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Started By
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re: American middle class families must really not be saving any money.
Posted on 3/19/23 at 11:06 pm to deeprig9
Posted on 3/19/23 at 11:06 pm to deeprig9
quote:
So more than three clicks. And I do have to pay tax penalties on it. Thanks for nothing?
I’ve been using the back door method for serval years now but I never had an IRA to start. I remember trying to do one for my wife but we would have had to covert her IRA to another account and pay taxes on it.
1
Posted on 3/19/23 at 11:06 pm to JohnnyKilroy
quote:
You don't have to pay any tax penalties on rolling a trad ira into a trad 401k
So explain to me how I roll my trad ira into an employer sponsored 401k, then click three times and I have a funded Roth IRA without a tax penalty.
Posted on 3/19/23 at 11:07 pm to Cosmo
quote:
Damn my insurance on 2 cars is $450 every quarter.
quote:
You dont live in louisiana
I'm paying the same and I live in Louisiana. One owned vehicle and one financed.
Also, my wife and I together don't make six figures and we're comfortable. I don't like putting my business out there but our salaries combined is around 84K. We bought our home in 2005 for $117K. We drive older vehicles. Her car note is $400. Only credit card we have is an Ulta card for her makeup. Two kids in a small private school that isn't too pricey.
Posted on 3/19/23 at 11:08 pm to deeprig9
quote:
So explain to me how I roll my trad ira into an employer sponsored 401k, then click three times and I have a funded Roth IRA without a tax penalty.
Roll your existing trade IRA balance into your 401k (no tax penalty)
Contribute to the now empty Trad IRA (no tax penalty)
Convert to Roth (no tax penalty)
Posted on 3/19/23 at 11:09 pm to Rize
quote:
I’ve been using the back door method for serval years now but I never had an IRA to start. I remember trying to do one for my wife but we would have had to covert her IRA to another account and pay taxes on it.
Exactly. I have researched the shite out of this, consulted the heralded money-board here, and there's no three-click method to get money into a Roth IRA without getting raped by the IRS on your current holdings, if you already have IRA's.
Posted on 3/19/23 at 11:11 pm to JohnnyKilroy
quote:
Roll your existing trade IRA balance into your 401k (no tax penalty)
Contribute to the now empty Trad IRA (no tax penalty)
Convert to Roth (no tax penalty)
So I can take pretax investments and press buttons and turn them into post-tax investments without paying taxes?
Posted on 3/19/23 at 11:11 pm to deeprig9
quote:
I have researched the shite out of this
Apparently not.
Posted on 3/19/23 at 11:12 pm to deeprig9
quote:
So I can take pretax investments and press buttons and turn them into post-tax investments without paying taxes?
Where does that happen? Be specific.
Posted on 3/19/23 at 11:12 pm to Billy Blanks
quote:
Not smart. Cash flow killer.
Agree, I went to school for 8 years, my mindset was I’m buying a car I enjoy driving. Now regretting it. I have a side gig that I can get anywhere from $300-$1000 a month depending how much I put into it. Fixing to dedicate all of that towards paying a vehicle off
Posted on 3/19/23 at 11:14 pm to PappaSwolio
quote:
I have a side gig that I can get anywhere from $300-$1000 a month depending how much I put into it. Fixing to dedicate all of that towards paying a vehicle off
That's awesome. What is your rate?
Posted on 3/19/23 at 11:15 pm to DiamondDog
quote:gross
Every middle class neighborhood is $350-$400K. Some places $500K.
Posted on 3/19/23 at 11:28 pm to JohnnyKilroy
quote:
Where does that happen? Be specific.
Re-read your own posts. You were very specific about it.
Posted on 3/19/23 at 11:46 pm to DiamondDog
I pay $50/month for insurance. Then again, I drive a 21 year old car because I don't invest heavily in depreciating assets.
Posted on 3/19/23 at 11:55 pm to DiamondDog
quote:
Not really understanding how the jimmy and joes are making it out here.
That makes two of us.
The wife and I both work, we are empty nesters, make ok money together, have a reasonable mortgage, no car notes, and it’s still hard to save, but I do have a pension.
This post was edited on 3/20/23 at 12:16 am
Posted on 3/20/23 at 12:07 am to Billy Blanks
quote:
What is your rate?
Pay rate? I’d rather not say
Got people on here that know who I am lol
Posted on 3/20/23 at 12:09 am to BamaCoaster
quote:
2 ppl making minimum wage ($15/hr) make $75k/yr
Did someone fail high school math?
15x40x52=$31,200. Times that by two.
Posted on 3/20/23 at 12:39 am to DiamondDog
I keep thinking about the savings we’ll have when we get our kids from daycare to grade school. It will definitely make things easier.
Between mortgage, daycare, two car notes, and car insurance we’re at $8690 per month
:thisIsFine:
Between mortgage, daycare, two car notes, and car insurance we’re at $8690 per month
:thisIsFine:
Posted on 3/20/23 at 12:45 am to DiamondDog
I'm spending my children's inheritance.
Posted on 3/20/23 at 12:58 am to DiamondDog
i live very comfortably making between $100k-$150k / yr
how do i do it? living within my means
how do i do it? living within my means
Posted on 3/20/23 at 1:50 am to Sterling Archer
quote:
$8690 per month
Sheeeeeeet. I'm finding that daycare/private school tuition/travel ball is taking up a lot of y'all's income.
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