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Good for hopefully being quick to address said tax issues ? I haven’t seen an answer to confirm: any debt, like credit card or student loan debt? Did your parents have you as a co signer on any loans?
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Dec 28, 2020 13:59
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Does anyone have any experience with OPERS? I've started a new job and need to roll over my OPERS account to something else. I think I just want to transfer it to a vanguard IRA (I have a roth IRA but not a regular IRA). It looks like I can roll it over like any other account, but since it's not a 401(a) instead of a 401(k) it's not clear to me if all the same rules apply (and Vanguard's website mostly just discusses rolling over 401(k)s). Another thing I'm a bit confused by: the website is estimating 20% taxes on it -- am I correct in believing that those won't apply if I roll over to an IRA since it won't be a taxable event? Just don't want to accidentally screw this up. Thanks thread, let me know if I should post this in the long-term investing thread instead. Edit: my plan is to call up vanguard to ask them about rolling it over, but just trying to not be totally in the dark about the process. Neurostorm fucked around with this message at 17:31 on Dec 28, 2020 |
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Dec 28, 2020 17:29
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I vaguely remember seeing a post about a calculator for determining whether a high deductible or normal health plan is better financially based on the costs and amounts that the company chips in for the HSA. Does anyone remember that or have one that they like?
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Dec 28, 2020 18:46
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Well one of my New Years resolutions is to finally create a budget and track spending for the first time. Is there a piece of software that does automatic bank import that’s goon recommended? I’m definitely not gonna keep it up if it’s not mostly automated.
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Dec 28, 2020 19:30
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Cat Army 
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The Iron Rose posted:Well one of my New Years resolutions is to finally create a budget and track spending for the first time. Is there a piece of software that does automatic bank import that’s goon recommended? I’m definitely not gonna keep it up if it’s not mostly automated. YNAB is my personal favorite, but I believe there are other budgeting softwares that do that as well, such as the Dave Ramsey version called Every Dollar.
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Dec 28, 2020 21:16
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Hello thread! I’m looking for a flow chart that gets posted every once in awhile that goes something like small nest egg -> big debt -> better nest egg -> debt -> 401k -> HSA etc. It’s more detailed than that but I’m sure you know what I’m talking about. Someone mind posting it for me? I want to send it to a younger friend that, like me, got nothing from school about money management. Edit: As tribute, I’ll share that these forums specifically helped me pay off and stay credit card debt free, hit a nest egg of 5 digits and cut my student/car debt to the point that I should be debt free in 2 years. Thanks BFC! Rolo fucked around with this message at 02:36 on Dec 29, 2020 |
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Dec 29, 2020 02:34
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https://u.cubeupload.com/demonlesondledon/FIREFlowChart.png
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Dec 29, 2020 02:38
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Would also recommend the oft-recommended "If you can" It helped me immensely when trying to help some family members take savings seriously.
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Dec 29, 2020 02:45
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What's the difference between a savings account and a high yield savings account, if any? More generally, I managed to get my emergency fund up over $10K and want to make sure I'm putting it in the best place to balance returns with liquidity.
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Dec 29, 2020 02:49
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Not to double post, but the flowchart above is the FIRE version, which is very similar, but not the same as, the personal finance version linked below. I don't have an opinion on which is better, just wasn't sure which one you were looking for. EDIT: ^^^ Most brick and mortar banks offer savings accounts, but they pay a tiny tiny amount of interest (0.01%). It's just a separate container. A high yield savings account is just an account that pays more than that. Frequently an online bank. Right now rates are extremely low, but you can find 0.5% or so. We frequently recommend Ally bank, but any FDIC bank or credit union that offers a decent rate is fine. Grumpwagon fucked around with this message at 03:01 on Dec 29, 2020 |
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Dec 29, 2020 02:57
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That’s the chart! I’ll supplement with the more detailed one, thanks. And I’ve had a great experience with Ally. The rates have plummeted over the years but I don’t regret leaving Wells one bit. I keep my checking account at Wells open (and disabled) with 1$ for the rare occasion that I need to deposit cash and transfer it to my online savings.
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Dec 29, 2020 03:34
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How do you get large amounts of cash out on shortish notice if you don't have a bank/credit union you're a member of near you? I currently have a savings account with ally and a checking/savings account with a credit union in halfway across the country because I moved. Is there an easy way to take out a few thousand dollars without just maxing out atm withdrawals several days in a row? (Looking at purchasing a vehicle from a private party, cash only) Soylent Pudding posted:What's the difference between a savings account and a high yield savings account, if any? More generally, I managed to get my emergency fund up over $10K and want to make sure I'm putting it in the best place to balance returns with liquidity. I keep my emergency fund + some in an ally no penalty cd. It's an 11 month cd with no penalty for early withdrawal. I opened it in February when rates were still good (comparatively), but I think the current rate for it is. It's currently .5%, the same as their savings account rate, I've been getting emails every month about dropping rates. BAE OF PIGS fucked around with this message at 07:25 on Dec 29, 2020 |
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Dec 29, 2020 07:06
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BAE OF PIGS posted:How do you get large amounts of cash out on shortish notice if you don't have a bank/credit union you're a member of near you? Also, maybe not applicable here but for future reference, you can get money orders at Walmart or certain grocers much cheaper than an out-of-network ATM.
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Dec 29, 2020 07:08
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BAE OF PIGS posted:How do you get large amounts of cash out on shortish notice if you don't have a bank/credit union you're a member of near you? I had to pull $2,000 for movers 2 years ago, Ally has a limit of $1,000 a day, but if you call them they’ll verify you and bump the limit. Then you can go to any ATM. Ally only reimburses up to $10 a month now in ATM fees, so you may go over that if it’s a large cash withdrawal. If it’s a one time thing, yeah it’s a hassle but whatever. I will say, if it was even once a year that I needed to do something like that, I would get a 2nd account at a physical bank. I’m just lucky I pretty much never need more than $50 at any one time.
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Dec 29, 2020 13:27
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Yeah, how often do you need large amounts of actual cash where a check or wire transfer won't do? For me that's been vehicle purchases and even I manage to only do that once a year or so at my worst. I do 99% of my banking with Ally. I keep a BofA checking account open with literally nothing in it and just funnel the bare minimum of my direct deposit through it to keep it fee-free, and transfer money back into it if I'm going to need to pull it out as cash. Also comes in handy to get access to their notary services, and I use their ATMs to deposit any cash I end up getting.
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Dec 29, 2020 17:32
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IOwnCalculus posted:I do 99% of my banking with Ally. I keep a BofA checking account open with literally nothing in it [...] Also comes in handy to get access to their notary services, and I use their ATMs to deposit any cash I end up getting.
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Dec 29, 2020 18:22
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I’ve been exclusively using Ally for checking and savings for almost 4 years with no regrets. Paycheck is direct deposited and even when I bought a car with cash this year the dealer accepted the paper check from Ally with no problems. It sucks that the interest rate has plummeted (not their fault) but it’s still leaps and bounds better than any physical bank.
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Dec 29, 2020 18:28
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Small White Dragon posted:For credit unions, you could see if they participate in the credit union co-op network. Also, if you're not buying this car from someone you know, I'd suggest doing the transaction in the parking lot of a local police station.
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Dec 29, 2020 22:10
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I use Fidelity as my checking account. Unlimited ATM fee reimbursement and free wire transfers. I have opened a banking account at my local CU, wired funds, withdrew the next day and closed my account before.
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Dec 31, 2020 20:45
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Long story short, I own a pretty profitable small business that makes 50-100k profit a year doing online retail and I have absolutely no idea what I am doing. I used to have a business partner that handled the books and logistics side of the business, and then he more or less dramatically betrayed me and got me for tens of thousands of dollars. I've been doing my own thing since then, and the business is doing really well. No major liquidity problems, buying stuff, selling stuff, it's all been going great, I just don't know... really anything other than how to make money through the business. I'm completely clueless regarding how to file effectively, for example. I also got married recently and moved across the country, so between setting up my new business in Nevada, plus joint filing, I have absolutely no idea what to do with my taxes this year. I've been told I should get a CPA, which I intend on doing, but i don't even know how to pick a good one. I guess I'm just very overwhelmed, and I'm so overwhelmed that I don't even know where to start!
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Jan 1, 2021 00:09
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Lead By Example posted:Long story short, I own a pretty profitable small business that makes 50-100k profit a year doing online retail and I have absolutely no idea what I am doing. I would be just as clueless as you when it comes to this stuff, so don't take my word as gospel here, but it doesn't sound like the business is very complicated, so I don't think a "good" CPA or a "bad" CPA really matters (obviously, getting a negligent criminal would be a problem, but if you go to a normal business that people have heard of, that's a vanishingly small possibility). You're just looking for someone to do a simple (to them) job, any CPA should be able to do that. Do you keep records of your transactions? If so, you should be 75% of the way there.
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Jan 1, 2021 00:20
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Grumpwagon posted:I would be just as clueless as you when it comes to this stuff, so don't take my word as gospel here, but it doesn't sound like the business is very complicated, so I don't think a "good" CPA or a "bad" CPA really matters (obviously, getting a negligent criminal would be a problem, but if you go to a normal business that people have heard of, that's a vanishingly small possibility). You're just looking for someone to do a simple (to them) job, any CPA should be able to do that. I do almost all of my sales over the internet, so I have the wide majority of my sales easily printable in a csv. I definitely need to do a better job of tracking the money I spend on acquisitions, as I feel like that's going to be much harder to back track through since so much of it is done either in person or via social media. I suppose most businesses traditionally just keep a ledger. I've also been horrible about mixing my finances with the business -- I need to do a better job of keeping everything separate.
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Jan 1, 2021 00:29
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Ask on facebook or friends around town who have small businesses who they use. (Think: Attorneys, therapists, trinket shops, whatever. If it's not owned by a corporate overlord, ask them.) You will start to see a pattern in the replies. Give them a quick intro / interview call and see if you click. If you do, give it a shot. If they suck, fire them and try again. Here where I live there are a dozen or two CPA firms around but only 2-3 that people consistently recommend.
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Jan 1, 2021 00:33
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If you had $10k to invest, would you just throw it into VTSAX or something similar?
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Jan 1, 2021 16:50
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Omne posted:If you had $10k to invest, would you just throw it into VTSAX or something similar? What do you want to do with the money and when? Tax advantaged (IRA, 401k) or taxable brokerage? This is just hookers and blow money? Not like, the down payment on your house in 2 years, emergency fund, or retirement? If taxable I would slap it in a total international fund. The real answer here is "in line with your overall asset allocation strategy."
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Jan 1, 2021 17:09
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H110Hawk posted:What do you want to do with the money and when? Tax advantaged (IRA, 401k) or taxable brokerage? This is just hookers and blow money? Not like, the down payment on your house in 2 years, emergency fund, or retirement? Yeah more info would probably have been helpful. Assume 401k/IRA fully maxed out. Have a very healthy emergency fund and other cash savings in an Ally HYSA, purchased our home 18 months ago so not really saving for anything and figured putting it into an index fund for the time being would be best.
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Jan 1, 2021 17:17
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Omne posted:Yeah more info would probably have been helpful. Assume 401k/IRA fully maxed out. Have a very healthy emergency fund and other cash savings in an Ally HYSA, purchased our home 18 months ago so not really saving for anything and figured putting it into an index fund for the time being would be best. Hookers and blow it is! Taxable has potential for some savings on your taxes if you do international. That's what I would do until it hits your target international %.
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Jan 1, 2021 17:19
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H110Hawk posted:Hookers and blow it is! Taxable has potential for some savings on your taxes if you do international. That's what I would do until it hits your target international %. If saving money on taxes is your primary concern, go with the first sentence above.
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Jan 1, 2021 18:04
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knowing nothing about cryptocurrencies and stuff, is it actually a good idea to just put a small amount of savings into that stuff? i have a very risk-averse sort of personality and basically not a money or finance guy but i have a couple of friends who keep telling me how dumb i am for not doing it and being rich like them and if nothing else it will shut them up. if i turn a few hundred euros into deus ex money am i doing something dumb or is it sensible?
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Jan 3, 2021 00:13
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It’s not a good idea, especially if you are risk-adverse. Tell them you heard them and you’ll consider it in your financial planning. Then have them stay out of your business.
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Jan 3, 2021 00:19
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Don't put any money into bitcoin that you can't afford to lose, and if you do put some in, for god's sake don't tell the people urging you to buy bitcoin.
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Jan 3, 2021 00:52
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ultrafilter posted:Don't put any money into bitcoin that you can't afford to lose, and if you do put some in, for god's sake don't tell the people urging you to buy bitcoin. i guess what i was thinking of was to put some money (like a few hundred euros one-time) into a relatively cheap currency like ethereum in case it jumps in value by some silly amount like bitcoin did i don't really have any financial problems but i'm just a teacher and i have no investments or experience with them, i can afford to spend some money on something like this but since i am a complete rube when it comes to financial stuff i figured it might be really stupid for some reason i don't clearly perceive
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Jan 3, 2021 00:57
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Why not a penny stock? Why not a lottery ticket? Why not place some bets on a football match? Make sure you understand the investment and have legitimate reasons for investing money in them. If you don’t, better to not do anything.
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Jan 3, 2021 00:58
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Cryptocurrencies are stupidly volatile. Sure, sometimes they jump in value 500%. They also routinely fall in value by similar amounts. If you're putting money into a cryptocurrency, you should classify it as entertainment, not investment, because you're gambling.
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Jan 3, 2021 01:10
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Shibawanko posted:i don't really have any financial problems but i'm just a teacher and i have no investments or experience with them, i can afford to spend some money on something like this but since i am a complete rube when it comes to financial stuff i figured it might be really stupid for some reason i don't clearly perceive If you have no investments or experience with them, your first investment should probably be something boring and reliable like a retirement target date index fund. Not bitcoin. Unless you're also a degenerate gambler.
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Jan 3, 2021 01:11
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The value of crypocurrencies are entirely dependent on coin-holders' ability to convince people like you that the value will rise and that you should buy them.
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Jan 3, 2021 04:20
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Shibawanko posted:i guess what i was thinking of was to put some money (like a few hundred euros one-time) into a relatively cheap currency like ethereum in case it jumps in value by some silly amount like bitcoin did. One time I was at the casino, the roulette-ball-thing landed on 13. Clearly, my next logical action was to put €400 on 13! FOMO is a powerful beast. Like some of the other posters said above, if you want to throw some money into a bet on crypto, make sure it’s not actually money you need, and treat it as entertainment. Personally, I can think of far better uses, but to each their own. The primary issue being that there is no actual value in any sort of cryptocurrency. Don’t trust anyone who says things like “proof-of-work” or “block-chain” as a reason to expect any crypto to have any sort of expected return. It’s all bullshit. They are entirely speculative bets that rely on, in the end, someone to be left holding the bag. Are you lucky enough to not be that person?
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Jan 3, 2021 09:43
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yeah i figured it was mostly bullshit, thanks for the advice
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Jan 3, 2021 11:10
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totalnewbie posted:The value of crypocurrencies are entirely dependent on coin-holders' ability to convince people like you that the value will rise and that you should buy them.
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Jan 3, 2021 16:05
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Quaint Quail Quilt posted:This is true of stocks as well. The value of a company's stock is (loosely) tied to the expected future performance of that company. It can drift a lot, but there's something anchoring the stock to reality. Cryptocurrency is completely detached from anything except for its own market.
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Jan 3, 2021 16:10
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