been a nice run, just need to not fuck it up since after the rate cutting cycle we should have another smooth 4-5 years
I manage multiple relatives money at this point....not professionally. Got a nice 6 figure annuity turned into 6 figures of VTI today. All in at once because DCA is -ev.
CPI and groceries are up like 20% vs pre pandemic but other than that, what major indexes are their showing the economy is not doing well? 4 % unemployment rate is ideal, CPI is cooling off , stock market is up 40% since pre pandemic.
I guess part of being a reasonable person is understanding that there is a large block of Americans with very little education or understanding of economic factors. The truth is the president has almost 0 impact on macro economic factors. The economy is essentially the same under Biden as it was under Trump but/for CPI which is a big deal for the middle class. But grocery prices rising has more to do with COVID and the response to same, Russian Ukraine war , and other global factors, and nothing to do with the president. But of course if you are the president during the time where groceries and CPI rises around 20%, you can expect to get blamed for it, which leads me back to my first point.
I’m curious what a day like today is like for some of you guys. Between HSA, 401k, Roth IRA, and brokerage, I’ll probably be in the low to mid four figure total dollar gain off of today’s movement. I’m pretty much fully invested in index funds. Some of y’all are in on individual stocks or have significant more investment in index funds than I do. Just curious what a day like today looks like for you. Anyone seeing a six figure gain? Higher?
If someone on here is seeing a higher than six figure gain in a day then we need immediate redistribution of wealth to all posters.
I imagine we have someone here with $5m+ in the market. They likely don’t look at this thread for fear of catching something from us poors though.
For sure. But that would only be about a $100,000 gain on a day like today. Need $50M to have higher than a six figure day.
Few years later, finally surpassed 250k in retirement savings this month. Still behind but feel like I've made good progress.
Better late than never which is an unfortunate and difficult lesson a lot of our generation (speaking to the general age range of this board) is going to learn when it is actually too late.
Amassing $250,000 is amazing. It’s easy to compare yourself to the top 5% and feel behind, but you’re massively ahead of the norm and that’s worth celebrating for sure.
Tax question for any CPA's on the forum. Last year and this year I am filing my taxes as married filing separately, in order to keep my student loan payment down by not having to combine my wife's income into the income-based calculation. For years, I've been contributing to a backdoor Roth IRA as our combined income has exceed the limits for a regular Roth contribution. I recently learned that for married filing separately status, you cannot contribute to a Roth IRA if you lived with your spouse (as long as income is >10,000). My question is--can you do a backdoor Roth if married filing separately, or is a Roth a complete no go? Could I contribute to a traditional IRA instead? I could be completely full of shit too.
Uhhhhhhh I’ve been doing exactly what you described the identical reasons. Please let me know if you find something definitive.
I'm like 80% sure you can still do the backdoor roth but that's mostly based on reddit answers. Sent a message to my financial guy but he's not a CPA, hopefully someone in here can chime in too.
Are you doing PSLF? If so, have you read anything about refilling as a married couple after forgiveness to retroactively get the tax benefits? I think it you’d be able to refill for 3 years so it could be a significant chunk of change.
You can’t make direct Roth contributions. You can absolutely make backdoor roth contributions though.
File taxes separately, PSLF payments based on those number. After payment 120, refile the most recent 3 years taxes as married, and request tax refund for the excess. Basically taking advantage of PSLF looking forward to determine payments while the IRS looks backwards on income.
yeah my wife just got forgiven like 9 months ago and we’ve filed separately the 3 years before that. This is the first year we filed jointly