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What's your age and the value of your 401k?

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2 minutes ago, belljr said:

I'm shuked why you have so much in savings

:mellow:

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so I have a Vanguard IRA and it looks like prime money market is currently 2.01%.  Don't totally feel like setting up a new account anywhere else.   any reason not to just dump my cash in there?

also, how do you calculate the trade-off for tax-exempt money market funds?  Just guess your tax rate when you take it out and see if the difference in the rate is worth it?  it seems like they are like 37-40% lower, which seems like too much.

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Just now, Long Ball Larry said:

so I have a Vanguard IRA and it looks like prime money market is currently 2.01%.  Don't totally feel like setting up a new account anywhere else.   any reason not to just dump my cash in there?

also, how do you calculate the trade-off for tax-exempt money market funds?  Just guess your tax rate when you take it out and see if the difference in the rate is worth it?  it seems like they are like 37-40% lower, which seems like too much.

I try to have pre and post tax savings so you play the tax rate game at retirement

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2 minutes ago, belljr said:

I try to have pre and post tax savings so you play the tax rate game at retirement

would you consider extra cash in a money market fund to really be part of retirement if you are pretty far away from that?

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23 hours ago, rascal said:

Where 

My checking account makes 3.5% interest.

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25 minutes ago, shuke said:

No non-mortgage debt. 

Already contribute to 529s.  Don’t currently put anything into Roth.  

Ok

 

based off this plus your startup thing

 

pay for car in cash

max Roth’s for 2019 and for 2020 ($11k per year for you and wifey, so $22k all in). 
 

keeps $50k liquid. Put it somewhere earning 1.5% ($750/yr)

 

buy yourself a nice 4 pack 

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19 minutes ago, snellman said:

My checking account makes 3.5% interest.

Bull####.   What bank?

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30 minutes ago, shuke said:

 

 

51 minutes ago, snellman said:

My checking account makes 3.5% interest.

Having your mom top off your piggy bank every month isnt a checking account bro. 

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56 minutes ago, Long Ball Larry said:

would you consider extra cash in a money market fund to really be part of retirement if you are pretty far away from that?

would you consider savings that aren't in an IRA or 401K part of your retirement?  

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18 minutes ago, culdeus said:

 

Having your mom top off your piggy bank every month isnt a checking account bro. 

Correction 3.25% interest

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They just started it 4 years ago and it has stayed the same %.  You basically have to get your statements electronically, have so many minimum transactions with your debit card, and log in online a minimum of so many times a month (all very easy to achieve).  I moved all of our savings into our checking account which freaked the wife out, but I just told her not to keep track of it in the bank register.  We have a checking account at 2 different banks both getting the same interest. 

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7 minutes ago, snellman said:

They just started it 4 years ago and it has stayed the same %.  You basically have to get your statements electronically, have so many minimum transactions with your debit card, and log in online a minimum of so many times a month (all very easy to achieve).  I moved all of our savings into our checking account which freaked the wife out, but I just told her not to keep track of it in the bank register.  We have a checking account at 2 different banks both getting the same interest. 

10 debit transactions/month isn't insignificant.  Plus, it requires direct deposit.  I'd be willing to do direct deposit there, but the 10 transactions makes it a no-go for me.

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7 minutes ago, gianmarco said:

10 debit transactions/month isn't insignificant.  Plus, it requires direct deposit.  I'd be willing to do direct deposit there, but the 10 transactions makes it a no-go for me.

50 cent hits to cash app usually works for this.

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25 minutes ago, culdeus said:

50 cent hits to cash app usually works for this.

Ah, that's tolerable. 

I don't ever use a debit card and thought you'd have to go to a physical machine. But even still, what are you using the 50 cents on? You use it in a store? 

Sorry, not familiar with it at all.

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Just now, gianmarco said:

Ah, that's tolerable. 

I don't ever use a debit card and thought you'd have to go to a physical machine. But even still, what are you using the 50 cents on? You use it in a store? 

Sorry, not familiar with it at all.

You use it on nothing.  That's the beauty of the cash app. You just pay yourself. 

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35 minutes ago, gianmarco said:

10 debit transactions/month isn't insignificant.  Plus, it requires direct deposit.  I'd be willing to do direct deposit there, but the 10 transactions makes it a no-go for me.

Serious question, How do you pay for things?  I never write a check anymore, bills are paid online and anything I purchase is with my check card.

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46 minutes ago, snellman said:

Serious question, How do you pay for things?  I never write a check anymore, bills are paid online and anything I purchase is with my check card.

Paying with a debit card for anything but an atm transaction is trouble. 

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2 minutes ago, culdeus said:

Paying with a debit card for anything but an atm transaction is trouble. 

Almost everybody in my family does this. I can’t get them to stop despite constantly explaining how great points are. Drives me nuts. 

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2 hours ago, culdeus said:

Paying with a debit card for anything but an atm transaction is trouble. 

Why do you say this? FTR, I don't ever use them because they offer less fraud protection than cc.

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4 hours ago, snellman said:

Serious question, How do you pay for things?  I never write a check anymore, bills are paid online and anything I purchase is with my check card.

Substitute credit card for check card and you have your answer.  The rest is the same for me above.  Reasons why credit card vs check card:

1) Points/cash back

2) Fraud protection

3) Longer warranty

4) Don't ever have to worry about my current balance before making a larger purchase (credit limit is higher than my normal checking account balance)

Edited by gianmarco
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9 hours ago, shuke said:

You guys don’t have to keep saying this. I know this, which is why I’m asking for help. 

50k was in there for my emergency fund, the other 50 has accumulated over the last 10 months (severance, unpaid vacation, tax returns, additional savings).  

Getting laid off in December and now working for a high risk startup has me a little hesitant about making most of this non-liquid. 

In that case

8 hours ago, wilked said:

 

pay for car in cash

max Roth’s for 2019 and for 2020 

Yep

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15 hours ago, culdeus said:

By state the best deal for us, without including direct deposit, is Citi. It would have to be one sweet deal to get me to change direct deposit. 

So I just signed up, will transfer the $15k early next week. I'm not entirely sure why but I couldn't link my Discover account to it, which is where we keep the bulk of savings. USAA did link, so now I'm transferring from Discover -> USAA -> Citi. That will take a few days. It's only $400, but for a 90 day return I'll take it. 

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11 hours ago, Long Ball Larry said:

would you consider extra cash in a money market fund to really be part of retirement if you are pretty far away from that?

If I have it ear marked for such yes.  I dont have a ton of money saved but I have many buckets.

Traditional IRA

Tradtitonal 401K

Roth 401K

Savings (I dont mark this as retirement its my emergency fund)

I have a 529 but that is not for retirement either.

So I guess my answer is - its up to you :shrug:

 

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2 hours ago, -OZ- said:

By state the best deal for us, without including direct deposit, is Citi. It would have to be one sweet deal to get me to change direct deposit. 

So I just signed up, will transfer the $15k early next week. I'm not entirely sure why but I couldn't link my Discover account to it, which is where we keep the bulk of savings. USAA did link, so now I'm transferring from Discover -> USAA -> Citi. That will take a few days. It's only $400, but for a 90 day return I'll take it. 

You can do this one every 12 months from being awarded the bonus.   Also you don't have to keep 15 in there to the end. You can drop the 15 to 10 on day 61 of it being in there. 

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1 hour ago, culdeus said:

You can do this one every 12 months from being awarded the bonus.   Also you don't have to keep 15 in there to the end. You can drop the 15 to 10 on day 61 of it being in there. 

Do you close the account each time?

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13 hours ago, Long Ball Larry said:

would you consider extra cash in a money market fund to really be part of retirement if you are pretty far away from that?

I include the amount in savings and regular brokerage in the "FI number" as it will help bridge the gap until I want to draw from the TSP or IRA but that's up to the individual.

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What am I missing on Roth IRA's?  The income limit for a married couple is $199,000, right?  How do all of you guys making FBG money contribute to you Roth?  Am I misunderstanding the limits?

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42 minutes ago, -OZ- said:

Do you close the account each time?

Yes. Per whatever terms are available.   Mostly to avoid fees.   I clear an extra 18-20k a year doing this.  

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24 minutes ago, The Flying Turtle said:

What am I missing on Roth IRA's?  The income limit for a married couple is $199,000, right?  How do all of you guys making FBG money contribute to you Roth?  Am I misunderstanding the limits?

Backdoor 

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25 minutes ago, The Flying Turtle said:

What am I missing on Roth IRA's?  The income limit for a married couple is $199,000, right?  How do all of you guys making FBG money contribute to you Roth?  Am I misunderstanding the limits?

ITs AGI and backdoor

Edited by belljr
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39 minutes ago, culdeus said:

Yes. Per whatever terms are available.   Mostly to avoid fees.   I clear an extra 18-20k a year doing this.  

Do tell. 

There's only a few places listed for Alabama, and most require direct deposit. I can see doing it a few times, maybe a couple thousand total. Or are there better sites to find the banks we could use?

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1 hour ago, The Flying Turtle said:

What am I missing on Roth IRA's?  The income limit for a married couple is $199,000, right?  How do all of you guys making FBG money contribute to you Roth?  Am I misunderstanding the limits?

Some of us don't have FBG salaries. We just don't have the expenses some of you do, so our savings rate is around 40%

Edited by -OZ-

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15 minutes ago, -OZ- said:

Do tell. 

There's only a few places listed for Alabama, and most require direct deposit. I can see doing it a few times, maybe a couple thousand total. Or are there better sites to find the banks we could use?

These bonuses come and go.  Just stay up on that site and keep an eye on things.  

 I also do the direct deposit ones.   Having a Schwab account pushing and pulling ach counts as a direct deposit for nearly all banks.  

Right now have HSBC 750x2 incredible 350x2 simple 400x1 Iberia 700x2 Citi 400x1 pending with several more waiting to rotate in 1q20, and some other ones in work.  It takes time and effort but payoff is huge.  It's basically my hobby.  Robbing banks. 

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5 minutes ago, culdeus said:

These bonuses come and go.  Just stay up on that site and keep an eye on things.  

 I also do the direct deposit ones.   Having a Schwab account pushing and pulling ach counts as a direct deposit for nearly all banks.  

Right now have HSBC 750x2 incredible 350x2 simple 400x1 Iberia 700x2 Citi 400x1 pending with several more waiting to rotate in 1q20, and some other ones in work.  It takes time and effort but payoff is huge.  It's basically my hobby.  Robbing banks. 

How easy/complicated is it for filing taxes? 

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1 hour ago, culdeus said:

Yes. Per whatever terms are available.   Mostly to avoid fees.   I clear an extra 18-20k a year doing this.  

I think I love you :wub:

 

Thanks for all the information on this.  I need to start getting my feet wet on these bonuses...I can't believe you can re-up on these things 12 months after payout (I assume that may vary from one offer to another).

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23 minutes ago, culdeus said:

These bonuses come and go.  Just stay up on that site and keep an eye on things.  

 I also do the direct deposit ones.   Having a Schwab account pushing and pulling ach counts as a direct deposit for nearly all banks.  

Right now have HSBC 750x2 incredible 350x2 simple 400x1 Iberia 700x2 Citi 400x1 pending with several more waiting to rotate in 1q20, and some other ones in work.  It takes time and effort but payoff is huge.  It's basically my hobby.  Robbing banks. 

Can you explain this?   I don't see myself having my company changing my direct deposit location every 3 months.  I'd love to find a way around this.

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27 minutes ago, culdeus said:

These bonuses come and go.  Just stay up on that site and keep an eye on things.  

 I also do the direct deposit ones.   Having a Schwab account pushing and pulling ach counts as a direct deposit for nearly all banks.  

 

Just saw that this is an option, but it seems inconsistent regarding what actually shows as a direct deposit. 

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2 hours ago, The Flying Turtle said:

What am I missing on Roth IRA's?  The income limit for a married couple is $199,000, right?  How do all of you guys making FBG money contribute to you Roth?  Am I misunderstanding the limits?

https://www.bogleheads.org/wiki/Backdoor_Roth_IRA

Basically, there’s income limits for Roth contributions, but there’s no income limits for Roth conversions.  So you essentially make a non-deductible contribution to a Traditional IRA, and then convert that balance to a Roth.

It only really works the way it’s supposed to if you don’t have tax-deferred balances in a traditional.

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19 minutes ago, NutterButter said:

Can you explain this?   I don't see myself having my company changing my direct deposit location every 3 months.  I'd love to find a way around this.

Probably need to move this to its own thread.  Or read up on doctorofcredit about what banks count as a direct deposit.  It absolutely does not have to be a salary deposit in 95%+++ of cases. 

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39 minutes ago, gianmarco said:

How easy/complicated is it for filing taxes? 

They send you a 1099. You put it in. Or they don't and you don't.  A tiny amount of places consider bank bonuses like credit card bonuses so they aren't taxable.  

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29 minutes ago, Ted Lange as your Bartender said:

https://www.bogleheads.org/wiki/Backdoor_Roth_IRA

Basically, there’s income limits for Roth contributions, but there’s no income limits for Roth conversions.  So you essentially make a non-deductible contribution to a Traditional IRA, and then convert that balance to a Roth.

It only really works the way it’s supposed to if you don’t have tax-deferred balances in a traditional.

Thank you. That helps. 

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3 hours ago, culdeus said:

These bonuses come and go.  Just stay up on that site and keep an eye on things.  

 I also do the direct deposit ones.   Having a Schwab account pushing and pulling ach counts as a direct deposit for nearly all banks.  

Right now have HSBC 750x2 incredible 350x2 simple 400x1 Iberia 700x2 Citi 400x1 pending with several more waiting to rotate in 1q20, and some other ones in work.  It takes time and effort but payoff is huge.  It's basically my hobby.  Robbing banks. 

This is awesome.  I'm in.  The x2s mean you and the wife?

Just opened the Citi one.  Selected interest checking (had the option between interest or no interest).  Does it matter how you allocate the 15 between the checking and savings?  I did 10 and 5.

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4 hours ago, culdeus said:

Yes. Per whatever terms are available.   Mostly to avoid fees.   I clear an extra 18-20k a year doing this.  

You make 20 grand a year doing what???

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16 minutes ago, ghostguy123 said:

You make 20 grand a year doing what???

I'd say getting bank bonuses.  Guessing this takes a lot of liquid capital to achieve those results.  $200K+?

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Usual bank bonus I see offered is between 300-500 bucks. Usually need to deposit 100k. Let’s call it 500 bucks for the bonus to be generous. For that, you would have to open 40 accounts x 100k is 4M. Now obviously you could cycle some of that money around so it wouldn’t be 4M but you need to have a lot of dough to move around like that. 

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15 minutes ago, Random said:

I'd say getting bank bonuses.  Guessing this takes a lot of liquid capital to achieve those results.  $200K+?

Wtf?

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1 hour ago, Random said:

I'd say getting bank bonuses.  Guessing this takes a lot of liquid capital to achieve those results.  $200K+?

10% ROI ain't bad.

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