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re: Need advice re: financial planner
Posted on 6/20/10 at 7:52 pm to LSUtoOmaha
Posted on 6/20/10 at 7:52 pm to LSUtoOmaha
quote:Tax characteristics of that mortgage make it favorable leverage too. I'd sit pat with the loans, and focus on investments and advice just as he's doing.
I would leave the student loans alone for now, those are fine, especially at 3%. The mortgage on the other hand, I would throw a lot of money at. While your rate is good there at 5.1%, 800k is a TON of money to owe.
1
Posted on 6/20/10 at 8:25 pm to lynxcat
quote:
Depending on what your goals are and the standard of living you would like to achieve, you could potentially retire by 50 if you really wanted to.
I could easily retire at 40 if I made 400k
Posted on 6/20/10 at 8:30 pm to RC
RC - there are several people in NOLA that only work with physicians - I would suggest starting there in your search if you haven't already. You certainly don't HAVE to go this route, but I can tell you from experience it's worked out well for me.
I don't know anyone specifically on the Northshore, but I know a couple of names of people in NOLA that I could recommend. Let me know and I can email them to you off board.
I don't know anyone specifically on the Northshore, but I know a couple of names of people in NOLA that I could recommend. Let me know and I can email them to you off board.
Posted on 6/20/10 at 9:07 pm to NOMT
That would be great. You can send it to rctigerdroppings@gmail.com.
As far as 529 plans, I guess I need to look more into it, but I remember having concerns about restrictions on the use of the money. I would say my kids have a better than average chance of getting a scholarship to pay for school. What happens if I have more money than I can legitimately use for education purposes?
As far as 529 plans, I guess I need to look more into it, but I remember having concerns about restrictions on the use of the money. I would say my kids have a better than average chance of getting a scholarship to pay for school. What happens if I have more money than I can legitimately use for education purposes?
Posted on 6/20/10 at 9:14 pm to RC
quote:
I would say my kids have a better than average chance of getting a scholarship to pay for school. What happens if I have more money than I can legitimately use for education purposes?
Then you're in damn good shape
I believe the 529 plan is treated as a gift fund, so the maximum tax deduction is 13,000 a year.
I don't know what happens to the money in the 529 if you put too much in. My guess would be you just take it out and pay taxes on it.
Nevertheless, what happens if they want to go to private school? College is way more expensive than most people think when you add in all costs, and money from the 529 can be used for these related costs, so you should be able to find ways to spend it.
Posted on 6/20/10 at 9:14 pm to RC
You can also use the 529 for grad school, med school, law school, etc.
Posted on 6/20/10 at 9:15 pm to NC_Tigah
Doesn't the mortgage interest deduction start phasing out at like 150k?
Posted on 6/20/10 at 11:26 pm to kfizzle85
Wouldn't his mortgage interest "only " be around 43K/year for the first few years of the mortgage?
Posted on 6/20/10 at 11:30 pm to kfizzle85
quote:
If your AGI exceeds $150,500 (married) or $75,250 (not married) then your mortgage deduction (and several other itemized deductions) may be limited.
The deduction is reduced by 3% of the amount by which your AGI exceeds the limits listed above, up to a maximum reduction of 20%.
Posted on 6/21/10 at 7:09 am to kfizzle85
quote:Not that I'm aware of. Could be wrong though. Certainly more your bailiwick, than mine.
Doesn't the mortgage interest deduction start phasing out at like 150k?
I believe interest on Home Loans is deductable to loan values of $500K (single/filing separately) or $1Million (married).
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