NikeTalk › NikeTalk Forums › The Lounge › General › NT: Official Personal Finances Thread
New Posts  All Forums:Forum Nav:

NT: Official Personal Finances Thread - Page 38

post #1111 of 1170
Any recommendations on an IRA account ?
Earn points for paying your bills. Use Plastiq! Join using my link and earn $200 fee free dollars. https://try.plastiq.com/398583

PM me for credit card referrals!
Reply
Earn points for paying your bills. Use Plastiq! Join using my link and earn $200 fee free dollars. https://try.plastiq.com/398583

PM me for credit card referrals!
Reply
post #1112 of 1170
Vanguard is a popular one for Roth IRA.
post #1113 of 1170
What about traditional ira
post #1114 of 1170

You guys can open IRAs at the majority of brokerage firms, it doesn't really have to a one place or nowhere kind of thing. 

 

Its not as if Vanguard would offer a Roth IRA and not offer a Traditional.

San Antonio Spurs: MCMXCIX, MMIII, MMV, MMVII, MMXIV


I Never Cried When _____ Died, But I Definitely Will When Hov Does

Reply

San Antonio Spurs: MCMXCIX, MMIII, MMV, MMVII, MMXIV


I Never Cried When _____ Died, But I Definitely Will When Hov Does

Reply
post #1115 of 1170
anyone open a barclay's dream savings account? 1.05 and 2.5 percent bonuses for depositing an amount monthly and another 2.5 percent for no withdrawals.

thanks in advance
post #1116 of 1170
Quote:
Originally Posted by cruzair13 View Post

anyone open a barclay's dream savings account? 1.05 and 2.5 percent bonuses for depositing an amount monthly and another 2.5 percent for no withdrawals.

thanks in advance
1.05% on your balance. The other percentages are on the interest you gained, not your balance.

Limited to $1000 deposit a month. If you plan on depositing more than that go with the regular Barclays saving.
post #1117 of 1170
Best interest rate I've seen is at Santander bank. 1.20% interest rate if you keep the balance above 10k, 0.30% if it drops below that.

San Antonio Spurs: MCMXCIX, MMIII, MMV, MMVII, MMXIV


I Never Cried When _____ Died, But I Definitely Will When Hov Does

Reply

San Antonio Spurs: MCMXCIX, MMIII, MMV, MMVII, MMXIV


I Never Cried When _____ Died, But I Definitely Will When Hov Does

Reply
post #1118 of 1170

Don't know too much about IRA. Just looking into the stuff. I have a retirement account from an old employer, PARS to be exact. Was wondering should I open an IRA or is the account I already have good enough?

post #1119 of 1170
Quote:
Originally Posted by tay1 View Post
 

Don't know too much about IRA. Just looking into the stuff. I have a retirement account from an old employer, PARS to be exact. Was wondering should I open an IRA or is the account I already have good enough?

Off the top, accounts like the PARS/PERS are deferred retirement accounts that public/government employees receive.

 

If I'm right about the PARS being a deferred compensation/457 plan, then I think it's great you have that account. IMO, I think these accounts are awesome because they're deferred compensation in the sense that you can withdraw from the account before you're 59.5 years old without getting hit with the 10% penalty, like you would for a 401k/403b. Either way, probably best not to withdraw unless you needed to. You can also transfer the money over to an IRA that you manage, if you want, since your account is probably being managed by whatever company your employer has a deal with.

 

Either way, if you're interested in saving for retirement and minimizing your tax hit (now or later), I'd recommend getting an IRA (Roth or traditional is up to you, since everybody's situation and goals are different). Contributing to the traditional IRA will lower your taxable income, so you pay less in federal taxes now, park it in an investment to grow, and then get taxed when you withdraw after you're 59.5. Contributing to the Roth IRA will mean you take money that has already been taxed, park it in an investment to grow, and withdraw after you're 59.5 tax-free (unless laws change). 

 

As for places to open an IRA, most brokers should be around the same with their fees. I'd shop around and see who's best for you in terms of what they offer (platform, physical offices/digital, banking, etc). The big names like Vanguard, Fidelity, TDAmeritrade, Big Banks, etc, should have trades around $6.95 and commission free trades into mutual funds. 

 

Hope that helps, fam. Get them money gains. 

post #1120 of 1170

Repped. Appreciate the info.

post #1121 of 1170
If someone is debt free except the mortgage, and makes good income, what takes priority- 401k or extra mortgage payments?
I'm thinking with my age (33) I want to put as much as I can into my 401k to take advantage of time x growth. Since the mortgage rate is fixed at a good rate, I'm going to try to max out my 401k first, then pay towards mortgage after the limit is hit for the year. Sound thinking?
post #1122 of 1170
401k for sure

Compounding interest is your best friend
Sacramento Kings | San Francisco 49ers | San Francisco Giants | San Jose Sharks | Sacramento Republic FC | Sacramento Rivercats
Reply
Sacramento Kings | San Francisco 49ers | San Francisco Giants | San Jose Sharks | Sacramento Republic FC | Sacramento Rivercats
Reply
post #1123 of 1170
I'd do 401k max for sure. I started maxing mine a while ago and I hope to never look back and have to change it.

San Antonio Spurs: MCMXCIX, MMIII, MMV, MMVII, MMXIV


I Never Cried When _____ Died, But I Definitely Will When Hov Does

Reply

San Antonio Spurs: MCMXCIX, MMIII, MMV, MMVII, MMXIV


I Never Cried When _____ Died, But I Definitely Will When Hov Does

Reply
post #1124 of 1170
Ok cool thanks fellas, repped. That's what I was thinking.

2017 = about to be the first year I hit my 401k limit pimp.gif
post #1125 of 1170
Quote:
Originally Posted by 206to813 View Post

If someone is debt free except the mortgage, and makes good income, what takes priority- 401k or extra mortgage payments?
I'm thinking with my age (33) I want to put as much as I can into my 401k to take advantage of time x growth. Since the mortgage rate is fixed at a good rate, I'm going to try to max out my 401k first, then pay towards mortgage after the limit is hit for the year. Sound thinking?

How many years is your mortgage?
Team Mopar
"Mother warned me that there would be men like you driving cars like that."
Reply
Team Mopar
"Mother warned me that there would be men like you driving cars like that."
Reply
post #1126 of 1170
Quote:
Originally Posted by SneakerPro View Post

How many years is your mortgage?

I just bought this house last Sept and did a 30 year. Took a damn minute but just sold my other house, so I've been paying both mortgages since then. We close in a couple weeks
post #1127 of 1170
Anyone have retirement accounts with TD Ameritrade ? Thoughts ? I'm too late to start an account with Vanguard since they want me to mail forms in and I wont be able to get it done by the April 18th deadline.
Earn points for paying your bills. Use Plastiq! Join using my link and earn $200 fee free dollars. https://try.plastiq.com/398583

PM me for credit card referrals!
Reply
Earn points for paying your bills. Use Plastiq! Join using my link and earn $200 fee free dollars. https://try.plastiq.com/398583

PM me for credit card referrals!
Reply
post #1128 of 1170
Quote:
Originally Posted by Dam itz Lou View Post

Anyone have retirement accounts with TD Ameritrade ? Thoughts ? I'm too late to start an account with Vanguard since they want me to mail forms in and I wont be able to get it done by the April 18th deadline.
Just open one. You can always just transfer it to vanguard later in the year. Opening it and contributing is the more pressing issue.

You can contribute to an IRA somewhere, contribute and hold it in all cash then transfer it to Vanguard if you really have your heart set on having it there.
Edited by Antidope - 4/12/17 at 6:45pm

San Antonio Spurs: MCMXCIX, MMIII, MMV, MMVII, MMXIV


I Never Cried When _____ Died, But I Definitely Will When Hov Does

Reply

San Antonio Spurs: MCMXCIX, MMIII, MMV, MMVII, MMXIV


I Never Cried When _____ Died, But I Definitely Will When Hov Does

Reply
post #1129 of 1170
Quote:
Originally Posted by Dam itz Lou View Post

Anyone have retirement accounts with TD Ameritrade ? Thoughts ? I'm too late to start an account with Vanguard since they want me to mail forms in and I wont be able to get it done by the April 18th deadline.

I have TD Ameritrade for my HSA. It works, just like any of the other major brokerages. I've got no beefs with it right now and, like @Antidope said, you can just open it and then transfer to Vanguard later if you want to. 

post #1130 of 1170
Hey guys, I really appreciate all the helpful advice in here. Really feels good to be able to take control of your financial situation and start saving up for future security.
Just a few questions, if anyone can lend some advice:

Currently a med school student, who's debt free and earns a stipend for living expenses. I've currently been able to stash away approximately $700 a month for saving/investments. My main focus is building up my emergency fund, which I currently have at about $3000. $300 a month into my emergency fund, and $400 into my investments.

I have 2 brokerage accounts, one with Wells Fargo and the other with T. Rowe Price investing in mutual funds valued at $12K and $19K, respectively. I have been thinking about taking some of the money and opening a Roth IRA. I'm assuming I would have to sell some shares of the mutual funds, then take that cash and put that into the Roth IRA. Is that correct?

If so, am I taxed on both the gains from the sales of the mutual fund shares, as well as the money which is then being put into the Roth?

I can't take advantage of any employer matching programs since I'm still a student, but I wanted to start saving now while I'm not really making much money. What would be the best strategy?

Thanks!
post #1131 of 1170
^ You will be taxed only on the long term capital gains(proceeds less cost basis) which is taxed at 15% if you're in the 25 to 35% tax brackets
post #1132 of 1170
You could also look at the tax lots, see which ones have an unrealized loss and just sell those as well (unless they all have gains in which case sell the long term tax lots)

San Antonio Spurs: MCMXCIX, MMIII, MMV, MMVII, MMXIV


I Never Cried When _____ Died, But I Definitely Will When Hov Does

Reply

San Antonio Spurs: MCMXCIX, MMIII, MMV, MMVII, MMXIV


I Never Cried When _____ Died, But I Definitely Will When Hov Does

Reply
post #1133 of 1170
Quote:
Originally Posted by SunDOOBIE View Post

^ You will be taxed only on the long term capital gains(proceeds less cost basis) which is taxed at 15% if you're in the 25 to 35% tax brackets

Good to know, thanks. Now lets say I was contributing my own money, not money from my brokerage accounts. How would that be taxed?
Quote:
Originally Posted by Antidope View Post

You could also look at the tax lots, see which ones have an unrealized loss and just sell those as well (unless they all have gains in which case sell the long term tax lots)

From what I recall, they all have unrealized gain right now. How would I go about determining tax lots?
post #1134 of 1170
If you're contributing money outright into a Roth you just wouldn't be able to deduct the contributions on your tax return whereas with a traditional IRA you would.

In regards to the second hard to answer cause I don't know how those other sites are set up. I have Fidelity and it's terrible I have to look at tax lots for each position one at a time instead of just being able to look at all of them. Generally it should be a sub menu under the holdings/positions tab.

San Antonio Spurs: MCMXCIX, MMIII, MMV, MMVII, MMXIV


I Never Cried When _____ Died, But I Definitely Will When Hov Does

Reply

San Antonio Spurs: MCMXCIX, MMIII, MMV, MMVII, MMXIV


I Never Cried When _____ Died, But I Definitely Will When Hov Does

Reply
post #1135 of 1170
Quote:
Originally Posted by Antidope View Post

If you're contributing money outright into a Roth you just wouldn't be able to deduct the contributions on your tax return whereas with a traditional IRA you would.

In regards to the second hard to answer cause I don't know how those other sites are set up. I have Fidelity and it's terrible I have to look at tax lots for each position one at a time instead of just being able to look at all of them. Generally it should be a sub menu under the holdings/positions tab.

Ok, that makes a lot of sense. Thanks. I'll look into the tax lots, and if I have further questions, I'll just give them a call and ask.
post #1136 of 1170

this thread continues to be great... glad to see everyone asking good questions and increasing their net worth 

post #1137 of 1170
How does an unpaid 401k loan affect your taxes?
If you take a loan of 5k, make regular payroll payments and leave your job, (let's say you have a 3k balance at this point). the balance of 3k has to be paid within 60 days. What happens if you don't pay that back? I've read some places that you'll get a 1099R for the outstanding amount. Not sure if true. If true, how can this affect your taxes/tax refund/your pockets?

(Not my situation btw)
post #1138 of 1170
Quote:
Originally Posted by FlyNY View Post

How does an unpaid 401k loan affect your taxes?
If you take a loan of 5k, make regular payroll payments and leave your job, (let's say you have a 3k balance at this point). the balance of 3k has to be paid within 60 days. What happens if you don't pay that back? I've read some places that you'll get a 1099R for the outstanding amount. Not sure if true. If true, how can this affect your taxes/tax refund/your pockets?

(Not my situation btw)

If you get a 1099 you have to disclose that along with your W-2 when filing your taxes. The 1099 is going to be linked to your SSN. If you don't report the income and pay your share of taxes the IRS will come after you for the taxes and penalties/fines. If you're in a refund position I'm sure they'll offset what you owe on the 1099 income from your refund.
For Trade/Sale:
DS Triple Black Yeezy 750 Size 11
DS Choco Yeezy 750 Size 13
DS Black OG NMD Size 11.5 (2017)
DS Black OG NMD Size 12 (2017)
Reply
For Trade/Sale:
DS Triple Black Yeezy 750 Size 11
DS Choco Yeezy 750 Size 13
DS Black OG NMD Size 11.5 (2017)
DS Black OG NMD Size 12 (2017)
Reply
post #1139 of 1170
Quote:
Originally Posted by FlyNY View Post

How does an unpaid 401k loan affect your taxes?
If you take a loan of 5k, make regular payroll payments and leave your job, (let's say you have a 3k balance at this point). the balance of 3k has to be paid within 60 days. What happens if you don't pay that back? I've read some places that you'll get a 1099R for the outstanding amount. Not sure if true. If true, how can this affect your taxes/tax refund/your pockets?

(Not my situation btw)

It would be considered an early withdrawal distribution and will be reported on a 1099-R which will state that early distribution code. Federal and/or State early withdrawal tax penalties will be calculated on your tax return on the year you receive that 1099-R however there are exceptions to that penalty if you used that money to buy your first home, you're disabled.. etc.
post #1140 of 1170
Information in here.. nthat.gif
New Posts  All Forums:Forum Nav:
  Return Home
  Back to Forum: General
NikeTalk › NikeTalk Forums › The Lounge › General › NT: Official Personal Finances Thread