Told you all about the people at work using the CARE act to withdrawal their 401k for really no reason at all but to pay off their house, buy a motorcycle, pay off a car. Overheard one of them say today “I’ve always looked as my 401k as a savings account anyway”....good lord these people are stupid. Yeah a savings account that could make you $2,000 in a day. Mind you we make pretty good money (60,000-100,000 yr). These people aren’t hurting financially...just fucking dumb.
No way those people are withholding the right amount to account for taxes on that. Please report back next year when they are furious they owe $20k in taxes.
the excitement over more states adding sports wagering to ballots spurring the gains - also the losses in SBTech were less than expected imo - and not steeper than expected. As long as Disney is in - I'll trail.
I’ll chuckle under my breath for a week when they all come back at tax return time and owe thousands...
Boeing derived 39% of its revenue from the Defense industry last year, and will be >50% defense this year. It consistently generated 50-60% of its revenue from defense in the 2000s when commercial aerospace was reeling after 9/11. Commercial aerospace and orders come in waves - it won't see the 2014-2018 boom times for a while, but I think its silly to say nobody's going to buy planes again and you aren't long at any price given a 4-5 year horizon (unless you think Boeing will be nationalized, which I haven't heard in a while). A rare good short/medium term aerospace stock I like is AAR - they are mostly focused on MRO which usually gets hit lighter in a recession than aerostructurs/manufacturers, and gets out of the recessions first. Had a pretty steady five year run from $25 to $45 and is down to $15 post-COVID.
I would like to see it in relative terms to overall market size, because it's obvioisly much larger now But not good bob
Do short-term/long-term gain taxes come into play when you withdraw from a tax-sheltered account? Never even considered the idea of withdrawing from these accounts so I have no idea, but it could be even worse for these people if so.
No, it’s ordinary income. If you’re dumb enough to withdraw from them (unless you meet an excepted criterium and have reserved the cash to pay the tax) probably no consideration is given.
Remembered about $6k in a retirement account from an old job a few weeks ago. Its half in a Roth 401(k) and half in a 401(k). Talked to the administrator yesterday and was about to roll it all to a Roth IRA (and pay the taxes), but maybe since I’m paying the taxes I’ll just take the distribution. Hrmm
Notwithstanding the trillions of dollars spent in the last 90 days that will necessitate an increase in tax rates, I will more likely than not be in a higher tax bracket later than life than I am in now, so Roth makes sense. The non Roth funds were employer match. I also don’t have an IRA open and I could use the cash for some wife related expenses like a proper wedding band or a car since hers died. I don’t need the cash but she does so therefore I do
That's understandable. It's all a guessing game but paying your top marginal rate now on it may or may not be less than bracketing it down the road. Tax rates will undoubtedly go up but that doesn't mean you won't be able to manipulate them decades from now.
Current rates are an anomaly in the history of the income tax. We don’t know for certain, but history says they’ll be higher than they are now. My actual thought process was selfishly: wife wants a wedding band that is more than I want to pay, but if I can get her to share in the taxes associated with this money I basically found, then she’ll have some skin in the game and hopefully make a more rational decision. We’ll see it’s not like I have to make a decision today
I'm of the opinion we'll see higher interest rates much sooner than higher income tax rates (if at all)
No idea when tax rates will go up, but there will be changes at some point. Whether that be in the form of additional brackets, higher top marginal rate, or a combination of the two, I think it’s reasonable to expect that some proportion of Americans will be paying more in income tax between now and retirement (and not due solely to an increase in earnings) which was the context of the discussion. short term, corporate tax rate increases are slowly starting to be discussed.
Maybe but if you're 15-20 years from retirement, it's not hard for me to think there is a decent chance there will be a higher tax brackets. Heck, the cry for public universal health care is just increasing after this pandemic. I think it's a mistake to assume that just the super rich will pay for it. It will affect the middle class as well. My best advice on retirement money is to try to have 15-25% in Roth accounts, depending on your situation and forecasting beliefs. It never hurts to have options when drawing down your funds.
Currently 50% Roth, but have switched my 401k to all pre-tax so now I'm around 75% Traditional for all future contributions, so I'll slowly decrease my ratio of Roth.
Yeah I’m in the process of interviewing financial advisors and I’ll pay them to tell me the correct mix with my tax input (tax attorney). It just hadn’t occurred to me that I could tap this retirement stuff without penalty and pay for all of my wife’s sudden expenses. Married for 5 months, lots of shit has happened family wise, and access to a couple grand would be sweet since she doesn’t make much money (but works in a socially beneficial job so it’s worth it). No need to disrupt cash flow or things like that. I’ve gathered this is pretty common, but she had several grand in credit card debt from the wedding and then her car died. I’ve paid the CC debt off and now I have to buy her a car. Marriage!
High net worth individuals and closely held business. Predominantly fund formation, real estate investments, etc. I try to stay away from M&A but sometimes get roped in. More and more non-profit, which I enjoy.
Yeah I’ve been slowly transitioning to a corporate attorney at my new firm out of necessity, but I still work a lot with the code and regs tweaking things for existing clients. Spent a considerable amount of time over the last few years structuring opportunity zone investments, which has been a good niche to build as an associate but I don’t think it’ll be long lasting
From this article, saudis own a bunch of carnival cruisline and Marriott. People are going to want those SoftBank shares about as much as the banks want a cruise ship at collateral the dumbest of dumb money
those are the SoftBank shares that are invested in the fund they bought wework with isnt it? I’m sure there are some decent winners in there but if I remember correctly that fund was a solid loser overall with Wework and Uber positions flopping.
I know I’m in this for the long haul but I can’t help wanting to bank these profits after this morning’s early jump. Instead I’ll just keep buying each 500-1000 point pull back. Still more than 50% cash.
Regreting my Moderna sale rn... BREAKING: Moderna posts a promising snapshot of human data for a leading Covid-19 vaccine https://endpts.com/breaking-moderna...of-human-data-for-a-leading-covid-19-vaccine/ Quote:The bottom line: Moderna’s mRNA-1273 triggered a therapeutic immune response in 8 patients at the low and mid-dose — 25 µg and 100 µg after a single injection. There were dose-dependent increases in immunogenicity through both doses covering 4 patients in each group, according to Moderna, with patients achieving the same or better level of response seen in recovering patients. That would imply likely immunity. And while there were several grade 3 reactions in the very highest dose of the study, which is now being dropped, Moderna says there was nothing yet visible on the safety side that would prevent a global rollout, as researchers set out to determine which dose should be taken into a pivotal.
I’m with you. I bought a few Jan ‘21 $10 MGM calls last week near a bottom and I expect them to be up about 50% when the market opens. Debating whether to let them ride or just cash in
Market flying. Read an article where they were speculating that institutional money that has to make X% return each year has nowhere else to go so they are hoping that the markets can bring return. All of these institutions are driving stocks up. It definitely seems like we are moving into a stock pickers vs indexing market but I’m not sure what will have to happen for the market to fall hard again. Maybe a full second wave of the virus?
A big second wave would certainly make the market drop hard again, but I don't think it would be as devastating as the first wave. We now have more PPE, Ventilators, Hospital beds, treatments, etc. We are dramatically more prepared for a second wave, though it would still hurt the economy. Just not as much.
health wise I completely agree. We are much more prepared. Economically? I think there are plenty of businesses that couldn’t survive the first shutdown and are holding on for dear life. So many businesses, small and large, living on credit. Leveraged debt is a bubble the virus may have bursted. Too early to tell. Second wave I think would do it in. Hopefully we don’t have to find out.
In my opinion- because we are more prepared, we wouldn't have to shut down the economy again. Like you said, hopefully we don't have to find out.
Noob question #22: I fell asleep and didn't do anything to my 5/15 MVIS $1 puts. I had 5 puts. Now, my account shows I own -500 shares of MVIS. On TD Ameritrade platform. What next?