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Yes, you are over thinking this. You got exactly the correct kind of account for him.
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Jan 13, 2024 23:51
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Motronic posted:Yes, you are over thinking this. You got exactly the correct kind of account for him. Thanks. When your spouse is a recovered estate planning attorney you hear the occasional continuing ed story of "So the parent drained the UTMA account on cocaine and..." And my kid better bring enough for the whole class if he does that.
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Jan 13, 2024 23:58
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If the intention is for him to spend it on ipad games and not save millions for his future can't you just get a "teen checking account" instead of doing the complicated legally protected savings thing? Most banks offer something like that where the underage kid and a parent get signed up as joint owners of the account, and the parent can then monitor the kid's balance or add or withdraw funds or whatever since they're also an account owner. e: to clarify I'm also a newbie and I don't really know anything about UTMA but I had a teen checking account with a debit card when I was young and it seemed simple enough. RPATDO_LAMD fucked around with this message at 02:43 on Jan 14, 2024 |
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Jan 14, 2024 02:38
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RPATDO_LAMD posted:If the intention is for him to spend it on ipad games and not save millions for his future can't you just get a "teen checking account" instead of doing the complicated legally protected savings thing? Most banks offer something like that where the underage kid and a parent get signed up as joint owners of the account, and the parent can then monitor the kid's balance or add or withdraw funds or whatever since they're also an account owner. You had that before UTMA/UGMA accounts were a thing. It's a relatively recent phenomena for banking (older for brokerage accounts), lots of banking regulations have changed since then, etc, etc. It really is the right way to do it to protect everyone involved and meet KYC requirements. It's also really, really not a big deal and shouldn't be thought of as one.
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Jan 14, 2024 02:49
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I think this is the right thread for this question, but please redirect me if I am mistaken. I am a high school teacher. I have a former student who has no reliable familial connections who managed to secure himself some really significant financial aid packages to attend my state's flagship university. He is trying to move from campus dorms to a privately owned apartment complex near the school for his next year. He reached out to me saying that the apartment complex needs someone to co-sign his lease, but he has nobody that can do this. He asked if I would do this, and it seems fairly safe as his financial aid package includes his lease. However, I'm not particularly interested in even that minimal risk or any impact such things might have on my credit score. I advised him on some alternative options, such as guarantor services or directly negotiating with the apartment complex and maybe making a larger security deposit. He's got several months to prepare, as this would be for the upcoming fall semester, so he should be able to scrape together some extra money over the summer if he really needs to pay for such a thing out of personal funds. I'm pretty confident that this is all the correct path both for me and him. However, I don't know jack poo poo about guarantor services. This kid probably has next to nothing in terms of credit history. He's likely correct in that his financial aid is about as safe a bet as possible in terms of his housing getting covered. Is anyone familiar with this stuff? Know any services or anything that I can direct him to? Is he going to get fleeced by an apartment or service if he doesn't have a co-signer? Thoughts in general?
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Jan 14, 2024 04:32
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litany of gulps posted:I think this is the right thread for this question, but please redirect me if I am mistaken. Unless you're the HS Career Counselor in a Hallmark made-for-TV movie who is secretly a guardian angel sent to change this kid's life forever, blah blah, do not cosign for him. You will... 1) Be on the hook for his lease even if he fails out, goes on leave of absence for an allowable cause at the school, or has his financial aid revoked (example: drug conviction = no more federal financial aid). 2) Be on the hook for any damages he's deemed responsible for (which even if he's a good kid could be surprising, because he's still just a kid and kids are dummmmmb) 3) If you're in a state that allows joint-and-several leases, you could be on the hook for his roommates' unpaid rent or their damages in the event that anything happens with them. He could do nothing wrong except not be able to pay his roommates' rent costs after they drop out for (whatever reason) and you'd be liable as cosigner in a J-a-S lease. Don't assume the other students' cosigners will do their part, either. They could very well be unreachable for judgment purposes at any college with an international student base. I don't know about anything re: guarantor services either, only that you co-signing a college kid who isn't yours is super, super risky. College students are dumb, they do stupid things that damage apartments, they (or their roommates) are slobs and create infestations, and you don't want to be financially liable for a college student you have no relationship to.
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Jan 14, 2024 05:38
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I'm not cosigning anything. I'm trying to advise him on alternatives. It seems like you can get the apartment equivalent of PMI for some significantly worse rates that are functionally the same as having a cosigner, though.
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Jan 14, 2024 06:02
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litany of gulps posted:I think this is the right thread for this question, but please redirect me if I am mistaken. Why doesn't he want to live on-campus in the dorms? One of the most helpful things about going to college is the connections you make with people there, and commuter students are much, much worse about making those connections.
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Jan 16, 2024 17:57
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Sounds like the kid has already done a tour in the dorms. I agree that’s super important in making connections with different people and also having a good structured social environment. At least where I did undergrad it was common for freshmen and sophomores to live in dorms and for juniors and seniors to live off campus (or in the good dorms). It sounds like the kid is at that stage and I think living a bit more independently with some roommates and friends is a good step to take as an undergrad. However, it sounds like it’s also a pain in the neck - but it’s understandable that if moving off campus is the norm that he wants to do that.
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Jan 16, 2024 18:08
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Ham Equity posted:Why doesn't he want to live on-campus in the dorms? One of the most helpful things about going to college is the connections you make with people there, and commuter students are much, much worse about making those connections. Pretty much everyone I know moved from the dorms into apartments for their 3rd and 4th years. Tons and tons of apartments basically on campus within walking distance of everything. poo poo, my first apartment was closer to my classes than the dorms I stayed at. Plus, you know, parties and drinking and sex and poo poo.
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Jan 16, 2024 18:10
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For the new 529 rollover/conversion/transfer into a Roth IRA, are the moved balances subject to the five-year time that applies to conversions and earnings, or since both accounts are post-tax, is it treated like principal, or is this something the IRS hasn't offered guidance on yet? A friend is looking at doing this, but they want to use the money for a down payment in the next few years. It's less than the $35k lifetime limit, and they're going to split the move over three tax years, but I want to make sure they'll be able to use it for the down payment without penalty.
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Jan 16, 2024 18:59
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I never did the math, but there could be a possibility that apartments are cheaper than dorming, or maybe I just went to a school where there was a good student ghetto of shitball apartments around the city.
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Jan 16, 2024 19:00
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Turbinosamente posted:I never did the math, but there could be a possibility that apartments are cheaper than dorming, or maybe I just went to a school where there was a good student ghetto of shitball apartments around the city. Yeah I went to school in Ann Arbor, Michigan in the 90s and it was significantly cheaper to get a garbage apartment than stay in the dorms...but then, that was 30 years ago and oh god I'm old.
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Jan 16, 2024 19:04
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Medullah posted:Yeah I went to school in Ann Arbor, Michigan in the 90s and it was significantly cheaper to get a garbage apartment than stay in the dorms...but then, that was 30 years ago and oh god I'm old. 10 years ago for me and I just did some hazy math using numbers I think I remember. It was 5000 per semester for the dorms and I knew someone that somehow got 325 a month with utilities. 325 x 12 months is 3900, soo even if im misremembering and it was 5k for the full school year there's some savings. But they were always maze like split up old city houses and the apartment was always on the second floor up some narrow rear end stairs. Even had friends who lived in a place over a deli once. This was Buffalo, NY which has enough colleges in it to support such an ecosystem.
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Jan 16, 2024 19:17
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Ham Equity posted:For the new 529 rollover/conversion/transfer into a Roth IRA, are the moved balances subject to the five-year time that applies to conversions and earnings, or since both accounts are post-tax, is it treated like principal, or is this something the IRS hasn't offered guidance on yet? They have not given any guidance or regulations yet. You (read: a lawyer and/or accountant) would have to interpret the actual law for the limits, tax treatment, Roth treatment, etc. Be cautious about using any kind of website, even a trusted source like a broker, as definitive in terms of what the treatment actually is.
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Jan 16, 2024 19:29
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Turbinosamente posted:10 years ago for me and I just did some hazy math using numbers I think I remember. It was 5000 per semester for the dorms and I knew someone that somehow got 325 a month with utilities. 325 x 12 months is 3900, soo even if im misremembering and it was 5k for the full school year there's some savings. But they were always maze like split up old city houses and the apartment was always on the second floor up some narrow rear end stairs. Even had friends who lived in a place over a deli once. This was Buffalo, NY which has enough colleges in it to support such an ecosystem. I paid $160/mo in Houghton Michigan in 05-07 Yes it was a giant piece of poo poo. I got a "nice" place for my last year and it was $300/mo all in. Those were the days.
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Jan 16, 2024 21:21
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spwrozek posted:I paid $160/mo in Houghton Michigan in 05-07 Yes it was a giant piece of poo poo. I got a "nice" place for my last year and it was $300/mo all in. Those were the days. Michigan Tech graduate?
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Jan 17, 2024 15:28
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DTaeKim posted:Michigan Tech graduate? You know it. BS Civil Engineering '08. Go Huskies, etc.
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Jan 18, 2024 03:00
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My current portfolio allocation is 70% stock and 30% bonds. I set up a multi year CD ladder and so far I've been quite satisfied with my setup. Most of my CDs have monthly payouts which is quite nice. I have a large amount CD maturing next month and I want to put it into a 5 year treasury note ladder. I'm reviewing the Tentative Auction Schedule here - https://home.treasury.gov/system/files/221/Tentative-Auction-Schedule.pdf
Busy Bee fucked around with this message at 14:33 on Jan 18, 2024 |
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Jan 18, 2024 14:31
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Correct on all of your first three points, with the caveat that settlement date is when the security is issued and some brokerages may have a day delay between issuing and you seeing the security in your account. Treasuries are the most liquid securities out there and are easy to buy and sell on the secondary market. Three quarters of a trillion dollars in treasuries are exchanged on the secondary market every day.
KYOON GRIFFEY JR fucked around with this message at 17:06 on Jan 18, 2024 |
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Jan 18, 2024 17:02
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Busy Bee posted:[*]Announcement Date is when it's available on Fidelity / Vanguard to purchase and settlement date is when it hits your account after you buy it, right? Yes, kinda. Settlement date is when the money is taken out of your account and the treasury is put into it. Fidelity actually shows it in your account after the auction takes place and the bond is priced, but I suspect that is mostly just UI - you wouldn't be able to do anything with it until the settlement date. Yes ("zero-coupon" bond) Yes Very liquid. You will lose a little due to bid-ask, and small lots usually get worse prices than large ones. Neither is a big concern in my experience, and if you hold to maturity the secondary market is irrelevant.
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Jan 18, 2024 17:04
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Thanks both - is there any benefit in buying treasuries on the secondary market rather than waiting for the announcement date? I checked the secondary market and when I do a test buy preview of 6 x $1,000 - I see the final price as around $5,300. I'm assuming I pay $5,300 now and at maturity, I get the $6,000? Also, based on the following Announcement Date, Auction Date, and Settlement Date Thursday, February 22, 2024 - Monday, February 26, 2024 - Thursday, February 29, 2024 Can I purchase a treasury until EOD on Monday, February 26th? Busy Bee fucked around with this message at 17:33 on Jan 18, 2024 |
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Jan 18, 2024 17:17
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Precisely, assuming it’s a T-Bill. The good news is that yields on the secondary market are reflective of the market conditions expected for auctions so there’s generally no disadvantage to buying on the secondary market. Especially for a ladder it can make your life easier by allowing you to buy all your securities at the same time rather than waiting for auction dates.
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Jan 18, 2024 17:48
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Busy Bee, you might also consider just buying some treasury ETFs to make things easier. blackrock / ishares even has term treasury ETFs that are liquidated at defined dates for ladder construction, since you seem to be trying to control interest rate risk.
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Jan 18, 2024 18:33
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Busy Bee posted:Also, based on the following Announcement Date, Auction Date, and Settlement Date Auction is in the AM, Eastern Time. Some brokerages may accept orders early morning on auction day, but you should generally be placing orders at least 1 day before the auction. Brokerages will accept orders for treasury auctions even when the market is closed, so in this case you could put in your order on the weekend.
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Jan 18, 2024 19:03
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Sorry if this isn't the right place. Not really a newbie to personal finance/investment nor do I have any specific questions, but looking for a check-up/sanity check. Think everything is right on course and reasonable, but appreciate any comments on things I might be overlooking, could move around or do better, etc. Situation: 41, single, no dependents, renter in MCOL US city. Annual Income: ~$68,500 gross, ~$53,500 after taxes and non-cash benefits. Annual Retirement Contributions: ~$20,700 total ($6,850 Roth 401K, ~$6,850 Trad 401K, $7,000 Roth IRA). No 401K match. Other Annual Savings: ~$3,600 to taxable brokerage. Remaining Annual Disposable Income: ~$29,000. Assets:
Debts: ~$4,200 car loan at 1.9%. Less than 2 years remaining on loan. No other debts. Other Factors: Don't expect significant inheritance, nor significant spending needed to support parents. I would have described my job as very secure, though it's exactly the kind of white collar e-mail job that suddenly feels a bit under threat these days. Goals: First, targeting semi-early retirement at age 56. This means continuing to max Roth IRA and contributing 20% of gross income to 401K (10% Roth, 10% Trad). If things go according to plan I think it's doable; if they don't, I'll still hopefully be set up to hit a normal retirement date. Second, letting future income growth (raises usually .5%-1% above inflation) for the next few years go towards more disposable spending. Honestly I don't feel the pinch currently -- I'm able to afford my hobbies, I fit in some travel and social stuff, etc. I'm mindful and intentional about spending, but not cheap or neurotic about it. But I could probably afford a bit of lifestyle creep, as a treat. escalator dropdown fucked around with this message at 23:23 on Jan 19, 2024 |
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Jan 19, 2024 10:27
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Thank you everyone. I have a few more questions: How do you guys approach the potential decrease in yield rate for your bonds & CDs? For example, I have a few more CD's maturing in the next 1 to 2 years and I expect the rate in the near future will be lower than what it is today. Stay the course, don't time the market etc. I get that but how should I approach a situation if in 2 years the new rates for bonds & CDs are much lower than the 5% rate I locked in prior? Should I exceed my 30% bond/CD portfolio allocation I have now and when my future CD's mature in the next 1 to 2 years, I move that towards stock so I'm able to lock in the current rates? I'm still trying to have a proper allocation on my end since I only started seriously a year ago. Since I'm still relatively young, I'm also considering putting more towards stocks since my time horizon is decades. pmchem posted:Busy Bee, you might also consider just buying some treasury ETFs to make things easier. blackrock / ishares even has term treasury ETFs that are liquidated at defined dates for ladder construction, since you seem to be trying to control interest rate risk. Thanks for sharing this, I had no idea about this. I looked into it and it's starting to make sense but I am still trying to wrap my head around it. For example, the iShares iBond 2029 US Treasury ETF - https://www.ishares.com/us/products/312466/ishares-ibonds-dec-2029-term-treasury-etf - seems like I can purchase it for around $22 but at the time of maturity, I can expect a value of around $25. In addition, I would receive a monthly dividend pay out that is equivalent to the yield of the 5 year US treasury note at the time of purchase? I see that the expected yield for today's 5 year note auction is around 4%. What is the benefit of purchasing this ETF vs just buying a 5 year treasury note? The monthly distributions is a benefit but what else?
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Jan 19, 2024 10:33
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It looks to me like you are doing reasonably well. What would you say your current expenses are? You mention $29k as your annual disposable income, but then mention that $24k is 6 months of expenses + some extra. I think the biggest unknown is potentially buying a condo. It wouldn't be possible in a HCOL with your current income/savings rate, but it sounds like you like somewhere less expensive.
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Jan 19, 2024 16:07
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Busy Bee posted:Thank you everyone. I have a few more questions: Fixed income investments (bonds, CDs, etc) can serve a number of purposes:
For inflation protection, I bonds are a really nice choice as they are both inflation *and* deflation protected (they can never decrease in real or nominal value). TIPS are good too, but more complicated and not deflation protected. As mentioned above, fixed income investments that aren't explicitly inflation protected will mitigate the effects of inflation, but may fail to keep up with inflation, especially unexpected inflation. Whats not on the list? Maximizing portfolio returns. While it is nice to earn 4 or 5% on treasuries right now, the yield alone should not be why you are investing in it.
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Jan 19, 2024 16:31
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Busy Bee posted:Thank you everyone. I have a few more questions: probably not any real benefit of the term ETFs vs buying treasuries, some people just don't wanna deal with treasurydirect or their broker's treasury interface. or like tracking everything via exchange tradable symbols instead of CUSIPs, etc. you say that "I'm still trying to have a proper allocation on my end since I only started seriously a year ago. Since I'm still relatively young, I'm also considering putting more towards stocks since my time horizon is decades." given that info, I'd probably not worry about bond ladders at all tbh. you probably don't even need a bond allocation. but if you want a bond allocation, since you have time, you could just park that % in $bnd or some other intermediate to short term fund. makes life easier and never know, might benefit from interest rate drops. people in the long term thread may have additional suggestions.
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Jan 19, 2024 16:37
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pmchem posted:given that info, I'd probably not worry about bond ladders at all tbh. you probably don't even need a bond allocation. but if you want a bond allocation, since you have time, you could just park that % in $bnd or some other intermediate to short term fund. makes life easier and never know, might benefit from interest rate drops. people in the long term thread may have additional suggestions. Bond ladders are fun if you like to tinker, but they do add complexity. I'm personally building an unnecessarily complicated one with Fidelity's auto-roll tool. I agree about the ETFs as being an easier path to holding bonds - its a single asset, usually with monthly cash flows, and you can buy them in small increments. Here's a few bond funds worth looking at off the top of my head. Over long periods of time, you should expect the longer duration funds to return more at the cost of increased volatility. Ultra-short duration treasury: SGOV, XHLF Short duration treasury: XONE, XTWO, VGSH Intermediate duration treasury: VGIT Intermediate duration total bond (government and corporate): BND
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Jan 19, 2024 17:02
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drk posted:It looks to me like you are doing reasonably well. What would you say your current expenses are? You mention $29k as your annual disposable income, but then mention that $24k is 6 months of expenses + some extra. I don’t run an ultra-strict budget — I just maintain some slack and monitor to make sure the balances are netting out to about what they should month over month — but my monthly expenses are about $2400-2500. So the $24k in checking/savings/CDs is $15k baseline EF (the six months), plus as mentioned another $9k savings earmarked for specific near/medium-term expenditures. A condo would definitely be a struggle at current interest rates. I am in a MCOL city and in the connected suburbs, condos (as opposed to homes) haven’t seen nearly as significant price appreciation (probably $200-250k for a decent 1 bed, $250-300k for a decent 2 bed FWIW). If I were serious about it, I’d probably look to find a side gig now and would probably have to cut back on retirement savings to make it pencil out. But I don’t have any real desire to own. It’s largely just an impulse to keep chipping some savings in that direction in case anything changes.
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Jan 19, 2024 19:55
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escalator dropdown posted:I don’t run an ultra-strict budget — I just maintain some slack and monitor to make sure the balances are netting out to about what they should month over month — but my monthly expenses are about $2400-2500. So the $24k in checking/savings/CDs is $15k baseline EF (the six months), plus as mentioned another $9k savings earmarked for specific near/medium-term expenditures. To me, it sounds like the only way you're going to be able to afford a condo is if the housing market takes a poo poo. But if the housing market takes a poo poo, the stock market is going to take a poo poo, and your down payment is in an index fund, so it is going to get hit hard. If you're serious about having a down payment for a home, you should have it in an HYSA or something like that. You may also want to consider cutting back on your retirement savings a bit in order to afford the down payment. The nice thing about high interest rates is that once you buy the place, you can refinance later if interest rates go down (you should not buy a place with this being necessary, but it is something nice). All that being said, you're definitely stashing away way more retirement than the average American.
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Jan 19, 2024 21:46
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Ham Equity posted:To me, it sounds like the only way you're going to be able to afford a condo is if the housing market takes a poo poo. But if the housing market takes a poo poo, the stock market is going to take a poo poo, and your down payment is in an index fund, so it is going to get hit hard. Thanks for the input. You’re correct, but as acknowledged above, I’m… not serious about owning. It’s always been the bottom-tier priority on my financial list (Even if I had the money right this instant I would be in no rush.) I probably shouldn’t have mentioned it in the first place.
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Jan 19, 2024 23:19
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With Fidelity, I have my current employer's 401k. Then, I have two old employers 401k, each showing under their own accounts. Is there a good rule of thumb in dealing with previous employer 401k? Should I roll them over into my current employer's 401k, or should I create a NEW Rollover 401k and roll into that instead? I'm keeping everything with Fidelity for simplicity.
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Jan 21, 2024 01:23
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I’m having a problem with a mortgage payment and this is honestly mostly just venting but I would love any advice anyone has. Sorry for the wall of text. The gist of it is I have a scheduled bill pay set up from my checking account to the credit union that holds my mortgage on the 25th of every month. This involves my bank sending a paper check to the mortgage holder “via bill pay” (the credit union keeps emphasizing this is important) because the financial infrastructure of the US is a loving joke. I’ve had this scheduled bill pay set up in exactly the same way for over 10 years and never had a problem. Long story short, the money was deducted from my account on 12/22, and the mortgage holder received it and applied it to my account on 12/27. The check cleared and was cashed by the mortgage company on 1/3 (I have documentation of this). After that it gets weird. Last week I got a letter from the mortgage holder saying the check was “returned” and the payment on the mortgage was reversed. The money never came back into my account, and my bank insists the check cleared and was never returned. The mortgage holder still insists it was “returned” on 1/9, 6 days after it cleared. According to them even though the check had cleared, when they went to actually retrieve the money they weren’t able. This makes no sense to me but I’m not in the finance industry. What the gently caress does “cleared” mean if it can still be “returned” a week later? The mortgage holder has been totally unwilling to provide me any evidence or documentation of this alleged returned check - they just keep telling me to call my bank. I filed a complaint with the CFPB because I feel like I’m not getting anywhere and someone has thousands of dollars of my money. Is there anything else I should have done/should do while waiting for the response to my CFPB complaint? I don’t desperately need the money immediately or anything but it’s driving me absolutely insane that my money can just vanish like this and all I can do it call the companies involved and be told “sorry, call the other guys.”
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Jan 21, 2024 01:49
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Hughmoris posted:With Fidelity, I have my current employer's 401k. Then, I have two old employers 401k, each showing under their own accounts. You cannot open a 401k yourself, your rollover options are either into your current employer’s 401k or into an IRA. If your current 401k is good I’d probably recommend doing that. Rolling into an IRA is appealing on the surface, because you have total control of it, but it causes problems if you’re ever looking to do a back door Roth IRA. You also can leave the old 401ks alone, but that only makes sense if the funds are good and cheap. Also beware that a lot of companies will start charging fees to keep your old 401k if you’re no longer employed with them.
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Jan 21, 2024 01:56
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Handsome Wife posted:I’m having a problem with a mortgage payment and this is honestly mostly just venting but I would love any advice anyone has. Sorry for the wall of text. Set aside a block of time for this. The bill pay company has a lot more incentive to help the bank (a.k.a their customer) than they do to help you (a.k.a some rear end in a top hat). If this doesn't work, I would file a complaint with the FDIC against the bank, and the NCUA against the credit union. Someone hosed something up here, and you just need to get a fire lit under the appropriate asses. Ham Equity fucked around with this message at 02:10 on Jan 21, 2024 |
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Jan 21, 2024 02:07
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Also, consider doing a direct deposit into a checking account at the credit union that holds your mortgage (you may be able to do this with your membership savings, or they may not allow it), and scheduling an auto pay instead of doing a bill pay, especially if your credit union doesn't have a relationship with the bill pay company and the company is mailing them a goddamn check instead of doing an ACH/electronic transfer. You've already got an account at the credit union anyhow, adding one more isn't a ton of overhead, and will make for a more reliable payment.
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Jan 21, 2024 06:02
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Bank is Ally for what it’s worth, bill pay company appears to be Wells Fargo. I did try calling the bill pay company (since I finally got contact information when I got an image of the check) and they just directed me back to Ally. I’ll try the suggestion of getting Ally to get on the phone with them with me on the line on Monday. I loving hate, hate, hate how much time they’re making me spend on this nonsense. Not interested in deepening my relationship with the credit union by opening a checking account and setting up direct deposit with them. They have been monumentally unhelpful in this whole process. They’ve lost all future business with me.
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Jan 21, 2024 15:13
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