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Old 01-02-2018, 02:32 PM   #21
Ruffdaddy
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Originally Posted by Sgt Beavis View Post
DAMMIT! I fell $6K short of making a quarter million this year.

It's all Trump's fault.
Big baller making a solid barg.

How long you been going that in?
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Old 01-02-2018, 02:40 PM   #22
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Aren't you supposed to hold the 401k until you retire? If that is the case, then perhaps it falls on your retirement year, that the 401k gets its ass whooped. The word "retirement" is what I can't get over. Its like it may just go wrong, when you're at your most vulnerable.
The 401K gets held until you retire (and afterward), but you can move the funds that are in it to less risky investments as you approach retirement if you so choose to possibly avoid a fall that you won't have enough time to recover from.
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Old 01-02-2018, 02:44 PM   #23
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On a ROTH, you invest after tax money on the front end, but pay no taxes on the back end on what you have earned. That can be a ton of tax free money.

Good tips here..
https://www.fool.com/retirement/iras...-benefits.aspx
I know that Roth withdrawals are not taxed, but I always figured that was only an advantage if you planned to make more in retirement. I will not make what I make now in retirement...and if I do I won't be worried about the differential in taxes.

Right now I get to put an extra 28 to 33% into a high growth market on a dollar for dollar basis by going pretax. It's not until I exceed the IRS tax free max that I need to work with a Roth as well.

But I can see how it's highly dependent on situation. I can see how low growth years make the pretax contribution less beneficial.

With 8-12% yoy growth, I want the extra tax exempt money earning higher returns.

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Originally Posted by Gasser64 View Post
Aren't you supposed to hold the 401k until you retire? If that is the case, then perhaps it falls on your retirement year, that the 401k gets its ass whooped. The word "retirement" is what I can't get over. Its like it may just go wrong, when you're at your most vulnerable.
That's why you switch to conservative investments that are very low risk and shouldn't see that big of a drop. One of the reasons boomers worked much longer than plan was because of the 2008 crash however so not everything is immune to it.


I'm also no investing expert so I'm happy to get better advice. I'm going on the typical advice from fidelity, vanguard...etc.
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Old 01-02-2018, 03:09 PM   #24
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I thought everyone cashed in their 401k and bought Bitcoin
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Old 01-02-2018, 03:10 PM   #25
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Originally Posted by Sgt Beavis View Post
DAMMIT! I fell $6K short of making a quarter million this year.

It's all Trump's fault.
You need a side hoe? I ain't good lookin', but there's not a whole lot I wont do for money.
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Old 01-02-2018, 05:25 PM   #26
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trump was good, but the canadian pot industry was far far faaar better to me.
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Old 01-02-2018, 06:22 PM   #27
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Originally Posted by Ruffdaddy View Post
Big baller making a solid barg.

How long you been going that in?
That's not my investments. That's my salary and commissions for 2017. I have no idea how I'm going to pull that off for a 2nd year.
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Old 01-02-2018, 06:28 PM   #28
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I have a little bit of every kind of account. And Roth IRAs are great. Avoiding taxes should be a top priority for anyone who is serious about getting rich. Contribute the maximum to your 401k every year ($18k in 2017) just for the tax benefits. Also, don't forget that if you are covered by shitty insurance with a high deductible, you can contribute up to $6,900 (2018 limit if married) to a health savings account and it comes out as pretax dollars. A lot of people are using those health savings accounts as just another investment account and many of the plans allow you to invest that money in funds just like a 401k. There is very little in the way of oversight on the withdrawal side of things as well.

Also, you can avoid a whole lot of taxes in a taxable account if you buy good shares and hold them for the long term without selling. The dividends get taxed at 15% after a year (20% if you work for the railroad). I still have shares in all the banks from 2008 and most of them are up 150% or more at this point.
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Old 01-02-2018, 06:37 PM   #29
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You need a side hoe? I ain't good lookin', but there's not a whole lot I wont do for money.
$20 Is $20
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Old 01-02-2018, 06:45 PM   #30
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Originally Posted by Sgt Beavis View Post
That's not my investments. That's my salary and commissions for 2017. I have no idea how I'm going to pull that off for a 2nd year.
I figured that was your salary.

Last sentence was supposed to say "How long you been *holding that in?" As in...how long you been waiting to brag about your cowskin?
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Old 01-02-2018, 06:50 PM   #31
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Originally Posted by Broncojohnny View Post
I have a little bit of every kind of account. And Roth IRAs are great. Avoiding taxes should be a top priority for anyone who is serious about getting rich. Contribute the maximum to your 401k every year ($18k in 2017) just for the tax benefits. Also, don't forget that if you are covered by shitty insurance with a high deductible, you can contribute up to $6,900 (2018 limit if married) to a health savings account and it comes out as pretax dollars. A lot of people are using those health savings accounts as just another investment account and many of the plans allow you to invest that money in funds just like a 401k. There is very little in the way of oversight on the withdrawal side of things as well.

Also, you can avoid a whole lot of taxes in a taxable account if you buy good shares and hold them for the long term without selling. The dividends get taxed at 15% after a year (20% if you work for the railroad). I still have shares in all the banks from 2008 and most of them are up 150% or more at this point.
I'll add that the 18K does not include the employer match. The max combined is something like $54,000.
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Old 01-02-2018, 07:14 PM   #32
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Quote:
Originally Posted by Sgt Beavis View Post
DAMMIT! I fell $6K short of making a quarter million this year.

It's all Trump's fault.
Lol, this fucking guy.
Quote:
Originally Posted by Sgt Beavis View Post
That's not my investments. That's my salary and commissions for 2017. I have no idea how I'm going to pull that off for a 2nd year.
I'm sure you'll keep us posted.
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Originally Posted by Ruffdaddy View Post
I figured that was your salary.

Last sentence was supposed to say "How long you been *holding that in?" As in...how long you been waiting to brag about your cowskin?
Not long at all, he's the FreightTrain around here these days.
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I want to like Slow99 since people I know say he's a good guy, but just about everything he posts is condescending and passive aggressive.

Most people I talk to have nothing but good things to say about you, but you sure come across as a condescending prick. Do you have an inferiority complex you've attempted to overcome through overachievement? Or were you fondled as a child?

You and slow99 should date. You both have passive aggressiveness down pat.
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Old 01-02-2018, 07:37 PM   #33
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Are any of y'all CPAs? I need help with foreign earned income soon
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Old 01-02-2018, 07:37 PM   #34
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Lol, this fucking guy.

I'm sure you'll keep us posted.
Eggzachary. Never let a good barg go to waste.
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Old 01-02-2018, 08:33 PM   #35
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Are any of y'all CPAs? I need help with foreign earned income soon
It's easy man. Just don't report it.
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Old 01-02-2018, 08:44 PM   #36
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Are any of y'all CPAs? I need help with foreign earned income soon
I think Pattymelt is a CPA.
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Old 01-02-2018, 08:48 PM   #37
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Originally Posted by quikag View Post
I think Pattymelt is a CPA.
pattymelt and or his dad is. I contacted his father and may use him.
I just was looking for someone who specialized in foreign earned income and foreign tax credits.

edit..
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Last edited by HarrisonTX; 01-02-2018 at 08:57 PM.
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Old 01-02-2018, 08:49 PM   #38
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I just was looking for someone who specialized in forging earned income and foreign tax credits.
Ha!
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Old 01-02-2018, 08:51 PM   #39
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Lol, this fucking guy.

I'm sure you'll keep us posted.


Not long at all, he's the FreightTrain around here these days.
And I'll stay jealous until the market cools and he's selling tupperware door to door.

Then ill bring up lifetime earnings...total compensation... yadda yadda yadda...to make sure and really kick him while he's down.

People that typically brag about their income havent been making that much long.
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Old 01-02-2018, 08:53 PM   #40
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Originally Posted by Sgt Beavis View Post
DAMMIT! I fell $6K short of making a quarter million this year.

It's all Trump's fault.
First world problems. Ain't life tough?

One of these days you'll break out of the lower 5% of DFWM.

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