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Edit - Dumb politics stuff, not the right thread for it
Medullah fucked around with this message at 23:53 on Apr 16, 2024 |
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Apr 16, 2024 22:51
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Medullah posted:... I know it's an election season, but please keep random, strictly political (ESPECIALLY electoral politics), low effort, hot takes in the political subforums where they belong. Not in the generally apolitical, widely helpful BFC megathreads***. Like, SA already has multiple forums dedicated to this poo poo and even other non-politics forums with their own political news-saturated chat threads. I'm gonna make this my one broad warning to all BFC readers and just point at our rules thread when I probe people in the future. ***(I'll exempt stock thread people trading on news) Somebody fucked around with this message at 23:53 on Apr 16, 2024 |
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Apr 16, 2024 23:49
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pmchem posted:I know it's an election season, but please keep random, strictly political (ESPECIALLY electoral politics), low effort, hot takes in the political subforums where they belong. Not in the generally apolitical, widely helpful BFC megathreads***. Like, SA already has multiple forums dedicated to this poo poo and even other non-politics forums with their own political news-saturated chat threads. Yeah sorry, I forgot which thread I was in to be honest. I'm gonna edit it out if you want to edit the reply.
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Apr 16, 2024 23:53
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My place of employment is wierd. It's all 1 cost: $0. Unclear about the working spouse waiver where I currently work but I never understood those forms clearly they're very confusing I bet they get filled out wrong all the time. (My wife is not working right now so it's a moot point.)
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Apr 17, 2024 03:55
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My individual costs me $99.46/month. Adding my spouse costs me $421.98 for a family plan as theres no spouse option. 
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Apr 17, 2024 17:30
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These 'prove your spouse can't get their own insurance' requirements are insane. I've never had a job where they demand this for a +1 on the insurance plan.
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Apr 17, 2024 17:53
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I've been heavily investing in my 401k due to cashing it out to pay off some bad decisions when I left my last job in 2011, and I'm at the point where I want to see if I'm doing the right thing with my spare money monthly. I'm doing the following - 1. Maxing out my annual 401k investment, roughly 50/50 Traditional/Roth at this point ($23,000) 5% employer match. 2. Maxing out my HSA contribution ($4,150) 3. 10% per paycheck goes to Employee Stock Purchase Plan (15% immediate discount). That about covers my "extra" money, should I just keep trucking? Or would it be smarter to reduce 401k or ESPP and invest elsewhere?
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Apr 17, 2024 18:21
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I don't think you'll find a safe, guaranteed 17+% return like ESPP, just sell it afterwards and diversify it.
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Apr 17, 2024 20:23
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Put cash from the ESPP sales into a Roth IRA up to the limit. Backdoor if you have to and are able to.
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Apr 18, 2024 01:28
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Medullah posted:I've been heavily investing in my 401k due to cashing it out to pay off some bad decisions when I left my last job in 2011, and I'm at the point where I want to see if I'm doing the right thing with my spare money monthly. I'm doing the following - I would keep this up you're doing great. Just make sure you are  ing that company stock into cash so you can do more saving.
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Apr 18, 2024 17:45
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can i just like have someone sit down with me and plan out my cc debt + other stuff? it doesn’t seem worth a CFP but maybe that’s what they’re actually for - i work in finance and am not allowed to invest at my current job so there’d be none of that. just need someone who understands money to guide me on my stupid bs. i don’t make a ton but i don’t make nothing either
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Apr 22, 2024 21:41
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jimmychoo posted:can i just like have someone sit down with me and plan out my cc debt + other stuff? it doesn’t seem worth a CFP but maybe that’s what they’re actually for - i work in finance and am not allowed to invest at my current job so there’d be none of that. just need someone who understands money to guide me on my stupid bs. i don’t make a you could make a thread!
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Apr 22, 2024 21:50
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jimmychoo posted:can i just like have someone sit down with me and plan out my cc debt + other stuff? it doesn’t seem worth a CFP but maybe that’s what they’re actually for - i work in finance and am not allowed to invest at my current job so there’d be none of that. just need someone who understands money to guide me on my stupid bs. i don’t make a Spokes posted:you could make a thread! Yeah make a separate thread. Writing it all out will actually help you understand it better!
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Apr 22, 2024 21:53
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ughhh but then you’ll all know exactly how dumb i am
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Apr 23, 2024 02:13
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jimmychoo posted:ughhh but then you’ll all know exactly how dumb i am I would argue that trying to fix whatever mess your in by writing it down and asking for help with planning and such proves that you are very much not dumb.
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Apr 23, 2024 03:02
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jimmychoo posted:ughhh but then you’ll all know exactly how dumb i am Past tense. It's only up from here. Basically start by knowing how much you take home. Then subtract out the must pays (shelter, minimum payments, monthly bills), total up how much you spend on various categories (food, personal care, discretionary), subtract that out. Still at a positive number? Great! Now: sort your debt from most expensive to least. This is basically descending by interest rate unless there are special contract terms in play (promo rates, student loans, mortgages.) Take positive number from above and make a principle payment on the top thing. Bingo bango you're getting out of debt. Want to get out of debt faster? Reduce the various spending. Just post the list its OK we've seen worse. Zuarg is basically the poster poster for turn around stories.
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Apr 23, 2024 03:43
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jimmychoo posted:ughhh but then you’ll all know exactly how dumb i am My dude I cashed out my 401k when I was in my 30s to pay off an obscene amount of credit card debt. We've all done embarassing things.
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Apr 23, 2024 12:39
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Some of us didn't know any better and bought a house in 2008 because our parents told us house prices only go up! Still figure doing that in my 20s probably cost me at least half a mil in the long term.
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Apr 23, 2024 13:34
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MrLogan posted:Some of us didn't know any better and bought a house in 2008 because our parents told us house prices only go up! I bought my first house in 2004, when I sold it in 2018 I broke even. At one point it was worth $50k. Yay!
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Apr 23, 2024 14:03
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My wife runs a start-up which with I am unaffiliated, save for being married to her. She's working on closing a bank loan to help fund the business, and is talking about transferring ownership/responsibility of our shared debts and assets (basically our house and our car) solely into my name, in an effort to shield them from the bank if the business defaults on said loan. That sounds pretty drastic in my head and I don't know much about this space, so I'm looking for answers to the following: -What language should I look for in the terms of the loan to determine if such a move is needed? I have a copy of the terms and I've told her that I want to read them before she signs anything. Right now her company is named as the borrower but she is listed individually as a guarantor, which I assume means that her personal assets would be fair game if the business's assets are exhausted in paying back the bank. -Related to the above, will this actually do what she is hoping it will do in the worst-case scenario, or would I still be liable as her spouse even if we don't officially have shared assets in our name? FWIW I am not named in the terms of the loan. -Assuming everything works out and the business pays off the loan in full, how tough would it be to get the titles for our house and car back in a shared state?
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Apr 23, 2024 14:32
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You need a lawyer.
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Apr 23, 2024 14:38
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ultrafilter posted:You need a lawyer. Very much this. This is exactly the sort of thing where a good lawyer is worth every penny.
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Apr 23, 2024 14:46
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Yep, get a lawyer. In particular, I would want to look at how your wife's business is structured, because one of the primary purposes of a business is specifically to shield the private assets of the people that run the business. If she never actually set up a business (with an EIN and everything) then that's what she should be doing, instead of shuffling around ownership of specific big assets.
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Apr 23, 2024 14:49
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She does have legal counsel on retainer so I would assume that they've reviewed the contract, but I will check with her to make sure that they have. TooMuchAbstraction posted:one of the primary purposes of a business is specifically to shield the private assets of the people that run the business. If she never actually set up a business (with an EIN and everything) then that's what she should be doing, instead of shuffling around ownership of specific big assets. I am 99% sure she has done this (started the business in 2018, has filed corporate taxes on it for multiple years) but I try to keep her business life at arm's length, so again I will have to confirm. Thanks y'all.
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Apr 23, 2024 15:07
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If it's her lawyer, fine, but you need to talk to them and understand the implications of the contract you're looking at. Don't assume that anything's been reviewed cause it's your rear end on the line if this goes all pear-shaped.
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Apr 23, 2024 15:11
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Yeah essentially a corporate structure should shield her personal assets, but that’s only if your wife doesn’t commingle her personal and business expenses, which people are wont to do, even if unintentionally. So you will have to take an active role in at least auditing stuff once in a while or having someone you trust independently review stuff. You can’t just be 100% hands off.
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Apr 23, 2024 15:31
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I can get time with her lawyer later today, and I have a lead on another lawyer in the event that I want a second opinion. I'll go through the contract over lunch, but any general questions I should be asking them beyond what I initially posted here?
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Apr 23, 2024 16:09
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I'm pretty certain being listed as a guarantor means that the bank can come after her personal assets if the business defaults.
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Apr 23, 2024 16:30
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C-Euro posted:I can get time with her lawyer later today, and I have a lead on another lawyer in the event that I want a second opinion. I'll go through the contract over lunch, but any general questions I should be asking them beyond what I initially posted here? You absolutely need an attorney who is looking out for your interests. Less something to ask them than how to engage in the conversation: they may quite bluntly tell you this is not something you should pursue; don't take that as an attack on you or your relationship. If need be, seek it a second opinion (again, from someone who is your lawyer—not your wife's).
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Apr 23, 2024 16:35
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| # ? Apr 25, 2024 00:51 |
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C-Euro posted:I can get time with her lawyer later today, and I have a lead on another lawyer in the event that I want a second opinion. I'll go through the contract over lunch, but any general questions I should be asking them beyond what I initially posted here? Unless the business has sufficient internal assets to underwrite the loan then the bank is likely to require a personal guarantee to fund it at non-usurous rates. From there it becomes a question of how do you shield personal assets from the creditors. This is what you want to ask the lawyer. Presuming this lawyer represents your wife (and not the company, or potentially represents both) these are all "safe" questions to ask as the wife's interests in not having creditors come after her assets match your own when you share title. This all presumes she isn't doing anything which will pierce the corporate veil - co-mingling assets is the single most common way this happens. Is she fastidious about accounting on this? Does she have an accountant do the books? Does she ever buy a panini on the corporate card, or office supplies on a personal one? Individual mistakes like this don't tank it necessarily, but you should ask that attorney about it. You can also retrospectively true this up and get right with the lord, it just costs accounting time. (Submit for reimbursement all the corporate expenses on the personal card, reimburse the company for personal expenses on the corporate card, you get the idea, talk to your lawyer+accountant.) Any attorney worth their license should refuse an answer where they have a clear conflict of interest in giving it without a conflict waiver from you in place. So if they start talking about one, ask what areas of concern they are wishing to address with the waiver. This should force the issue one way or the other on the waiver. You can ask them to spend a 12 minute block of time writing a memo to the file cc: you if you decide one isn't warranted for whatever topics. They may refuse, that's fine, get your own attorney at that point. Edit: Remember, you might find out from the lawyer that primary residences are excluded from creditors like this unless specifically mortgaged. Or that they are shielded as long as they are owned jointly. Or that they aren't shielded regardless, or 50% shielded but they can force a partition sale. Same statement for all the cash, investment, retirement, cars, etc. This stuff is state, corporation, and loan specific. She might be able to sign a lien onto 50-100% of various assets with the stroke of a pen, she might not. H110Hawk fucked around with this message at 17:29 on Apr 23, 2024 |
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Apr 23, 2024 17:25
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